# DAI-DAN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第97期(2025/04/01－2026/03/31) (S100Z203)
> Page: https://vizora.meequs.com/en/company/dai-dan
> Retrieved: 2026-09-30T20:48:37.717Z

## Company

Dai-Dan, founded in 1933, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 2,568 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAI-DAN CO., LTD. |
| Ticker | 1980 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1980.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区江戸堀1丁目9番25号 |
| Representative (per filing) | 代表取締役社長執行役員 山中 康宏 |
| Founded | Oct 1933 |
| Share capital | ¥4.48B |
| Employees (consolidated) | 2,568 |
| Average salary (parent only) | ¥11.8M |
| Fiscal year end | March |
| Website | www.daidan.co.jp (https://www.daidan.co.jp/) |
| Corporate number | 6120001045084 |
| EDINET | E00194 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100Z203, filed 2026-09-17). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.5 | 72 |
| Profitability | 83.6 | 76 |
| Cash conversion | 92.6 | 74 |
| Efficiency | 69.1 | 76 |

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)

- Dai-Dan brought in ¥256.2B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit +49.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥256228000000 → ¥26941000000
- Net income → operating cash flow: ¥26941000000 → ¥58437000000（difference ¥31496000000）
- Main uses of operating cash flow: CapEx ¥800000000 / dividends ¥8355000000 / buybacks ¥1000000
- Change in cash: ¥31059000000
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 | ¥256.2B |  |
| Operating income | ¥34.5B | Margin 13.5% |
| Net income | ¥26.8B | Margin 10.4% |
| Free cash flow | ¥57.6B |  |
| Employees (consolidated) | 2,568 |  |
| EPS | ¥203.59 |  |
| Book value per share | ¥935.16 |  |
| Equity ratio | 56.2% |  |
| Shares outstanding | 137,891,000 |  |
| Treasury shares | 7,700,300 |  |
| Shareholders | 14,842 |  |
| Average salary (parent only) | ¥11.8M | Filing company only |
| Cash ratio | 35.3% | Cash ÷ revenue 32.0% |
| Vs. industry median margin | +4.4 pp | Plant Engineering & Building Services |
| ROE | 25.6% | Derived from disclosed figures |
| ROA | 12.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, parent-company salary changed +26% over five years
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥157712000000 | ¥256228000000 | +62.5% |
| Operating income | ¥8754000000 | ¥34479000000 | +293.9% |
| Operating margin | 5.6% | 13.5% | +7.9 pp |
| Employees | 1,981 people | 2,568 people | +29.6% |
| Cash and equivalents | ¥31747000000 | ¥81925000000 | +158.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 256,228 | 100.0% | S100Z203 |
| Cost of revenue | 200,144 | 78.1% | S100Z203 |
| Gross profit | 56,083 | 21.9% | S100Z203 |
| SG&A | 21,604 | 8.4% | S100Z203 |
| Operating income | 34,479 | 13.5% | S100Z203 |
| Ordinary income | 35,770 | 14.0% | S100Z203 |
| Pretax income | 37,490 | 14.6% | S100Z203 |
| Income tax | 10,548 | 4.1% | S100Z203 |
| Net income | 26,941 | 10.5% | S100Z203 |
| Net income attributable to owners | 26,772 | 10.4% | S100Z203 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 8 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 21.9% → Operating margin 13.5% → Net margin 10.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.5%; Core profit growth: +49.7%
Operating leverage (core profit growth ÷ revenue growth): -20.06×
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 | 262,732 | 256,228 | -6,504 | -2.5% |
| Gross profit | 41,349 | 56,083 | 14,734 | +35.6% |
| Operating income | 23,037 | 34,479 | 11,442 | +49.7% |
| Net income attributable to owners | 17,443 | 26,772 | 9,329 | +53.5% |
| Operating cash flow | 12,402 | 58,437 | 46,035 | +371.2% |
| Free cash flow | 12,060 | 57,637 | 45,577 | +377.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 169,229 | 9,063 | 5.4% | 6,399 | 12,742 | 11,998 | S100LS8S |
| FY ending Mar 2021 | 157,712 | 8,754 | 5.6% | 6,318 | 14,241 | 13,875 | S100OJX5 |
| FY ending Mar 2022 | 162,929 | 7,584 | 4.7% | 5,778 | -11,718 | -12,872 | S100R7D4 |
| FY ending Mar 2023 | 185,961 | 8,428 | 4.5% | 6,626 | 15,941 | 14,137 | S100TW4N |
| FY ending Mar 2024 | 197,431 | 10,877 | 5.5% | 9,087 | 596 | -1,020 | S100W6MU |
| FY ending Mar 2025 | 262,732 | 23,037 | 8.8% | 17,443 | 12,402 | 12,060 | S100Z203 |
| FY ending Mar 2026 | 256,228 | 34,479 | 13.5% | 26,772 | 58,437 | 57,637 | S100Z203 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99.8M |
| Operating income per employee (consolidated) | ¥13.4M |
| Net income per employee (consolidated) | ¥10.4M |

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) | 2,055 | 2,143 | 2,221 | 2,445 | 2,568 |
| Average salary (parent company) | ¥9.4M | ¥9M | ¥9.1M | ¥10.7M | ¥11.8M |
| Average age (parent company) | 41.9 years | 41.9 years | 41.9 years | 42.0 years | 41.5 years |
| Average tenure (parent company) | 17.3 years | 17.1 years | 16.9 years | 16.6 years | 15.8 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) -2.5%

## 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 | 58,437 | 22.8% | S100Z203 |
| Capital expenditure | 800 | 0.3% | S100Z203 |
| Free cash flow | 57,637 | 22.5% | 算出 |
| Investing cash flow | 415 | 0.2% | S100Z203 |
| Financing cash flow | -28,502 | -11.1% | S100Z203 |
| Dividends paid | 8,355 | 3.3% | S100Z203 |
| Share buyback | 1 | 0.0% | S100Z203 |
| Change in cash | 31,059 | 12.1% | S100Z203 |
| Cash and equivalents | 81,925 | 32.0% | S100Z203 |

## 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 | 16,037 | 25,348 | 22,665 | 50,552 | 81,925 | S100TW4N, S100W6MU, S100Z203 |
| Total assets | 139,099 | 148,544 | 160,553 | 215,309 | 232,074 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Net assets | 77,242 | 82,424 | 93,987 | 109,206 | 132,879 | S100TW4N, S100W6MU, S100Z203 |
| Share capital | 4,479 | 4,479 | 4,479 | 4,479 | 4,479 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Property, plant and equipment | 5,893 | 7,516 | 8,396 | 7,952 | 9,111 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Intangible assets excluding goodwill | 409 | 1,178 | 1,390 | 5,809 | 5,425 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Goodwill | — | — | — | 1,607 | 1,523 | S100Z203 |
| Investment securities | 15,837 | 18,790 | 21,160 | 17,116 | 16,636 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Current assets | 104,846 | 108,120 | 112,090 | 165,326 | 175,610 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Current liabilities | 57,483 | 61,532 | 60,895 | 100,523 | 92,351 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Short-term borrowings | 3,229 | 2,901 | 2,788 | 22,927 | 2,801 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Long-term borrowings | 675 | 720 | 369 | 675 | 720 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Total liabilities | 61,857 | 66,119 | 66,565 | 106,102 | 99,195 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Non-controlling interests | 160 | 182 | 232 | 2,186 | 2,405 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Equity attributable to owners of parent | 70,097 | 74,822 | 81,577 | 94,754 | 114,036 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Retained earnings | 63,946 | 68,638 | 75,360 | 88,503 | 106,849 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |
| Treasury stock | -3,166 | -3,132 | -3,099 | -3,578 | -3,251 | S100R7D4, S100TW4N, S100W6MU, S100Z203 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100Z203 |
| Property, plant and equipment | 4% | S100Z203 |
| Intangibles and goodwill | 3% | S100Z203 |
| Investment securities | 7% | S100Z203 |
| Other assets | 51% | S100Z203 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100Z203 |
| Equity | 57% | S100Z203 |

### 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 | 139,099 | 148,544 | 160,553 | 215,309 | 232,074 |
| Equity | 77,242 | 82,424 | 93,987 | 109,206 | 132,879 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,037 | 25,348 | 22,665 | 50,552 | 81,925 |

## 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) | 3.6% | S100Z203 |
| Fixed assets ÷ total assets | 3.9% | S100Z203 |
| Goodwill ÷ parent equity | 1.3% | S100Z203 |

### 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) | 35.3% |
| Cash ÷ revenue | 32.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 169.5% |
| Cash vs. profit gap | 31,665 JPY mn (of net income 118.3%) |
| Shareholder returns / net income | 31.2% |
| Shareholder returns / FCF | 14.5% |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | 14.5% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 0.7% |

## 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 | 3.5% | 1.17× | 4.2% | 1.98× | 8.2% | S100R7D4 |
| 2023 | 3.6% | 1.29× | 4.6% | 1.98× | 9.1% | S100TW4N |
| 2024 | 4.6% | 1.28× | 5.9% | 1.98× | 11.6% | S100W6MU |
| 2025 | 6.6% | 1.40× | 9.3% | 2.13× | 19.8% | S100Z203 |
| 2026 | 10.4% | 1.15× | 12.0% | 2.14× | 25.6% | S100Z203 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.5% | 2026-03-31 |
| 東京大元持株会 | Major shareholder | 4.4% | 2026-03-31 |
| ダイダン従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 大阪大元持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 有楽橋ビル株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| 名古屋大元持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 三信株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第97期(2025/04/01－2026/03/31) | S100Z203 | 2026-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z203,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W6MU | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6MU,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TW4N | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW4N,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R7D4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7D4,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OJX5 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJX5,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LS8S | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS8S,, |

## 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).