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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/04/01－2026/03/31) (S100YGLJ)
> Page: https://vizora.meequs.com/en/company/hokushin
> Retrieved: 2026-09-30T19:50:46.311Z

## Company

Hokushin, founded in 1950, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 167 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKUSHIN CO.,LTD. |
| Ticker | 7897 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7897.T) |
| Listing | TSE Standard |
| Head office | 大阪府岸和田市木材町17番地2 |
| Representative (per filing) | 代表取締役社長 高橋英明 |
| Founded | Jun 1950 |
| Share capital | ¥2.34B |
| Employees (consolidated) | 167 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.hokushinmdf.jp (https://www.hokushinmdf.jp/) |
| Corporate number | 5120101037593 |
| EDINET | E00632 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YGLJ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 9.5 | 58 |
| Efficiency | 38.8 | 58 |

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)

- Hokushin brought in ¥10.3B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +0.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.3B |  |
| Operating income | -¥37.1M | Margin -0.4% |
| Net income | -¥27.6M | Margin -0.3% |
| Free cash flow | ¥506M |  |
| Employees (consolidated) | 167 |  |
| EPS | ¥-0.97 |  |
| Book value per share | ¥207.77 |  |
| Equity ratio | 45.1% |  |
| Shares outstanding | 28,373,000 |  |
| Treasury shares | 20,900 |  |
| Shareholders | 4,831 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 12.8% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -4.8 pp | Housing Equipment & Building Materials |
| ROA | -0.2% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9106909000 | ¥10267632000 | — |
| Operating income | ¥129466000 | ¥-37078000 | — |
| Operating margin | 1.4% | -0.4% | -1.8 pp |
| Employees | 183 people | 167 people | — |
| Cash and equivalents | ¥1808360000 | ¥1670580000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,268 | 100.0% | S100YGLJ |
| Cost of revenue | 8,880 | 86.5% | S100YGLJ |
| Gross profit | 1,387 | 13.5% | S100YGLJ |
| SG&A | 1,424 | 13.9% | S100YGLJ |
| Operating income | -37 | -0.4% | S100YGLJ |
| Ordinary income | -37 | -0.4% | S100YGLJ |
| Pretax income | -37 | -0.4% | S100YGLJ |
| Income tax | -9 | -0.1% | S100YGLJ |
| Net income | -28 | -0.3% | S100YGLJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 14 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 13.5% → Operating margin -0.4% → Net margin -0.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,225 | 10,268 | 43 | +0.4% |
| Gross profit | 1,353 | 1,387 | 34 | +2.5% |
| Operating income | -68 | -37 | 31 | — |
| Operating cash flow | 269 | 923 | 655 | +243.7% |
| Free cash flow | -60 | 506 | 566 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 9,107 | 129 | 1.4% | 174 | 244 | — | S100OD67 |
| FY ending Mar 2021 | 9,107 | 129 | 1.4% | 174 | 244 | -401 | S100LO07 |
| FY ending Mar 2022 | 10,776 | 437 | 4.1% | 377 | 176 | -60 | S100R7LA |
| FY ending Mar 2023 | 12,888 | 489 | 3.8% | 332 | 464 | 143 | S100TPRN |
| FY ending Mar 2024 | 10,980 | 127 | 1.2% | 159 | 260 | 127 | S100W7BZ |
| FY ending Mar 2025 | 10,225 | -68 | -0.7% | 20 | 269 | -60 | S100YGLJ |
| FY ending Mar 2026 | 10,268 | -37 | -0.4% | -28 | 923 | 506 | S100YGLJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.5M |
| Operating income per employee (consolidated) | -¥222K |
| Net income per employee (consolidated) | -¥165.1K |

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) | 188 | 193 | 189 | 182 | 167 |
| Average salary (parent company) | ¥5.6M | ¥6.1M | ¥5.3M | ¥5.5M | ¥5.3M |
| Average age (parent company) | 42.9 years | 42.9 years | 43.0 years | 43.6 years | 42.6 years |
| Average tenure (parent company) | 16.6 years | 16.6 years | 17.2 years | 17.0 years | 17.6 years |

Year over year: Employees (consolidated) -8.2% · Revenue (consolidated) +0.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 923 | 9.0% | S100YGLJ |
| Capital expenditure | 417 | 4.1% | S100YGLJ |
| Free cash flow | 506 | 4.9% | 算出 |
| Investing cash flow | -436 | -4.2% | S100YGLJ |
| Financing cash flow | -500 | -4.9% | S100YGLJ |
| Dividends paid | 57 | 0.6% | S100YGLJ |
| Change in cash | -13 | -0.1% | S100YGLJ |
| Cash and equivalents | 1,671 | 16.3% | S100YGLJ |

## 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 | 1,674 | 1,674 | 1,708 | 1,683 | 1,671 | S100TPRN, S100W7BZ, S100YGLJ |
| Total assets | 13,604 | 14,378 | 14,341 | 13,730 | 13,069 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Net assets | 5,535 | 5,791 | 5,945 | 5,823 | 5,891 | S100TPRN, S100W7BZ, S100YGLJ |
| Share capital | 2,344 | 2,344 | 2,344 | 2,344 | 2,344 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Property, plant and equipment | 5,553 | 5,553 | 5,477 | 5,488 | 5,470 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Intangible assets excluding goodwill | 12 | 15 | 19 | 18 | 27 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Investment securities | 456 | 453 | 467 | 407 | 499 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Current assets | 7,440 | 8,186 | 8,108 | 7,604 | 6,679 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Current liabilities | 5,394 | 6,301 | 6,210 | 5,742 | 5,013 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Short-term borrowings | 950 | 1,200 | 1,830 | 1,900 | 1,470 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Long-term borrowings | 2,538 | 2,148 | 1,990 | 1,987 | 1,935 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Total liabilities | 8,069 | 8,588 | 8,397 | 7,907 | 7,178 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Equity attributable to owners of parent | 5,462 | 5,681 | 5,727 | 5,690 | 5,606 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Retained earnings | 3,122 | 3,341 | 3,386 | 3,350 | 3,266 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100R7LA, S100TPRN, S100W7BZ, S100YGLJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGLJ |
| Property, plant and equipment | 42% | S100YGLJ |
| Intangibles and goodwill | 0% | S100YGLJ |
| Investment securities | 4% | S100YGLJ |
| Other assets | 41% | S100YGLJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YGLJ |
| Equity | 45% | S100YGLJ |
| Other liabilities | 0% | S100YGLJ |

### 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 | 13,604 | 14,378 | 14,341 | 13,730 | 13,069 |
| Equity | 5,535 | 5,791 | 5,945 | 5,823 | 5,891 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,674 | 1,674 | 1,708 | 1,683 | 1,671 |

## 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) | 53.3% | S100YGLJ |
| Fixed assets ÷ total assets | 41.9% | S100YGLJ |
| Goodwill ÷ parent equity | — | —, S100YGLJ |

### 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) | 12.8% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 951 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 11.2% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 47.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.5% | 0.79× | 2.8% | 2.49× | 6.9% | S100R7LA |
| 2023 | 2.6% | 0.92× | 2.4% | 2.51× | 6.0% | S100TPRN |
| 2024 | 1.4% | 0.76× | 1.1% | 2.52× | 2.8% | S100W7BZ |
| 2025 | 0.2% | 0.73× | 0.1% | 2.46× | 0.4% | S100YGLJ |
| 2026 | — | —× | -0.2% | —× | — | S100YGLJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 兼松㈱ | Major shareholder | 26.5% | 2026-03-31 |
| ＤＡＩＫＥＮ㈱ | Major shareholder | 14.9% | 2026-03-31 |
| 永大産業㈱ | Major shareholder | 3.5% | 2026-03-31 |
| ホクシン取引先持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 酒井佐知子 | Major shareholder | 2.6% | 2026-03-31 |
| 國分節子 | Major shareholder | 2.5% | 2026-03-31 |
| 中島和信 | Major shareholder | 2.4% | 2026-03-31 |
| ㈱池田泉州銀行 | Major shareholder | 1.5% | 2026-03-31 |
| ホクシン従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 古谷洋作 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YGLJ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGLJ,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W7BZ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7BZ,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TPRN | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPRN,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R7LA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7LA,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OD67 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD67,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LO07 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO07,, |

## 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).