# CANDEAL Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/10/01－2025/09/30) (S100XBZH)
> Page: https://vizora.meequs.com/en/company/candeal
> Retrieved: 2026-09-30T19:06:48.607Z

## Company

Candeal, founded in 2011, is a company in General Contractors listed on TSE Standard. It has 591 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CANDEAL Co., Ltd. |
| Ticker | 1446 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1446.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区北山伏町1番11号 |
| Representative (per filing) | 代表取締役社長 林 晃生 |
| Founded | Apr 2011 |
| Share capital | ¥561.8M |
| Employees (consolidated) | 591 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | September |
| Website | www.candeal.co.jp (https://www.candeal.co.jp/) |
| Corporate number | 6010001162361 |
| EDINET | E34095 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100XBZH, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.5 | 84 |
| Profitability | 8.2 | 92 |
| Cash conversion | 65.4 | 91 |
| Efficiency | 99.5 | 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)

- Candeal brought in ¥13.9B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +17.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13860556000 → ¥196374000
- Net income → operating cash flow: ¥196374000 → ¥418644000（difference ¥222270000）
- Main uses of operating cash flow: CapEx ¥59705000 / dividends ¥36907000 / buybacks —
- Change in cash: ¥10542000
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 | ¥13.9B |  |
| Operating income | ¥420.6M | Margin 3.0% |
| Net income | ¥196.4M | Margin 1.4% |
| Free cash flow | ¥358.9M |  |
| Employees (consolidated) | 591 |  |
| EPS | ¥9.18 |  |
| Diluted EPS | ¥9.16 |  |
| Book value per share | ¥265.22 |  |
| Equity ratio | 47.1% |  |
| Shares outstanding | 10,734,200 |  |
| Treasury shares | 1,470,500 |  |
| Shareholders | 12,984 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 11.7% |
| Vs. industry median margin | -3.8 pp | General Contractors |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12264654000 | ¥13860556000 | +13.0% |
| Operating income | ¥421981000 | ¥420645000 | -0.3% |
| Operating margin | 3.4% | 3.0% | -0.4 pp |
| Employees | 606 people | 591 people | -2.5% |
| Cash and equivalents | ¥3455435000 | ¥1626858000 | -52.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,861 | 100.0% | S100XBZH |
| Cost of revenue | 8,847 | 63.8% | S100XBZH |
| Gross profit | 5,013 | 36.2% | S100XBZH |
| SG&A | 4,593 | 33.1% | S100XBZH |
| Operating income | 421 | 3.0% | S100XBZH |
| Ordinary income | 417 | 3.0% | S100XBZH |
| Pretax income | 417 | 3.0% | S100XBZH |
| Income tax | 221 | 1.6% | S100XBZH |
| Net income | 196 | 1.4% | S100XBZH |
| Net income attributable to owners | 196 | 1.4% | S100XBZH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 33 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 36.2% → Operating margin 3.0% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +17.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.56×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,224 | 13,861 | 636 | +4.8% |
| Gross profit | 4,692 | 5,013 | 322 | +6.9% |
| Operating income | 359 | 421 | 61 | +17.1% |
| Net income attributable to owners | 138 | 196 | 58 | +42.3% |
| Operating cash flow | 378 | 419 | 41 | +10.8% |
| Free cash flow | 356 | 359 | 3 | +0.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 13,167 | 465 | 3.5% | 248 | 595 | 496 | S100KFXQ |
| FY ending Sep 2020 | 12,265 | 422 | 3.4% | 192 | 450 | 385 | S100N4N1 |
| FY ending Sep 2021 | 11,220 | 63 | 0.6% | -73 | -36 | -130 | S100PUY7 |
| FY ending Sep 2022 | 11,269 | 337 | 3.0% | 106 | 468 | 425 | S100SIN9 |
| FY ending Sep 2023 | 12,310 | 452 | 3.7% | 225 | 595 | 554 | S100V07I |
| FY ending Sep 2024 | 13,224 | 359 | 2.7% | 138 | 378 | 356 | S100XBZH |
| FY ending Sep 2025 | 13,861 | 421 | 3.0% | 196 | 419 | 359 | S100XBZH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.5M |
| Operating income per employee (consolidated) | ¥711.8K |
| Net income per employee (consolidated) | ¥332.3K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 564 | 530 | 531 | 568 | 591 |
| Average salary (parent company) | ¥5.6M | ¥5.5M | ¥5.9M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 42.0 years | 43.0 years | 43.0 years | 42.0 years | 40.6 years |
| Average tenure (parent company) | 4.0 years | 5.0 years | 5.0 years | 5.0 years | 5.6 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +4.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 419 | 3.0% | S100XBZH |
| Capital expenditure | 60 | 0.4% | S100XBZH |
| Free cash flow | 359 | 2.6% | 算出 |
| Investing cash flow | -92 | -0.7% | S100XBZH |
| Financing cash flow | -316 | -2.3% | S100XBZH |
| Dividends paid | 37 | 0.3% | S100XBZH |
| Change in cash | 11 | 0.1% | S100XBZH |
| Cash and equivalents | 1,627 | 11.7% | S100XBZH |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,600 | 1,892 | 1,616 | 1,616 | 1,627 | S100SIN9, S100V07I, S100XBZH |
| Total assets | 7,367 | 6,480 | 6,225 | 6,134 | 6,282 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Net assets | 3,261 | 2,517 | 2,706 | 2,800 | 2,962 | S100SIN9, S100V07I, S100XBZH |
| Share capital | 560 | 562 | 562 | 562 | 562 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Trade receivables | 1,456 | 1,556 | 1,726 | 1,745 | 1,916 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Property, plant and equipment | 62 | 51 | 61 | 55 | 78 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Intangible assets excluding goodwill | 2,648 | 2,452 | 2,227 | 2,009 | 1,778 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Goodwill | 2,499 | 2,307 | 2,114 | 1,922 | 1,730 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Investment securities | 42 | 42 | 46 | 107 | 80 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Current assets | 4,434 | 3,750 | 3,662 | 3,676 | 3,937 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Current liabilities | 2,238 | 2,796 | 2,782 | 2,959 | 3,063 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Short-term borrowings | 200 | 658 | 300 | 500 | 850 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Long-term borrowings | 1,859 | 1,159 | 728 | 370 | 250 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Total liabilities | 4,106 | 3,964 | 3,519 | 3,335 | 3,320 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Equity attributable to owners of parent | 3,261 | 2,517 | 2,706 | 2,792 | 2,972 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Retained earnings | 422 | 468 | 637 | 711 | 870 | S100PUY7, S100SIN9, S100V07I, S100XBZH |
| Treasury stock | — | -794 | -774 | -763 | -744 | S100SIN9, S100V07I, S100XBZH |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,367 | 6,480 | 6,225 | 6,134 | 6,282 |
| Equity | 3,261 | 2,517 | 2,706 | 2,800 | 2,962 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,600 | 1,892 | 1,616 | 1,616 | 1,627 |

## 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) | 0.6% | S100XBZH |
| Fixed assets ÷ total assets | 1.2% | S100XBZH |
| Goodwill ÷ parent equity | 58.2% | S100XBZH |

Goodwill over 4 years: 2,499 → 1,730 JPY; total investing cash flow: -335 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) | 25.9% |
| Cash ÷ revenue | 11.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.5% |
| Cash vs. profit gap | 222 JPY mn (of net income 113.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.8% |
| Shareholder payments — dividends / FCF | 10.3% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 22.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -1.0% | —× | — | S100PUY7 |
| 2022 | 0.9% | 1.63× | 1.5% | 2.40× | 3.7% | S100SIN9 |
| 2023 | 1.8% | 1.94× | 3.5% | 2.43× | 8.6% | S100V07I |
| 2024 | 1.0% | 2.14× | 2.2% | 2.25× | 5.0% | S100XBZH |
| 2025 | 1.4% | 2.23× | 3.2% | 2.15× | 6.8% | S100XBZH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サカイ引越センター | Major shareholder | 27.2% | 2025-09-30 |
| 林 晃生 | Major shareholder | 21.4% | 2025-09-30 |
| 株式会社TRA | Major shareholder | 3.4% | 2025-09-30 |
| 大西 幸四郎 | Major shareholder | 2.8% | 2025-09-30 |
| キャンディルグループ従業員持株会 | Major shareholder | 2.3% | 2025-09-30 |
| 玄々化学工業株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| 佐藤 一雄 | Major shareholder | 0.8% | 2025-09-30 |
| 阿部 利成 | Major shareholder | 0.7% | 2025-09-30 |
| 藤本 剛徳 | Major shareholder | 0.7% | 2025-09-30 |
| 藤原 泉 | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/10/01－2025/09/30) | S100XBZH | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBZH,, |
| 有価証券報告書－第11期(2023/10/01－2024/09/30) | S100V07I | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V07I,, |
| 有価証券報告書－第10期(2022/10/01－2023/09/30) | S100SIN9 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIN9,, |
| 有価証券報告書－第9期(令和3年10月1日－令和4年9月30日) | S100PUY7 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUY7,, |
| 有価証券報告書－第8期(令和2年10月1日－令和3年9月30日) | S100N4N1 | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4N1,, |
| 有価証券報告書－第7期(令和1年10月1日－令和2年9月30日) | S100KFXQ | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFXQ,, |

## 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).