# Bunka Shutter Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/04/01－2026/03/31) (S100YBKB)
> Page: https://vizora.meequs.com/en/company/bunka-shutter
> Retrieved: 2026-09-30T20:58:21.490Z

## Company

Bunka Shutter, founded in 1955, is a company in Homebuilders listed on TSE Prime. It has 5,546 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bunka Shutter Co., Ltd. |
| Ticker | 5930 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5930.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区西片一丁目17番3号 |
| Representative (per filing) | 代表取締役社長 執行役員社長 小倉 博之 |
| Founded | Apr 1955 |
| Share capital | ¥15.1B |
| Employees (consolidated) | 5,546 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.bunka-s.co.jp (https://www.bunka-s.co.jp/) |
| Corporate number | 3010001088907 |
| EDINET | E01413 |
| Industries (Vizora) | Homebuilders, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YBKB, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83 | 56 |
| Profitability | 68.1 | 58 |
| Cash conversion | 21 | 50 |
| Efficiency | 78.4 | 58 |
| Financial strength | 81.3 | 8 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 40% of Bunka Shutter's sales come from Shutters, with Construction related materials and Service making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +5.7%.

## Company structure

- Segment revenue mix: Shutters 39.9%、Construction related materials 39.6%、Service 13.8%、Other 3.8%、Refurbishments 2.9%
- Revenue → net income: ¥236282000000 → ¥12642000000
- Net income → operating cash flow: ¥12642000000 → ¥10011000000（difference ¥-2631000000）
- Main uses of operating cash flow: CapEx ¥3461000000 / dividends ¥5602000000 / buybacks ¥2006000000
- Change in cash: ¥-2988000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥236.3B |  |
| Operating income | ¥15.6B | Margin 6.6% |
| Net income | ¥12.6B | Margin 5.3% |
| Free cash flow | ¥6.55B |  |
| Largest business | Shutters | of segment revenue 39.9% |
| Employees (consolidated) | 5,546 |  |
| EPS | ¥144.9 |  |
| Book value per share | ¥1308.26 |  |
| Equity ratio | 58.3% |  |
| Shares outstanding | 72,196,487 |  |
| Treasury shares | 1,663,100 |  |
| Shareholders | 10,001 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 17.8% | Net cash ¥23.9B · Cash ÷ revenue 15.5% |
| Vs. industry median margin | +2.1 pp | Housing Equipment & Building Materials |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥173143000000 | ¥236282000000 | +36.5% |
| Operating income | ¥10514000000 | ¥15569000000 | +48.1% |
| Operating margin | 6.1% | 6.6% | +0.5 pp |
| Employees | 4,764 people | 5,546 people | +16.4% |
| Cash and equivalents | ¥36205000000 | ¥36704000000 | +1.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| シャッター関連製品事業 → シャッター関連製品事業 | 37.0% |
| 建材関連製品事業 → 建材関連製品事業 | 39.6% |
| 建材関連製品事業 → 事業再編・廃止 | 2.6% |
| サービス事業 → サービス事業 | 13.8% |
| サービス事業 → 事業再編・廃止 | 0.2% |
| リフォーム事業 → リフォーム事業 | 2.9% |
| リフォーム事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 3.8% |
| 新設・再編 → シャッター関連製品事業 | 2.9% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Shutters | 5 years | +8.0% | ¥94193000000 | 10.7% | 2 |
| Construction related materials | 5 years | +5.1% | ¥93511000000 | 3.9% | 2 |
| Service | 5 years | +6.1% | ¥32596000000 | 17.5% | 2 |
| Other | 5 years | +6.6% | ¥9040000000 | 17.3% | 2 |
| Refurbishments | 5 years | +5.9% | ¥6940000000 | 1.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 236,282 | 100.0% | S100YBKB |
| Cost of revenue | 170,895 | 72.3% | S100YBKB |
| Gross profit | 65,386 | 27.7% | S100YBKB |
| SG&A | 49,817 | 21.1% | S100YBKB |
| Operating income | 15,569 | 6.6% | S100YBKB |
| Ordinary income | 17,626 | 7.5% | S100YBKB |
| Pretax income | 17,771 | 7.5% | S100YBKB |
| Income tax | 5,129 | 2.2% | S100YBKB |
| Net income | 12,642 | 5.4% | S100YBKB |
| Net income attributable to owners | 12,639 | 5.3% | S100YBKB |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 21 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 27.7% → Operating margin 6.6% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +5.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.66×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 228,419 | 236,282 | 7,863 | +3.4% |
| Gross profit | 62,483 | 65,386 | 2,903 | +4.6% |
| Operating income | 14,726 | 15,569 | 843 | +5.7% |
| Net income attributable to owners | 13,158 | 12,639 | -519 | -3.9% |
| Operating cash flow | 10,975 | 10,011 | -964 | -8.8% |
| Free cash flow | 5,628 | 6,550 | 922 | +16.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 184,239 | 9,485 | 5.1% | 6,603 | 10,263 | 7,167 | S100LLIN |
| FY ending Mar 2021 | 173,143 | 10,514 | 6.1% | 8,399 | 17,459 | 14,558 | S100OAZI |
| FY ending Mar 2022 | 182,313 | 9,105 | 5.0% | 6,706 | 9,354 | 6,750 | S100QZFC |
| FY ending Mar 2023 | 199,179 | 9,685 | 4.9% | 7,899 | 7,515 | 4,008 | S100TNC9 |
| FY ending Mar 2024 | 221,076 | 14,472 | 6.5% | 10,582 | 15,642 | 11,007 | S100VXXD |
| FY ending Mar 2025 | 228,419 | 14,726 | 6.4% | 13,158 | 10,975 | 5,628 | S100YBKB |
| FY ending Mar 2026 | 236,282 | 15,569 | 6.6% | 12,639 | 10,011 | 6,550 | S100YBKB |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.6M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,794 | 4,958 | 5,290 | 5,369 | 5,546 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥7.1M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 43.4 years | 43.1 years | 43.0 years | 42.5 years | 42.7 years |
| Average tenure (parent company) | 17.0 years | 16.3 years | 16.1 years | 15.6 years | 15.5 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +3.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Shutters | 94,193 | 39.9% | 10,117 | 10.7% |
| Construction related materials | 93,511 | 39.6% | 3,605 | 3.9% |
| Service | 32,596 | 13.8% | 5,713 | 17.5% |
| Refurbishments | 6,940 | 2.9% | 115 | 1.7% |
| Other | 9,040 | 3.8% | 1,560 | 17.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Shutters | 39.9% | 47.9% | 8.1 | 10.7% |
| Construction related materials | 39.6% | 17.1% | -22.5 | 3.9% |
| Service | 13.8% | 27.1% | 13.3 | 17.5% |
| Refurbishments | 2.9% | 0.5% | -2.4 | 1.7% |
| Other | 3.8% | 7.4% | 3.6 | 17.3% |

Segment → industry: Refurbishments → Homebuilders / Service → Housing Equipment & Building Materials / Construction related materials → Housing Equipment & Building Materials / Shutters → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,011 | 4.2% | S100YBKB |
| Capital expenditure | 3,461 | 1.5% | S100YBKB |
| Free cash flow | 6,550 | 2.8% | 算出 |
| Investing cash flow | -3,164 | -1.3% | S100YBKB |
| Financing cash flow | -9,896 | -4.2% | S100YBKB |
| Dividends paid | 5,602 | 2.4% | S100YBKB |
| Share buyback | 2,006 | 0.8% | S100YBKB |
| Change in cash | -2,988 | -1.3% | S100YBKB |
| Cash and equivalents | 36,704 | 15.5% | S100YBKB |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 35,966 | 31,027 | 39,149 | 39,693 | 36,704 | S100TNC9, S100VXXD, S100YBKB |
| Total assets | 169,205 | 177,246 | 206,879 | 204,982 | 205,651 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Net assets | 82,512 | 82,776 | 103,924 | 113,450 | 120,009 | S100TNC9, S100VXXD, S100YBKB |
| Share capital | 15,051 | 15,051 | 15,051 | 15,051 | 15,051 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Property, plant and equipment | 33,752 | 34,791 | 38,707 | 41,532 | 42,710 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Intangible assets excluding goodwill | 8,677 | 8,590 | 19,474 | 17,627 | 16,136 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Goodwill | 4,021 | 4,259 | 11,318 | 10,329 | 9,702 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Investment securities | 16,111 | 16,117 | 19,940 | 19,269 | 22,103 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Current assets | 100,437 | 107,629 | 120,049 | 117,344 | 115,534 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Current liabilities | 52,619 | 71,739 | 65,559 | 55,554 | 49,819 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Trade payables | 16,892 | 18,825 | 15,604 | 11,704 | 11,958 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Short-term borrowings | 1,504 | 1,482 | 1,352 | 1,212 | 1,200 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Long-term borrowings | — | 24 | 3,209 | 2,440 | 1,600 | S100TNC9, S100VXXD, S100YBKB |
| Bonds | — | — | 10,000 | 10,000 | 10,000 | S100VXXD, S100YBKB |
| Interest-bearing debt | — | — | 14,561 | 13,652 | 12,800 | 算出 |
| Total liabilities | 86,693 | 94,469 | 102,954 | 91,532 | 85,642 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Non-controlling interests | 158 | 174 | 155 | 162 | 164 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Equity attributable to owners of parent | 79,773 | 78,377 | 95,716 | 104,183 | 109,208 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Retained earnings | 57,555 | 62,699 | 70,476 | 78,919 | 85,944 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |
| Treasury stock | -5,157 | -11,654 | -1,103 | -1,079 | -3,079 | S100QZFC, S100TNC9, S100VXXD, S100YBKB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YBKB |
| Property, plant and equipment | 21% | S100YBKB |
| Intangibles and goodwill | 12% | S100YBKB |
| Investment securities | 11% | S100YBKB |
| Other assets | 38% | S100YBKB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YBKB |
| Interest-bearing debt | 6% | 算出 |
| Other liabilities | 30% | S100YBKB |
| Equity | 58% | S100YBKB |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 169,205 | 177,246 | 206,879 | 204,982 | 205,651 |
| Equity | 82,512 | 82,776 | 103,924 | 113,450 | 120,009 |
| Interest-bearing debt | — | — | 14,561 | 13,652 | 12,800 |
| Cash | 35,966 | 31,027 | 39,149 | 39,693 | 36,704 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 18.1% | S100YBKB |
| Fixed assets ÷ total assets | 20.8% | S100YBKB |
| Goodwill ÷ parent equity | 8.9% | S100YBKB |

Goodwill over 4 years: 4,021 → 9,702 JPY; total investing cash flow: -25,359 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 17.8% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | ¥23.9B |
| Net debt ÷ operating cash flow | -2.39× |
| Cash conversion (operating CF ÷ operating income) | 64.3% |
| Cash vs. profit gap | -2,628 JPY mn (of net income -20.8%) |
| Shareholder returns / net income | 60.2% |
| Shareholder returns / FCF | 116.2% |
| Shareholder payments — dividends / net income | 44.3% |
| Shareholder payments — dividends / FCF | 85.5% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 31.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.7% | 1.08× | 4.0% | 2.12× | 8.4% | S100QZFC |
| 2023 | 4.0% | 1.15× | 4.6% | 2.19× | 10.0% | S100TNC9 |
| 2024 | 4.8% | 1.15× | 5.5% | 2.21× | 12.2% | S100VXXD |
| 2025 | 5.8% | 1.11× | 6.4% | 2.06× | 13.2% | S100YBKB |
| 2026 | 5.3% | 1.15× | 6.2% | 1.92× | 11.8% | S100YBKB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.4% | 2026-03-31 |
| 文化シヤッター関連企業持株会 | Major shareholder | 7.5% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５１０３ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.2% | 2026-03-31 |
| 文化シヤッター社員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| NIPPON ACTIVE VALUE FUND PLC （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| ザ バンク オブ ニューヨーク－ジャスディック トリーティー アカウント（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ヨドコウ | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YBKB | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBKB,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100VXXD | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXXD,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TNC9 | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNC9,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100QZFC | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZFC,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OAZI | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAZI,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LLIN | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLIN,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).