# DAISYO CORPORATION: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2024/09/01－2025/08/31) (S100X5DP)
> Page: https://vizora.meequs.com/en/company/daisyo
> Retrieved: 2026-09-30T18:04:26.180Z

## Company

Daisyo, founded in 1971, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,537 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAISYO CORPORATION |
| Ticker | 9979 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9979.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区大森北一丁目22番1号(注) 上記は登記上の本店所在地であり、本社事務は下記の最寄りの 連絡場所で行っております。 |
| Representative (per filing) | 代表取締役社長 平 了壽 |
| Founded | Nov 1971 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,537 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | August |
| Website | www.daisyo.co.jp (https://www.daisyo.co.jp/) |
| Corporate number | 2010801006663 |
| EDINET | E03223 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Restaurants & Pubs, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100X5DP, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.2 | 21 |
| Profitability | 20.5 | 22 |
| Cash conversion | 61.4 | 22 |
| Efficiency | 84.1 | 22 |
| Financial strength | 75 | 6 |

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 49% of Daisyo's sales come from Wholesale and logistics business, with Restaurant business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +19.6%.

## Company structure

- Segment revenue mix: Wholesale and logistics business 49.3%、Restaurant business 45.3%、Real estate business 3.1%、FranchisedChainAndVoluntaryChainStyleBusinessReportableSegmentMember 1.7%、Other 0.6%
- Revenue → net income: ¥52556000000 → ¥1173000000
- Net income → operating cash flow: ¥1173000000 → ¥2148000000（difference ¥975000000）
- Main uses of operating cash flow: CapEx ¥870000000 / dividends ¥294000000 / buybacks ¥0
- Change in cash: ¥-3026000000
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 | ¥52.6B |  |
| Operating income | ¥1.2B | Margin 2.3% |
| Net income | ¥1.17B | Margin 2.2% |
| Free cash flow | ¥1.28B |  |
| Largest business | Wholesale and logistics business | of segment revenue 49.3% |
| Employees (consolidated) | 1,537 |  |
| EPS | ¥38.31 |  |
| Book value per share | ¥500.9 |  |
| Equity ratio | 38.2% |  |
| Shares outstanding | 21,198,962 |  |
| Treasury shares | 213,800 |  |
| Shareholders | 38,979 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 20.2% | Net cash -¥263M · Cash ÷ revenue 11.4% |
| Vs. industry median margin | -0.6 pp | Specialty Trading & Wholesale |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -4% while operating income rose 20%
- FY2025, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44827000000 | ¥52556000000 | +17.2% |
| Operating income | ¥-3311000000 | ¥1196000000 | — |
| Operating margin | -7.4% | 2.3% | +9.7 pp |
| Employees | 2,579 people | 1,537 people | -40.4% |
| Cash and equivalents | ¥11124000000 | ¥5974000000 | -46.3% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 飲食事業 → 事業再編・廃止 | 68.3% |
| 卸売事業 → 事業再編・廃止 | 10.2% |
| 不動産事業 → 事業再編・廃止 | 2.6% |
| フランチャイズ事業 → 事業再編・廃止 | 0.8% |
| 運送事業 → 事業再編・廃止 | 17.1% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 飲食事業 | 45.3% |
| 新設・再編 → 卸売・ロジスティクス事業 | 49.3% |
| 新設・再編 → 不動産事業 | 3.1% |
| 新設・再編 → FC・VC事業 | 1.7% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wholesale and logistics business | 2 years | +13.3% | ¥25902000000 | 3.6% | 2 |
| Restaurant business | 3 years | +6.1% | ¥23785000000 | 5.5% | 2 |
| Real estate business | 3 years | +2.4% | ¥1625000000 | 27.1% | 2 |
| FranchisedChainAndVoluntaryChainStyleBusinessReportableSegmentMember | — | — | ¥910000000 | 38.4% | 2 |
| Other | 5 years | -3.0% | ¥332000000 | -0.3% | 2 |

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,556 | 100.0% | S100X5DP |
| Cost of revenue | 32,216 | 61.3% | S100X5DP |
| Gross profit | 20,340 | 38.7% | S100X5DP |
| SG&A | 19,143 | 36.4% | S100X5DP |
| Operating income | 1,196 | 2.3% | S100X5DP |
| Ordinary income | 1,196 | 2.3% | S100X5DP |
| Pretax income | 1,335 | 2.5% | S100X5DP |
| Income tax | 161 | 0.3% | S100X5DP |
| Net income | 1,173 | 2.2% | S100X5DP |
| Net income attributable to owners | 1,172 | 2.2% | S100X5DP |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 37 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 38.7% → Operating margin 2.3% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +19.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.03×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 50,586 | 52,556 | 1,970 | +3.9% |
| Gross profit | 19,651 | 20,340 | 689 | +3.5% |
| Operating income | 1,000 | 1,196 | 196 | +19.6% |
| Net income attributable to owners | 1,333 | 1,172 | -161 | -12.1% |
| Operating cash flow | 1,536 | 2,148 | 612 | +39.8% |
| Free cash flow | 683 | 1,278 | 595 | +87.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 61,032 | 734 | 1.2% | 150 | 2,432 | 430 | S100KA37 |
| FY ending Aug 2020 | 44,827 | -3,311 | -7.4% | -6,308 | -4,617 | -6,095 | S100MYUE |
| FY ending Aug 2021 | 28,836 | -5,949 | -20.6% | -4,864 | -6,468 | -7,690 | S100PP8V |
| FY ending Aug 2022 | 35,799 | -5,390 | -15.1% | -770 | 3,396 | 2,608 | S100SDBS |
| FY ending Aug 2023 | 45,495 | -461 | -1.0% | -769 | 784 | -462 | S100USWG |
| FY ending Aug 2024 | 50,586 | 1,000 | 2.0% | 1,333 | 1,536 | 683 | S100X5DP |
| FY ending Aug 2025 | 52,556 | 1,196 | 2.3% | 1,172 | 2,148 | 1,278 | S100X5DP |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | ¥778.1K |
| Net income per employee (consolidated) | ¥762.5K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,279 | 1,953 | 1,696 | 1,594 | 1,537 |
| Average salary (parent company) | ¥4M | ¥4M | ¥4M | ¥4.6M | ¥4.9M |
| Average age (parent company) | 44.4 years | 46.3 years | 47.0 years | 47.3 years | 47.6 years |
| Average tenure (parent company) | 12.9 years | 13.8 years | 14.7 years | 15.1 years | 15.3 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) +3.9%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant business | 23,785 | 45.3% | 1,303 | 5.5% |
| Wholesale and logistics business | 25,902 | 49.3% | 945 | 3.6% |
| Real estate business | 1,625 | 3.1% | 440 | 27.1% |
| FranchisedChainAndVoluntaryChainStyleBusinessReportableSegmentMember | 910 | 1.7% | 349 | 38.4% |
| Other | 332 | 0.6% | -1 | -0.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Restaurant business | 45.3% | 42.9% | -2.4 | 5.5% |
| Wholesale and logistics business | 49.3% | 31.1% | -18.2 | 3.6% |
| Real estate business | 3.1% | 14.5% | 11.4 | 27.1% |
| FranchisedChainAndVoluntaryChainStyleBusinessReportableSegmentMember | 1.7% | 11.5% | 9.8 | 38.4% |
| Other | 0.6% | — | — | -0.3% |

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Real estate business → Real Estate Development & Leasing / Wholesale and logistics business → Specialty Trading & Wholesale / FranchisedChainAndVoluntaryChainStyleBusinessReportableSegmentMember → Restaurants & Pubs / Restaurant business → Restaurants & Pubs / Wholesale and logistics business → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,148 | 4.1% | S100X5DP |
| Capital expenditure | 870 | 1.7% | S100X5DP |
| Free cash flow | 1,278 | 2.4% | 算出 |
| Investing cash flow | 295 | 0.6% | S100X5DP |
| Financing cash flow | -5,468 | -10.4% | S100X5DP |
| Dividends paid | 294 | 0.6% | S100X5DP |
| Share buyback | 0 | 0.0% | S100X5DP |
| Change in cash | -3,026 | -5.8% | S100X5DP |
| Cash and equivalents | 5,974 | 11.4% | S100X5DP |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,824 | 8,229 | 8,129 | 9,001 | 5,974 | S100SDBS, S100USWG, S100X5DP |
| Total assets | 35,129 | 33,738 | 33,188 | 33,524 | 29,523 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Net assets | 11,141 | 10,065 | 9,485 | 10,402 | 11,286 | S100SDBS, S100USWG, S100X5DP |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Property, plant and equipment | 13,172 | 12,197 | 11,808 | 10,941 | 9,465 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Intangible assets excluding goodwill | 2,045 | 1,955 | 1,994 | 1,983 | 2,023 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Investment securities | 119 | 868 | 883 | 381 | 1,087 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Current assets | 12,529 | 12,370 | 12,954 | 14,615 | 11,486 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Current liabilities | 10,757 | 8,537 | 9,526 | 12,922 | 10,584 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Short-term borrowings | 2,790 | 160 | 160 | 130 | 2,200 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Long-term borrowings | 8,080 | 10,475 | 9,976 | 6,185 | 3,902 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Bonds | 555 | 425 | 315 | 225 | 135 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Interest-bearing debt | 11,425 | 11,060 | 10,451 | 6,540 | 6,237 | 算出 |
| Total liabilities | 23,988 | 23,673 | 23,702 | 23,121 | 18,236 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Non-controlling interests | 0 | — | — | — | 0 | S100PP8V, S100X5DP |
| Equity attributable to owners of parent | 11,113 | 10,070 | 9,301 | 10,377 | 11,257 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Retained earnings | -3,530 | 529 | 579 | 2,870 | 3,749 | S100PP8V, S100SDBS, S100USWG, S100X5DP |
| Treasury stock | -250 | -250 | -250 | -250 | -250 | S100PP8V, S100SDBS, S100USWG, S100X5DP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100X5DP |
| Property, plant and equipment | 32% | S100X5DP |
| Intangibles and goodwill | 7% | S100X5DP |
| Investment securities | 4% | S100X5DP |
| Other assets | 37% | S100X5DP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 41% | S100X5DP |
| Equity | 38% | S100X5DP |
| Other liabilities | 0% | S100X5DP |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 35,129 | 33,738 | 33,188 | 33,524 | 29,523 |
| Equity | 11,141 | 10,065 | 9,485 | 10,402 | 11,286 |
| Interest-bearing debt | 11,425 | 11,060 | 10,451 | 6,540 | 6,237 |
| Cash | 6,824 | 8,229 | 8,129 | 9,001 | 5,974 |

## 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) | 18.0% | S100X5DP |
| Fixed assets ÷ total assets | 32.1% | S100X5DP |
| Goodwill ÷ parent equity | — | —, S100X5DP |

### 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) | 20.2% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | -¥263M |
| Net debt ÷ operating cash flow | 0.12× |
| Cash conversion (operating CF ÷ operating income) | 179.6% |
| Cash vs. profit gap | 976 JPY mn (of net income 83.3%) |
| Shareholder returns / net income | 25.1% |
| Shareholder returns / FCF | 23.0% |
| Shareholder payments — dividends / net income | 25.1% |
| Shareholder payments — dividends / FCF | 23.0% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 13.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -13.8% | —× | — | S100PP8V |
| 2022 | — | —× | -2.2% | —× | — | S100SDBS |
| 2023 | — | —× | -2.3% | —× | — | S100USWG |
| 2024 | 2.6% | 1.52× | 4.0% | 3.39× | 13.5% | S100X5DP |
| 2025 | 2.2% | 1.67× | 3.7% | 2.91× | 10.8% | S100X5DP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社宇宙 | Major shareholder | 28.4% | 2025-08-31 |
| アサヒビール株式会社 | Major shareholder | 9.5% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.0% | 2025-08-31 |
| サッポロビール株式会社 | Major shareholder | 4.8% | 2025-08-31 |
| 平 辰 | Major shareholder | 3.0% | 2025-08-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.1% | 2025-08-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.0% | 2025-08-31 |
| 大庄従業員持株会 | Major shareholder | 1.5% | 2025-08-31 |
| 大庄取引先持株会 | Major shareholder | 1.3% | 2025-08-31 |
| 大和証券株式会社 | Major shareholder | 0.8% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2024/09/01－2025/08/31) | S100X5DP | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5DP,, |
| 有価証券報告書－第53期(2023/09/01－2024/08/31) | S100USWG | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100USWG,, |
| 有価証券報告書－第52期(2022/09/01－2023/08/31) | S100SDBS | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDBS,, |
| 有価証券報告書－第51期(令和3年9月1日－令和4年8月31日) | S100PP8V | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP8V,, |
| 有価証券報告書－第50期(令和2年9月1日－令和3年8月31日) | S100MYUE | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYUE,, |
| 有価証券報告書－第49期(令和1年9月1日－令和2年8月31日) | S100KA37 | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KA37,, |

## 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).