# WACOAL HOLDINGS CORP.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/04/01－2026/03/31) (S100YKJC), 有価証券報告書－第77期(2024/04/01－2025/03/31) (S100W40Z)
> Page: https://vizora.meequs.com/en/company/wacoal-holdings
> Retrieved: 2026-09-30T20:00:08.807Z

## Company

Wacoal Holdings, founded in 1949, is a company in E-commerce listed on TSE Prime. It has 16,124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WACOAL HOLDINGS CORP. |
| Ticker | 3591 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3591.T) |
| Listing | TSE Prime |
| Head office | 京都市南区吉祥院中島町29番地 |
| Representative (per filing) | 代表取締役 社長執行役員 矢島 昌明 |
| Founded | Nov 1949 |
| Share capital | ¥13.3B |
| Employees (consolidated) | 16,124 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | wacoalholdings.jp (https://wacoalholdings.jp/) |
| Corporate number | 5130001012084 |
| EDINET | E00590 |
| Industries (Vizora) | E-commerce, Apparel |

> Profile source: annual securities report (S100YKJC, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 38.5 | 61 |
| Cash conversion | 73.4 | 47 |
| Efficiency | 18.9 | 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)

- About 51% of Wacoal Holdings's sales come from Wacoal Business (Domestic), with Wacoal Business (Overseas) and Peach John Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -7.1% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥173.9B |  |
| Operating income | ¥3.29B | Margin 1.9% |
| Net income | ¥7.22B | Margin 4.2% |
| Free cash flow | — |  |
| Largest business | Wacoal Business (Domestic) | of segment revenue 50.5% |
| Employees (consolidated) | 16,124 |  |
| EPS | ¥133.9 |  |
| Diluted EPS | ¥133.39 |  |
| Book value per share | ¥2153.26 |  |
| Equity ratio | 70.4% | Derived from disclosed figures |
| Shares outstanding | 55,500,000 |  |
| Treasury shares | 3,840,900 |  |
| Shareholders | 12,339 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 13.5% |
| Vs. industry median margin | -1.1 pp | Apparel |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.1× dividends
- FY2025, one segment accounts for 84% of positive segment profit
- FY2025, segment profit share differs by 33 points

## What changed in 5 years

Accounting standard changed in FY2021; percentage changes are omitted.

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥186760000000 | ¥173896000000 | — |
| Operating income | ¥6632000000 | ¥3288000000 | — |
| Operating margin | 3.6% | 1.9% | -1.7 pp |
| Employees | 20,984 people | 16,124 people | — |
| Cash and equivalents | ¥27905000000 | ¥23419000000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ワコール事業（国内） | 50.5% |
| 新設・再編 → ワコール事業（海外） | 38.7% |
| 新設・再編 → ピーチ・ジョン事業 | 6.0% |
| 新設・再編 → その他 | 4.8% |

Segment revenue source references: 4 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wacoal Business (Domestic) | 3 years | -0.1% | ¥87828000000 | 3.4% | 2 |
| Wacoal Business (Overseas) | 3 years | +4.3% | ¥67237000000 | 0.6% | 2 |
| Peach John Business | 3 years | -5.0% | ¥10469000000 | -2.5% | 2 |
| Other | 3 years | -12.6% | ¥8362000000 | 2.0% | 2 |

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 173,896 | 100.0% | S100YKJC |
| Cost of revenue | 76,452 | 44.0% | S100YKJC |
| Gross profit | 97,444 | 56.0% | 算出 |
| SG&A | 100,881 | 58.0% | S100YKJC |
| Operating income | 3,288 | 1.9% | S100YKJC |
| Pretax income | 5,680 | 3.3% | S100YKJC |
| Income tax | -1,337 | -0.8% | S100YKJC |
| Net income | 7,017 | 4.0% | S100YKJC |
| Net income attributable to owners | 7,218 | 4.2% | S100YKJC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 58 |
| Other operating | -4 |
| Operating income | 2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 56.0% → Operating margin 1.9% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 187,208 | 173,896 | -13,312 | -7.1% |
| Gross profit | 104,085 | 97,444 | -6,641 | -6.4% |
| Operating income | -9,503 | 3,288 | 12,791 | — |
| Net income attributable to owners | -8,632 | 7,218 | 15,850 | — |
| Operating cash flow | 11,291 | 4,965 | -6,326 | -56.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 195,881 | 10,282 | 5.2% | 12,525 | 16,351 | — | S100LTK2 |
| FY ending Mar 2018 | 195,725 | 11,494 | 5.9% | 9,745 | 15,493 | — | S100OHYU |
| FY ending Mar 2019 | 194,201 | 4,879 | 2.5% | 341 | 13,620 | — | S100R5MS |
| FY ending Mar 2020 | 186,760 | 6,632 | 3.6% | 3,472 | 13,325 | — | S100TQG1 |
| FY ending Mar 2021 | 152,204 | -1,115 | -0.7% | 7,025 | 4,260 | — | S100W40Z |
| FY ending Mar 2022 | 172,072 | 3,291 | 1.9% | 1,732 | 16,622 | 6,829 | S100R5MS |
| FY ending Mar 2023 | 188,592 | -3,490 | -1.9% | -1,643 | 7,334 | 2,286 | S100TQG1 |
| FY ending Mar 2024 | 187,208 | -9,503 | -5.1% | -8,632 | 11,291 | 7,910 | S100W40Z |
| FY ending Mar 2025 | 173,896 | 3,288 | 1.9% | 7,218 | 4,965 | — | S100YKJC |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.8M |
| Operating income per employee (consolidated) | ¥203.9K |
| Net income per employee (consolidated) | ¥447.7K |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 19,824 | 19,717 | 19,147 | 17,408 | 16,124 |
| Average salary (parent company) | ¥6M | ¥5.5M | ¥5.9M | ¥5.8M | ¥6M |
| Average age (parent company) | 47.1 years | 46.0 years | 45.8 years | 46.0 years | 44.6 years |
| Average tenure (parent company) | 21.0 years | 19.8 years | 19.5 years | 19.2 years | 17.0 years |

Year over year: Employees (consolidated) -7.4% · Revenue (consolidated) -7.1%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wacoal Business (Domestic) | 87,828 | 50.5% | 2,970 | 3.4% |
| Wacoal Business (Overseas) | 67,237 | 38.7% | 419 | 0.6% |
| Peach John Business | 10,469 | 6.0% | -266 | -2.5% |
| Other | 8,362 | 4.8% | 165 | 2.0% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Wacoal Business (Domestic) | 50.5% | 83.6% | 33.1 | 3.4% |
| Wacoal Business (Overseas) | 38.7% | 11.8% | -26.9 | 0.6% |
| Peach John Business | 6.0% | — | — | -2.5% |
| Other | 4.8% | 4.6% | -0.2 | 2.0% |

Loss-making segment (excluded from profit shares): Peach John Business -266 JPY mn

Segment → industry: Peach John Business → E-commerce / Peach John Business → Apparel / Wacoal Business (Overseas) → Apparel / Wacoal Business (Domestic) → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,965 | 2.9% | S100YKJC |
| Investing cash flow | 9,382 | 5.4% | S100YKJC |
| Financing cash flow | -22,952 | -13.2% | S100YKJC |
| Dividends paid | 5,463 | 3.1% | S100YKJC |
| Share buyback | 17,008 | 9.8% | S100YKJC |
| Change in cash | -10,128 | -5.8% | S100YKJC |
| Cash and equivalents | 23,419 | 13.5% | S100YKJC |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 63,987 | 37,485 | 26,781 | 33,547 | 23,419 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Total assets | 319,215 | 299,177 | 285,659 | 294,029 | 272,745 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Net assets | 214,934 | 220,868 | 213,482 | 215,142 | 195,120 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Share capital | 13,260 | 13,260 | 13,260 | 13,260 | 13,260 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Property, plant and equipment | 44,973 | 48,602 | 46,702 | 45,478 | 43,252 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Goodwill | 21,169 | 22,945 | 16,256 | 11,805 | 15,199 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Current assets | 135,351 | 108,835 | 105,620 | 112,137 | 99,893 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Total liabilities | 104,281 | 78,309 | 72,177 | 78,887 | 77,625 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Equity attributable to owners of parent | 212,028 | 217,990 | 210,197 | 211,829 | 192,047 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Retained earnings | 156,143 | 158,940 | 151,779 | 148,494 | 153,808 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |
| Treasury stock | -8,876 | -10,858 | -15,894 | -17,259 | -17,968 | S100R5MS, S100TQG1, S100W40Z, S100YKJC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YKJC |
| Property, plant and equipment | 16% | S100YKJC |
| Intangibles and goodwill | 5% | — |
| Other assets | 70% | S100YKJC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YKJC |
| Equity | 72% | S100YKJC |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 319,215 | 299,177 | 285,659 | 294,029 | 272,745 |
| Equity | 214,934 | 220,868 | 213,482 | 215,142 | 195,120 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 63,987 | 37,485 | 26,781 | 33,547 | 23,419 |

## 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) | 24.9% | S100YKJC |
| Fixed assets ÷ total assets | 15.9% | S100YKJC |
| Goodwill ÷ parent equity | 7.9% | S100YKJC |

Goodwill over 4 years: 21,169 → 15,199 JPY; total investing cash flow: 21,728 JPY. This does not imply causation.

### 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) | 8.6% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.0% |
| Cash vs. profit gap | -2,253 JPY mn (of net income -31.2%) |
| Shareholder returns / net income | 311.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 75.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 189.0% |

## 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% | 0.48× | 2.2% | 1.51× | 3.3% | S100W40Z, S100R5MS |
| 2022 | 1.0% | 0.56× | 0.6% | 1.44× | 0.8% | S100R5MS |
| 2023 | — | —× | -0.6% | —× | — | S100TQG1 |
| 2024 | — | —× | -3.0% | —× | — | S100W40Z |
| 2025 | 4.2% | 0.61× | 2.5% | 1.40× | 3.6% | S100YKJC |

## 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 | 9.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.6% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社滋賀銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・東レ株式会社退職給付信託口） | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YKJC | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKJC,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W40Z | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W40Z,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TQG1 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQG1,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R5MS | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5MS,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OHYU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHYU,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LTK2 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTK2,, |

## 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).