# DAIMARU.ENAWIN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第76期(2025/04/01－2026/03/31) (S100YNGJ)
> Page: https://vizora.meequs.com/en/company/daimaru-enawin
> Retrieved: 2026-09-30T19:54:12.197Z

## Company

Daimaru.enawin, founded in 1951, is a company in Electric Power & Gas listed on TSE Standard. It has 676 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIMARU ENAWIN Co.,Ltd. |
| Ticker | 9818 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9818.T) |
| Listing | TSE Standard |
| Head office | 大阪市住之江区緑木一丁目4番39号 |
| Representative (per filing) | 代表取締役社長執行役員 居内清和 |
| Founded | Feb 1951 |
| Share capital | ¥870.5M |
| Employees (consolidated) | 676 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Corporate number | 6120001031150 |
| EDINET | E02739 |
| Industries (Vizora) | Electric Power & Gas, Beverages & Dairy, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YNGJ, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.6 | 42 |
| Profitability | 17 | 44 |
| Cash conversion | 67.9 | 42 |
| Efficiency | 87.5 | 44 |

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 69% of Daimaru.enawin's sales come from Living, with Medical and industrial gas and Aqua making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +2.7%.

## Company structure

- Segment revenue mix: Living 68.8%、Medical and industrial gas 27.4%、Aqua 3.8%
- Revenue → net income: ¥32697622000 → ¥960026000
- Net income → operating cash flow: ¥960026000 → ¥2725777000（difference ¥1765751000）
- Main uses of operating cash flow: CapEx ¥2457906000 / dividends ¥214665000 / buybacks ¥16000
- Change in cash: ¥114859000
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 | ¥32.7B |  |
| Operating income | ¥1.3B | Margin 4.0% |
| Net income | ¥960M | Margin 2.9% |
| Free cash flow | ¥267.9M |  |
| Largest business | Living | of segment revenue 68.8% |
| Employees (consolidated) | 676 |  |
| EPS | ¥133.91 |  |
| Book value per share | ¥2075.23 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 8,046,000 |  |
| Treasury shares | 371,800 |  |
| Shareholders | 1,643 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 9.9% |
| Vs. industry median margin | -3 pp | Electric Power & Gas |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21417891000 | ¥32697622000 | +52.7% |
| Operating income | ¥991090000 | ¥1300066000 | +31.2% |
| Operating margin | 4.6% | 4.0% | -0.7 pp |
| Employees | 510 people | 676 people | +32.5% |
| Cash and equivalents | ¥4791628000 | ¥3222296000 | -32.8% |

### 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 |
| --- | ---: |
| リビング事業 → リビング事業 | 64.5% |
| アクア事業 → アクア事業 | 3.8% |
| アクア事業 → 事業再編・廃止 | 2.0% |
| 医療・産業ガス事業 → 医療・産業ガス事業 | 27.4% |
| 医療・産業ガス事業 → 事業再編・廃止 | 2.2% |
| 新設・再編 → リビング事業 | 4.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Living | 5 years | +10.2% | ¥22479880000 | 3.5% | 2 |
| Medical and industrial gas | 5 years | +7.1% | ¥8963881000 | 5.3% | 2 |
| Aqua | 5 years | -0.0% | ¥1253860000 | 4.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,698 | 100.0% | S100YNGJ |
| Cost of revenue | 22,179 | 67.8% | S100YNGJ |
| Gross profit | 10,518 | 32.2% | S100YNGJ |
| SG&A | 9,218 | 28.2% | S100YNGJ |
| Operating income | 1,300 | 4.0% | S100YNGJ |
| Ordinary income | 1,401 | 4.3% | S100YNGJ |
| Pretax income | 1,475 | 4.5% | S100YNGJ |
| Income tax | 515 | 1.6% | S100YNGJ |
| Net income | 960 | 2.9% | S100YNGJ |
| Net income attributable to owners | 960 | 2.9% | S100YNGJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 28 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 32.2% → Operating margin 4.0% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +2.7%
Operating leverage (core profit growth ÷ revenue growth): -1.24×
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 | 33,419 | 32,698 | -721 | -2.2% |
| Gross profit | 10,231 | 10,518 | 288 | +2.8% |
| Operating income | 1,266 | 1,300 | 34 | +2.7% |
| Net income attributable to owners | 889 | 960 | 71 | +8.0% |
| Operating cash flow | 2,021 | 2,726 | 705 | +34.9% |
| Free cash flow | 345 | 268 | -77 | -22.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,535 | 840 | 4.5% | 848 | 1,138 | -405 | S100LTYR |
| FY ending Mar 2021 | 21,418 | 991 | 4.6% | 671 | 1,697 | 549 | S100OKOF |
| FY ending Mar 2022 | 26,508 | 988 | 3.7% | 755 | 1,056 | -568 | S100R7KN |
| FY ending Mar 2023 | 30,635 | 1,035 | 3.4% | 661 | 2,256 | 1,128 | S100TUYZ |
| FY ending Mar 2024 | 29,905 | 1,055 | 3.5% | 734 | 2,278 | 811 | S100W7G0 |
| FY ending Mar 2025 | 33,419 | 1,266 | 3.8% | 889 | 2,021 | 345 | S100YNGJ |
| FY ending Mar 2026 | 32,698 | 1,300 | 4.0% | 960 | 2,726 | 268 | S100YNGJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.4M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 545 | 614 | 642 | 668 | 676 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.3M | ¥5.3M | ¥5.3M |
| Average age (parent company) | 45.7 years | 45.7 years | 46.1 years | 46.6 years | 47.0 years |
| Average tenure (parent company) | 12.1 years | 11.9 years | 12.7 years | 11.1 years | 12.6 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Living | 22,480 | 68.8% | 776 | 3.5% |
| Aqua | 1,254 | 3.8% | 51 | 4.1% |
| Medical and industrial gas | 8,964 | 27.4% | 473 | 5.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Living | 68.8% | 59.7% | -9.1 | 3.5% |
| Aqua | 3.8% | 4.0% | 0.1 | 4.1% |
| Medical and industrial gas | 27.4% | 36.4% | 9.0 | 5.3% |

Segment → industry: Living → Electric Power & Gas / Aqua → Beverages & Dairy / Medical and industrial gas → Specialty Trading & Wholesale

## 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 | 2,726 | 8.3% | S100YNGJ |
| Capital expenditure | 2,458 | 7.5% | S100YNGJ |
| Free cash flow | 268 | 0.8% | 算出 |
| Investing cash flow | -2,273 | -7.0% | S100YNGJ |
| Financing cash flow | -338 | -1.0% | S100YNGJ |
| Dividends paid | 215 | 0.7% | S100YNGJ |
| Share buyback | 0 | 0.0% | S100YNGJ |
| Change in cash | 115 | 0.4% | S100YNGJ |
| Cash and equivalents | 3,222 | 9.9% | S100YNGJ |

## 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 | 3,067 | 3,541 | 3,611 | 3,107 | 3,222 | S100TUYZ, S100W7G0, S100YNGJ |
| Total assets | 20,223 | 21,812 | 21,828 | 22,131 | 23,169 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Net assets | 13,367 | 14,230 | 14,134 | 14,910 | 15,953 | S100TUYZ, S100W7G0, S100YNGJ |
| Share capital | 871 | 871 | 871 | 871 | 871 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Property, plant and equipment | 7,789 | 8,390 | 8,720 | 9,178 | 10,309 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Intangible assets excluding goodwill | 2,189 | 2,633 | 2,349 | 2,177 | 1,777 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Goodwill | 1,861 | 1,772 | 1,549 | 1,441 | 1,102 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Investment securities | 1,113 | 718 | 682 | 774 | 1,157 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Current assets | 8,554 | 9,395 | 9,689 | 9,624 | 9,535 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Current liabilities | 5,018 | 5,356 | 5,560 | 5,398 | 5,352 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Trade payables | 2,266 | 2,425 | 1,805 | 2,008 | 1,728 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Short-term borrowings | 30 | 60 | 30 | 30 | — | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Long-term borrowings | 1,001 | 1,121 | 1,077 | 684 | 683 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Total liabilities | 6,856 | 7,582 | 7,694 | 7,221 | 7,216 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Non-controlling interests | — | 430 | — | — | — | S100TUYZ |
| Equity attributable to owners of parent | 13,078 | 13,575 | 13,925 | 14,640 | 15,420 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Retained earnings | 11,328 | 11,821 | 12,371 | 13,061 | 13,807 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |
| Treasury stock | -306 | -306 | -291 | -280 | -267 | S100R7KN, S100TUYZ, S100W7G0, S100YNGJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YNGJ |
| Property, plant and equipment | 45% | S100YNGJ |
| Intangibles and goodwill | 12% | S100YNGJ |
| Investment securities | 5% | S100YNGJ |
| Other assets | 24% | S100YNGJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YNGJ |
| Other liabilities | 24% | S100YNGJ |
| Equity | 69% | S100YNGJ |

### 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 | 20,223 | 21,812 | 21,828 | 22,131 | 23,169 |
| Equity | 13,367 | 14,230 | 14,134 | 14,910 | 15,953 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,067 | 3,541 | 3,611 | 3,107 | 3,222 |

## 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) | 31.5% | S100YNGJ |
| Fixed assets ÷ total assets | 44.5% | S100YNGJ |
| Goodwill ÷ parent equity | 7.1% | S100YNGJ |

Goodwill over 4 years: 1,861 → 1,102 JPY; total investing cash flow: -9,132 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) | 13.9% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 209.7% |
| Cash vs. profit gap | 1,766 JPY mn (of net income 183.9%) |
| Shareholder returns / net income | 22.4% |
| Shareholder returns / FCF | 80.1% |
| Shareholder payments — dividends / net income | 22.4% |
| Shareholder payments — dividends / FCF | 80.1% |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 83.4% |

## 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 | 2.8% | 1.31× | 3.7% | 1.55× | 5.8% | S100R7KN |
| 2023 | 2.2% | 1.46× | 3.1% | 1.58× | 5.0% | S100TUYZ |
| 2024 | 2.5% | 1.37× | 3.4% | 1.59× | 5.3% | S100W7G0 |
| 2025 | 2.7% | 1.52× | 4.0% | 1.54× | 6.2% | S100YNGJ |
| 2026 | 2.9% | 1.44× | 4.2% | 1.51× | 6.4% | S100YNGJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大丸エナウィン共栄会 | Major shareholder | 12.0% | 2026-03-31 |
| ＥＮＥＯＳグローブ株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任 組合 無限責任組合員光通信 株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社パロマ | Major shareholder | 4.6% | 2026-03-31 |
| 大丸エナウィン社員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 青 木 尚 史 | Major shareholder | 3.1% | 2026-03-31 |
| 堀川産業株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 大 道 薫 | Major shareholder | 2.7% | 2026-03-31 |
| 伊 藤 吉 朝 | Major shareholder | 2.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YNGJ | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNGJ,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W7G0 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7G0,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TUYZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUYZ,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R7KN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7KN,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OKOF | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKOF,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LTYR | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTYR,, |

## 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).