# YAGI & CO.,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114期(2025/04/01－2026/03/31) (S100YHKP)
> Page: https://vizora.meequs.com/en/company/yagi-and
> Retrieved: 2026-09-30T18:31:53.509Z

## Company

Yagi &, founded in 1918, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 799 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAGI & CO.,LTD. |
| Ticker | 7460 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7460.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区久太郎町二丁目2番8号 |
| Representative (per filing) | 代表取締役社長執行役員 八木 隆夫 |
| Founded | Apr 1918 |
| Share capital | ¥1.09B |
| Employees (consolidated) | 799 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.yaginet.co.jp (https://www.yaginet.co.jp/) |
| Corporate number | 6120001077581 |
| EDINET | E02825 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Apparel |

> Profile source: annual securities report (S100YHKP, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.8 | 55 |
| Profitability | 61.5 | 61 |
| Cash conversion | 60.6 | 47 |
| Efficiency | 54.9 | 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 Yagi &'s sales come from Apparel segment, with Material segment and Brand/Retail segment making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +18.4%.

## Company structure

- Segment revenue mix: Apparel segment 50.5%、Material segment 27.6%、Brand/Retail segment 15.5%、Lifestyle segment 5.7%、Real estate segment 0.7%
- Revenue → net income: ¥85934000000 → ¥3670000000
- Net income → operating cash flow: ¥3670000000 → ¥4388000000（difference ¥718000000）
- Main uses of operating cash flow: CapEx ¥1099000000 / dividends ¥1206000000 / buybacks ¥1004000000
- Change in cash: ¥-2228000000
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 | ¥85.9B |  |
| Operating income | ¥4.23B | Margin 4.9% |
| Net income | ¥3.67B | Margin 4.3% |
| Free cash flow | ¥3.29B |  |
| Largest business | Apparel segment | of segment revenue 50.5% |
| Employees (consolidated) | 799 |  |
| EPS | ¥261.92 |  |
| Book value per share | ¥4136.11 |  |
| Equity ratio | 56.6% |  |
| Shares outstanding | 9,140,000 |  |
| Treasury shares | 870,500 |  |
| Shareholders | 2,251 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 11.6% | Cash ÷ revenue 11.1% |
| Vs. industry median margin | +2 pp | Specialty Trading & Wholesale |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥114240456000 | ¥85934000000 | -24.8% |
| Operating income | ¥2040626000 | ¥4228000000 | +107.2% |
| Operating margin | 1.8% | 4.9% | +3.1 pp |
| Employees | 699 people | 799 people | +14.3% |
| Cash and equivalents | ¥7150657000 | ¥9560000000 | +33.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| マテリアル事業 → マテリアル事業 | 27.6% |
| マテリアル事業 → 事業再編・廃止 | 1.9% |
| アパレル事業 → アパレル事業 | 50.5% |
| アパレル事業 → 事業再編・廃止 | 0.2% |
| ブランド・ライフスタイル事業 → 事業再編・廃止 | 19.3% |
| 不動産事業 → 不動産事業 | 0.4% |
| 新設・再編 → ライフスタイル事業 | 5.7% |
| 新設・再編 → ブランド・リテール事業 | 15.5% |
| 新設・再編 → 不動産事業 | 0.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel segment | 5 years | -5.6% | ¥43423000000 | 8.1% | 2 |
| Material segment | 5 years | -6.8% | ¥23676000000 | 2.5% | 2 |
| Brand/Retail segment | 3 years | +12.6% | ¥13319000000 | 15.1% | 2 |
| Lifestyle segment | 3 years | -17.3% | ¥4886000000 | 9.1% | 2 |
| Real estate segment | 5 years | +5.5% | ¥629000000 | 49.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 85,934 | 100.0% | S100YHKP |
| Cost of revenue | 58,735 | 68.3% | S100YHKP |
| Gross profit | 27,199 | 31.7% | S100YHKP |
| SG&A | 22,971 | 26.7% | S100YHKP |
| Operating income | 4,228 | 4.9% | S100YHKP |
| Ordinary income | 4,824 | 5.6% | S100YHKP |
| Pretax income | 4,828 | 5.6% | S100YHKP |
| Income tax | 1,157 | 1.3% | S100YHKP |
| Net income | 3,670 | 4.3% | S100YHKP |
| Net income attributable to owners | 3,670 | 4.3% | S100YHKP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 27 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 31.7% → Operating margin 4.9% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +18.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.99×
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 | 83,376 | 85,934 | 2,558 | +3.1% |
| Gross profit | 24,150 | 27,199 | 3,049 | +12.6% |
| Operating income | 3,572 | 4,228 | 656 | +18.4% |
| Net income attributable to owners | 2,625 | 3,670 | 1,045 | +39.8% |
| Operating cash flow | 4,561 | 4,388 | -173 | -3.8% |
| Free cash flow | 3,615 | 3,289 | -326 | -9.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 118,949 | 2,349 | 2.0% | 1,010 | 4,074 | 3,135 | S100LPXB |
| FY ending Mar 2021 | 114,240 | 2,041 | 1.8% | 1,526 | -882 | -1,557 | S100OI8A |
| FY ending Mar 2022 | 77,524 | 1,126 | 1.5% | 367 | 3,019 | 2,731 | S100R6DJ |
| FY ending Mar 2023 | 86,422 | 1,944 | 2.2% | 1,014 | 1,087 | 727 | S100TZI5 |
| FY ending Mar 2024 | 82,846 | 3,181 | 3.8% | 2,075 | 2,120 | 1,287 | S100W6LS |
| FY ending Mar 2025 | 83,376 | 3,572 | 4.3% | 2,625 | 4,561 | 3,615 | S100YHKP |
| FY ending Mar 2026 | 85,934 | 4,228 | 4.9% | 3,670 | 4,388 | 3,289 | S100YHKP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.6M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 666 | 777 | 762 | 768 | 799 |
| Average salary (parent company) | ¥7.5M | ¥7.1M | ¥8M | ¥8.5M | ¥9M |
| Average age (parent company) | 38.2 years | 39.3 years | 39.8 years | 39.8 years | 39.7 years |
| Average tenure (parent company) | 13.8 years | 14.8 years | 15.1 years | 14.5 years | 14.3 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +3.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Material segment | 23,676 | 27.6% | 589 | 2.5% |
| Lifestyle segment | 4,886 | 5.7% | 443 | 9.1% |
| Apparel segment | 43,423 | 50.5% | 3,508 | 8.1% |
| Brand/Retail segment | 13,319 | 15.5% | 2,006 | 15.1% |
| Real estate segment | 629 | 0.7% | 313 | 49.8% |

### 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 |
| --- | ---: |
| Material segment | 27.6% |
| Lifestyle segment | 5.7% |
| Apparel segment | 50.5% |
| Brand/Retail segment | 15.5% |
| Real estate segment | 0.7% |

Segment → industry: Real estate segment → Real Estate Development & Leasing / Apparel segment → Specialty Trading & Wholesale / Lifestyle segment → Specialty Trading & Wholesale / Material segment → Specialty Trading & Wholesale / Brand/Retail segment → Apparel / Apparel segment → Apparel

## 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 | 4,388 | 5.1% | S100YHKP |
| Capital expenditure | 1,099 | 1.3% | S100YHKP |
| Free cash flow | 3,289 | 3.8% | 算出 |
| Investing cash flow | -3,602 | -4.2% | S100YHKP |
| Financing cash flow | -3,031 | -3.5% | S100YHKP |
| Dividends paid | 1,206 | 1.4% | S100YHKP |
| Share buyback | 1,004 | 1.2% | S100YHKP |
| Change in cash | -2,228 | -2.6% | S100YHKP |
| Cash and equivalents | 9,560 | 11.1% | S100YHKP |

## 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 | 6,734 | 10,901 | 10,038 | 11,789 | 9,560 | S100TZI5, S100W6LS, S100YHKP |
| Total assets | 64,702 | 73,027 | 74,067 | 79,196 | 82,628 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Net assets | 35,149 | 36,276 | 40,040 | 43,176 | 46,746 | S100TZI5, S100W6LS, S100YHKP |
| Share capital | 1,088 | 1,088 | 1,088 | 1,088 | 1,088 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Trade receivables | 22,130 | 23,534 | 23,073 | 22,137 | 20,707 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Inventories | 9,030 | 10,415 | 9,538 | 9,994 | 10,340 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Property, plant and equipment | 4,514 | 4,898 | 4,813 | 5,032 | 5,827 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Intangible assets excluding goodwill | 1,155 | 841 | 658 | 570 | 367 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Goodwill | 301 | 181 | 60 | — | — | S100R6DJ, S100TZI5, S100W6LS |
| Investment securities | 6,059 | 7,385 | 8,250 | 10,858 | 13,222 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Current assets | 49,211 | 56,453 | 55,865 | 55,969 | 53,335 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Current liabilities | 22,517 | 27,994 | 24,037 | 24,649 | 28,131 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Trade payables | 10,137 | 10,629 | 9,674 | 9,295 | 8,945 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Short-term borrowings | 4,490 | 4,433 | 4,740 | 4,240 | 4,410 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Long-term borrowings | 4,613 | 6,400 | 7,100 | 8,200 | 3,236 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Total liabilities | 29,553 | 36,751 | 34,027 | 36,020 | 35,882 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Non-controlling interests | 424 | — | — | — | — | S100R6DJ |
| Equity attributable to owners of parent | 33,680 | 34,627 | 36,243 | 38,420 | 40,017 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Retained earnings | 33,249 | 34,225 | 35,780 | 37,869 | 40,340 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |
| Treasury stock | -728 | -720 | -683 | -643 | -1,671 | S100R6DJ, S100TZI5, S100W6LS, S100YHKP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YHKP |
| Receivables | 25% | S100YHKP |
| Inventories | 13% | S100YHKP |
| Property, plant and equipment | 7% | S100YHKP |
| Intangibles and goodwill | 0% | S100YHKP |
| Investment securities | 16% | S100YHKP |
| Other assets | 27% | S100YHKP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YHKP |
| Other liabilities | 33% | S100YHKP |
| Equity | 56% | S100YHKP |

### 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 | 64,702 | 73,027 | 74,067 | 79,196 | 82,628 |
| Equity | 35,149 | 36,276 | 40,040 | 43,176 | 46,746 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,734 | 10,901 | 10,038 | 11,789 | 9,560 |

## 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) | 6.8% | S100YHKP |
| Fixed assets ÷ total assets | 7.1% | S100YHKP |
| Goodwill ÷ parent equity | — | —, S100YHKP |

### 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) | 11.6% |
| Cash ÷ revenue | 11.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.8% |
| Cash vs. profit gap | 718 JPY mn (of net income 19.6%) |
| Shareholder returns / net income | 60.2% |
| Shareholder returns / FCF | 67.2% |
| Shareholder payments — dividends / net income | 32.9% |
| Shareholder payments — dividends / FCF | 36.7% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 82.1% |

## 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 | 0.5% | 1.20× | 0.6% | 1.92× | 1.1% | S100R6DJ |
| 2023 | 1.2% | 1.25× | 1.5% | 2.02× | 3.0% | S100TZI5 |
| 2024 | 2.5% | 1.13× | 2.8% | 2.08× | 5.9% | S100W6LS |
| 2025 | 3.1% | 1.09× | 3.4% | 2.05× | 7.0% | S100YHKP |
| 2026 | 4.3% | 1.06× | 4.5% | 2.06× | 9.4% | S100YHKP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヤギ共栄会 | Major shareholder | 11.2% | 2026-03-31 |
| 八木 隆夫 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.6% | 2026-03-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ―ＭＡＲＧＩＮ（ＣＡＳＨＰＢ） （常任代理人野村證券株式会社） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 清原 達郎 | Major shareholder | 3.0% | 2026-03-31 |
| クロスプラス株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| ヤギ従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YHKP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHKP,, |
| 有価証券報告書－第113期(2024/04/01－2025/03/31) | S100W6LS | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6LS,, |
| 訂正有価証券報告書－第112期(2023/04/01－2024/03/31) | S100TZI5 | 2024-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZI5,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100R6DJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6DJ,, |
| 有価証券報告書－第110期(令和3年4月1日－令和4年3月31日) | S100OI8A | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI8A,, |
| 有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100LPXB | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPXB,, |

## 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).