# HANDSMAN CO., LTD.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/07/01－2026/06/30) (S100Z3HP)
> Page: https://vizora.meequs.com/en/company/handsman
> Retrieved: 2026-09-30T19:05:54.862Z

## Company

Handsman, founded in 1964, is a company in Home Centers listed on TSE Standard. It has 179 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HANDSMAN CO.,LTD. |
| Ticker | 7636 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7636.T) |
| Listing | TSE Standard |
| Head office | 宮崎県都城市吉尾町2080番地 |
| Representative (per filing) | 代表取締役社長 大薗 誠司 |
| Founded | Dec 1964 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 179 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | June |
| Website | www.handsman.co.jp (https://www.handsman.co.jp/) |
| Corporate number | 9350001008222 |
| EDINET | E03331 |
| Industries (Vizora) | Home Centers |

> Profile source: annual securities report (S100Z3HP, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 8 |
| Profitability | 55 | 10 |
| Cash conversion | 55 | 10 |
| Efficiency | 85 | 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)

- Handsman brought in ¥35.3B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +3.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥35251000000 → ¥1055000000
- Net income → operating cash flow: ¥1055000000 → ¥1691000000（difference ¥636000000）
- Main uses of operating cash flow: CapEx ¥562000000 / dividends ¥412000000 / buybacks —
- Change in cash: ¥-172000000
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 | ¥35.3B |  |
| Operating income | ¥1.27B | Margin 3.6% |
| Net income | ¥1.05B | Margin 3.0% |
| Free cash flow | ¥1.13B |  |
| Employees (consolidated) | 179 |  |
| EPS | ¥76.73 |  |
| Book value per share | ¥1369.28 |  |
| Equity ratio | 72.6% |  |
| Shares outstanding | 14,509,800 |  |
| Treasury shares | 750,200 |  |
| Shareholders | 3,906 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 5.3% | Cash ÷ revenue 3.9% |
| Vs. industry median margin | +0.4 pp | Home Centers |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34068000000 | ¥35251000000 | +3.5% |
| Operating income | ¥2569000000 | ¥1274000000 | -50.4% |
| Operating margin | 7.5% | 3.6% | -3.9 pp |
| Employees | 181 people | 179 people | -1.1% |
| Cash and equivalents | ¥3903000000 | ¥1370000000 | -64.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,251 | 100.0% | S100Z3HP |
| Cost of revenue | 24,245 | 68.8% | 算出 |
| Gross profit | 11,006 | 31.2% | S100Z3HP |
| SG&A | 9,731 | 27.6% | S100Z3HP |
| Operating income | 1,274 | 3.6% | S100Z3HP |
| Ordinary income | 1,529 | 4.3% | S100Z3HP |
| Pretax income | 1,529 | 4.3% | S100Z3HP |
| Income tax | 473 | 1.3% | S100Z3HP |
| Net income | 1,055 | 3.0% | S100Z3HP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 27 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 31.2% → Operating margin 3.6% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +3.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.02×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,896 | 35,251 | 355 | +1.0% |
| Gross profit | 11,014 | 11,006 | -8 | -0.1% |
| Operating income | 1,236 | 1,274 | 38 | +3.1% |
| Operating cash flow | 1,830 | 1,691 | -139 | -7.6% |
| Free cash flow | 1,597 | 1,129 | -468 | -29.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 31,163 | 2,180 | 7.0% | 1,642 | 2,542 | 2,369 | S100MIMP |
| FY ending Jun 2021 | 34,068 | 2,569 | 7.5% | 2,009 | 2,092 | 1,597 | S100P98F |
| FY ending Jun 2022 | 30,860 | 2,010 | 6.5% | 1,523 | 1,567 | 509 | S100RXEK |
| FY ending Jun 2023 | 30,865 | 1,547 | 5.0% | 1,200 | 408 | -4,009 | S100UFAY |
| FY ending Jun 2024 | 34,121 | 869 | 2.5% | 789 | 1,232 | -782 | S100WRQD |
| FY ending Jun 2025 | 34,896 | 1,236 | 3.5% | 1,027 | 1,830 | 1,597 | S100Z3HP |
| FY ending Jun 2026 | 35,251 | 1,274 | 3.6% | 1,055 | 1,691 | 1,129 | S100Z3HP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥196.9M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥5.9M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 186 | 176 | 179 | 184 | 179 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.8M | ¥5.8M | ¥5.7M |
| Average age (parent company) | 46.9 years | 47.2 years | 47.3 years | 47.4 years | 48.0 years |
| Average tenure (parent company) | 16.3 years | 17.1 years | 17.3 years | 17.5 years | 18.2 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) +1.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,691 | 4.8% | S100Z3HP |
| Capital expenditure | 562 | 1.6% | S100Z3HP |
| Free cash flow | 1,129 | 3.2% | 算出 |
| Investing cash flow | -497 | -1.4% | S100Z3HP |
| Financing cash flow | -1,365 | -3.9% | S100Z3HP |
| Dividends paid | 412 | 1.2% | S100Z3HP |
| Change in cash | -172 | -0.5% | S100Z3HP |
| Cash and equivalents | 1,370 | 3.9% | S100Z3HP |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,358 | 1,892 | 1,633 | 1,542 | 1,370 | S100UFAY, S100WRQD, S100Z3HP |
| Total assets | 20,737 | 26,324 | 26,192 | 25,665 | 25,953 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Net assets | 16,493 | 17,480 | 17,864 | 18,102 | 18,840 | S100UFAY, S100WRQD, S100Z3HP |
| Share capital | 1,057 | 1,057 | 1,057 | 1,057 | 1,057 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Property, plant and equipment | 8,445 | 13,694 | 13,644 | 13,148 | 13,245 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Intangible assets excluding goodwill | 325 | 347 | 342 | 336 | 333 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Investment securities | 41 | 46 | 71 | 73 | 212 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Current assets | 10,051 | 10,324 | 10,200 | 10,033 | 10,163 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Current liabilities | 3,581 | 5,885 | 5,707 | 5,400 | 5,160 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Short-term borrowings | — | — | 1,600 | 1,300 | 1,000 | S100WRQD, S100Z3HP |
| Long-term borrowings | 80 | 2,335 | 1,735 | 1,135 | 535 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Total liabilities | 4,244 | 8,843 | 8,327 | 7,562 | 7,112 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Equity attributable to owners of parent | 16,505 | 17,490 | 17,857 | 18,092 | 18,735 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Retained earnings | 14,998 | 15,772 | 16,134 | 16,735 | 17,379 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |
| Treasury stock | -636 | -425 | -421 | -787 | -787 | S100RXEK, S100UFAY, S100WRQD, S100Z3HP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100Z3HP |
| Property, plant and equipment | 51% | S100Z3HP |
| Intangibles and goodwill | 1% | S100Z3HP |
| Investment securities | 1% | S100Z3HP |
| Other assets | 42% | S100Z3HP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100Z3HP |
| Equity | 73% | S100Z3HP |
| Other liabilities | 0% | S100Z3HP |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,737 | 26,324 | 26,192 | 25,665 | 25,953 |
| Equity | 16,493 | 17,480 | 17,864 | 18,102 | 18,840 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,358 | 1,892 | 1,633 | 1,542 | 1,370 |

## 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) | 37.6% | S100Z3HP |
| Fixed assets ÷ total assets | 51.0% | S100Z3HP |
| Goodwill ÷ parent equity | — | —, S100Z3HP |

### 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) | 5.3% |
| Cash ÷ revenue | 3.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.7% |
| Cash vs. profit gap | 636 JPY mn (of net income 60.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.1% |
| Shareholder payments — dividends / FCF | 36.5% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 29.4% |

## 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 | 4.9% | 1.49× | 7.3% | 1.26× | 9.2% | S100RXEK |
| 2023 | 3.9% | 1.31× | 5.1% | 1.38× | 7.1% | S100UFAY |
| 2024 | 2.3% | 1.30× | 3.0% | 1.49× | 4.5% | S100WRQD |
| 2025 | 2.9% | 1.35× | 4.0% | 1.44× | 5.7% | S100Z3HP |
| 2026 | 3.0% | 1.37× | 4.1% | 1.40× | 5.7% | S100Z3HP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ガーデンビル | Major shareholder | 14.1% | 2026-06-30 |
| ハンズマン社員持株会 | Major shareholder | 10.8% | 2026-06-30 |
| 野村信託銀行株式会社 | Major shareholder | 6.5% | 2026-06-30 |
| 株式会社宮崎銀行 | Major shareholder | 5.0% | 2026-06-30 |
| 大薗 誠司 | Major shareholder | 3.0% | 2026-06-30 |
| 株式会社ライフ建築設計事務所 | Major shareholder | 2.2% | 2026-06-30 |
| 大薗 正忠 | Major shareholder | 1.9% | 2026-06-30 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.7% | 2026-06-30 |
| 明治安田生命保険相互会社 | Major shareholder | 1.7% | 2026-06-30 |
| 大薗 征洋 | Major shareholder | 1.6% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/07/01－2026/06/30) | S100Z3HP | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3HP,, |
| 有価証券報告書－第61期(2024/07/01－2025/06/30) | S100WRQD | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRQD,, |
| 有価証券報告書－第60期(2023/07/01－2024/06/30) | S100UFAY | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFAY,, |
| 有価証券報告書－第59期(2022/07/01－2023/06/30) | S100RXEK | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXEK,, |
| 有価証券報告書－第58期(令和3年7月1日－令和4年6月30日) | S100P98F | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P98F,, |
| 有価証券報告書－第57期(令和2年7月1日－令和3年6月30日) | S100MIMP | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIMP,, |

## 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).