# DAIICHI KOUTSU SANGYO 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62期(2025/04/01－2026/03/31) (S100Y9O5)
> Page: https://vizora.meequs.com/en/company/daiichi-koutsu-sangyo
> Retrieved: 2026-09-30T21:11:10.387Z

## Company

Daiichi Koutsu Sangyo, founded in 1960, is a company in Consumer Finance listed on Fukuoka. It has 11,946 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIICHI KOUTSU SANGYO Co.,Ltd. |
| Ticker | 9035 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9035.T) |
| Listing | Fukuoka |
| Head office | 福岡県北九州市小倉北区馬借二丁目6番8号 |
| Representative (per filing) | 代表取締役社長 田中 亮一郎 |
| Founded | Jun 1960 |
| Share capital | ¥2.03B |
| Employees (consolidated) | 11,946 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.daiichi-koutsu.co.jp (https://www.daiichi-koutsu.co.jp/) |
| Corporate number | 6290801002202 |
| EDINET | E04222 |
| Industries (Vizora) | Consumer Finance, Real Estate Development & Leasing, Condominium Developers, Private Railways |

> Profile source: annual securities report (S100Y9O5, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.8 | 18 |
| Profitability | 13.9 | 18 |
| Cash conversion | 2.9 | 17 |
| Efficiency | 75 | 18 |

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 50% of Daiichi Koutsu Sangyo's sales come from Taxi, with Sales business and Real estate revitalization making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +13.1% from the prior year, operating profit +17.6%.

## Company structure

- Segment revenue mix: Taxi 49.7%、Sales business 24.6%、Real estate revitalization 8.8%、Bus 6.6%、Other 4.6%
- Revenue → net income: ¥112482000000 → ¥2085000000
- Net income → operating cash flow: ¥2085000000 → ¥9000000（difference ¥-2076000000）
- Main uses of operating cash flow: CapEx ¥3486000000 / dividends ¥861000000 / buybacks —
- Change in cash: ¥183000000
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 | ¥112.5B |  |
| Operating income | ¥3.58B | Margin 3.2% |
| Net income | ¥2.06B | Margin 1.8% |
| Free cash flow | -¥3.48B |  |
| Largest business | Taxi | of segment revenue 49.7% |
| Employees (consolidated) | 11,946 |  |
| EPS | ¥41.53 |  |
| Book value per share | ¥1035.51 |  |
| Equity ratio | 24.0% |  |
| Shares outstanding | 39,227,000 |  |
| Treasury shares | 4,215,700 |  |
| Shareholders | 12,015 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 5.5% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | -7.1 pp | Private Railways |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 32 points
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥78748000000 | ¥112482000000 | +42.8% |
| Operating income | ¥-2221000000 | ¥3580000000 | — |
| Operating margin | -2.8% | 3.2% | +6 pp |
| Employees | 11,108 people | 11,946 people | +7.5% |
| Cash and equivalents | ¥11006000000 | ¥10588000000 | -3.8% |

### 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 |
| --- | ---: |
| タクシー → タクシー | 44.7% |
| バス → バス | 4.6% |
| 不動産分譲 → 不動産分譲 | 24.6% |
| 不動産分譲 → 事業再編・廃止 | 11.0% |
| 不動産賃貸 → 不動産賃貸 | 4.5% |
| 不動産賃貸 → 事業再編・廃止 | 1.5% |
| 不動産再生 → 不動産再生 | 3.4% |
| 金融 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 4.3% |
| 新設・再編 → タクシー | 5.1% |
| 新設・再編 → バス | 2.0% |
| 新設・再編 → 不動産再生 | 5.4% |
| 新設・再編 → 不動産金融 | 1.3% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Taxi | 5 years | +9.7% | ¥55908000000 | -2.8% | 2 |
| Sales business | 5 years | -0.3% | ¥27622000000 | 3.4% | 2 |
| Real estate revitalization | 5 years | +29.7% | ¥9873000000 | 17.0% | 2 |
| Bus | 5 years | +15.6% | ¥7416000000 | 7.6% | 2 |
| Other | 5 years | +8.9% | ¥5128000000 | -17.4% | 2 |
| Leasing business | 5 years | +1.2% | ¥5013000000 | 46.0% | 2 |
| Real estate finance | 2 years | +23.5% | ¥1518000000 | 54.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 112,482 | 100.0% | S100Y9O5 |
| Cost of revenue | 96,148 | 85.5% | S100Y9O5 |
| Gross profit | 16,334 | 14.5% | S100Y9O5 |
| SG&A | 12,753 | 11.3% | S100Y9O5 |
| Operating income | 3,580 | 3.2% | S100Y9O5 |
| Ordinary income | 4,059 | 3.6% | S100Y9O5 |
| Pretax income | 3,527 | 3.1% | S100Y9O5 |
| Income tax | 1,442 | 1.3% | S100Y9O5 |
| Net income | 2,085 | 1.9% | S100Y9O5 |
| Net income attributable to owners | 2,065 | 1.8% | S100Y9O5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.5% → Operating margin 3.2% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.1%; Core profit growth: +17.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.34×
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 | 99,459 | 112,482 | 13,023 | +13.1% |
| Gross profit | 15,246 | 16,334 | 1,088 | +7.1% |
| Operating income | 3,045 | 3,580 | 535 | +17.6% |
| Net income attributable to owners | 1,756 | 2,065 | 309 | +17.6% |
| Operating cash flow | -3,756 | 9 | 3,765 | — |
| Free cash flow | -8,452 | -3,477 | 4,975 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 105,595 | 5,340 | 5.1% | 2,957 | 5,586 | -778 | S100LKU9 |
| FY ending Mar 2021 | 78,748 | -2,221 | -2.8% | -2,191 | -822 | -5,257 | S100NYHC |
| FY ending Mar 2022 | 92,805 | 340 | 0.4% | -842 | 11,906 | 9,418 | S100QVSX |
| FY ending Mar 2023 | 98,972 | 2,650 | 2.7% | 2,150 | 775 | -1,426 | S100TJO1 |
| FY ending Mar 2024 | 100,711 | 3,054 | 3.0% | 919 | 3,830 | -1,668 | S100VVUK |
| FY ending Mar 2025 | 99,459 | 3,045 | 3.1% | 1,756 | -3,756 | -8,452 | S100Y9O5 |
| FY ending Mar 2026 | 112,482 | 3,580 | 3.2% | 2,065 | 9 | -3,477 | S100Y9O5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.4M |
| Operating income per employee (consolidated) | ¥299.7K |
| Net income per employee (consolidated) | ¥172.9K |

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) | 10,563 | 10,400 | 10,941 | 11,583 | 11,946 |
| Average salary (parent company) | ¥4.1M | ¥4.3M | ¥4.6M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 41.9 years | 42.5 years | 42.6 years | 43.0 years | 42.3 years |
| Average tenure (parent company) | 10.8 years | 11.1 years | 11.4 years | 11.9 years | 12.3 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +13.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Taxi | 55,908 | 49.7% | -1,553 | -2.8% |
| Bus | 7,416 | 6.6% | 567 | 7.6% |
| Sales business | 27,622 | 24.6% | 946 | 3.4% |
| Leasing business | 5,013 | 4.5% | 2,305 | 46.0% |
| Real estate revitalization | 9,873 | 8.8% | 1,682 | 17.0% |
| Real estate finance | 1,518 | 1.3% | 825 | 54.3% |
| Other | 5,128 | 4.6% | -894 | -17.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Taxi | 49.7% | — | — | -2.8% |
| Bus | 6.6% | 9.0% | 2.4 | 7.6% |
| Sales business | 24.6% | 15.0% | -9.6 | 3.4% |
| Leasing business | 4.5% | 36.4% | 32.0 | 46.0% |
| Real estate revitalization | 8.8% | 26.6% | 17.8 | 17.0% |
| Real estate finance | 1.3% | 13.0% | 11.7 | 54.3% |
| Other | 4.6% | — | — | -17.4% |

Loss-making segment (excluded from profit shares): Taxi -1,553 JPY mn

Loss-making segment (excluded from profit shares): Other -894 JPY mn

Segment → industry: Real estate finance → Consumer Finance / Real estate revitalization → Real Estate Development & Leasing / Leasing business → Real Estate Development & Leasing / Sales business → Condominium Developers / Bus → Private Railways / Taxi → Private Railways

## 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 | 9 | 0.0% | S100Y9O5 |
| Capital expenditure | 3,486 | 3.1% | S100Y9O5 |
| Free cash flow | -3,477 | -3.1% | 算出 |
| Investing cash flow | 30 | 0.0% | S100Y9O5 |
| Financing cash flow | 143 | 0.1% | S100Y9O5 |
| Dividends paid | 861 | 0.8% | S100Y9O5 |
| Change in cash | 183 | 0.2% | S100Y9O5 |
| Cash and equivalents | 10,588 | 9.4% | S100Y9O5 |

## 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 | 11,529 | 15,570 | 14,772 | 10,404 | 10,588 | S100TJO1, S100VVUK, S100Y9O5 |
| Total assets | 169,237 | 179,596 | 181,695 | 189,702 | 193,019 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Net assets | 40,416 | 41,945 | 42,721 | 43,555 | 46,297 | S100TJO1, S100VVUK, S100Y9O5 |
| Share capital | 2,027 | 2,027 | 2,027 | 2,027 | 2,027 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Property, plant and equipment | 87,876 | 87,525 | 87,504 | 88,036 | 83,839 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Intangible assets excluding goodwill | 440 | 442 | 1,002 | 1,317 | 791 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Goodwill | 165 | 151 | 104 | 48 | 36 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Investment securities | 3,057 | 3,426 | 4,566 | 4,348 | 5,693 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Current assets | 74,322 | 85,594 | 85,949 | 93,188 | 100,319 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Current liabilities | 36,917 | 57,139 | 52,499 | 59,906 | 53,806 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Short-term borrowings | 25,363 | 40,408 | 36,349 | 42,349 | 36,967 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Long-term borrowings | 79,159 | 70,957 | 76,383 | 75,799 | 82,227 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Total liabilities | 128,820 | 137,651 | 138,974 | 146,147 | 146,721 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Non-controlling interests | 32 | 34 | 35 | 24 | 25 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Equity attributable to owners of parent | 45,504 | 46,856 | 46,922 | 47,624 | 49,251 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Retained earnings | 43,058 | 44,412 | 44,478 | 45,133 | 46,083 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |
| Treasury stock | -2,589 | -2,589 | -2,589 | -2,562 | -2,108 | S100QVSX, S100TJO1, S100VVUK, S100Y9O5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y9O5 |
| Property, plant and equipment | 43% | S100Y9O5 |
| Intangibles and goodwill | 0% | S100Y9O5 |
| Investment securities | 3% | S100Y9O5 |
| Other assets | 48% | S100Y9O5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 76% | S100Y9O5 |
| Equity | 24% | S100Y9O5 |
| Other liabilities | 0% | S100Y9O5 |

### 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 | 169,237 | 179,596 | 181,695 | 189,702 | 193,019 |
| Equity | 40,416 | 41,945 | 42,721 | 43,555 | 46,297 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,529 | 15,570 | 14,772 | 10,404 | 10,588 |

## 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) | 74.5% | S100Y9O5 |
| Fixed assets ÷ total assets | 43.4% | S100Y9O5 |
| Goodwill ÷ parent equity | 0.1% | S100Y9O5 |

Goodwill over 4 years: 165 → 36 JPY; total investing cash flow: -13,506 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) | 5.5% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 0.3% |
| Cash vs. profit gap | -2,056 JPY mn (of net income -99.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 333.3% |

## 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 | — | —× | -0.5% | —× | — | S100QVSX |
| 2023 | 2.2% | 0.57× | 1.2% | 3.78× | 4.7% | S100TJO1 |
| 2024 | 0.9% | 0.56× | 0.5% | 3.85× | 2.0% | S100VVUK |
| 2025 | 1.8% | 0.54× | 0.9% | 3.93× | 3.7% | S100Y9O5 |
| 2026 | 1.8% | 0.59× | 1.1% | 3.95× | 4.3% | S100Y9O5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社第一マネージメント | Major shareholder | 38.2% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 田中 亮一郎 | Major shareholder | 3.5% | 2026-03-31 |
| 黒土 優子 | Major shareholder | 3.4% | 2026-03-31 |
| 田中 京子 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社北九州銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 第一交通産業従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 芙蓉総合リース株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100Y9O5 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9O5,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100VVUK | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VVUK,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TJO1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJO1,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100QVSX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QVSX,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100NYHC | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYHC,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LKU9 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKU9,, |

## 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).