# HAMAI INDUSTRIES 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94期(2025/01/01－2025/12/31) (S100Z20X)
> Page: https://vizora.meequs.com/en/company/hamai-industries
> Retrieved: 2026-09-30T18:32:22.089Z

## Company

Hamai Industries, founded in 1927, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 297 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAMAI INDUSTRIES LTD. |
| Ticker | 6497 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6497.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田七丁目7番7号 SGスクエア2階 |
| Representative (per filing) | 代表取締役社長 河内茂 |
| Founded | Feb 1927 |
| Share capital | ¥395.3M |
| Employees (consolidated) | 297 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Website | www.hamai-net.com (https://www.hamai-net.com/) |
| Corporate number | 6010701008104 |
| EDINET | E01652 |
| Industries (Vizora) | Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100Z20X, filed 2026-09-14). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.5 | 110 |
| Profitability | 54.5 | 122 |
| Cash conversion | 24.6 | 116 |
| Efficiency | 19.3 | 122 |

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 95% of Hamai Industries's sales come from ValveBusiness, with RealEstateRentBusiness making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit -11.5%.

## Company structure

- Segment revenue mix: ValveBusiness 95.5%、RealEstateRentBusiness 4.5%
- Revenue → net income: ¥12715003000 → ¥830723000
- Net income → operating cash flow: ¥830723000 → ¥651633000（difference ¥-179090000）
- Main uses of operating cash flow: CapEx ¥438251000 / dividends ¥234610000 / buybacks —
- Change in cash: ¥-62389000
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 | ¥12.7B |  |
| Operating income | ¥1.1B | Margin 8.6% |
| Net income | ¥830.7M | Margin 6.5% |
| Free cash flow | ¥213.4M |  |
| Largest business | ValveBusiness | of segment revenue 95.5% |
| Employees (consolidated) | 297 |  |
| EPS | ¥117.31 |  |
| Book value per share | ¥2370.89 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 7,424,140 |  |
| Treasury shares | 729,200 |  |
| Shareholders | 1,577 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 33.8% |
| Vs. industry median margin | +1.1 pp | Industrial Machinery |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 65% of positive segment profit
- FY2025, segment profit share differs by -30 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8276108000 | ¥12715003000 | +53.6% |
| Operating income | ¥491111000 | ¥1099081000 | +123.8% |
| Operating margin | 5.9% | 8.6% | +2.7 pp |
| Employees | 248 people | 297 people | +19.8% |
| Cash and equivalents | ¥3911124000 | ¥4297324000 | +9.9% |

### 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 |
| --- | ---: |
| バルブ事業 → バルブ事業 | 93.0% |
| 不動産賃貸事業 → 不動産賃貸事業 | 4.5% |
| 不動産賃貸事業 → 事業再編・廃止 | 2.4% |
| 新設・再編 → バルブ事業 | 2.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,715 | 100.0% | S100Z20X |
| Cost of revenue | 10,349 | 81.4% | S100Z20X |
| Gross profit | 2,366 | 18.6% | S100Z20X |
| SG&A | 1,266 | 10.0% | S100Z20X |
| Operating income | 1,099 | 8.6% | S100Z20X |
| Ordinary income | 1,226 | 9.6% | S100Z20X |
| Pretax income | 1,230 | 9.7% | S100Z20X |
| Income tax | 399 | 3.1% | S100Z20X |
| Net income | 831 | 6.5% | S100Z20X |
| Net income attributable to owners | 831 | 6.5% | S100Z20X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 10 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 18.6% → Operating margin 8.6% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.1%; Core profit growth: -11.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.24×
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 | 12,093 | 12,715 | 622 | +5.1% |
| Gross profit | 2,439 | 2,366 | -73 | -3.0% |
| Operating income | 1,242 | 1,099 | -143 | -11.5% |
| Net income attributable to owners | 514 | 831 | 317 | +61.7% |
| Operating cash flow | 536 | 652 | 116 | +21.6% |
| Free cash flow | 134 | 213 | 79 | +58.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 8,142 | 308 | 3.8% | 225 | 279 | -100 | S100L0ZO |
| FY ending Dec 2020 | 8,276 | 491 | 5.9% | 377 | 1,146 | 543 | S100NMHP |
| FY ending Dec 2021 | 9,458 | 511 | 5.4% | 433 | 412 | 64 | S100QBIJ |
| FY ending Dec 2022 | 11,195 | 1,097 | 9.8% | 949 | 1,071 | 703 | S100T1ZF |
| FY ending Dec 2023 | 11,132 | 1,021 | 9.2% | 909 | 324 | -164 | S100VD81 |
| FY ending Dec 2024 | 12,093 | 1,242 | 10.3% | 514 | 536 | 134 | S100Z20X |
| FY ending Dec 2025 | 12,715 | 1,099 | 8.6% | 831 | 652 | 213 | S100Z20X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.8M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 250 | 263 | 276 | 288 | 297 |
| Average salary (parent company) | ¥5.5M | ¥5.3M | ¥5.4M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 39.0 years | 40.0 years | 40.0 years | 40.6 years | 41.4 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | 12.6 years | 13.4 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| ValveBusiness | 12,138 | 95.5% | 715 | 5.9% |
| RealEstateRentBusiness | 577 | 4.5% | 384 | 66.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| ValveBusiness | 95.5% | 65.0% | -30.4 | 5.9% |
| RealEstateRentBusiness | 4.5% | 35.0% | 30.4 | 66.6% |

Segment → industry: RealEstateRentBusiness → Real Estate Development & Leasing / ValveBusiness → Industrial Machinery

## 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 | 652 | 5.1% | S100Z20X |
| Capital expenditure | 438 | 3.4% | S100Z20X |
| Free cash flow | 213 | 1.7% | 算出 |
| Investing cash flow | -438 | -3.4% | S100Z20X |
| Financing cash flow | -285 | -2.2% | S100Z20X |
| Dividends paid | 235 | 1.8% | S100Z20X |
| Change in cash | -62 | -0.5% | S100Z20X |
| Cash and equivalents | 4,297 | 33.8% | S100Z20X |

## 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 | 3,926 | 4,487 | 4,574 | 4,360 | 4,297 | S100T1ZF, S100VD81, S100Z20X |
| Total assets | 18,315 | 19,789 | 21,098 | 21,110 | 21,634 | S100QBIJ, S100T1ZF, S100VD81, S100Z20X |
| Net assets | 13,680 | 14,289 | 15,033 | 15,576 | 16,493 | S100T1ZF, S100VD81, S100Z20X |
| Share capital | 395 | 395 | 395 | 395 | 395 | S100QBIJ, S100T1ZF, S100VD81, S100Z20X |
| Property, plant and equipment | 5,158 | 5,229 | — | 4,959 | 5,058 | S100QBIJ, S100T1ZF, S100Z20X |
| Intangible assets excluding goodwill | 9 | 13 | — | 60 | 48 | S100QBIJ, S100T1ZF, S100Z20X |
| Investment securities | 2,920 | 2,592 | — | 3,639 | 4,108 | S100QBIJ, S100T1ZF, S100Z20X |
| Current assets | 9,738 | 11,452 | — | 11,964 | 11,928 | S100QBIJ, S100T1ZF, S100Z20X |
| Current liabilities | 2,926 | 3,884 | — | 3,458 | 2,953 | S100QBIJ, S100T1ZF, S100Z20X |
| Total liabilities | 4,635 | 5,499 | — | 5,534 | 5,141 | S100QBIJ, S100T1ZF, S100Z20X |
| Equity attributable to owners of parent | 12,639 | 13,421 | — | 13,794 | 14,400 | S100QBIJ, S100T1ZF, S100Z20X |
| Retained earnings | 12,318 | 13,100 | — | 13,438 | 14,035 | S100QBIJ, S100T1ZF, S100Z20X |
| Treasury stock | -723 | -723 | — | -692 | -683 | S100QBIJ, S100T1ZF, S100Z20X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Z20X |
| Property, plant and equipment | 23% | S100Z20X |
| Intangibles and goodwill | 0% | S100Z20X |
| Investment securities | 19% | S100Z20X |
| Other assets | 38% | S100Z20X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100Z20X |
| Equity | 76% | S100Z20X |
| Other liabilities | 0% | S100Z20X |

### 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 | 18,315 | 19,789 | 21,098 | 21,110 | 21,634 |
| Equity | 13,680 | 14,289 | 15,033 | 15,576 | 16,493 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,926 | 4,487 | 4,574 | 4,360 | 4,297 |

## 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) | 39.8% | S100Z20X |
| Fixed assets ÷ total assets | 23.4% | S100Z20X |
| Goodwill ÷ parent equity | — | —, S100Z20X |

### 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) | 19.9% |
| Cash ÷ revenue | 33.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.3% |
| Cash vs. profit gap | -179 JPY mn (of net income -21.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 109.9% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 67.2% |

## 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 | 4.6% | 0.52× | 2.4% | 1.45× | 3.4% | S100QBIJ |
| 2022 | 8.5% | 0.59× | 5.0% | 1.46× | 7.3% | S100T1ZF |
| 2023 | 8.2% | 0.54× | 4.4% | 1.39× | 6.2% | S100VD81, S100Z20X |
| 2024 | 4.2% | 0.57× | 2.4% | 1.53× | 3.7% | S100Z20X |
| 2025 | 6.5% | 0.59× | 3.9% | 1.52× | 5.9% | S100Z20X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ミスヂ持株会 | Major shareholder | 16.4% | 2025-12-31 |
| 第一生命保険株式会社 | Major shareholder | 8.2% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.3% | 2025-12-31 |
| 佐藤金属株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| 浜 井 三 郎 | Major shareholder | 4.7% | 2025-12-31 |
| 浜 井 啓 子 | Major shareholder | 3.3% | 2025-12-31 |
| 濱 井 健 一 郎 | Major shareholder | 2.8% | 2025-12-31 |
| 富士精密株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社ミツウロコグループホールディングス | Major shareholder | 2.6% | 2025-12-31 |
| 三 橋 玲 子 | Major shareholder | 2.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第94期(2025/01/01－2025/12/31) | S100Z20X | 2026-09-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z20X,, |
| 有価証券報告書－第93期(2024/01/01－2024/12/31) | S100VD81 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VD81,, |
| 有価証券報告書－第92期(2023/01/01－2023/12/31) | S100T1ZF | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T1ZF,, |
| 有価証券報告書－第91期(2022/01/01－2022/12/31) | S100QBIJ | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QBIJ,, |
| 有価証券報告書－第90期(令和3年1月1日－令和3年12月31日) | S100NMHP | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NMHP,, |
| 有価証券報告書－第89期(令和2年1月1日－令和2年12月31日) | S100L0ZO | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0ZO,, |

## 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).