# Daiwa 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110期(2025/03/01－2026/02/28) (S100Y7D9)
> Page: https://vizora.meequs.com/en/company/daiwa-8247
> Retrieved: 2026-09-30T20:45:03.008Z

## Company

Daiwa, founded in 1930, is a company in HR & Staffing listed on TSE Standard. It has 694 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiwa Co.,Ltd. |
| Ticker | 8247 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8247.T) |
| Listing | TSE Standard |
| Head office | 石川県金沢市片町二丁目2番5号 |
| Representative (per filing) | 代表取締役社長 宮 二朗 |
| Founded | Aug 1930 |
| Share capital | ¥100M |
| Employees (consolidated) | 694 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | February |
| Website | www.daiwa-dp.co.jp (https://www.daiwa-dp.co.jp/) |
| Corporate number | 6220001003957 |
| EDINET | E03025 |
| Industries (Vizora) | HR & Staffing, Publishing & Bookstores, Printing, Hotels & Inns, Restaurants & Pubs, Department Stores |

> Profile source: annual securities report (S100Y7D9, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Department Stores (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 6 |
| Profitability | 7.1 | 7 |
| Cash conversion | 92.9 | 7 |
| Efficiency | 64.3 | 7 |

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 84% of Daiwa's sales come from Department store business, with Hotel trade and Publishing industry making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit -2.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥16B |  |
| Operating income | ¥190.7M | Margin 1.2% |
| Net income | -¥1.13B | Margin -7.1% |
| Free cash flow | ¥873.8M |  |
| Largest business | Department store business | of segment revenue 84.1% |
| Employees (consolidated) | 694 |  |
| EPS | ¥-209.19 |  |
| Book value per share | ¥655.55 |  |
| Equity ratio | 19.7% |  |
| Shares outstanding | 6,003,000 |  |
| Treasury shares | 394,600 |  |
| Shareholders | 6,470 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 9.3% | Cash ÷ revenue 16.0% |
| Vs. industry median margin | -4.2 pp | Department Stores |
| ROA | -4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.4× its level five years ago

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33930156000 | ¥15983358000 | -52.9% |
| Operating income | ¥-845973000 | ¥190659000 | — |
| Operating margin | -2.5% | 1.2% | +3.7 pp |
| Employees | 643 people | 694 people | +7.9% |
| Cash and equivalents | ¥2432501000 | ¥2562620000 | +5.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 百貨店業 → 百貨店業 | 84.1% |
| 百貨店業 → 事業再編・廃止 | 12.1% |
| ホテル業 → ホテル業 | 1.3% |
| 出版業 → 出版業 | 1.9% |
| その他 → その他 | 0.6% |
| 新設・再編 → ホテル業 | 5.9% |
| 新設・再編 → 出版業 | 2.9% |
| 新設・再編 → 印刷業 | 1.3% |
| 新設・再編 → 人材サービス業 | 0.4% |
| 新設・再編 → その他 | 1.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Department store business | 5 years | -16.3% | ¥13445686000 | 1.2% | 2 |
| Hotel trade | 5 years | +20.9% | ¥1152737000 | -2.4% | 2 |
| Publishing industry | 5 years | +3.6% | ¥764636000 | 2.2% | 2 |
| Other | 5 years | +12.6% | ¥345457000 | 2.5% | 2 |
| Printing business | 2 years | +2.7% | ¥211152000 | 4.6% | 2 |
| Human resources services industry | — | — | ¥63687000 | 29.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,983 | 100.0% | S100Y7D9 |
| Cost of revenue | 7,508 | 47.0% | S100Y7D9 |
| Gross profit | 8,475 | 53.0% | S100Y7D9 |
| SG&A | 8,284 | 51.8% | S100Y7D9 |
| Operating income | 191 | 1.2% | S100Y7D9 |
| Ordinary income | 181 | 1.1% | S100Y7D9 |
| Pretax income | -1,744 | -10.9% | S100Y7D9 |
| Income tax | -611 | -3.8% | S100Y7D9 |
| Net income | -1,132 | -7.1% | S100Y7D9 |
| Net income attributable to owners | -1,132 | -7.1% | S100Y7D9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 52 |
| Operating income | 1 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 53.0% → Operating margin 1.2% → Net margin -7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.7%; Core profit growth: -2.7%
Operating leverage (core profit growth ÷ revenue growth): 0.97×
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 | 16,434 | 15,983 | -451 | -2.7% |
| Gross profit | 8,633 | 8,475 | -158 | -1.8% |
| Operating income | 196 | 191 | -5 | -2.7% |
| Net income attributable to owners | 193 | -1,132 | -1,325 | -688.2% |
| Operating cash flow | 666 | 1,094 | 428 | +64.3% |
| Free cash flow | 179 | 874 | 695 | +388.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 43,667 | 402 | 0.9% | 570 | 778 | -67 | S100LF6Y |
| FY ending Feb 2021 | 33,930 | -846 | -2.5% | -413 | 1,397 | 483 | S100O57V |
| FY ending Feb 2022 | 37,698 | -409 | -1.1% | -303 | -702 | -964 | S100QUP2 |
| FY ending Feb 2023 | 15,852 | 103 | 0.7% | 71 | 569 | 408 | S100TIHK |
| FY ending Feb 2024 | 16,537 | 222 | 1.3% | 652 | 410 | -145 | S100VUHE |
| FY ending Feb 2025 | 16,434 | 196 | 1.2% | 193 | 666 | 179 | S100Y7D9 |
| FY ending Feb 2026 | 15,983 | 191 | 1.2% | -1,132 | 1,094 | 874 | S100Y7D9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23M |
| Operating income per employee (consolidated) | ¥274.7K |
| Net income per employee (consolidated) | -¥1.6M |

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) | 620 | 615 | 615 | 682 | 694 |
| Average salary (parent company) | ¥3.5M | ¥3.5M | ¥3.7M | ¥4M | ¥4M |
| Average age (parent company) | 45.1 years | 45.9 years | 46.3 years | 46.9 years | 46.9 years |
| Average tenure (parent company) | 16.5 years | 17.0 years | 18.0 years | 18.3 years | 18.4 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Department store business | 13,446 | 84.1% | 159 | 1.2% |
| Hotel trade | 1,153 | 7.2% | -28 | -2.4% |
| Publishing industry | 765 | 4.8% | 17 | 2.2% |
| Printing business | 211 | 1.3% | 10 | 4.6% |
| Human resources services industry | 64 | 0.4% | 19 | 29.3% |
| Other | 345 | 2.2% | 9 | 2.5% |

### 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 |
| --- | ---: |
| Department store business | 84.1% |
| Hotel trade | 7.2% |
| Publishing industry | 4.8% |
| Printing business | 1.3% |
| Human resources services industry | 0.4% |
| Other | 2.2% |

Segment → industry: Human resources services industry → HR & Staffing / Publishing industry → Publishing & Bookstores / Printing business → Printing / Hotel trade → Hotels & Inns / Other → Restaurants & Pubs / Department store business → Department Stores

## 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 | 1,094 | 6.8% | S100Y7D9 |
| Capital expenditure | 220 | 1.4% | S100Y7D9 |
| Free cash flow | 874 | 5.5% | 算出 |
| Investing cash flow | -178 | -1.1% | S100Y7D9 |
| Financing cash flow | -251 | -1.6% | S100Y7D9 |
| Share buyback | 0 | 0.0% | S100Y7D9 |
| Change in cash | 665 | 4.2% | S100Y7D9 |
| Cash and equivalents | 2,563 | 16.0% | S100Y7D9 |

## 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 | 1,994 | 2,331 | 2,305 | 1,897 | 2,563 | S100TIHK, S100VUHE, S100Y7D9 |
| Total assets | 26,734 | 27,144 | 27,603 | 27,403 | 27,596 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Net assets | 2,976 | 3,531 | 4,483 | 5,330 | 5,436 | S100TIHK, S100VUHE, S100Y7D9 |
| Share capital | 3,463 | 100 | 100 | 100 | 100 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Trade receivables | 1,548 | — | — | — | — | S100QUP2 |
| Property, plant and equipment | 16,861 | 16,253 | 15,915 | 15,596 | 13,217 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Intangible assets excluding goodwill | 57 | 54 | 254 | 394 | 300 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Investment securities | 1,961 | 2,244 | 2,595 | 3,445 | 5,469 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Current assets | 5,447 | 6,196 | 6,462 | 5,631 | 6,285 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Current liabilities | 17,151 | 17,408 | 17,029 | 16,684 | 17,053 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Trade payables | 2,154 | 2,644 | 2,773 | 2,251 | 2,358 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Short-term borrowings | 5,028 | 5,399 | 5,239 | 5,405 | 5,488 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Long-term borrowings | 3,794 | 3,322 | 3,285 | 2,364 | 2,078 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Total liabilities | 23,758 | 23,613 | 23,119 | 22,073 | 22,160 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Equity attributable to owners of parent | 1,791 | 2,178 | 2,831 | 3,023 | 2,725 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Retained earnings | -2,229 | 1,078 | 1,731 | 1,923 | 1,625 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |
| Treasury stock | -595 | -595 | -595 | -596 | -596 | S100QUP2, S100TIHK, S100VUHE, S100Y7D9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y7D9 |
| Property, plant and equipment | 48% | S100Y7D9 |
| Intangibles and goodwill | 1% | S100Y7D9 |
| Investment securities | 20% | S100Y7D9 |
| Other assets | 22% | S100Y7D9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Y7D9 |
| Other liabilities | 72% | S100Y7D9 |
| Equity | 20% | S100Y7D9 |

### 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 | 26,734 | 27,144 | 27,603 | 27,403 | 27,596 |
| Equity | 2,976 | 3,531 | 4,483 | 5,330 | 5,436 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,994 | 2,331 | 2,305 | 1,897 | 2,563 |

## 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) | 82.7% | S100Y7D9 |
| Fixed assets ÷ total assets | 47.9% | S100Y7D9 |
| Goodwill ÷ parent equity | — | —, S100Y7D9 |

### 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) | 9.3% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 573.7% |
| Cash vs. profit gap | 2,226 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 16.3% |

## 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 | — | —× | -1.1% | —× | — | S100QUP2 |
| 2023 | 0.4% | 0.59× | 0.3% | 13.57× | 3.6% | S100TIHK |
| 2024 | 3.9% | 0.60× | 2.4% | 10.93× | 26.0% | S100VUHE |
| 2025 | 1.2% | 0.60× | 0.7% | 9.40× | 6.6% | S100Y7D9 |
| 2026 | — | —× | -4.1% | —× | — | S100Y7D9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮 二朗 | Major shareholder | 9.3% | 2026-02-28 |
| 倉敷紡績株式会社 | Major shareholder | 5.2% | 2026-02-28 |
| 伍嶋 憲一 | Major shareholder | 3.6% | 2026-02-28 |
| 一般財団法人大和文化財団 | Major shareholder | 3.6% | 2026-02-28 |
| 東京海上日動火災保険株式会社 | Major shareholder | 3.4% | 2026-02-28 |
| 河井 英夫 | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社北陸銀行 | Major shareholder | 3.2% | 2026-02-28 |
| 清水建設株式会社 | Major shareholder | 2.9% | 2026-02-28 |
| ダイダン株式会社 | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社大市社 | Major shareholder | 2.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/03/01－2026/02/28) | S100Y7D9 | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7D9,, |
| 有価証券報告書－第109期(2024/03/01－2025/02/28) | S100VUHE | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUHE,, |
| 有価証券報告書－第108期(2023/03/01－2024/02/29) | S100TIHK | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIHK,, |
| 有価証券報告書－第107期(2022/03/01－2023/02/28) | S100QUP2 | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUP2,, |
| 有価証券報告書－第106期(令和3年3月1日－令和4年2月28日) | S100O57V | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O57V,, |
| 有価証券報告書－第105期(令和2年3月1日－令和3年2月28日) | S100LF6Y | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF6Y,, |

## 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).