# Hanwa Home's Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/02/21－2026/02/20) (S100Y55S)
> Page: https://vizora.meequs.com/en/company/hanwa-home-s
> Retrieved: 2026-09-30T21:11:54.097Z

## Company

Hanwa Home's, founded in 1994, is a company in General Contractors listed on Nagoya. It has 39 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hanwa Home's Co.,Ltd. |
| Ticker | 275A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/275A.T) |
| Listing | Nagoya |
| Head office | 大阪府泉南市幡代3丁目838-1 |
| Representative (per filing) | 代表取締役社長 鶴 厚志 |
| Founded | Jul 1994 |
| Share capital | ¥84.3M |
| Employees (consolidated) | 39 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | February |
| Website | www.hanwa-ex.com (https://www.hanwa-ex.com/) |
| Corporate number | 5120101044359 |
| EDINET | E40194 |
| Industries (Vizora) | General Contractors, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100Y55S, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.2 | 84 |
| Profitability | 25.5 | 92 |
| Cash conversion | 3.8 | 91 |
| Efficiency | 98.4 | 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)

- About 66% of Hanwa Home's's sales come from Space creation business, with DEPOS business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +27.4% from the prior year, operating profit +505.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.38B |  |
| Operating income | ¥115.1M | Margin 4.8% |
| Net income | ¥68.8M | Margin 2.9% |
| Free cash flow | -¥307.7M |  |
| Largest business | Space creation business | of segment revenue 66.5% |
| Employees (consolidated) | 39 |  |
| EPS | ¥32.54 |  |
| Diluted EPS | ¥32.22 |  |
| Book value per share | ¥94.7 |  |
| Equity ratio | 17.1% |  |
| Shares outstanding | 2,437,000 |  |
| Shareholders | 580 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 5.7% |
| Vs. industry median margin | -2 pp | General Contractors |
| ROE | 48.4% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 34 points

## What changed in 1 years

| Metric | FY ending Feb 2025 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1865962000 | ¥2377473000 | +27.4% |
| Operating income | ¥19016000 | ¥115082000 | +505.2% |
| Operating margin | 1.0% | 4.8% | +3.8 pp |
| Employees | 34 people | 39 people | +14.7% |
| Cash and equivalents | ¥144196000 | ¥136214000 | -5.5% |

### Change in segment revenue mix

Span: FY ending Feb 2025 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 空間創造事業 → 空間創造事業 | 60.6% |
| DEPOS事業 → DEPOS事業 | 33.5% |
| DEPOS事業 → 事業再編・廃止 | 5.9% |
| 新設・再編 → 空間創造事業 | 5.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,377 | 100.0% | S100Y55S |
| Cost of revenue | 1,563 | 65.7% | S100Y55S |
| Gross profit | 815 | 34.3% | S100Y55S |
| SG&A | 700 | 29.4% | S100Y55S |
| Operating income | 115 | 4.8% | S100Y55S |
| Ordinary income | 103 | 4.4% | S100Y55S |
| Pretax income | 104 | 4.4% | S100Y55S |
| Income tax | 35 | 1.5% | S100Y55S |
| Net income | 69 | 2.9% | S100Y55S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 29 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.3% → Operating margin 4.8% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.4%; Core profit growth: +505.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.43×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,866 | 2,377 | 512 | +27.4% |
| Gross profit | 653 | 815 | 162 | +24.8% |
| Operating income | 19 | 115 | 96 | +505.2% |
| Operating cash flow | 50 | -297 | -347 | -694.7% |
| Free cash flow | 43 | -308 | -351 | -808.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2025 | 1,866 | 19 | 1.0% | 12 | 50 | 43 | S100Y55S |
| FY ending Feb 2026 | 2,377 | 115 | 4.8% | 69 | -297 | -308 | S100Y55S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 34 | 39 |
| Average salary (parent company) | — | ¥4.2M |
| Average age (parent company) | — | 32.7 years |
| Average tenure (parent company) | — | 3.5 years |

Year over year: Employees (consolidated) +14.7% · Revenue (consolidated) +27.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Space creation business | 1,581 | 66.5% | 145 | 9.2% |
| DEPOS business | 797 | 33.5% | -30 | -3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Space creation business | 66.5% | 100.0% | 33.5 | 9.2% |
| DEPOS business | 33.5% | — | — | -3.8% |

Loss-making segment (excluded from profit shares): DEPOS business -30 JPY mn

Segment → industry: Space creation business → General Contractors / DEPOS business → Furniture, Interior & Lifestyle Goods

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -297 | -12.5% | S100Y55S |
| Capital expenditure | 10 | 0.4% | S100Y55S |
| Free cash flow | -308 | -12.9% | 算出 |
| Investing cash flow | -11 | -0.4% | S100Y55S |
| Financing cash flow | 300 | 12.6% | S100Y55S |
| Change in cash | -8 | -0.3% | S100Y55S |
| Cash and equivalents | 136 | 5.7% | S100Y55S |

## 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 Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 144 | 136 | S100Y55S |
| Total assets | 885 | 1,353 | S100Y55S |
| Net assets | 53 | 231 | S100Y55S |
| Share capital | 30 | 84 | S100Y55S |
| Property, plant and equipment | 254 | 251 | S100Y55S |
| Intangible assets excluding goodwill | 26 | 20 | S100Y55S |
| Current assets | 562 | 1,055 | S100Y55S |
| Current liabilities | 584 | 767 | S100Y55S |
| Short-term borrowings | 300 | 350 | S100Y55S |
| Long-term borrowings | 231 | 342 | S100Y55S |
| Total liabilities | 831 | 1,123 | S100Y55S |
| Equity attributable to owners of parent | 53 | 231 | S100Y55S |
| Retained earnings | 23 | 92 | S100Y55S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y55S |
| Property, plant and equipment | 19% | S100Y55S |
| Intangibles and goodwill | 1% | S100Y55S |
| Other assets | 70% | S100Y55S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 83% | S100Y55S |
| Equity | 17% | S100Y55S |

### Balance sheet history

| Metric | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Total assets | 885 | 1,353 |
| Equity | 53 | 231 |
| Interest-bearing debt | — | — |
| Cash | 144 | 136 |

## 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) | 10.6% | S100Y55S |
| Fixed assets ÷ total assets | 18.6% | S100Y55S |
| Goodwill ÷ parent equity | — | —, S100Y55S |

### 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) | 10.1% |
| Cash ÷ revenue | 5.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -258.5% |
| Cash vs. profit gap | -366 JPY mn (of net income -532.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 0.7% | 2.11× | 1.4% | 16.55× | 22.8% | S100Y55S |
| 2026 | 2.9% | 2.12× | 6.1% | 7.87× | 48.4% | S100Y55S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鶴 厚志 | Major shareholder | 54.9% | 2026-02-20 |
| 鶴 結介 | Major shareholder | 27.1% | 2026-02-20 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2026-02-20 |
| 倉茂 徹 | Major shareholder | 1.0% | 2026-02-20 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 0.8% | 2026-02-20 |
| マネックス証券株式会社 | Major shareholder | 0.8% | 2026-02-20 |
| 株式会社Zuitt JP | Major shareholder | 0.5% | 2026-02-20 |
| 北御門 光彦 | Major shareholder | 0.4% | 2026-02-20 |
| 柄脇 昇 | Major shareholder | 0.4% | 2026-02-20 |
| 江口 雄太 | Major shareholder | 0.4% | 2026-02-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/02/21－2026/02/20) | S100Y55S | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y55S,, |

## 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).