# STUDIO ATAO Co.Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/03/01－2026/02/28) (S100Y4QT)
> Page: https://vizora.meequs.com/en/company/studio-atao
> Retrieved: 2026-09-30T21:33:04.510Z

## Company

Studio Atao, founded in 2007, is a company in Shoes & Bags listed on TSE Growth. It has 62 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STUDIO ATAO Co., Ltd. |
| Ticker | 3550 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3550.T) |
| Listing | TSE Growth |
| Head office | 兵庫県神戸市中央区御幸通八丁目1番6号 |
| Representative (per filing) | 代表取締役社長 瀬尾 訓弘 |
| Founded | Aug 2007 |
| Share capital | ¥399M |
| Employees (consolidated) | 62 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | February |
| Website | www.studioatao.jp (https://www.studioatao.jp/) |
| Corporate number | 8140001028011 |
| EDINET | E32736 |
| Industries (Vizora) | Shoes & Bags |

> Profile source: annual securities report (S100Y4QT, filed 2026-05-21). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 72.2 | 9 |
| Cash conversion | 91.7 | 6 |
| Efficiency | 83.3 | 9 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Studio Atao brought in ¥4.13B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +11.6% from the prior year, operating profit +31.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4126272000 → ¥151543000
- Net income → operating cash flow: ¥151543000 → ¥285524000（difference ¥133981000）
- Main uses of operating cash flow: CapEx ¥9110000 / dividends ¥69250000 / buybacks —
- Change in cash: ¥-11460000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.13B |  |
| Operating income | ¥239.3M | Margin 5.8% |
| Net income | ¥151.5M | Margin 3.7% |
| Free cash flow | ¥276.4M |  |
| Employees (consolidated) | 62 |  |
| EPS | ¥10.94 |  |
| Book value per share | ¥186.74 |  |
| Equity ratio | 81.3% |  |
| Shares outstanding | 14,037,000 |  |
| Treasury shares | 184,700 |  |
| Shareholders | 6,558 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 57.2% | Cash ÷ revenue 44.1% |
| Vs. industry median margin | +3.9 pp | Shoes & Bags |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 57% of total assets
- FY2026, employees -7% while operating income rose 31%

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2022 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3616170000 | ¥4126272000 | — |
| Operating income | ¥12751000 | ¥239296000 | — |
| Operating margin | 0.4% | 5.8% | +5.4 pp |
| Employees | 71 people | 62 people | — |
| Cash and equivalents | ¥2116151000 | ¥1821493000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2022 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,126 | 100.0% | S100Y4QT |
| Cost of revenue | 1,314 | 31.9% | 算出 |
| Gross profit | 2,812 | 68.1% | S100Y4QT |
| SG&A | 2,573 | 62.3% | S100Y4QT |
| Operating income | 239 | 5.8% | S100Y4QT |
| Ordinary income | 243 | 5.9% | S100Y4QT |
| Pretax income | 243 | 5.9% | S100Y4QT |
| Income tax | 92 | 2.2% | S100Y4QT |
| Net income | 152 | 3.7% | S100Y4QT |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 62 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 68.1% → Operating margin 5.8% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.6%; Core profit growth: +31.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.67×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,696 | 4,126 | 430 | +11.6% |
| Gross profit | 2,466 | 2,812 | 346 | +14.0% |
| Operating income | 183 | 239 | 57 | +31.1% |
| Operating cash flow | 356 | 286 | -71 | -19.8% |
| Free cash flow | 345 | 276 | -68 | -19.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 4,143 | 788 | 19.0% | 540 | 744 | 646 | S100LE92 |
| FY ending Feb 2021 | 4,005 | 94 | 2.4% | 35 | -182 | -215 | S100O5VV |
| FY ending Feb 2022 | 3,616 | 13 | 0.4% | -22 | 86 | 62 | S100QV4T |
| FY ending Feb 2023 | 3,709 | -257 | -6.9% | -229 | -240 | — | S100THUF |
| FY ending Feb 2023 | 3,709 | -257 | -6.9% | -229 | -240 | -426 | S100QV4T |
| FY ending Feb 2024 | 3,241 | 124 | 3.8% | 51 | 576 | 561 | S100VTBZ |
| FY ending Feb 2025 | 3,696 | 183 | 4.9% | 68 | 356 | 345 | S100Y4QT |
| FY ending Feb 2026 | 4,126 | 239 | 5.8% | 152 | 286 | 276 | S100Y4QT |

## People and productivity（FY ending Feb 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.6M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2023 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 71 | 71 | 67 | 67 | 62 |
| Average salary (parent company) | — | ¥3.7M | ¥3.8M | ¥4M | ¥4.1M |
| Average age (parent company) | — | 32.1 years | 33.5 years | 34.2 years | 34.7 years |
| Average tenure (parent company) | — | 5.5 years | 6.4 years | 6.7 years | 7.4 years |

Year over year: Employees (consolidated) -7.5% · Revenue (consolidated) +11.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 286 | 6.9% | S100Y4QT |
| Capital expenditure | 9 | 0.2% | S100Y4QT |
| Free cash flow | 276 | 6.7% | 算出 |
| Investing cash flow | -29 | -0.7% | S100Y4QT |
| Financing cash flow | -268 | -6.5% | S100Y4QT |
| Dividends paid | 69 | 1.7% | S100Y4QT |
| Change in cash | -11 | -0.3% | S100Y4QT |
| Cash and equivalents | 1,821 | 44.1% | S100Y4QT |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2023 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,794 | 1,835 | 1,921 | 1,833 | 1,821 | S100VTBZ, S100QV4T, S100Y4QT |
| Total assets | 3,789 | 3,800 | 3,540 | 3,171 | 3,183 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Net assets | 2,554 | 2,564 | 2,500 | 2,501 | 2,587 | S100VTBZ, S100QV4T, S100Y4QT |
| Share capital | 399 | 399 | 399 | 399 | 399 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Property, plant and equipment | 317 | 317 | 270 | 218 | 177 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Intangible assets excluding goodwill | 7 | 8 | 1 | 3 | 2 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Current assets | 2,939 | 2,980 | 2,849 | 2,579 | 2,669 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Current liabilities | 610 | 611 | 769 | 583 | 512 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Long-term borrowings | 557 | 557 | 198 | — | — | S100THUF, S100QV4T, S100VTBZ |
| Total liabilities | 1,235 | 1,235 | 1,040 | 670 | 596 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Equity attributable to owners of parent | 2,554 | 2,564 | 2,500 | 2,501 | 2,587 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Retained earnings | 1,761 | 1,771 | 1,741 | 1,740 | 1,823 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |
| Treasury stock | -0 | -0 | -36 | -34 | -32 | S100THUF, S100QV4T, S100VTBZ, S100Y4QT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100Y4QT |
| Property, plant and equipment | 6% | S100Y4QT |
| Intangibles and goodwill | 0% | S100Y4QT |
| Other assets | 37% | S100Y4QT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100Y4QT |
| Equity | 81% | S100Y4QT |
| Other liabilities | 0% | S100Y4QT |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,789 | 3,800 | 3,540 | 3,171 | 3,183 |
| Equity | 2,554 | 2,564 | 2,500 | 2,501 | 2,587 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,794 | 1,835 | 1,921 | 1,833 | 1,821 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 4.3% | S100Y4QT |
| Fixed assets ÷ total assets | 5.6% | S100Y4QT |
| Goodwill ÷ parent equity | — | —, S100Y4QT |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 57.2% |
| Cash ÷ revenue | 44.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.3% |
| Cash vs. profit gap | 134 JPY mn (of net income 88.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.7% |
| Shareholder payments — dividends / FCF | 25.1% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 10.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -6.0% | —× | — | S100Y4QT, S100THUF |
| 2023 | — | —× | -6.0% | —× | — | S100QV4T |
| 2024 | 1.6% | 0.92× | 1.4% | 1.42× | 2.0% | S100VTBZ |
| 2025 | 1.9% | 1.10× | 2.0% | 1.34× | 2.7% | S100Y4QT |
| 2026 | 3.7% | 1.30× | 4.8% | 1.25× | 6.0% | S100Y4QT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 瀬尾 訓弘 | Major shareholder | 25.4% | 2026-02-28 |
| 株式会社セブンオー | Major shareholder | 16.6% | 2026-02-28 |
| 株式会社九六 | Major shareholder | 8.9% | 2026-02-28 |
| 黒越 誠治 | Major shareholder | 8.9% | 2026-02-28 |
| 長南 伸明 | Major shareholder | 3.0% | 2026-02-28 |
| 籠谷 雅 | Major shareholder | 1.8% | 2026-02-28 |
| 水元 公仁 | Major shareholder | 1.2% | 2026-02-28 |
| 鈴政 博美 | Major shareholder | 1.1% | 2026-02-28 |
| 山口 敬之 | Major shareholder | 1.0% | 2026-02-28 |
| 天野 謙二郎 | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/03/01－2026/02/28) | S100Y4QT | 2026-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4QT,, |
| 有価証券報告書－第21期(2024/03/01－2025/02/28) | S100VTBZ | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTBZ,, |
| 有価証券報告書－第20期(2023/03/01－2024/02/29) | S100THUF | 2024-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THUF,, |
| 訂正有価証券報告書－第19期(2022/03/01－2023/02/28) | S100QV4T | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV4T,, |
| 有価証券報告書－第18期(令和3年3月1日－令和4年2月28日) | S100O5VV | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5VV,, |
| 有価証券報告書－第17期(令和2年3月1日－令和3年2月28日) | S100LE92 | 2021-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE92,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).