# DANTO HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第198期(2025/01/01－2025/12/31) (S100XSWN)
> Page: https://vizora.meequs.com/en/company/danto-holdings
> Retrieved: 2026-09-30T22:09:34.403Z

## Company

Danto Holdings, founded in 1885, is a company in Electric Power & Gas listed on TSE Standard. It has 165 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DANTO HOLDINGS CORPORATION |
| Ticker | 5337 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5337.T) |
| Listing | TSE Standard |
| Head office | 兵庫県南あわじ市北阿万伊賀野1290番地 |
| Representative (per filing) | 代表取締役社長 前山達史 |
| Founded | Aug 1885 |
| Share capital | ¥2.17B |
| Employees (consolidated) | 165 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | www.danto.co.jp (https://www.danto.co.jp/) |
| Corporate number | 9140001085662 |
| EDINET | E01141 |
| Industries (Vizora) | Electric Power & Gas, Electrical Equipment, Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XSWN, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.8 | 56 |
| Profitability | 0.9 | 58 |
| Efficiency | 6 | 58 |

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 85% of Danto Holdings's sales come from Construction ceramics business, etc, with Real estate business and Renewable energy business making up much of the rest.
- It lost about ¥13 for every ¥100 of sales at the operating level.
- Revenue changed -7.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.92B |  |
| Operating income | -¥664M | Margin -13.5% |
| Net income | ¥740M | Margin 15.1% |
| Free cash flow | -¥387M |  |
| Largest business | Construction ceramics business, etc | of segment revenue 85.4% |
| Employees (consolidated) | 165 |  |
| EPS | ¥-12.37 |  |
| Book value per share | ¥268.27 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 33,360,000 |  |
| Treasury shares | 1,304,100 |  |
| Shareholders | 2,568 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 35.0% |
| Vs. industry median margin | -18 pp | Housing Equipment & Building Materials |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 89 points
- FY2025, operating loss is 13 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5415000000 | ¥4915000000 | -9.2% |
| Operating income | ¥-1181000000 | ¥-664000000 | — |
| Operating margin | -21.8% | -13.5% | +8.3 pp |
| Employees | 236 people | 165 people | -30.1% |
| Cash and equivalents | ¥4805000000 | ¥1722000000 | -64.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 建設用陶磁器等事業 → 建設用陶磁器等事業 | 84.9% |
| 不動産事業 → 不動産事業 | 7.1% |
| 住宅金融事業 → 事業再編・廃止 | 8.0% |
| 新設・再編 → 建設用陶磁器等事業 | 0.5% |
| 新設・再編 → 不動産事業 | 3.5% |
| 新設・再編 → 発電機事業 | 0.3% |
| 新設・再編 → 再生可能エネルギー事業 | 3.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction ceramics business, etc | 5 years | -1.8% | ¥4198000000 | -18.3% | 2 |
| Real estate business | 5 years | +6.2% | ¥519000000 | 49.5% | 2 |
| Renewable energy business | — | — | ¥180000000 | -2.8% | 2 |
| Power generation business | — | — | ¥17000000 | -870.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,915 | 100.0% | S100XSWN |
| Cost of revenue | 3,453 | 70.3% | S100XSWN |
| Gross profit | 1,461 | 29.7% | S100XSWN |
| SG&A | 2,125 | 43.2% | S100XSWN |
| Operating income | -664 | -13.5% | S100XSWN |
| Ordinary income | -653 | -13.3% | S100XSWN |
| Pretax income | 721 | 14.7% | S100XSWN |
| Income tax | 231 | 4.7% | S100XSWN |
| Net income | 489 | 9.9% | S100XSWN |
| Net income attributable to owners | 740 | 15.1% | S100XSWN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 43 |
| Operating income | -13 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 29.7% → Operating margin -13.5% → Net margin 15.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,315 | 4,915 | -400 | -7.5% |
| Gross profit | 1,355 | 1,461 | 106 | +7.8% |
| Operating income | -987 | -664 | 323 | — |
| Net income attributable to owners | 33 | 740 | 707 | +2142.4% |
| Operating cash flow | -809 | -288 | 521 | — |
| Free cash flow | -1,018 | -387 | 631 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,143 | -485 | -7.9% | -292 | -342 | -419 | S100L8QZ |
| FY ending Dec 2020 | 5,415 | -1,181 | -21.8% | -195 | -5,429 | -5,740 | S100PXZL |
| FY ending Dec 2021 | 5,018 | -898 | -17.9% | -967 | 3,952 | 3,649 | S100QHE5 |
| FY ending Dec 2022 | 4,644 | -1,044 | -22.5% | -370 | -1,445 | -1,985 | S100TERT |
| FY ending Dec 2023 | 5,554 | -860 | -15.5% | -955 | -1,286 | -2,108 | S100VGHH |
| FY ending Dec 2024 | 5,315 | -987 | -18.6% | 33 | -809 | -1,018 | S100XSWN |
| FY ending Dec 2025 | 4,915 | -664 | -13.5% | 740 | -288 | -387 | S100XSWN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.8M |
| Operating income per employee (consolidated) | -¥4M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 186 | 197 | 199 | 189 | 165 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥5.3M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 46.0 years | 45.8 years | 45.9 years | 49.1 years | 52.6 years |
| Average tenure (parent company) | 17.0 years | 12.0 years | 14.0 years | 21.0 years | 23.0 years |

Year over year: Employees (consolidated) -12.7% · Revenue (consolidated) -7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction ceramics business, etc | 4,198 | 85.4% | -767 | -18.3% |
| Real estate business | 519 | 10.6% | 257 | 49.5% |
| Power generation business | 17 | 0.3% | -148 | -870.6% |
| Renewable energy business | 180 | 3.7% | -5 | -2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction ceramics business, etc | 85.4% | — | — | -18.3% |
| Real estate business | 10.6% | 100.0% | 89.4 | 49.5% |
| Power generation business | 0.3% | — | — | -870.6% |
| Renewable energy business | 3.7% | — | — | -2.8% |

Loss-making segment (excluded from profit shares): Construction ceramics business, etc -767 JPY mn

Loss-making segment (excluded from profit shares): Power generation business -148 JPY mn

Loss-making segment (excluded from profit shares): Renewable energy business -5 JPY mn

Segment → industry: Renewable energy business → Electric Power & Gas / Power generation business → Electrical Equipment / Real estate business → Real Estate Development & Leasing / Construction ceramics business, etc → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -288 | -5.9% | S100XSWN |
| Capital expenditure | 99 | 2.0% | S100XSWN |
| Free cash flow | -387 | -7.9% | 算出 |
| Investing cash flow | 2,110 | 42.9% | S100XSWN |
| Financing cash flow | -459 | -9.3% | S100XSWN |
| Change in cash | 1,362 | 27.7% | S100XSWN |
| Cash and equivalents | 1,722 | 35.0% | S100XSWN |

## 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 | 2,153 | 982 | 494 | 360 | 1,722 | S100TERT, S100VGHH, S100XSWN |
| Total assets | 11,119 | 11,114 | 11,959 | 10,696 | 10,864 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Net assets | 8,162 | 8,386 | 9,284 | 8,386 | 8,640 | S100TERT, S100VGHH, S100XSWN |
| Share capital | 1,635 | 1,635 | 2,085 | 2,171 | 2,171 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Trade receivables | 1,014 | — | — | — | — | S100QHE5 |
| Property, plant and equipment | 1,468 | 1,927 | 2,585 | 2,021 | 1,093 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Intangible assets excluding goodwill | 197 | 255 | 205 | 168 | 163 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Goodwill | 68 | 154 | 118 | 85 | 51 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Investment securities | 4,523 | 4,814 | 5,063 | 4,296 | 4,641 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Current assets | 4,748 | 3,917 | 3,913 | 3,779 | 4,520 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Current liabilities | 1,616 | 1,423 | 1,416 | 1,066 | 1,073 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Trade payables | 564 | 536 | 505 | 524 | 438 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Short-term borrowings | 250 | 250 | 294 | 250 | — | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Total liabilities | 2,957 | 2,727 | 2,674 | 2,310 | 2,224 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Non-controlling interests | 359 | 366 | 1,019 | 915 | 273 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Equity attributable to owners of parent | 7,516 | 7,146 | 7,084 | 6,171 | 7,105 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Retained earnings | 5,983 | 5,613 | 4,657 | 4,691 | 5,431 | S100QHE5, S100TERT, S100VGHH, S100XSWN |
| Treasury stock | -104 | -104 | -104 | -1,222 | -1,222 | S100QHE5, S100TERT, S100VGHH, S100XSWN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XSWN |
| Property, plant and equipment | 10% | S100XSWN |
| Intangibles and goodwill | 2% | S100XSWN |
| Investment securities | 43% | S100XSWN |
| Other assets | 29% | S100XSWN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XSWN |
| Other liabilities | 16% | S100XSWN |
| Equity | 80% | S100XSWN |

### 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 | 11,119 | 11,114 | 11,959 | 10,696 | 10,864 |
| Equity | 8,162 | 8,386 | 9,284 | 8,386 | 8,640 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,153 | 982 | 494 | 360 | 1,722 |

## 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) | 22.2% | S100XSWN |
| Fixed assets ÷ total assets | 10.1% | S100XSWN |
| Goodwill ÷ parent equity | 0.7% | S100XSWN |

Goodwill over 4 years: 68 → 51 JPY; total investing cash flow: 1,427 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) | 15.9% |
| Cash ÷ revenue | 35.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,028 JPY mn (of net income -138.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -8.7% | —× | — | S100QHE5 |
| 2022 | — | —× | -3.3% | —× | — | S100TERT |
| 2023 | — | —× | -8.3% | —× | — | S100VGHH |
| 2024 | 0.6% | 0.47× | 0.3% | 1.71× | 0.5% | S100XSWN |
| 2025 | 15.1% | 0.46× | 6.9% | 1.62× | 11.1% | S100XSWN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱大建エンタープライズ | Major shareholder | 30.4% | 2025-12-31 |
| 淡路交通㈱ | Major shareholder | 29.7% | 2025-12-31 |
| NATIONAL FINANCIALSERVICES LLC（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 14.9% | 2025-12-31 |
| VINTAGE CAVE CAPITAL㈱ | Major shareholder | 10.6% | 2025-12-31 |
| ダントー共和会 | Major shareholder | 1.8% | 2025-12-31 |
| LGT BANK LTD（常任代理人 ㈱三菱ＵＦＪ銀行） | Major shareholder | 0.7% | 2025-12-31 |
| 北殿 義人 | Major shareholder | 0.3% | 2025-12-31 |
| ダントーホールディングス役員持株会 | Major shareholder | 0.3% | 2025-12-31 |
| 西田 典子 | Major shareholder | 0.3% | 2025-12-31 |
| ダントーホールディングス従業員持株会 | Major shareholder | 0.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第198期(2025/01/01－2025/12/31) | S100XSWN | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSWN,, |
| 有価証券報告書－第197期(2024/01/01－2024/12/31) | S100VGHH | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGHH,, |
| 訂正有価証券報告書－第196期(2023/01/01－2023/12/31) | S100TERT | 2024-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TERT,, |
| 有価証券報告書－第195期(2022/01/01－2022/12/31) | S100QHE5 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHE5,, |
| 訂正有価証券報告書－第194期(2021/01/01－2021/12/31) | S100PXZL | 2023-01-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PXZL,, |
| 有価証券報告書－第193期(令和2年1月1日－令和2年12月31日) | S100L8QZ | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8QZ,, |

## 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).