Mizuno (8022) Q4 2025 earnings summary

Executive summary

• Achieved record highs in sales, operating profit, ordinary profit, and net profit for FY24, driven by strong global performance in Football, Indoor, and Work categories, and improved gross profit margin through price setting and inventory optimization.

• Net sales reached 240.3bn JPY, up 4.6% year-over-year, with all major profit metrics hitting record highs.

• Operating profit rose 20.2% to 20.8bn JPY, and net profit increased 6.5% to 15.2bn JPY.

• Growth was driven by robust domestic sales in competitive sports and work business, and strong overseas expansion, especially in Asia and Oceania.

Financial highlights

• Gross profit margin improved to 41.0% (+1.4pt yoy); operating profit margin at 8.6% (+1.1pt yoy); net profit margin at 6.3% (+0.1pt yoy).

• Gross profit increased to 98.6bn JPY from 90.9bn JPY year-over-year.

• Cash and cash equivalents at year-end were 32.4bn JPY; operating cash flow was 7.0bn JPY, down from 21.4bn JPY the previous year.

• Total assets increased to 218.5bn JPY (+6.0% vs Mar 2024); net assets rose to 157.1bn JPY (+10.6%).

• Equity ratio rose to 71.6% from 68.6% year-over-year.

Outlook and guidance

• FY25 forecast: net sales 260bn JPY, operating income 22.5bn JPY, net profit 16.5bn JPY.

• Earnings per share forecast for FY2026 is 215.02 yen, reflecting the 3-for-1 stock split.

• Dividend forecast for FY26 is 50 yen per share (post stock split); FY25 actual dividend was 150 yen per share (pre-split).

• Mid-term plan targets net sales of 310bn JPY and operating profit of 28bn JPY by FY27, with ROA and ROE in the 11% range.