# HATSUHO SHOUJI CO.,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68期(2025/01/01－2025/12/31) (S100XT3I)
> Page: https://vizora.meequs.com/en/company/hatsuho-shouji
> Retrieved: 2026-09-30T19:15:17.662Z

## Company

Hatsuho Shouji, founded in 1958, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 485 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HATSUHO SHOUJI CO.,LTD. |
| Ticker | 7425 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7425.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区錦二丁目14番21号 |
| Representative (per filing) | 代表取締役社長 斎藤悟 |
| Founded | Dec 1958 |
| Share capital | ¥885.1M |
| Employees (consolidated) | 485 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | December |
| Website | www.hatsuho.co.jp (https://www.hatsuho.co.jp/) |
| Corporate number | 2180001039869 |
| EDINET | E02797 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XT3I, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.8 | 179 |
| Profitability | 61.9 | 185 |
| Cash conversion | 83 | 179 |
| Efficiency | 55.9 | 185 |

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 51% of Hatsuho Shouji's sales come from Interior building materials business, with Exterior business and Living environment-related business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Interior building materials business 51.0%、Exterior business 36.4%、Living environment-related business 12.6%
- Revenue → net income: ¥35444619000 → ¥933686000
- Net income → operating cash flow: ¥933686000 → ¥2167337000（difference ¥1233651000）
- Main uses of operating cash flow: CapEx ¥181059000 / dividends ¥223296000 / buybacks ¥237000
- Change in cash: ¥388705000
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 | ¥35.4B |  |
| Operating income | ¥1.22B | Margin 3.4% |
| Net income | ¥831.7M | Margin 2.3% |
| Free cash flow | ¥1.99B |  |
| Largest business | Interior building materials business | of segment revenue 51.0% |
| Employees (consolidated) | 485 |  |
| EPS | ¥191.3 |  |
| Book value per share | ¥2631.22 |  |
| Equity ratio | 45.1% |  |
| Shares outstanding | 3,480,660 |  |
| Treasury shares | 180,600 |  |
| Shareholders | 836 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 27.4% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | +0.6 pp | Specialty Trading & Wholesale |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, one segment accounts for 60% of positive segment profit
- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29056373000 | ¥35444619000 | +22.0% |
| Operating income | ¥510263000 | ¥1216531000 | +138.4% |
| Operating margin | 1.8% | 3.4% | +1.7 pp |
| Employees | 421 people | 485 people | +15.2% |
| Cash and equivalents | ¥4207122000 | ¥6128483000 | +45.7% |

### 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 |
| --- | ---: |
| 内装建材事業 → 内装建材事業 | 44.9% |
| エクステリア事業 → エクステリア事業 | 36.4% |
| エクステリア事業 → 事業再編・廃止 | 4.3% |
| 住環境関連事業 → 住環境関連事業 | 12.6% |
| 住環境関連事業 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 内装建材事業 | 6.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Interior building materials business | 5 years | +6.7% | ¥18078793000 | 5.7% | 2 |
| Exterior business | 5 years | +1.7% | ¥12895982000 | 4.0% | 2 |
| Living environment-related business | 5 years | +1.4% | ¥4469842000 | 3.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,445 | 100.0% | S100XT3I |
| Cost of revenue | 29,209 | 82.4% | S100XT3I |
| Gross profit | 6,236 | 17.6% | S100XT3I |
| SG&A | 5,019 | 14.2% | S100XT3I |
| Operating income | 1,217 | 3.4% | S100XT3I |
| Ordinary income | 1,436 | 4.1% | S100XT3I |
| Pretax income | 1,436 | 4.1% | S100XT3I |
| Income tax | 502 | 1.4% | S100XT3I |
| Net income | 934 | 2.6% | S100XT3I |
| Net income attributable to owners | 832 | 2.3% | S100XT3I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.6% → Operating margin 3.4% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.8%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.17×
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 | 34,828 | 35,445 | 617 | +1.8% |
| Gross profit | 6,202 | 6,236 | 34 | +0.5% |
| Operating income | 1,289 | 1,217 | -72 | -5.6% |
| Net income attributable to owners | 974 | 832 | -142 | -14.6% |
| Operating cash flow | 628 | 2,167 | 1,539 | +245.0% |
| Free cash flow | 232 | 1,986 | 1,755 | +757.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 19,449 | 266 | 1.4% | 494 | 416 | 223 | S100L0JM |
| FY ending Dec 2020 | 29,056 | 510 | 1.8% | 216 | -132 | -311 | S100NQFZ |
| FY ending Dec 2021 | 29,910 | 764 | 2.6% | 501 | 1,218 | 1,185 | S100QGEC |
| FY ending Dec 2022 | 31,793 | 1,287 | 4.0% | 855 | 1,297 | 1,033 | S100T4HK |
| FY ending Dec 2023 | 34,422 | 1,421 | 4.1% | 976 | 693 | 37 | S100VGMX |
| FY ending Dec 2024 | 34,828 | 1,289 | 3.7% | 974 | 628 | 232 | S100XT3I |
| FY ending Dec 2025 | 35,445 | 1,217 | 3.4% | 832 | 2,167 | 1,986 | S100XT3I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.1M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 424 | 433 | 447 | 471 | 485 |
| Average salary (parent company) | ¥4.6M | ¥5M | ¥5.5M | ¥5.6M | ¥5.4M |
| Average age (parent company) | 41.6 years | 41.9 years | 42.0 years | 41.7 years | 41.2 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 15.0 years | 14.0 years | 13.7 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Interior building materials business | 18,079 | 51.0% | 1,037 | 5.7% |
| Exterior business | 12,896 | 36.4% | 516 | 4.0% |
| Living environment-related business | 4,470 | 12.6% | 171 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Interior building materials business | 51.0% | 60.2% | 9.2 | 5.7% |
| Exterior business | 36.4% | 29.9% | -6.5 | 4.0% |
| Living environment-related business | 12.6% | 9.9% | -2.7 | 3.8% |

Segment → industry: Living environment-related business → Specialty Trading & Wholesale / Exterior business → Specialty Trading & Wholesale / Interior building materials business → Specialty Trading & Wholesale

## 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 | 2,167 | 6.1% | S100XT3I |
| Capital expenditure | 181 | 0.5% | S100XT3I |
| Free cash flow | 1,986 | 5.6% | 算出 |
| Investing cash flow | -1,102 | -3.1% | S100XT3I |
| Financing cash flow | -677 | -1.9% | S100XT3I |
| Dividends paid | 223 | 0.6% | S100XT3I |
| Share buyback | 0 | 0.0% | S100XT3I |
| Change in cash | 389 | 1.1% | S100XT3I |
| Cash and equivalents | 6,128 | 17.3% | S100XT3I |

## 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 | 4,998 | 5,525 | 6,082 | 5,740 | 6,128 | S100T4HK, S100VGMX, S100XT3I |
| Total assets | 18,968 | 21,110 | 22,732 | 21,872 | 22,377 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Net assets | 7,960 | 8,768 | 9,690 | 10,593 | 11,291 | S100T4HK, S100VGMX, S100XT3I |
| Share capital | 885 | 885 | 885 | 885 | 885 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Trade receivables | 6,003 | — | — | — | — | S100QGEC |
| Property, plant and equipment | 3,606 | 3,780 | 4,336 | 4,606 | 4,651 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Intangible assets excluding goodwill | 465 | 399 | 345 | 295 | 268 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Investment securities | 96 | 61 | 70 | 181 | 202 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Current assets | 13,418 | 15,464 | 16,550 | 15,502 | 16,031 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Current liabilities | 9,872 | 11,515 | 11,778 | 10,293 | 10,462 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Trade payables | 7,347 | 8,705 | 8,406 | 6,548 | 3,540 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Short-term borrowings | 370 | 370 | 370 | 320 | 320 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Long-term borrowings | 533 | 263 | 771 | 538 | 197 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Total liabilities | 11,009 | 12,342 | 13,042 | 11,279 | 11,086 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Non-controlling interests | 921 | 990 | 1,046 | 1,132 | 1,194 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Equity attributable to owners of parent | 7,027 | 7,767 | 8,626 | 9,434 | 10,056 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Retained earnings | 4,950 | 5,689 | 6,534 | 7,327 | 7,935 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |
| Treasury stock | -124 | -124 | -117 | -113 | -109 | S100QGEC, S100T4HK, S100VGMX, S100XT3I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XT3I |
| Property, plant and equipment | 21% | S100XT3I |
| Intangibles and goodwill | 1% | S100XT3I |
| Investment securities | 1% | S100XT3I |
| Other assets | 50% | S100XT3I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100XT3I |
| Other liabilities | 34% | S100XT3I |
| Equity | 50% | S100XT3I |
| Other liabilities | 0% | S100XT3I |

### 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 | 18,968 | 21,110 | 22,732 | 21,872 | 22,377 |
| Equity | 7,960 | 8,768 | 9,690 | 10,593 | 11,291 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,998 | 5,525 | 6,082 | 5,740 | 6,128 |

## 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) | 13.1% | S100XT3I |
| Fixed assets ÷ total assets | 20.8% | S100XT3I |
| Goodwill ÷ parent equity | — | —, S100XT3I |

### 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) | 27.4% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.2% |
| Cash vs. profit gap | 1,336 JPY mn (of net income 160.6%) |
| Shareholder returns / net income | 26.9% |
| Shareholder returns / FCF | 11.3% |
| Shareholder payments — dividends / net income | 26.8% |
| Shareholder payments — dividends / FCF | 11.2% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 50.8% |

## 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 | 1.7% | 1.58× | 2.6% | 2.70× | 7.1% | S100QGEC |
| 2022 | 2.7% | 1.59× | 4.3% | 2.71× | 11.6% | S100T4HK |
| 2023 | 2.8% | 1.57× | 4.5% | 2.67× | 11.9% | S100VGMX |
| 2024 | 2.8% | 1.56× | 4.4% | 2.47× | 10.8% | S100XT3I |
| 2025 | 2.3% | 1.60× | 3.8% | 2.27× | 8.5% | S100XT3I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 白百合商事株式会社 | Major shareholder | 16.6% | 2025-12-31 |
| 斎藤 悟 | Major shareholder | 10.8% | 2025-12-31 |
| ハツホ共栄会 | Major shareholder | 7.0% | 2025-12-31 |
| 斎藤 陽介 | Major shareholder | 5.3% | 2025-12-31 |
| 斎藤 豊 | Major shareholder | 3.7% | 2025-12-31 |
| 関包スチール株式会社 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社桐井製作所 | Major shareholder | 3.2% | 2025-12-31 |
| 初穂従業員持株会 | Major shareholder | 3.1% | 2025-12-31 |
| 斎藤 信子 | Major shareholder | 2.9% | 2025-12-31 |
| 角田 寿美恵 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/01/01－2025/12/31) | S100XT3I | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT3I,, |
| 有価証券報告書－第67期(2024/01/01－2024/12/31) | S100VGMX | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGMX,, |
| 有価証券報告書－第66期(2023/01/01－2023/12/31) | S100T4HK | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4HK,, |
| 有価証券報告書－第65期(2022/01/01－2022/12/31) | S100QGEC | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGEC,, |
| 有価証券報告書－第64期(令和3年1月1日－令和3年12月31日) | S100NQFZ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQFZ,, |
| 有価証券報告書－第63期(令和2年1月1日－令和2年12月31日) | S100L0JM | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0JM,, |

## 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).