# cedar.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45期(2025/04/01－2026/03/31) (S100YJJS)
> Page: https://vizora.meequs.com/en/company/cedar
> Retrieved: 2026-09-30T21:06:48.167Z

## Company

cedar., founded in 1981, is a company in Nursing Care listed on TSE Standard. It has 1,335 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CEDAR.Co., Ltd |
| Ticker | 2435 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2435.T) |
| Listing | TSE Standard |
| Head office | 福岡県北九州市小倉北区足立2丁目1番1号 |
| Representative (per filing) | 代表取締役社長 座小田 孝安 |
| Founded | Apr 1981 |
| Share capital | ¥432M |
| Employees (consolidated) | 1,335 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Corporate number | 3290801004110 |
| EDINET | E05478 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100YJJS, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 15 |
| Profitability | 35.7 | 21 |
| Cash conversion | 71.1 | 19 |
| Efficiency | 31 | 21 |

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 70% of cedar.'s sales come from Institution service section, with Day service section and Home care section making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit -24.2%.

## Company structure

- Segment revenue mix: Institution service section 70.2%、Day service section 22.8%、Home care section 6.4%、Other 0.6%
- Revenue → net income: ¥18164000000 → ¥524000000
- Net income → operating cash flow: ¥524000000 → ¥1252000000（difference ¥728000000）
- Main uses of operating cash flow: CapEx ¥434000000 / dividends ¥114000000 / buybacks —
- Change in cash: ¥267000000
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 | ¥18.2B |  |
| Operating income | ¥676M | Margin 3.7% |
| Net income | ¥523M | Margin 2.9% |
| Free cash flow | ¥818M |  |
| Largest business | Institution service section | of segment revenue 70.2% |
| Employees (consolidated) | 1,335 |  |
| EPS | ¥41.89 |  |
| Book value per share | ¥142.25 |  |
| Equity ratio | 9.9% |  |
| Shares outstanding | 11,476,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 4,500 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 9.6% |
| Vs. industry median margin | -2.4 pp | Nursing Care |
| ROE | 30.8% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15613000000 | ¥18164000000 | +16.3% |
| Operating income | ¥809000000 | ¥676000000 | -16.4% |
| Operating margin | 5.2% | 3.7% | -1.5 pp |
| Employees | 1,299 people | 1,335 people | +2.8% |
| Cash and equivalents | ¥825000000 | ¥1748000000 | +111.9% |

### 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 |
| --- | ---: |
| デイサービス事業 → デイサービス事業 | 22.8% |
| デイサービス事業 → 事業再編・廃止 | 0.3% |
| 施設サービス事業 → 施設サービス事業 | 70.0% |
| 在宅サービス事業 → 在宅サービス事業 | 6.3% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 施設サービス事業 | 0.2% |
| 新設・再編 → 在宅サービス事業 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Institution service section | 5 years | +3.1% | ¥12752000000 | 12.7% | 2 |
| Day service section | 5 years | +2.8% | ¥4138000000 | 10.1% | 2 |
| Home care section | 5 years | +3.5% | ¥1165000000 | -11.8% | 2 |
| Other | 5 years | +1.2% | ¥107000000 | 109.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,164 | 100.0% | S100YJJS |
| Cost of revenue | 15,956 | 87.8% | S100YJJS |
| Gross profit | 2,207 | 12.2% | S100YJJS |
| SG&A | 1,531 | 8.4% | S100YJJS |
| Operating income | 676 | 3.7% | S100YJJS |
| Ordinary income | 532 | 2.9% | S100YJJS |
| Pretax income | 731 | 4.0% | S100YJJS |
| Income tax | 207 | 1.1% | S100YJJS |
| Net income | 524 | 2.9% | S100YJJS |
| Net income attributable to owners | 523 | 2.9% | S100YJJS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.2% → Operating margin 3.7% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.9%; Core profit growth: -24.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -12.89×
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 | 17,829 | 18,164 | 335 | +1.9% |
| Gross profit | 2,344 | 2,207 | -137 | -5.8% |
| Operating income | 892 | 676 | -216 | -24.2% |
| Net income attributable to owners | 444 | 523 | 79 | +17.8% |
| Operating cash flow | 777 | 1,252 | 475 | +61.1% |
| Free cash flow | 275 | 818 | 543 | +197.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,132 | 549 | 3.6% | 209 | 749 | 428 | S100LOU4 |
| FY ending Mar 2021 | 15,613 | 809 | 5.2% | 387 | 1,137 | -876 | S100OCL1 |
| FY ending Mar 2022 | 15,749 | 193 | 1.2% | -319 | 513 | -984 | S100R0IT |
| FY ending Mar 2023 | 16,442 | 136 | 0.8% | -276 | 797 | 394 | S100TOP5 |
| FY ending Mar 2024 | 17,304 | 767 | 4.4% | 203 | 1,474 | 995 | S100W5NO |
| FY ending Mar 2025 | 17,829 | 892 | 5.0% | 444 | 777 | 275 | S100YJJS |
| FY ending Mar 2026 | 18,164 | 676 | 3.7% | 523 | 1,252 | 818 | S100YJJS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.6M |
| Operating income per employee (consolidated) | ¥506.4K |
| Net income per employee (consolidated) | ¥391.8K |

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) | 1,343 | 1,326 | 1,332 | 1,339 | 1,335 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.4M | ¥4.5M | ¥4.6M |
| Average age (parent company) | 43.4 years | 44.0 years | 44.7 years | 45.4 years | 46.5 years |
| Average tenure (parent company) | 7.0 years | 7.5 years | 8.0 years | 8.4 years | 9.0 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Day service section | 4,138 | 22.8% | 417 | 10.1% |
| Institution service section | 12,752 | 70.2% | 1,622 | 12.7% |
| Home care section | 1,165 | 6.4% | -138 | -11.8% |
| Other | 107 | 0.6% | 117 | 109.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Day service section | 22.8% | 19.3% | -3.4 | 10.1% |
| Institution service section | 70.2% | 75.2% | 5.0 | 12.7% |
| Home care section | 6.4% | — | — | -11.8% |
| Other | 0.6% | 5.4% | 4.8 | 109.3% |

Loss-making segment (excluded from profit shares): Home care section -138 JPY mn

Segment → industry: Home care section → Nursing Care / Institution service section → Nursing Care / Day service section → Nursing Care

## 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 | 1,252 | 6.9% | S100YJJS |
| Capital expenditure | 434 | 2.4% | S100YJJS |
| Free cash flow | 818 | 4.5% | 算出 |
| Investing cash flow | -402 | -2.2% | S100YJJS |
| Financing cash flow | -582 | -3.2% | S100YJJS |
| Dividends paid | 114 | 0.6% | S100YJJS |
| Change in cash | 267 | 1.5% | S100YJJS |
| Cash and equivalents | 1,748 | 9.6% | S100YJJS |

## 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 | 796 | 1,027 | 1,637 | 1,481 | 1,748 | S100TOP5, S100W5NO, S100YJJS |
| Total assets | 20,465 | 20,252 | 20,330 | 20,003 | 19,721 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Net assets | 1,161 | 898 | 1,094 | 1,496 | 1,960 | S100TOP5, S100W5NO, S100YJJS |
| Share capital | 432 | 432 | 432 | 432 | 432 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Property, plant and equipment | 13,750 | 13,152 | 12,580 | 12,621 | 12,280 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Intangible assets excluding goodwill | 139 | 107 | 80 | 73 | 48 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Current assets | 3,637 | 4,013 | 4,718 | 4,598 | 4,937 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Current liabilities | 7,026 | 6,208 | 6,430 | 6,466 | 6,670 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Short-term borrowings | 4,538 | 3,527 | 3,410 | 3,740 | 3,940 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Long-term borrowings | 5,052 | 6,072 | 5,891 | 5,083 | 4,648 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Total liabilities | 19,303 | 19,354 | 19,236 | 18,507 | 17,760 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Non-controlling interests | 4 | 7 | 9 | 11 | — | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Equity attributable to owners of parent | 1,162 | 886 | 1,089 | 1,488 | 1,904 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Retained earnings | 482 | 205 | 409 | 808 | 1,217 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |
| Treasury stock | -59 | -59 | -59 | -59 | -59 | S100R0IT, S100TOP5, S100W5NO, S100YJJS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YJJS |
| Property, plant and equipment | 62% | S100YJJS |
| Intangibles and goodwill | 0% | S100YJJS |
| Other assets | 29% | S100YJJS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 90% | S100YJJS |
| Equity | 10% | S100YJJS |
| Other liabilities | 0% | S100YJJS |

### 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 | 20,465 | 20,252 | 20,330 | 20,003 | 19,721 |
| Equity | 1,161 | 898 | 1,094 | 1,496 | 1,960 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 796 | 1,027 | 1,637 | 1,481 | 1,748 |

## 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) | 67.6% | S100YJJS |
| Fixed assets ÷ total assets | 62.3% | S100YJJS |
| Goodwill ÷ parent equity | — | —, S100YJJS |

### 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) | 8.9% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 185.2% |
| Cash vs. profit gap | 729 JPY mn (of net income 139.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.8% |
| Shareholder payments — dividends / FCF | 13.9% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 32.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -1.6% | —× | — | S100R0IT |
| 2023 | — | —× | -1.4% | —× | — | S100TOP5 |
| 2024 | 1.2% | 0.85× | 1.0% | 20.55× | 20.6% | S100W5NO |
| 2025 | 2.5% | 0.88× | 2.2% | 15.65× | 34.5% | S100YJJS |
| 2026 | 2.9% | 0.91× | 2.6% | 11.71× | 30.8% | S100YJJS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山 崎 嘉 忠 | Major shareholder | 25.4% | 2026-03-31 |
| 大和ハウス工業株式会社 | Major shareholder | 8.0% | 2026-03-31 |
| シダー取引先持株会 | Major shareholder | 6.9% | 2026-03-31 |
| 座小田 孝 安 | Major shareholder | 5.0% | 2026-03-31 |
| 有限会社タチバナ | Major shareholder | 3.0% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 岡 田 耕 平 | Major shareholder | 2.4% | 2026-03-31 |
| 久 保 賢 司 | Major shareholder | 2.4% | 2026-03-31 |
| 中 濱 眞 二 | Major shareholder | 2.4% | 2026-03-31 |
| シダー従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YJJS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJJS,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W5NO | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5NO,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TOP5 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOP5,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R0IT | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0IT,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OCL1 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCL1,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LOU4 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOU4,, |

## 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).