Overview
Retail Trade

WORKMAN CO.,LTD.

Workman operates a nationwide franchise and direct-retail chain of specialty apparel stores across all 47 prefectures in Japan, with over 1,089 stores. The company sells working wear, casual wear, family apparel, footwear, and work-related goods (including safety shoes, rain gear, helmets, and camp gear) under multiple store formats including WORKMAN, WORKMAN Plus, and Workman Colors. Leveraging its franchise system, Workman generates revenue through franchise charges from member stores while also operating direct stores, targeting both professional tradespeople and general consumers seeking high-performance, value-priced everyday apparel.

Market Cap
¥424B
US$2.70B
EV
¥340B
US$2.17B
Stock¥5,190▲+1.17%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.3
x
LTM EV/EBIT
10.4
x
LTM PER
18.7
x
LTM PBR
2.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-29.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
424BUS$2.70BMarket Cap1.69BUS$10.8M+ Debt82.5BUS$526M− Cash3.10BUS$19.8M− Inv. Sec.340BUS$2.17BEV
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Performance & Balance
Revenue 5Y (¥B)
116US$741M'22/3128US$818M'23/3133US$846M'24/3137US$873M'25/3161US$1.03B'26/3
EBITDA 5Y (¥B)
28.6US$182M'22/326.2US$167M'23/325.6US$163M'24/327.1US$173M'25/332.9US$210M'26/3
Net Income 5Y (¥B)
18.3US$117M'22/316.7US$106M'23/316.0US$102M'24/316.9US$108M'25/320.6US$131M'26/3
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
64.3US$410M2.20US$14.0M'22/362.6US$399M2.06US$13.1M'23/368.2US$435M1.93US$12.3M'24/380.4US$513M1.81US$11.5M'25/383.7US$534M1.69US$10.8M'26/3
Shareholders
Top 10 hold 79.4%
1
Beisia Kogyo Co., Ltd.
28.23%
2
Hiromasa TSUCHIYA
14.09%
3
Cainz Corporation
9.67%
4
Kayo YOSHIDA
7.27%
5
Megumi OTAKE
7.27%
6
Cainz Kosan Co., Ltd.
4.26%
7
Yoshio TSUCHIYA
3.61%
8
Mizuho Trust & Banking Co., Ltd. (Securities Management Trust Account)
1.96%
9
Custody Bank of Japan, Ltd. (Trust Account)
1.88%
10
The Dai-ichi Life Insurance Company, Limited
1.18%
Management
7 officers
Koji OUCHI
Representative Director, President
Apr 1996 Joined the Company Jan 2010 Deputy Manager, Supervisory Department, West Japan Area (Kinki, Chugoku and Shikoku Block), the Company Nov 2015 Deputy Manager, Merchandise Department No. 1, the Company Mar 2017 General Manager, Merchandise Department, the Company Jun 2018 Director-level treatment, General Manager, Merchandise Department, the Company Jul 2021 Director-level treatment, General Manager, Merchandise Headquarters and General Manager, Production Control Department, the Company Jun 2023 Executive Officer, General Manager, Merchandise Headquarters, the Company Jun 2025 Director, General Manager, Merchandise Headquarters, the Company Apr 2026 Representative Director, President, the Company (current)
1972-09-11
Tetsuo TSUCHIYA
Senior Managing Director, in charge of Corporate Planning Department
Apr 1975 Joined Mitsui & Co., Ltd. Oct 1988 Representative Director, President, Mitsui Digital Co., Ltd. Jun 2003 Director and General Manager, Shanghai Guangdian Mitsui Trading Co., Ltd. Jun 2006 Director and Executive Officer, Mitsui Information Development Co., Ltd. (currently Mitsui Information Co., Ltd.) Jun 2008 Fellow (director-level treatment), Mitsui Information Co., Ltd. Apr 2012 Standing Adviser, the Company Jun 2012 Managing Director, in charge of Information Systems and Logistics Departments, the Company Jun 2017 Managing Director, in charge of Corporate Planning, Information Systems and Logistics Departments, the Company Jun 2019 Senior Managing Director, in charge of Corporate Planning, Development Headquarters, Information Systems and Logistics Departments, the Company Jun 2023 Senior Managing Director, in charge of Corporate Planning, Development Headquarters and Information Systems Departments, the Company Jun 2025 Senior Managing Director, in charge of Corporate Planning Department, the Company (current)
1952-10-06
Koukou IIZUKA
Director, in charge of Finance Department
Aug 1989 Joined the Company May 1994 Manager, Accounting Group, Finance Department, the Company Jun 2004 Deputy General Manager, Finance Department, in charge of Accounting Group, the Company May 2009 General Manager, Finance Department, in charge of Accounting Group, the Company Jun 2011 Director-level treatment, General Manager, Finance Department, the Company Jun 2017 Director, General Manager, Finance Department, the Company Jun 2025 Director, in charge of Finance Department, the Company (current)
1965-03-08
Risa HAMAYA
Outside Director
Apr 2003 Joined NEC Soft, Ltd. May 2007 Started sole proprietorship in online apparel sales, writing and information dissemination Jul 2019 Official Ambassador, the Company Jun 2023 Outside Director, the Company (current)
1981-03-17
Masahiro KATO
Director, Audit and Supervisory Committee Member
Apr 1991 Joined the Company May 2008 Deputy General Manager, General Affairs Department, the Company Feb 2010 General Manager, General Affairs Department, the Company Nov 2011 General Manager, Business Planning and Sales Promotion Service Departments, the Company Aug 2013 General Manager, Business Planning Department, the Company Jan 2015 General Manager, Legal Department, the Company Oct 2015 General Manager, General Affairs Department, the Company Jun 2023 Director, Audit and Supervisory Committee Member, the Company (current)
1967-02-17
Hitoshi HORIGUCHI
Outside Director, Audit and Supervisory Committee Member
Apr 1993 Registered as attorney-at-law; joined Takahashi Isao Law Office Apr 1998 Established Horiguchi Hitoshi Law Office Jun 2016 Audit and Supervisory Board Member, the Company Jun 2021 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1959-03-29
Sanyo NOBUSAWA
Outside Director, Audit and Supervisory Committee Member
Oct 1996 Joined Audit Corporation Tohmatsu (currently Deloitte Touche Tohmatsu LLC) Jul 2000 Registered as Certified Public Accountant Sep 2008 Established Nobusawa Certified Public Accountant Office Jun 2015 Outside Audit and Supervisory Board Member, Fujita Engineering Co., Ltd. (current) Jun 2023 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1974-12-08
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-03
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-04
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-05
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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