ENVALITH
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ASICS Corporation

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ASICS Corporation7936

Business

ASICS Corporation, founded in 1949, is a sporting goods manufacturer forming a group consisting of ASICS and 63 subsidiaries. The company plans, develops, and sells footwear, apparel, and equipment across multiple categories including Performance Running, Core Performance Sports, Sports Style, and Onitsuka Tiger products. Sales regions are divided into seven segments—Japan, North America, Europe, Greater China, Oceania, Southeast & South Asia, and Other regions—with ASICS brand products (footwear, apparel, equipment) deployed through subsidiaries in each region. The company also operates a business for registering and managing sporting events (Running Ecosystem), aiming to expand touchpoints with runners. Its primary customers range from running enthusiasts and athletes to the general sports and lifestyle segment.

Business Model

At ASICS, headquarters is responsible for product planning, development, and brand management, and the basic structure is one in which regional sales subsidiaries purchase ASICS brand products directly from suppliers and pay royalties. In addition to this, the company is expanding its DTC (Direct to Consumer) channel through directly-operated stores and e-commerce, aiming to sell higher value-added products and improve gross margin. Through customer data utilization and personalized marketing via the OneASICS membership program, the company is simultaneously pursuing improvements in customer loyalty and profitability.

Company Strengths

In FY2025 (ending December 2025), the company achieved net sales of ¥810,916 million (up 19.5% year on year), operating profit of ¥142,519 million (up 42.4% year on year), and an operating margin of 17.6%. Both net sales and operating profit reached record highs for the fourth consecutive year, achieving the financial targets of the Mid-Term Management Plan 2026 (operating profit of ¥130,000 million or more and operating margin of 17.0% or more) one year ahead of schedule.

In FY2025 (ending December 2025), the company achieved increases in both sales and profit across all 7 regions and all 5 categories. Sports Style products (net sales of ¥141,324 million, up 43.6% year on year) and Onitsuka Tiger products (net sales of ¥136,519 million, up 43.0% year on year) each surpassed ¥100,000 million for the first time, achieving multi-axis growth together with the core earnings base of Performance Running products (net sales of ¥363,542 million).

Centered on the Institute of Sport Science established in 1985, the company has continued material development, functional design, and product evaluation. Research and development expenses for FY2025 (ending December 2025) totaled ¥7,412 million (up 7.4% year on year). In December 2025, the company entered into a partnership with the University of Michigan in the United States and established the "ASICS-Michigan Sport Innovation Center," beginning the global expansion of its research and development sites.

ENVALITH's Perspective

Net sales of ¥270,265 million and operating profit of ¥60,762 million for Q1 FY2026 (ending March 2026) represent 28.4% and 35.5% of the full-year forecasts of ¥950,000 million and ¥171,000 million, respectively, indicating a high progress rate even after accounting for seasonality. On the other hand, the company has kept its full-year forecast announced in February unchanged, citing uncertainty in the global situation, suggesting a cautious stance toward external risks such as the Middle East situation and US tariff policy. While there is significant room for upward revision, it should be noted that exchange rate and geopolitical risks in the second half will be the main factors driving performance volatility.

In Q1 FY2026 (ending March 2026), the exchange rates saw substantial yen depreciation, with EUR up 14.3% year-on-year and AUD up 13.4%, significantly boosting yen-denominated results in Europe (net sales up 43.8%, of which the local-currency-basis growth was 27.2%) and Oceania (net sales up 27.4%, of which the local-currency-basis growth was 12.4%). As an external factor, exchange rates have a significant impact on performance, and there is a risk that a discrepancy from underlying performance could become apparent if the yen were to reverse and appreciate. The net sales growth rate of 21.2% and operating profit growth rate of 28.2% excluding foreign exchange effects serve as reference indicators of underlying performance.

In North America, while net sales grew 23.0%, segment profit growth was limited to 10.6% (6.2% on a local-currency basis), lagging behind other regions in terms of profit growth. In addition, cash flow from operating activities turned negative, from ¥3,448 million in the same period of the prior year to ¥(11,130) million, mainly due to an increase in trade receivables (¥44,889 million) and increased payments of corporate taxes, etc. (¥23,618 million). This was offset by a net increase of ¥37,500 million in short-term borrowings within financing cash flow, and improvements in working capital management and capital efficiency will be a point of focus going forward.

Growth Strategy

Multi-pronged growth strategy targeting Global Integrated Enterprise transformation and early achievement of ¥1 trillion in consolidated net sales

BOUNCE models such as SUPERBLAST 3 and NOVABLAST 5 grew substantially in Europe and Southeast & South Asia. From Q2 onward, innovative new products are scheduled for sequential launch across the STABILITY, CUSHION, BOUNCE, and TRAIL models. Performance Running net sales reached ¥116,743 million (+19.1% year on year), showing steady growth.

Sports Style net sales expanded rapidly to ¥59,621 million (+69.6% year on year), with category profit margin rising to 32.9% (+1.2ppt year on year). Onitsuka Tiger maintained high profitability with a category profit margin of 39.6% (+3.2ppt year on year). Brand communication will be strengthened through the rollout of new Sports Style-focused stores and the opening of a large Onitsuka Tiger flagship store in Japan (planned for summer 2026).

FY2026 (ending March 2026) has been designated as the "Year of ASIA," with focused development of high-growth markets including Indonesia (population of approximately 300 million, the world's fourth largest) and India. Brand penetration and expansion of the OneASICS membership base are being promoted through running events such as ASICS EKIDEN India 2026 (approximately 1,000 participants). Net sales in Southeast & South Asia grew +34.6% year on year (+28.7% on a local currency basis), showing high growth.

A new production facility, "ASICS TECHNICAL LAB," responsible for manufacturing shoes for top athletes, was established in Kobe City, Hyogo Prefecture. Through speedy verification and refinement, the development cycle for high value-added products will be shortened, strengthening technological differentiation from competitors.

The OneASICS membership base is being expanded through title sponsorship activities at major events such as the ASICS Los Angeles Marathon and the Boston Marathon, as well as community-building initiatives such as the LA100 Women program. Activities supporting the entire runner journey, from race registration through post-race completion, are being strengthened to improve the DTC ratio and maximize customer LTV.

The company achieved advanced early disclosure among Japanese companies by filing its Annual Securities Report three weeks before the general shareholders meeting (March 4). ASICS appointed its first foreign national outside director (Ms. Jennifer Rogers). Individual investor IR briefings were held in 8 cities nationwide (second round), and investment days for institutional investors continue to be held.

Last updated: July 17, 2026