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

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/03/01－2026/02/28) (S100Y4W7)
> Page: https://vizora.meequs.com/en/company/world
> Retrieved: 2026-09-30T18:04:25.833Z

## Company

World, founded in 1959, is a company in E-commerce listed on TSE Prime. It has 7,094 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WORLD CO., LTD. |
| Ticker | 3612 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3612.T) |
| Listing | TSE Prime |
| Head office | 兵庫県神戸市中央区港島中町六丁目8番1 |
| Representative (per filing) | 代表取締役 社長執行役員 鈴木信輝 |
| Founded | Jan 1959 |
| Share capital | ¥511M |
| Employees (consolidated) | 7,094 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | February |
| Website | corp.world.co.jp (https://corp.world.co.jp/) |
| Corporate number | 4140001024328 |
| EDINET | E02767 |
| Industries (Vizora) | E-commerce, Specialty Trading & Wholesale, Apparel |

> Profile source: annual securities report (S100Y4W7, filed 2026-05-21). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.9 | 55 |
| Profitability | 71.3 | 61 |
| Cash conversion | 79.8 | 47 |
| Efficiency | 45.1 | 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 68% of World's sales come from Brand Business, with Platform Business and Digital Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +25.9% from the prior year, operating profit -4.2%.

## Company structure

- Segment revenue mix: Brand Business 68.3%、Platform Business 27.5%、Digital Business 4.2%、Mutual department 0.1%
- Revenue → net income: ¥284014000000 → ¥11933000000
- Net income → operating cash flow: ¥11933000000 → ¥30984000000（difference ¥19051000000）
- Main uses of operating cash flow: CapEx ¥6919000000 / dividends ¥3135000000 / buybacks ¥4000000
- Change in cash: ¥-3638000000
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 | ¥284B |  |
| Operating income | ¥16B | Margin 5.6% |
| Net income | ¥12B | Margin 4.2% |
| Free cash flow | ¥24.1B |  |
| Largest business | Brand Business | of segment revenue 68.3% |
| Employees (consolidated) | 7,094 |  |
| EPS | ¥171.36 |  |
| Diluted EPS | ¥171.36 |  |
| Book value per share | ¥404.29 |  |
| Equity ratio | 33.8% | Derived from disclosed figures |
| Shares outstanding | 36,859,000 |  |
| Treasury shares | 463,800 |  |
| Shareholders | 44,145 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 6.5% | Cash ÷ revenue 6.4% |
| Vs. industry median margin | +2.6 pp | Apparel |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥180322000000 | ¥284014000000 | +57.5% |
| Operating income | ¥-21637000000 | ¥16028000000 | — |
| Operating margin | -12.0% | 5.6% | +17.6 pp |
| Employees | 9,099 people | 7,094 people | -22.0% |
| Cash and equivalents | ¥20687000000 | ¥18109000000 | -12.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Feb 2026. 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 → ブランド事業 | 68.3% |
| 新設・再編 → デジタル事業 | 4.2% |
| 新設・再編 → プラットフォーム事業 | 27.5% |
| 新設・再編 → 共通部門 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Brand Business | 3 years | +2.3% | ¥193927000000 | 4.6% | 2 |
| Platform Business | 3 years | +55.1% | ¥77991000000 | 5.3% | 2 |
| Digital Business | 3 years | +0.3% | ¥11858000000 | 19.2% | 2 |
| Mutual department | 3 years | +5.6% | ¥238000000 | 470.2% | 2 |

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 284,014 | 100.0% | S100Y4W7 |
| Cost of revenue | 144,340 | 50.8% | S100Y4W7 |
| Gross profit | 139,674 | 49.2% | S100Y4W7 |
| SG&A | 123,267 | 43.4% | S100Y4W7 |
| Operating income | 16,028 | 5.6% | S100Y4W7 |
| Pretax income | 14,203 | 5.0% | S100Y4W7 |
| Income tax | 2,270 | 0.8% | S100Y4W7 |
| Net income | 11,933 | 4.2% | S100Y4W7 |
| Net income attributable to owners | 12,013 | 4.2% | S100Y4W7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 43 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 49.2% → Operating margin 5.6% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +25.9%; Core profit growth: -4.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.16×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 225,658 | 284,014 | 58,356 | +25.9% |
| Gross profit | 133,288 | 139,674 | 6,386 | +4.8% |
| Operating income | 16,730 | 16,028 | -702 | -4.2% |
| Net income attributable to owners | 11,039 | 12,013 | 974 | +8.8% |
| Operating cash flow | 31,992 | 30,984 | -1,008 | -3.2% |
| Free cash flow | 27,804 | 24,065 | -3,739 | -13.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 249,861 | 14,827 | 5.9% | 9,200 | 12,496 | — | S100TH64 |
| FY ending Mar 2020 | 236,265 | 12,351 | 5.2% | 8,080 | 26,889 | — | S100VSOZ |
| FY ending Mar 2021 | 180,322 | -21,637 | -12.0% | -17,149 | 4,155 | — | S100Y4W7 |
| FY ending Mar 2022 | 171,344 | 2,196 | 1.3% | 239 | 17,321 | — | S100Y4W7 |
| FY ending Mar 2023 | 214,246 | 11,686 | 5.5% | 5,686 | 25,389 | 22,761 | S100TH64 |
| FY ending Feb 2024 | 202,342 | 12,004 | 5.9% | 6,764 | 27,459 | 23,827 | S100VSOZ |
| FY ending Feb 2025 | 225,658 | 16,730 | 7.4% | 11,039 | 31,992 | 27,804 | S100Y4W7 |
| FY ending Feb 2026 | 284,014 | 16,028 | 5.6% | 12,013 | 30,984 | 24,065 | S100Y4W7 |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.7M |

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 Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 8,388 | 7,648 | 7,183 | 7,225 | 7,094 |
| Average salary (parent company) | — | — | ¥4.8M | ¥5.2M | ¥5.6M |
| Average age (parent company) | — | — | 43.1 years | 43.7 years | 43.1 years |
| Average tenure (parent company) | — | — | 16.8 years | 16.3 years | 15.2 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +25.9%

## Segments（FY ending Feb 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Brand Business | 193,927 | 68.3% | 8,854 | 4.6% |
| Digital Business | 11,858 | 4.2% | 2,277 | 19.2% |
| Platform Business | 77,991 | 27.5% | 4,171 | 5.3% |
| Mutual department | 238 | 0.1% | 1,119 | 470.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Brand Business | 68.3% | 53.9% | -14.4 | 4.6% |
| Digital Business | 4.2% | 13.9% | 9.7 | 19.2% |
| Platform Business | 27.5% | 25.4% | -2.1 | 5.3% |
| Mutual department | 0.1% | 6.8% | 6.7 | 470.2% |

Segment → industry: Digital Business → E-commerce / Platform Business → Specialty Trading & Wholesale / Platform Business → Apparel / Brand Business → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 30,984 | 10.9% | S100Y4W7 |
| Capital expenditure | 6,919 | 2.4% | S100Y4W7 |
| Free cash flow | 24,065 | 8.5% | 算出 |
| Investing cash flow | -4,132 | -1.5% | S100Y4W7 |
| Financing cash flow | -30,937 | -10.9% | S100Y4W7 |
| Dividends paid | 3,135 | 1.1% | S100Y4W7 |
| Share buyback | 4 | 0.0% | S100Y4W7 |
| Change in cash | -3,638 | -1.3% | S100Y4W7 |
| Cash and equivalents | 18,109 | 6.4% | S100Y4W7 |

## 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 Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 21,403 | 20,685 | 20,848 | 21,748 | 18,109 | S100TH64, S100VSOZ, S100Y4W7 |
| Total assets | 251,690 | 251,421 | 239,685 | 273,826 | 280,059 | S100Y4W7, S100TH64, S100VSOZ |
| Net assets | 84,303 | 89,229 | 88,418 | 86,439 | 96,282 | S100TH64, S100VSOZ, S100Y4W7 |
| Share capital | — | 511 | 511 | 511 | 511 | S100TH64, S100VSOZ, S100Y4W7 |
| Property, plant and equipment | — | 38,087 | 37,324 | 35,445 | 33,412 | S100TH64, S100VSOZ, S100Y4W7 |
| Goodwill | — | 60,719 | 60,317 | 57,176 | 61,168 | S100TH64, S100VSOZ, S100Y4W7 |
| Current assets | — | 71,015 | 66,362 | 90,525 | 86,771 | S100TH64, S100VSOZ, S100Y4W7 |
| Total liabilities | — | 162,192 | 151,267 | 187,387 | 183,777 | S100TH64, S100VSOZ, S100Y4W7 |
| Equity attributable to owners of parent | — | 82,420 | 82,010 | 81,188 | 94,659 | S100TH64, S100VSOZ, S100Y4W7 |
| Retained earnings | — | 50,858 | 55,192 | 63,645 | 72,568 | S100TH64, S100VSOZ, S100Y4W7 |
| Treasury stock | — | -51 | -44 | -39 | -505 | S100TH64, S100VSOZ, S100Y4W7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y4W7 |
| Property, plant and equipment | 12% | S100Y4W7 |
| Intangibles and goodwill | 22% | — |
| Other assets | 60% | S100Y4W7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100Y4W7 |
| Equity | 34% | S100Y4W7 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 251,690 | 251,421 | 239,685 | 273,826 | 280,059 |
| Equity | 84,303 | 89,229 | 88,418 | 86,439 | 96,282 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,403 | 20,685 | 20,848 | 21,748 | 18,109 |

## 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) | 11.8% | S100Y4W7 |
| Fixed assets ÷ total assets | 11.9% | S100Y4W7 |
| Goodwill ÷ parent equity | 64.6% | S100Y4W7 |

### 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) | 6.5% |
| Cash ÷ revenue | 6.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.3% |
| Cash vs. profit gap | 18,971 JPY mn (of net income 157.9%) |
| Shareholder returns / net income | 26.1% |
| Shareholder returns / FCF | 13.0% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 13.0% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 13.3% |

## 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 | 0.1% | 0.68× | 0.1% | 2.99× | 0.3% | S100Y4W7, S100TH64 |
| 2023 | 2.7% | 0.85× | 2.3% | 3.05× | 6.9% | S100TH64 |
| 2024 | 3.3% | 0.82× | 2.8% | 2.99× | 8.2% | S100VSOZ |
| 2025 | 4.9% | 0.88× | 4.3% | 3.15× | 13.5% | S100Y4W7 |
| 2026 | 4.2% | 1.03× | 4.3% | 3.15× | 13.7% | S100Y4W7 |

## 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 | 9.1% | 2026-02-28 |
| 寺井 秀藏 | Major shareholder | 5.9% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-02-28 |
| 株式会社エイティ | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社ワイアール | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社ケイエム | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社イーエイチ | Major shareholder | 2.3% | 2026-02-28 |
| 上山 健二 | Major shareholder | 1.9% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.6% | 2026-02-28 |
| ワールドグループ従業員持株会 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/03/01－2026/02/28) | S100Y4W7 | 2026-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4W7,, |
| 有価証券報告書－第67期(2024/03/01－2025/02/28) | S100VSOZ | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSOZ,, |
| 有価証券報告書－第66期(2023/04/01－2024/02/29) | S100TH64 | 2024-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH64,, |

## 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).