# Hakuyosha Company, Ltd.: 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133期(2025/01/01－2025/12/31) (S100XT2K)
> Page: https://vizora.meequs.com/en/company/hakuyosha
> Retrieved: 2026-09-30T20:26:07.791Z

## Company

Hakuyosha Company, founded in 1920, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,722 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hakuyosha Company, Ltd. |
| Ticker | 9731 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9731.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区下丸子二丁目11番8号 |
| Representative (per filing) | 代表取締役 社長執行役員 五十嵐 瑛一 |
| Founded | May 1920 |
| Share capital | ¥2.41B |
| Employees (consolidated) | 1,722 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | December |
| Website | www.hakuyosha.co.jp (https://www.hakuyosha.co.jp/) |
| Corporate number | 4011001018621 |
| EDINET | E04754 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Home & Lifestyle Services |

> Profile source: annual securities report (S100XT2K, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Home & Lifestyle Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 9 |
| Profitability | 65 | 10 |
| Cash conversion | 65 | 10 |
| Efficiency | 65 | 10 |

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 61% of Hakuyosha Company's sales come from Rental, with Cleaning and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit +4.4%.

## Company structure

- Segment revenue mix: Rental 60.6%、Cleaning 37.3%、Real estate 1.1%、Other 0.9%
- Revenue → net income: ¥44625000000 → ¥2168000000
- Net income → operating cash flow: ¥2168000000 → ¥2954000000（difference ¥786000000）
- Main uses of operating cash flow: CapEx ¥1072000000 / dividends ¥253000000 / buybacks ¥0
- Change in cash: ¥227000000
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 | ¥44.6B |  |
| Operating income | ¥2.4B | Margin 5.4% |
| Net income | ¥2.13B | Margin 4.8% |
| Free cash flow | ¥1.88B |  |
| Largest business | Rental | of segment revenue 60.6% |
| Employees (consolidated) | 1,722 |  |
| EPS | ¥447.12 |  |
| Book value per share | ¥3029.92 |  |
| Equity ratio | 36.1% |  |
| Shares outstanding | 3,900,000 |  |
| Treasury shares | 33,700 |  |
| Shareholders | 3,791 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 4.4% | Cash ÷ revenue 3.5% |
| Vs. industry median margin | +1 pp | Home & Lifestyle Services |
| ROE | 21.3% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +27% over five years
- FY2025, cash is 4% of total assets
- FY2025, employees -1% while operating income rose 4%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39146000000 | ¥44625000000 | +14.0% |
| Operating income | ¥-4742000000 | ¥2397000000 | — |
| Operating margin | -12.1% | 5.4% | +17.5 pp |
| Employees | 2,212 people | 1,722 people | -22.2% |
| Cash and equivalents | ¥1065000000 | ¥1543000000 | +44.9% |

### 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 |
| --- | ---: |
| クリーニング → クリーニング | 37.3% |
| クリーニング → 事業再編・廃止 | 10.5% |
| レンタル → レンタル | 44.3% |
| 不動産 → 不動産 | 1.1% |
| 不動産 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 3.7% |
| 物品販売 → 事業再編・廃止 | 1.9% |
| 新設・再編 → レンタル | 16.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Rental | 5 years | +9.3% | ¥27055000000 | 8.9% | 2 |
| Cleaning | 5 years | -2.3% | ¥16659000000 | 10.8% | 2 |
| Real estate | 5 years | -1.1% | ¥487000000 | 71.9% | 2 |
| Other | 5 years | -25.3% | ¥422000000 | 18.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,625 | 100.0% | S100XT2K |
| Cost of revenue | 37,725 | 84.5% | S100XT2K |
| Gross profit | 6,899 | 15.5% | S100XT2K |
| SG&A | 4,502 | 10.1% | S100XT2K |
| Operating income | 2,397 | 5.4% | S100XT2K |
| Ordinary income | 2,601 | 5.8% | S100XT2K |
| Pretax income | 2,569 | 5.8% | S100XT2K |
| Income tax | 400 | 0.9% | S100XT2K |
| Net income | 2,168 | 4.9% | S100XT2K |
| Net income attributable to owners | 2,133 | 4.8% | S100XT2K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.5% → Operating margin 5.4% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.4%; Core profit growth: +4.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.85×
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 | 43,580 | 44,625 | 1,045 | +2.4% |
| Gross profit | 6,657 | 6,899 | 242 | +3.6% |
| Operating income | 2,295 | 2,397 | 102 | +4.4% |
| Net income attributable to owners | 2,215 | 2,133 | -82 | -3.7% |
| Operating cash flow | 2,922 | 2,954 | 32 | +1.1% |
| Free cash flow | 2,081 | 1,882 | -199 | -9.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 50,274 | 209 | 0.4% | -6 | 1,880 | 229 | S100L1DD |
| FY ending Dec 2020 | 39,146 | -4,742 | -12.1% | -3,159 | -1,307 | -1,929 | S100NQCQ |
| FY ending Dec 2021 | 35,131 | -2,907 | -8.3% | -1,249 | -29 | -517 | S100QGJA |
| FY ending Dec 2022 | 39,180 | 665 | 1.7% | 1,688 | 1,313 | 870 | S100T54S |
| FY ending Dec 2023 | 43,272 | 1,815 | 4.2% | 1,945 | 1,566 | 937 | S100VHPE |
| FY ending Dec 2024 | 43,580 | 2,295 | 5.3% | 2,215 | 2,922 | 2,081 | S100XT2K |
| FY ending Dec 2025 | 44,625 | 2,397 | 5.4% | 2,133 | 2,954 | 1,882 | S100XT2K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 1,955 | 1,789 | 1,715 | 1,742 | 1,722 |
| Average salary (parent company) | ¥3.7M | ¥3.8M | ¥4.4M | ¥4.5M | ¥4.7M |
| Average age (parent company) | 40.5 years | 41.8 years | 42.4 years | 42.4 years | 42.2 years |
| Average tenure (parent company) | 13.7 years | 14.8 years | 14.8 years | 14.7 years | 14.6 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +2.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cleaning | 16,659 | 37.3% | 1,802 | 10.8% |
| Rental | 27,055 | 60.6% | 2,402 | 8.9% |
| Real estate | 487 | 1.1% | 350 | 71.9% |
| Other | 422 | 0.9% | 78 | 18.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cleaning | 37.3% | 38.9% | 1.6 | 10.8% |
| Rental | 60.6% | 51.9% | -8.8 | 8.9% |
| Real estate | 1.1% | 7.6% | 6.5 | 71.9% |
| Other | 0.9% | 1.7% | 0.7 | 18.5% |

Segment → industry: Real estate → Real Estate Development & Leasing / Other → Specialty Trading & Wholesale / Rental → Home & Lifestyle Services / Cleaning → Home & Lifestyle Services

## 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 | 2,954 | 6.6% | S100XT2K |
| Capital expenditure | 1,072 | 2.4% | S100XT2K |
| Free cash flow | 1,882 | 4.2% | 算出 |
| Investing cash flow | -1,008 | -2.3% | S100XT2K |
| Financing cash flow | -1,723 | -3.9% | S100XT2K |
| Dividends paid | 253 | 0.6% | S100XT2K |
| Share buyback | 0 | 0.0% | S100XT2K |
| Change in cash | 227 | 0.5% | S100XT2K |
| Cash and equivalents | 1,543 | 3.5% | S100XT2K |

## 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 | 1,044 | 1,106 | 1,429 | 1,315 | 1,543 | S100T54S, S100VHPE, S100XT2K |
| Total assets | 31,411 | 31,369 | 33,154 | 32,753 | 35,305 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Net assets | 4,376 | 6,146 | 8,370 | 10,545 | 12,890 | S100T54S, S100VHPE, S100XT2K |
| Share capital | 2,410 | 2,410 | 2,410 | 2,410 | 2,410 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Trade receivables | 3,539 | — | — | — | — | S100QGJA |
| Inventories | 4,094 | 4,143 | 5,194 | 5,558 | 6,790 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Property, plant and equipment | 15,329 | 14,642 | 14,374 | 14,416 | 14,572 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Intangible assets excluding goodwill | 587 | 501 | 408 | 364 | 354 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Investment securities | 1,995 | 2,343 | 2,710 | 2,544 | 3,002 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Current assets | 9,306 | 10,012 | 11,646 | 11,818 | 13,626 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Current liabilities | 11,204 | 11,636 | 12,185 | 10,190 | 11,956 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Trade payables | 2,356 | 2,479 | 2,992 | 2,559 | 2,625 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Short-term borrowings | 2,894 | 2,584 | 3,347 | 1,777 | 1,688 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Long-term borrowings | 7,876 | 6,104 | 5,602 | 5,428 | 3,112 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Total liabilities | 27,035 | 25,222 | 24,783 | 22,207 | 22,414 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Non-controlling interests | 151 | 73 | 54 | 92 | 128 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Equity attributable to owners of parent | 3,727 | 5,186 | 7,036 | 9,081 | 10,972 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Retained earnings | 107 | 1,568 | 3,416 | 5,437 | 7,318 | S100QGJA, S100T54S, S100VHPE, S100XT2K |
| Treasury stock | -364 | -364 | -358 | -334 | -323 | S100QGJA, S100T54S, S100VHPE, S100XT2K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XT2K |
| Inventories | 19% | S100XT2K |
| Property, plant and equipment | 41% | S100XT2K |
| Intangibles and goodwill | 1% | S100XT2K |
| Investment securities | 9% | S100XT2K |
| Other assets | 26% | S100XT2K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XT2K |
| Other liabilities | 56% | S100XT2K |
| Equity | 37% | S100XT2K |
| Other liabilities | 0% | S100XT2K |

### 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 | 31,411 | 31,369 | 33,154 | 32,753 | 35,305 |
| Equity | 4,376 | 6,146 | 8,370 | 10,545 | 12,890 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,044 | 1,106 | 1,429 | 1,315 | 1,543 |

## 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) | 32.7% | S100XT2K |
| Fixed assets ÷ total assets | 41.3% | S100XT2K |
| Goodwill ÷ parent equity | — | —, S100XT2K |

### 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) | 4.4% |
| Cash ÷ revenue | 3.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.2% |
| Cash vs. profit gap | 821 JPY mn (of net income 38.5%) |
| Shareholder returns / net income | 11.9% |
| Shareholder returns / FCF | 13.4% |
| Shareholder payments — dividends / net income | 11.9% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 34.1% |

## 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 | — | —× | -4.0% | —× | — | S100QGJA |
| 2022 | 4.3% | 1.25× | 5.4% | 7.04× | 37.9% | S100T54S |
| 2023 | 4.5% | 1.34× | 6.0% | 5.28× | 31.8% | S100VHPE |
| 2024 | 5.1% | 1.32× | 6.7% | 4.09× | 27.5% | S100XT2K |
| 2025 | 4.8% | 1.31× | 6.3% | 3.39× | 21.3% | S100XT2K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 7.4% | 2025-12-31 |
| 株式会社きょくとう | Major shareholder | 5.2% | 2025-12-31 |
| 東京ホールセール株式会社 | Major shareholder | 4.6% | 2025-12-31 |
| 朝日生命保険相互会社 | Major shareholder | 4.2% | 2025-12-31 |
| 白和会 | Major shareholder | 4.2% | 2025-12-31 |
| プラス株式会社 | Major shareholder | 3.6% | 2025-12-31 |
| 第一生命保険株式会社 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.3% | 2025-12-31 |
| ワタキューセイモア株式会社 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社廣瀬商会 | Major shareholder | 2.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第133期(2025/01/01－2025/12/31) | S100XT2K | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT2K,, |
| 有価証券報告書－第132期(2024/01/01－2024/12/31) | S100VHPE | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHPE,, |
| 有価証券報告書－第131期(2023/01/01－2023/12/31) | S100T54S | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T54S,, |
| 有価証券報告書－第130期(2022/01/01－2022/12/31) | S100QGJA | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGJA,, |
| 有価証券報告書－第129期(令和3年1月1日－令和3年12月31日) | S100NQCQ | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQCQ,, |
| 有価証券報告書－第128期(令和2年1月1日－令和2年12月31日) | S100L1DD | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1DD,, |

## 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).