Against the tailwind of sporting events in 2026, the comparison between Japan's two leading sports manufacturers, Asics and Mizuno, is drawing attention. Asics has achieved high growth through the success of Onitsuka Tiger and global expansion, trading at a high forward PER of 31 times, while Mizuno is undervalued at 14 times PER, with a solid earnings base in competitive equipment such as baseball and golf gear. Asics posted strong first-quarter operating profit of 60.8 billion yen, up 37 percent year-on-year, reaching a progress rate of 35.5 percent against its full-year plan, making an upward revision almost certain. Mizuno expects revenue to rise 8.1 percent to 280 billion yen and operating profit to increase 12.8 percent to 25.5 billion yen this fiscal year, both setting new record highs and maintaining a trend of consecutive revenue and profit growth. In terms of share price levels and supply-demand dynamics, Asics is down only 5 percent from its all-time high, while Mizuno is down 18 percent, and the margin trading ratio also highlights the weight of outstanding buy positions, with Asics at 1.4 times versus Mizuno at 30.2 times.
Asics CorporationStrong Q1 operating profit up 37% YoY, progress rate 35.5% vs full-year plan, making upward revision almost certain.
Mizuno CorporationExpects record revenue and operating profit this fiscal year, with consecutive growth trend.