# HASEGAWA 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60期(2025/04/01－2026/03/31) (S100YDVL)
> Page: https://vizora.meequs.com/en/company/hasegawa
> Retrieved: 2026-09-30T20:27:49.916Z

## Company

Hasegawa is a company in Funerals listed on TSE Standard. It has 834 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HASEGAWA CO., LTD. |
| Ticker | 8230 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8230.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区上川端町12番192号 |
| Representative (per filing) | 代表取締役社長 新貝 三四郎 |
| Share capital | ¥4.04B |
| Employees (consolidated) | 834 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | corp.hasegawa.jp (https://corp.hasegawa.jp/) |
| Corporate number | 3290001015800 |
| EDINET | E03134 |
| Industries (Vizora) | Funerals, Restaurants & Pubs, Home & Lifestyle Services |

> Profile source: annual securities report (S100YDVL, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Funerals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 41.7 | 6 |
| Cash conversion | 12.5 | 4 |
| Efficiency | 75 | 6 |

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 32% of Hasegawa's sales come from HASEGAWA, LTD., with Buddhist altar and Grave and East Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.5% from the prior year, operating profit -35.9%.

## Company structure

- Segment revenue mix: HASEGAWA, LTD. 32.5%、Buddhist altar and Grave 30.8%、East Japan 24.7%、West Japan 6.1%、Buddhist altar 2.7%
- Revenue → net income: ¥21122000000 → ¥291000000
- Net income → operating cash flow: ¥291000000 → ¥427000000（difference ¥136000000）
- Main uses of operating cash flow: CapEx ¥235000000 / dividends ¥273000000 / buybacks ¥0
- Change in cash: ¥1010000000
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 | ¥21.1B |  |
| Operating income | ¥772M | Margin 3.7% |
| Net income | ¥291M | Margin 1.4% |
| Free cash flow | ¥192M |  |
| Largest business | HASEGAWA, LTD. | of segment revenue 32.5% |
| Employees (consolidated) | 834 |  |
| EPS | ¥22.1 |  |
| Book value per share | ¥706.74 |  |
| Equity ratio | 60.2% |  |
| Shares outstanding | 18,646,000 |  |
| Treasury shares | 323,500 |  |
| Shareholders | 12,616 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 11.3% | Cash ÷ revenue 11.4% |
| Vs. industry median margin | -2 pp | Funerals |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19792217000 | ¥21122000000 | — |
| Operating income | ¥1304040000 | ¥772000000 | — |
| Operating margin | 6.6% | 3.7% | -2.9 pp |
| Employees | 748 people | 834 people | — |
| Cash and equivalents | ¥3724726000 | ¥2405000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 東日本 → 東日本 | 24.7% |
| 東日本 → 事業再編・廃止 | 14.1% |
| 西日本 → 西日本 | 6.1% |
| 西日本 → 事業再編・廃止 | 3.4% |
| 仏壇仏具・墓石 → 仏壇仏具・墓石 | 30.8% |
| 仏壇仏具・墓石 → 事業再編・廃止 | 17.5% |
| 屋内墓苑 → 屋内墓苑 | 0.5% |
| 屋内墓苑 → 事業再編・廃止 | 0.9% |
| 飲食・食品・雑貨 → 飲食・食品・雑貨 | 0.2% |
| その他 → その他 | 1.6% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 飲食・食品・雑貨 | 0.5% |
| 新設・再編 → ピースフルライフサポート | 0.5% |
| 新設・再編 → はせがわ | 32.5% |
| 新設・再編 → 仏壇仏具 | 2.7% |

Segment revenue source references: 15 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| HASEGAWA, LTD. | — | — | ¥18665000000 | 6.1% | 2 |
| Buddhist altar and Grave | 4 years | -1.1% | ¥17710000000 | 6.2% | 2 |
| East Japan | 4 years | -1.1% | ¥14223000000 | 6.0% | 2 |
| West Japan | 4 years | -1.0% | ¥3487000000 | 7.1% | 2 |
| Buddhist altar | — | — | ¥1539000000 | -5.5% | 2 |
| Other | 4 years | +7.5% | ¥917000000 | -7.0% | 2 |
| Food and drink, food, miscellaneous goods | 4 years | +50.0% | ¥378000000 | -3.2% | 2 |
| Ossuary | 4 years | -13.0% | ¥306000000 | 22.2% | 2 |
| Peaceful life support | — | — | ¥269000000 | -4.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,122 | 100.0% | S100YDVL |
| Cost of revenue | 7,635 | 36.1% | S100YDVL |
| Gross profit | 13,487 | 63.9% | S100YDVL |
| SG&A | 12,714 | 60.2% | S100YDVL |
| Operating income | 772 | 3.7% | S100YDVL |
| Ordinary income | 697 | 3.3% | S100YDVL |
| Pretax income | 609 | 2.9% | S100YDVL |
| Income tax | 318 | 1.5% | S100YDVL |
| Net income | 291 | 1.4% | S100YDVL |
| Net income attributable to owners | 291 | 1.4% | S100YDVL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 60 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 63.9% → Operating margin 3.7% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.5%; Core profit growth: -35.9%
Operating leverage (core profit growth ÷ revenue growth): 71.86×
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 | 21,228 | 21,122 | -106 | -0.5% |
| Gross profit | 13,463 | 13,487 | 24 | +0.2% |
| Operating income | 1,204 | 772 | -432 | -35.9% |
| Net income attributable to owners | 905 | 291 | -614 | -67.8% |
| Operating cash flow | 150 | 427 | 277 | +184.7% |
| Free cash flow | -977 | 192 | 1,169 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,918 | -958 | -5.3% | -1,115 | -998 | -1,290 | S100M9XA |
| FY ending Mar 2021 | 17,839 | 1,078 | 6.0% | 216 | 3,198 | 2,871 | S100OEWN |
| FY ending Mar 2022 | 19,792 | 1,304 | 6.6% | 707 | -62 | -88 | S100OEWN |
| FY ending Mar 2022 | 19,718 | 1,327 | 6.7% | 707 | -62 | — | S100R5UH |
| FY ending Mar 2023 | 21,608 | 1,769 | 8.2% | 1,154 | 1,036 | 955 | S100TSCA |
| FY ending Mar 2024 | 21,300 | 1,612 | 7.6% | 1,059 | 640 | 305 | S100TSCA |
| FY ending Mar 2025 | 21,228 | 1,204 | 5.7% | 905 | 150 | -977 | S100YDVL |
| FY ending Mar 2026 | 21,122 | 772 | 3.7% | 291 | 427 | 192 | S100YDVL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.3M |
| Operating income per employee (consolidated) | ¥925.7K |
| Net income per employee (consolidated) | ¥348.9K |

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) | 746 | 747 | 756 | 845 | 834 |
| Average salary (parent company) | — | ¥4.9M | ¥5.2M | ¥5.3M | ¥5.4M |
| Average age (parent company) | — | 44.3 years | 45.0 years | 45.5 years | 45.7 years |
| Average tenure (parent company) | — | 17.1 years | 17.5 years | 17.5 years | 17.8 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) -0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| East Japan | 14,223 | 24.7% | 852 | 6.0% |
| West Japan | 3,487 | 6.1% | 248 | 7.1% |
| Buddhist altar and Grave | 17,710 | 30.8% | 1,101 | 6.2% |
| Ossuary | 306 | 0.5% | 68 | 22.2% |
| Food and drink, food, miscellaneous goods | 378 | 0.7% | -12 | -3.2% |
| Peaceful life support | 269 | 0.5% | -11 | -4.1% |
| HASEGAWA, LTD. | 18,665 | 32.5% | 1,144 | 6.1% |
| Buddhist altar | 1,539 | 2.7% | -85 | -5.5% |
| Other | 917 | 1.6% | -64 | -7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| East Japan | 24.7% | 25.0% | 0.2 | 6.0% |
| West Japan | 6.1% | 7.3% | 1.2 | 7.1% |
| Buddhist altar and Grave | 30.8% | 32.3% | 1.5 | 6.2% |
| Ossuary | 0.5% | 2.0% | 1.5 | 22.2% |
| Food and drink, food, miscellaneous goods | 0.7% | — | — | -3.2% |
| Peaceful life support | 0.5% | — | — | -4.1% |
| HASEGAWA, LTD. | 32.5% | 33.5% | 1.1 | 6.1% |
| Buddhist altar | 2.7% | — | — | -5.5% |
| Other | 1.6% | — | — | -7.0% |

Loss-making segment (excluded from profit shares): Food and drink, food, miscellaneous goods -12 JPY mn

Loss-making segment (excluded from profit shares): Peaceful life support -11 JPY mn

Loss-making segment (excluded from profit shares): Buddhist altar -85 JPY mn

Loss-making segment (excluded from profit shares): Other -64 JPY mn

Segment → industry: East Japan → Funerals / West Japan → Funerals / Buddhist altar and Grave → Funerals / Ossuary → Funerals / Food and drink, food, miscellaneous goods → Restaurants & Pubs / Peaceful life support → Home & Lifestyle Services / HASEGAWA, LTD. → Funerals / Buddhist altar → Funerals

## 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 | 427 | 2.0% | S100YDVL |
| Capital expenditure | 235 | 1.1% | S100YDVL |
| Free cash flow | 192 | 0.9% | 算出 |
| Investing cash flow | 190 | 0.9% | S100YDVL |
| Financing cash flow | 392 | 1.9% | S100YDVL |
| Dividends paid | 273 | 1.3% | S100YDVL |
| Share buyback | 0 | 0.0% | S100YDVL |
| Change in cash | 1,010 | 4.8% | S100YDVL |
| Cash and equivalents | 2,405 | 11.4% | S100YDVL |

## 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 | 3,717 | 2,878 | 1,991 | 1,395 | 2,405 | S100TSCA, S100YDVL |
| Total assets | 18,331 | 18,218 | 18,066 | 19,916 | 21,246 | S100R5UH, S100TSCA, S100YDVL |
| Net assets | 9,869 | 10,945 | 11,903 | 12,542 | 12,784 | S100TSCA, S100YDVL |
| Share capital | 4,038 | 4,037 | 4,037 | 4,037 | 4,037 | S100R5UH, S100TSCA, S100YDVL |
| Property, plant and equipment | 1,912 | 1,733 | 1,803 | 2,533 | 2,605 | S100R5UH, S100TSCA, S100YDVL |
| Intangible assets excluding goodwill | 101 | 115 | 235 | 215 | 372 | S100R5UH, S100TSCA, S100YDVL |
| Investment securities | 379 | 423 | 657 | 664 | 998 | S100R5UH, S100TSCA, S100YDVL |
| Current assets | 8,097 | 7,956 | 6,919 | 7,546 | 8,360 | S100R5UH, S100TSCA, S100YDVL |
| Current liabilities | 5,017 | 5,156 | 4,337 | 4,095 | 4,226 | S100R5UH, S100TSCA, S100YDVL |
| Short-term borrowings | — | — | — | 1,100 | — | S100W01G |
| Long-term borrowings | 2,752 | 1,503 | 1,230 | 2,485 | 2,935 | S100R5UH, S100TSCA, S100YDVL |
| Total liabilities | 8,461 | 7,273 | 6,162 | 7,373 | 8,461 | S100R5UH, S100TSCA, S100YDVL |
| Equity attributable to owners of parent | 9,755 | 10,785 | 11,573 | 12,211 | 12,227 | S100R5UH, S100TSCA, S100YDVL |
| Retained earnings | 4,308 | 5,338 | 6,123 | 6,761 | 6,778 | S100R5UH, S100TSCA, S100YDVL |
| Treasury stock | -174 | -174 | -171 | -171 | -171 | S100R5UH, S100TSCA, S100YDVL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YDVL |
| Property, plant and equipment | 12% | S100YDVL |
| Intangibles and goodwill | 2% | S100YDVL |
| Investment securities | 5% | S100YDVL |
| Other assets | 70% | S100YDVL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YDVL |
| Equity | 60% | S100YDVL |
| Other liabilities | 0% | S100YDVL |

### 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 | 18,331 | 18,218 | 18,066 | 19,916 | 21,246 |
| Equity | 9,869 | 10,945 | 11,903 | 12,542 | 12,784 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,717 | 2,878 | 1,991 | 1,395 | 2,405 |

## 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) | 12.3% | S100YDVL |
| Fixed assets ÷ total assets | 12.3% | S100YDVL |
| Goodwill ÷ parent equity | — | —, S100YDVL |

### 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) | 11.3% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.3% |
| Cash vs. profit gap | 136 JPY mn (of net income 46.7%) |
| Shareholder returns / net income | 93.8% |
| Shareholder returns / FCF | 142.2% |
| Shareholder payments — dividends / net income | 93.8% |
| Shareholder payments — dividends / FCF | 142.2% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 44.5% |

## 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 | 3.6% | 1.08× | 3.9% | 1.88× | 7.2% | S100TSCA, S100R5UH |
| 2023 | 5.3% | 1.18× | 6.3% | 1.78× | 11.2% | S100TSCA |
| 2024 | 5.0% | 1.17× | 5.8% | 1.62× | 9.5% | S100TSCA |
| 2025 | 4.3% | 1.07× | 4.5% | 1.63× | 7.4% | S100YDVL |
| 2026 | 1.4% | 1.03× | 1.4% | 1.68× | 2.4% | S100YDVL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長谷川興産 株式会社 | Major shareholder | 20.8% | 2026-03-31 |
| 長谷川 裕一 | Major shareholder | 12.0% | 2026-03-31 |
| 吉野 泰雄 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社 西日本シティ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| はせがわグループ社員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社 福岡銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 有限会社 法隆 | Major shareholder | 2.4% | 2026-03-31 |
| 長谷川 素子 | Major shareholder | 1.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YDVL | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDVL,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W01G | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W01G,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TSCA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSCA,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R5UH | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UH,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OEWN | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEWN,, |
| 訂正有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100M9XA | 2021-08-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M9XA,, |

## 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).