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Japan's largest maker of women's intimate apparel (bras, lingerie) and related innerwear brands.
Japan's largest maker of women's intimate apparel (bras, lingerie) and related innerwear brands.
Sells mainly through department stores and specialty shops, where trained staff fit customers, plus its own stores and online. The department-store channel in Japan has been shrinking, so it has been shifting sales toward its own shops and the web and building overseas business.
In one line: Japan's Victoria's Secret/Hanesbrands for intimates.
Moat: narrow (brand, distribution, IP / patents). Leading intimate-apparel brand in Japan with decades of fit R&D and department-store distribution.
Headquarters: Kyoto, Japan · Founded: 1949 · Employees: 14,784
Size Wacoal (3591.T) is a Japan Consumer Discretionary company (Apparel/Footwear) with a market value of $1.21B, the 656th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,668 on 6 Nov 2026.
Performance Over six months the shares fell 20.6%, against -4.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +9.1%); the operating margin is -0.7% (peer median 8.1%).
Valuation It trades at 36.5× forward earnings against a peer median of 18.2× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +33 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.2 points below its cost of capital (5.8% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥175B | ¥172B | ¥174B | ¥187B | ¥189B |
| Revenue growth | — | -1% | -7% | -1% | — |
| Gross profit | ¥101B | ¥88.4B | ¥87.2B | ¥93.8B | ¥95.4B |
| EBITDA | ¥9.86B | ¥10.7B | ¥8.43B | ¥15.4B | ¥16.5B |
| Net income | ¥1.01B | ¥13.1B | ¥7.21B | -¥8.63B | -¥1.64B |
| Free cash flow | ¥1.39B | ¥5.16B | ¥2.47B | ¥9.48B | ¥4.46B |
| Capital expenditure | ¥3.35B | ¥4.13B | ¥3.88B | ¥3.38B | ¥5.05B |
| Total debt | ¥24.3B | ¥24.3B | ¥27.1B | ¥20.6B | ¥20.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Wacoal 3591.T | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% |
| Fast Retailing 9983.T | $155B | +6% | +17% | 18% | 41.2× | 23.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3591.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | -1.9% | 10th highest of 21 |
| 6-month return | -20.6% | -4.0% | 3rd lowest of 21 |
| Distance from 52-week high | -37.2% | -31.0% | 10th lowest of 21 |
| Revenue growth (TTM) | +1.8% | +9.1% | 6th lowest of 21 |
| Operating margin | -0.7% | 8.1% | 6th lowest of 21 |
| Forward P/E | 36.5× | 18.2× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 35.7% | -1.4% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +2.4% | +6.9% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | +33.3 pp | -5.7 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -6.2 pp | +2.6 pp | 6th lowest of 21 |
| EV / EBITDA | 18.9× | 7.8× | 4th most expensive of 13 |
| Net debt / EBITDA | -0.8× | -0.8× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 70.6× | 10.1% | +8.1% |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 7.7× | -10.3% | +10.8% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | n/a | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 12.0× | n/a | n/a |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | n/a | n/a | n/a |
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 45.5× | 7.7% | n/a |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| Jiangsu Hongdou Industrial 600400.SS | China | $1.06B | +11% | +22% | -9% | 102.3× | 13.7% | -1.3% |
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | n/a | 51.6% | -9.4% |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 22.1× | -9.2% | -3.5% |
| Stella International 1836.HK | Hong Kong | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% | +6.8% |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |
| Zhonghong Pulin Medical Products 300981.SZ | China | $990M | +5% | +11% | 9% | n/a | -1.7% | -13.1% |