Tokyo Lifestyle Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Tokyo Lifestyle Co., Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	140	225	235	170	196	210	373
Gross profit		0.01	0.33	0.64
Selling, general and administrative	18.1	32.5	36.4	28.6	17.6	19.2	24.9
Operating expenses	130	214	227	169	190	205	370
Operating income		-0.07	7.29	0.82	5.78	4.72	3.22
Interest expense	1.89	2.28	2.79	2.42	1.61	1.72	1.99
Other non-operating income	-1.86	-2.46	-1.13	-8.16	2.16	0.04	0.53
Pre-tax income	7.55	8.26	6.16	-7.33	7.94	4.76	3.75
Income tax	2.66	3.31	2.23	0.71	0.46	-1.88	3.1
Income from continuing operations	9.41	10.7	7.29	0.82
Net income to minority interests							-0.07
Net income	4.89	4.95	3.92	-8.05	7.48	6.64	0.72
EBITDA		0.55	8.51	2.05	7.01	5.67	4.37
EPS, basic	0.15	0.18	0.12	-0.22	0.20	0.16	0.02
EPS, diluted	0.15	0.18	0.12	-0.22	0.20	0.16	0.02
Shares, basic (weighted)	31.2	27.5	32.7	36.3	37.3	42.2	42.3
Shares, diluted (weighted)	31.2	27.5	32.7	36.3	37.3	42.2	42.3

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	8.69	16.4	18.3	1.77	2.5	4.82	2.12
Receivables		43.7	41	89.4	105	107	187
Inventory		27.1	31.4	7.19	4.41	4.37	14.4
Other current assets		1.15	0.66	1.72	2.75	13.5	6.13
Total current assets		95.2	102	107	122	137	219
Property, plant and equipment		10.6	13.3	12.9	9.01	10.8	4.49
Lease right-of-use assets		2.9	4.21	2.71	3.98	6.03	7.94
Long-term investments		0.33	0.17	0.17
Other non-current assets		0.37	0.54	0.46
Total assets		113	127	147	142	158	234
Accounts payable		11.6	8.04	12.7	24.4	25.1	106
Accrued liabilities		0.06	0.13
Deferred revenue		0.19	0.1	0.15	0.06	8.03	2.34
Short-term debt		0.65	1.45	2.78	1.73	0.71	1.79
Total current liabilities		81.6	56.8	98	93.4	101	168
Long-term debt		6.44	21.1	10.3	5.64	6.5	11.5
Lease liabilities		1.93	2.31	1.42	2.49	4	5.67
Other non-current liabilities		0.29	2.1	2.54	1.93	1.47	1.29
Total liabilities		90.7	83	117	106	115	192
Total debt		7.09	22.6	13.1	7.37	7.21	13.3
Paid-in capital			11.9	9.08
Retained earnings		20.2	21.6	13.6	21.1	27.7	27.9
Other comprehensive income		-0.4	-3.79	-8.07	-12	-11.7	-13.8
Shareholders' equity	14	20.3	44.5	29.3	36	43	41.1
Minority interests							0.1
Total equity	14	20.3	44.5	29.3	36	43	41.2
Total liabilities and equity		113	127	147	142	158	234
Shares outstanding		27.3	36.3	36.3	42.2	42.2	42.3

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	4.89	4.95	3.9	8	7.48	6.64	0.65
Depreciation and amortization	0.4	0.63	1.22	1.23	1.23	0.95	1.15
Deferred income tax	-0.18	-0.23	-0.07	4.85	-1.78	-0.96	1.61
Change in receivables	-9.42	-13.5	7.84	-53.8	-24.7	-1.07	-87.3
Change in inventory			-6.05	21.3	2.36	-0.01	-10.7
Cash from operations	-7.65	-3.24	-7.01	-25.7	1.91	-0.6	-10.3
Capital expenditures	-3.41	-2.94	-3.04	-0.93	-0.93	-0.99	-0.31
Cash from investing	-3.31	-1.99	-3.11	-0.74	2.71	-0.96	6.1
Debt issued		3.64	17.1	2.16			14
Debt repaid	-11.4	-1.51	-1.61	-9.8	-4.19	-0.2	-7.77
Stock issued					3.75
Dividends paid							-0.53
Cash from financing	16.2	13.9	13.8	12.7	-1.78	3.97	4.24
Exchange rate effect		-0.55	-2.23	-2.76	-2.14	-0.06	-2.75
Net change in cash	5.27	8.15	1.42	-16.5	0.71	2.34	-2.7
Free cash flow	-11.1	-6.18	-10	-26.7	0.98	-1.59	-10.6
Interest paid	1.07	0.85	0.87	1.11	0.8	1.07	1.64
Income taxes paid	2.59	2.93	3.72	0.43	0.88	4.21	0.87

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $1.43 on November 11, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	0.9%	Operating income / revenue.
EBITDA margin	1.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.0%	Pre-tax income / revenue.
Net margin	0.2%	Net income / revenue.
FCF margin	-2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.8%	Cash from operations / revenue.
Effective tax rate	82.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	6.7%	Selling, general and administrative expense / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	77.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-31.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	57.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-22.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	28.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	51.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-89.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-32.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-87.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-35.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	48.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	9.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.30x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.7%	Total debt / total assets.
Liabilities / assets	82.4%	Total liabilities / total assets.
Net debt	$11.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.62x	Operating income / interest expense.
Working capital	$51.1M	Current assets - current liabilities.
Tangible book value	$41.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.91x	Revenue / average total assets.
Fixed asset turnover	48.9x	Revenue / average property, plant and equipment.
Receivables turnover	2.54x	Revenue / average receivables.
Days sales outstanding	144 days	365 x average receivables / revenue.
FCF conversion	-1,481.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$8.82	Revenue / diluted weighted shares.
FCF per share	-$0.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.24	Cash from operations / diluted weighted shares.
Book value per share	$0.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.97	Tangible book value / shares outstanding.
Cash per share	$0.05	(Cash + short-term investments) / shares outstanding.
Payout ratio	74.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.0M	Share price x shares outstanding.
Enterprise value	$17.2M	Market cap + total debt - cash - short-term investments.
P/E	8.42x	Market cap / net income. Only when net income is positive.
P/S	0.02x	Market cap / revenue.
P/B	0.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.15x	Market cap / tangible book value, when positive.
EV/Sales	0.05x	Enterprise value / revenue.
EV/EBIT	5.35x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.94x	Enterprise value / EBITDA, when both are positive.
FCF yield	-175.9%	Free cash flow / market cap.
Earnings yield	11.9%	Net income / market cap (the inverse of P/E).
Dividend yield	8.8%	Dividends paid over the period / market cap.
Shareholder yield	8.8%	(Dividends paid + share buybacks) / market cap.

What was Tokyo Lifestyle Co., Ltd.'s revenue in fiscal 2026?

Tokyo Lifestyle Co., Ltd. reported revenue of $373.2M for fiscal 2026, 77.6% higher than the year before.

Was Tokyo Lifestyle Co., Ltd. profitable in fiscal 2026?

Yes. Net income was $716.7K, a net margin of 0.2%.

How much free cash flow did Tokyo Lifestyle Co., Ltd. generate in fiscal 2026?

Cash from operations of $10.3M minus capital expenditures of $314.0K left free cash flow of -$10.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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