# UNITED ARROWS 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37期(2025/04/01－2026/03/31) (S100YEY5)
> Page: https://vizora.meequs.com/en/company/united-arrows
> Retrieved: 2026-09-30T21:35:14.410Z

## Company

United Arrows, founded in 1989, is a company in Apparel listed on TSE Prime. It has 3,904 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNITED ARROWS LTD. |
| Ticker | 7606 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7606.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区神宮前三丁目28番1号 |
| Representative (per filing) | 代表取締役社長執行役員 CEO 松崎善則 |
| Founded | Oct 1989 |
| Share capital | ¥3.03B |
| Employees (consolidated) | 3,904 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.united-arrows.co.jp (https://www.united-arrows.co.jp/) |
| Corporate number | 1011001028441 |
| EDINET | E03316 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100YEY5, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.9 | 55 |
| Profitability | 68 | 61 |
| Cash conversion | 24.5 | 47 |
| Efficiency | 95.9 | 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)

- United Arrows brought in ¥164.6B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +14.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥164603000000 → ¥6112000000
- Net income → operating cash flow: ¥6112000000 → ¥5551000000（difference ¥-561000000）
- Main uses of operating cash flow: CapEx ¥6172000000 / dividends ¥1829000000 / buybacks ¥0
- Change in cash: ¥-3209000000
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 | ¥164.6B |  |
| Operating income | ¥9.13B | Margin 5.5% |
| Net income | ¥6.11B | Margin 3.7% |
| Free cash flow | -¥621M |  |
| Employees (consolidated) | 3,904 |  |
| EPS | ¥222.19 |  |
| Book value per share | ¥1526.36 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 30,213,676 |  |
| Treasury shares | 2,475,600 |  |
| Shareholders | 23,666 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 4.8% | Cash ÷ revenue 2.1% |
| Vs. industry median margin | +2.5 pp | Apparel |
| ROE | 15.2% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +24% over five years
- FY2026, employees -5% while operating income rose 14%
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥121712000000 | ¥164603000000 | +35.2% |
| Operating income | ¥-6613000000 | ¥9126000000 | — |
| Operating margin | -5.4% | 5.5% | +11 pp |
| Employees | 4,641 people | 3,904 people | -15.9% |
| Cash and equivalents | ¥6604000000 | ¥3445000000 | -47.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 164,603 | 100.0% | S100YEY5 |
| Cost of revenue | 78,373 | 47.6% | S100YEY5 |
| Gross profit | 86,230 | 52.4% | S100YEY5 |
| SG&A | 77,103 | 46.8% | S100YEY5 |
| Operating income | 9,126 | 5.5% | S100YEY5 |
| Ordinary income | 9,313 | 5.7% | S100YEY5 |
| Pretax income | 7,339 | 4.5% | S100YEY5 |
| Income tax | 1,226 | 0.7% | S100YEY5 |
| Net income | 6,112 | 3.7% | S100YEY5 |
| Net income attributable to owners | 6,112 | 3.7% | S100YEY5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 47 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 52.4% → Operating margin 5.5% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +14.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.58×
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 | 150,910 | 164,603 | 13,693 | +9.1% |
| Gross profit | 78,629 | 86,230 | 7,601 | +9.7% |
| Operating income | 7,984 | 9,126 | 1,142 | +14.3% |
| Net income attributable to owners | 4,282 | 6,112 | 1,830 | +42.7% |
| Operating cash flow | 7,097 | 5,551 | -1,546 | -21.8% |
| Free cash flow | 1,414 | -621 | -2,035 | -143.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 157,412 | 8,758 | 5.6% | 3,522 | 5,510 | 2,386 | S100LU2Z |
| FY ending Mar 2021 | 121,712 | -6,613 | -5.4% | -7,197 | -4,277 | -6,760 | S100OIQA |
| FY ending Mar 2022 | 118,384 | 1,683 | 1.4% | 732 | 6,891 | 5,965 | S100R5KH |
| FY ending Mar 2023 | 130,135 | 6,362 | 4.9% | 4,341 | 10,258 | 9,098 | S100TVSH |
| FY ending Mar 2024 | 134,269 | 6,740 | 5.0% | 4,876 | 6,341 | 3,263 | S100W3GR |
| FY ending Mar 2025 | 150,910 | 7,984 | 5.3% | 4,282 | 7,097 | 1,414 | S100YEY5 |
| FY ending Mar 2026 | 164,603 | 9,126 | 5.5% | 6,112 | 5,551 | -621 | S100YEY5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 4,213 | 3,915 | 3,980 | 4,096 | 3,904 |
| Average salary (parent company) | ¥4.1M | ¥4.3M | ¥4.7M | ¥4.8M | ¥5M |
| Average age (parent company) | 34.0 years | 35.1 years | 35.3 years | 35.5 years | 35.7 years |
| Average tenure (parent company) | 9.0 years | 9.7 years | 9.8 years | 9.9 years | 10.2 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) +9.1%

## 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 | 5,551 | 3.4% | S100YEY5 |
| Capital expenditure | 6,172 | 3.7% | S100YEY5 |
| Free cash flow | -621 | -0.4% | 算出 |
| Investing cash flow | -9,626 | -5.8% | S100YEY5 |
| Financing cash flow | 842 | 0.5% | S100YEY5 |
| Dividends paid | 1,829 | 1.1% | S100YEY5 |
| Share buyback | 0 | 0.0% | S100YEY5 |
| Change in cash | -3,209 | -1.9% | S100YEY5 |
| Cash and equivalents | 3,445 | 2.1% | S100YEY5 |

## 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 | 5,593 | 8,562 | 6,486 | 6,655 | 3,445 | S100TVSH, S100W3GR, S100YEY5 |
| Total assets | 59,703 | 61,184 | 60,204 | 70,142 | 71,507 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Net assets | 30,069 | 33,702 | 35,030 | 37,821 | 42,135 | S100TVSH, S100W3GR, S100YEY5 |
| Share capital | 3,030 | 3,030 | 3,030 | 3,030 | 3,030 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Trade receivables | 184 | 109 | 117 | 185 | — | S100R5KH, S100TVSH, S100W3GR |
| Property, plant and equipment | 5,229 | 4,966 | 5,014 | 8,205 | 10,914 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Intangible assets excluding goodwill | 1,356 | 1,682 | 3,209 | 5,804 | 4,908 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Current assets | 38,475 | 41,604 | 40,372 | 44,816 | 44,292 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Current liabilities | 25,437 | 23,451 | 20,997 | 27,767 | 25,028 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Trade payables | 8,858 | 9,729 | 10,590 | 11,636 | — | S100R5KH, S100TVSH, S100W3GR |
| Short-term borrowings | 7,800 | 2,504 | 202 | 1,028 | 1,900 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Total liabilities | 29,634 | 27,482 | 25,174 | 32,320 | 29,371 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Equity attributable to owners of parent | 30,210 | 33,897 | 35,336 | 38,122 | 42,432 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Retained earnings | 27,771 | 31,429 | 34,837 | 37,594 | 41,876 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |
| Treasury stock | -5,006 | -5,006 | -7,069 | -7,040 | -7,012 | S100R5KH, S100TVSH, S100W3GR, S100YEY5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YEY5 |
| Property, plant and equipment | 15% | S100YEY5 |
| Intangibles and goodwill | 7% | S100YEY5 |
| Other assets | 73% | S100YEY5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YEY5 |
| Equity | 59% | S100YEY5 |
| Other liabilities | 0% | S100YEY5 |

### 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 | 59,703 | 61,184 | 60,204 | 70,142 | 71,507 |
| Equity | 30,069 | 33,702 | 35,030 | 37,821 | 42,135 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,593 | 8,562 | 6,486 | 6,655 | 3,445 |

## 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) | 6.6% | S100YEY5 |
| Fixed assets ÷ total assets | 15.3% | S100YEY5 |
| Goodwill ÷ parent equity | — | —, S100YEY5 |

### 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) | 4.8% |
| Cash ÷ revenue | 2.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.8% |
| Cash vs. profit gap | -561 JPY mn (of net income -9.2%) |
| Shareholder returns / net income | 29.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 173.4% |

## 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 | 0.6% | 1.98× | 1.2% | 1.98× | 2.4% | S100R5KH |
| 2023 | 3.3% | 2.15× | 7.2% | 1.89× | 13.5% | S100TVSH |
| 2024 | 3.6% | 2.21× | 8.0% | 1.75× | 14.1% | S100W3GR |
| 2025 | 2.8% | 2.32× | 6.6% | 1.77× | 11.7% | S100YEY5 |
| 2026 | 3.7% | 2.32× | 8.6% | 1.76× | 15.2% | S100YEY5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 11.9% | 2026-03-31 |
| 重松 理 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社エー・ディー・エス | Major shareholder | 7.2% | 2026-03-31 |
| JP JPMSE LUX RE UBSAG LONDON BRANCH EQ CO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.6% | 2026-03-31 |
| BNYM SA／NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| 瀧定名古屋株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/04/01－2026/03/31) | S100YEY5 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEY5,, |
| 有価証券報告書－第36期(2024/04/01－2025/03/31) | S100W3GR | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3GR,, |
| 有価証券報告書－第35期(2023/04/01－2024/03/31) | S100TVSH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVSH,, |
| 有価証券報告書－第34期(2022/04/01－2023/03/31) | S100R5KH | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5KH,, |
| 有価証券報告書－第33期(令和3年4月1日－令和4年3月31日) | S100OIQA | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIQA,, |
| 有価証券報告書－第32期(令和2年4月1日－令和3年3月31日) | S100LU2Z | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU2Z,, |

## 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).