# DAIEISANGYO Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2024/10/01－2025/09/30) (S100XC53)
> Page: https://vizora.meequs.com/en/company/daieisangyo
> Retrieved: 2026-09-30T20:30:42.652Z

## Company

Daieisangyo, founded in 1968, is a company in Homebuilders listed on Fukuoka. It has 322 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIEISANGYO Co.,Ltd. |
| Ticker | 2974 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2974.T) |
| Listing | Fukuoka |
| Head office | 北九州市八幡西区下上津役四丁目1番36号 |
| Representative (per filing) | 代表取締役社長 一ノ瀬 謙二 |
| Founded | Nov 1968 |
| Share capital | ¥337.4M |
| Employees (consolidated) | 322 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | September |
| Website | www.daieisangyo.co.jp (https://www.daieisangyo.co.jp/) |
| Corporate number | 4290801010181 |
| EDINET | E34944 |
| Industries (Vizora) | Homebuilders, Condominium Developers |

> Profile source: annual securities report (S100XC53, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 21 |
| Profitability | 10 | 25 |
| Cash conversion | 2 | 25 |
| Efficiency | 66 | 25 |

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 52% of Daieisangyo's sales come from Condominiums, with Housing business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +44.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥39.1B |  |
| Operating income | ¥1.31B | Margin 3.3% |
| Net income | ¥639.4M | Margin 1.6% |
| Free cash flow | -¥6.91B |  |
| Largest business | Condominiums | of segment revenue 52.2% |
| Employees (consolidated) | 322 |  |
| EPS | ¥142.25 |  |
| Diluted EPS | ¥140.05 |  |
| Book value per share | ¥2516.31 |  |
| Equity ratio | 18.7% |  |
| Shares outstanding | 3,316,500 |  |
| Shareholders | 1,989 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 19.7% | Cash ÷ revenue 23.9% |
| Vs. industry median margin | -4.8 pp | Condominium Developers |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, employees -6% while operating income rose 45%

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28879737000 | ¥39093129000 | +35.4% |
| Operating income | ¥1168563000 | ¥1305541000 | +11.7% |
| Operating margin | 4.0% | 3.3% | -0.7 pp |
| Employees | 260 people | 322 people | +23.8% |
| Cash and equivalents | ¥9550843000 | ¥9333197000 | -2.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| マンション事業 → マンション事業 | 49.5% |
| 住宅事業 → 住宅事業 | 47.5% |
| 住宅事業 → 事業再編・廃止 | 2.8% |
| その他 → その他 | 0.2% |
| 新設・再編 → マンション事業 | 2.7% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Condominiums | 5 years | +7.4% | ¥20420339000 | 8.2% | 2 |
| Housing business | 5 years | +5.0% | ¥18561867000 | 4.1% | 2 |
| Other | 5 years | +14.3% | ¥110922000 | 23.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,093 | 100.0% | S100XC53 |
| Cost of revenue | 32,317 | 82.7% | S100XC53 |
| Gross profit | 6,776 | 17.3% | S100XC53 |
| SG&A | 5,471 | 14.0% | S100XC53 |
| Operating income | 1,306 | 3.3% | S100XC53 |
| Ordinary income | 901 | 2.3% | S100XC53 |
| Pretax income | 993 | 2.5% | S100XC53 |
| Income tax | 353 | 0.9% | S100XC53 |
| Net income | 639 | 1.6% | S100XC53 |
| Net income attributable to owners | 639 | 1.6% | S100XC53 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.3% → Operating margin 3.3% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +44.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.34×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 37,098 | 39,093 | 1,995 | +5.4% |
| Gross profit | 6,369 | 6,776 | 407 | +6.4% |
| Operating income | 901 | 1,306 | 404 | +44.9% |
| Net income attributable to owners | 413 | 639 | 226 | +54.8% |
| Operating cash flow | 4,029 | -4,649 | -8,678 | -215.4% |
| Free cash flow | 3,694 | -6,905 | -10,599 | -287.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 30,220 | 1,980 | 6.6% | 1,259 | 3,779 | 3,487 | S100KG8T |
| FY ending Sep 2020 | 28,880 | 1,169 | 4.0% | 626 | -2,257 | -2,459 | S100N4WC |
| FY ending Sep 2021 | 31,726 | 914 | 2.9% | 514 | -1,807 | -2,261 | S100PW3I |
| FY ending Sep 2022 | 33,999 | 1,150 | 3.4% | 698 | -1,767 | -2,140 | S100SJU3 |
| FY ending Sep 2023 | 35,759 | 1,022 | 2.9% | 528 | -3,670 | -4,310 | S100V13B |
| FY ending Sep 2024 | 37,098 | 901 | 2.4% | 413 | 4,029 | 3,694 | S100XC53 |
| FY ending Sep 2025 | 39,093 | 1,306 | 3.3% | 639 | -4,649 | -6,905 | S100XC53 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥121.4M |
| Operating income per employee (consolidated) | ¥4.1M |
| 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 275 | 304 | 339 | 342 | 322 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.2M | ¥4.9M | ¥5M |
| Average age (parent company) | 35.2 years | 35.3 years | 36.2 years | 36.3 years | 39.2 years |
| Average tenure (parent company) | 6.4 years | 6.4 years | 6.5 years | 6.7 years | 7.3 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) +5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Condominiums | 20,420 | 52.2% | 1,671 | 8.2% |
| Housing business | 18,562 | 47.5% | 754 | 4.1% |
| Other | 111 | 0.3% | 26 | 23.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Condominiums | 52.2% | 68.2% | 16.0 | 8.2% |
| Housing business | 47.5% | 30.8% | -16.7 | 4.1% |
| Other | 0.3% | 1.1% | 0.8 | 23.3% |

Segment → industry: Housing business → Homebuilders / Condominiums → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -4,649 | -11.9% | S100XC53 |
| Capital expenditure | 2,256 | 5.8% | S100XC53 |
| Free cash flow | -6,905 | -17.7% | 算出 |
| Investing cash flow | -2,139 | -5.5% | S100XC53 |
| Financing cash flow | 5,262 | 13.5% | S100XC53 |
| Dividends paid | 80 | 0.2% | S100XC53 |
| Change in cash | -1,526 | -3.9% | S100XC53 |
| Cash and equivalents | 9,333 | 23.9% | S100XC53 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,316 | 10,369 | 7,311 | 10,859 | 9,333 | S100SJU3, S100V13B, S100XC53 |
| Total assets | 30,253 | 38,375 | 39,829 | 41,676 | 47,264 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Net assets | 6,840 | 7,473 | 7,909 | 8,256 | 8,822 | S100SJU3, S100V13B, S100XC53 |
| Share capital | 328 | 328 | 331 | 336 | 337 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Trade receivables | 51 | — | — | — | — | S100PW3I |
| Property, plant and equipment | 1,314 | 1,373 | 1,782 | 1,976 | 3,780 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Intangible assets excluding goodwill | 59 | 51 | 52 | 38 | 24 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Investment securities | 34 | 35 | 40 | 40 | 49 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Current assets | 28,445 | 36,543 | 37,629 | 39,258 | 43,046 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Current liabilities | 16,002 | 21,800 | 23,892 | 25,488 | 28,541 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Trade payables | 3,114 | 4,824 | 4,311 | 5,609 | 3,832 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Short-term borrowings | 7,085 | 10,555 | 11,603 | 9,620 | 13,366 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Long-term borrowings | 6,875 | 8,588 | 7,556 | 7,457 | 9,374 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Total liabilities | 23,413 | 30,902 | 31,920 | 33,420 | 38,442 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Equity attributable to owners of parent | 6,841 | 7,474 | 7,907 | 8,253 | 8,817 | S100PW3I, S100SJU3, S100V13B, S100XC53 |
| Retained earnings | 6,284 | 6,917 | 7,343 | 7,680 | 8,240 | S100PW3I, S100SJU3, S100V13B, S100XC53 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XC53 |
| Property, plant and equipment | 8% | S100XC53 |
| Intangibles and goodwill | 0% | S100XC53 |
| Investment securities | 0% | S100XC53 |
| Other assets | 72% | S100XC53 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XC53 |
| Other liabilities | 73% | S100XC53 |
| Equity | 19% | S100XC53 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 30,253 | 38,375 | 39,829 | 41,676 | 47,264 |
| Equity | 6,840 | 7,473 | 7,909 | 8,256 | 8,822 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,316 | 10,369 | 7,311 | 10,859 | 9,333 |

## 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) | 9.7% | S100XC53 |
| Fixed assets ÷ total assets | 8.0% | S100XC53 |
| Goodwill ÷ parent equity | — | —, S100XC53 |

### 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) | 19.7% |
| Cash ÷ revenue | 23.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -356.1% |
| Cash vs. profit gap | -5,289 JPY mn (of net income -827.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | — |

## 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 | 1.6% | 1.05× | 1.7% | 4.42× | 7.5% | S100PW3I |
| 2022 | 2.1% | 0.99× | 2.0% | 4.79× | 9.8% | S100SJU3 |
| 2023 | 1.5% | 0.91× | 1.4% | 5.08× | 6.9% | S100V13B |
| 2024 | 1.1% | 0.91× | 1.0% | 5.04× | 5.1% | S100XC53 |
| 2025 | 1.6% | 0.88× | 1.4% | 5.21× | 7.5% | S100XC53 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| つむぐ株式会社 | Major shareholder | 35.2% | 2025-09-30 |
| 一ノ瀬 知子 | Major shareholder | 22.8% | 2025-09-30 |
| 大園 信 | Major shareholder | 15.1% | 2025-09-30 |
| 大英産業従業員持株会 | Major shareholder | 2.5% | 2025-09-30 |
| 末松 國彦 | Major shareholder | 2.1% | 2025-09-30 |
| 大園 英彦 | Major shareholder | 1.7% | 2025-09-30 |
| 若杉 精三郎 | Major shareholder | 1.3% | 2025-09-30 |
| 福岡ひびき信用金庫 | Major shareholder | 0.9% | 2025-09-30 |
| 株式会社福岡銀行 | Major shareholder | 0.9% | 2025-09-30 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2024/10/01－2025/09/30) | S100XC53 | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC53,, |
| 有価証券報告書－第56期(2023/10/01－2024/09/30) | S100V13B | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V13B,, |
| 有価証券報告書－第55期(2022/10/01－2023/09/30) | S100SJU3 | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJU3,, |
| 有価証券報告書－第54期(令和3年10月1日－令和4年9月30日) | S100PW3I | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW3I,, |
| 有価証券報告書－第53期(令和2年10月1日－令和3年9月30日) | S100N4WC | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4WC,, |
| 有価証券報告書－第52期(令和1年10月1日－令和2年9月30日) | S100KG8T | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG8T,, |

## 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).