# Daiki Axis Co.,Ltd: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/01/01－2025/12/31) (S100XU1D)
> Page: https://vizora.meequs.com/en/company/daiki-axis
> Retrieved: 2026-09-30T21:31:36.565Z

## Company

Daiki Axis, founded in 1964, is a company in Electric Power & Gas listed on TSE Standard. It has 1,088 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiki Axis Co.,Ltd. |
| Ticker | 4245 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4245.T) |
| Listing | TSE Standard |
| Head office | 愛媛県松山市美沢一丁目9番1号 |
| Representative (per filing) | 代表取締役社長 大亀 裕貴 |
| Founded | May 1964 |
| Share capital | ¥2.56B |
| Employees (consolidated) | 1,088 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.daiki-axis.com (https://www.daiki-axis.com/) |
| Corporate number | 4500001005530 |
| EDINET | E30133 |
| Industries (Vizora) | Electric Power & Gas, Housing Equipment & Building Materials, Waste Management & Recycling |

> Profile source: annual securities report (S100XU1D, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.6 | 24 |
| Profitability | 10 | 25 |
| Cash conversion | 86 | 25 |
| Efficiency | 74 | 25 |
| Financial strength | 22.7 | 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 51% of Daiki Axis's sales come from Environmental facilities, with Housing facilities and Renewable energy making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +21.4%.

## Company structure

- Segment revenue mix: Environmental facilities 51.1%、Housing facilities 42.7%、Renewable energy 5.0%、Other 1.2%
- Revenue → net income: ¥48321000000 → ¥461000000
- Net income → operating cash flow: ¥461000000 → ¥1925000000（difference ¥1464000000）
- Main uses of operating cash flow: CapEx ¥1988000000 / dividends ¥328000000 / buybacks —
- Change in cash: ¥-428000000
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 | ¥48.3B |  |
| Operating income | ¥1.27B | Margin 2.6% |
| Net income | ¥461M | Margin 1.0% |
| Free cash flow | -¥63M |  |
| Largest business | Environmental facilities | of segment revenue 51.1% |
| Employees (consolidated) | 1,088 |  |
| EPS | ¥37.89 |  |
| Book value per share | ¥704.1 |  |
| Equity ratio | 25.3% |  |
| Shares outstanding | 13,672,100 |  |
| Treasury shares | 100 |  |
| Shareholders | 5,633 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 19.9% | Net cash -¥8.65B · Cash ÷ revenue 15.7% |
| Vs. industry median margin | -4.5 pp | Waste Management & Recycling |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.2× net income
- FY2025, one segment accounts for 70% of positive segment profit
- FY2025, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34647937000 | ¥48321000000 | +39.5% |
| Operating income | ¥1045032000 | ¥1272000000 | +21.7% |
| Operating margin | 3.0% | 2.6% | -0.4 pp |
| Employees | 794 people | 1,088 people | +37.0% |
| Cash and equivalents | ¥7856000000 | ¥7569000000 | -3.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 環境機器関連 → 環境機器関連 | 50.2% |
| 住宅機器関連 → 住宅機器関連 | 42.6% |
| 再生可能エネルギー関連 → 再生可能エネルギー関連 | 3.5% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 2.6% |
| 新設・再編 → 環境機器関連 | 0.9% |
| 新設・再編 → 住宅機器関連 | 0.1% |
| 新設・再編 → 再生可能エネルギー関連 | 1.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environmental facilities | 5 years | +7.2% | ¥24681000000 | 7.7% | 2 |
| Housing facilities | 5 years | +7.0% | ¥20631000000 | 3.5% | 2 |
| Renewable energy | 5 years | +15.2% | ¥2430000000 | 4.8% | 2 |
| Other | 5 years | -15.1% | ¥578000000 | -3.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,321 | 100.0% | S100XU1D |
| Cost of revenue | 37,608 | 77.8% | S100XU1D |
| Gross profit | 10,712 | 22.2% | S100XU1D |
| SG&A | 9,440 | 19.5% | S100XU1D |
| Operating income | 1,272 | 2.6% | S100XU1D |
| Ordinary income | 1,301 | 2.7% | S100XU1D |
| Pretax income | 1,195 | 2.5% | S100XU1D |
| Income tax | 734 | 1.5% | S100XU1D |
| Net income | 461 | 1.0% | S100XU1D |
| Net income attributable to owners | 461 | 1.0% | S100XU1D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 19 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.2% → Operating margin 2.6% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +21.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.66×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,818 | 48,321 | 1,503 | +3.2% |
| Gross profit | 10,217 | 10,712 | 495 | +4.8% |
| Operating income | 1,048 | 1,272 | 224 | +21.4% |
| Net income attributable to owners | 352 | 461 | 109 | +31.0% |
| Operating cash flow | 3,197 | 1,925 | -1,272 | -39.8% |
| Free cash flow | 1,961 | -63 | -2,024 | -103.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 35,749 | 1,001 | 2.8% | 783 | 2,416 | 34 | S100L0W4 |
| FY ending Dec 2020 | 34,648 | 1,045 | 3.0% | 477 | 2,222 | 1,451 | S100NQNF |
| FY ending Dec 2021 | 37,824 | 1,119 | 3.0% | 610 | 520 | -166 | S100QFY0 |
| FY ending Dec 2022 | 39,478 | 826 | 2.1% | 574 | 1,261 | -93 | S100T5NM |
| FY ending Dec 2023 | 42,681 | 660 | 1.5% | 205 | 1,335 | -22 | S100VI6U |
| FY ending Dec 2024 | 46,818 | 1,048 | 2.2% | 352 | 3,197 | 1,961 | S100XU1D |
| FY ending Dec 2025 | 48,321 | 1,272 | 2.6% | 461 | 1,925 | -63 | S100XU1D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥423.7K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 868 | 923 | 1,052 | 1,073 | 1,088 |
| Average salary (parent company) | ¥5M | ¥5.4M | ¥5.5M | ¥5.8M | ¥6M |
| Average age (parent company) | 42.4 years | 42.4 years | 43.8 years | 42.8 years | 42.8 years |
| Average tenure (parent company) | 14.1 years | 14.0 years | 14.3 years | 14.2 years | 13.9 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environmental facilities | 24,681 | 51.1% | 1,898 | 7.7% |
| Housing facilities | 20,631 | 42.7% | 715 | 3.5% |
| Renewable energy | 2,430 | 5.0% | 117 | 4.8% |
| Other | 578 | 1.2% | -22 | -3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Environmental facilities | 51.1% | 69.5% | 18.4 | 7.7% |
| Housing facilities | 42.7% | 26.2% | -16.5 | 3.5% |
| Renewable energy | 5.0% | 4.3% | -0.7 | 4.8% |
| Other | 1.2% | — | — | -3.8% |

Loss-making segment (excluded from profit shares): Other -22 JPY mn

Segment → industry: Renewable energy → Electric Power & Gas / Housing facilities → Housing Equipment & Building Materials / Environmental facilities → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,925 | 4.0% | S100XU1D |
| Capital expenditure | 1,988 | 4.1% | S100XU1D |
| Free cash flow | -63 | -0.1% | 算出 |
| Investing cash flow | -2,922 | -6.0% | S100XU1D |
| Financing cash flow | 527 | 1.1% | S100XU1D |
| Dividends paid | 328 | 0.7% | S100XU1D |
| Change in cash | -428 | -0.9% | S100XU1D |
| Cash and equivalents | 7,569 | 15.7% | S100XU1D |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,250 | 7,138 | 6,670 | 7,998 | 7,569 | S100T5NM, S100VI6U, S100XU1D |
| Total assets | 32,252 | 31,905 | 34,071 | 36,849 | 38,046 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Net assets | 8,839 | 9,522 | 9,524 | 9,457 | 9,638 | S100T5NM, S100VI6U, S100XU1D |
| Share capital | 2,547 | 2,556 | 2,556 | 2,556 | 2,556 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Trade receivables | 7,290 | 6,786 | 6,248 | 6,801 | 6,256 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Property, plant and equipment | 9,420 | 10,093 | 11,359 | 11,824 | 12,973 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Intangible assets excluding goodwill | 1,207 | 1,020 | 1,562 | 1,181 | 944 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Goodwill | 1,024 | 881 | 1,457 | 1,109 | 825 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Investment securities | 383 | 352 | 776 | 1,347 | 2,131 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Current assets | 19,981 | 19,038 | 18,871 | 20,506 | 20,016 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Current liabilities | 16,839 | 16,134 | 16,945 | 20,742 | 21,620 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Trade payables | 2,949 | 2,660 | 2,659 | 2,653 | 3,072 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Short-term borrowings | 6,878 | 8,217 | 8,265 | 10,258 | 10,918 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Long-term borrowings | 2,002 | 2,226 | 3,955 | 3,328 | 3,870 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Bonds | 3,125 | 2,725 | 2,395 | 1,965 | 1,430 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Interest-bearing debt | 12,005 | 13,168 | 14,615 | 15,551 | 16,218 | 算出 |
| Total liabilities | 23,412 | 22,382 | 24,547 | 27,392 | 28,408 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Non-controlling interests | 1 | 1 | 0 | 0 | 0 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Equity attributable to owners of parent | 8,876 | 9,173 | 9,023 | 8,948 | 9,094 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Retained earnings | 4,330 | 4,608 | 4,445 | 4,428 | 4,562 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |
| Treasury stock | -287 | -286 | -273 | -331 | -319 | S100QFY0, S100T5NM, S100VI6U, S100XU1D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XU1D |
| Receivables | 16% | S100XU1D |
| Property, plant and equipment | 34% | S100XU1D |
| Intangibles and goodwill | 5% | S100XU1D |
| Investment securities | 6% | S100XU1D |
| Other assets | 19% | S100XU1D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XU1D |
| Interest-bearing debt | 43% | 算出 |
| Other liabilities | 24% | S100XU1D |
| Equity | 25% | S100XU1D |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 32,252 | 31,905 | 34,071 | 36,849 | 38,046 |
| Equity | 8,839 | 9,522 | 9,524 | 9,457 | 9,638 |
| Interest-bearing debt | 12,005 | 13,168 | 14,615 | 15,551 | 16,218 |
| Cash | 6,250 | 7,138 | 6,670 | 7,998 | 7,569 |

## 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) | 26.8% | S100XU1D |
| Fixed assets ÷ total assets | 34.1% | S100XU1D |
| Goodwill ÷ parent equity | 9.1% | S100XU1D |

Goodwill over 4 years: 1,024 → 825 JPY; total investing cash flow: -10,460 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) | 19.9% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | -¥8.65B |
| Net debt ÷ operating cash flow | 4.49× |
| Cash conversion (operating CF ÷ operating income) | 151.3% |
| Cash vs. profit gap | 1,464 JPY mn (of net income 317.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 71.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 151.8% |

## 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% | 1.17× | 1.9% | 3.63× | 6.9% | S100QFY0 |
| 2022 | 1.5% | 1.23× | 1.8% | 3.55× | 6.4% | S100T5NM |
| 2023 | 0.5% | 1.29× | 0.6% | 3.63× | 2.3% | S100VI6U |
| 2024 | 0.8% | 1.32× | 1.0% | 3.95× | 3.9% | S100XU1D |
| 2025 | 1.0% | 1.29× | 1.2% | 4.15× | 5.1% | S100XU1D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社YOUプラニング | Major shareholder | 31.2% | 2025-12-31 |
| 株式会社愛媛銀行 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社伊予銀行 | Major shareholder | 4.3% | 2025-12-31 |
| 大善 彰総 | Major shareholder | 3.1% | 2025-12-31 |
| 大善 磨世子 | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 3.0% | 2025-12-31 |
| ダイキアクシス従業員持株会 | Major shareholder | 2.5% | 2025-12-31 |
| 三甲株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 0.9% | 2025-12-31 |
| 大亀 裕 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XU1D | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU1D,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VI6U | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI6U,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T5NM | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5NM,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QFY0 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFY0,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NQNF | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQNF,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L0W4 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0W4,, |

## 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).