# DAIKEN CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/03/01－2026/02/28) (S100Y6RH)
> Page: https://vizora.meequs.com/en/company/daiken
> Retrieved: 2026-09-30T18:59:07.075Z

## Company

Daiken, founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 354 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIKEN CO.,LTD. |
| Ticker | 5900 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5900.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区新高二丁目7番13号 |
| Representative (per filing) | 代表取締役社長 藤岡洋一 |
| Founded | Mar 1948 |
| Share capital | ¥481.5M |
| Employees (consolidated) | 354 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | February |
| Website | www.daiken.ne.jp (https://www.daiken.ne.jp/) |
| Corporate number | 6120001056412 |
| EDINET | E01325 |
| Industries (Vizora) | Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100Y6RH, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 31.9 | 58 |
| Cash conversion | 81 | 50 |
| Efficiency | 19.8 | 58 |

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 99% of Daiken's sales come from Constructioin related, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit -12.8%.

## Company structure

- Segment revenue mix: Constructioin related 98.6%、Leasing 1.4%
- Revenue → net income: ¥11567552000 → ¥296043000
- Net income → operating cash flow: ¥296043000 → ¥535159000（difference ¥239116000）
- Main uses of operating cash flow: CapEx ¥631286000 / dividends ¥109407000 / buybacks ¥25000
- Change in cash: ¥-392881000
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 | ¥11.6B |  |
| Operating income | ¥257.4M | Margin 2.2% |
| Net income | ¥296M | Margin 2.6% |
| Free cash flow | -¥96.1M |  |
| Largest business | Constructioin related | of segment revenue 98.6% |
| Employees (consolidated) | 354 |  |
| EPS | ¥53.9 |  |
| Book value per share | ¥2477.34 |  |
| Equity ratio | 80.8% |  |
| Shares outstanding | 5,970,480 |  |
| Treasury shares | 487,000 |  |
| Shareholders | 1,166 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 22.2% |
| Vs. industry median margin | -2.2 pp | Housing Equipment & Building Materials |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10102408000 | ¥11567552000 | — |
| Operating income | ¥418686000 | ¥257423000 | — |
| Operating margin | 4.1% | 2.2% | -1.9 pp |
| Employees | 314 people | 354 people | — |
| Cash and equivalents | ¥3913645000 | ¥2569821000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建築関連製品 → 建築関連製品 | 98.4% |
| 不動産賃貸 → 不動産賃貸 | 1.4% |
| 不動産賃貸 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 建築関連製品 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,568 | 100.0% | S100Y6RH |
| Cost of revenue | 7,944 | 68.7% | S100Y6RH |
| Gross profit | 3,623 | 31.3% | S100Y6RH |
| SG&A | 3,366 | 29.1% | S100Y6RH |
| Operating income | 257 | 2.2% | S100Y6RH |
| Ordinary income | 305 | 2.6% | S100Y6RH |
| Pretax income | 440 | 3.8% | S100Y6RH |
| Income tax | 144 | 1.2% | S100Y6RH |
| Net income | 296 | 2.6% | S100Y6RH |
| Net income attributable to owners | 296 | 2.6% | S100Y6RH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 29 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 31.3% → Operating margin 2.2% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,025 | 11,568 | 543 | +4.9% |
| Gross profit | 3,339 | 3,623 | 284 | +8.5% |
| Operating income | 295 | 257 | -38 | -12.8% |
| Operating cash flow | 281 | 535 | 254 | +90.5% |
| Free cash flow | -298 | -96 | 202 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 10,691 | 402 | 3.8% | 282 | 589 | 416 | S100LDTX |
| FY ending Feb 2021 | 10,102 | 419 | 4.1% | 296 | 803 | 659 | S100O3SR |
| FY ending Feb 2022 | 9,865 | 374 | 3.8% | 257 | 655 | 367 | S100QSXL |
| FY ending Feb 2023 | 10,600 | 431 | 4.1% | 316 | 356 | 99 | S100TH60 |
| FY ending Feb 2024 | 10,882 | 448 | 4.1% | 329 | -166 | -692 | S100VTY7 |
| FY ending Feb 2025 | 11,025 | 295 | 2.7% | 246 | 281 | -298 | S100VTY7 |
| FY ending Feb 2026 | 11,568 | 257 | 2.2% | 296 | 535 | -96 | S100Y6RH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.7M |
| Operating income per employee (consolidated) | ¥727.2K |
| Net income per employee (consolidated) | ¥836.3K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 304 | 320 | 328 | 329 | 354 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.7M | ¥5.9M | ¥6M |
| Average age (parent company) | 42.2 years | 42.8 years | 42.1 years | 42.5 years | 43.1 years |
| Average tenure (parent company) | 16.4 years | 16.2 years | 15.6 years | 15.2 years | 15.3 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Constructioin related | 11,404 | 98.6% | 574 | 5.0% |
| Leasing | 163 | 1.4% | 86 | 52.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Constructioin related | 98.6% | 86.9% | -11.7 | 5.0% |
| Leasing | 1.4% | 13.1% | 11.7 | 52.9% |

Segment → industry: Leasing → Real Estate Development & Leasing / Constructioin related → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 535 | 4.6% | S100Y6RH |
| Capital expenditure | 631 | 5.5% | S100Y6RH |
| Free cash flow | -96 | -0.8% | 算出 |
| Investing cash flow | -819 | -7.1% | S100Y6RH |
| Financing cash flow | -109 | -0.9% | S100Y6RH |
| Dividends paid | 109 | 0.9% | S100Y6RH |
| Share buyback | 0 | 0.0% | S100Y6RH |
| Change in cash | -393 | -3.4% | S100Y6RH |
| Cash and equivalents | 2,570 | 22.2% | S100Y6RH |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,188 | 3,992 | 3,214 | 2,858 | 2,570 | S100TH60, S100VTY7, S100Y6RH |
| Total assets | 15,555 | 15,933 | 15,852 | 15,781 | 16,933 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Net assets | 12,588 | 12,660 | 13,052 | 13,206 | 13,687 | S100TH60, S100VTY7, S100Y6RH |
| Share capital | 482 | 482 | 482 | 482 | 482 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Property, plant and equipment | 4,145 | 4,296 | 4,387 | 4,480 | 5,154 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Intangible assets excluding goodwill | 105 | 81 | 141 | 133 | 128 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Investment securities | 692 | 781 | 994 | 985 | 1,251 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Current assets | 10,314 | 10,491 | 10,040 | 9,885 | 10,120 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Current liabilities | 2,742 | 3,023 | 2,496 | 2,304 | 2,835 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Trade payables | — | — | — | — | 578 | S100Y6RH |
| Total liabilities | 2,967 | 3,272 | 2,800 | 2,575 | 3,246 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Equity attributable to owners of parent | 12,336 | 12,348 | 12,595 | 12,759 | 13,047 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Retained earnings | 11,717 | 11,946 | 12,192 | 12,356 | 12,645 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |
| Treasury stock | -113 | -330 | -330 | -330 | -330 | S100QSXL, S100TH60, S100VTY7, S100Y6RH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y6RH |
| Property, plant and equipment | 31% | S100Y6RH |
| Intangibles and goodwill | 1% | S100Y6RH |
| Investment securities | 7% | S100Y6RH |
| Other assets | 46% | S100Y6RH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y6RH |
| Other liabilities | 16% | S100Y6RH |
| Equity | 81% | S100Y6RH |
| Other liabilities | 0% | S100Y6RH |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 15,555 | 15,933 | 15,852 | 15,781 | 16,933 |
| Equity | 12,588 | 12,660 | 13,052 | 13,206 | 13,687 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,188 | 3,992 | 3,214 | 2,858 | 2,570 |

## 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) | 44.6% | S100Y6RH |
| Fixed assets ÷ total assets | 30.4% | S100Y6RH |
| Goodwill ÷ parent equity | — | —, S100Y6RH |

### 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) | 15.2% |
| Cash ÷ revenue | 22.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 207.9% |
| Cash vs. profit gap | 239 JPY mn (of net income 80.8%) |
| Shareholder returns / net income | 37.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 153.0% |

## 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 | 2.6% | 0.63× | 1.7% | 1.26× | 2.1% | S100QSXL |
| 2023 | 3.0% | 0.67× | 2.0% | 1.28× | 2.6% | S100TH60 |
| 2024 | 3.0% | 0.68× | 2.1% | 1.27× | 2.6% | S100VTY7 |
| 2025 | 2.2% | 0.70× | 1.6% | 1.25× | 1.9% | S100VTY7 |
| 2026 | 2.6% | 0.68× | 1.7% | 1.30× | 2.3% | S100Y6RH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤 岡 洋 一 | Major shareholder | 20.4% | 2026-02-28 |
| ダイケン取引先持株会 | Major shareholder | 8.4% | 2026-02-28 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED- SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221-623793 （常任代理人香港上海銀行東京支店 | Major shareholder | 5.1% | 2026-02-28 |
| 株式会社りそな銀行 | Major shareholder | 4.4% | 2026-02-28 |
| 藤 岡 純 一 | Major shareholder | 4.3% | 2026-02-28 |
| 押 木 信 吉 | Major shareholder | 3.7% | 2026-02-28 |
| 藤 岡 秀 一 | Major shareholder | 3.5% | 2026-02-28 |
| 株式会社三井住友銀行 | Major shareholder | 3.4% | 2026-02-28 |
| ダイケン従業員持株会 | Major shareholder | 3.2% | 2026-02-28 |
| 粂 井 孝 子 | Major shareholder | 2.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/03/01－2026/02/28) | S100Y6RH | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6RH,, |
| 有価証券報告書－第77期(2024/03/01－2025/02/28) | S100VTY7 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTY7,, |
| 有価証券報告書－第76期(2023/03/01－2024/02/29) | S100TH60 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH60,, |
| 有価証券報告書－第75期(2022/03/01－2023/02/28) | S100QSXL | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSXL,, |
| 有価証券報告書－第74期(令和3年3月1日－令和4年2月28日) | S100O3SR | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3SR,, |
| 有価証券報告書－第73期(令和2年3月1日－令和3年2月28日) | S100LDTX | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDTX,, |

## 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).