# Daiei Kankyo 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47期(2025/04/01－2026/03/31) (S100YKY3)
> Page: https://vizora.meequs.com/en/company/daiei-kankyo
> Retrieved: 2026-09-30T21:38:04.762Z

## Company

Daiei Kankyo, founded in 1979, is a company in Waste Management & Recycling listed on TSE Prime. It has 2,428 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiei Kankyo Co., Ltd. |
| Ticker | 9336 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9336.T) |
| Listing | TSE Prime |
| Head office | 大阪府和泉市テクノステージ二丁目3番28号 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 下田 守彦 |
| Founded | Oct 1979 |
| Share capital | ¥5.91B |
| Employees (consolidated) | 2,428 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.dinsgr.co.jp (https://www.dinsgr.co.jp/) |
| Corporate number | 6120101041611 |
| EDINET | E38148 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100YKY3, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.9 | 24 |
| Profitability | 94 | 25 |
| Cash conversion | 62 | 25 |
| Efficiency | 6 | 25 |
| Financial strength | 40.9 | 11 |

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 Daiei Kankyo's sales come from Waste-related Business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +3.0%.

## Company structure

- Segment revenue mix: Waste-related Business 97.0%、Other 3.0%
- Revenue → net income: ¥87855000000 → ¥16187000000
- Net income → operating cash flow: ¥16187000000 → ¥25460000000（difference ¥9273000000）
- Main uses of operating cash flow: CapEx ¥17261000000 / dividends ¥4875000000 / buybacks ¥148000000
- Change in cash: ¥1792000000
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 | ¥87.9B |  |
| Operating income | ¥22.2B | Margin 25.3% |
| Net income | ¥15.8B | Margin 18.0% |
| Free cash flow | ¥8.2B |  |
| Largest business | Waste-related Business | of segment revenue 97.0% |
| Employees (consolidated) | 2,428 |  |
| EPS | ¥92.84 |  |
| Book value per share | ¥741.09 |  |
| Equity ratio | 42.2% |  |
| Shares outstanding | 99,892,900 |  |
| Treasury shares | 42,100 |  |
| Shareholders | 4,346 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 20.9% | Net cash -¥42.5B · Cash ÷ revenue 62.0% |
| Vs. industry median margin | +18.1 pp | Waste Management & Recycling |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64992000000 | ¥87855000000 | +35.2% |
| Operating income | ¥12840000000 | ¥22189000000 | +72.8% |
| Operating margin | 19.8% | 25.3% | +5.5 pp |
| Employees | 2,043 people | 2,428 people | +18.8% |
| Cash and equivalents | ¥58294000000 | ¥54440000000 | -6.6% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 環境関連事業 → 環境関連事業 | 97.0% |
| 環境関連事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 2.8% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 87,855 | 100.0% | S100YKY3 |
| Cost of revenue | 49,900 | 56.8% | S100YKY3 |
| Gross profit | 37,954 | 43.2% | S100YKY3 |
| SG&A | 15,765 | 17.9% | S100YKY3 |
| Operating income | 22,189 | 25.3% | S100YKY3 |
| Ordinary income | 22,427 | 25.5% | S100YKY3 |
| Pretax income | 23,208 | 26.4% | S100YKY3 |
| Income tax | 7,021 | 8.0% | S100YKY3 |
| Net income | 16,187 | 18.4% | S100YKY3 |
| Net income attributable to owners | 15,845 | 18.0% | S100YKY3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 18 |
| Operating income | 25 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 43.2% → Operating margin 25.3% → Net margin 18.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +3.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.31×
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 | 80,178 | 87,855 | 7,677 | +9.6% |
| Gross profit | 34,929 | 37,954 | 3,025 | +8.7% |
| Operating income | 21,548 | 22,189 | 641 | +3.0% |
| Net income attributable to owners | 14,364 | 15,845 | 1,481 | +10.3% |
| Operating cash flow | 23,021 | 25,460 | 2,439 | +10.6% |
| Free cash flow | 6,794 | 8,199 | 1,405 | +20.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 64,992 | 12,840 | 19.8% | 8,870 | 18,045 | 386 | S100R74U |
| FY ending Mar 2023 | 67,658 | 16,623 | 24.6% | 10,494 | 16,266 | 3,332 | S100TV8T |
| FY ending Mar 2024 | 73,035 | 19,714 | 27.0% | 13,591 | 21,674 | 8,546 | S100W7WX |
| FY ending Mar 2025 | 80,178 | 21,548 | 26.9% | 14,364 | 23,021 | 6,794 | S100YKY3 |
| FY ending Mar 2026 | 87,855 | 22,189 | 25.3% | 15,845 | 25,460 | 8,199 | S100YKY3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.2M |
| Operating income per employee (consolidated) | ¥9.1M |
| Net income per employee (consolidated) | ¥6.5M |

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) | 2,043 | 2,089 | 2,194 | 2,309 | 2,428 |
| Average salary (parent company) | — | ¥5.4M | ¥5.5M | ¥5.8M | ¥6M |
| Average age (parent company) | — | 40.4 years | 41.3 years | 42.0 years | 42.4 years |
| Average tenure (parent company) | — | 8.4 years | 8.7 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +9.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Waste-related Business | 85,248 | 97.0% | 22,477 | 26.4% |
| Other | 2,606 | 3.0% | -208 | -8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Waste-related Business | 97.0% | 100.0% | 3.0 | 26.4% |
| Other | 3.0% | — | — | -8.0% |

Loss-making segment (excluded from profit shares): Other -208 JPY mn

Segment → industry: Waste-related Business → Waste Management & Recycling

## 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 | 25,460 | 29.0% | S100YKY3 |
| Capital expenditure | 17,261 | 19.6% | S100YKY3 |
| Free cash flow | 8,199 | 9.3% | 算出 |
| Investing cash flow | -65,108 | -74.1% | S100YKY3 |
| Financing cash flow | 41,428 | 47.2% | S100YKY3 |
| Dividends paid | 4,875 | 5.5% | S100YKY3 |
| Share buyback | 148 | 0.2% | S100YKY3 |
| Change in cash | 1,792 | 2.0% | S100YKY3 |
| Cash and equivalents | 54,440 | 62.0% | S100YKY3 |

## 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 | 58,294 | 53,416 | 52,124 | 52,647 | 54,440 | S100TV8T, S100W7WX, S100YKY3 |
| Total assets | 158,282 | 163,615 | 172,796 | 184,905 | 260,191 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Net assets | 60,070 | 78,969 | 88,008 | 94,681 | 114,064 | S100TV8T, S100W7WX, S100YKY3 |
| Share capital | 558 | 5,907 | 5,907 | 5,907 | 5,907 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Property, plant and equipment | 69,943 | 80,519 | 85,271 | 93,441 | 121,771 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Intangible assets excluding goodwill | 1,523 | 1,357 | 1,209 | 2,416 | 37,508 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Goodwill | 1,025 | 812 | 680 | 1,858 | 37,047 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Investment securities | 2,987 | 3,446 | 7,216 | 7,763 | 13,913 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Current assets | 71,810 | 66,068 | 66,582 | 69,781 | 75,055 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Current liabilities | 27,754 | 26,237 | 29,604 | 29,114 | 34,784 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Short-term borrowings | — | — | — | 80 | 80 | S100YKY3 |
| Long-term borrowings | 58,881 | 46,482 | 45,017 | 51,441 | 96,463 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Bonds | 3,935 | 2,795 | 1,835 | 885 | 375 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Interest-bearing debt | — | — | — | 52,406 | 96,918 | 算出 |
| Total liabilities | 98,211 | 84,646 | 84,787 | 90,223 | 146,127 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Non-controlling interests | 327 | 482 | 451 | 412 | 4,232 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Equity attributable to owners of parent | 59,420 | 77,817 | 86,331 | 92,503 | 108,135 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Retained earnings | 51,540 | 59,287 | 69,451 | 77,384 | 88,353 | S100R74U, S100TV8T, S100W7WX, S100YKY3 |
| Treasury stock | — | — | -1,678 | -3,465 | -161 | S100W7WX, S100YKY3 |

### 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 | 158,282 | 163,615 | 172,796 | 184,905 | 260,191 |
| Equity | 60,070 | 78,969 | 88,008 | 94,681 | 114,064 |
| Interest-bearing debt | — | — | — | 52,406 | 96,918 |
| Cash | 58,294 | 53,416 | 52,124 | 52,647 | 54,440 |

## 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) | 138.6% | S100YKY3 |
| Fixed assets ÷ total assets | 46.8% | S100YKY3 |
| Goodwill ÷ parent equity | 34.3% | S100YKY3 |

Goodwill over 4 years: 1,025 → 37,047 JPY; total investing cash flow: -128,367 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) | 20.9% |
| Cash ÷ revenue | 62.0% |
| Net cash (cash − interest-bearing debt) | -¥42.5B |
| Net debt ÷ operating cash flow | 1.67× |
| Cash conversion (operating CF ÷ operating income) | 114.7% |
| Cash vs. profit gap | 9,615 JPY mn (of net income 60.7%) |
| Shareholder returns / net income | 31.7% |
| Shareholder returns / FCF | 61.3% |
| Shareholder payments — dividends / net income | 30.8% |
| Shareholder payments — dividends / FCF | 59.5% |
| CapEx intensity (capex ÷ revenue) | 19.6% |
| Investing CF relative to operating CF | 255.7% |

## 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 | 13.6% | 0.41× | 5.6% | 2.66× | 14.9% | S100R74U |
| 2023 | 15.5% | 0.42× | 6.5% | 2.35× | 15.3% | S100TV8T |
| 2024 | 18.6% | 0.43× | 8.1% | 2.05× | 16.6% | S100W7WX |
| 2025 | 17.9% | 0.45× | 8.0% | 2.00× | 16.1% | S100YKY3 |
| 2026 | 18.0% | 0.39× | 7.1% | 2.22× | 15.8% | S100YKY3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ウイングトワ株式会社 | Major shareholder | 61.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2026-03-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| 大栄環境従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YKY3 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKY3,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100W7WX | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7WX,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TV8T | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV8T,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R74U | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R74U,, |

## 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).