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Japanese sportswear company operating The North Face Japan license plus its own Goldwin and Ellesse/Speedo Japan brands.
Japanese sportswear company operating The North Face Japan license plus its own Goldwin and Ellesse/Speedo Japan brands.
Pays licence royalties to brand owners but sells in its own name: it designs and sells the products itself in Japan, through its own shops, outdoor retailers and online. One licence, The North Face, carries most of the business, so earnings depend on that arrangement with the brand owner.
In one line: Japan's licensed operator of The North Face.
Moat: narrow (brand, distribution). Exclusive long-term Japan licenses for The North Face and other global brands, tightly distributed.
Headquarters: Tokyo, Japan · Founded: 1950 · Employees: 1,536
Size Goldwin (8111.T) is a Japan Consumer Discretionary company (Apparel/Footwear) with a market value of $1.93B, the 499th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,172 on 6 Nov 2026.
Performance Over six months the shares fell 1.0%, against -0.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +7.0%); the operating margin is 17.6% (peer median 9.0%).
Valuation It trades at 12.7× forward earnings against a peer median of 12.9× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.5 points above its cost of capital (5.6% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥137B | ¥138B | ¥132B | ¥127B | ¥115B |
| Revenue growth | — | +4% | +4% | +10% | — |
| Gross profit | ¥73.0B | ¥72.9B | ¥68.9B | ¥67.2B | ¥60.0B |
| EBITDA | ¥26.8B | ¥28.4B | ¥24.2B | ¥25.9B | ¥23.7B |
| Net income | ¥23.2B | ¥24.1B | ¥24.4B | ¥24.3B | ¥21.0B |
| Free cash flow | n/a | ¥20.2B | ¥22.4B | ¥16.6B | ¥18.5B |
| Capital expenditure | n/a | ¥6.05B | ¥2.01B | ¥1.99B | ¥1.77B |
| Total debt | ¥974M | ¥4.54B | ¥2.63B | ¥2.85B | ¥4.00B |
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 |
|---|---|---|---|---|---|---|
| Goldwin 8111.T | $1.93B | -1% | +4% | 18% | 12.7× | -6.3% |
| Fast Retailing 9983.T | $155B | +6% | +17% | 18% | 41.2× | 23.8% |
| Asics 7936.T | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% |
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 | 8111.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | +7.5% | 7th lowest of 21 |
| 6-month return | -1.0% | -0.4% | 11th highest of 21 |
| Distance from 52-week high | -32.1% | -20.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +4.3% | +7.0% | 10th lowest of 21 |
| Operating margin | 17.6% | 9.0% | 3rd highest of 21 |
| Forward P/E | 12.7× | 12.9× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -6.3% | -5.9% | 8th least demanding of 16 |
| Growth delivered (Del g) | +8.7% | +6.8% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | -15.1 pp | -9.8 pp | 5th least demanding of 16 |
| ROIC minus cost of capital | +16.5 pp | +5.1 pp | 3rd highest of 21 |
| EV / EBITDA | 9.5× | 7.0× | 7th most expensive of 18 |
| Net debt / EBITDA | -2.0× | -0.1× | 2nd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Goldwin 8111.T | Japan | $1.93B | -1% | +4% | 18% | 12.7× | -6.3% | +8.7% |
| Vestis VSTS | United States | $1.88B | +54% | 0% | 4% | 20.0× | 15.8% | +1.3% |
| F&F 383220.KS | South Korea | $1.80B | -3% | +7% | 25% | 5.1× | n/a | n/a |
| Feng Tay Enterprise 9910.TW | Taiwan | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% | +3.9% |
| Mizuno 8022.T | Japan | $2.10B | +27% | +10% | 9% | 15.9× | 4.9% | +11.5% |
| Wolverine World Wide WWW | United States | $1.75B | +28% | +7% | 9% | 12.1× | 9.1% | +0.9% |
| Under Armour UA | United States | $2.23B | -19% | -3% | 1% | 83.9× | n/a | n/a |
| Youngone 111770.KS | South Korea | $2.27B | -13% | +15% | 14% | 5.5× | n/a | n/a |
| Pou Chen 9904.TW | Taiwan | $2.29B | 0% | -7% | 3% | 7.3× | 5.9% | +0.1% |
| Makalot Industrial 1477.TW | Taiwan | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% | +6.7% |
| Zhejiang Semir Garment 002563.SZ | China | $2.42B | -1% | +4% | 7% | 14.8× | -8.1% | -0.1% |
| BIEM.L.FDLKK Garment 002832.SZ | China | $2.46B | +42% | +23% | 15% | 20.4× | 0.0% | +13.3% |
| Misto 081660.KS | South Korea | $1.51B | -5% | +8% | 13% | 6.4× | -13.9% | +7.4% |
| JNBY Design 3306.HK | Hong Kong | $1.47B | +7% | +12% | 20% | 9.4× | -7.4% | +6.9% |
| Stella International 1836.HK | Hong Kong | $1.47B | -10% | +2% | 8% | 11.8× | -9.5% | +6.8% |
| YoungoneHoldings 009970.KS | South Korea | $1.42B | -11% | +14% | 15% | 6.5× | n/a | n/a |
| New Wave NEWA-B.ST | Sweden | $1.36B | +4% | +9% | 11% | 14.4× | n/a | n/a |
| Yue Yuen Industrial (Holdings) 0551.HK | Hong Kong | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% | -0.9% |
| G-III Apparel GIII | United States | $1.35B | -1% | -9% | 8% | 13.0× | -9.5% | +7.5% |
| 361 Degrees International 1361.HK | Hong Kong | $1.34B | -11% | +13% | 14% | 6.1× | -20.3% | +16.0% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 36.9× | 25.0% | +27.5% |