# CHOFU SEISAKUSHO CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/01/01－2025/12/31) (S100XRH4)
> Page: https://vizora.meequs.com/en/company/chofu-seisakusho
> Retrieved: 2026-09-30T21:09:17.681Z

## Company

Chofu Seisakusho, founded in 1954, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 1,166 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHOFU SEISAKUSHO CO., LTD. |
| Ticker | 5946 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5946.T) |
| Listing | TSE Prime |
| Head office | 山口県下関市長府扇町2番1号 |
| Representative (per filing) | 代表取締役社長 山下 学 |
| Founded | Jul 1954 |
| Share capital | ¥7B |
| Employees (consolidated) | 1,166 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.chofu.co.jp (https://www.chofu.co.jp/) |
| Corporate number | 8250001005924 |
| EDINET | E01659 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XRH4, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.1 | 56 |
| Profitability | 44 | 58 |
| Cash conversion | 89 | 50 |
| Efficiency | 0.9 | 58 |

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)

- Chofu Seisakusho brought in ¥46.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -1.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥46501000000 → ¥2174000000
- Net income → operating cash flow: ¥2174000000 → ¥4807000000（difference ¥2633000000）
- Main uses of operating cash flow: CapEx ¥1382000000 / dividends ¥1564000000 / buybacks ¥0
- Change in cash: ¥-243000000
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 | ¥46.5B |  |
| Operating income | ¥1.71B | Margin 3.7% |
| Net income | ¥2.17B | Margin 4.7% |
| Free cash flow | ¥3.42B |  |
| Employees (consolidated) | 1,166 |  |
| EPS | ¥61.08 |  |
| Book value per share | ¥3994.27 |  |
| Equity ratio | 93.0% |  |
| Shares outstanding | 34,239,000 |  |
| Treasury shares | 237,000 |  |
| Shareholders | 10,106 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 2.3% | Cash ÷ revenue 7.3% |
| Vs. industry median margin | -0.8 pp | Housing Equipment & Building Materials |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43515000000 | ¥46501000000 | +6.9% |
| Operating income | ¥2296000000 | ¥1712000000 | -25.4% |
| Operating margin | 5.3% | 3.7% | -1.6 pp |
| Employees | 1,229 people | 1,166 people | -5.1% |
| Cash and equivalents | ¥3853000000 | ¥3379000000 | -12.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,501 | 100.0% | S100XRH4 |
| Cost of revenue | 36,140 | 77.7% | S100XRH4 |
| Gross profit | 10,361 | 22.3% | S100XRH4 |
| SG&A | 8,648 | 18.6% | S100XRH4 |
| Operating income | 1,712 | 3.7% | S100XRH4 |
| Ordinary income | 4,586 | 9.9% | S100XRH4 |
| Pretax income | 3,077 | 6.6% | S100XRH4 |
| Income tax | 902 | 1.9% | S100XRH4 |
| Net income | 2,174 | 4.7% | S100XRH4 |
| Net income attributable to owners | 2,174 | 4.7% | S100XRH4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 18 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 22.3% → Operating margin 3.7% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -1.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.31×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,123 | 46,501 | 378 | +0.8% |
| Gross profit | 10,393 | 10,361 | -32 | -0.3% |
| Operating income | 1,745 | 1,712 | -33 | -1.9% |
| Net income attributable to owners | 3,139 | 2,174 | -965 | -30.7% |
| Operating cash flow | 2,582 | 4,807 | 2,225 | +86.2% |
| Free cash flow | 1,076 | 3,425 | 2,349 | +218.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 45,228 | 2,345 | 5.2% | 1,836 | 4,243 | 3,272 | S100L377 |
| FY ending Dec 2020 | 43,515 | 2,296 | 5.3% | 2,607 | 3,671 | 2,830 | S100NSKK |
| FY ending Dec 2021 | 44,858 | 2,219 | 4.9% | 2,913 | 4,525 | 3,245 | S100QHXN |
| FY ending Dec 2022 | 49,792 | 2,969 | 6.0% | 3,866 | 2,918 | 1,771 | S100T6DA |
| FY ending Dec 2023 | 48,506 | 3,343 | 6.9% | 3,998 | 4,888 | 3,396 | S100VH28 |
| FY ending Dec 2024 | 46,123 | 1,745 | 3.8% | 3,139 | 2,582 | 1,076 | S100XRH4 |
| FY ending Dec 2025 | 46,501 | 1,712 | 3.7% | 2,174 | 4,807 | 3,425 | S100XRH4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.9M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,210 | 1,193 | 1,214 | 1,179 | 1,166 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥5.8M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 40.5 years | 40.9 years | 40.7 years | 40.9 years | 40.9 years |
| Average tenure (parent company) | 18.9 years | 15.8 years | 15.8 years | 16.1 years | 16.3 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +0.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,807 | 10.3% | S100XRH4 |
| Capital expenditure | 1,382 | 3.0% | S100XRH4 |
| Free cash flow | 3,425 | 7.4% | 算出 |
| Investing cash flow | -3,491 | -7.5% | S100XRH4 |
| Financing cash flow | -1,564 | -3.4% | S100XRH4 |
| Dividends paid | 1,564 | 3.4% | S100XRH4 |
| Share buyback | 0 | 0.0% | S100XRH4 |
| Change in cash | -243 | -0.5% | S100XRH4 |
| Cash and equivalents | 3,379 | 7.3% | S100XRH4 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,942 | 4,493 | 3,177 | 3,622 | 3,379 | S100T6DA, S100VH28, S100XRH4 |
| Total assets | 137,473 | 138,140 | 142,015 | 143,260 | 148,076 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Net assets | 128,300 | 128,579 | 132,908 | 135,250 | 137,732 | S100T6DA, S100VH28, S100XRH4 |
| Share capital | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Trade receivables | 8,301 | — | — | — | — | S100QHXN |
| Property, plant and equipment | 23,266 | 23,165 | 23,209 | 23,297 | 23,122 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Intangible assets excluding goodwill | 220 | 320 | 751 | 822 | 1,268 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Investment securities | 84,175 | 85,337 | 81,081 | 85,623 | 92,112 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Current assets | 29,022 | 28,081 | 36,406 | 32,840 | 30,998 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Current liabilities | 7,745 | 8,644 | 7,619 | 6,478 | 8,893 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Trade payables | 4,554 | 4,304 | 3,443 | 2,967 | 3,137 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Short-term borrowings | 30 | — | — | — | — | S100QHXN |
| Total liabilities | 9,172 | 9,560 | 9,107 | 8,009 | 10,343 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Equity attributable to owners of parent | 125,655 | 127,599 | 129,226 | 130,952 | 131,563 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Retained earnings | 117,695 | 117,719 | 119,339 | 120,917 | 121,528 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |
| Treasury stock | -2,607 | -672 | -665 | -520 | -520 | S100QHXN, S100T6DA, S100VH28, S100XRH4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100XRH4 |
| Property, plant and equipment | 16% | S100XRH4 |
| Intangibles and goodwill | 1% | S100XRH4 |
| Investment securities | 62% | S100XRH4 |
| Other assets | 19% | S100XRH4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XRH4 |
| Other liabilities | 5% | S100XRH4 |
| Equity | 93% | S100XRH4 |
| Other liabilities | 0% | S100XRH4 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 137,473 | 138,140 | 142,015 | 143,260 | 148,076 |
| Equity | 128,300 | 128,579 | 132,908 | 135,250 | 137,732 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,942 | 4,493 | 3,177 | 3,622 | 3,379 |

## 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) | 49.7% | S100XRH4 |
| Fixed assets ÷ total assets | 15.6% | S100XRH4 |
| Goodwill ÷ parent equity | — | —, S100XRH4 |

### 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) | 2.3% |
| Cash ÷ revenue | 7.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 280.8% |
| Cash vs. profit gap | 2,633 JPY mn (of net income 121.1%) |
| Shareholder returns / net income | 71.9% |
| Shareholder returns / FCF | 45.7% |
| Shareholder payments — dividends / net income | 71.9% |
| Shareholder payments — dividends / FCF | 45.7% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 72.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.5% | 0.33× | 2.1% | 1.09× | 2.3% | S100QHXN |
| 2022 | 7.8% | 0.36× | 2.8% | 1.09× | 3.1% | S100T6DA |
| 2023 | 8.2% | 0.35× | 2.9% | 1.09× | 3.1% | S100VH28 |
| 2024 | 6.8% | 0.32× | 2.2% | 1.10× | 2.4% | S100XRH4 |
| 2025 | 4.7% | 0.32× | 1.5% | 1.11× | 1.7% | S100XRH4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長府物産株式会社 | Major shareholder | 12.7% | 2025-12-31 |
| 株式会社長府精機 | Major shareholder | 12.0% | 2025-12-31 |
| 株式会社長府共済会 | Major shareholder | 9.3% | 2025-12-31 |
| JP MORGAN CHASE BANK 380055 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.7% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.1% | 2025-12-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 5.0% | 2025-12-31 |
| 株式会社山口銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社ノーリツ | Major shareholder | 3.2% | 2025-12-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.1% | 2025-12-31 |
| 長府製作所従業員持株会 | Major shareholder | 2.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/01/01－2025/12/31) | S100XRH4 | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRH4,, |
| 有価証券報告書－第71期(2024/01/01－2024/12/31) | S100VH28 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH28,, |
| 有価証券報告書－第70期(2023/01/01－2023/12/31) | S100T6DA | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6DA,, |
| 有価証券報告書－第69期(2022/01/01－2022/12/31) | S100QHXN | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHXN,, |
| 有価証券報告書－第68期(令和3年1月1日－令和3年12月31日) | S100NSKK | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSKK,, |
| 有価証券報告書－第67期(令和2年1月1日－令和2年12月31日) | S100L377 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L377,, |

## 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).