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

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/04/21－2026/04/20) (S100YNWZ)
> Page: https://vizora.meequs.com/en/company/daisan
> Retrieved: 2026-09-30T18:41:20.286Z

## Company

Daisan, founded in 1975, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 638 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAISAN CO.,LTD. |
| Ticker | 4750 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4750.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区南本町二丁目6番12号 |
| Representative (per filing) | 代表取締役社長 藤田 武敏 |
| Founded | Apr 1975 |
| Share capital | ¥100M |
| Employees (consolidated) | 638 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | April |
| Website | www.daisan-g.co.jp (https://www.daisan-g.co.jp/) |
| Corporate number | 8120001083116 |
| EDINET | E05070 |
| Industries (Vizora) | Plant Engineering & Building Services, Housing Equipment & Building Materials, General Contractors |

> Profile source: annual securities report (S100YNWZ, filed 2026-07-02). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-04-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.9 | 84 |
| Profitability | 4.9 | 92 |
| Cash conversion | 90.7 | 91 |
| Efficiency | 52.7 | 92 |

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 Daisan's sales come from Construction Sales, with Overseas business and Merchandise and finished goods making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -27.5%.

## Company structure

- Segment revenue mix: Construction Sales 68.9%、Overseas business 21.5%、Merchandise and finished goods 9.1%、Other 0.5%
- Revenue → net income: ¥11139339000 → ¥262233000
- Net income → operating cash flow: ¥262233000 → ¥590192000（difference ¥327959000）
- Main uses of operating cash flow: CapEx ¥70023000 / dividends ¥156693000 / buybacks —
- Change in cash: ¥464657000
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 | ¥11.1B |  |
| Operating income | ¥268.9M | Margin 2.4% |
| Net income | ¥262.2M | Margin 2.4% |
| Free cash flow | ¥520.2M |  |
| Largest business | Construction Sales | of segment revenue 68.9% |
| Employees (consolidated) | 638 |  |
| EPS | ¥26.94 |  |
| Book value per share | ¥827.73 |  |
| Equity ratio | 56.2% |  |
| Shares outstanding | 7,618,000 |  |
| Treasury shares | 1,205,100 |  |
| Shareholders | 2,913 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 26.4% | Cash ÷ revenue 24.1% |
| Vs. industry median margin | -4.4 pp | General Contractors |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8653603000 | ¥11139339000 | +28.7% |
| Operating income | ¥-131101000 | ¥268934000 | — |
| Operating margin | -1.5% | 2.4% | +3.9 pp |
| Employees | 608 people | 638 people | +4.9% |
| Cash and equivalents | ¥1488763000 | ¥2689340000 | +80.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 施工サービス事業 → 施工サービス事業 | 68.9% |
| 施工サービス事業 → 事業再編・廃止 | 8.5% |
| 製商品販売事業 → 製商品販売事業 | 9.1% |
| 製商品販売事業 → 事業再編・廃止 | 2.6% |
| 海外事業 → 海外事業 | 10.3% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 海外事業 | 11.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction Sales | 5 years | +2.8% | ¥7669946000 | — | 2 |
| Overseas business | 5 years | +22.0% | ¥2399462000 | — | 2 |
| Merchandise and finished goods | 5 years | +0.1% | ¥1009760000 | — | 2 |
| Other | 5 years | -2.9% | ¥60170000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,139 | 100.0% | S100YNWZ |
| Cost of revenue | 7,935 | 71.2% | S100YNWZ |
| Gross profit | 3,204 | 28.8% | S100YNWZ |
| SG&A | 2,935 | 26.3% | S100YNWZ |
| Operating income | 269 | 2.4% | S100YNWZ |
| Ordinary income | 291 | 2.6% | S100YNWZ |
| Pretax income | 351 | 3.1% | S100YNWZ |
| Income tax | 88 | 0.8% | S100YNWZ |
| Net income | 262 | 2.4% | S100YNWZ |
| Net income attributable to owners | 262 | 2.4% | S100YNWZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 26 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 28.8% → Operating margin 2.4% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -27.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,838 | 11,139 | 302 | +2.8% |
| Gross profit | 3,210 | 3,204 | -6 | -0.2% |
| Operating income | 371 | 269 | -102 | -27.5% |
| Net income attributable to owners | 335 | 262 | -73 | -21.8% |
| Operating cash flow | 1,375 | 590 | -784 | -57.1% |
| Free cash flow | 1,313 | 520 | -793 | -60.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 9,499 | 266 | 2.8% | 122 | 320 | 214 | S100LXKD |
| FY ending Apr 2021 | 8,654 | -131 | -1.5% | 35 | -14 | -309 | S100OO5M |
| FY ending Apr 2022 | 9,700 | -17 | -0.2% | 50 | -37 | -217 | S100RCCH |
| FY ending Apr 2023 | 10,512 | -64 | -0.6% | -1,017 | -440 | -785 | S100TZS5 |
| FY ending Apr 2024 | 10,408 | 56 | 0.5% | 61 | 312 | 256 | S100WASN |
| FY ending Apr 2025 | 10,838 | 371 | 3.4% | 335 | 1,375 | 1,313 | S100YNWZ |
| FY ending Apr 2026 | 11,139 | 269 | 2.4% | 262 | 590 | 520 | S100YNWZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | ¥421.5K |
| Net income per employee (consolidated) | ¥411K |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 617 | 598 | 537 | 490 | 638 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5.1M | ¥5.3M | ¥5M |
| Average age (parent company) | 37.5 years | 37.9 years | 39.9 years | 40.7 years | 36.5 years |
| Average tenure (parent company) | 10.3 years | 10.5 years | 11.6 years | 12.4 years | 9.3 years |

Year over year: Employees (consolidated) +30.2% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Sales | 7,670 | 68.9% | — | — |
| Merchandise and finished goods | 1,010 | 9.1% | — | — |
| Overseas business | 2,399 | 21.5% | — | — |
| Other | 60 | 0.5% | — | — |

### 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 |
| --- | ---: |
| Construction Sales | 68.9% |
| Merchandise and finished goods | 9.1% |
| Overseas business | 21.5% |
| Other | 0.5% |

Segment → industry: Overseas business → Plant Engineering & Building Services / Merchandise and finished goods → Housing Equipment & Building Materials / Construction Sales → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 590 | 5.3% | S100YNWZ |
| Capital expenditure | 70 | 0.6% | S100YNWZ |
| Free cash flow | 520 | 4.7% | 算出 |
| Investing cash flow | 203 | 1.8% | S100YNWZ |
| Financing cash flow | -356 | -3.2% | S100YNWZ |
| Dividends paid | 157 | 1.4% | S100YNWZ |
| Change in cash | 465 | 4.2% | S100YNWZ |
| Cash and equivalents | 2,689 | 24.1% | S100YNWZ |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,394 | 1,267 | 1,697 | 2,220 | 2,689 | S100TZS5, S100WASN, S100YNWZ |
| Total assets | 10,217 | 10,097 | 10,372 | 10,192 | 10,181 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Net assets | 6,567 | 5,379 | 5,354 | 5,566 | 5,726 | S100TZS5, S100WASN, S100YNWZ |
| Share capital | 567 | 100 | 100 | 100 | 100 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Property, plant and equipment | 2,937 | 2,747 | 2,800 | 2,813 | 2,521 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Intangible assets excluding goodwill | 710 | 130 | 117 | 101 | 106 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Goodwill | 597 | — | — | — | — | S100RCCH |
| Investment securities | 0 | 1 | 2 | 3 | 5 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Current assets | 5,783 | 6,183 | 6,629 | 6,457 | 6,747 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Current liabilities | 2,683 | 3,794 | 4,173 | 4,038 | 3,954 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Trade payables | 563 | 509 | 548 | 472 | 419 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Short-term borrowings | 535 | 1,793 | 2,061 | 1,726 | 1,743 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Long-term borrowings | 758 | 618 | 592 | 383 | 325 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Total liabilities | 3,650 | 4,718 | 5,018 | 4,626 | 4,455 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Non-controlling interests | 33 | — | — | — | — | S100RCCH |
| Equity attributable to owners of parent | 6,470 | 5,259 | 5,185 | 5,380 | 5,488 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Retained earnings | 6,299 | 5,148 | 5,074 | 5,268 | 5,376 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |
| Treasury stock | -919 | -919 | -919 | -919 | -919 | S100RCCH, S100TZS5, S100WASN, S100YNWZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YNWZ |
| Property, plant and equipment | 25% | S100YNWZ |
| Intangibles and goodwill | 1% | S100YNWZ |
| Investment securities | 0% | S100YNWZ |
| Other assets | 48% | S100YNWZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YNWZ |
| Other liabilities | 40% | S100YNWZ |
| Equity | 56% | S100YNWZ |
| Other liabilities | 0% | S100YNWZ |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,217 | 10,097 | 10,372 | 10,192 | 10,181 |
| Equity | 6,567 | 5,379 | 5,354 | 5,566 | 5,726 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,394 | 1,267 | 1,697 | 2,220 | 2,689 |

## 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) | 22.6% | S100YNWZ |
| Fixed assets ÷ total assets | 24.8% | S100YNWZ |
| Goodwill ÷ parent equity | — | —, S100YNWZ |

### 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) | 26.4% |
| Cash ÷ revenue | 24.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 219.5% |
| Cash vs. profit gap | 328 JPY mn (of net income 125.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.8% |
| Shareholder payments — dividends / FCF | 30.1% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 34.5% |

## 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% | 0.95× | 0.5% | 1.58× | 0.8% | S100RCCH |
| 2023 | — | —× | -10.0% | —× | — | S100TZS5 |
| 2024 | 0.6% | 1.02× | 0.6% | 1.96× | 1.2% | S100WASN |
| 2025 | 3.1% | 1.05× | 3.3% | 1.95× | 6.3% | S100YNWZ |
| 2026 | 2.4% | 1.09× | 2.6% | 1.87× | 4.8% | S100YNWZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社和顔 | Major shareholder | 22.0% | 2026-04-20 |
| ダイサン取引先持株会 | Major shareholder | 8.4% | 2026-04-20 |
| ダイサン従業員持株会 | Major shareholder | 5.0% | 2026-04-20 |
| 三浦 民子 | Major shareholder | 3.6% | 2026-04-20 |
| 三浦 基和 | Major shareholder | 3.6% | 2026-04-20 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 3.1% | 2026-04-20 |
| 金沢 昭枝 | Major shareholder | 2.9% | 2026-04-20 |
| 大原 春子 | Major shareholder | 2.5% | 2026-04-20 |
| 三浦 宣子 | Major shareholder | 2.0% | 2026-04-20 |
| 株式会社麻生 | Major shareholder | 1.8% | 2026-04-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/21－2026/04/20) | S100YNWZ | 2026-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNWZ,, |
| 有価証券報告書－第51期(2024/04/21－2025/04/20) | S100WASN | 2025-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WASN,, |
| 有価証券報告書－第50期(2023/04/21－2024/04/20) | S100TZS5 | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZS5,, |
| 有価証券報告書－第49期(2022/04/21－2023/04/20) | S100RCCH | 2023-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCCH,, |
| 有価証券報告書－第48期(令和3年4月21日－令和4年4月20日) | S100OO5M | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OO5M,, |
| 有価証券報告書－第47期(令和2年4月21日－令和3年4月20日) | S100LXKD | 2021-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LXKD,, |

## 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).