# WORKMAN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2025/04/01－2026/03/31) (S100YGNI)
> Page: https://vizora.meequs.com/en/company/workman
> Retrieved: 2026-09-30T20:58:20.084Z

## Company

Workman, founded in 1979, is a company in Apparel listed on TSE Standard. It has 440 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WORKMAN CO.,LTD. |
| Ticker | 7564 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7564.T) |
| Listing | TSE Standard |
| Head office | 群馬県伊勢崎市柴町1732番地 (注)上記は登記上の本店所在地であり、本店事務は下記の「最寄りの連絡場所」で行っております。 |
| Representative (per filing) | 代表取締役社長 大内 康二 |
| Founded | Nov 1979 |
| Share capital | ¥1.62B |
| Employees (consolidated) | 440 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.workman.co.jp (https://www.workman.co.jp/) |
| Corporate number | 1070001013828 |
| EDINET | E03296 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100YGNI, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.1 | 55 |
| Profitability | 97.5 | 61 |
| Cash conversion | 28.7 | 47 |
| Efficiency | 20.5 | 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)

- Workman brought in ¥119.2B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +19.6% from the prior year, operating profit +21.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥119246000000 → ¥20618000000
- Net income → operating cash flow: ¥20618000000 → ¥18838000000（difference ¥-1780000000）
- Main uses of operating cash flow: CapEx ¥8611000000 / dividends ¥5957000000 / buybacks ¥0
- Change in cash: ¥-637000000
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 | ¥119.2B |  |
| Operating income | ¥29.7B | Margin 24.9% |
| Net income | ¥20.6B | Margin 17.3% |
| Free cash flow | ¥10.2B |  |
| Employees (consolidated) | 440 |  |
| EPS | ¥252.64 |  |
| Book value per share | ¥1880.29 |  |
| Equity ratio | 82.8% |  |
| Shares outstanding | 81,846,816 |  |
| Treasury shares | 233,600 |  |
| Shareholders | 17,043 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 19.8% | Cash ÷ revenue 30.8% |
| Vs. industry median margin | +21.9 pp | Apparel |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76694000000 | ¥119246000000 | +55.5% |
| Operating income | ¥23955000000 | ¥29676000000 | +23.9% |
| Operating margin | 31.2% | 24.9% | -6.3 pp |
| Employees | 332 people | 440 people | +32.5% |
| Cash and equivalents | ¥40813000000 | ¥36743000000 | -10.0% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 119,246 | 100.0% | S100YGNI |
| SG&A | 31,309 | 26.3% | S100YGNI |
| Operating income | 29,676 | 24.9% | S100YGNI |
| Ordinary income | 30,567 | 25.6% | S100YGNI |
| Pretax income | 30,436 | 25.5% | S100YGNI |
| Income tax | 9,817 | 8.2% | S100YGNI |
| Net income | 20,618 | 17.3% | S100YGNI |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 75 |
| Operating income | 25 |
| (Ref.) Net income | 17 |

### Margin funnel

Operating margin 24.9% → Net margin 17.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.6%; Core profit growth: +21.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.10×
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 | 99,670 | 119,246 | 19,576 | +19.6% |
| Operating income | 24,394 | 29,676 | 5,282 | +21.7% |
| Operating cash flow | 24,793 | 18,838 | -5,955 | -24.0% |
| Free cash flow | 18,040 | 10,227 | -7,813 | -43.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 68,481 | 19,170 | 28.0% | 13,369 | 6,689 | 4,182 | S100LQB5 |
| FY ending Mar 2021 | 76,694 | 23,955 | 31.2% | 17,039 | 21,319 | 16,743 | S100OGF2 |
| FY ending Mar 2022 | 83,452 | 26,802 | 32.1% | 18,303 | 18,451 | 11,896 | S100R43I |
| FY ending Mar 2023 | 92,858 | 24,106 | 26.0% | 16,656 | 8,813 | 4,198 | S100TQLZ |
| FY ending Mar 2024 | 96,647 | 23,142 | 23.9% | 15,986 | 15,228 | 11,427 | S100W2ZD |
| FY ending Mar 2025 | 99,670 | 24,394 | 24.5% | 16,892 | 24,793 | 18,040 | S100YGNI |
| FY ending Mar 2026 | 119,246 | 29,676 | 24.9% | 20,618 | 18,838 | 10,227 | S100YGNI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥271M |
| Operating income per employee (consolidated) | ¥67.4M |
| Net income per employee (consolidated) | ¥46.9M |

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) | 349 | 365 | 381 | 417 | 440 |
| Average salary (parent company) | ¥7.1M | ¥7.3M | ¥7.6M | ¥7.7M | ¥8M |
| Average age (parent company) | 36.9 years | 37.3 years | 37.1 years | 37.0 years | 37.0 years |
| Average tenure (parent company) | 11.4 years | 11.6 years | 11.6 years | 11.5 years | 11.6 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +19.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 18,838 | 15.8% | S100YGNI |
| Capital expenditure | 8,611 | 7.2% | S100YGNI |
| Free cash flow | 10,227 | 8.6% | 算出 |
| Investing cash flow | -13,404 | -11.2% | S100YGNI |
| Financing cash flow | -6,071 | -5.1% | S100YGNI |
| Dividends paid | 5,957 | 5.0% | S100YGNI |
| Share buyback | 0 | 0.0% | S100YGNI |
| Change in cash | -637 | -0.5% | S100YGNI |
| Cash and equivalents | 36,743 | 30.8% | S100YGNI |

## 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 | 44,283 | 47,640 | 48,187 | 37,381 | 36,743 | S100TQLZ, S100W2ZD, S100YGNI |
| Total assets | 125,145 | 135,746 | 148,362 | 162,231 | 185,257 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Net assets | 103,559 | 114,236 | 125,428 | 135,302 | 153,456 | S100TQLZ, S100W2ZD, S100YGNI |
| Share capital | 1,622 | 1,622 | 1,622 | 1,622 | 1,622 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Property, plant and equipment | 23,949 | 27,149 | 28,755 | 32,814 | 38,531 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Intangible assets excluding goodwill | 818 | 884 | 760 | 1,090 | 1,437 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Investment securities | 1 | 1 | 1 | 1 | 1 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Current assets | 94,266 | 101,390 | 112,648 | 121,066 | 138,440 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Current liabilities | 17,897 | 17,172 | 18,334 | 22,145 | 26,454 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Short-term borrowings | 1,350 | 1,350 | 1,350 | 1,350 | 1,350 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Total liabilities | 21,585 | 21,510 | 22,934 | 26,928 | 31,800 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Equity attributable to owners of parent | 102,896 | 114,002 | 124,438 | 135,781 | 150,456 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Retained earnings | 99,997 | 111,105 | 121,541 | 132,884 | 147,544 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |
| Treasury stock | -67 | -67 | -68 | -68 | -68 | S100R43I, S100TQLZ, S100W2ZD, S100YGNI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YGNI |
| Property, plant and equipment | 21% | S100YGNI |
| Intangibles and goodwill | 1% | S100YGNI |
| Investment securities | 0% | S100YGNI |
| Other assets | 58% | S100YGNI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YGNI |
| Equity | 83% | S100YGNI |
| Other liabilities | 0% | S100YGNI |

### 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 | 125,145 | 135,746 | 148,362 | 162,231 | 185,257 |
| Equity | 103,559 | 114,236 | 125,428 | 135,302 | 153,456 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,283 | 47,640 | 48,187 | 37,381 | 36,743 |

## 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) | 32.3% | S100YGNI |
| Fixed assets ÷ total assets | 20.8% | S100YGNI |
| Goodwill ÷ parent equity | — | —, S100YGNI |

### 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) | 19.8% |
| Cash ÷ revenue | 30.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.5% |
| Cash vs. profit gap | -1,780 JPY mn (of net income -8.6%) |
| Shareholder returns / net income | 28.9% |
| Shareholder returns / FCF | 58.2% |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | 58.2% |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 71.2% |

## 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 | 21.9% | 0.67× | 14.6% | 1.22× | 17.8% | S100R43I |
| 2023 | 17.9% | 0.71× | 12.8% | 1.20× | 15.4% | S100TQLZ |
| 2024 | 16.5% | 0.68× | 11.3% | 1.19× | 13.4% | S100W2ZD |
| 2025 | 16.9% | 0.64× | 10.9% | 1.19× | 13.0% | S100YGNI |
| 2026 | 17.3% | 0.69× | 11.9% | 1.21× | 14.4% | S100YGNI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ベイシア興業 | Major shareholder | 28.2% | 2026-03-31 |
| 土屋 裕雅 | Major shareholder | 14.1% | 2026-03-31 |
| 株式会社カインズ | Major shareholder | 9.7% | 2026-03-31 |
| 吉田 佳世 | Major shareholder | 7.3% | 2026-03-31 |
| 大嶽 惠 | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社カインズ興産 | Major shareholder | 4.3% | 2026-03-31 |
| 土屋 嘉雄 | Major shareholder | 3.6% | 2026-03-31 |
| みずほ信託銀行株式会社有価証券管理信託 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YGNI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGNI,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W2ZD | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2ZD,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TQLZ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQLZ,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R43I | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R43I,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OGF2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGF2,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LQB5 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQB5,, |

## 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).