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

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第91期(2025/04/01－2026/03/31) (S100YM6T)
> Page: https://vizora.meequs.com/en/company/daisui
> Retrieved: 2026-09-30T18:04:20.577Z

## Company

Daisui, founded in 1939, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 438 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAISUI CO.,LTD. |
| Ticker | 7538 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7538.T) |
| Listing | TSE Standard |
| Head office | 大阪市福島区野田一丁目1番86号 大阪市中央卸売市場内 |
| Representative (per filing) | 代表取締役社長執行役員 山橋 英一郎 |
| Founded | Apr 1939 |
| Share capital | ¥100M |
| Employees (consolidated) | 438 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 4120001034601 |
| EDINET | E02818 |
| Industries (Vizora) | Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YM6T, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.3 | 179 |
| Profitability | 9.5 | 185 |
| Cash conversion | 3.6 | 179 |
| Efficiency | 99.7 | 185 |
| Financial strength | 57.5 | 20 |

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 100% of Daisui's sales come from Marine products business, with Cold storage business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit +32.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥105.8B |  |
| Operating income | ¥899M | Margin 0.8% |
| Net income | ¥730M | Margin 0.7% |
| Free cash flow | -¥1.39B |  |
| Largest business | Marine products business | of segment revenue 99.8% |
| Employees (consolidated) | 438 |  |
| EPS | ¥45.8 |  |
| Book value per share | ¥820.65 |  |
| Equity ratio | 45.3% |  |
| Shares outstanding | 13,774,000 |  |
| Treasury shares | 152,500 |  |
| Shareholders | 2,937 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 9.0% | Net cash -¥1.24B · Cash ÷ revenue 2.4% |
| Vs. industry median margin | -2 pp | Specialty Trading & Wholesale |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥114239000000 | ¥105770000000 | -7.4% |
| Operating income | ¥-81000000 | ¥899000000 | — |
| Operating margin | -0.1% | 0.8% | +0.9 pp |
| Employees | 456 people | 438 people | -3.9% |
| Cash and equivalents | ¥3375000000 | ¥2558000000 | -24.2% |

### 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 |
| --- | ---: |
| 水産物販売事業 → 水産物販売事業 | 99.8% |
| 水産物販売事業 → 事業再編・廃止 | 0.1% |
| 冷蔵倉庫等事業 → 冷蔵倉庫等事業 | 0.2% |
| 新設・再編 → 冷蔵倉庫等事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 105,770 | 100.0% | S100YM6T |
| Cost of revenue | 98,642 | 93.3% | S100YM6T |
| Gross profit | 7,127 | 6.7% | S100YM6T |
| SG&A | 6,227 | 5.9% | S100YM6T |
| Operating income | 899 | 0.8% | S100YM6T |
| Ordinary income | 1,054 | 1.0% | S100YM6T |
| Pretax income | 1,050 | 1.0% | S100YM6T |
| Income tax | 320 | 0.3% | S100YM6T |
| Net income | 730 | 0.7% | S100YM6T |
| Net income attributable to owners | 730 | 0.7% | S100YM6T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 6 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 6.7% → Operating margin 0.8% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.5%; Core profit growth: +32.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.94×
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 | 99,302 | 105,770 | 6,468 | +6.5% |
| Gross profit | 6,623 | 7,127 | 504 | +7.6% |
| Operating income | 680 | 899 | 219 | +32.2% |
| Net income attributable to owners | 1,189 | 730 | -459 | -38.6% |
| Operating cash flow | -1,062 | -1,064 | -2 | — |
| Free cash flow | -1,338 | -1,393 | -55 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 125,056 | 272 | 0.2% | 168 | -270 | -532 | S100LMK0 |
| FY ending Mar 2021 | 114,239 | -81 | -0.1% | 653 | 285 | 222 | S100OAP7 |
| FY ending Mar 2022 | 88,788 | -190 | -0.2% | -18 | -2,000 | -2,110 | S100R1ZA |
| FY ending Mar 2023 | 98,458 | 432 | 0.4% | 701 | -349 | -402 | S100TN6U |
| FY ending Mar 2024 | 98,460 | 830 | 0.8% | 1,009 | 2,651 | 2,571 | S100W1YD |
| FY ending Mar 2025 | 99,302 | 680 | 0.7% | 1,189 | -1,062 | -1,338 | S100YM6T |
| FY ending Mar 2026 | 105,770 | 899 | 0.8% | 730 | -1,064 | -1,393 | S100YM6T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥241.5M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 446 | 435 | 424 | 434 | 438 |
| Average salary (parent company) | ¥5.4M | ¥6M | ¥6.5M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 46.0 years | 45.9 years | 45.9 years | 45.7 years | 46.4 years |
| Average tenure (parent company) | 20.2 years | 20.2 years | 20.3 years | 19.4 years | 20.1 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine products business | 105,540 | 99.8% | 1,036 | 1.0% |
| Cold storage business | 229 | 0.2% | 25 | 10.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine products business | 99.8% | 97.6% | -2.1 | 1.0% |
| Cold storage business | 0.2% | 2.4% | 2.1 | 10.9% |

Segment → industry: Marine products business → Specialty Trading & Wholesale / Cold storage business → Warehouses & Logistics Facilities

## 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 | -1,064 | -1.0% | S100YM6T |
| Capital expenditure | 329 | 0.3% | S100YM6T |
| Free cash flow | -1,393 | -1.3% | 算出 |
| Investing cash flow | -343 | -0.3% | S100YM6T |
| Financing cash flow | 964 | 0.9% | S100YM6T |
| Dividends paid | 80 | 0.1% | S100YM6T |
| Change in cash | -443 | -0.4% | S100YM6T |
| Cash and equivalents | 2,558 | 2.4% | S100YM6T |

## 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 | 2,083 | 2,706 | 4,339 | 3,001 | 2,558 | S100TN6U, S100W1YD, S100YM6T |
| Total assets | 21,070 | 22,488 | 24,745 | 24,840 | 28,371 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Net assets | 7,554 | 8,232 | 10,042 | 11,457 | 12,842 | S100TN6U, S100W1YD, S100YM6T |
| Share capital | 2,352 | 100 | 100 | 100 | 100 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Property, plant and equipment | 2,675 | 2,670 | 2,607 | 2,811 | 2,939 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Intangible assets excluding goodwill | 89 | 69 | 87 | 65 | 61 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Investment securities | 2,284 | 2,370 | 3,404 | 3,735 | 4,875 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Current assets | 15,715 | 17,115 | 18,372 | 17,912 | 20,181 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Current liabilities | 9,747 | 10,503 | 11,437 | 9,613 | 11,434 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Trade payables | 6,882 | 6,602 | 7,934 | 6,844 | 7,480 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Short-term borrowings | 1,750 | 2,650 | 1,450 | 1,350 | 2,400 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Long-term borrowings | 600 | 600 | 500 | 600 | 600 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Bonds | 600 | 600 | — | 800 | 800 | S100R1ZA, S100TN6U, S100YM6T |
| Interest-bearing debt | 2,950 | 3,850 | — | 2,750 | 3,800 | 算出 |
| Total liabilities | 13,516 | 14,255 | 14,702 | 13,382 | 15,528 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Equity attributable to owners of parent | 6,379 | 7,050 | 8,015 | 9,145 | 9,817 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Retained earnings | 3,644 | 4,292 | 5,234 | 6,343 | 6,992 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |
| Treasury stock | -114 | -91 | -72 | -56 | -38 | S100R1ZA, S100TN6U, S100W1YD, S100YM6T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YM6T |
| Property, plant and equipment | 11% | S100YM6T |
| Intangibles and goodwill | 0% | S100YM6T |
| Investment securities | 17% | S100YM6T |
| Other assets | 63% | S100YM6T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 26% | S100YM6T |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 15% | S100YM6T |
| Equity | 45% | S100YM6T |
| Other liabilities | 0% | S100YM6T |

### 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 | 21,070 | 22,488 | 24,745 | 24,840 | 28,371 |
| Equity | 7,554 | 8,232 | 10,042 | 11,457 | 12,842 |
| Interest-bearing debt | 2,950 | 3,850 | — | 2,750 | 3,800 |
| Cash | 2,083 | 2,706 | 4,339 | 3,001 | 2,558 |

## 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) | 2.8% | S100YM6T |
| Fixed assets ÷ total assets | 10.4% | S100YM6T |
| Goodwill ÷ parent equity | — | —, S100YM6T |

### 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) | 9.0% |
| Cash ÷ revenue | 2.4% |
| Net cash (cash − interest-bearing debt) | -¥1.24B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -118.4% |
| Cash vs. profit gap | -1,794 JPY mn (of net income -245.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -0.1% | —× | — | S100R1ZA |
| 2023 | 0.7% | 4.52× | 3.2% | 3.24× | 10.4% | S100TN6U |
| 2024 | 1.0% | 4.17× | 4.3% | 3.14× | 13.4% | S100W1YD |
| 2025 | 1.2% | 4.01× | 4.8% | 2.89× | 13.9% | S100YM6T |
| 2026 | 0.7% | 3.98× | 2.7% | 2.81× | 7.7% | S100YM6T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ニッスイ | Major shareholder | 31.6% | 2026-03-31 |
| 株式会社極洋 | Major shareholder | 8.7% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 5.1% | 2026-03-31 |
| 大水従業員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| ニチモウ株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 中部水産株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 寳船冷蔵株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 利州株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 大起産業株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 水野 直明 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/04/01－2026/03/31) | S100YM6T | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM6T,, |
| 有価証券報告書－第90期(2024/04/01－2025/03/31) | S100W1YD | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1YD,, |
| 有価証券報告書－第89期(2023/04/01－2024/03/31) | S100TN6U | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN6U,, |
| 有価証券報告書－第88期(2022/04/01－2023/03/31) | S100R1ZA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1ZA,, |
| 有価証券報告書－第87期(令和3年4月1日－令和4年3月31日) | S100OAP7 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAP7,, |
| 有価証券報告書－第86期(令和2年4月1日－令和3年3月31日) | S100LMK0 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMK0,, |

## 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).