# YAMAKI 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74期(2025/04/01－2026/03/31) (S100YI4G)
> Page: https://vizora.meequs.com/en/company/yamaki
> Retrieved: 2026-09-30T19:50:50.608Z

## Company

Yamaki, founded in 1953, is a company in Apparel listed on TSE Standard. It has 594 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAKI CO.,LTD. |
| Ticker | 3598 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3598.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区上町1丁目3番1号 |
| Representative (per filing) | 代表取締役会長 白﨑 雅郎 |
| Founded | Jul 1953 |
| Share capital | ¥3.36B |
| Employees (consolidated) | 594 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.e-yamaki.co.jp (https://www.e-yamaki.co.jp/) |
| Corporate number | 3120001080679 |
| EDINET | E02773 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100YI4G, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.9 | 61 |
| Efficiency | 38.5 | 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)

- About 85% of Yamaki's sales come from Home sales, with Manufacture and Oversea sales making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -8.1% from the prior year, operating profit -739.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.91B |  |
| Operating income | -¥310.5M | Margin -3.1% |
| Net income | -¥1.02B | Margin -10.3% |
| Free cash flow | -¥580.6M |  |
| Largest business | Home sales | of segment revenue 84.6% |
| Employees (consolidated) | 594 |  |
| EPS | ¥-62.32 |  |
| Book value per share | ¥289.55 |  |
| Equity ratio | 32.4% |  |
| Shares outstanding | 14,950,074 |  |
| Treasury shares | 773,100 |  |
| Shareholders | 25,985 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 8.3% | Cash ÷ revenue 8.4% |
| Vs. industry median margin | -6.2 pp | Apparel |
| ROA | -9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +34% over five years

## What changed in 6 years

| Metric | FY ending Mar 2020 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15355992000 | ¥9906038000 | -35.5% |
| Operating income | ¥94950000 | ¥-310480000 | -427.0% |
| Operating margin | 0.6% | -3.1% | -3.8 pp |
| Employees | 1,172 people | 594 people | -49.3% |
| Cash and equivalents | ¥1003490000 | ¥831029000 | -17.2% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → 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 |
| --- | ---: |
| 国内販売 → 国内販売 | 84.6% |
| 国内販売 → 事業再編・廃止 | 6.5% |
| 製造 → 製造 | 8.2% |
| 海外販売 → 海外販売 | 0.7% |
| 新設・再編 → 製造 | 4.4% |
| 新設・再編 → 海外販売 | 2.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Home sales | 6 years | -8.2% | ¥8380230000 | -1.3% | 2 |
| Manufacture | 6 years | -0.1% | ¥1242960000 | -8.6% | 2 |
| Oversea sales | 6 years | +16.8% | ¥282847000 | -41.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,906 | 100.0% | S100YI4G |
| Cost of revenue | 7,190 | 72.6% | S100YI4G |
| Gross profit | 2,716 | 27.4% | S100YI4G |
| SG&A | 3,027 | 30.6% | S100YI4G |
| Operating income | -310 | -3.1% | S100YI4G |
| Ordinary income | -312 | -3.2% | S100YI4G |
| Pretax income | -957 | -9.7% | S100YI4G |
| Income tax | 61 | 0.6% | S100YI4G |
| Net income | -1,018 | -10.3% | S100YI4G |
| Net income attributable to owners | -1,018 | -10.3% | S100YI4G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 30 |
| Operating income | -3 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin 27.4% → Operating margin -3.1% → Net margin -10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 10,774 | 9,906 | -868 | -8.1% |
| Gross profit | 3,138 | 2,716 | -422 | -13.4% |
| Operating income | 49 | -310 | -359 | -739.4% |
| Net income attributable to owners | 90 | -1,018 | -1,108 | -1230.4% |
| Operating cash flow | -170 | -491 | -321 | — |
| Free cash flow | -224 | -581 | -356 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,356 | 95 | 0.6% | 77 | -389 | -515 | S100LTOW |
| FY ending Mar 2022 | 9,663 | -1,027 | -10.6% | -1,336 | 242 | 204 | S100R7ZI |
| FY ending Mar 2023 | 11,397 | -101 | -0.9% | 469 | 31 | -23 | S100TRWE |
| FY ending Mar 2024 | 11,448 | 221 | 1.9% | 214 | 696 | 612 | S100W6NM |
| FY ending Mar 2025 | 10,774 | 49 | 0.5% | 90 | -170 | -224 | S100YI4G |
| FY ending Mar 2026 | 9,906 | -310 | -3.1% | -1,018 | -491 | -581 | S100YI4G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.7M |
| Operating income per employee (consolidated) | -¥522.7K |
| 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 Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 761 | 768 | 749 | 678 | 594 |
| Average salary (parent company) | ¥3.7M | ¥4.2M | ¥4.1M | ¥4.2M | ¥4.9M |
| Average age (parent company) | 44.0 years | 46.0 years | 44.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 16.0 years | 18.0 years | 17.0 years | 16.0 years | 17.0 years |

Year over year: Employees (consolidated) -12.4% · Revenue (consolidated) -8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home sales | 8,380 | 84.6% | -109 | -1.3% |
| Manufacture | 1,243 | 12.5% | -107 | -8.6% |
| Oversea sales | 283 | 2.9% | -117 | -41.4% |

### 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 | Margin |
| --- | ---: | ---: |
| Home sales | 84.6% | -1.3% |
| Manufacture | 12.5% | -8.6% |
| Oversea sales | 2.9% | -41.4% |

Loss-making segment (excluded from profit shares): Home sales -109 JPY mn

Loss-making segment (excluded from profit shares): Manufacture -107 JPY mn

Loss-making segment (excluded from profit shares): Oversea sales -117 JPY mn

Segment → industry: Oversea sales → Apparel / Manufacture → Apparel / Home sales → 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 | -491 | -5.0% | S100YI4G |
| Capital expenditure | 90 | 0.9% | S100YI4G |
| Free cash flow | -581 | -5.9% | 算出 |
| Investing cash flow | 198 | 2.0% | S100YI4G |
| Financing cash flow | -293 | -3.0% | S100YI4G |
| Dividends paid | 43 | 0.4% | S100YI4G |
| Change in cash | -573 | -5.8% | S100YI4G |
| Cash and equivalents | 831 | 8.4% | S100YI4G |

## 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 | 976 | 1,136 | 918 | 1,404 | 831 | S100TRWE, S100W6NM, S100YI4G |
| Total assets | 11,618 | 12,279 | 11,183 | 11,306 | 9,972 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Net assets | 3,597 | 3,891 | 4,211 | 4,257 | 3,246 | S100TRWE, S100W6NM, S100YI4G |
| Share capital | 3,355 | 3,355 | 3,355 | 3,355 | 3,355 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Property, plant and equipment | 3,160 | 2,788 | 2,788 | 2,356 | 2,373 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Intangible assets excluding goodwill | 468 | 417 | 385 | 456 | 477 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Investment securities | 67 | 78 | 113 | 104 | 143 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Current assets | 7,892 | 8,946 | 7,735 | 8,225 | 6,822 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Current liabilities | 6,250 | 7,008 | 5,944 | 6,091 | 5,761 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Trade payables | 1,259 | 1,737 | 1,419 | 1,505 | — | S100R7ZI, S100TRWE, S100W6NM |
| Short-term borrowings | 3,421 | 3,751 | 3,002 | 3,496 | 3,283 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Long-term borrowings | 1,530 | 1,173 | 831 | 778 | 792 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Total liabilities | 8,021 | 8,388 | 6,972 | 7,049 | 6,726 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Non-controlling interests | 4 | 3 | — | — | — | S100R7ZI, S100TRWE |
| Equity attributable to owners of parent | 3,349 | 3,898 | 4,113 | 4,275 | 3,215 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Retained earnings | -2,041 | -1,493 | -1,279 | -392 | -1,452 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |
| Treasury stock | -158 | -158 | -156 | -156 | -156 | S100R7ZI, S100TRWE, S100W6NM, S100YI4G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YI4G |
| Property, plant and equipment | 24% | S100YI4G |
| Intangibles and goodwill | 5% | S100YI4G |
| Investment securities | 1% | S100YI4G |
| Other assets | 62% | S100YI4G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YI4G |
| Equity | 33% | S100YI4G |
| Other liabilities | 0% | S100YI4G |

### 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 | 11,618 | 12,279 | 11,183 | 11,306 | 9,972 |
| Equity | 3,597 | 3,891 | 4,211 | 4,257 | 3,246 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 976 | 1,136 | 918 | 1,404 | 831 |

## 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) | 24.0% | S100YI4G |
| Fixed assets ÷ total assets | 23.8% | S100YI4G |
| Goodwill ÷ parent equity | — | —, S100YI4G |

### 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) | 8.3% |
| Cash ÷ revenue | 8.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 527 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -11.5% | —× | — | S100R7ZI |
| 2023 | 4.1% | 0.95× | 3.9% | 3.30× | 12.9% | S100TRWE |
| 2024 | 1.9% | 0.98× | 1.8% | 2.93× | 5.3% | S100W6NM |
| 2025 | 0.8% | 0.96× | 0.8% | 2.68× | 2.1% | S100YI4G |
| 2026 | — | —× | -9.6% | —× | — | S100YI4G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮本 惠史 | Major shareholder | 10.6% | 2026-03-31 |
| 日清紡ホールディングス株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 山喜共伸会 | Major shareholder | 4.6% | 2026-03-31 |
| 丸紅株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社オフィスサポート | Major shareholder | 1.4% | 2026-03-31 |
| カンダコーポレーション株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 山喜従業員持株会 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.8% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YI4G | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI4G,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W6NM | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6NM,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TRWE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRWE,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R7ZI | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7ZI,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OHHU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHHU,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LTOW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTOW,, |

## 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).