# Hakudo Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YI9D)
> Page: https://vizora.meequs.com/en/company/hakudo
> Retrieved: 2026-09-30T18:28:24.228Z

## Company

Hakudo, founded in 1949, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 401 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hakudo Co., Ltd. |
| Ticker | 7637 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7637.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目5番2号 |
| Representative (per filing) | 代表取締役社長 山田 哲也 |
| Founded | Oct 1949 |
| Share capital | ¥1B |
| Employees (consolidated) | 401 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.hakudo.co.jp (https://www.hakudo.co.jp/) |
| Corporate number | 2010001054158 |
| EDINET | E03332 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YI9D, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.4 | 179 |
| Profitability | 68.9 | 185 |
| Cash conversion | 77.4 | 179 |
| Efficiency | 45.1 | 185 |

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 87% of Hakudo's sales come from JAPAN, with north America and CHINA making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit -3.7%.

## Company structure

- Segment revenue mix: JAPAN 87.2%、north America 7.5%、CHINA 2.8%、Other 2.5%
- Revenue → net income: ¥68109588000 → ¥2146289000
- Net income → operating cash flow: ¥2146289000 → ¥4493552000（difference ¥2347263000）
- Main uses of operating cash flow: CapEx ¥890256000 / dividends ¥771542000 / buybacks —
- Change in cash: ¥2196372000
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 | ¥68.1B |  |
| Operating income | ¥2.87B | Margin 4.2% |
| Net income | ¥2.15B | Margin 3.2% |
| Free cash flow | ¥3.6B |  |
| Largest business | JAPAN | of segment revenue 87.2% |
| Employees (consolidated) | 401 |  |
| EPS | ¥182.38 |  |
| Book value per share | ¥2147.51 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 11,343,300 |  |
| Treasury shares | 1,500 |  |
| Shareholders | 5,219 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | +1.3 pp | Specialty Trading & Wholesale |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39219464000 | ¥68109588000 | +73.7% |
| Operating income | ¥1981951000 | ¥2872207000 | +44.9% |
| Operating margin | 5.1% | 4.2% | -0.8 pp |
| Employees | 347 people | 401 people | +15.6% |
| Cash and equivalents | ¥5924026000 | ¥7670038000 | +29.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 87.2% |
| 日本 → 事業再編・廃止 | 8.0% |
| 中国 → 中国 | 2.8% |
| 中国 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 1.3% |
| 新設・再編 → 北米 | 7.5% |
| 新設・再編 → その他 | 1.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JAPAN | 5 years | +9.7% | ¥59371644000 | 5.2% | 2 |
| north America | 2 years | +5.3% | ¥5087787000 | -1.7% | 2 |
| CHINA | 5 years | +7.2% | ¥1926989000 | 1.5% | 2 |
| Other | 5 years | +27.5% | ¥1723167000 | 9.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,110 | 100.0% | S100YI9D |
| Cost of revenue | 57,500 | 84.4% | S100YI9D |
| Gross profit | 10,609 | 15.6% | S100YI9D |
| SG&A | 7,737 | 11.4% | S100YI9D |
| Operating income | 2,872 | 4.2% | S100YI9D |
| Ordinary income | 3,190 | 4.7% | S100YI9D |
| Pretax income | 3,190 | 4.7% | S100YI9D |
| Income tax | 1,044 | 1.5% | S100YI9D |
| Net income | 2,146 | 3.2% | S100YI9D |
| Net income attributable to owners | 2,146 | 3.2% | S100YI9D |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 11 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.6% → Operating margin 4.2% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.6%; Core profit growth: -3.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.46×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 66,410 | 68,110 | 1,699 | +2.6% |
| Gross profit | 10,573 | 10,609 | 36 | +0.3% |
| Operating income | 2,983 | 2,872 | -111 | -3.7% |
| Net income attributable to owners | 2,237 | 2,146 | -91 | -4.1% |
| Operating cash flow | 1,782 | 4,494 | 2,711 | +152.1% |
| Free cash flow | 905 | 3,603 | 2,698 | +298.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,798 | 1,659 | 4.0% | 1,149 | 1,503 | 578 | S100LMBF |
| FY ending Mar 2021 | 39,219 | 1,982 | 5.1% | 1,282 | 2,128 | 1,576 | S100PE5M |
| FY ending Mar 2022 | 55,441 | 4,256 | 7.7% | 2,964 | 4,556 | 3,892 | S100R95S |
| FY ending Mar 2023 | 61,602 | 3,777 | 6.1% | 2,738 | 321 | -374 | S100TWXX |
| FY ending Mar 2024 | 57,253 | 2,523 | 4.4% | 1,917 | 2,528 | 979 | S100W41M |
| FY ending Mar 2025 | 66,410 | 2,983 | 4.5% | 2,237 | 1,782 | 905 | S100YI9D |
| FY ending Mar 2026 | 68,110 | 2,872 | 4.2% | 2,146 | 4,494 | 3,603 | S100YI9D |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥169.8M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5.4M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 363 | 382 | 390 | 398 | 401 |
| Average salary (parent company) | ¥8.4M | ¥9M | ¥7.9M | ¥7.9M | ¥7.8M |
| Average age (parent company) | 41.8 years | 41.9 years | 41.9 years | 41.8 years | 41.5 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.1 years | 16.1 years | 15.7 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +2.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 59,372 | 87.2% | 3,081 | 5.2% |
| north America | 5,088 | 7.5% | -84 | -1.7% |
| CHINA | 1,927 | 2.8% | 28 | 1.5% |
| Other | 1,723 | 2.5% | 158 | 9.2% |

### 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 |
| --- | ---: |
| JAPAN | 87.2% |
| north America | 7.5% |
| CHINA | 2.8% |
| Other | 2.5% |

Segment → industry: Other → Specialty Trading & Wholesale / CHINA → Specialty Trading & Wholesale / north America → Specialty Trading & Wholesale / JAPAN → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,494 | 6.6% | S100YI9D |
| Capital expenditure | 890 | 1.3% | S100YI9D |
| Free cash flow | 3,603 | 5.3% | 算出 |
| Investing cash flow | -1,373 | -2.0% | S100YI9D |
| Financing cash flow | -1,054 | -1.5% | S100YI9D |
| Dividends paid | 772 | 1.1% | S100YI9D |
| Change in cash | 2,196 | 3.2% | S100YI9D |
| Cash and equivalents | 7,670 | 11.3% | S100YI9D |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,675 | 6,038 | 5,701 | 5,474 | 7,670 | S100TWXX, S100W41M, S100YI9D |
| Total assets | 41,781 | 43,150 | 42,016 | 44,745 | 47,564 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Net assets | 19,829 | 21,229 | 22,481 | 23,755 | 25,465 | S100TWXX, S100W41M, S100YI9D |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Trade receivables | 13,323 | 12,592 | 11,657 | 11,778 | 11,405 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Property, plant and equipment | 6,098 | 6,250 | 6,653 | 6,405 | 6,518 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Intangible assets excluding goodwill | 509 | 1,414 | 1,423 | 1,470 | 1,347 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Goodwill | — | 809 | 803 | 848 | 793 | S100TWXX, S100W41M, S100YI9D |
| Investment securities | 944 | 1,018 | 1,232 | 1,245 | 1,884 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Current assets | 33,616 | 33,830 | 32,128 | 35,029 | 36,925 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Current liabilities | 21,903 | 21,768 | 19,420 | 20,920 | 21,960 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Trade payables | 7,844 | 7,482 | 7,159 | — | — | S100R95S, S100TWXX |
| Total liabilities | 21,952 | 21,920 | 19,535 | 20,990 | 22,099 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Non-controlling interests | 0 | 24 | 0 | 0 | 0 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Equity attributable to owners of parent | 19,359 | 20,679 | 21,621 | 22,791 | 23,953 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Retained earnings | 17,740 | 19,060 | 20,001 | 21,171 | 22,546 | S100R95S, S100TWXX, S100W41M, S100YI9D |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100R95S, S100TWXX, S100W41M, S100YI9D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YI9D |
| Receivables | 24% | S100YI9D |
| Property, plant and equipment | 14% | S100YI9D |
| Intangibles and goodwill | 4% | S100YI9D |
| Investment securities | 4% | S100YI9D |
| Other assets | 38% | S100YI9D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YI9D |
| Equity | 54% | S100YI9D |
| Other liabilities | 0% | S100YI9D |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 41,781 | 43,150 | 42,016 | 44,745 | 47,564 |
| Equity | 19,829 | 21,229 | 22,481 | 23,755 | 25,465 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,675 | 6,038 | 5,701 | 5,474 | 7,670 |

## 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) | 9.6% | S100YI9D |
| Fixed assets ÷ total assets | 13.7% | S100YI9D |
| Goodwill ÷ parent equity | 3.3% | S100YI9D |

### 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) | 16.1% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.4% |
| Cash vs. profit gap | 2,347 JPY mn (of net income 109.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.9% |
| Shareholder payments — dividends / FCF | 21.4% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 30.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.3% | 1.33× | 7.1% | 2.16× | 15.3% | S100R95S |
| 2023 | 4.4% | 1.45× | 6.4% | 2.12× | 13.7% | S100TWXX |
| 2024 | 3.3% | 1.34× | 4.5% | 2.01× | 9.1% | S100W41M |
| 2025 | 3.4% | 1.53× | 5.2% | 1.95× | 10.1% | S100YI9D |
| 2026 | 3.2% | 1.48× | 4.7% | 1.97× | 9.2% | S100YI9D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｋ＆Ｐアセット・マネジメント合同会社 | Major shareholder | 12.1% | 2026-03-31 |
| キッズラーニングネットワーク株式会社 | Major shareholder | 10.0% | 2026-03-31 |
| 有限会社双光 | Major shareholder | 10.0% | 2026-03-31 |
| Ｎ＆Ｎアセット・マネジメント合同会社 | Major shareholder | 8.2% | 2026-03-31 |
| 合同会社ＳＹマネジメント | Major shareholder | 5.9% | 2026-03-31 |
| 山田 智則 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社イーストゲート | Major shareholder | 5.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| 山田 光重 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YI9D | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI9D,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W41M | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W41M,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TWXX | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWXX,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R95S | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R95S,, |
| 訂正有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100PE5M | 2022-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PE5M,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LMBF | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMBF,, |

## 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).