# INABA SEISAKUSHO Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2024/08/01－2025/07/31) (S100WWG0)
> Page: https://vizora.meequs.com/en/company/inaba-seisakusho
> Retrieved: 2026-09-30T22:18:22.390Z

## Company

Inaba Seisakusho, founded in 1950, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 1,073 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INABA SEISAKUSHO Co., Ltd. |
| Ticker | 3421 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3421.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区矢口2丁目5番25号 |
| Representative (per filing) | 代表取締役社長 稲葉 裕次郎 |
| Founded | Nov 1950 |
| Share capital | ¥1.13B |
| Employees (consolidated) | 1,073 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | July |
| Corporate number | 8010801001097 |
| EDINET | E01451 |
| Industries (Vizora) | Housing Equipment & Building Materials, Stationery & Office Supplies |

> Profile source: annual securities report (S100WWG0, filed 2025-10-27). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.9 | 56 |
| Profitability | 50.9 | 58 |
| Cash conversion | 71 | 50 |
| Efficiency | 25 | 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)

- About 70% of Inaba Seisakusho's sales come from Outdoor storage sheds, with Office furniture making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit -39.1%.

## Company structure

- Segment revenue mix: Outdoor storage sheds 69.7%、Office furniture 30.3%
- Revenue → net income: ¥41905707000 → ¥1546607000
- Net income → operating cash flow: ¥1546607000 → ¥3018213000（difference ¥1471606000）
- Main uses of operating cash flow: CapEx ¥2683700000 / dividends ¥683265000 / buybacks ¥500137000
- Change in cash: ¥-55195000
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 | ¥41.9B |  |
| Operating income | ¥1.87B | Margin 4.5% |
| Net income | ¥1.55B | Margin 3.7% |
| Free cash flow | ¥334.5M |  |
| Largest business | Outdoor storage sheds | of segment revenue 69.7% |
| Employees (consolidated) | 1,073 |  |
| EPS | ¥77 |  |
| Book value per share | ¥2618.76 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 17,022,429 |  |
| Treasury shares | 1,014,400 |  |
| Shareholders | 19,792 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 27.0% | Cash ÷ revenue 38.3% |
| Vs. industry median margin | 0 pp | Housing Equipment & Building Materials |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 89% of positive segment profit
- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34575860000 | ¥41905707000 | +21.2% |
| Operating income | ¥1891401000 | ¥1865403000 | -1.4% |
| Operating margin | 5.5% | 4.5% | -1 pp |
| Employees | 1,058 people | 1,073 people | +1.4% |
| Cash and equivalents | ¥14687460000 | ¥16047907000 | +9.3% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 鋼製物置 → 鋼製物置 | 67.9% |
| オフィス家具 → オフィス家具 | 30.3% |
| オフィス家具 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 鋼製物置 | 1.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,906 | 100.0% | S100WWG0 |
| Cost of revenue | 31,869 | 76.0% | S100WWG0 |
| Gross profit | 10,037 | 24.0% | S100WWG0 |
| SG&A | 8,172 | 19.5% | S100WWG0 |
| Operating income | 1,865 | 4.5% | S100WWG0 |
| Ordinary income | 2,197 | 5.2% | S100WWG0 |
| Pretax income | 2,222 | 5.3% | S100WWG0 |
| Income tax | 676 | 1.6% | S100WWG0 |
| Net income | 1,547 | 3.7% | S100WWG0 |
| Net income attributable to owners | 1,547 | 3.7% | S100WWG0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 20 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.0% → Operating margin 4.5% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.2%; Core profit growth: -39.1%
Operating leverage (core profit growth ÷ revenue growth): 32.65×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 42,414 | 41,906 | -508 | -1.2% |
| Gross profit | 11,180 | 10,037 | -1,143 | -10.2% |
| Operating income | 3,065 | 1,865 | -1,200 | -39.1% |
| Net income attributable to owners | 2,442 | 1,547 | -895 | -36.7% |
| Operating cash flow | 3,714 | 3,018 | -696 | -18.7% |
| Free cash flow | 1,348 | 335 | -1,013 | -75.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 34,042 | 1,778 | 5.2% | 1,061 | 3,465 | 2,413 | S100JYGQ |
| FY ending Jul 2020 | 34,576 | 1,891 | 5.5% | 1,362 | 2,489 | -186 | S100MMYW |
| FY ending Jul 2021 | 37,800 | 2,765 | 7.3% | 2,365 | 5,037 | 1,718 | S100PE1F |
| FY ending Jul 2022 | 39,153 | 1,891 | 4.8% | 1,521 | 3,086 | 1,163 | S100S1OD |
| FY ending Jul 2023 | 41,825 | 2,754 | 6.6% | 1,971 | 2,976 | 1,404 | S100UKKL |
| FY ending Jul 2024 | 42,414 | 3,065 | 7.2% | 2,442 | 3,714 | 1,348 | S100WWG0 |
| FY ending Jul 2025 | 41,906 | 1,865 | 4.5% | 1,547 | 3,018 | 335 | S100WWG0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,061 | 1,091 | 1,103 | 1,086 | 1,073 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥5.8M | ¥6.1M | ¥6.4M |
| Average age (parent company) | 40.0 years | 41.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 18.0 years | 19.0 years | 19.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Outdoor storage sheds | 29,218 | 69.7% | 2,468 | 8.4% |
| Office furniture | 12,687 | 30.3% | 319 | 2.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Outdoor storage sheds | 69.7% | 88.6% | 18.8 | 8.4% |
| Office furniture | 30.3% | 11.4% | -18.8 | 2.5% |

Segment → industry: Outdoor storage sheds → Housing Equipment & Building Materials / Office furniture → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,018 | 7.2% | S100WWG0 |
| Capital expenditure | 2,684 | 6.4% | S100WWG0 |
| Free cash flow | 335 | 0.8% | 算出 |
| Investing cash flow | -1,887 | -4.5% | S100WWG0 |
| Financing cash flow | -1,186 | -2.8% | S100WWG0 |
| Dividends paid | 683 | 1.6% | S100WWG0 |
| Share buyback | 500 | 1.2% | S100WWG0 |
| Change in cash | -55 | -0.1% | S100WWG0 |
| Cash and equivalents | 16,048 | 38.3% | S100WWG0 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,877 | 15,212 | 16,055 | 16,103 | 16,048 | S100S1OD, S100UKKL, S100WWG0 |
| Total assets | 56,466 | 59,346 | 59,147 | 60,543 | 59,467 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Net assets | 39,740 | 40,766 | 42,436 | 43,570 | 44,020 | S100S1OD, S100UKKL, S100WWG0 |
| Share capital | 1,132 | 1,132 | 1,132 | 1,132 | 1,132 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Trade receivables | 6,713 | 8,072 | 7,075 | 6,928 | 6,172 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Property, plant and equipment | 24,053 | 24,122 | 23,306 | 24,294 | 24,299 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Intangible assets excluding goodwill | 328 | 334 | 316 | 292 | 548 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Investment securities | 1,950 | 2,196 | 2,201 | 2,198 | 1,591 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Current assets | 28,245 | 30,878 | 31,180 | 31,519 | 31,291 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Current liabilities | 13,855 | 15,880 | 13,832 | 14,156 | 12,932 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Trade payables | 5,106 | 5,606 | 3,718 | 3,448 | 2,365 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Total liabilities | 16,726 | 18,580 | 16,712 | 16,973 | 15,447 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Equity attributable to owners of parent | 39,506 | 40,520 | 42,059 | 43,136 | 43,560 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Retained earnings | 39,201 | 40,191 | 41,730 | 42,640 | 43,503 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |
| Treasury stock | -1,844 | -1,819 | -1,836 | -1,400 | -1,838 | S100PE1F, S100S1OD, S100UKKL, S100WWG0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100WWG0 |
| Receivables | 10% | S100WWG0 |
| Property, plant and equipment | 41% | S100WWG0 |
| Intangibles and goodwill | 1% | S100WWG0 |
| Investment securities | 3% | S100WWG0 |
| Other assets | 18% | S100WWG0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100WWG0 |
| Other liabilities | 22% | S100WWG0 |
| Equity | 74% | S100WWG0 |
| Other liabilities | 0% | S100WWG0 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 56,466 | 59,346 | 59,147 | 60,543 | 59,467 |
| Equity | 39,740 | 40,766 | 42,436 | 43,570 | 44,020 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,877 | 15,212 | 16,055 | 16,103 | 16,048 |

## 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) | 58.0% | S100WWG0 |
| Fixed assets ÷ total assets | 40.9% | S100WWG0 |
| Goodwill ÷ parent equity | — | —, S100WWG0 |

### 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) | 27.0% |
| Cash ÷ revenue | 38.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 161.8% |
| Cash vs. profit gap | 1,472 JPY mn (of net income 95.2%) |
| Shareholder returns / net income | 76.5% |
| Shareholder returns / FCF | 353.8% |
| Shareholder payments — dividends / net income | 44.2% |
| Shareholder payments — dividends / FCF | 204.3% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 62.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.3% | 0.67× | 4.2% | 1.43× | 6.0% | S100PE1F |
| 2022 | 3.9% | 0.68× | 2.6% | 1.45× | 3.8% | S100S1OD |
| 2023 | 4.7% | 0.71× | 3.3% | 1.43× | 4.8% | S100UKKL |
| 2024 | 5.8% | 0.71× | 4.1% | 1.40× | 5.7% | S100WWG0 |
| 2025 | 3.7% | 0.70× | 2.6% | 1.38× | 3.6% | S100WWG0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イナバホールディングス | Major shareholder | 27.7% | 2025-07-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 6.0% | 2025-07-31 |
| 稲葉 明 | Major shareholder | 3.5% | 2025-07-31 |
| 稲葉 茂 | Major shareholder | 3.2% | 2025-07-31 |
| 秋本 千恵子 | Major shareholder | 3.0% | 2025-07-31 |
| 稲葉製作所取引先持株会 | Major shareholder | 2.9% | 2025-07-31 |
| 稲葉 進 | Major shareholder | 2.8% | 2025-07-31 |
| 稲葉 常雄 | Major shareholder | 2.4% | 2025-07-31 |
| 株式会社りそな銀行 | Major shareholder | 2.3% | 2025-07-31 |
| 第一生命保険株式会社 | Major shareholder | 2.2% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2024/08/01－2025/07/31) | S100WWG0 | 2025-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWG0,, |
| 有価証券報告書－第77期(2023/08/01－2024/07/31) | S100UKKL | 2024-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKKL,, |
| 有価証券報告書－第76期(2022/08/01－2023/07/31) | S100S1OD | 2023-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S1OD,, |
| 有価証券報告書－第75期(令和3年8月1日－令和4年7月31日) | S100PE1F | 2022-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PE1F,, |
| 有価証券報告書－第74期(令和2年8月1日－令和3年7月31日) | S100MMYW | 2021-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MMYW,, |
| 有価証券報告書－第73期(令和1年8月1日－令和2年7月31日) | S100JYGQ | 2020-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYGQ,, |

## 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).