# Daiseki 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68期(2025/03/01－2026/02/28) (S100Y63V)
> Page: https://vizora.meequs.com/en/company/daiseki
> Retrieved: 2026-09-30T20:18:01.453Z

## Company

Daiseki, founded in 1958, is a company in Waste Management & Recycling listed on TSE Prime. It has 1,295 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiseki Co.,Ltd. |
| Ticker | 9793 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9793.T) |
| Listing | TSE Prime |
| Head office | 名古屋市港区船見町1番地86 |
| Representative (per filing) | 代表取締役社長 山本 哲也 |
| Founded | Oct 1958 |
| Share capital | ¥6.38B |
| Employees (consolidated) | 1,295 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | February |
| Website | www.daiseki.co.jp (https://www.daiseki.co.jp/) |
| Corporate number | 6180001006700 |
| EDINET | E04931 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100Y63V, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.4 | 24 |
| Profitability | 90 | 25 |
| Cash conversion | 30 | 25 |
| Efficiency | 18 | 25 |

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)

- Daiseki brought in ¥71.8B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +1.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥71845000000 → ¥9893000000
- Net income → operating cash flow: ¥9893000000 → ¥10984000000（difference ¥1091000000）
- Main uses of operating cash flow: CapEx ¥6032000000 / dividends ¥3577000000 / buybacks ¥2950000000
- Change in cash: ¥-11820000000
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 | ¥71.8B |  |
| Operating income | ¥14.6B | Margin 20.3% |
| Net income | ¥9.15B | Margin 12.7% |
| Free cash flow | ¥4.95B |  |
| Employees (consolidated) | 1,295 |  |
| EPS | ¥183.15 |  |
| Book value per share | ¥1549.35 |  |
| Equity ratio | 77.7% |  |
| Shares outstanding | 48,000,000 |  |
| Treasury shares | 714,400 |  |
| Shareholders | 6,121 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 17.4% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | +13.1 pp | Waste Management & Recycling |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51530000000 | ¥71845000000 | +39.4% |
| Operating income | ¥10242000000 | ¥14588000000 | +42.4% |
| Operating margin | 19.9% | 20.3% | +0.4 pp |
| Employees | 1,040 people | 1,295 people | +24.5% |
| Cash and equivalents | ¥33663000000 | ¥18301000000 | -45.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 71,845 | 100.0% | S100Y63V |
| Cost of revenue | 47,757 | 66.5% | S100Y63V |
| Gross profit | 24,087 | 33.5% | S100Y63V |
| SG&A | 9,499 | 13.2% | S100Y63V |
| Operating income | 14,588 | 20.3% | S100Y63V |
| Ordinary income | 14,885 | 20.7% | S100Y63V |
| Pretax income | 14,587 | 20.3% | S100Y63V |
| Income tax | 4,694 | 6.5% | S100Y63V |
| Net income | 9,893 | 13.8% | S100Y63V |
| Net income attributable to owners | 9,155 | 12.7% | S100Y63V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 13 |
| Operating income | 20 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 33.5% → Operating margin 20.3% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +1.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 67,304 | 71,845 | 4,541 | +6.7% |
| Gross profit | 22,447 | 24,087 | 1,640 | +7.3% |
| Operating income | 14,318 | 14,588 | 270 | +1.9% |
| Net income attributable to owners | 9,307 | 9,155 | -152 | -1.6% |
| Operating cash flow | 13,825 | 10,984 | -2,841 | -20.5% |
| Free cash flow | 5,571 | 4,952 | -619 | -11.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 54,088 | 10,865 | 20.1% | 7,044 | 9,633 | -1,220 | S100LDT3 |
| FY ending Feb 2021 | 51,530 | 10,242 | 19.9% | 6,521 | 9,784 | 7,117 | S100O3TC |
| FY ending Feb 2022 | 56,867 | 12,940 | 22.8% | 8,376 | 11,699 | 8,343 | S100QT8B |
| FY ending Feb 2023 | 58,572 | 12,711 | 21.7% | 8,666 | 9,919 | 3,750 | S100TGV5 |
| FY ending Feb 2024 | 69,216 | 14,814 | 21.4% | 9,465 | 13,792 | 7,524 | S100VQYT |
| FY ending Feb 2025 | 67,304 | 14,318 | 21.3% | 9,307 | 13,825 | 5,571 | S100Y63V |
| FY ending Feb 2026 | 71,845 | 14,588 | 20.3% | 9,155 | 10,984 | 4,952 | S100Y63V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.5M |
| Operating income per employee (consolidated) | ¥11.3M |
| Net income per employee (consolidated) | ¥7.1M |

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) | 1,076 | 1,114 | 1,215 | 1,264 | 1,295 |
| Average salary (parent company) | ¥6.9M | ¥7.1M | ¥7.1M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 40.6 years | 40.8 years | 40.7 years | 40.8 years | 41.1 years |
| Average tenure (parent company) | 11.3 years | 11.4 years | 11.4 years | 12.1 years | 12.2 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +6.7%

## 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 | 10,984 | 15.3% | S100Y63V |
| Capital expenditure | 6,032 | 8.4% | S100Y63V |
| Free cash flow | 4,952 | 6.9% | 算出 |
| Investing cash flow | -4,071 | -5.7% | S100Y63V |
| Financing cash flow | -18,733 | -26.1% | S100Y63V |
| Dividends paid | 3,577 | 5.0% | S100Y63V |
| Share buyback | 2,950 | 4.1% | S100Y63V |
| Change in cash | -11,820 | -16.5% | S100Y63V |
| Cash and equivalents | 18,301 | 25.5% | S100Y63V |

## 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 | 33,914 | 27,502 | 28,898 | 30,122 | 18,301 | S100TGV5, S100VQYT, S100Y63V |
| Total assets | 99,264 | 100,145 | 108,641 | 113,635 | 105,176 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Net assets | 83,443 | 84,426 | 89,434 | 93,850 | 83,403 | S100TGV5, S100VQYT, S100Y63V |
| Share capital | 6,382 | 6,382 | 6,382 | 6,382 | 6,382 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Trade receivables | 8,488 | — | — | — | — | S100QT8B |
| Inventories | 1,906 | 1,948 | 2,609 | 2,138 | 2,277 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Property, plant and equipment | 40,868 | 45,139 | 47,913 | 52,403 | 54,100 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Intangible assets excluding goodwill | 562 | 506 | 2,193 | 1,955 | 1,774 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Goodwill | 267 | 190 | 909 | 773 | 675 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Investment securities | 7,765 | 9,119 | 8,081 | 7,169 | 7,063 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Current assets | 46,457 | 40,781 | 44,722 | 46,650 | 36,576 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Current liabilities | 12,302 | 13,431 | 14,296 | 13,993 | 15,987 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Trade payables | 3,004 | 3,129 | 3,944 | 4,048 | 3,180 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Short-term borrowings | 830 | 2,200 | 1,500 | 1,330 | 2,660 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Long-term borrowings | 1,618 | 727 | 2,798 | 3,772 | 3,524 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Bonds | — | — | 12 | 4 | — | S100VQYT, S100Y63V |
| Interest-bearing debt | — | — | 4,310 | 5,106 | — | 算出 |
| Total liabilities | 15,821 | 15,719 | 19,206 | 19,784 | 21,773 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Non-controlling interests | 7,490 | 7,931 | 8,827 | 9,523 | 1,657 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Equity attributable to owners of parent | 75,787 | 76,496 | 80,615 | 84,190 | 81,272 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Retained earnings | 64,192 | 69,753 | 76,264 | 82,193 | 76,162 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |
| Treasury stock | -1,857 | -6,712 | -9,103 | -11,456 | -2,761 | S100QT8B, S100TGV5, S100VQYT, S100Y63V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100Y63V |
| Inventories | 2% | S100Y63V |
| Property, plant and equipment | 52% | S100Y63V |
| Intangibles and goodwill | 2% | S100Y63V |
| Investment securities | 7% | S100Y63V |
| Other assets | 20% | S100Y63V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y63V |
| Other liabilities | 18% | S100Y63V |
| Equity | 79% | S100Y63V |

### 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 | 99,264 | 100,145 | 108,641 | 113,635 | 105,176 |
| Equity | 83,443 | 84,426 | 89,434 | 93,850 | 83,403 |
| Interest-bearing debt | — | — | 4,310 | 5,106 | — |
| Cash | 33,914 | 27,502 | 28,898 | 30,122 | 18,301 |

## 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) | 75.3% | S100Y63V |
| Fixed assets ÷ total assets | 51.4% | S100Y63V |
| Goodwill ÷ parent equity | 0.8% | S100Y63V |

Goodwill over 4 years: 267 → 675 JPY; total investing cash flow: -31,730 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) | 17.4% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.3% |
| Cash vs. profit gap | 1,829 JPY mn (of net income 20.0%) |
| Shareholder returns / net income | 71.3% |
| Shareholder returns / FCF | 131.8% |
| Shareholder payments — dividends / net income | 39.1% |
| Shareholder payments — dividends / FCF | 72.2% |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 37.1% |

## 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 | 14.7% | 0.57× | 8.4% | 1.31× | 11.1% | S100QT8B |
| 2023 | 14.8% | 0.59× | 8.7% | 1.31× | 11.4% | S100TGV5 |
| 2024 | 13.7% | 0.66× | 9.1% | 1.33× | 12.0% | S100VQYT |
| 2025 | 13.8% | 0.61× | 8.4% | 1.35× | 11.3% | S100Y63V |
| 2026 | 12.7% | 0.66× | 8.4% | 1.32× | 11.1% | S100Y63V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 15.9% | 2026-02-28 |
| 株式会社日本カストディ銀行 | Major shareholder | 11.6% | 2026-02-28 |
| 有限会社こども未来研究所 | Major shareholder | 5.5% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 4.2% | 2026-02-28 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ.（ＡＶＦＣ）（常任代理人香港上海銀行東京支店） | Major shareholder | 3.2% | 2026-02-28 |
| ＣＥＰ ＬＵＸ－ＯＲＢＩＳ ＳＩＣＡＶ(常任代理人シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.2% | 2026-02-28 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 2.9% | 2026-02-28 |
| 有限会社博泰 | Major shareholder | 2.6% | 2026-02-28 |
| ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ，Ｎ．Ａ．(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 2.4% | 2026-02-28 |
| 株式会社ホリコーポレーション | Major shareholder | 2.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/03/01－2026/02/28) | S100Y63V | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y63V,, |
| 有価証券報告書－第67期(2024/03/01－2025/02/28) | S100VQYT | 2025-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VQYT,, |
| 有価証券報告書－第66期(2023/03/01－2024/02/29) | S100TGV5 | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGV5,, |
| 有価証券報告書－第65期(2022/03/01－2023/02/28) | S100QT8B | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT8B,, |
| 有価証券報告書－第64期(令和3年3月1日－令和4年2月28日) | S100O3TC | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3TC,, |
| 有価証券報告書－第63期(令和2年3月1日－令和3年2月28日) | S100LDT3 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDT3,, |

## 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).