# Fulltech Co.Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第63期(2025/01/01－2025/12/31) (S100Y1DI)
> Page: https://vizora.meequs.com/en/company/fulltech
> Retrieved: 2026-09-30T21:03:24.942Z

## Company

Fulltech, founded in 1963, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 737 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fulltech Co.Ltd. |
| Ticker | 6546 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6546.T) |
| Listing | TSE Standard |
| Head office | 北海道札幌市中央区北13条西17丁目1番31号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 COO 古野 元昭 |
| Founded | Nov 1963 |
| Share capital | ¥329.3M |
| Employees (consolidated) | 737 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.fulltech1963.com (https://www.fulltech1963.com/) |
| Corporate number | 3430001013822 |
| EDINET | E33009 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100Y1DI, filed 2026-04-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.5 | 56 |
| Profitability | 40.5 | 58 |
| Cash conversion | 1 | 50 |
| Efficiency | 76.7 | 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 64% of Fulltech's sales come from Automatic door-related, with Fixture-related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit -25.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.6B |  |
| Operating income | ¥456.1M | Margin 3.4% |
| Net income | ¥250.1M | Margin 1.8% |
| Free cash flow | -¥1.01B |  |
| Largest business | Automatic door-related | of segment revenue 63.9% |
| Employees (consolidated) | 737 |  |
| EPS | ¥14.72 |  |
| Book value per share | ¥1050.51 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 5,367,800 |  |
| Treasury shares | 100 |  |
| Shareholders | 7,307 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | -1.1 pp | Housing Equipment & Building Materials |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 82% of positive segment profit
- FY2025, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11670589000 | ¥13566729000 | +16.2% |
| Operating income | ¥544909000 | ¥456085000 | -16.3% |
| Operating margin | 4.7% | 3.4% | -1.3 pp |
| Employees | 715 people | 737 people | +3.1% |
| Cash and equivalents | ¥1876803000 | ¥1682933000 | -10.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 自動ドア関連 → 自動ドア関連 | 63.9% |
| 自動ドア関連 → 事業再編・廃止 | 0.7% |
| 建具関連 → 建具関連 | 29.5% |
| その他 → その他 | 5.9% |
| 新設・再編 → 建具関連 | 0.3% |
| 新設・再編 → その他 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automatic door-related | 5 years | +2.8% | ¥8671125000 | 23.5% | 2 |
| Fixture-related | 5 years | +3.2% | ¥4038662000 | 11.4% | 2 |
| Other | 5 years | +4.4% | ¥856941000 | -1.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,567 | 100.0% | S100Y1DI |
| Cost of revenue | 8,837 | 65.1% | S100Y1DI |
| Gross profit | 4,730 | 34.9% | S100Y1DI |
| SG&A | 4,274 | 31.5% | S100Y1DI |
| Operating income | 456 | 3.4% | S100Y1DI |
| Ordinary income | 529 | 3.9% | S100Y1DI |
| Pretax income | 440 | 3.2% | S100Y1DI |
| Income tax | 190 | 1.4% | S100Y1DI |
| Net income | 250 | 1.8% | S100Y1DI |
| Net income attributable to owners | 250 | 1.8% | S100Y1DI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 32 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 34.9% → Operating margin 3.4% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.8%; Core profit growth: -25.6%
Operating leverage (core profit growth ÷ revenue growth): 14.32×
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 | 13,814 | 13,567 | -247 | -1.8% |
| Gross profit | 4,654 | 4,730 | 76 | +1.6% |
| Operating income | 613 | 456 | -157 | -25.6% |
| Net income attributable to owners | 458 | 250 | -208 | -45.4% |
| Operating cash flow | 753 | -873 | -1,626 | -215.9% |
| Free cash flow | 633 | -1,009 | -1,642 | -259.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,461 | 666 | 5.8% | 417 | 959 | 253 | S100L25V |
| FY ending Dec 2020 | 11,671 | 545 | 4.7% | 278 | 446 | -323 | S100NRMS |
| FY ending Dec 2021 | 11,506 | 629 | 5.5% | 437 | 490 | 199 | S100QGUO |
| FY ending Dec 2022 | 11,937 | 70 | 0.6% | 94 | 376 | 150 | S100T53D |
| FY ending Dec 2023 | 12,785 | 448 | 3.5% | 239 | 649 | 355 | S100VGGO |
| FY ending Dec 2024 | 13,814 | 613 | 4.4% | 458 | 753 | 633 | S100Y1DI |
| FY ending Dec 2025 | 13,567 | 456 | 3.4% | 250 | -873 | -1,009 | S100Y1DI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | ¥618.8K |
| Net income per employee (consolidated) | ¥339.3K |

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) | 728 | 712 | 701 | 719 | 737 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.3M | ¥5.5M | ¥6M |
| Average age (parent company) | 37.6 years | 37.7 years | 38.1 years | 40.0 years | 40.3 years |
| Average tenure (parent company) | 11.9 years | 12.4 years | 12.9 years | 13.5 years | 13.7 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automatic door-related | 8,671 | 63.9% | 2,039 | 23.5% |
| Fixture-related | 4,039 | 29.8% | 462 | 11.4% |
| Other | 857 | 6.3% | -15 | -1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automatic door-related | 63.9% | 81.5% | 17.6 | 23.5% |
| Fixture-related | 29.8% | 18.5% | -11.3 | 11.4% |
| Other | 6.3% | — | — | -1.8% |

Loss-making segment (excluded from profit shares): Other -15 JPY mn

Segment → industry: Fixture-related → Housing Equipment & Building Materials / Automatic door-related → 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 | -873 | -6.4% | S100Y1DI |
| Capital expenditure | 137 | 1.0% | S100Y1DI |
| Free cash flow | -1,009 | -7.4% | 算出 |
| Investing cash flow | -215 | -1.6% | S100Y1DI |
| Financing cash flow | -46 | -0.3% | S100Y1DI |
| Dividends paid | 172 | 1.3% | S100Y1DI |
| Change in cash | -1,133 | -8.4% | S100Y1DI |
| Cash and equivalents | 1,683 | 12.4% | S100Y1DI |

## 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 | 1,842 | 1,794 | 2,633 | 2,816 | 1,683 | S100T53D, S100VGGO, S100Y1DI |
| Total assets | 11,056 | 10,843 | 11,998 | 12,232 | 11,429 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Net assets | 6,451 | 6,153 | 6,406 | 6,685 | 6,997 | S100T53D, S100VGGO, S100Y1DI |
| Share capital | 329 | 329 | 329 | 329 | 329 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Trade receivables | 1,650 | 1,583 | 1,554 | 1,607 | 1,514 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Property, plant and equipment | 2,922 | 2,886 | 2,946 | 2,940 | 2,908 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Intangible assets excluding goodwill | 509 | 569 | 544 | 612 | 491 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Goodwill | — | — | — | 87 | — | S100Y1DI |
| Investment securities | 375 | 375 | 470 | 519 | 587 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Current assets | 6,723 | 6,364 | 7,445 | 7,498 | 6,632 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Current liabilities | 4,092 | 4,170 | 4,672 | 4,773 | 3,777 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Trade payables | 1,996 | 1,158 | 1,279 | 978 | 718 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Short-term borrowings | — | — | — | 120 | 420 | S100Y1DI |
| Long-term borrowings | 71 | 43 | 566 | 395 | 242 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Total liabilities | 4,605 | 4,690 | 5,592 | 5,547 | 4,432 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Equity attributable to owners of parent | 6,381 | 6,067 | 6,155 | 6,447 | 6,525 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Retained earnings | 5,762 | 5,448 | 5,537 | 5,828 | 5,906 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QGUO, S100T53D, S100VGGO, S100Y1DI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y1DI |
| Receivables | 13% | S100Y1DI |
| Property, plant and equipment | 26% | S100Y1DI |
| Intangibles and goodwill | 4% | S100Y1DI |
| Investment securities | 5% | S100Y1DI |
| Other assets | 37% | S100Y1DI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y1DI |
| Other liabilities | 33% | S100Y1DI |
| Equity | 61% | S100Y1DI |
| Other liabilities | 0% | S100Y1DI |

### 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 | 11,056 | 10,843 | 11,998 | 12,232 | 11,429 |
| Equity | 6,451 | 6,153 | 6,406 | 6,685 | 6,997 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,842 | 1,794 | 2,633 | 2,816 | 1,683 |

## 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) | 21.4% | S100Y1DI |
| Fixed assets ÷ total assets | 25.4% | S100Y1DI |
| Goodwill ÷ parent equity | — | —, S100Y1DI |

### 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) | 14.7% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -191.4% |
| Cash vs. profit gap | -1,123 JPY mn (of net income -449.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| 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 | 3.8% | 1.04× | 3.9% | 1.73× | 6.8% | S100QGUO |
| 2022 | 0.8% | 1.09× | 0.9% | 1.76× | 1.5% | S100T53D |
| 2023 | 1.9% | 1.12× | 2.1% | 1.87× | 3.9% | S100VGGO |
| 2024 | 3.3% | 1.14× | 3.8% | 1.92× | 7.3% | S100Y1DI |
| 2025 | 1.8% | 1.15× | 2.1% | 1.82× | 3.9% | S100Y1DI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ウェルマックス | Major shareholder | 20.9% | 2025-12-31 |
| 古野 重幸 | Major shareholder | 8.8% | 2025-12-31 |
| フルテック従業員持株会 | Major shareholder | 6.3% | 2025-12-31 |
| 古野 豊 | Major shareholder | 6.1% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.1% | 2025-12-31 |
| 古野 元昭 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社北海道銀行 | Major shareholder | 3.0% | 2025-12-31 |
| 秋元 正雄 | Major shareholder | 3.0% | 2025-12-31 |
| 古野 直樹 | Major shareholder | 2.5% | 2025-12-31 |
| 古野 善昭 | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第63期(2025/01/01－2025/12/31) | S100Y1DI | 2026-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1DI,, |
| 有価証券報告書－第62期(2024/01/01－2024/12/31) | S100VGGO | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGGO,, |
| 有価証券報告書－第61期(2023/01/01－2023/12/31) | S100T53D | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T53D,, |
| 有価証券報告書－第60期(2022/01/01－2022/12/31) | S100QGUO | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGUO,, |
| 有価証券報告書－第59期(令和3年1月1日－令和3年12月31日) | S100NRMS | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRMS,, |
| 有価証券報告書－第58期(令和2年1月1日－令和2年12月31日) | S100L25V | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L25V,, |

## 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).