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Tokyo streetwear brand founded by designer NIGO, selling vintage-Americana-inspired apparel, accessories and homeware.
Tokyo streetwear brand founded by designer NIGO, selling vintage-Americana-inspired apparel, accessories and homeware.
Sells through its own stores and online shop and a smaller number of wholesale stockists, releasing limited runs that often sell out, so brand heat rather than discounting supports prices. Collaborations with other brands and artists are a recurring way to reach new buyers.
In one line: A Japanese Supreme, founded by the creator of BAPE.
Moat: narrow (brand, IP / patents). Founder NIGO's cult streetwear credibility and scarcity-driven drops build strong brand loyalty.
Headquarters: Shibuya, Tokyo, Japan · Founded: 2010 · Employees: 193
Size Human Made (456A.T) is a Japan Consumer Discretionary company (Apparel/Footwear) with a market value of $1.10B, the 697th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,889 on 6 Nov 2026.
Performance Over six months the shares gained 39.3%, against -8.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 26.8% over the last twelve months (peer median +7.9%); the operating margin is 30.4% (peer median 7.0%).
Valuation It trades at 45.5× forward earnings against a peer median of 22.2× (6th most expensive of 17).
Capital Return on invested capital runs 100.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ¥17.0B | ¥14.3B | ¥11.3B | ¥8.39B |
| Revenue growth | — | +27% | +34% | — |
| Gross profit | ¥11.1B | ¥9.13B | ¥6.69B | ¥4.89B |
| EBITDA | ¥5.54B | ¥4.73B | ¥3.39B | ¥2.38B |
| Net income | ¥3.52B | ¥2.94B | ¥2.13B | ¥1.59B |
| Free cash flow | n/a | ¥2.23B | ¥1.96B | ¥1.48B |
| Capital expenditure | n/a | ¥989M | ¥215M | ¥161M |
| Total debt | ¥243M | ¥283M | ¥319M | ¥157M |
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 |
|---|---|---|---|---|---|---|
| Human Made 456A.T | $1.10B | +39% | +27% | 30% | 45.5× | 7.7% |
| V.F VFC | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% |
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 | 456A.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.7% | -3.5% | 7th lowest of 21 |
| 6-month return | +39.3% | -8.9% | 2nd highest of 21 |
| Distance from 52-week high | -15.1% | -39.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +26.8% | +7.9% | 2nd highest of 21 |
| Operating margin | 30.4% | 7.0% | highest of 21 |
| Forward P/E | 45.5× | 22.2× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 7.7% | 4.5% | 8th most demanding of 16 |
| ROIC minus cost of capital | +100.8 pp | +0.1 pp | highest of 21 |
| EV / EBITDA | 29.4× | 9.2× | 2nd most expensive of 10 |
| Net debt / EBITDA | -1.8× | -0.8× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 45.5× | 7.7% | n/a |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | n/a | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 12.0× | n/a | n/a |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | n/a | 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% |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 22.1× | -9.2% | -3.5% |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Zhonghong Pulin Medical Products 300981.SZ | China | $990M | +5% | +11% | 9% | n/a | -1.7% | -13.1% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| JOEONE 601566.SS | China | $975M | +4% | +1% | 6% | 52.6× | -2.9% | +2.1% |
| Shanghai Puyuan Chemical Materials 603196.SS | China | $964M | -46% | +78% | 12% | 19.9× | 16.2% | -0.2% |
| 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% |
| 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 |
| Fujian Septwolves Industry 002029.SZ | China | $873M | -20% | +1% | -3% | 20.2× | 4.5% | -2.0% |