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Companies Workman

Workman

Ticker7564 · TSE
Fiscal yearends March
Updated3 days ago · r2
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A three-statement model of Workman, the Japanese work-wear and casual-wear chain run mostly through franchise stores, whose store build-out and sales per store drive the forecast.

Summary by Your Analyst · r2

  • Workman sells work wear and casual wear, much of it private brand, through a chain run mostly by franchisees, who carry the stores' running costs while the company supplies the merchandise. Revenue was 160,852 JPY millions in the year to March 2026 from 1,094 stores, and the return on invested capital 35.7%, with about half the assets held as cash.
  • The model follows the medium-term plan's store build-out to 1,501 stores by the year to March 2035, with each store's sales growing at the plan's existing-store pace. Revenue reaches 275,377 JPY millions and operating income 47,596 JPY millions; with the distribution centres built, the return on invested capital settles at 23.0%, still well above the cost of capital.
  • At the market-average required return (beta 1) and a WACC of 9.5%, which the net cash's negative weight lifts above the cost of equity, the DCF puts the equity at 351,993 JPY millions against a market capitalisation of 403,985 JPY millions at the 2 November 2026 snapshot, residual income landing between the two. Read the other way, the price implies residual operating income growing 3.6% a year after the build-out ends.

Share price

—— today— 1M · — 1YMarket cap — · Net debt -83,316 · Equity 169,069 (JPY millions) · — shares
Market cap · monthlyRevenueNOPATEquityNet debtFY2028E · model
JPY millions-100,0000100,000200,000300,000modelRevenue FY2025: 136,933 (JPY millions)NOPAT FY2025: 16,668 (JPY millions)Equity FY2025: 135,302 (JPY millions)Net debt FY2025: -78,574 (JPY millions)Revenue FY2026: 160,852 (JPY millions)NOPAT FY2026: 20,280 (JPY millions)Equity FY2026: 153,456 (JPY millions)Net debt FY2026: -82,050 (JPY millions)Revenue FY2027: 181,198 (JPY millions)NOPAT FY2027: 22,433 (JPY millions)Equity FY2027: 169,069 (JPY millions)Net debt FY2027: -83,316 (JPY millions)Revenue FY2028E: 193,566 (JPY millions)NOPAT FY2028E: 23,480 (JPY millions)Equity FY2028E: 180,736 (JPY millions)Net debt FY2028E: -83,833 (JPY millions)FY2025FY2026FY2027FY2028E
Market figures, JPY millions
ItemFY2025FY2026FY2027FY2028E
Revenue136,933160,852181,198193,566
NOPAT16,66820,28022,43323,480
Equity135,302153,456169,069180,736
Net debt-78,574-82,050-83,316-83,833

Price vs model value

market cap vs the model’s equity value · r2
DCF equity valuelow → highpoint = baseEquity value, JPY bnat FY2027¥286bn¥430bn¥352bnResidual income e…Residual income equity valuelow → highpoint = base¥296bn¥454bn¥368bnmarket cap ¥404bn¥200bn¥300bn¥400bn¥500bn

What if

Moving a driver re-runs the model; that opens shortly. The sliders show the Official’s own values.
FY2028 Operating income · JPY millions
Sales per store growthSales per store growth, a year
DownsideBaseUpside
1.7%
Net store additions a year, FY2028 to FY2030Net store additions a year to FY2030
DownsideBaseUpside
57.00count
Cost of sales over net salesCost of sales over net sales
DownsideBaseUpside
83.8%

The model

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Profit & loss
P&L, FY2028E · model · JPY millions
Operating revenue50,050
Net sales143,516
Total operating revenue193,566
Cost of sales120,194
Gross operating profit73,371
Selling and administrative expenses38,557
Operating income34,814
Net income23,931
JPY millionsFY2025FY2026FY2027FY2028E
Profit & loss
Operating revenue37,26341,60646,85750,050
Net sales99,670119,246134,340143,516
Total operating revenue136,933160,852181,198193,566
Cost of sales85,77199,866112,507120,194
Gross operating profit51,16260,98668,69073,371
Selling and administrative expenses26,76831,30935,42338,557
Operating income24,39429,67633,26734,814
Net income16,89220,61822,87623,931
Read-only · Your Analyst · r2Reported FY2025–FY2027 · Forecast FY2028E · All years
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