# KOMATSU WALL INDUSTRY 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59期(2025/04/01－2026/03/31) (S100YAOG)
> Page: https://vizora.meequs.com/en/company/komatsu-wall-industry
> Retrieved: 2026-09-30T21:46:10.147Z

## Company

Komatsu Wall Industry is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 1,446 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOMATSU WALL INDUSTRY CO., LTD. |
| Ticker | 7949 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7949.T) |
| Listing | TSE Prime |
| Head office | 石川県小松市工業団地1丁目72番地 |
| Representative (per filing) | 代表取締役社長 加納慎也 |
| Share capital | ¥3.1B |
| Employees (consolidated) | 1,446 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.komatsuwall.co.jp (https://www.komatsuwall.co.jp/) |
| Corporate number | 9220001011932 |
| EDINET | E02408 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YAOG, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.4 | 56 |
| Profitability | 81.9 | 58 |
| Cash conversion | 53 | 50 |
| Efficiency | 69.8 | 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)

- Komatsu Wall Industry brought in ¥46.7B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +4.7% from the prior year, operating profit +12.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥46725000000 → ¥3048000000
- Net income → operating cash flow: ¥3048000000 → ¥4385000000（difference ¥1337000000）
- Main uses of operating cash flow: CapEx ¥7104000000 / dividends ¥1788000000 / buybacks ¥0
- Change in cash: ¥-3504000000
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 | ¥46.7B |  |
| Operating income | ¥4.1B | Margin 8.8% |
| Net income | ¥3.05B | Margin 6.5% |
| Free cash flow | -¥2.72B |  |
| Employees (consolidated) | 1,446 |  |
| EPS | ¥173.32 |  |
| Book value per share | ¥2229.23 |  |
| Equity ratio | 80.7% |  |
| Shares outstanding | 19,721,980 |  |
| Treasury shares | 1,769,900 |  |
| Shareholders | 14,297 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 21.7% |
| Vs. industry median margin | +4.3 pp | Housing Equipment & Building Materials |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33565000000 | ¥46725000000 | +39.2% |
| Operating income | ¥2348000000 | ¥4099000000 | +74.6% |
| Operating margin | 7.0% | 8.8% | +1.8 pp |
| Employees | 1,303 people | 1,446 people | +11.0% |
| Cash and equivalents | ¥10716000000 | ¥10144000000 | -5.3% |

### 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 | 46,725 | 100.0% | S100YAOG |
| Cost of revenue | 29,852 | 63.9% | S100YAOG |
| Gross profit | 16,873 | 36.1% | S100YAOG |
| SG&A | 12,773 | 27.3% | S100YAOG |
| Operating income | 4,099 | 8.8% | S100YAOG |
| Ordinary income | 4,150 | 8.9% | S100YAOG |
| Pretax income | 4,128 | 8.8% | S100YAOG |
| Income tax | 1,079 | 2.3% | S100YAOG |
| Net income | 3,048 | 6.5% | S100YAOG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 27 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 36.1% → Operating margin 8.8% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.7%; Core profit growth: +12.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.70×
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 | 44,616 | 46,725 | 2,109 | +4.7% |
| Gross profit | 15,759 | 16,873 | 1,114 | +7.1% |
| Operating income | 3,635 | 4,099 | 464 | +12.8% |
| Operating cash flow | 3,327 | 4,385 | 1,058 | +31.8% |
| Free cash flow | 1,813 | -2,719 | -4,532 | -250.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,487 | 3,745 | 10.0% | 2,580 | 3,360 | 2,178 | S100LL5Y |
| FY ending Mar 2021 | 33,565 | 2,348 | 7.0% | 1,620 | 3,256 | 2,145 | S100OAPN |
| FY ending Mar 2022 | 34,541 | 1,780 | 5.2% | 1,240 | 2,871 | 1,886 | S100QZIG |
| FY ending Mar 2023 | 37,772 | 2,306 | 6.1% | 1,627 | 1,676 | 973 | S100TQW6 |
| FY ending Mar 2024 | 43,551 | 3,640 | 8.4% | 2,775 | 4,273 | 3,232 | S100W21J |
| FY ending Mar 2025 | 44,616 | 3,635 | 8.1% | 2,650 | 3,327 | 1,813 | S100YAOG |
| FY ending Mar 2026 | 46,725 | 4,099 | 8.8% | 3,048 | 4,385 | -2,719 | S100YAOG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 1,324 | 1,330 | 1,353 | 1,399 | 1,446 |
| Average salary (parent company) | ¥6M | ¥5.8M | ¥6.5M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 37.2 years | 37.5 years | 38.1 years | 38.0 years | 38.1 years |
| Average tenure (parent company) | 13.5 years | 13.9 years | 14.2 years | 14.1 years | 14.1 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +4.7%

## 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 | 4,385 | 9.4% | S100YAOG |
| Capital expenditure | 7,104 | 15.2% | S100YAOG |
| Free cash flow | -2,719 | -5.8% | 算出 |
| Investing cash flow | -6,086 | -13.0% | S100YAOG |
| Financing cash flow | -1,803 | -3.9% | S100YAOG |
| Dividends paid | 1,788 | 3.8% | S100YAOG |
| Share buyback | 0 | 0.0% | S100YAOG |
| Change in cash | -3,504 | -7.5% | S100YAOG |
| Cash and equivalents | 10,144 | 21.7% | S100YAOG |

## 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 | 11,246 | 11,476 | 13,521 | 13,649 | 10,144 | S100TQW6, S100W21J, S100YAOG |
| Total assets | 42,143 | 44,760 | 47,455 | 46,756 | 48,603 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Net assets | 35,399 | 36,225 | 38,067 | 37,790 | 39,236 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Share capital | 3,099 | 3,099 | 3,099 | 3,099 | 3,099 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Inventories | 818 | 1,023 | 1,123 | 1,117 | 1,278 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Property, plant and equipment | 11,918 | 11,922 | 11,767 | 12,260 | 18,142 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Intangible assets excluding goodwill | 450 | 420 | 385 | 415 | 431 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Investment securities | 490 | 407 | 501 | 475 | 644 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Current assets | 27,472 | 29,999 | 32,539 | 31,322 | 27,189 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Current liabilities | 4,700 | 6,098 | 6,940 | 6,373 | 6,713 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Total liabilities | 6,743 | 8,535 | 9,388 | 8,965 | 9,367 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Equity attributable to owners of parent | 35,343 | 36,180 | 37,970 | 37,701 | 39,014 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Retained earnings | 31,803 | 32,627 | 34,361 | 33,776 | 35,030 | S100QZIG, S100TQW6, S100W21J, S100YAOG |
| Treasury stock | -2,595 | -2,582 | -2,525 | -2,207 | -2,147 | S100QZIG, S100TQW6, S100W21J, S100YAOG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YAOG |
| Inventories | 3% | S100YAOG |
| Property, plant and equipment | 37% | S100YAOG |
| Intangibles and goodwill | 1% | S100YAOG |
| Investment securities | 1% | S100YAOG |
| Other assets | 37% | S100YAOG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YAOG |
| Equity | 81% | S100YAOG |

### 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 | 42,143 | 44,760 | 47,455 | 46,756 | 48,603 |
| Equity | 35,399 | 36,225 | 38,067 | 37,790 | 39,236 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,246 | 11,476 | 13,521 | 13,649 | 10,144 |

## 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) | 38.8% | S100YAOG |
| Fixed assets ÷ total assets | 37.3% | S100YAOG |
| Goodwill ÷ parent equity | — | —, S100YAOG |

### 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) | 20.9% |
| Cash ÷ revenue | 21.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.0% |
| Cash vs. profit gap | 1,337 JPY mn (of net income 43.9%) |
| Shareholder returns / net income | 58.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.2% |
| Investing CF relative to operating CF | 138.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.6% | 0.82× | 2.9% | 1.19× | 3.5% | S100QZIG |
| 2023 | 4.3% | 0.87× | 3.7% | 1.22× | 4.5% | S100TQW6 |
| 2024 | 6.4% | 0.94× | 6.0% | 1.24× | 7.5% | S100W21J |
| 2025 | 5.9% | 0.95× | 5.6% | 1.25× | 7.0% | S100YAOG |
| 2026 | 6.5% | 0.98× | 6.4% | 1.24× | 7.9% | S100YAOG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＫＡＮＯ株式会社 | Major shareholder | 19.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 9.0% | 2026-03-31 |
| 小松ウオール工業従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 原田株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 加納 裕 | Major shareholder | 1.8% | 2026-03-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.2% | 2026-03-31 |
| 有限会社マルヨ | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YAOG | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAOG,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W21J | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W21J,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TQW6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQW6,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100QZIG | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZIG,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OAPN | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAPN,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LL5Y | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL5Y,, |

## 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).