Loading…
Japanese maker of performance running shoes and sportswear, plus the retro Onitsuka Tiger fashion brand.
Japanese maker of performance running shoes and sportswear, plus the retro Onitsuka Tiger fashion brand.
Sells shoes to sporting-goods retailers and through its own stores and websites, with performance running shoes as the base. Onitsuka Tiger, positioned as fashion rather than sport and sold largely in its own stores, has grown into a second pillar. Most sales are outside Japan.
In one line: Japan's New Balance.
Moat: narrow (brand, IP / patents). Strong brand loyalty among serious runners and cushioning tech (GEL), but footwear is fashion-driven and competitive.
Headquarters: Kobe, Japan · Founded: 1949 · Employees: 9,455
Size Asics (7936.T) is a Japan Consumer Discretionary company (Apparel/Footwear) with a market value of $20.7B, the 80th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,858 on 6 Nov 2026.
Performance Over six months the shares gained 9.6%, against +3.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 27.5% over the last twelve months (peer median +8.0%); the operating margin is 19.3% (peer median 16.5%).
Valuation It trades at 27.1× forward earnings against a peer median of 17.4× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 29.5 points above its cost of capital (9.8% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥943B | ¥811B | ¥679B | ¥570B | ¥485B |
| Revenue growth | — | +20% | +19% | +18% | — |
| Gross profit | ¥509B | ¥436B | ¥359B | ¥281B | ¥225B |
| EBITDA | ¥212B | ¥168B | ¥121B | ¥71.2B | ¥50.3B |
| Net income | ¥127B | ¥98.7B | ¥63.8B | ¥35.3B | ¥19.9B |
| Free cash flow | ¥106B | ¥93.5B | ¥93.4B | ¥84.8B | -¥24.9B |
| Capital expenditure | ¥35.1B | ¥33.2B | ¥25.5B | ¥15.6B | ¥12.7B |
| Total debt | ¥101B | ¥98.5B | ¥117B | ¥132B | ¥140B |
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 |
|---|---|---|---|---|---|---|
| Asics 7936.T | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% |
| Nike NKE | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% |
| adidas ADS.DE | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% |
| Puma PUM.DE | $4.42B | +4% | -19% | -6% | n/a | n/a |
| Under Armour UA | $2.23B | -19% | -3% | 1% | 83.9× | n/a |
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 | 7936.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +11.4% | 8th lowest of 21 |
| 6-month return | +9.6% | +3.7% | 5th highest of 21 |
| Distance from 52-week high | -10.7% | -15.9% | 8th highest of 21 |
| Revenue growth (TTM) | +27.5% | +8.0% | 3rd highest of 21 |
| Operating margin | 19.3% | 16.5% | 6th highest of 21 |
| Forward P/E | 27.1× | 17.4× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.1% | 6.7% | 4th most demanding of 21 |
| Growth delivered (Del g) | +19.8% | +14.3% | 6th highest of 21 |
| Hurdle (Req g minus delivered) | -5.7 pp | -6.6 pp | 9th most demanding of 21 |
| ROIC minus cost of capital | +29.5 pp | +11.0 pp | 3rd highest of 21 |
| EV / EBITDA | 15.2× | 10.1× | 4th most expensive of 19 |
| Net debt / EBITDA | -0.2× | 0.6× | 7th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asics 7936.T | Japan | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% | +19.8% |
| Ralph Lauren RL | United States | $22.4B | +5% | +15% | 17% | 18.6× | 11.0% | +13.0% |
| Next NXT.L | United Kingdom | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% | +14.3% |
| Ryohin Keikaku 7453.T | Japan | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% | +15.3% |
| Anta Sports 2020.HK | Hong Kong | $28.2B | +2% | +17% | 21% | 12.5× | -0.7% | +16.9% |
| Moncler MONC.MI | Italy | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% | +16.8% |
| adidas ADS.DE | Germany | $33.2B | +19% | +8% | 9% | 18.3× | 3.5% | +6.1% |
| Lululemon Athletica LULU | United States | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% | +20.3% |
| On Holding AG Class A ONON | United States | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% | +51.6% |
| Deckers Brands DECK | United States | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% | +16.5% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Nike NKE | United States | $57.3B | -13% | -1% | 9% | 30.4× | 7.0% | +0.8% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |