# YONEX 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69期(2025/04/01－2026/03/31) (S100YCTQ)
> Page: https://vizora.meequs.com/en/company/yonex
> Retrieved: 2026-09-30T22:01:01.404Z

## Company

Yonex, founded in 1958, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 2,980 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YONEX CO., LTD. |
| Ticker | 7906 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7906.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区湯島三丁目23番13号 |
| Representative (per filing) | 代表取締役社長 アリサ ヨネヤマ |
| Founded | Jun 1958 |
| Share capital | ¥4.71B |
| Employees (consolidated) | 2,980 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.yonex.co.jp (https://www.yonex.co.jp/) |
| Corporate number | 4010001008228 |
| EDINET | E02427 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Sporting Goods & Fitness |

> Profile source: annual securities report (S100YCTQ, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.1 | 18 |
| Profitability | 72.5 | 20 |
| Cash conversion | 26.5 | 17 |
| Efficiency | 72.5 | 20 |

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 50% of Yonex's sales come from Sporting goods division, with Asia and Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +18.3% from the prior year, operating profit +16.7%.

## Company structure

- Segment revenue mix: Sporting goods division 49.9%、Asia 26.2%、Japan 19.6%、North America 2.3%、Europe 1.9%
- Revenue → net income: ¥163643000000 → ¥12103000000
- Net income → operating cash flow: ¥12103000000 → ¥9485000000（difference ¥-2618000000）
- Main uses of operating cash flow: CapEx ¥9827000000 / dividends ¥1987000000 / buybacks ¥0
- Change in cash: ¥4737000000
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 | ¥163.6B |  |
| Operating income | ¥16.5B | Margin 10.1% |
| Net income | ¥12.1B | Margin 7.4% |
| Free cash flow | -¥342M |  |
| Largest business | Sporting goods division | of segment revenue 49.9% |
| Employees (consolidated) | 2,980 |  |
| EPS | ¥117.82 |  |
| Book value per share | ¥729.71 |  |
| Equity ratio | 62.6% |  |
| Shares outstanding | 92,870,800 |  |
| Treasury shares | 7,098,500 |  |
| Shareholders | 10,335 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | +4.5 pp | Sporting Goods & Fitness |
| ROE | 17.3% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, parent-company salary changed +23% over five years
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51554082000 | ¥163643000000 | +217.4% |
| Operating income | ¥1032384000 | ¥16546000000 | +1502.7% |
| Operating margin | 2.0% | 10.1% | +8.1 pp |
| Employees | 1,785 people | 2,980 people | +66.9% |
| Cash and equivalents | ¥13164000000 | ¥33738000000 | +156.3% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 19.6% |
| 日本 → 事業再編・廃止 | 8.6% |
| アジア → アジア | 17.8% |
| 北米 → 北米 | 1.9% |
| ヨーロッパ → ヨーロッパ | 1.9% |
| スポーツ用品事業 → スポーツ用品事業 | 49.8% |
| スポーツ施設事業 → スポーツ施設事業 | 0.2% |
| スポーツ施設事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → アジア | 8.4% |
| 新設・再編 → 北米 | 0.4% |
| 新設・再編 → ヨーロッパ | 0.0% |
| 新設・再編 → スポーツ用品事業 | 0.1% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sporting goods division | 5 years | +26.1% | ¥163091000000 | 10.2% | 2 |
| Asia | 5 years | +36.2% | ¥85562000000 | 13.9% | 2 |
| Japan | 5 years | +17.2% | ¥64092000000 | 6.2% | 2 |
| North America | 5 years | +30.5% | ¥7358000000 | 3.5% | 2 |
| Europe | 5 years | +26.2% | ¥6077000000 | 8.3% | 2 |
| Sports facilities division | 5 years | +5.5% | ¥552000000 | -4.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 163,643 | 100.0% | S100YCTQ |
| Cost of revenue | 91,116 | 55.7% | S100YCTQ |
| Gross profit | 72,527 | 44.3% | S100YCTQ |
| SG&A | 55,980 | 34.2% | S100YCTQ |
| Operating income | 16,546 | 10.1% | S100YCTQ |
| Ordinary income | 16,316 | 10.0% | S100YCTQ |
| Pretax income | 16,970 | 10.4% | S100YCTQ |
| Income tax | 4,866 | 3.0% | S100YCTQ |
| Net income | 12,103 | 7.4% | S100YCTQ |
| Net income attributable to owners | 12,092 | 7.4% | S100YCTQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 34 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 44.3% → Operating margin 10.1% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.3%; Core profit growth: +16.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.91×
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 | 138,276 | 163,643 | 25,367 | +18.3% |
| Gross profit | 62,061 | 72,527 | 10,466 | +16.9% |
| Operating income | 14,176 | 16,546 | 2,370 | +16.7% |
| Net income attributable to owners | 10,591 | 12,092 | 1,501 | +14.2% |
| Operating cash flow | 12,978 | 9,485 | -3,493 | -26.9% |
| Free cash flow | 7,028 | -342 | -7,370 | -104.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 61,967 | 2,421 | 3.9% | 1,653 | 2,968 | 1,471 | S100LNY7 |
| FY ending Mar 2021 | 51,554 | 1,032 | 2.0% | 1,102 | 4,538 | 3,500 | S100OEJS |
| FY ending Mar 2022 | 74,485 | 6,738 | 9.0% | 5,780 | 7,430 | 5,733 | S100R34G |
| FY ending Mar 2023 | 107,019 | 10,063 | 9.4% | 7,331 | 2,989 | -1,340 | S100TTNR |
| FY ending Mar 2024 | 116,442 | 11,611 | 10.0% | 8,859 | 12,489 | 5,014 | S100W6P4 |
| FY ending Mar 2025 | 138,276 | 14,176 | 10.3% | 10,591 | 12,978 | 7,028 | S100YCTQ |
| FY ending Mar 2026 | 163,643 | 16,546 | 10.1% | 12,092 | 9,485 | -342 | S100YCTQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.9M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 2,403 | 2,590 | 2,633 | 2,752 | 2,980 |
| Average salary (parent company) | ¥5.2M | ¥5.6M | ¥5.7M | ¥6M | ¥6.4M |
| Average age (parent company) | 39.8 years | 39.4 years | 39.7 years | 39.1 years | 38.7 years |
| Average tenure (parent company) | 15.8 years | 15.1 years | 14.8 years | 14.0 years | 13.3 years |

Year over year: Employees (consolidated) +8.3% · Revenue (consolidated) +18.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 64,092 | 19.6% | 3,962 | 6.2% |
| Asia | 85,562 | 26.2% | 11,864 | 13.9% |
| North America | 7,358 | 2.3% | 256 | 3.5% |
| Europe | 6,077 | 1.9% | 506 | 8.3% |
| Sporting goods division | 163,091 | 49.9% | 16,590 | 10.2% |
| Sports facilities division | 552 | 0.2% | -22 | -4.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 19.6% | 11.9% | -7.7 | 6.2% |
| Asia | 26.2% | 35.8% | 9.6 | 13.9% |
| North America | 2.3% | 0.8% | -1.5 | 3.5% |
| Europe | 1.9% | 1.5% | -0.3 | 8.3% |
| Sporting goods division | 49.9% | 50.0% | 0.1 | 10.2% |
| Sports facilities division | 0.2% | — | — | -4.0% |

Loss-making segment (excluded from profit shares): Sports facilities division -22 JPY mn

Segment → industry: Sports facilities division → Theme Parks & Leisure Facilities / Sporting goods division → Sporting Goods & Fitness / Europe → Sporting Goods & Fitness / North America → Sporting Goods & Fitness / Asia → Sporting Goods & Fitness / Japan → Sporting Goods & Fitness

## 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 | 9,485 | 5.8% | S100YCTQ |
| Capital expenditure | 9,827 | 6.0% | S100YCTQ |
| Free cash flow | -342 | -0.2% | 算出 |
| Investing cash flow | -10,035 | -6.1% | S100YCTQ |
| Financing cash flow | 4,501 | 2.8% | S100YCTQ |
| Dividends paid | 1,987 | 1.2% | S100YCTQ |
| Share buyback | 0 | 0.0% | S100YCTQ |
| Change in cash | 4,737 | 2.9% | S100YCTQ |
| Cash and equivalents | 33,738 | 20.6% | S100YCTQ |

## 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 | 17,538 | 16,418 | 23,180 | 29,000 | 33,738 | S100TTNR, S100W6P4, S100YCTQ |
| Total assets | 66,299 | 79,421 | 91,226 | 109,551 | 128,620 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Net assets | 45,729 | 53,099 | 60,901 | 69,426 | 80,740 | S100TTNR, S100W6P4, S100YCTQ |
| Share capital | 4,706 | 4,706 | 4,706 | 4,706 | 4,706 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Property, plant and equipment | 17,290 | 21,014 | 26,109 | 30,607 | 37,423 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Intangible assets excluding goodwill | 1,355 | 1,994 | 2,333 | 1,725 | 1,452 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Goodwill | 102 | 43 | — | — | — | S100R34G, S100TTNR |
| Investment securities | 208 | 217 | 219 | 276 | 151 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Current assets | 44,841 | 53,465 | 59,952 | 73,216 | 85,693 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Current liabilities | 13,649 | 17,342 | 20,318 | 24,931 | 26,607 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Trade payables | 4,790 | 7,128 | 6,390 | 10,402 | — | S100R34G, S100TTNR, S100W6P4 |
| Short-term borrowings | — | — | 2,283 | — | — | S100W6P4 |
| Long-term borrowings | 1,421 | 2,373 | 3,542 | 8,272 | 15,018 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Total liabilities | 20,569 | 26,321 | 30,325 | 40,124 | 47,880 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Non-controlling interests | 122 | 174 | 197 | 224 | 247 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Equity attributable to owners of parent | 45,086 | 51,305 | 58,033 | 64,643 | 74,932 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Retained earnings | 34,216 | 40,586 | 48,218 | 57,071 | 67,191 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |
| Treasury stock | -1,544 | -2,190 | -2,837 | -5,126 | -4,998 | S100R34G, S100TTNR, S100W6P4, S100YCTQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YCTQ |
| Property, plant and equipment | 29% | S100YCTQ |
| Intangibles and goodwill | 1% | S100YCTQ |
| Investment securities | 0% | S100YCTQ |
| Other assets | 44% | S100YCTQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YCTQ |
| Equity | 63% | S100YCTQ |

### 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 | 66,299 | 79,421 | 91,226 | 109,551 | 128,620 |
| Equity | 45,729 | 53,099 | 60,901 | 69,426 | 80,740 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,538 | 16,418 | 23,180 | 29,000 | 33,738 |

## 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) | 22.9% | S100YCTQ |
| Fixed assets ÷ total assets | 29.1% | S100YCTQ |
| Goodwill ÷ parent equity | — | —, S100YCTQ |

### 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) | 26.2% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.3% |
| Cash vs. profit gap | -2,607 JPY mn (of net income -21.6%) |
| Shareholder returns / net income | 16.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 105.8% |

## 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 | 7.8% | 1.12× | 8.7% | 1.47× | 12.8% | S100R34G |
| 2023 | 6.9% | 1.47× | 10.1% | 1.51× | 15.2% | S100TTNR |
| 2024 | 7.6% | 1.36× | 10.4% | 1.56× | 16.2% | S100W6P4 |
| 2025 | 7.7% | 1.38× | 10.6% | 1.64× | 17.3% | S100YCTQ |
| 2026 | 7.4% | 1.37× | 10.2% | 1.71× | 17.3% | S100YCTQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人ヨネックススポーツ振興財団 | Major shareholder | 11.1% | 2026-03-31 |
| NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 6.8% | 2026-03-31 |
| 米山 修一 | Major shareholder | 4.9% | 2026-03-31 |
| 公益財団法人新潟県スポーツ振興米山稔財団 | Major shareholder | 4.7% | 2026-03-31 |
| ヨネックス取引先持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 米山 勉 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| 米山 英明 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YCTQ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCTQ,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W6P4 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6P4,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TTNR | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTNR,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R34G | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R34G,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OEJS | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEJS,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LNY7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNY7,, |

## 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).