# Cados Corporation: business model and financials

> Latest period: FY ending Jul 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/08/01－2025/07/31) (S100WW30)
> Page: https://vizora.meequs.com/en/company/cados
> Retrieved: 2026-09-30T18:48:01.717Z

## Company

Cados, founded in 1999, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 96 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cados Corporation |
| Ticker | 211A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/211A.T) |
| Listing | TSE Standard |
| Head office | 山口県山口市小郡黄金町7番17号 |
| Representative (per filing) | 代表取締役社長 工藤 博丈 |
| Founded | Feb 1999 |
| Share capital | ¥119M |
| Employees (consolidated) | 96 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | July |
| Website | cados.jp (https://cados.jp/) |
| Corporate number | 9250001001352 |
| EDINET | E39729 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100WW30, filed 2025-10-21). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.8 | 84 |
| Profitability | 89.7 | 92 |
| Cash conversion | 57.7 | 91 |
| Efficiency | 45.1 | 92 |

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 78% of Cados's sales come from Construction business, with Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +17.2% from the prior year, operating profit +47.0%.

## Company structure

- Segment revenue mix: Construction business 77.5%、Real estate 22.5%
- Revenue → net income: ¥7587908000 → ¥658093000
- Net income → operating cash flow: ¥658093000 → ¥786930000（difference ¥128837000）
- Main uses of operating cash flow: CapEx ¥840784000 / dividends ¥86062000 / buybacks —
- Change in cash: ¥-1434146000
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 | ¥7.59B |  |
| Operating income | ¥937.3M | Margin 12.4% |
| Net income | ¥658.1M | Margin 8.7% |
| Free cash flow | -¥53.9M |  |
| Largest business | Construction business | of segment revenue 77.5% |
| Employees (consolidated) | 96 |  |
| EPS | ¥670.73 |  |
| Book value per share | ¥4331.24 |  |
| Equity ratio | 55.8% |  |
| Shares outstanding | 1,012,500 |  |
| Treasury shares | 5,600 |  |
| Shareholders | 920 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 12.9% | Cash ÷ revenue 13.3% |
| Vs. industry median margin | +5.5 pp | General Contractors |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -3% while operating income rose 47%
- FY2025, segment profit share differs by -24 points

## What changed in 2 years

| Metric | FY ending Jul 2023 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5659947000 | ¥7587908000 | +34.1% |
| Operating income | ¥521343000 | ¥937291000 | +79.8% |
| Operating margin | 9.2% | 12.4% | +3.1 pp |
| Employees | 88 people | 96 people | +9.1% |
| Cash and equivalents | ¥1165464000 | ¥1009824000 | -13.4% |

### Change in segment revenue mix

Span: FY ending Jul 2023 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設事業 → 建設事業 | 77.5% |
| 建設事業 → 事業再編・廃止 | 2.0% |
| 不動産事業 → 不動産事業 | 20.4% |
| 新設・再編 → 不動産事業 | 2.0% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Jul 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,588 | 100.0% | S100WW30 |
| Cost of revenue | 5,997 | 79.0% | S100WW30 |
| Gross profit | 1,591 | 21.0% | S100WW30 |
| SG&A | 654 | 8.6% | S100WW30 |
| Operating income | 937 | 12.4% | S100WW30 |
| Ordinary income | 937 | 12.4% | S100WW30 |
| Pretax income | 924 | 12.2% | S100WW30 |
| Income tax | 266 | 3.5% | S100WW30 |
| Net income | 658 | 8.7% | S100WW30 |

## Per ¥100 of revenue（FY ending Jul 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 9 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.0% → Operating margin 12.4% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.2%; Core profit growth: +47.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.74×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,475 | 7,588 | 1,113 | +17.2% |
| Gross profit | 1,253 | 1,591 | 338 | +27.0% |
| Operating income | 637 | 937 | 300 | +47.0% |
| Operating cash flow | 877 | 787 | -90 | -10.2% |
| Free cash flow | 774 | -54 | -828 | -107.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2023 | 5,660 | 521 | 9.2% | 366 | 137 | -148 | S100UTNC |
| FY ending Jul 2024 | 6,475 | 637 | 9.8% | 405 | 877 | 774 | S100WW30 |
| FY ending Jul 2025 | 7,588 | 937 | 12.4% | 658 | 787 | -54 | S100WW30 |

## People and productivity（FY ending Jul 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥6.9M |

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

| History | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 88 | 99 | 96 |
| Average salary (parent company) | — | ¥6M | ¥6.4M |
| Average age (parent company) | — | 45.3 years | 45.1 years |
| Average tenure (parent company) | — | 6.3 years | 7.1 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) +17.2%

## Segments（FY ending Jul 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 5,884 | 77.5% | 498 | 8.5% |
| Real estate | 1,704 | 22.5% | 440 | 25.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 77.5% | 53.1% | -24.4 | 8.5% |
| Real estate | 22.5% | 46.9% | 24.4 | 25.8% |

Segment → industry: Real estate → Real Estate Development & Leasing / Construction business → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 787 | 10.4% | S100WW30 |
| Capital expenditure | 841 | 11.1% | S100WW30 |
| Free cash flow | -54 | -0.7% | 算出 |
| Investing cash flow | -855 | -11.3% | S100WW30 |
| Financing cash flow | -1,366 | -18.0% | S100WW30 |
| Dividends paid | 86 | 1.1% | S100WW30 |
| Change in cash | -1,434 | -18.9% | S100WW30 |
| Cash and equivalents | 1,010 | 13.3% | S100WW30 |

## 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 Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,165 | 2,444 | 1,010 | S100WW30 |
| Total assets | 7,667 | 8,404 | 7,822 | S100UTNC, S100WW30 |
| Net assets | 3,045 | 4,101 | 4,361 | S100WW30 |
| Share capital | 33 | 119 | 119 | S100UTNC, S100WW30 |
| Property, plant and equipment | 3,802 | 3,714 | 4,423 | S100UTNC, S100WW30 |
| Intangible assets excluding goodwill | 416 | 387 | 352 | S100UTNC, S100WW30 |
| Investment securities | 3 | 3 | 3 | S100UTNC, S100WW30 |
| Current assets | 2,628 | 3,418 | 1,998 | S100UTNC, S100WW30 |
| Current liabilities | 1,643 | 1,525 | 1,812 | S100UTNC, S100WW30 |
| Long-term borrowings | 1,591 | 1,336 | 540 | S100UTNC, S100WW30 |
| Bonds | 500 | 500 | — | S100UTNC, S100WW30 |
| Total liabilities | 4,622 | 4,303 | 3,460 | S100UTNC, S100WW30 |
| Equity attributable to owners of parent | 3,045 | 4,101 | 4,361 | S100UTNC, S100WW30 |
| Retained earnings | 2,792 | 3,148 | 3,720 | S100UTNC, S100WW30 |
| Treasury stock | -350 | — | -18 | S100UTNC, S100WW30 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100WW30 |
| Property, plant and equipment | 57% | S100WW30 |
| Intangibles and goodwill | 4% | S100WW30 |
| Investment securities | 0% | S100WW30 |
| Other assets | 26% | S100WW30 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100WW30 |
| Equity | 56% | S100WW30 |

### Balance sheet history

| Metric | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 7,667 | 8,404 | 7,822 |
| Equity | 3,045 | 4,101 | 4,361 |
| Interest-bearing debt | — | — | — |
| Cash | 1,165 | 2,444 | 1,010 |

## 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) | 58.3% | S100WW30 |
| Fixed assets ÷ total assets | 56.5% | S100WW30 |
| Goodwill ÷ parent equity | — | —, S100WW30 |

### 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) | 12.9% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.0% |
| Cash vs. profit gap | 129 JPY mn (of net income 19.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.1% |
| Investing CF relative to operating CF | 108.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 6.5% | 0.74× | 4.8% | 2.52× | 12.0% | S100UTNC |
| 2024 | 6.3% | 0.81× | 5.0% | 2.25× | 11.3% | S100WW30 |
| 2025 | 8.7% | 0.94× | 8.1% | 1.92× | 15.6% | S100WW30 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ネクストライト | Major shareholder | 19.6% | 2025-07-31 |
| 株式会社せんじゅ | Major shareholder | 16.1% | 2025-07-31 |
| 杉田茂樹 | Major shareholder | 6.9% | 2025-07-31 |
| カドス・コーポレーション従業員持株会 | Major shareholder | 3.5% | 2025-07-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB)（常任代理人 野村證券株式会社) | Major shareholder | 3.1% | 2025-07-31 |
| 上田八木短資株式会社 | Major shareholder | 1.7% | 2025-07-31 |
| 中村 真典 | Major shareholder | 1.6% | 2025-07-31 |
| 森 秀信 | Major shareholder | 1.5% | 2025-07-31 |
| 工藤 博丈 | Major shareholder | 1.5% | 2025-07-31 |
| 杉田 千佳子 | Major shareholder | 1.3% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/08/01－2025/07/31) | S100WW30 | 2025-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW30,, |
| 訂正有価証券報告書－第26期(2023/08/01－2024/07/31) | S100UTNC | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTNC,, |

## 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).