# DAI-ICHI CUTTER KOGYO K.K.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2024/07/01－2025/06/30) (S100WRZ3)
> Page: https://vizora.meequs.com/en/company/dai-ichi-cutter-kogyo
> Retrieved: 2026-09-30T22:26:22.035Z

## Company

Dai-Ichi Cutter Kogyo, founded in 1967, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 656 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAI-ICHI CUTTER KOGYO K.K. |
| Ticker | 1716 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1716.T) |
| Listing | TSE Standard |
| Head office | 神奈川県茅ヶ崎市萩園833番地 |
| Representative (per filing) | 代表取締役社長 安達昌史 |
| Founded | Aug 1967 |
| Share capital | ¥470.3M |
| Employees (consolidated) | 656 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | June |
| Website | www.daiichi-cutter.co.jp (https://www.daiichi-cutter.co.jp/) |
| Corporate number | 5021001007060 |
| EDINET | E00320 |
| Industries (Vizora) | Real Estate Brokerage & Management, General Contractors |

> Profile source: annual securities report (S100WRZ3, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.9 | 84 |
| Profitability | 74.5 | 92 |
| Cash conversion | 67.6 | 91 |
| Efficiency | 44 | 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)

- About 97% of Dai-Ichi Cutter Kogyo's sales come from Cutting and drill work, with Building maintenance making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -3.3% from the prior year, operating profit -32.9%.

## Company structure

- Segment revenue mix: Cutting and drill work 97.0%、Building maintenance 3.0%
- Revenue → net income: ¥20228578000 → ¥1338223000
- Net income → operating cash flow: ¥1338223000 → ¥1699024000（difference ¥360801000）
- Main uses of operating cash flow: CapEx ¥845669000 / dividends ¥436249000 / buybacks —
- Change in cash: ¥-1254503000
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 | ¥20.2B |  |
| Operating income | ¥1.65B | Margin 8.1% |
| Net income | ¥1.33B | Margin 6.6% |
| Free cash flow | ¥853.4M |  |
| Largest business | Cutting and drill work | of segment revenue 97.0% |
| Employees (consolidated) | 656 |  |
| EPS | ¥94.06 |  |
| Book value per share | ¥1431.2 |  |
| Equity ratio | 86.4% |  |
| Shares outstanding | 12,000,000 |  |
| Treasury shares | 508,200 |  |
| Shareholders | 2,428 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 36.9% | Cash ÷ revenue 40.6% |
| Vs. industry median margin | +1.3 pp | General Contractors |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17440076000 | ¥20228578000 | +16.0% |
| Operating income | ¥2296950000 | ¥1647408000 | -28.3% |
| Operating margin | 13.2% | 8.1% | -5 pp |
| Employees | 568 people | 656 people | +15.5% |
| Cash and equivalents | ¥6316072000 | ¥8209000000 | +30.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 切断・穿孔工事事業 → 切断・穿孔工事事業 | 87.8% |
| ビルメンテナンス事業 → ビルメンテナンス事業 | 2.1% |
| リユース・リサイクル事業 → 事業再編・廃止 | 10.1% |
| 新設・再編 → 切断・穿孔工事事業 | 9.2% |
| 新設・再編 → ビルメンテナンス事業 | 1.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,229 | 100.0% | S100WRZ3 |
| Cost of revenue | 14,399 | 71.2% | S100WRZ3 |
| Gross profit | 5,830 | 28.8% | S100WRZ3 |
| SG&A | 4,183 | 20.7% | S100WRZ3 |
| Operating income | 1,647 | 8.1% | S100WRZ3 |
| Ordinary income | 1,792 | 8.9% | S100WRZ3 |
| Pretax income | 1,854 | 9.2% | S100WRZ3 |
| Income tax | 516 | 2.6% | S100WRZ3 |
| Net income | 1,338 | 6.6% | S100WRZ3 |
| Net income attributable to owners | 1,328 | 6.6% | S100WRZ3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.8% → Operating margin 8.1% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.3%; Core profit growth: -32.9%
Operating leverage (core profit growth ÷ revenue growth): 9.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,918 | 20,229 | -690 | -3.3% |
| Gross profit | 6,646 | 5,830 | -816 | -12.3% |
| Operating income | 2,456 | 1,647 | -808 | -32.9% |
| Net income attributable to owners | 1,973 | 1,328 | -645 | -32.7% |
| Operating cash flow | 2,174 | 1,699 | -475 | -21.8% |
| Free cash flow | 1,223 | 853 | -370 | -30.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 14,872 | 1,761 | 11.8% | 1,251 | 1,231 | 668 | S100JR8K |
| FY ending Jun 2020 | 17,440 | 2,297 | 13.2% | 1,524 | 2,515 | 1,422 | S100N2RQ |
| FY ending Jun 2021 | 19,338 | 2,761 | 14.3% | 1,743 | 1,957 | 104 | S100P9H0 |
| FY ending Jun 2022 | 20,949 | 2,502 | 11.9% | 1,580 | 2,239 | 1,302 | S100RXIU |
| FY ending Jun 2023 | 22,164 | 2,631 | 11.9% | 1,947 | 2,740 | 1,918 | S100UG8N |
| FY ending Jun 2024 | 20,918 | 2,456 | 11.7% | 1,973 | 2,174 | 1,223 | S100WRZ3 |
| FY ending Jun 2025 | 20,229 | 1,647 | 8.1% | 1,328 | 1,699 | 853 | S100WRZ3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.8M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 608 | 640 | 723 | 629 | 656 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.6M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 38.0 years | 38.4 years | 38.7 years | 38.6 years | 38.8 years |
| Average tenure (parent company) | 11.5 years | 11.6 years | 11.8 years | 10.5 years | 10.7 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) -3.3%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cutting and drill work | 19,614 | 97.0% | 2,763 | 14.1% |
| Building maintenance | 614 | 3.0% | 57 | 9.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cutting and drill work | 97.0% | 98.0% | 1.0 | 14.1% |
| Building maintenance | 3.0% | 2.0% | -1.0 | 9.2% |

Segment → industry: Building maintenance → Real Estate Brokerage & Management / Cutting and drill work → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,699 | 8.4% | S100WRZ3 |
| Capital expenditure | 846 | 4.2% | S100WRZ3 |
| Free cash flow | 853 | 4.2% | 算出 |
| Investing cash flow | -2,438 | -12.1% | S100WRZ3 |
| Financing cash flow | -516 | -2.5% | S100WRZ3 |
| Dividends paid | 436 | 2.2% | S100WRZ3 |
| Change in cash | -1,255 | -6.2% | S100WRZ3 |
| Cash and equivalents | 8,209 | 40.6% | S100WRZ3 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,610 | 7,749 | 9,422 | 9,464 | 8,209 | S100RXIU, S100UG8N, S100WRZ3 |
| Total assets | 17,992 | 19,408 | 21,566 | 21,859 | 22,248 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Net assets | 14,321 | 15,854 | 17,234 | 18,285 | 19,358 | S100RXIU, S100UG8N, S100WRZ3 |
| Share capital | 470 | 470 | 470 | 470 | 470 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Property, plant and equipment | 5,226 | 5,684 | 5,918 | 6,057 | 6,000 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Intangible assets excluding goodwill | 389 | 390 | 294 | 198 | 207 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Goodwill | 280 | 296 | 225 | 154 | 83 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Investment securities | 896 | 622 | 615 | 976 | 1,314 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Current assets | 10,915 | 12,192 | 14,275 | 14,187 | 14,403 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Current liabilities | 2,756 | 2,621 | 3,230 | 2,760 | 2,204 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Long-term borrowings | 176 | 178 | 300 | 192 | 156 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Total liabilities | 3,670 | 3,554 | 4,332 | 3,573 | 2,889 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Non-controlling interests | 692 | 831 | 615 | 121 | 128 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Equity attributable to owners of parent | 13,621 | 15,045 | 16,625 | 18,171 | 18,989 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Retained earnings | 12,812 | 14,271 | 15,897 | 17,468 | 18,359 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |
| Treasury stock | -123 | -159 | -220 | -243 | -320 | S100P9H0, S100RXIU, S100UG8N, S100WRZ3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100WRZ3 |
| Property, plant and equipment | 27% | S100WRZ3 |
| Intangibles and goodwill | 1% | S100WRZ3 |
| Investment securities | 6% | S100WRZ3 |
| Other assets | 29% | S100WRZ3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100WRZ3 |
| Equity | 87% | S100WRZ3 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,992 | 19,408 | 21,566 | 21,859 | 22,248 |
| Equity | 14,321 | 15,854 | 17,234 | 18,285 | 19,358 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,610 | 7,749 | 9,422 | 9,464 | 8,209 |

## 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) | 29.7% | S100WRZ3 |
| Fixed assets ÷ total assets | 27.0% | S100WRZ3 |
| Goodwill ÷ parent equity | 0.4% | S100WRZ3 |

Goodwill over 4 years: 280 → 83 JPY; total investing cash flow: -7,091 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) | 36.9% |
| Cash ÷ revenue | 40.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.1% |
| Cash vs. profit gap | 371 JPY mn (of net income 28.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.9% |
| Shareholder payments — dividends / FCF | 51.1% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 143.5% |

## 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 | 9.0% | 1.07× | 9.7% | 1.32× | 12.8% | S100P9H0 |
| 2022 | 7.5% | 1.12× | 8.4% | 1.30× | 11.0% | S100RXIU |
| 2023 | 8.8% | 1.08× | 9.5% | 1.29× | 12.3% | S100UG8N |
| 2024 | 9.4% | 0.96× | 9.1% | 1.25× | 11.3% | S100WRZ3 |
| 2025 | 6.6% | 0.92× | 6.0% | 1.19× | 7.1% | S100WRZ3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 渡 邉 隆 | Major shareholder | 14.3% | 2025-06-30 |
| ダイヤモンド機工株式会社 | Major shareholder | 10.6% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.1% | 2025-06-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.9% | 2025-06-30 |
| 旭ダイヤモンド工業株式会社 | Major shareholder | 5.2% | 2025-06-30 |
| 立花証券株式会社 | Major shareholder | 4.5% | 2025-06-30 |
| 富国生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.5% | 2025-06-30 |
| 第一カッター興業従業員持株会 | Major shareholder | 3.4% | 2025-06-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.3% | 2025-06-30 |
| ＫＩＡ ＦＵＮＤ ４９７ ＫＩＡ ＴＲＡＮＳＩＴＩＯＮ ＡＳＩＡ ＩＡＤ ＮＯ．１ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2024/07/01－2025/06/30) | S100WRZ3 | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRZ3,, |
| 有価証券報告書－第57期(2023/07/01－2024/06/30) | S100UG8N | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG8N,, |
| 有価証券報告書－第56期(2022/07/01－2023/06/30) | S100RXIU | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXIU,, |
| 有価証券報告書－第55期(令和3年7月1日－令和4年6月30日) | S100P9H0 | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9H0,, |
| 訂正有価証券報告書－第54期(令和2年7月1日－令和3年6月30日) | S100N2RQ | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2RQ,, |
| 有価証券報告書－第53期(令和1年7月1日－令和2年6月30日) | S100JR8K | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JR8K,, |

## 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).