MIZUNO CORPORATION
8022・Prime Market・Other Products
Business
Mizuno Corporation, founded in 1906, is a comprehensive sports products manufacturer forming a group with 31 subsidiaries and 15 affiliated companies. Centered on competitive sports products such as baseball, golf, football, running, and volleyball, the company has a broad business scope spanning Sports Style Shoes, Working Products, and Sports Facility Operation. With Japan (net sales of ¥155,152 million) as its largest segment, the company operates globally across four regions—Europe, Americas, and Asia & Oceania—and consolidated net sales for FY2026 (ending March 2026) reached a record high of ¥259,045 million. Its main customers range broadly from competitive sports enthusiasts to general consumers, and sales are conducted through both specialty store channels and DTC channels.
Business Model
Through R&D based on sports engineering and sports science (R&D expenses of ¥3,170 million, 209 R&D personnel), the company creates high-performance products, which are sold through specialty store channels and DTC channels comprising directly-operated stores and owned e-commerce. Expansion of the DTC channel is directly linked to improvement in gross profit margin, and gross profit for FY2026 (ending March 2026) reached ¥108,467 million (up 10.1% year on year). In China and South America, the company also earns royalty income through licensing, and promotes ROA-focused management with an emphasis on asset efficiency.
Company Strengths
Since its founding in 1906, the company has built an integrated development system spanning basic research to commercialization, based on sports engineering and sports science. Centered on the new R&D facility "MIZUNO ENGINE," which began operations in November 2022, the group has invested 209 R&D personnel and ¥3,170 million in R&D expenses, earning high market acclaim for products such as forged irons.
In FY2026 (ending March 2026), all four segments—Japan, Europe, Americas, and Asia & Oceania—achieved record-high sales. Regional diversification progressed, with Japan at ¥155,152 million, Europe at ¥30,793 million, Americas at ¥37,748 million, and Asia & Oceania at ¥35,351 million, reducing dependence risk on any single market while achieving consolidated net sales of ¥259,045 million.
The company has expanded DTC (direct-to-consumer) sales through owned e-commerce and directly-operated stores, primarily for Sports Style Shoes, achieving higher gross margins than wholesale channels. In FY2026 (ending March 2026), gross profit reached ¥108,467 million (up 10.1% year on year), exceeding the 7.8% growth rate in net sales, confirming numerically that the improved channel mix is contributing to enhanced profitability.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales reached ¥259,045 million (up 7.8% year on year), operating profit reached ¥22,603 million (up 8.8%), and profit attributable to owners of parent reached ¥18,376 million (up 20.6%), with all major indicators renewing record highs. The 5-year net sales CAGR was approximately 10.7%, while the operating profit CAGR was approximately 23.0%, with profit growth significantly outpacing revenue growth. Cash flow from operating activities was ¥17,311 million, up 147% from ¥7,007 million in the prior period, marking a substantial improvement in the efficiency of converting earnings into cash. As an external factor, heightened sports demand driven by the hosting of multiple global sporting events served as a tailwind. Return on equity improved to 11.1% (from 10.2% in the prior period), indicating enhanced capital efficiency as well.
Growth Strategy
Medium-term growth strategy targeting an overseas sales ratio of 45%, net sales of ¥310,000 million, and ROA of 11% in FY2027
Expand direct-to-consumer sales through owned e-commerce and directly managed stores to structurally improve gross profit margin. In FY2026 (ending March 2026), increased direct sales through the DTC channel, centered on Sports Style Shoes, contributed to raising the gross profit margin, and gross profit increased 9.8% year on year to ¥108,467 million.
In Europe, the strengthening of the business structure through the conversion of a branch into a subsidiary in January 2025 was completed, driving expansion of sales of golf and Sports Style Shoes. In Asia & Oceania, running, football, and Sports Style Shoes are positioned as growth areas, and all sales subsidiaries achieved sales growth on a local currency basis. In FY2026 (ending March 2026), overseas sales (Europe ¥30,793 million + Americas ¥37,748 million + Asia & Oceania ¥35,351 million) totaled ¥103,892 million, approximately 40% of consolidated sales.
The company's forecast net sales for FY2027 (ending March 2027) is ¥280,000 million (up 8.1% year on year), steadily progressing toward the medium-term target of ¥310,000 million. ROA for FY2026 (ending March 2026) improved to 10.2% from 10.1% in the previous period, approaching the target of 11%. The company aims for sustainable growth through improved asset efficiency, including appropriate inventory management, and expanded sales of high-value-added sporting goods.
During FY2026 (ending March 2026), the company issued euro-yen denominated convertible bond-type bonds with stock acquisition rights maturing in 2031 (face value ¥10,050 million; 2,007,628 potential shares), raising funds for growth investment. Cash flow from financing activities was an inflow of ¥1,098 million, securing investment capacity while maintaining the financial base.
Last updated: July 19, 2026