# FUJI JAPAN CO. 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21期(2025/01/01－2025/12/31) (S100XT84)
> Page: https://vizora.meequs.com/en/company/fuji-japan
> Retrieved: 2026-09-30T20:31:47.407Z

## Company

Fuji Japan, founded in 2005, is a company in Homebuilders listed on Sapporo. It has 40 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI JAPAN CO.LTD. |
| Ticker | 1449 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1449.T) |
| Listing | Sapporo |
| Head office | 札幌市中央区大通西十丁目4南大通ビル東館8階 |
| Representative (per filing) | 代表取締役 佐々木 忠幸 |
| Founded | Mar 2005 |
| Share capital | ¥65.4M |
| Employees (consolidated) | 40 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | December |
| Website | www.fujijapan.net (https://www.fujijapan.net/) |
| Corporate number | 9430001030028 |
| EDINET | E34471 |
| Industries (Vizora) | Homebuilders, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XT84, filed 2026-03-25). As of filing

## Key points (generated from figures)

- About 78% of Fuji Japan's sales come from Outer wall renovation work, with General renovation work and Construction material sales making up much of the rest.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed -11.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥989.1M |  |
| Operating income | -¥67.6M | Margin -6.8% |
| Net income | ¥107.4M | Margin 10.9% |
| Free cash flow | -¥66.9M |  |
| Largest business | Outer wall renovation work | of segment revenue 78.4% |
| Employees (consolidated) | 40 |  |
| EPS | ¥50.44 |  |
| Book value per share | ¥173.13 |  |
| Equity ratio | 56.4% |  |
| Shares outstanding | 2,130,000 |  |
| Shareholders | 397 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 28.4% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | -12.3 pp | Homebuilders |
| ROE | 34.1% | Derived from disclosed figures |
| ROA | 15.5% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -25 points
- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1481391000 | ¥989140000 | -33.2% |
| Operating income | ¥49493000 | ¥-67590000 | -236.6% |
| Operating margin | 3.3% | -6.8% | -10.2 pp |
| Employees | 64 people | 40 people | -37.5% |
| Cash and equivalents | ¥168862000 | ¥185781000 | +10.0% |

### 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 |
| --- | ---: |
| 外壁リフォーム工事 → 外壁リフォーム工事 | 78.4% |
| 外壁リフォーム工事 → 事業再編・廃止 | 11.5% |
| その他リフォーム工事 → その他リフォーム工事 | 4.8% |
| 材料販売 → 材料販売 | 5.3% |
| 新設・再編 → その他リフォーム工事 | 7.4% |
| 新設・再編 → 材料販売 | 4.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Outer wall renovation work | 5 years | -10.3% | ¥775517000 | 3.3% | 2 |
| General renovation work | 5 years | +11.1% | ¥120210000 | 13.4% | 2 |
| Construction material sales | 5 years | +3.7% | ¥93412000 | 6.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 989 | 100.0% | S100XT84 |
| Cost of revenue | 707 | 71.4% | S100XT84 |
| Gross profit | 283 | 28.6% | S100XT84 |
| SG&A | 350 | 35.4% | S100XT84 |
| Operating income | -68 | -6.8% | S100XT84 |
| Ordinary income | -69 | -7.0% | S100XT84 |
| Pretax income | 167 | 16.9% | S100XT84 |
| Income tax | 60 | 6.0% | S100XT84 |
| Net income | 107 | 10.9% | S100XT84 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 35 |
| Operating income | -7 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 28.6% → Operating margin -6.8% → Net margin 10.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,114 | 989 | -125 | -11.2% |
| Gross profit | 313 | 283 | -30 | -9.7% |
| Operating income | -64 | -68 | -3 | — |
| Operating cash flow | 3 | -62 | -65 | -2273.4% |
| Free cash flow | 2 | -67 | -69 | -3528.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,508 | 79 | 5.3% | 61 | 69 | 56 | S100L3U9 |
| FY ending Dec 2020 | 1,481 | 49 | 3.3% | 41 | 70 | 32 | S100NS80 |
| FY ending Dec 2021 | 1,695 | 61 | 3.6% | 43 | -21 | -165 | S100QI2J |
| FY ending Dec 2022 | 1,552 | -28 | -1.8% | -18 | -19 | -191 | S100T5I0 |
| FY ending Dec 2023 | 1,338 | -50 | -3.7% | -64 | 12 | 8 | S100VI6T |
| FY ending Dec 2024 | 1,114 | -64 | -5.8% | -8 | 3 | 2 | S100XT84 |
| FY ending Dec 2025 | 989 | -68 | -6.8% | 107 | -62 | -67 | S100XT84 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.7M |
| Operating income per employee (consolidated) | -¥1.7M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 72 | 66 | 52 | 41 | 40 |
| Average salary (parent company) | ¥4.2M | ¥3.8M | ¥4M | ¥4.4M | ¥5M |
| Average age (parent company) | 38.2 years | 38.6 years | 38.9 years | 42.1 years | 46.5 years |
| Average tenure (parent company) | 5.7 years | 6.8 years | 8.0 years | 10.6 years | 11.5 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) -11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Outer wall renovation work | 776 | 78.4% | 26 | 3.3% |
| General renovation work | 120 | 12.2% | 16 | 13.4% |
| Construction material sales | 93 | 9.4% | 6 | 6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Outer wall renovation work | 78.4% | 53.5% | -24.9 | 3.3% |
| General renovation work | 12.2% | 33.4% | 21.3 | 13.4% |
| Construction material sales | 9.4% | 13.0% | 3.6 | 6.7% |

Segment → industry: General renovation work → Homebuilders / Outer wall renovation work → Homebuilders / Construction material sales → Housing Equipment & Building Materials

## 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 | -62 | -6.2% | S100XT84 |
| Capital expenditure | 5 | 0.5% | S100XT84 |
| Free cash flow | -67 | -6.8% | 算出 |
| Investing cash flow | 292 | 29.5% | S100XT84 |
| Financing cash flow | -166 | -16.7% | S100XT84 |
| Change in cash | 65 | 6.6% | S100XT84 |
| Cash and equivalents | 186 | 18.8% | S100XT84 |

## 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 | 125 | 83 | 52 | 121 | 186 | S100T5I0, S100VI6T, S100XT84 |
| Total assets | 726 | 817 | 688 | 735 | 654 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Net assets | 362 | 333 | 269 | 261 | 369 | S100T5I0, S100VI6T, S100XT84 |
| Share capital | 65 | 65 | 65 | 65 | 65 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Property, plant and equipment | 275 | 417 | 385 | 339 | 236 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Current assets | 373 | 344 | 268 | 318 | 386 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Current liabilities | 196 | 221 | 199 | 251 | 145 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Short-term borrowings | — | 50 | 50 | 80 | — | S100T5I0, S100VI6T, S100XT84 |
| Long-term borrowings | 135 | 232 | 196 | 198 | 123 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Total liabilities | 364 | 484 | 419 | 474 | 285 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Equity attributable to owners of parent | 362 | 333 | 269 | 261 | 369 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |
| Retained earnings | 276 | 247 | 183 | 175 | 283 | S100QI2J, S100T5I0, S100VI6T, S100XT84 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XT84 |
| Property, plant and equipment | 36% | S100XT84 |
| Other assets | 36% | S100XT84 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XT84 |
| Equity | 56% | S100XT84 |
| Other liabilities | 0% | S100XT84 |

### 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 | 726 | 817 | 688 | 735 | 654 |
| Equity | 362 | 333 | 269 | 261 | 369 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 125 | 83 | 52 | 121 | 186 |

## 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) | 23.9% | S100XT84 |
| Fixed assets ÷ total assets | 36.1% | S100XT84 |
| Goodwill ÷ parent equity | — | —, S100XT84 |

### 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) | 28.4% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -169 JPY mn (of net income -157.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 | 2.6% | 2.33× | 6.0% | 2.00× | 12.0% | S100QI2J |
| 2022 | — | —× | -2.3% | —× | — | S100T5I0 |
| 2023 | — | —× | -8.5% | —× | — | S100VI6T |
| 2024 | — | —× | -1.1% | —× | — | S100XT84 |
| 2025 | 10.9% | 1.42× | 15.5% | 2.20× | 34.1% | S100XT84 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐々木 忠幸 | Major shareholder | 71.8% | 2025-12-31 |
| 株式会社ニッソウ 代表取締役 前田浩 | Major shareholder | 8.0% | 2025-12-31 |
| 今成 武 | Major shareholder | 1.9% | 2025-12-31 |
| 安達 洋平 | Major shareholder | 1.5% | 2025-12-31 |
| 樋口 俊一 | Major shareholder | 1.4% | 2025-12-31 |
| 松本 大樹 | Major shareholder | 1.0% | 2025-12-31 |
| 冨田 滉一 | Major shareholder | 0.8% | 2025-12-31 |
| 板野 雅由 | Major shareholder | 0.8% | 2025-12-31 |
| 金沢 茂 | Major shareholder | 0.8% | 2025-12-31 |
| 清武 秀男 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XT84 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT84,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VI6T | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI6T,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T5I0 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5I0,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QI2J | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI2J,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NS80 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS80,, |
| 訂正有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L3U9 | 2021-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3U9,, |

## 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).