Overview
Textiles and Apparels

Goldwin Inc.

Goldwin Inc. is a Japan-based sports apparel company engaged in the planning, manufacturing, and sales of a broad range of sports and outdoor products, including outerwear, athletic wear, winter sports apparel, swimwear, and high-tech functional garments. The company operates a portfolio of brands targeting outdoor, athletic, and winter sports markets, with The North Face being its flagship brand in Japan. Goldwin differentiates itself through a strong commitment to technical innovation, sustainability, and nature-oriented brand values, with a growing international presence across Asia, North America, and Europe.

Market Cap
¥296B
US$1.89B
EV
¥212B
US$1.35B
Stock¥2,165.5▲+0.16%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
7.5
x
LTM EV/EBIT
8.2
x
LTM PER
12.3
x
LTM PBR
2.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-37.4%pt
1001234
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 6, 25Rise on Q2 earnings announcement
2Nov 7, 25Continued rise on strong earnings
3Feb 6, 26Q3 earnings below expectations
4Aug 7, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
296BUS$1.89BMarket Cap4.45BUS$28.3M+ Debt53.6BUS$342M− Cash36.3BUS$231M− Inv. Sec.1.09BUS$6.92M+ NCI212BUS$1.35BEV
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Performance & Balance
Revenue 5Y (¥B)
98.2US$626M'22/3115US$734M'23/3127US$809M'24/3132US$844M'25/3138US$877M'26/3
EBITDA 5Y (¥B)
18.1US$116M'22/323.7US$151M'23/325.9US$165M'24/324.2US$154M'25/328.4US$181M'26/3
Net Income 5Y (¥B)
14.4US$91.5M'22/321.0US$134M'23/324.3US$155M'24/324.4US$156M'25/324.1US$154M'26/3
Capital Structure
97%
EquityD/E 0.04xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
50.5US$322M5.66US$36.1M'22/364.5US$412M4.00US$25.5M'23/377.7US$495M2.85US$18.2M'24/385.5US$546M2.63US$16.8M'25/393.9US$599M4.54US$29.0M'26/3
Shareholders
Top 10 hold 53.1%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.15%
2
MITSUI & CO.,LTD.
9.55%
3
Korea Securities Depository Samsung (Citibank, N.A., Tokyo Branch, Standing Proxy)
7.38%
4
Korea Securities Depository Shinhan Securities (Citibank, N.A., Tokyo Branch, Standing Proxy)
4.61%
5
The Hokuriku Bank, Ltd.
4.33%
6
Custody Bank of Japan, Ltd. (Trust Account)
4.16%
7
Goldwin Nishida Tosaku Sports Promotion Memorial Foundation (Public Interest Incorporated Foundation)
3.70%
8
Nishida Co., Ltd.
3.55%
9
The Hokkoku Bank, Ltd.
2.68%
10
Mizuho Bank, Ltd.
2.00%
Management
16 officers
Takao WATANABE
Representative Director, President and CEO
Apr 1982 Joined the Company Apr 2000 General Manager, The North Face Division, the Company Apr 2004 Executive Officer, General Manager, The North Face Division Jun 2005 Director, Executive Officer, General Manager, The North Face Division; General Manager, Planning, Coleman Division Apr 2006 Director, Executive Officer, General Manager, Outdoor Style Business Division; General Manager, The North Face Division Apr 2008 Director, Executive Officer, General Manager, Outdoor Style Business Division; General Manager, The North Face Division; General Manager, Direct Marketing Promotion Department Apr 2010 Director, Managing Executive Officer; Deputy General Manager, Business Management Headquarters; General Manager, Outdoor Style Business Division; General Manager, Helly Hansen Division; General Manager, Direct Marketing Promotion Department Apr 2012 Director, Senior Managing Executive Officer; General Manager, Business Management Headquarters; General Manager, Outdoor Style Business Division Apr 2013 Director, Senior Managing Executive Officer; General Manager, Business Management Headquarters; General Manager, The North Face Division Apr 2015 Director, Senior Managing Executive Officer; General Manager, Business Management Headquarters Apr 2017 Director, Executive Vice President, Executive Officer; General Manager, Business Management Headquarters Apr 2018 Director, Executive Vice President, Executive Officer; General Manager, Business Management Headquarters; General Manager, Business Division Apr 2020 Representative Director, President and Executive Officer Jun 2025 Representative Director, President and CEO (current)
1960-03-22
Michio SHIRASAKI
Director, Executive Vice President, Executive Officer, CFO
Jun 2019 Executive Officer; General Manager, Corporate Planning Division; General Manager, Corporate Planning Office, the Company Apr 2020 Executive Officer; General Manager, Corporate Planning Division; General Manager, Corporate Planning Office Apr 2021 Managing Executive Officer; General Manager, Corporate Planning Division Apr 2022 Managing Executive Officer; General Manager, Administration Division Jun 2022 Director, Managing Executive Officer; General Manager, Administration Division Apr 2023 Director, Senior Managing Executive Officer; General Manager, Administration Division Jun 2025 Director, Senior Managing Executive Officer, CFO; General Manager, Administration Division (current) Apr 2026 Director, Executive Vice President, Executive Officer, CFO (current)
1961-05-14
Hikaru MORI
Director, Executive Vice President, Executive Officer, COO; General Manager, The North Face Business Division and Global Brand Business Division
Jan 2015 Manager in charge, The North Face Division, the Company Apr 2015 General Manager, The North Face Division Apr 2016 Executive Officer, General Manager, The North Face Division Apr 2017 Executive Officer; General Manager, The North Face Division, Business Management Headquarters Apr 2018 Executive Officer; Deputy General Manager, Business Division, Business Management Headquarters; General Manager, The North Face Division Apr 2019 Managing Executive Officer; Deputy General Manager, Business Division Apr 2020 Managing Executive Officer; General Manager, First Business Division Apr 2021 Managing Executive Officer; General Manager, Business Division Jun 2022 Director, Managing Executive Officer; General Manager, Business Division Apr 2023 Director, Senior Managing Executive Officer; General Manager, Business Division Apr 2024 Director, Senior Managing Executive Officer; General Manager, The North Face Business Division and Global Brand Business Division Jun 2025 Director, Senior Managing Executive Officer, COO; General Manager, The North Face Business Division and Global Brand Business Division Apr 2026 Director, Executive Vice President, Executive Officer, COO; General Manager, The North Face Business Division and Global Brand Business Division (current)
1963-06-14
Takeaki KANEDA
Director, Senior Managing Executive Officer, CSO; General Manager, Corporate Planning Division
Jul 2020 Deputy General Manager, Global Division, the Company Apr 2021 Executive Officer; Deputy General Manager, Corporate Planning Division; Manager, Corporate Planning Office Apr 2022 Executive Officer; General Manager, Corporate Planning Division; Manager, Corporate Planning Office Apr 2023 Managing Executive Officer; General Manager, Corporate Planning Division Apr 2024 Managing Executive Officer; General Manager, Corporate Planning Division Jun 2024 Director, Managing Executive Officer; General Manager, Corporate Planning Division Jun 2025 Director, Managing Executive Officer, CSO; General Manager, Corporate Planning Division (current) Apr 2026 Director, Senior Managing Executive Officer, CSO; General Manager, Corporate Planning Division (current)
1963-07-07
Gen ARAI
Director, Managing Executive Officer, CRDO; General Manager, R&D Division
Apr 1991 Joined the Company Apr 2010 General Manager, Compression Underwear Division, Business Management Headquarters Apr 2013 General Manager, Goldwin Division, Business Management Headquarters Apr 2017 Executive Officer; General Manager, Goldwin Division, Global Division Apr 2019 Officer; General Manager, Goldwin Division, Corporate Planning Headquarters, Global Division Apr 2020 Officer; General Manager, Goldwin Division, Global Division Apr 2021 Officer; Deputy General Manager, Business Division Apr 2023 Managing Executive Officer; General Manager, Development Division Jun 2025 Director, Managing Executive Officer, CRDO; General Manager, Development Division (current) Apr 2026 Director, Managing Executive Officer, CRDO; General Manager, R&D Division (current)
1967-09-20
Shinji KAWADA
Director, Managing Executive Officer; General Manager, Goldwin Business Division
Apr 1992 Joined the Company Apr 2017 General Manager, New Business Preparation Office, Global Division, the Company Dec 2017 President and CEO, Woolrich Japan K.K. Apr 2023 Executive Officer; General Manager, Goldwin Business Division; General Manager, Overseas Sales Department, the Company Aug 2023 CEO, Goldwin America, Inc. (current) Apr 2024 Executive Officer; General Manager, Goldwin Business Division; General Manager, Goldwin Marketing Department, the Company Apr 2025 Managing Executive Officer; General Manager, Goldwin Business Division Jun 2025 Director, Executive Officer; General Manager, Goldwin Business Division (current) Mar 2026 President, Goldwin London Limited (current)
1969-05-14
Osamu SATO
Full-time Audit & Supervisory Board Member
Apr 1987 Joined the Company Apr 2006 Sales Department, Active Division, Sales (Tokyo), the Company Apr 2011 Business Planning Group, Business Planning Office, Corporate Planning Division, the Company Apr 2015 Manager, Business Planning Group, Business Planning Office, Corporate Planning Division, the Company Apr 2019 Deputy Manager, Business Planning Office, Business Planning Division, Corporate Planning Headquarters, the Company Apr 2022 General Manager, Accounting Department, Administration Division, the Company Jun 2023 Audit & Supervisory Board Member (current)
1964-03-06
Rie AKIYAMA
Outside Director
Apr 1999 Registered as attorney-at-law (Tokyo Bar Association) Apr 1999 Affiliated with Baba Law Office (now Baba & Sawada Law Office) (current) Jun 2019 Outside Director, the Company (current) Jun 2023 Outside Director, Audit and Supervisory Committee Member, Astellas Pharma Inc. (current)
1970-03-17
Ichiro YOSHIMOTO
Outside Director
Apr 1978 Joined Nippon Telegraph and Telephone Public Corporation (now NTT) Dec 1998 Representative Director, COO, Starbucks Coffee Japan, Ltd. May 2005 Senior Executive Officer, CAO, Nippon McDonald's Co., Ltd. Oct 2014 Representative Director, President and Executive Officer, CMIC Holdings Co., Ltd. Aug 2018 Representative Director, Tokyo Warriors Club (General Incorporated Association) Apr 2021 Outside Director, nobitel Co., Ltd. Jun 2021 Outside Director, the Company (current)
1953-05-29
Dai TAMESUE
Outside Director
Aug 2010 Representative Director, Athlete Society (General Incorporated Association) (current) Oct 2015 Outside Director, COLOPL, Inc. Jul 2018 Representative Director, Deportare Partners Inc. (current) Jun 2022 Outside Director, the Company (current) Sep 2022 Auditor, Japan Women's Professional Football League (Public Interest Incorporated Association) Apr 2026 Professor, Inclusive Society Co-Creation Organization, Research Center for Advanced Science and Technology, The University of Tokyo (current)
1978-05-03
Akira TSUCHIYA
Outside Director
Apr 1983 Joined Information Development Corporation Jun 2019 Senior Managing Executive Officer, ID Holdings Corporation Jun 2024 Outside Director, the Company (current) Apr 2025 Executive Advisor, ID Holdings Corporation Jun 2025 Executive Officer, ID Holdings Corporation (current) Jun 2025 Executive Officer, Information Development Corporation (current)
1962-08-18
Naoko IMOTO
Outside Director
Sep 2004 Program Officer (Peacebuilding), Japan International Cooperation Agency Sep 2007 Education Chief, Education Specialist, UNICEF Jun 2024 Outside Director, the Company (current)
1976-05-20
Satoshi SUZUKI
Outside Director
Apr 1984 Joined Teijin Limited Jun 2016 Director, General Manager, Apparel and Textile Division No. 1, Teijin Frontier Co., Ltd. Jun 2021 Managing Executive Officer and Senior Vice President, Teijin Frontier Co., Ltd. Jun 2026 Outside Director, the Company (current)
1961-02-27
Tsutomu MORITA
Outside Audit & Supervisory Board Member
Apr 1977 Joined Hokuriku Bank, Ltd. Jun 2010 Executive Officer, General Manager, First Loan Division, the same bank Jan 2012 Managing Executive Officer, the same bank Jun 2013 Director, Hokuhoku Financial Group, Inc. Jun 2013 Director, Managing Executive Officer, Hokuriku Bank, Ltd. Jun 2016 Representative Director, President, Hokuhoku Credit Collection Co., Ltd. Jun 2019 Outside Audit & Supervisory Board Member, the Company (current)
1954-09-08
Fumio OKAZAKI
Outside Audit & Supervisory Board Member
Apr 1982 Joined Mitsui & Co., Ltd. Apr 2005 President and CEO, Mitsui Plastics, Inc. Apr 2010 General Manager, Ammonia & Sulfur Business Department, Functional Chemicals Division, Mitsui & Co., Ltd. Oct 2013 General Manager, Functional Chemicals Products Division, Asia & Oceania Division, Mitsui & Co., Ltd. Jul 2017 Inspector, Internal Audit Office, Mitsui & Co., Ltd. Apr 2021 General Manager, Internal Audit Office, DM Mitsui Sugar Holdings Co., Ltd. Jun 2025 Outside Audit & Supervisory Board Member, the Company (current)
1959-09-12
Keiko HATA
Outside Audit & Supervisory Board Member
Jul 2015 Managing Executive Officer, Terada Warehouse Co., Ltd. Nov 2018 Representative Director, CEO, HOP Inc. (current) Sep 2020 Director, CHRO and CCO, Farmship Inc. May 2024 Outside Director, Audit and Supervisory Committee Member, Variosecure Inc. (current) Jun 2026 Outside Audit & Supervisory Board Member, the Company (current)
1971-01-06
Large Shareholding Reports
Mizuho Bank, Ltd.
2025-11-10
1.92%→1.92%
Annual report (as of 2026-03-31): 2.00%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-11-10
Large Shareholding Report
TDnet
2025-08-06
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2024-08-07
Amended Securities Registration Statement
EDINETAmended
2024-08-06
Amended Securities Registration Statement
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-23
Securities Registration Statement
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-23
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINETAmended
2021-07-06
Amended Annual Securities Report
EDINET
2021-06-24
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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