Co. Ltd. Comparison

Japanese listed fishing tackle manufacturers (SHIMANO, DAIWA, TIEMCO)


The following is a summary of the sales and business activities of three major Japanese fishing tackle manufacturers.

Listed Fishing tackle manufactures

<Tokyo, Prime Market (Code Number: 7309)>

<Tokyo, Prime Market (Code Number: 7990)>

<Tokyo, Standard Market (Code Number: 7501)>

"Daiwa" is a brand of fishing tackle produced by GLOBERIDE, Inc.In Japan, Shimano and Daiwa are the twin leaders in both fishing rods and reels, and these two companies are probably the most familiar to most of you. When you start fishing, the first thing you need is rods and reels, so the presence of these two companies is tremendous.

In this article, I will add TIEMCO LTD. to these two companies and analyze its latest performance and business. The name "TIEMCO" may not ring a bell with many of you. Compared to Shimano and Daiwa, TIEMCO has a difference in terms of sales and market share, and there are many other well-known fishing tackle manufacturers such as Gamakatsu, Jackal, and Major Craft. However, these three companies are not listed on the stock exchange, and TIEMCO is the most likely candidate as a listed fishing tackle manufacturer in Japan. Let us compare the three companies in terms of domestic listed fishing tackle manufacturers.


In addition to complete sets of fishing equipment such as reels, rods, lures and fishing traps, the companies offer a variety of products ranging from apparel (fishing wear, pants and rock shoes), bags, cooler boxes, fishing lines, scissors and other small items.

Trends in the fishing tackle market

The number of fishing trips has been consistently increasing over the 10-year period from 2011 to 2022.

In 2020, fishing in Japan experienced a sharp increase in popularity as a pastime with no human contact during the pandemic. In fact, the fishing equipment market is expected to increase significantly from 2019 to 2020.

Fishing tackle market size trends
Citation : Tiemco Financial Results Supplement

Summary of the three companies' business result

We will look at the sales size and operating profit margins of the three companies. (SHIMANO's figures are for the fiscal year ending December, 2021, GLOBERIDE's figures are for the fiscal year ending March, 2022, and TIEMCO's figures are for the fiscal year ending November, 2021.)

CompanyNet sales[Millions of yen]Operating profit ratio[All sectors]Operating profit ratio[Fishing tackle sector]Percentage of sales in the fishing tackle sector
GlobeRide12068410.2%Around 10%(※)89.7%

(※)Globe Ride's operating income per division was not disclosed on their website, so I assumed it was around 10%.。)

Shimano's high operating profit margin is remarkable.

Shimano and Globe Ride have about the same market share of reels and rods, but in terms of sales size of all businesses, Shimano is about 4.5 times larger than Globe Ride. Shimano's main business is bicycle components, and the fishing tackle division accounts for only 18.7% of its entire sales.

Calculating the sales of the fishing tackle division, we find that

Sales of the fishing tackle division

546515×0.187 = About 102200[Millions of yen]

120684×0.897 = About 108300[Millions of yen]

Based on our calculations, it appears that Globe Ride has a slightly higher market share in fishing equipment.

Incidentally, the world ranking of fishing tackle manufacturers in terms of sales is as follows

RankCompanymarket share
3rdPure Fishing, Inc4.3%
Market share of fishing tackle manufacturers(2021)
Citation deallab

The first and second places are occupied by Japanese manufacturers GlobeRide and Shimano.

In third place is Pure Fishing, an American general fishing tackle manufacturer with brands such as Abu Garcia and Berkley.

In fourth place is Finland's Rapala. This was a bit surprising. The company is famous for wooden lures such as Countdown and Shad Rap, but it also offers a comprehensive line of rods and reels.

SHIMANO INC.<Tokyo, Prime Market (Code Number: 7309)>

Let's look at Shimano's sales and net profit margin.

Both sales and profits have been on an upward trend over the past five years; in the first nine months of 2022, the company has already earned the same level of net income as the previous year, and is expected to increase its sales and profits in FY2022.

Next, let us look at the sales ratio and operating profit ratio by segment.

SegmentSales ratioOperating profit ratio
Bicycle Components81.2%28.2%
Fishing Tackle18.8%22.6%

We at Shimano are dedicated to supply high-quality and high-performance components for different types of bicycles made in various countries and regions of the world, ranging from bicycles for the world’s top racers to daily users.

The DURA-ACE, Shimano’s flagship components in the racing world, always adopts our latest cutting-edge technologies like the Di2. The Di2 (Digital Integrated Intelligence), which was developed to enhance the potential of components by fusion with electronic devices, has dramatically improved shifting speed and accuracy.


The Operating profit ratio in the bicycle business is impressive.

In addition, Shimano has also entered the manufacture of rowing equipment. They are applying the binding system that they have developed in the bicycle business.

Financial affairs(2022.9)


Total assets     832396[Millions of yen]
Net assets    743774
Equity ratio  89.4%
Retained earnings   623448
Interest-bearing debt   900

ROE      20.2%

【Cash flow】[100 million yen] (Figures in parentheses are for the previous year.)

Operating Cash Flow 1124 (910)

Investment Cash Flow -201 (-283)

Financial Cash Flow -587 (-179)

Cash equivalent 3577 (3001)

The high level of retained earnings relative to total assets, low level of interest-bearing debt, and high level of cash indicate the stability of the company's financial base. Regarding cash flow, free cash flow, defined as operating minus investment, has increased for two consecutive years, and cash is accumulating.

GLOBERIDE <Tokyo, Prime Market (Code Number: 7990)>

Let's look at GLOBERIDE's sales and net profit margin.

Next, let us look at the sales ratio.

SegmentSales ratio
Fishing Tackle91%
Golf goods5%
Sporting goods4%

Sporting goods : Racquet equipment, cycle sports (bicycles), etc.

Operating profit margin by segment was not disclosed, but golf equipment sales growth was +50.5% YoY, making it the most vigorous business segment.

Financial affairs


Total asstes    105057[Millions of yen]
Net assets    47423
Equity ratio  45.1%
 Retained earnings  37114
Interest-bearing debt  20779

ROE      29.6%

【Cash flow】[Millions of yen] (Figures in parentheses are for the previous year.)

Operating Cash Flow 6956 (15842)

Investment Cash Flow -6847 (-3376)

Financial Cash Flow -2470 (-8356)

Cash equivalent 7149 (9157)

Major Shareholders

Marubeni Corporation, a general trading company, is in third place.

TIEMCO <Tokyo, Standard Market (Code Number: 7501)>

Let's look at TIEMCO's sales and net profit margin.

There have been three years in the red in the past five years, and the company's profitability is undeniably low.

Next, let us look at the sales ratio and operating income ratio by segment.

SegmentSales ratioOperating income ratio
Fishing Tackle36.1%15.8%
Outdoor goods63.0%-1.3%

Outdoor goods :

January 1982Launches "Foxfire," an outdoor clothing line with its roots in fly fishing. As Tiemco's first original product, the company begins to expand into the outdoor business.


Starting with fishing jackets and waders, the company now sells clothing for all outdoor activities.

Others : This is a real estate leasing business with an operating margin of 73.6%.

Financial affairs


Total asstes     5434[Millions of yen]
Net assets    4546
Equity ratio  83.7%
Retained earnings   106
Interest-bearing debt   0

ROE       -0.2%

【Cash flow】[Millions of yen] (Figures in parentheses are for the previous year.)

Operating Cash Flow 195 (-272)

Investment Cash Flow -127 (317)

Financial Cash Flow -19 (-35)

Cash equivalent 629 (578)

The retained earnings are quite low, probably because the company has been making losses for many years. With a high equity ratio, zero interest-bearing debt, a reasonable amount of cash, and real estate holdings, the risk of bankruptcy seems low, but due to low profitability, it appears difficult to expand the company's size.

Major Shareholders

No.2 Snow Peak

In 2019, the company signed a capital and business alliance agreement with outdoor equipment giant Snow Peak, which is a major shareholder. Other major shareholders include the Sakai family, the president's family, and OWNER HOOKS CO., LTD.

Annual income and average age of employees

Average annual incomeAverage ageNumber of Employees
SHIMANO8.51 million yen40.2 years old1507 people (Non-consolidated)
GLOBERIDE6.69 million yen42.7 years old808 people (Non-consolidated)
TIEMCO5.05 million yen46.8 years old68 people

The differences among the three companies are clear. Shimano has the highest average annual salary, the youngest age, and the most employees. Tiemco tends to be the opposite, and Globe Ride is somewhere in between.


We have summarized the differences between Shimano, GlobeRide, and Tiemco. Profit margins in the fishing tackle business are generally high, and the market size is expected to grow. As a fishing enthusiast, I will continue to watch the trends of the three companies.


Japan Company Handbook Collection 1, 2023 (Toyo keizai Inc.)

-Co. Ltd. Comparison