# Gifu landscape architect Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第60期(2024/10/01－2025/09/30) (S100XCY4)
> Page: https://vizora.meequs.com/en/company/gifu-zohen
> Retrieved: 2026-09-30T18:30:17.649Z

## Company

Gifu landscape architect is a company in General Contractors listed on TSE Standard. It has 151 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Gifu landscape architect Co.,Ltd. |
| Ticker | 1438 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1438.T) |
| Listing | TSE Standard |
| Head office | 岐阜県岐阜市茜部菱野四丁目79番地の1 |
| Representative (per filing) | 代表取締役社長 山田 準 |
| Share capital | ¥412.8M |
| Employees (consolidated) | 151 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | September |
| Website | www.gifu-zohen.co.jp (https://www.gifu-zohen.co.jp/) |
| Corporate number | 4200001001361 |
| EDINET | E32682 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100XCY4, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.3 | 84 |
| Profitability | 77.7 | 92 |
| Cash conversion | 44.5 | 91 |
| Efficiency | 58.2 | 92 |

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)

- Gifu landscape architect brought in ¥6.27B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +20.6% from the prior year, operating profit +20.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6271357000 → ¥384527000
- Net income → operating cash flow: ¥384527000 → ¥317228000（difference ¥-67299000）
- Main uses of operating cash flow: CapEx ¥30350000 / dividends ¥106976000 / buybacks —
- Change in cash: ¥233781000
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 | ¥6.27B |  |
| Operating income | ¥538.3M | Margin 8.6% |
| Net income | ¥384.5M | Margin 6.1% |
| Free cash flow | ¥286.9M |  |
| Employees (consolidated) | 151 |  |
| EPS | ¥111.32 |  |
| Diluted EPS | ¥110.62 |  |
| Book value per share | ¥1184.35 |  |
| Equity ratio | 71.7% |  |
| Shares outstanding | 3,244,600 |  |
| Treasury shares | 300 |  |
| Shareholders | 1,094 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 45.3% | Cash ÷ revenue 41.8% |
| Vs. industry median margin | +1.7 pp | General Contractors |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 45% of total assets
- FY2025, employees -1% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3853988000 | ¥6271357000 | +62.7% |
| Operating income | ¥284503000 | ¥538282000 | +89.2% |
| Operating margin | 7.4% | 8.6% | +1.2 pp |
| Employees | 115 people | 151 people | +31.3% |
| Cash and equivalents | ¥1772434000 | ¥2618800000 | +47.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,271 | 100.0% | S100XCY4 |
| Cost of revenue | 4,471 | 71.3% | S100XCY4 |
| Gross profit | 1,800 | 28.7% | S100XCY4 |
| SG&A | 1,262 | 20.1% | S100XCY4 |
| Operating income | 538 | 8.6% | S100XCY4 |
| Ordinary income | 549 | 8.8% | S100XCY4 |
| Pretax income | 545 | 8.7% | S100XCY4 |
| Income tax | 160 | 2.6% | S100XCY4 |
| Net income | 385 | 6.1% | S100XCY4 |
| Net income attributable to owners | 385 | 6.1% | S100XCY4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 28.7% → Operating margin 8.6% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.6%; Core profit growth: +20.4%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.99×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,199 | 6,271 | 1,073 | +20.6% |
| Gross profit | 1,507 | 1,800 | 294 | +19.5% |
| Operating income | 447 | 538 | 91 | +20.4% |
| Net income attributable to owners | 340 | 385 | 44 | +12.9% |
| Operating cash flow | 716 | 317 | -399 | -55.7% |
| Free cash flow | 636 | 287 | -349 | -54.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,088 | 306 | 7.5% | 173 | 303 | -66 | S100KFOW |
| FY ending Sep 2020 | 3,854 | 285 | 7.4% | 200 | 78 | 5 | S100N51O |
| FY ending Sep 2021 | 4,310 | 313 | 7.3% | 221 | 320 | 288 | S100PVYU |
| FY ending Sep 2022 | 4,852 | 384 | 7.9% | 247 | 310 | -196 | S100SJWK |
| FY ending Sep 2023 | 5,002 | 390 | 7.8% | 299 | 205 | 182 | S100V0XD |
| FY ending Sep 2024 | 5,199 | 447 | 8.6% | 340 | 716 | 636 | S100XCY4 |
| FY ending Sep 2025 | 6,271 | 538 | 8.6% | 385 | 317 | 287 | S100XCY4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.5M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 121 | 137 | 134 | 152 | 151 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.5M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 41.2 years | 41.0 years | 42.6 years | 42.1 years | 41.3 years |
| Average tenure (parent company) | 8.5 years | 7.9 years | 8.1 years | 7.6 years | 7.7 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +20.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 317 | 5.1% | S100XCY4 |
| Capital expenditure | 30 | 0.5% | S100XCY4 |
| Free cash flow | 287 | 4.6% | 算出 |
| Investing cash flow | -3 | -0.1% | S100XCY4 |
| Financing cash flow | -80 | -1.3% | S100XCY4 |
| Dividends paid | 107 | 1.7% | S100XCY4 |
| Change in cash | 234 | 3.7% | S100XCY4 |
| Cash and equivalents | 2,619 | 41.8% | S100XCY4 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,976 | 1,761 | 1,826 | 2,385 | 2,619 | S100SJWK, S100V0XD, S100XCY4 |
| Total assets | 4,264 | 4,478 | 4,696 | 5,294 | 5,776 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Net assets | 3,061 | 3,268 | 3,527 | 3,821 | 4,144 | S100SJWK, S100V0XD, S100XCY4 |
| Share capital | 396 | 396 | 397 | 412 | 413 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Property, plant and equipment | 968 | 1,433 | 1,393 | 1,423 | 1,394 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Intangible assets excluding goodwill | 10 | 9 | 6 | 14 | 33 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Investment securities | 136 | 106 | 148 | 163 | 223 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Current assets | 2,947 | 2,754 | 2,959 | 3,438 | 3,861 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Current liabilities | 973 | 985 | 935 | 1,220 | 1,395 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Short-term borrowings | 200 | 200 | 200 | 200 | 200 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Long-term borrowings | 33 | 18 | 5 | 12 | 25 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Total liabilities | 1,203 | 1,210 | 1,169 | 1,474 | 1,632 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Equity attributable to owners of parent | 3,058 | 3,257 | 3,476 | 3,767 | 4,046 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Retained earnings | 2,324 | 2,523 | 2,741 | 3,001 | 3,279 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PVYU, S100SJWK, S100V0XD, S100XCY4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XCY4 |
| Property, plant and equipment | 24% | S100XCY4 |
| Intangibles and goodwill | 1% | S100XCY4 |
| Investment securities | 4% | S100XCY4 |
| Other assets | 26% | S100XCY4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XCY4 |
| Equity | 72% | S100XCY4 |
| Other liabilities | 0% | S100XCY4 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,264 | 4,478 | 4,696 | 5,294 | 5,776 |
| Equity | 3,061 | 3,268 | 3,527 | 3,821 | 4,144 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,976 | 1,761 | 1,826 | 2,385 | 2,619 |

## 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% | S100XCY4 |
| Fixed assets ÷ total assets | 24.1% | S100XCY4 |
| Goodwill ÷ parent equity | — | —, S100XCY4 |

### 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) | 45.3% |
| Cash ÷ revenue | 41.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 58.9% |
| Cash vs. profit gap | -67 JPY mn (of net income -17.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.8% |
| Shareholder payments — dividends / FCF | 37.3% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 1.0% |

## 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 | 5.1% | 1.01× | 5.2% | 1.39× | 7.2% | S100PVYU |
| 2022 | 5.1% | 1.11× | 5.7% | 1.38× | 7.8% | S100SJWK |
| 2023 | 6.0% | 1.09× | 6.5% | 1.36× | 8.9% | S100V0XD |
| 2024 | 6.5% | 1.04× | 6.8% | 1.38× | 9.4% | S100XCY4 |
| 2025 | 6.1% | 1.13× | 6.9% | 1.42× | 9.8% | S100XCY4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 積水ハウス株式会社 | Major shareholder | 20.2% | 2025-09-30 |
| 合同会社小栗達弘オフィス | Major shareholder | 14.2% | 2025-09-30 |
| 小栗 洋行 | Major shareholder | 9.6% | 2025-09-30 |
| 岐阜造園社員持株会 | Major shareholder | 5.0% | 2025-09-30 |
| 小栗 博文 | Major shareholder | 3.4% | 2025-09-30 |
| 小栗 栄一 | Major shareholder | 3.4% | 2025-09-30 |
| 大橋 美智子 | Major shareholder | 3.2% | 2025-09-30 |
| 岡崎 衛 | Major shareholder | 2.7% | 2025-09-30 |
| 小栗 勝郎 | Major shareholder | 2.4% | 2025-09-30 |
| 小栗 正広 | Major shareholder | 2.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2024/10/01－2025/09/30) | S100XCY4 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCY4,, |
| 有価証券報告書－第59期(2023/10/01－2024/09/30) | S100V0XD | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0XD,, |
| 有価証券報告書－第58期(2022/10/01－2023/09/30) | S100SJWK | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJWK,, |
| 有価証券報告書－第57期(令和3年10月1日－令和4年9月30日) | S100PVYU | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVYU,, |
| 有価証券報告書－第56期(令和2年10月1日－令和3年9月30日) | S100N51O | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N51O,, |
| 有価証券報告書－第55期(令和1年10月1日－令和2年9月30日) | S100KFOW | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFOW,, |

## 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).