# Daitobo 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206期(2025/04/01－2026/03/31) (S100YFWH)
> Page: https://vizora.meequs.com/en/company/daitobo
> Retrieved: 2026-09-30T18:13:18.383Z

## Company

Daitobo, founded in 1896, is a company in Textiles & Fibers listed on TSE Standard. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daitobo Co., Ltd. |
| Ticker | 3202 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3202.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町1丁目6番1号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 山内 一裕 |
| Founded | Feb 1896 |
| Share capital | ¥100M |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.daitobo.co.jp (https://www.daitobo.co.jp/) |
| Corporate number | 7010001034832 |
| EDINET | E00547 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing, Furniture, Interior & Lifestyle Goods, Apparel |

> Profile source: annual securities report (S100YFWH, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.7 | 75 |
| Profitability | 30.8 | 86 |
| Cash conversion | 92.1 | 82 |
| Efficiency | 8.7 | 86 |

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 57% of Daitobo's sales come from Retail Property, with Health care and Fiber and apparel making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -2.3% from the prior year, operating profit -1.6%.

## Company structure

- Segment revenue mix: Retail Property 57.4%、Health care 26.2%、Fiber and apparel 16.3%
- Revenue → net income: ¥4012247000 → ¥90807000
- Net income → operating cash flow: ¥90807000 → ¥725874000（difference ¥635067000）
- Main uses of operating cash flow: CapEx ¥125720000 / dividends ¥89229000 / buybacks —
- Change in cash: ¥243691000
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 | ¥4.01B |  |
| Operating income | ¥310.5M | Margin 7.7% |
| Net income | ¥90.8M | Margin 2.3% |
| Free cash flow | ¥600.2M |  |
| Largest business | Retail Property | of segment revenue 57.4% |
| Employees (consolidated) | 93 |  |
| EPS | ¥2.9 |  |
| Diluted EPS | ¥2.89 |  |
| Book value per share | ¥170.46 |  |
| Equity ratio | 24.9% |  |
| Shares outstanding | 30,360,000 |  |
| Treasury shares | 444,000 |  |
| Shareholders | 20,585 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 5.9% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | -2.8 pp | Real Estate Development & Leasing |
| ROE | 40.0% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 8.0× net income
- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, segment profit share differs by 40 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4617518000 | ¥4012247000 | -13.1% |
| Operating income | ¥253792000 | ¥310462000 | +22.3% |
| Operating margin | 5.5% | 7.7% | +2.2 pp |
| Employees | 114 people | 93 people | -18.4% |
| Cash and equivalents | ¥1485228000 | ¥1193170000 | -19.7% |

### 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 |
| --- | ---: |
| 商業施設事業 → 商業施設事業 | 51.4% |
| ヘルスケア事業 → ヘルスケア事業 | 26.2% |
| ヘルスケア事業 → 事業再編・廃止 | 0.9% |
| せんい事業 → せんい事業 | 16.3% |
| せんい事業 → 事業再編・廃止 | 5.1% |
| 新設・再編 → 商業施設事業 | 6.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail Property | 5 years | -0.6% | ¥2304614000 | 41.4% | 2 |
| Health care | 5 years | -3.4% | ¥1052377000 | -2.8% | 2 |
| Fiber and apparel | 5 years | -7.9% | ¥655255000 | 3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,012 | 100.0% | S100YFWH |
| Cost of revenue | 2,685 | 66.9% | S100YFWH |
| Gross profit | 1,327 | 33.1% | S100YFWH |
| SG&A | 1,017 | 25.3% | S100YFWH |
| Operating income | 310 | 7.7% | S100YFWH |
| Ordinary income | 116 | 2.9% | S100YFWH |
| Pretax income | 116 | 2.9% | S100YFWH |
| Income tax | 25 | 0.6% | S100YFWH |
| Net income | 91 | 2.3% | S100YFWH |
| Net income attributable to owners | 91 | 2.3% | S100YFWH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 33.1% → Operating margin 7.7% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.3%; Core profit growth: -1.6%
Operating leverage (core profit growth ÷ revenue growth): 0.68×
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 | 4,107 | 4,012 | -95 | -2.3% |
| Gross profit | 1,309 | 1,327 | 18 | +1.4% |
| Operating income | 315 | 310 | -5 | -1.6% |
| Net income attributable to owners | 55 | 91 | 36 | +65.2% |
| Operating cash flow | 481 | 726 | 245 | +50.9% |
| Free cash flow | 343 | 600 | 257 | +74.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,819 | 407 | 8.4% | 76 | 284 | -1,795 | S100LTB2 |
| FY ending Mar 2021 | 4,618 | 254 | 5.5% | 98 | 899 | 821 | S100ONEI |
| FY ending Mar 2022 | 4,502 | 248 | 5.5% | 43 | 517 | 389 | S100R9BU |
| FY ending Mar 2023 | 3,997 | 214 | 5.4% | 69 | 368 | 159 | S100TR9A |
| FY ending Mar 2024 | 4,034 | 319 | 7.9% | 153 | 758 | 693 | S100W4I2 |
| FY ending Mar 2025 | 4,107 | 315 | 7.7% | 55 | 481 | 343 | S100YFWH |
| FY ending Mar 2026 | 4,012 | 310 | 7.7% | 91 | 726 | 600 | S100YFWH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.1M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥976.4K |

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) | 115 | 112 | 97 | 96 | 93 |
| Average salary (parent company) | ¥5.2M | ¥5.6M | ¥6M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 45.5 years | 48.0 years | 49.5 years | 48.6 years | 48.5 years |
| Average tenure (parent company) | 14.5 years | 15.7 years | 17.6 years | 16.8 years | 16.1 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) -2.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail Property | 2,305 | 57.4% | 955 | 41.4% |
| Health care | 1,052 | 26.2% | -29 | -2.8% |
| Fiber and apparel | 655 | 16.3% | 22 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail Property | 57.4% | 97.8% | 40.3 | 41.4% |
| Health care | 26.2% | — | — | -2.8% |
| Fiber and apparel | 16.3% | 2.2% | -14.1 | 3.3% |

Loss-making segment (excluded from profit shares): Health care -29 JPY mn

Segment → industry: Fiber and apparel → Textiles & Fibers / Retail Property → Real Estate Development & Leasing / Health care → Furniture, Interior & Lifestyle Goods / Fiber and apparel → Apparel

## 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 | 726 | 18.1% | S100YFWH |
| Capital expenditure | 126 | 3.1% | S100YFWH |
| Free cash flow | 600 | 15.0% | 算出 |
| Investing cash flow | -126 | -3.1% | S100YFWH |
| Financing cash flow | -356 | -8.9% | S100YFWH |
| Dividends paid | 89 | 2.2% | S100YFWH |
| Change in cash | 244 | 6.1% | S100YFWH |
| Cash and equivalents | 1,193 | 29.7% | S100YFWH |

## 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 | 1,243 | 1,001 | 1,088 | 949 | 1,193 | S100TR9A, S100W4I2, S100YFWH |
| Total assets | 21,113 | 20,434 | 20,350 | 20,037 | 20,075 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Net assets | 4,647 | 4,790 | 4,935 | 4,924 | 5,003 | S100TR9A, S100W4I2, S100YFWH |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Inventories | 761 | 724 | 767 | 821 | 665 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Property, plant and equipment | 17,765 | 17,434 | 17,156 | 16,956 | 16,838 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Intangible assets excluding goodwill | 175 | 162 | 140 | 120 | 103 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Goodwill | 157 | 142 | 128 | 114 | 99 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Investment securities | 325 | 338 | 415 | 443 | 594 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Current assets | 2,724 | 2,357 | 2,526 | 2,403 | 2,462 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Current liabilities | 1,761 | 1,530 | 1,733 | 1,723 | 1,721 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Trade payables | 420 | 253 | 459 | 352 | 224 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Short-term borrowings | 608 | 561 | 546 | 581 | 641 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Long-term borrowings | 10,277 | 9,915 | 9,372 | 8,968 | 8,696 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Total liabilities | 16,467 | 15,643 | 15,415 | 15,113 | 15,072 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Equity attributable to owners of parent | 50 | 131 | 259 | 230 | 224 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Retained earnings | -54 | 15 | 138 | 133 | 133 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |
| Treasury stock | -10 | -10 | -10 | -33 | -39 | S100R9BU, S100TR9A, S100W4I2, S100YFWH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YFWH |
| Inventories | 3% | S100YFWH |
| Property, plant and equipment | 84% | S100YFWH |
| Intangibles and goodwill | 1% | S100YFWH |
| Investment securities | 3% | S100YFWH |
| Other assets | 3% | S100YFWH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YFWH |
| Other liabilities | 74% | S100YFWH |
| Equity | 25% | S100YFWH |
| Other liabilities | 0% | S100YFWH |

### 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 | 21,113 | 20,434 | 20,350 | 20,037 | 20,075 |
| Equity | 4,647 | 4,790 | 4,935 | 4,924 | 5,003 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,243 | 1,001 | 1,088 | 949 | 1,193 |

## 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) | 419.7% | S100YFWH |
| Fixed assets ÷ total assets | 83.9% | S100YFWH |
| Goodwill ÷ parent equity | 44.2% | S100YFWH |

Goodwill over 4 years: 157 → 99 JPY; total investing cash flow: -634 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) | 5.9% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 233.8% |
| Cash vs. profit gap | 635 JPY mn (of net income 699.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 98.3% |
| Shareholder payments — dividends / FCF | 14.9% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 17.3% |

## 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 | 1.0% | 0.21× | 0.2% | 418.37× | 84.9% | S100R9BU |
| 2023 | 1.7% | 0.19× | 0.3% | 228.77× | 76.1% | S100TR9A |
| 2024 | 3.8% | 0.20× | 0.8% | 104.44× | 78.6% | S100W4I2 |
| 2025 | 1.3% | 0.20× | 0.3% | 82.53× | 22.5% | S100YFWH |
| 2026 | 2.3% | 0.20× | 0.5% | 88.28× | 40.0% | S100YFWH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ファーストブラザーズ㈱ | Major shareholder | 3.2% | 2026-03-31 |
| 浅田 裕昌 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱シード | Major shareholder | 1.7% | 2026-03-31 |
| ㈱デベロツパー三信 | Major shareholder | 1.7% | 2026-03-31 |
| 新陽㈱ | Major shareholder | 1.2% | 2026-03-31 |
| 山内 一裕 | Major shareholder | 1.0% | 2026-03-31 |
| 石原 勝 | Major shareholder | 1.0% | 2026-03-31 |
| 池本 治 | Major shareholder | 0.8% | 2026-03-31 |
| 三菱ＵＦＪｅスマート証券㈱ | Major shareholder | 0.7% | 2026-03-31 |
| 清水建設㈱ | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第206期(2025/04/01－2026/03/31) | S100YFWH | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFWH,, |
| 有価証券報告書－第205期(2024/04/01－2025/03/31) | S100W4I2 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4I2,, |
| 有価証券報告書－第204期(2023/04/01－2024/03/31) | S100TR9A | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR9A,, |
| 有価証券報告書－第203期(2022/04/01－2023/03/31) | S100R9BU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9BU,, |
| 訂正有価証券報告書－第202期(令和3年4月1日－令和4年3月31日) | S100ONEI | 2022-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONEI,, |
| 有価証券報告書－第201期(令和2年4月1日－令和3年3月31日) | S100LTB2 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTB2,, |

## 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).