# DAIWA   LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/01/01－2025/12/31) (S100XU5A)
> Page: https://vizora.meequs.com/en/company/daiwa
> Retrieved: 2026-09-30T20:25:54.798Z

## Company

Daiwa, founded in 1950, is a company in Air Conditioning listed on TSE Prime. It has 2,355 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIWA INDUSTRIES LTD. |
| Ticker | 6459 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6459.T) |
| Listing | TSE Prime |
| Head office | 大阪市天王寺区小橋町3番13号 |
| Representative (per filing) | 代表取締役社長 尾﨑 敦史 |
| Founded | Feb 1950 |
| Share capital | ¥9.91B |
| Employees (consolidated) | 2,355 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | December |
| Website | www.drk.co.jp (https://www.drk.co.jp/) |
| Corporate number | 9120001083783 |
| EDINET | E01961 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100XU5A, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 11 |
| Profitability | 86.4 | 11 |
| Cash conversion | 22.7 | 11 |
| Efficiency | 4.5 | 11 |

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)

- Daiwa brought in ¥46.9B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed -2.1% from the prior year, operating profit -7.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥46919738000 → ¥5076080000
- Net income → operating cash flow: ¥5076080000 → ¥4299669000（difference ¥-776411000）
- Main uses of operating cash flow: CapEx ¥1385219000 / dividends ¥2959924000 / buybacks ¥492000
- Change in cash: ¥-175770000
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 | ¥46.9B |  |
| Operating income | ¥7.48B | Margin 15.9% |
| Net income | ¥5.08B | Margin 10.8% |
| Free cash flow | ¥2.91B |  |
| Employees (consolidated) | 2,355 |  |
| EPS | ¥102.83 |  |
| Book value per share | ¥1429.19 |  |
| Equity ratio | 75.4% |  |
| Shares outstanding | 51,717,000 |  |
| Treasury shares | 2,353,900 |  |
| Shareholders | 2,458 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 63.3% | Cash ÷ revenue 126.2% |
| Vs. industry median margin | +5.2 pp | Air Conditioning |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 63% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39817841000 | ¥46919738000 | +17.8% |
| Operating income | ¥5039605000 | ¥7477522000 | +48.4% |
| Operating margin | 12.7% | 15.9% | +3.3 pp |
| Employees | 2,399 people | 2,355 people | -1.8% |
| Cash and equivalents | ¥52267410000 | ¥59210621000 | +13.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,920 | 100.0% | S100XU5A |
| Cost of revenue | 20,587 | 43.9% | S100XU5A |
| Gross profit | 26,332 | 56.1% | S100XU5A |
| SG&A | 18,855 | 40.2% | S100XU5A |
| Operating income | 7,478 | 15.9% | S100XU5A |
| Ordinary income | 7,445 | 15.9% | S100XU5A |
| Pretax income | 7,481 | 15.9% | S100XU5A |
| Income tax | 2,405 | 5.1% | S100XU5A |
| Net income | 5,076 | 10.8% | S100XU5A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 40 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 56.1% → Operating margin 15.9% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.1%; Core profit growth: -7.4%
Operating leverage (core profit growth ÷ revenue growth): 3.49×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 47,939 | 46,920 | -1,019 | -2.1% |
| Gross profit | 27,030 | 26,332 | -698 | -2.6% |
| Operating income | 8,077 | 7,478 | -599 | -7.4% |
| Operating cash flow | 3,449 | 4,300 | 851 | +24.7% |
| Free cash flow | 898 | 2,914 | 2,016 | +224.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 40,150 | 5,967 | 14.9% | 4,072 | 4,196 | 3,464 | S100L3G9 |
| FY ending Dec 2020 | 39,818 | 5,040 | 12.7% | 3,134 | 3,852 | 2,937 | S100NSZ0 |
| FY ending Dec 2021 | 43,979 | 6,266 | 14.2% | 3,611 | 6,432 | 4,221 | S100QISL |
| FY ending Dec 2022 | 43,943 | 6,985 | 15.9% | 4,446 | 4,293 | 3,693 | S100T61U |
| FY ending Dec 2023 | 45,969 | 8,138 | 17.7% | 5,537 | 8,892 | 7,708 | S100VJ3I |
| FY ending Dec 2024 | 47,939 | 8,077 | 16.8% | 5,442 | 3,449 | 898 | S100XU5A |
| FY ending Dec 2025 | 46,920 | 7,478 | 15.9% | 5,076 | 4,300 | 2,914 | S100XU5A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.9M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,389 | 2,398 | 2,391 | 2,372 | 2,355 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥4.8M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 36.5 years | 36.9 years | 37.2 years | 37.5 years | 37.6 years |
| Average tenure (parent company) | 9.6 years | 10.0 years | 10.3 years | 10.5 years | 10.5 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) -2.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,300 | 9.2% | S100XU5A |
| Capital expenditure | 1,385 | 3.0% | S100XU5A |
| Free cash flow | 2,914 | 6.2% | 算出 |
| Investing cash flow | -1,515 | -3.2% | S100XU5A |
| Financing cash flow | -2,960 | -6.3% | S100XU5A |
| Dividends paid | 2,960 | 6.3% | S100XU5A |
| Share buyback | 0 | 0.0% | S100XU5A |
| Change in cash | -176 | -0.4% | S100XU5A |
| Cash and equivalents | 59,211 | 126.2% | S100XU5A |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 53,903 | 53,668 | 59,867 | 59,386 | 59,211 | S100T61U, S100VJ3I, S100XU5A |
| Total assets | 82,719 | 86,071 | 92,204 | 93,567 | 93,543 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Net assets | 69,790 | 60,197 | 64,279 | 68,284 | 70,550 | S100T61U, S100VJ3I, S100XU5A |
| Share capital | 9,907 | 9,907 | 9,907 | 9,907 | 9,907 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Property, plant and equipment | 10,562 | 10,491 | 11,194 | 12,600 | 12,973 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Intangible assets excluding goodwill | 137 | 127 | 161 | 242 | 216 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Investment securities | 282 | 447 | 483 | 547 | 776 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Current assets | 63,144 | 62,155 | 68,536 | 69,260 | 69,229 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Current liabilities | 11,529 | 25,462 | 27,508 | 24,861 | 22,585 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Total liabilities | 12,930 | 25,875 | 27,925 | 25,282 | 22,994 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Equity attributable to owners of parent | 69,746 | 60,120 | 64,175 | 68,135 | 70,249 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Retained earnings | 50,549 | 42,782 | 46,838 | 50,799 | 52,913 | S100QISL, S100T61U, S100VJ3I, S100XU5A |
| Treasury stock | -579 | -2,437 | -2,438 | -2,439 | -2,439 | S100QISL, S100T61U, S100VJ3I, S100XU5A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100XU5A |
| Property, plant and equipment | 14% | S100XU5A |
| Intangibles and goodwill | 0% | S100XU5A |
| Investment securities | 1% | S100XU5A |
| Other assets | 22% | S100XU5A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XU5A |
| Equity | 75% | S100XU5A |
| Other liabilities | 0% | S100XU5A |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 82,719 | 86,071 | 92,204 | 93,567 | 93,543 |
| Equity | 69,790 | 60,197 | 64,279 | 68,284 | 70,550 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 53,903 | 53,668 | 59,867 | 59,386 | 59,211 |

## 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) | 27.6% | S100XU5A |
| Fixed assets ÷ total assets | 13.9% | S100XU5A |
| Goodwill ÷ parent equity | — | —, S100XU5A |

### 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) | 63.3% |
| Cash ÷ revenue | 126.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.5% |
| Cash vs. profit gap | -776 JPY mn (of net income -15.3%) |
| Shareholder returns / net income | 58.3% |
| Shareholder returns / FCF | 101.6% |
| Shareholder payments — dividends / net income | 58.3% |
| Shareholder payments — dividends / FCF | 101.6% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 35.2% |

## 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 | 8.2% | 0.53× | 4.4% | 1.19× | 5.2% | S100QISL |
| 2022 | 10.1% | 0.52× | 5.3% | 1.30× | 6.8% | S100T61U |
| 2023 | 12.0% | 0.52× | 6.2% | 1.43× | 8.9% | S100VJ3I |
| 2024 | 11.4% | 0.52× | 5.9% | 1.40× | 8.2% | S100XU5A |
| 2025 | 10.8% | 0.50× | 5.4% | 1.35× | 7.3% | S100XU5A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本冷機 | Major shareholder | 14.0% | 2025-12-31 |
| 有限会社ディ・アール・ケイ | Major shareholder | 12.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.4% | 2025-12-31 |
| 尾﨑 敦史 | Major shareholder | 7.6% | 2025-12-31 |
| 尾﨑 理恵 | Major shareholder | 5.2% | 2025-12-31 |
| 尾﨑 雅広 | Major shareholder | 4.7% | 2025-12-31 |
| CEPLUX－THE INDEPENDENT UCITS PLATFORM 2 (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.2% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.1% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.9% | 2025-12-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/01/01－2025/12/31) | S100XU5A | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU5A,, |
| 有価証券報告書－第64期(2024/01/01－2024/12/31) | S100VJ3I | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ3I,, |
| 有価証券報告書－第63期(2023/01/01－2023/12/31) | S100T61U | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T61U,, |
| 有価証券報告書－第62期(2022/01/01－2022/12/31) | S100QISL | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QISL,, |
| 有価証券報告書－第61期(令和3年1月1日－令和3年12月31日) | S100NSZ0 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSZ0,, |
| 有価証券報告書－第60期(令和2年1月1日－令和2年12月31日) | S100L3G9 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3G9,, |

## 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).