# DAIKO TSUSAN CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/06/01－2026/05/31) (S100YYF5)
> Page: https://vizora.meequs.com/en/company/daiko-tsusan
> Retrieved: 2026-09-30T18:31:19.034Z

## Company

Daiko Tsusan, founded in 1975, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 140 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIKO TSUSAN CO.,LTD. |
| Ticker | 7673 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7673.T) |
| Listing | TSE Standard |
| Head office | 愛媛県松山市姫原三丁目6番11号 |
| Representative (per filing) | 代表取締役社長 河田 晃 |
| Founded | Jun 1975 |
| Share capital | ¥583.7M |
| Employees (consolidated) | 140 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | May |
| Website | www.daiko-tsusan.co.jp (https://www.daiko-tsusan.co.jp/) |
| Corporate number | 6500001002468 |
| EDINET | E34644 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YYF5, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.7 | 179 |
| Profitability | 82.4 | 185 |
| Cash conversion | 35.5 | 179 |
| Efficiency | 28.9 | 185 |

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)

- Daiko Tsusan brought in ¥22B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +8.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21983891000 → ¥915518000
- Net income → operating cash flow: ¥915518000 → ¥998640000（difference ¥83122000）
- Main uses of operating cash flow: CapEx ¥6973000 / dividends ¥319950000 / buybacks —
- Change in cash: ¥-29688000
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 | ¥22B |  |
| Operating income | ¥1.27B | Margin 5.8% |
| Net income | ¥915.5M | Margin 4.2% |
| Free cash flow | ¥991.7M |  |
| Employees (consolidated) | 140 |  |
| EPS | ¥171.69 |  |
| Book value per share | ¥1690.99 |  |
| Equity ratio | 50.9% |  |
| Shares outstanding | 5,332,780 |  |
| Treasury shares | 200 |  |
| Shareholders | 1,718 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | +2.9 pp | Specialty Trading & Wholesale |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18092310000 | ¥21983891000 | +21.5% |
| Operating income | ¥1140896000 | ¥1265435000 | +10.9% |
| Operating margin | 6.3% | 5.8% | -0.5 pp |
| Employees | 143 people | 140 people | -2.1% |
| Cash and equivalents | ¥891627000 | ¥2093830000 | +134.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,984 | 100.0% | S100YYF5 |
| Cost of revenue | 18,701 | 85.1% | 算出 |
| Gross profit | 3,283 | 14.9% | S100YYF5 |
| SG&A | 2,017 | 9.2% | S100YYF5 |
| Operating income | 1,265 | 5.8% | S100YYF5 |
| Ordinary income | 1,304 | 5.9% | S100YYF5 |
| Pretax income | 1,304 | 5.9% | S100YYF5 |
| Income tax | 388 | 1.8% | S100YYF5 |
| Net income | 916 | 4.2% | S100YYF5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.9% → Operating margin 5.8% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +8.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.83×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 21,729 | 21,984 | 255 | +1.2% |
| Gross profit | 3,100 | 3,283 | 183 | +5.9% |
| Operating income | 1,171 | 1,265 | 94 | +8.0% |
| Operating cash flow | 1,405 | 999 | -406 | -28.9% |
| Free cash flow | 1,264 | 992 | -273 | -21.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 15,544 | 763 | 4.9% | 565 | 1,017 | 1,016 | S100MC5N |
| FY ending May 2021 | 18,092 | 1,141 | 6.3% | 790 | 683 | 425 | S100P435 |
| FY ending May 2022 | 17,581 | 1,056 | 6.0% | 704 | 1,216 | 653 | S100RS4M |
| FY ending May 2023 | 17,148 | 914 | 5.3% | 615 | -634 | -718 | S100UASV |
| FY ending May 2024 | 17,222 | 886 | 5.1% | 602 | 2,165 | 1,465 | S100WM3R |
| FY ending May 2025 | 21,729 | 1,171 | 5.4% | 816 | 1,405 | 1,264 | S100YYF5 |
| FY ending May 2026 | 21,984 | 1,265 | 5.8% | 916 | 999 | 992 | S100YYF5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥157M |
| Operating income per employee (consolidated) | ¥9M |
| 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 148 | 151 | 146 | 142 | 140 |
| Average salary (parent company) | ¥5.8M | ¥5.7M | ¥5.8M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 37.2 years | 37.6 years | 38.2 years | 38.8 years | 39.0 years |
| Average tenure (parent company) | 11.5 years | 12.0 years | 12.7 years | 13.0 years | 13.8 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +1.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 999 | 4.5% | S100YYF5 |
| Capital expenditure | 7 | 0.0% | S100YYF5 |
| Free cash flow | 992 | 4.5% | 算出 |
| Investing cash flow | -647 | -2.9% | S100YYF5 |
| Financing cash flow | -382 | -1.7% | S100YYF5 |
| Dividends paid | 320 | 1.5% | S100YYF5 |
| Change in cash | -30 | -0.1% | S100YYF5 |
| Cash and equivalents | 2,094 | 9.5% | S100YYF5 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 825 | 734 | 934 | 2,124 | 2,094 | S100UASV, S100WM3R, S100YYF5 |
| Total assets | 14,879 | 14,104 | 16,027 | 17,587 | 17,700 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Net assets | 7,151 | 7,511 | 7,856 | 8,412 | 9,017 | S100UASV, S100WM3R, S100YYF5 |
| Share capital | 584 | 584 | 584 | 584 | 584 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Property, plant and equipment | 2,246 | 2,293 | 2,961 | 3,045 | 2,989 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Intangible assets excluding goodwill | 15 | 15 | 11 | 8 | 5 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Investment securities | 41 | 542 | 547 | 549 | 560 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Current assets | 11,728 | 10,378 | 11,622 | 13,055 | 13,189 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Current liabilities | 7,107 | 6,007 | 7,105 | 8,116 | 7,684 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Long-term borrowings | 300 | 231 | 712 | 665 | 609 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Total liabilities | 7,727 | 6,593 | 8,172 | 9,175 | 8,683 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Equity attributable to owners of parent | 7,141 | 7,500 | 7,841 | 8,396 | 8,991 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Retained earnings | 6,094 | 6,454 | 6,794 | 7,349 | 7,945 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RS4M, S100UASV, S100WM3R, S100YYF5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YYF5 |
| Property, plant and equipment | 17% | S100YYF5 |
| Intangibles and goodwill | 0% | S100YYF5 |
| Investment securities | 3% | S100YYF5 |
| Other assets | 68% | S100YYF5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YYF5 |
| Equity | 51% | S100YYF5 |
| Other liabilities | 0% | S100YYF5 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,879 | 14,104 | 16,027 | 17,587 | 17,700 |
| Equity | 7,151 | 7,511 | 7,856 | 8,412 | 9,017 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 825 | 734 | 934 | 2,124 | 2,094 |

## 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) | 13.6% | S100YYF5 |
| Fixed assets ÷ total assets | 16.9% | S100YYF5 |
| Goodwill ÷ parent equity | — | —, S100YYF5 |

### 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) | 11.8% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.9% |
| Cash vs. profit gap | 83 JPY mn (of net income 9.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.9% |
| Shareholder payments — dividends / FCF | 32.3% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 64.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.0% | 1.18× | 4.7% | 2.08× | 9.9% | S100RS4M |
| 2023 | 3.6% | 1.18× | 4.2% | 1.98× | 8.4% | S100UASV |
| 2024 | 3.5% | 1.14× | 4.0% | 1.96× | 7.8% | S100WM3R |
| 2025 | 3.8% | 1.29× | 4.9% | 2.07× | 10.1% | S100YYF5 |
| 2026 | 4.2% | 1.25× | 5.2% | 2.03× | 10.5% | S100YYF5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ディー・ケー・コーポレーション | Major shareholder | 33.4% | 2026-05-31 |
| UHPartners２投資事業有限責任組合 | Major shareholder | 7.0% | 2026-05-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.6% | 2026-05-31 |
| 河田 晃 | Major shareholder | 6.2% | 2026-05-31 |
| 河田 充 | Major shareholder | 4.9% | 2026-05-31 |
| ダイコー従業員持株会 | Major shareholder | 4.6% | 2026-05-31 |
| 西村 晃 | Major shareholder | 4.5% | 2026-05-31 |
| 河田 すみ子 | Major shareholder | 2.7% | 2026-05-31 |
| 河田 正春 | Major shareholder | 2.6% | 2026-05-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.5% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/06/01－2026/05/31) | S100YYF5 | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYF5,, |
| 有価証券報告書－第50期(2024/06/01－2025/05/31) | S100WM3R | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WM3R,, |
| 有価証券報告書－第49期(2023/06/01－2024/05/31) | S100UASV | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UASV,, |
| 有価証券報告書－第48期(2022/06/01－2023/05/31) | S100RS4M | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS4M,, |
| 有価証券報告書－第47期(令和3年6月1日－令和4年5月31日) | S100P435 | 2022-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P435,, |
| 有価証券報告書－第46期(令和2年6月1日－令和3年5月31日) | S100MC5N | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC5N,, |

## 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).