# UNIFORM NEXT CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/01/01－2025/12/31) (S100XTR8)
> Page: https://vizora.meequs.com/en/company/uniform-next
> Retrieved: 2026-09-30T21:00:24.416Z

## Company

Uniform Next, founded in 1994, is a company in E-commerce listed on TSE Growth. It has 157 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNIFORM NEXT CO., LTD. |
| Ticker | 3566 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3566.T) |
| Listing | TSE Growth |
| Head office | 福井県福井市八重巻町25号81番地 |
| Representative (per filing) | 代表取締役社長 横井 康孝 |
| Founded | Apr 1994 |
| Share capital | ¥371.5M |
| Employees (consolidated) | 157 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | December |
| Website | uniformnext.co.jp (https://uniformnext.co.jp/) |
| Corporate number | 2210001004332 |
| EDINET | E33305 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100XTR8, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82 | 25 |
| Profitability | 63.2 | 34 |
| Cash conversion | 5.6 | 27 |
| Efficiency | 69.1 | 34 |

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)

- Uniform Next brought in ¥9.86B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +17.4% from the prior year, operating profit +68.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.86B |  |
| Operating income | ¥754.2M | Margin 7.7% |
| Net income | ¥517.6M | Margin 5.3% |
| Free cash flow | -¥178M |  |
| Employees (consolidated) | 157 |  |
| EPS | ¥51.2 |  |
| Book value per share | ¥381.26 |  |
| Equity ratio | 71.8% |  |
| Shares outstanding | 10,123,178 |  |
| Treasury shares | 10,700 |  |
| Shareholders | 2,964 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 41.7% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | +2.7 pp | E-commerce |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 10.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4968447000 | ¥9856728000 | +98.4% |
| Operating income | ¥322008000 | ¥754210000 | +134.2% |
| Operating margin | 6.5% | 7.7% | +1.2 pp |
| Employees | 110 people | 157 people | +42.7% |
| Cash and equivalents | ¥1590592000 | ¥2232945000 | +40.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,857 | 100.0% | S100XTR8 |
| Cost of revenue | 6,223 | 63.1% | 算出 |
| Gross profit | 3,633 | 36.9% | S100XTR8 |
| SG&A | 2,879 | 29.2% | S100XTR8 |
| Operating income | 754 | 7.7% | S100XTR8 |
| Ordinary income | 761 | 7.7% | S100XTR8 |
| Pretax income | 770 | 7.8% | S100XTR8 |
| Income tax | 252 | 2.6% | S100XTR8 |
| Net income | 518 | 5.3% | S100XTR8 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 29 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 36.9% → Operating margin 7.7% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.4%; Core profit growth: +68.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.94×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,394 | 9,857 | 1,463 | +17.4% |
| Gross profit | 3,088 | 3,633 | 545 | +17.7% |
| Operating income | 447 | 754 | 307 | +68.6% |
| Operating cash flow | 729 | -98 | -827 | -113.5% |
| Free cash flow | 716 | -178 | -894 | -124.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,715 | 361 | 7.7% | 242 | 335 | 189 | S100L0J7 |
| FY ending Dec 2020 | 4,968 | 322 | 6.5% | 224 | 276 | 234 | S100NR0Z |
| FY ending Dec 2021 | 5,115 | 354 | 6.9% | 233 | 254 | 233 | S100QFZ1 |
| FY ending Dec 2022 | 6,333 | 402 | 6.3% | 276 | 408 | 389 | S100T555 |
| FY ending Dec 2023 | 7,453 | 498 | 6.7% | 354 | 135 | -629 | S100VH0L |
| FY ending Dec 2024 | 8,394 | 447 | 5.3% | 325 | 729 | 716 | S100XTR8 |
| FY ending Dec 2025 | 9,857 | 754 | 7.7% | 518 | -98 | -178 | S100XTR8 |

## People and productivity（FY ending Dec 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.8M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 121 | 125 | 132 | 149 | 157 |
| Average salary (parent company) | ¥3.7M | ¥3.8M | ¥4.1M | ¥4.2M | ¥4.4M |
| Average age (parent company) | 30.3 years | 31.1 years | 31.6 years | 30.8 years | 30.8 years |
| Average tenure (parent company) | 4.6 years | 5.3 years | 5.6 years | 5.3 years | 5.9 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +17.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -98 | -1.0% | S100XTR8 |
| Capital expenditure | 80 | 0.8% | S100XTR8 |
| Free cash flow | -178 | -1.8% | 算出 |
| Investing cash flow | 108 | 1.1% | S100XTR8 |
| Financing cash flow | -135 | -1.4% | S100XTR8 |
| Dividends paid | 35 | 0.4% | S100XTR8 |
| Change in cash | -126 | -1.3% | S100XTR8 |
| Cash and equivalents | 2,233 | 22.7% | S100XTR8 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,692 | 1,962 | 1,276 | 2,359 | 2,233 | S100T555, S100VH0L, S100XTR8 |
| Total assets | 3,414 | 3,711 | 4,069 | 4,947 | 5,356 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Net assets | 2,466 | 2,723 | 3,052 | 3,359 | 3,855 | S100T555, S100VH0L, S100XTR8 |
| Share capital | 355 | 358 | 358 | 369 | 371 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Property, plant and equipment | 972 | 942 | 1,653 | 1,591 | 1,419 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Intangible assets excluding goodwill | 86 | 61 | 35 | 11 | 7 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Investment securities | — | — | 5 | 5 | 5 | S100VH0L, S100XTR8 |
| Current assets | 2,309 | 2,660 | 2,323 | 3,286 | 3,866 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Current liabilities | 906 | 988 | 1,017 | 1,280 | 1,293 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Long-term borrowings | 27 | — | — | 308 | 208 | S100QFZ1, S100XTR8 |
| Total liabilities | 948 | 988 | 1,017 | 1,588 | 1,501 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Equity attributable to owners of parent | 2,466 | 2,723 | 3,052 | 3,359 | 3,846 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Retained earnings | 1,751 | 2,003 | 2,332 | 2,617 | 3,099 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QFZ1, S100T555, S100VH0L, S100XTR8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XTR8 |
| Property, plant and equipment | 26% | S100XTR8 |
| Intangibles and goodwill | 0% | S100XTR8 |
| Investment securities | 0% | S100XTR8 |
| Other assets | 32% | S100XTR8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XTR8 |
| Equity | 72% | S100XTR8 |
| Other liabilities | 0% | S100XTR8 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,414 | 3,711 | 4,069 | 4,947 | 5,356 |
| Equity | 2,466 | 2,723 | 3,052 | 3,359 | 3,855 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,692 | 1,962 | 1,276 | 2,359 | 2,233 |

## 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) | 14.4% | S100XTR8 |
| Fixed assets ÷ total assets | 26.5% | S100XTR8 |
| Goodwill ÷ parent equity | — | —, S100XTR8 |

### 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) | 41.7% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -13.0% |
| Cash vs. profit gap | -616 JPY mn (of net income -119.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 6.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.6% | 1.50× | 6.8% | 1.38× | 9.5% | S100QFZ1 |
| 2022 | 4.4% | 1.78× | 7.8% | 1.37× | 10.7% | S100T555 |
| 2023 | 4.8% | 1.92× | 9.1% | 1.35× | 12.3% | S100VH0L |
| 2024 | 3.9% | 1.86× | 7.2% | 1.41× | 10.1% | S100XTR8 |
| 2025 | 5.3% | 1.91× | 10.0% | 1.43× | 14.4% | S100XTR8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ディマウス合同会社 | Major shareholder | 38.8% | 2025-12-31 |
| 横井 康孝 | Major shareholder | 10.9% | 2025-12-31 |
| 横井 亜希子 | Major shareholder | 5.2% | 2025-12-31 |
| 横井 孝志 | Major shareholder | 3.8% | 2025-12-31 |
| 吉岡 裕之 | Major shareholder | 3.8% | 2025-12-31 |
| 横井 杜王 | Major shareholder | 3.6% | 2025-12-31 |
| 横井 勇神 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社自重堂 | Major shareholder | 2.0% | 2025-12-31 |
| ユニフォームネクスト社員持株会 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/01/01－2025/12/31) | S100XTR8 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTR8,, |
| 有価証券報告書－第31期(2024/01/01－2024/12/31) | S100VH0L | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH0L,, |
| 有価証券報告書－第30期(2023/01/01－2023/12/31) | S100T555 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T555,, |
| 有価証券報告書－第29期(2022/01/01－2022/12/31) | S100QFZ1 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFZ1,, |
| 有価証券報告書－第28期(令和3年1月1日－令和3年12月31日) | S100NR0Z | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR0Z,, |
| 有価証券報告書－第27期(令和2年1月1日－令和2年12月31日) | S100L0J7 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0J7,, |

## 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).