# T.KAWABE & CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第81期(2025/04/01－2026/03/31) (S100YLIH)
> Page: https://vizora.meequs.com/en/company/t-kawabe-and
> Retrieved: 2026-09-30T22:47:22.881Z

## Company

T.kawabe &, founded in 1940, is a company in Apparel listed on TSE Standard. It has 213 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | T.KAWABE&CO.,LTD. |
| Ticker | 8123 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8123.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区四谷4丁目16番3号 |
| Representative (per filing) | 代表取締役社長 岡野 将之 |
| Founded | May 1940 |
| Share capital | ¥100M |
| Employees (consolidated) | 213 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Corporate number | 5011101004900 |
| EDINET | E02650 |
| Industries (Vizora) | Apparel, Cosmetics |

> Profile source: annual securities report (S100YLIH, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.3 | 55 |
| Profitability | 35.2 | 61 |
| Cash conversion | 96.8 | 47 |
| Efficiency | 50 | 61 |

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)

- About 84% of T.kawabe &'s sales come from Apparel accessories, with Fragrance making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit -37.4%.

## Company structure

- Segment revenue mix: Apparel accessories 83.9%、Fragrance 16.1%
- Revenue → net income: ¥13036404000 → ¥186921000
- Net income → operating cash flow: ¥186921000 → ¥710736000（difference ¥523815000）
- Main uses of operating cash flow: CapEx ¥164425000 / dividends ¥91104000 / buybacks ¥65000
- Change in cash: ¥423183000
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 | ¥13B |  |
| Operating income | ¥192.6M | Margin 1.5% |
| Net income | ¥186.9M | Margin 1.4% |
| Free cash flow | ¥546.3M |  |
| Largest business | Apparel accessories | of segment revenue 83.9% |
| Employees (consolidated) | 213 |  |
| EPS | ¥86.41 |  |
| Book value per share | ¥3668.73 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 1,861,000 |  |
| Treasury shares | 36,200 |  |
| Shareholders | 2,177 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | -1.6 pp | Apparel |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.8× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11293144000 | ¥13036404000 | +15.4% |
| Operating income | ¥-462401000 | ¥192640000 | — |
| Operating margin | -4.1% | 1.5% | +5.6 pp |
| Employees | 239 people | 213 people | -10.9% |
| Cash and equivalents | ¥908879000 | ¥1783715000 | +96.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 身の回り品事業 → 身の回り品事業 | 83.9% |
| 身の回り品事業 → 事業再編・廃止 | 2.3% |
| フレグランス事業 → フレグランス事業 | 13.9% |
| 新設・再編 → フレグランス事業 | 2.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,036 | 100.0% | S100YLIH |
| Cost of revenue | 7,398 | 56.7% | S100YLIH |
| Gross profit | 5,639 | 43.3% | S100YLIH |
| SG&A | 5,446 | 41.8% | S100YLIH |
| Operating income | 193 | 1.5% | S100YLIH |
| Ordinary income | 322 | 2.5% | S100YLIH |
| Pretax income | 306 | 2.3% | S100YLIH |
| Income tax | 119 | 0.9% | S100YLIH |
| Net income | 187 | 1.4% | S100YLIH |
| Net income attributable to owners | 187 | 1.4% | S100YLIH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 42 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 43.3% → Operating margin 1.5% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.1%; Core profit growth: -37.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -17.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,769 | 13,036 | 267 | +2.1% |
| Gross profit | 5,259 | 5,639 | 380 | +7.2% |
| Operating income | 308 | 193 | -115 | -37.4% |
| Net income attributable to owners | 412 | 187 | -225 | -54.6% |
| Operating cash flow | 385 | 711 | 326 | +84.7% |
| Free cash flow | 160 | 546 | 387 | +242.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,860 | -104 | -0.7% | -14 | 55 | -86 | S100LY9I |
| FY ending Mar 2021 | 11,293 | -462 | -4.1% | -434 | -580 | -667 | S100OLDK |
| FY ending Mar 2022 | 10,787 | -214 | -2.0% | -366 | -175 | -320 | S100R8UZ |
| FY ending Mar 2023 | 12,551 | 123 | 1.0% | 124 | 838 | 773 | S100TVUC |
| FY ending Mar 2024 | 13,069 | 253 | 1.9% | 267 | 344 | 144 | S100W5RR |
| FY ending Mar 2025 | 12,769 | 308 | 2.4% | 412 | 385 | 160 | S100YLIH |
| FY ending Mar 2026 | 13,036 | 193 | 1.5% | 187 | 711 | 546 | S100YLIH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.2M |
| Operating income per employee (consolidated) | ¥904.4K |
| Net income per employee (consolidated) | ¥877.6K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 222 | 206 | 203 | 212 | 213 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.9M | ¥4.9M | ¥5M |
| Average age (parent company) | 46.0 years | 47.0 years | 48.0 years | 48.0 years | 48.0 years |
| Average tenure (parent company) | 17.0 years | 18.0 years | 18.0 years | 17.0 years | 16.0 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +2.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel accessories | 10,937 | 83.9% | 610 | 5.6% |
| Fragrance | 2,100 | 16.1% | -159 | -7.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Apparel accessories | 83.9% |
| Fragrance | 16.1% |

Segment → industry: Apparel accessories → Apparel / Fragrance → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 711 | 5.5% | S100YLIH |
| Capital expenditure | 164 | 1.3% | S100YLIH |
| Free cash flow | 546 | 4.2% | 算出 |
| Investing cash flow | -182 | -1.4% | S100YLIH |
| Financing cash flow | -109 | -0.8% | S100YLIH |
| Dividends paid | 91 | 0.7% | S100YLIH |
| Share buyback | 0 | 0.0% | S100YLIH |
| Change in cash | 423 | 3.2% | S100YLIH |
| Cash and equivalents | 1,784 | 13.7% | S100YLIH |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,308 | 1,585 | 1,479 | 1,361 | 1,784 | S100TVUC, S100W5RR, S100YLIH |
| Total assets | 12,300 | 12,189 | 12,696 | 12,407 | 12,746 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Net assets | 6,076 | 6,407 | 6,863 | 7,088 | 7,444 | S100TVUC, S100W5RR, S100YLIH |
| Share capital | 1,721 | 1,721 | 1,721 | 100 | 100 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Trade receivables | 2,052 | 2,360 | 2,403 | 2,145 | 1,903 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Inventories | 3,607 | 3,008 | 3,126 | 3,148 | 2,855 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Property, plant and equipment | 2,048 | 2,008 | 2,010 | 2,058 | 2,068 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Intangible assets excluding goodwill | 227 | 229 | 231 | 214 | 202 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Investment securities | 606 | 674 | 1,199 | 1,155 | 1,651 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Current assets | 7,189 | 7,161 | 7,225 | 6,912 | 6,759 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Current liabilities | 5,255 | 4,741 | 4,988 | 4,542 | 4,248 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Trade payables | 1,666 | 1,829 | 2,018 | 1,837 | 1,567 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Short-term borrowings | 2,500 | 1,800 | 2,000 | 1,950 | 1,800 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Long-term borrowings | 335 | 486 | 224 | 195 | 269 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Total liabilities | 6,224 | 5,781 | 5,833 | 5,320 | 5,302 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Equity attributable to owners of parent | 6,126 | 6,250 | 6,490 | 6,755 | 6,850 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Retained earnings | 2,690 | 2,814 | 3,054 | 3,319 | 3,415 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |
| Treasury stock | -55 | -55 | -55 | -56 | -56 | S100R8UZ, S100TVUC, S100W5RR, S100YLIH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YLIH |
| Receivables | 15% | S100YLIH |
| Inventories | 22% | S100YLIH |
| Property, plant and equipment | 16% | S100YLIH |
| Intangibles and goodwill | 2% | S100YLIH |
| Investment securities | 13% | S100YLIH |
| Other assets | 18% | S100YLIH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YLIH |
| Other liabilities | 29% | S100YLIH |
| Equity | 59% | S100YLIH |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,300 | 12,189 | 12,696 | 12,407 | 12,746 |
| Equity | 6,076 | 6,407 | 6,863 | 7,088 | 7,444 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,308 | 1,585 | 1,479 | 1,361 | 1,784 |

## 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) | 15.9% | S100YLIH |
| Fixed assets ÷ total assets | 16.2% | S100YLIH |
| Goodwill ÷ parent equity | — | —, S100YLIH |

### 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) | 14.0% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 368.9% |
| Cash vs. profit gap | 524 JPY mn (of net income 280.2%) |
| Shareholder returns / net income | 48.8% |
| Shareholder returns / FCF | 16.7% |
| Shareholder payments — dividends / net income | 48.7% |
| Shareholder payments — dividends / FCF | 16.7% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 25.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -3.0% | —× | — | S100R8UZ |
| 2023 | 1.0% | 1.03× | 1.0% | 1.98× | 2.0% | S100TVUC |
| 2024 | 2.0% | 1.05× | 2.1% | 1.95× | 4.2% | S100W5RR |
| 2025 | 3.2% | 1.02× | 3.3% | 1.90× | 6.2% | S100YLIH |
| 2026 | 1.4% | 1.04× | 1.5% | 1.85× | 2.7% | S100YLIH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一広株式会社 | Major shareholder | 55.0% | 2026-03-31 |
| 丸山 三千夫 | Major shareholder | 3.0% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 松本 恒吉 | Major shareholder | 1.1% | 2026-03-31 |
| 越智 康行 | Major shareholder | 1.1% | 2026-03-31 |
| 大島 勇 | Major shareholder | 0.6% | 2026-03-31 |
| 岩澤 雅弥 | Major shareholder | 0.6% | 2026-03-31 |
| 大関 誠 | Major shareholder | 0.6% | 2026-03-31 |
| 川辺 浩子 | Major shareholder | 0.6% | 2026-03-31 |
| 越智 勲 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YLIH | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLIH,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W5RR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5RR,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TVUC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVUC,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R8UZ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8UZ,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OLDK | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLDK,, |
| 訂正有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LY9I | 2021-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LY9I,, |

## 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).