GLOBERIDE, Inc.
7990・Prime Market・Other Products
Business
Globeride, Inc. (formerly Daiwa Seiko) is a sporting goods manufacturer founded in 1958 that produces and sells fishing tackle, golf equipment, and sports equipment primarily under the "DAIWA" brand. The group, consisting of the company and 29 subsidiaries, has sales and manufacturing bases across four regions—Japan, the Americas, Europe, and Asia & Oceania—and has built a global structure with manufacturing sites in Thailand, Vietnam, China, and the UK. Its main customers are nature- and health-conscious consumers, primarily fishing enthusiasts and golfers, and under its vision of being a "Lifetime Sports Company," it provides products and services to sports enthusiasts around the world.
Business Model
The company adopts a vertically integrated model in which products manufactured at production sites in Thailand, Vietnam, China, the UK, and Japan are supplied to global markets through regional sales subsidiaries. The Asia & Oceania segment, for example, supplies products to Japan, Europe, and the U.S. through internal sales of ¥22,509 million, with the intra-group manufacturing and supply network underpinning the earnings base. The introduction of high-value-added products (SALTIGA, CERTATE, etc.) to improve gross margin, together with the promotion of cost-improvement measures, form the core of the earnings structure.
Company Strengths
Since its founding in 1958, the company has continuously developed reels, rods, and golf clubs in-house, establishing proprietary design philosophies such as POWERDRIVE DESIGN, AIRDRIVE DESIGN, and HYPER DRIVE DESIGN. R&D expenses for the current consolidated fiscal year amounted to ¥2,239 million, and the launch of high-value-added products such as SALTIGA, CERTATE, and STEEZ pushed up profit in the Japan segment by 24.8% year on year.
Production output in the Asia & Oceania segment was ¥50,511 million (up 11.7% year on year), and in the Japan segment was ¥23,952 million (up 6.0% year on year), with manufacturing bases spanning multiple countries supporting a stable supply system. Through intra-group internal sales of ¥22,509 million supplying products to Japan, the US, and Europe, the company achieves both cost competitiveness and supply flexibility.
The company achieved dividend increases for 15 consecutive fiscal years and has newly set a total return ratio of 50% as a target metric. Operating cash flow for the current consolidated fiscal year improved to ¥8,033 million (roughly 4 times the previous year), and total net assets reached ¥64,929 million. A diverse fundraising framework, including commitment line agreements and syndicated loans, has also been established, underpinning a highly stable financial base.
ENVALITH's Perspective
Performance Trend
Net sales rose from ¥120,684 million in FY2022 to ¥134,583 million in FY2023, peaking amid pandemic-driven special demand, then declined for two consecutive periods to ¥126,008 million in FY2024 and ¥123,983 million in FY2025. In FY2026, sales turned upward again to ¥126,956 million. Operating profit has remained at a sharply reduced level, moving from ¥12,349 million in FY2022 to ¥6,501 million in FY2026, with only slow recovery. The improvement in net income in FY2026 (from ¥4,783 million to ¥5,409 million) was largely supported by external factors and extraordinary gains, including foreign currency receivable valuation gains (foreign exchange gain of ¥686 million) and gains on sale of investment securities (¥528 million). While the Japan segment led with profit of ¥5,629 million, up 24.8% year on year, the Americas fell into a loss and Asia & Oceania declined 5.6% year on year, reflecting uneven profit contributions from overseas operations. For FY2027 (ending March 2027), the company forecasts net sales of ¥134,000 million (up 5.5% year on year) and operating profit of ¥7,000 million (up 7.7% year on year), but expects ordinary profit of ¥6,400 million (down 10.9% year on year) as the foreign exchange gain is expected to fade.
Growth Strategy
Aiming to enhance corporate value through innovation of the earnings structure and a total payout ratio of 50% under the new Medium-Term Management Plan 2030
The company revised its previous Medium-Term Plan 2026 (FY2027 (ending March 2027) targets: net sales of ¥140,000 million, operating profit of ¥10,000 million) and newly formulated the Medium-Term Management Plan 2030 (FY2026–FY2030). Targets for the final year (FY2031 (ending March 2031)) were set at net sales of ¥160,000 million, operating profit of ¥16,000 million, ROE of 12% or higher, and a PBR consistently above 1.0x. The plan reflects internal environmental changes such as the Mirai Field Project (new building construction plan).
The company has continuously launched high value-added products, including the SALTIGA, CERTATE, and STEEZ series in the fishing segment, and ONOFF LADY and ONOFF KURO in the golf segment. In FY2026 (ending March 2026), gross profit increased from ¥46,547 million to ¥48,369 million due to higher sales and cost improvements. The gross profit margin improved slightly to 37.7% (37.5% in the previous fiscal year). The company will continue to promote a higher value-added product mix and cost improvements.
The annual dividend per share for FY2026 (ending March 2026) is ¥90 (up from ¥80 in the previous fiscal year), with a further increase to ¥100 forecast for FY2027 (ending March 2027). The dividend payout ratio is 37.5% (FY2026 (ending March 2026)). Under the new Medium-Term Plan 2030, a total payout ratio of 50% is set as a guideline throughout the plan period, with a policy of stable and continuous dividend increases. In FY2026 (ending March 2026), the company acquired and retired treasury shares worth ¥2,773 million, strengthening efforts to improve capital efficiency.
The company is promoting the "innovation of the earnings structure" group-wide, aiming to build a sustainably growable business foundation and transition to a lean management structure. Increased SG&A expenses (¥41,868 million in FY2026 (ending March 2026)) are weighing on operating profit improvement, making optimization of the cost structure a key challenge. Operating cash flow in FY2026 (ending March 2026) improved significantly to ¥8,033 million (from ¥2,042 million in the previous fiscal year), reflecting enhanced cash-generating capability.
Last updated: July 19, 2026