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Japanese specialty retailer of workwear that expanded into affordable outdoor and functional apparel for general consumers via Workman Plus.
Japanese specialty retailer of workwear that expanded into affordable outdoor and functional apparel for general consumers via Workman Plus.
Sells mostly own-brand goods through largely franchised stores, earning from merchandise supplied to those stores and franchise fees. Low prices and a wide range of work clothes keep tradespeople coming, while outdoor lines draw general shoppers.
In one line: A workwear retailer that became Japan's Dick's Sporting Goods for budget outdoor gear.
Moat: narrow (cost advantage, brand). Low-cost private-label sourcing and a franchise store network built strong value-for-money brand perception.
Headquarters: Ichinomiya, Aichi, Japan · Founded: 1979 · Employees: 440
Size Workman (7564.T) is a Japan Industrials company (Wholesale Distributors) with a market value of $2.57B, the 406th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,960 on 6 Nov 2026.
Performance Over six months the shares fell 31.1%, against +3.7% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 21.0% over the last twelve months (peer median +7.5%); the operating margin is 19.1% (peer median 5.1%).
Valuation It trades at 17.1× forward earnings against a peer median of 14.5× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 22.8 points above its cost of capital (9.5% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥171B | ¥161B | ¥137B | ¥133B | ¥128B |
| Revenue growth | — | +17% | +3% | +3% | — |
| Gross profit | ¥65.2B | ¥57.4B | ¥48.2B | ¥44.5B | ¥42.5B |
| EBITDA | ¥36.1B | ¥33.3B | ¥27.4B | ¥25.9B | ¥26.4B |
| Net income | ¥22.6B | ¥20.6B | ¥16.9B | ¥16.0B | ¥16.7B |
| Free cash flow | n/a | ¥10.9B | ¥18.6B | ¥11.5B | ¥4.51B |
| Capital expenditure | n/a | ¥8.85B | ¥7.06B | ¥3.97B | ¥4.83B |
| Total debt | ¥1.57B | ¥1.69B | ¥1.81B | ¥1.93B | ¥2.06B |
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 |
|---|---|---|---|---|---|---|
| Workman 7564.T | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% |
| Fast Retailing 9983.T | $155B | +6% | +17% | 18% | 41.2× | 23.8% |
| AOKI 8214.T | $912M | +10% | 0% | 8% | n/a | -5.3% |
| SHIMAMURA 8227.T | $4.69B | +2% | +5% | 9% | 14.3× | -9.9% |
| AOYAMA TRADING 8219.T | $704M | -7% | -2% | 6% | 13.3× | -1.6% |
| Alpen 3028.T | $590M | +26% | +6% | 3% | n/a | -3.0% |
| Komeri 8218.T | $1.21B | +17% | +3% | 6% | 11.8× | -6.8% |
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 | 7564.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | -4.6% | 9th lowest of 21 |
| 6-month return | -31.1% | +3.7% | lowest of 21 |
| Distance from 52-week high | -40.5% | -20.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +21.0% | +7.5% | 5th highest of 21 |
| Operating margin | 19.1% | 5.1% | 3rd highest of 21 |
| Forward P/E | 17.1× | 14.5× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.6% | 6.6% | 10th least demanding of 20 |
| Growth delivered (Del g) | +8.7% | +8.8% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | -4.1 pp | -1.9 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +22.8 pp | +0.8 pp | highest of 21 |
| EV / EBITDA | 8.9× | 9.0× | 6th cheapest of 14 |
| Net debt / EBITDA | -2.3× | 1.8× | least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Workman 7564.T | Japan | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% | +8.7% |
| Bufab BUFAB.ST | Sweden | $2.55B | +16% | +8% | 13% | 29.2× | 18.7% | +11.2% |
| Xinhua Winshare Publishing & Media 0811.HK | Hong Kong | $2.60B | -15% | +1% | 7% | 6.6× | -10.6% | +4.7% |
| Boise Cascade BCC | United States | $2.44B | -1% | +1% | 3% | 24.1× | 7.7% | +3.2% |
| IWATANI 8088.T | Japan | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% | +10.1% |
| DNOW DNOW | United States | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% | +11.7% |
| Marco Polo 001386.SZ | China | $2.80B | -15% | -12% | 21% | n/a | -7.2% | -5.5% |
| OEM International OEM-B.ST | Sweden | $2.34B | +11% | +11% | 15% | 29.9× | 14.6% | +10.1% |
| Jiangsu Azure 002245.SZ | China | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% | +13.8% |
| Inchcape INCH.L | United Kingdom | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% | +5.9% |
| Hanwa 8078.T | Japan | $2.29B | +7% | +6% | 2% | 7.8× | -4.2% | +8.8% |
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| DXP Enterprises DXPE | United States | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% | +14.9% |
| Macnica 3132.T | Japan | $3.23B | +8% | +35% | 4% | 11.8× | n/a | n/a |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |
| BIC Cameras 3048.T | Japan | $1.94B | +10% | +7% | 4% | 15.2× | -8.2% | +4.5% |
| Dalrymple Bay Infrastructure DBI.AX | Australia | $1.92B | +6% | +11% | 29% | 26.2× | 7.8% | +104.8% |
| ARE 5857.T | Japan | $1.89B | +1% | +38% | 7% | 9.3× | 2.0% | +29.4% |
| Travis Perkins TPK.L | United Kingdom | $1.86B | +28% | 0% | 3% | 23.2× | 8.5% | +4.3% |