# yutori, Inc.: 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8期(2025/04/01－2026/03/31) (S100YC75)
> Page: https://vizora.meequs.com/en/company/yutori
> Retrieved: 2026-09-30T21:36:51.218Z

## Company

yutori, founded in 2018, is a company in Apparel listed on TSE Growth. It has 261 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | yutori, Inc. |
| Ticker | 5892 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5892.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区北沢二丁目5番2号 |
| Representative (per filing) | 代表取締役社長 片石 貴展 |
| Founded | Apr 2018 |
| Share capital | ¥763.7M |
| Employees (consolidated) | 261 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Website | yutori.tokyo (https://yutori.tokyo/) |
| Corporate number | 1020003014176 |
| EDINET | E39222 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100YC75, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 74.6 | 61 |
| Cash conversion | 18.1 | 47 |
| Efficiency | 82.8 | 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)

- yutori brought in ¥14.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +71.4% from the prior year, operating profit +61.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14234678000 → ¥543683000
- Net income → operating cash flow: ¥543683000 → ¥481995000（difference ¥-61688000）
- Main uses of operating cash flow: CapEx ¥590381000 / dividends — / buybacks ¥524000
- Change in cash: ¥1480306000
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 | ¥14.2B |  |
| Operating income | ¥1.08B | Margin 7.6% |
| Net income | ¥310.3M | Margin 2.2% |
| Free cash flow | -¥108.4M |  |
| Employees (consolidated) | 261 |  |
| EPS | ¥-21.93 |  |
| Diluted EPS | ¥61.81 |  |
| Book value per share | ¥359.26 |  |
| Equity ratio | 24.0% |  |
| Shares outstanding | 5,364,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 3,520 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | +4.6 pp | Apparel |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2470266000 | ¥14234678000 | — |
| Operating income | ¥-47625000 | ¥1084077000 | — |
| Operating margin | -1.9% | 7.6% | +9.5 pp |
| Employees | 47 people | 261 people | — |
| Cash and equivalents | ¥244688000 | ¥2484819000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,235 | 100.0% | S100YC75 |
| Cost of revenue | 5,247 | 36.9% | S100YC75 |
| Gross profit | 8,987 | 63.1% | S100YC75 |
| SG&A | 7,903 | 55.5% | S100YC75 |
| Operating income | 1,084 | 7.6% | S100YC75 |
| Ordinary income | 1,016 | 7.1% | S100YC75 |
| Pretax income | 927 | 6.5% | S100YC75 |
| Income tax | 383 | 2.7% | S100YC75 |
| Net income | 544 | 3.8% | S100YC75 |
| Net income attributable to owners | 310 | 2.2% | S100YC75 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 55 |
| Operating income | 8 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 63.1% → Operating margin 7.6% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +71.4%; Core profit growth: +61.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.86×
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 | 8,306 | 14,235 | 5,929 | +71.4% |
| Gross profit | 5,112 | 8,987 | 3,875 | +75.8% |
| Operating income | 671 | 1,084 | 413 | +61.4% |
| Net income attributable to owners | 315 | 310 | -5 | -1.4% |
| Operating cash flow | -538 | 482 | 1,020 | — |
| Free cash flow | -876 | -108 | 768 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 2,470 | -48 | -1.9% | -68 | -292 | -327 | S100TW59 |
| FY ending Mar 2024 | 4,320 | 384 | 8.9% | 225 | 523 | 434 | S100TW59 |
| FY ending Mar 2025 | 8,306 | 671 | 8.1% | 315 | -538 | -876 | S100YC75 |
| FY ending Mar 2026 | 14,235 | 1,084 | 7.6% | 310 | 482 | -108 | S100YC75 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.5M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 47 | 70 | 197 | 261 |
| Average salary (parent company) | — | ¥4.7M | ¥4.9M | ¥4.5M |
| Average age (parent company) | — | 25.7 years | 25.4 years | 27.1 years |
| Average tenure (parent company) | — | 1.0 years | 1.0 years | 1.0 years |

Year over year: Employees (consolidated) +32.5% · Revenue (consolidated) +71.4%

## 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 | 482 | 3.4% | S100YC75 |
| Capital expenditure | 590 | 4.1% | S100YC75 |
| Free cash flow | -108 | -0.8% | 算出 |
| Investing cash flow | -814 | -5.7% | S100YC75 |
| Financing cash flow | 1,814 | 12.7% | S100YC75 |
| Share buyback | 1 | 0.0% | S100YC75 |
| Change in cash | 1,480 | 10.4% | S100YC75 |
| Cash and equivalents | 2,485 | 17.5% | S100YC75 |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 245 | 613 | 983 | 2,485 | S100TW59, S100YC75 |
| Total assets | 1,342 | 1,904 | 6,566 | 10,021 | S100TW59, S100YC75 |
| Net assets | 231 | 684 | 2,095 | 3,729 | S100TW59, S100YC75 |
| Share capital | 100 | 199 | 199 | 764 | S100TW59, S100YC75 |
| Property, plant and equipment | 47 | 135 | 613 | 1,007 | S100TW59, S100YC75 |
| Intangible assets excluding goodwill | 323 | 251 | 1,708 | 1,460 | S100TW59, S100YC75 |
| Goodwill | 317 | 247 | 901 | 734 | S100TW59, S100YC75 |
| Current assets | 891 | 1,414 | 3,873 | 6,987 | S100TW59, S100YC75 |
| Current liabilities | 915 | 963 | 2,507 | 4,385 | S100TW59, S100YC75 |
| Short-term borrowings | 400 | 300 | 937 | 1,530 | S100TW59, S100YC75 |
| Long-term borrowings | 196 | 241 | 1,658 | 1,609 | S100TW59, S100YC75 |
| Total liabilities | 1,111 | 1,220 | 4,470 | 6,292 | S100TW59, S100YC75 |
| Non-controlling interests | — | — | 1,050 | 1,283 | S100YC75 |
| Equity attributable to owners of parent | 231 | 652 | 967 | 2,406 | S100TW59, S100YC75 |
| Retained earnings | 27 | 252 | 567 | 876 | S100TW59, S100YC75 |
| Treasury stock | — | -0 | -1 | -1 | S100TW59, S100YC75 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YC75 |
| Property, plant and equipment | 10% | S100YC75 |
| Intangibles and goodwill | 22% | S100YC75 |
| Other assets | 43% | S100YC75 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YC75 |
| Equity | 37% | S100YC75 |
| Other liabilities | 0% | S100YC75 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,342 | 1,904 | 6,566 | 10,021 |
| Equity | 231 | 684 | 2,095 | 3,729 |
| Interest-bearing debt | — | — | — | — |
| Cash | 245 | 613 | 983 | 2,485 |

## 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) | 7.1% | S100YC75 |
| Fixed assets ÷ total assets | 10.0% | S100YC75 |
| Goodwill ÷ parent equity | 30.5% | S100YC75 |

### 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) | 24.8% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 44.5% |
| Cash vs. profit gap | 172 JPY mn (of net income 55.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 168.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -5.1% | —× | — | S100TW59 |
| 2024 | 5.2% | 2.66× | 13.9% | 3.68× | 51.0% | S100TW59 |
| 2025 | 3.8% | 1.27× | 4.8% | 6.79× | 32.6% | S100YC75 |
| 2026 | 2.2% | 1.72× | 3.7% | 4.92× | 18.4% | S100YC75 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 片石 貴展 | Major shareholder | 23.8% | 2026-03-31 |
| 株式会社ＺＯＺＯ | Major shareholder | 16.8% | 2026-03-31 |
| 株式会社ｐｏｏｌ | Major shareholder | 8.3% | 2026-03-31 |
| 瀬之口 和磨 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社アカツキ | Major shareholder | 4.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社ＧＰＳ ＨＯＬＤＩＮＧＳ | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| ＭＮインターファッション株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 杉田 隆次 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YC75 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC75,, |
| 訂正有価証券報告書－第7期(2024/04/01－2025/03/31) | S100VZOH | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZOH,, |
| 有価証券報告書－第6期(2023/04/01－2024/03/31) | S100TW59 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW59,, |

## 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).