# CREATE CORPORATION: 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78期(2025/04/01－2026/03/31) (S100YD0K)
> Page: https://vizora.meequs.com/en/company/create
> Retrieved: 2026-09-30T20:55:32.890Z

## Company

Create, founded in 1948, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 591 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CREATE CORPORATION |
| Ticker | 3024 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3024.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区阿波座一丁目13番15号 |
| Representative (per filing) | 代表取締役社長 五十嵐 昭彦 |
| Founded | Mar 1948 |
| Share capital | ¥646.5M |
| Employees (consolidated) | 591 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Corporate number | 7120001042923 |
| EDINET | E02997 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YD0K, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45 | 179 |
| Profitability | 38.1 | 185 |
| Cash conversion | 66.8 | 179 |
| Efficiency | 78.6 | 185 |

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 99% of Create's sales come from Pipes and engineering plastics, with Logistics related and Construction related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +8.5%.

## Company structure

- Segment revenue mix: Pipes and engineering plastics 99.0%、Logistics related 0.7%、Construction related 0.3%
- Revenue → net income: ¥37323461000 → ¥364777000
- Net income → operating cash flow: ¥364777000 → ¥1043061000（difference ¥678284000）
- Main uses of operating cash flow: CapEx ¥86014000 / dividends ¥147432000 / buybacks —
- Change in cash: ¥316334000
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 | ¥37.3B |  |
| Operating income | ¥823.5M | Margin 2.2% |
| Net income | ¥364.8M | Margin 1.0% |
| Free cash flow | ¥957M |  |
| Largest business | Pipes and engineering plastics | of segment revenue 99.0% |
| Employees (consolidated) | 591 |  |
| EPS | ¥31.82 |  |
| Book value per share | ¥1101.2 |  |
| Equity ratio | 30.4% |  |
| Shares outstanding | 3,969,000 |  |
| Treasury shares | 71,800 |  |
| Shareholders | 7,458 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 9.5% | Cash ÷ revenue 4.6% |
| Vs. industry median margin | -0.7 pp | Specialty Trading & Wholesale |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, employees -2% while operating income rose 9%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29629967000 | ¥37323461000 | +26.0% |
| Operating income | ¥-80423000 | ¥823466000 | — |
| Operating margin | -0.3% | 2.2% | +2.5 pp |
| Employees | 542 people | 591 people | +9.0% |
| Cash and equivalents | ¥1101749000 | ¥1733256000 | +57.3% |

### 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 |
| --- | ---: |
| 管工機材 → 管工機材 | 99.0% |
| 管工機材 → 事業再編・廃止 | 0.1% |
| 施工関連 → 施工関連 | 0.3% |
| 施工関連 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 物流関連 | 0.7% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Pipes and engineering plastics | 5 years | +4.7% | ¥36933603000 | 1.9% | 2 |
| Logistics related | 2 years | -7.7% | ¥278983000 | 49.0% | 2 |
| Construction related | 5 years | -17.0% | ¥110875000 | -9.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,323 | 100.0% | S100YD0K |
| Cost of revenue | 30,818 | 82.6% | S100YD0K |
| Gross profit | 6,506 | 17.4% | S100YD0K |
| SG&A | 5,682 | 15.2% | S100YD0K |
| Operating income | 823 | 2.2% | S100YD0K |
| Ordinary income | 786 | 2.1% | S100YD0K |
| Pretax income | 652 | 1.7% | S100YD0K |
| Income tax | 287 | 0.8% | S100YD0K |
| Net income | 365 | 1.0% | S100YD0K |
| Net income attributable to owners | 365 | 1.0% | S100YD0K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 17.4% → Operating margin 2.2% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +8.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.03×
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 | 36,550 | 37,323 | 773 | +2.1% |
| Gross profit | 6,376 | 6,506 | 130 | +2.0% |
| Operating income | 759 | 823 | 65 | +8.5% |
| Net income attributable to owners | 486 | 365 | -122 | -25.0% |
| Operating cash flow | 902 | 1,043 | 141 | +15.6% |
| Free cash flow | 825 | 957 | 132 | +16.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,998 | 226 | 0.7% | 169 | 513 | 344 | S100LOSP |
| FY ending Mar 2021 | 29,630 | -80 | -0.3% | -107 | 292 | 215 | S100OIFW |
| FY ending Mar 2022 | 31,526 | 271 | 0.9% | 181 | 166 | 124 | S100R1SI |
| FY ending Mar 2023 | 34,881 | 680 | 1.9% | 420 | 772 | 723 | S100TP4L |
| FY ending Mar 2024 | 35,861 | 413 | 1.2% | 143 | 4 | -67 | S100VZGG |
| FY ending Mar 2025 | 36,550 | 759 | 2.1% | 486 | 902 | 825 | S100YD0K |
| FY ending Mar 2026 | 37,323 | 823 | 2.2% | 365 | 1,043 | 957 | S100YD0K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.2M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥617.2K |

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) | 543 | 584 | 589 | 600 | 591 |
| Average salary (parent company) | ¥5.1M | ¥5.4M | ¥5.2M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 42.4 years | 42.3 years | 42.6 years | 42.9 years | 42.6 years |
| Average tenure (parent company) | 15.6 years | 15.8 years | 15.3 years | 15.3 years | 16.3 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pipes and engineering plastics | 36,934 | 99.0% | 696 | 1.9% |
| Construction related | 111 | 0.3% | -10 | -9.0% |
| Logistics related | 279 | 0.7% | 137 | 49.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pipes and engineering plastics | 99.0% | 83.6% | -15.4 | 1.9% |
| Construction related | 0.3% | — | — | -9.0% |
| Logistics related | 0.7% | 16.4% | 15.7 | 49.0% |

Loss-making segment (excluded from profit shares): Construction related -10 JPY mn

Segment → industry: Construction related → Plant Engineering & Building Services / Pipes and engineering plastics → Specialty Trading & Wholesale / Logistics related → Trucking & Parcel Delivery

## 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 | 1,043 | 2.8% | S100YD0K |
| Capital expenditure | 86 | 0.2% | S100YD0K |
| Free cash flow | 957 | 2.6% | 算出 |
| Investing cash flow | -97 | -0.3% | S100YD0K |
| Financing cash flow | -629 | -1.7% | S100YD0K |
| Dividends paid | 147 | 0.4% | S100YD0K |
| Change in cash | 316 | 0.8% | S100YD0K |
| Cash and equivalents | 1,733 | 4.6% | S100YD0K |

## 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 | 1,232 | 1,740 | 1,373 | 1,417 | 1,733 | S100TP4L, S100VZGG, S100YD0K |
| Total assets | 15,581 | 17,146 | 16,981 | 17,366 | 18,312 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Net assets | 4,368 | 4,830 | 4,915 | 5,325 | 5,570 | S100TP4L, S100VZGG, S100YD0K |
| Share capital | 646 | 646 | 646 | 646 | 646 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Trade receivables | 4,948 | 5,468 | 5,204 | 5,652 | 4,865 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Property, plant and equipment | 2,027 | 2,253 | 2,220 | 2,369 | 2,244 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Intangible assets excluding goodwill | 72 | 156 | 139 | 128 | 118 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Goodwill | — | 96 | 86 | 76 | 66 | S100TP4L, S100VZGG, S100YD0K |
| Investment securities | 152 | 150 | 171 | 150 | 205 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Current assets | 11,584 | 12,687 | 12,702 | 12,994 | 14,061 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Current liabilities | 8,992 | 9,800 | 9,761 | 10,142 | 11,199 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Trade payables | 2,775 | 2,885 | 3,052 | 3,110 | 3,559 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Long-term borrowings | 1,043 | 1,121 | 893 | 465 | 194 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Total liabilities | 11,213 | 12,315 | 12,066 | 12,040 | 12,742 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Equity attributable to owners of parent | 4,316 | 4,786 | 4,834 | 5,174 | 5,406 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Retained earnings | 2,884 | 3,398 | 3,432 | 3,794 | 4,011 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |
| Treasury stock | -21 | -65 | -53 | -77 | -64 | S100R1SI, S100TP4L, S100VZGG, S100YD0K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YD0K |
| Receivables | 27% | S100YD0K |
| Property, plant and equipment | 12% | S100YD0K |
| Intangibles and goodwill | 1% | S100YD0K |
| Investment securities | 1% | S100YD0K |
| Other assets | 50% | S100YD0K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 20% | S100YD0K |
| Other liabilities | 50% | S100YD0K |
| Equity | 30% | S100YD0K |
| Other liabilities | 0% | S100YD0K |

### 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 | 15,581 | 17,146 | 16,981 | 17,366 | 18,312 |
| Equity | 4,368 | 4,830 | 4,915 | 5,325 | 5,570 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,232 | 1,740 | 1,373 | 1,417 | 1,733 |

## 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) | 6.0% | S100YD0K |
| Fixed assets ÷ total assets | 12.3% | S100YD0K |
| Goodwill ÷ parent equity | 1.2% | S100YD0K |

### 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) | 9.5% |
| Cash ÷ revenue | 4.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.7% |
| Cash vs. profit gap | 678 JPY mn (of net income 185.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.4% |
| Shareholder payments — dividends / FCF | 15.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 9.3% |

## 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 | 0.6% | 2.02× | 1.2% | 3.61× | 4.2% | S100R1SI |
| 2023 | 1.2% | 2.13× | 2.6% | 3.60× | 9.2% | S100TP4L |
| 2024 | 0.4% | 2.10× | 0.8% | 3.55× | 3.0% | S100VZGG |
| 2025 | 1.3% | 2.13× | 2.8% | 3.43× | 9.7% | S100YD0K |
| 2026 | 1.0% | 2.09× | 2.0% | 3.37× | 6.9% | S100YD0K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| クリエイト取引先持株会 | Major shareholder | 20.1% | 2026-03-31 |
| 福井道夫 | Major shareholder | 9.9% | 2026-03-31 |
| クリエイト従業員持株会 | Major shareholder | 8.4% | 2026-03-31 |
| 福井珠樹 | Major shareholder | 7.1% | 2026-03-31 |
| 吉成隆則 | Major shareholder | 2.1% | 2026-03-31 |
| 岡部バルブ工業株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 新東鋳造株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 髙木敏幸 | Major shareholder | 1.6% | 2026-03-31 |
| 坂口明 | Major shareholder | 1.2% | 2026-03-31 |
| 宇山泰宏 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YD0K | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD0K,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100VZGG | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZGG,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TP4L | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP4L,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R1SI | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1SI,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OIFW | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIFW,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LOSP | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOSP,, |

## 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).