# C.S. LUMBER CO., INC: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/06/01－2026/05/31) (S100YYY4)
> Page: https://vizora.meequs.com/en/company/c-s-lumber
> Retrieved: 2026-09-30T18:33:09.008Z

## Company

C.S. Lumber, founded in 1983, is a company in Homebuilders listed on TSE Standard. It has 320 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | C.S. LUMBER CO., INC |
| Ticker | 7808 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7808.T) |
| Listing | TSE Standard |
| Head office | 千葉県千葉市花見川区幕張本郷一丁目16番3号 |
| Representative (per filing) | 代表取締役社長 中井 千代助 |
| Founded | Apr 1983 |
| Share capital | ¥536.2M |
| Employees (consolidated) | 320 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | May |
| Website | www.c-s-lumber.co.jp (https://www.c-s-lumber.co.jp/) |
| Corporate number | 1040001057646 |
| EDINET | E33497 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YYY4, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.6 | 56 |
| Profitability | 54.3 | 58 |
| Cash conversion | 73 | 50 |
| Efficiency | 28.4 | 58 |
| Financial strength | 18.8 | 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 65% of C.S. Lumber's sales come from Precut, with Construction contracting and Real estate lease making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -36.1%.

## Company structure

- Segment revenue mix: Precut 65.0%、Construction contracting 27.4%、Real estate lease 6.6%、Other 1.0%
- Revenue → net income: ¥20381927000 → ¥693092000
- Net income → operating cash flow: ¥693092000 → ¥1835111000（difference ¥1142019000）
- Main uses of operating cash flow: CapEx ¥3743606000 / dividends ¥148065000 / buybacks —
- Change in cash: ¥-836147000
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 | ¥20.4B |  |
| Operating income | ¥1.13B | Margin 5.6% |
| Net income | ¥693.1M | Margin 3.4% |
| Free cash flow | -¥1.91B |  |
| Largest business | Precut | of segment revenue 65.0% |
| Employees (consolidated) | 320 |  |
| EPS | ¥333.34 |  |
| Book value per share | ¥5596.31 |  |
| Equity ratio | 39.2% |  |
| Shares outstanding | 1,850,100 |  |
| Treasury shares | 300 |  |
| Shareholders | 524 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 8.2% | Net cash -¥8.8B · Cash ÷ revenue 12.1% |
| Vs. industry median margin | +1.1 pp | Housing Equipment & Building Materials |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by -60 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16269700000 | ¥20381927000 | +25.3% |
| Operating income | ¥1408875000 | ¥1134154000 | -19.5% |
| Operating margin | 8.7% | 5.6% | -3.1 pp |
| Employees | 334 people | 320 people | -4.2% |
| Cash and equivalents | ¥2373133000 | ¥2475506000 | +4.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| プレカット → プレカット | 65.0% |
| プレカット → 事業再編・廃止 | 7.3% |
| 建築請負 → 建築請負 | 21.5% |
| 不動産賃貸 → 不動産賃貸 | 3.8% |
| その他 → その他 | 1.0% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 建築請負 | 5.9% |
| 新設・再編 → 不動産賃貸 | 2.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Precut | 5 years | +2.4% | ¥13242906000 | 0.4% | 2 |
| Construction contracting | 5 years | +9.8% | ¥5588842000 | 6.0% | 2 |
| Real estate lease | 5 years | +16.5% | ¥1343086000 | 50.3% | 2 |
| Other | 5 years | -11.5% | ¥207092000 | 3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,382 | 100.0% | S100YYY4 |
| Cost of revenue | 16,568 | 81.3% | S100YYY4 |
| Gross profit | 3,814 | 18.7% | S100YYY4 |
| SG&A | 2,679 | 13.1% | S100YYY4 |
| Operating income | 1,134 | 5.6% | S100YYY4 |
| Ordinary income | 1,002 | 4.9% | S100YYY4 |
| Pretax income | 975 | 4.8% | S100YYY4 |
| Income tax | 282 | 1.4% | S100YYY4 |
| Net income | 693 | 3.4% | S100YYY4 |
| Net income attributable to owners | 693 | 3.4% | S100YYY4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 13 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.7% → Operating margin 5.6% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -36.1%
Operating leverage (core profit growth ÷ revenue growth): 25.62×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,673 | 20,382 | -291 | -1.4% |
| Gross profit | 4,333 | 3,814 | -520 | -12.0% |
| Operating income | 1,775 | 1,134 | -641 | -36.1% |
| Net income attributable to owners | 1,158 | 693 | -465 | -40.1% |
| Operating cash flow | 2,156 | 1,835 | -321 | -14.9% |
| Free cash flow | -1,614 | -1,908 | -295 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 15,565 | 1,069 | 6.9% | 638 | 1,402 | 614 | S100MCPL |
| FY ending May 2021 | 16,270 | 1,409 | 8.7% | 891 | 1,114 | -47 | S100P3WQ |
| FY ending May 2022 | 25,126 | 4,063 | 16.2% | 2,767 | 3,376 | 2,488 | S100RSAT |
| FY ending May 2023 | 24,547 | 3,249 | 13.2% | 2,236 | 2,093 | -83 | S100UAV4 |
| FY ending May 2024 | 21,133 | 2,174 | 10.3% | 1,436 | 2,005 | -211 | S100WLYT |
| FY ending May 2025 | 20,673 | 1,775 | 8.6% | 1,158 | 2,156 | -1,614 | S100YYY4 |
| FY ending May 2026 | 20,382 | 1,134 | 5.6% | 693 | 1,835 | -1,908 | S100YYY4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.7M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 315 | 312 | 321 | 328 | 320 |
| Average salary (parent company) | ¥5M | ¥4.8M | ¥4.9M | ¥5.1M | ¥4.9M |
| Average age (parent company) | 37.2 years | 39.5 years | 39.6 years | 40.1 years | 40.8 years |
| Average tenure (parent company) | 6.4 years | 7.8 years | 7.9 years | 7.8 years | 8.0 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precut | 13,243 | 65.0% | 56 | 0.4% |
| Construction contracting | 5,589 | 27.4% | 337 | 6.0% |
| Real estate lease | 1,343 | 6.6% | 676 | 50.3% |
| Other | 207 | 1.0% | 7 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precut | 65.0% | 5.2% | -59.8 | 0.4% |
| Construction contracting | 27.4% | 31.3% | 3.9 | 6.0% |
| Real estate lease | 6.6% | 62.9% | 56.3 | 50.3% |
| Other | 1.0% | 0.6% | -0.4 | 3.3% |

Segment → industry: Construction contracting → Homebuilders / Real estate lease → Real Estate Development & Leasing / Precut → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,835 | 9.0% | S100YYY4 |
| Capital expenditure | 3,744 | 18.4% | S100YYY4 |
| Free cash flow | -1,908 | -9.4% | 算出 |
| Investing cash flow | -4,611 | -22.6% | S100YYY4 |
| Financing cash flow | 1,941 | 9.5% | S100YYY4 |
| Dividends paid | 148 | 0.7% | S100YYY4 |
| Change in cash | -836 | -4.1% | S100YYY4 |
| Cash and equivalents | 2,476 | 12.1% | S100YYY4 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,886 | 5,388 | 5,122 | 3,312 | 2,476 | S100UAV4, S100WLYT, S100YYY4 |
| Total assets | 21,032 | 22,358 | 23,533 | 26,939 | 30,280 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Net assets | 6,886 | 8,991 | 10,288 | 11,289 | 11,883 | S100UAV4, S100WLYT, S100YYY4 |
| Share capital | 533 | 536 | 536 | 536 | 536 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Property, plant and equipment | 9,278 | 11,125 | 12,976 | 16,428 | 19,998 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Intangible assets excluding goodwill | 111 | 123 | 101 | 198 | 242 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Goodwill | 41 | 34 | 27 | 21 | 98 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Investment securities | 198 | 209 | 307 | 312 | 403 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Current assets | 11,157 | 10,556 | 9,782 | 9,570 | 9,234 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Current liabilities | 8,250 | 6,303 | 8,085 | 7,937 | 7,993 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Trade payables | 2,270 | 1,695 | 1,565 | 1,929 | 2,013 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Short-term borrowings | 601 | 430 | 2,818 | 2,200 | 1,905 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Long-term borrowings | 4,949 | 5,928 | 3,984 | 6,621 | 9,201 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Bonds | 250 | 500 | 580 | 350 | 170 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Interest-bearing debt | 5,800 | 6,858 | 7,382 | 9,171 | 11,276 | 算出 |
| Total liabilities | 14,146 | 13,368 | 13,245 | 15,649 | 18,396 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Equity attributable to owners of parent | 6,785 | 8,880 | 10,167 | 11,177 | 11,722 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Retained earnings | 5,934 | 8,023 | 9,310 | 10,320 | 10,865 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |
| Treasury stock | -0 | -1 | -1 | -1 | -1 | S100RSAT, S100UAV4, S100WLYT, S100YYY4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YYY4 |
| Property, plant and equipment | 66% | S100YYY4 |
| Intangibles and goodwill | 1% | S100YYY4 |
| Investment securities | 2% | S100YYY4 |
| Other assets | 23% | S100YYY4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YYY4 |
| Interest-bearing debt | 37% | 算出 |
| Other liabilities | 17% | S100YYY4 |
| Equity | 39% | S100YYY4 |
| Other liabilities | 0% | S100YYY4 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 21,032 | 22,358 | 23,533 | 26,939 | 30,280 |
| Equity | 6,886 | 8,991 | 10,288 | 11,289 | 11,883 |
| Interest-bearing debt | 5,800 | 6,858 | 7,382 | 9,171 | 11,276 |
| Cash | 4,886 | 5,388 | 5,122 | 3,312 | 2,476 |

## 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) | 98.1% | S100YYY4 |
| Fixed assets ÷ total assets | 66.0% | S100YYY4 |
| Goodwill ÷ parent equity | 0.8% | S100YYY4 |

Goodwill over 4 years: 41 → 98 JPY; total investing cash flow: -15,583 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) | 8.2% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | -¥8.8B |
| Net debt ÷ operating cash flow | 4.80× |
| Cash conversion (operating CF ÷ operating income) | 161.8% |
| Cash vs. profit gap | 1,142 JPY mn (of net income 164.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 18.4% |
| Investing CF relative to operating CF | 251.3% |

## 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 | 11.0% | 1.19× | 13.2% | 3.10× | 40.8% | S100RSAT |
| 2023 | 9.1% | 1.13× | 10.3% | 2.77× | 28.5% | S100UAV4 |
| 2024 | 6.8% | 0.92× | 6.3% | 2.41× | 15.1% | S100WLYT |
| 2025 | 5.6% | 0.82× | 4.6% | 2.36× | 10.9% | S100YYY4 |
| 2026 | 3.4% | 0.71× | 2.4% | 2.50× | 6.1% | S100YYY4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社千代 | Major shareholder | 35.7% | 2026-05-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 8.2% | 2026-05-31 |
| 日本証券金融株式会社 | Major shareholder | 4.6% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 3.7% | 2026-05-31 |
| 内藤 征吾 | Major shareholder | 3.0% | 2026-05-31 |
| 中井 千代助 | Major shareholder | 2.7% | 2026-05-31 |
| 中井 俊輔 | Major shareholder | 2.7% | 2026-05-31 |
| 中井 政助 | Major shareholder | 2.7% | 2026-05-31 |
| 中井 礼子 | Major shareholder | 2.7% | 2026-05-31 |
| 野村證券株式会社 | Major shareholder | 2.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/06/01－2026/05/31) | S100YYY4 | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYY4,, |
| 有価証券報告書－第43期(2024/06/01－2025/05/31) | S100WLYT | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLYT,, |
| 有価証券報告書－第42期(2023/06/01－2024/05/31) | S100UAV4 | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAV4,, |
| 有価証券報告書－第41期(2022/06/01－2023/05/31) | S100RSAT | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RSAT,, |
| 有価証券報告書－第40期(令和3年6月1日－令和4年5月31日) | S100P3WQ | 2022-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3WQ,, |
| 有価証券報告書－第39期(令和2年6月1日－令和3年5月31日) | S100MCPL | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCPL,, |

## 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).