# KUWAZAWA Holdings Corporation: 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77期(2025/04/01－2026/03/31) (S100YJIQ)
> Page: https://vizora.meequs.com/en/company/kuwazawa-holdings
> Retrieved: 2026-09-30T19:15:36.081Z

## Company

KUWAZAWA Holdings, founded in 1993, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,009 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUWAZAWA Holdings Corporation |
| Ticker | 8104 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8104.T) |
| Listing | TSE Standard |
| Head office | 札幌市白石区中央2条7丁目1番1号 |
| Representative (per filing) | 代表取締役社長 桑澤 嘉英 |
| Founded | Apr 1993 |
| Share capital | ¥417M |
| Employees (consolidated) | 1,009 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.kuwazawa-hd.co.jp (https://www.kuwazawa-hd.co.jp/) |
| Corporate number | 9430001005194 |
| EDINET | E02610 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors, Specialty Trading & Wholesale, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YJIQ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.5 | 179 |
| Profitability | 36.5 | 185 |
| Cash conversion | 84.1 | 179 |
| Efficiency | 48.4 | 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 54% of KUWAZAWA Holdings's sales come from Construction materials, with Construction work and Material transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.9% from the prior year, operating profit -5.9%.

## Company structure

- Segment revenue mix: Construction materials 53.9%、Construction work 39.7%、Material transportation 5.5%、Other 0.5%、Real estate leasing 0.4%
- Revenue → net income: ¥64802000000 → ¥1069000000
- Net income → operating cash flow: ¥1069000000 → ¥2545000000（difference ¥1476000000）
- Main uses of operating cash flow: CapEx ¥207000000 / dividends ¥269000000 / buybacks ¥108000000
- Change in cash: ¥1816000000
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 | ¥64.8B |  |
| Operating income | ¥1.38B | Margin 2.1% |
| Net income | ¥1.08B | Margin 1.7% |
| Free cash flow | ¥2.34B |  |
| Largest business | Construction materials | of segment revenue 53.9% |
| Employees (consolidated) | 1,009 |  |
| EPS | ¥18.1 |  |
| Book value per share | ¥176.68 |  |
| Equity ratio | 38.8% |  |
| Shares outstanding | 16,694,000 |  |
| Treasury shares | 1,939,300 |  |
| Shareholders | 16,185 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 21.0% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | -0.7 pp | Specialty Trading & Wholesale |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥93942000000 | ¥64802000000 | -31.0% |
| Operating income | ¥873000000 | ¥1378000000 | +57.8% |
| Operating margin | 0.9% | 2.1% | +1.2 pp |
| Employees | 1,079 people | 1,009 people | -6.5% |
| Cash and equivalents | ¥9130000000 | ¥9314000000 | +2.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 建設資材 → 建設資材 | 53.9% |
| 建設資材 → 事業再編・廃止 | 12.4% |
| 建設工事 → 建設工事 | 29.5% |
| 資材運送 → 資材運送 | 3.7% |
| 不動産賃貸 → 不動産賃貸 | 0.3% |
| その他 → その他 | 0.3% |
| 新設・再編 → 建設工事 | 10.2% |
| 新設・再編 → 資材運送 | 1.8% |
| 新設・再編 → 不動産賃貸 | 0.1% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction materials | 5 years | -10.9% | ¥34926000000 | 1.9% | 2 |
| Construction work | 5 years | -1.5% | ¥25725000000 | 1.8% | 2 |
| Material transportation | 5 years | +0.6% | ¥3546000000 | -0.8% | 2 |
| Other | 5 years | +3.8% | ¥339000000 | 14.7% | 2 |
| Real estate leasing | 5 years | -0.6% | ¥265000000 | 77.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,802 | 100.0% | S100YJIQ |
| Cost of revenue | 55,081 | 85.0% | S100YJIQ |
| Gross profit | 9,721 | 15.0% | S100YJIQ |
| SG&A | 8,342 | 12.9% | S100YJIQ |
| Operating income | 1,378 | 2.1% | S100YJIQ |
| Ordinary income | 1,695 | 2.6% | S100YJIQ |
| Pretax income | 1,707 | 2.6% | S100YJIQ |
| Income tax | 638 | 1.0% | S100YJIQ |
| Net income | 1,069 | 1.6% | S100YJIQ |
| Net income attributable to owners | 1,078 | 1.7% | S100YJIQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.0% → Operating margin 2.1% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.9%; Core profit growth: -5.9%
Operating leverage (core profit growth ÷ revenue growth): 6.36×
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 | 65,406 | 64,802 | -604 | -0.9% |
| Gross profit | 9,156 | 9,721 | 565 | +6.2% |
| Operating income | 1,464 | 1,378 | -86 | -5.9% |
| Net income attributable to owners | 747 | 1,078 | 331 | +44.3% |
| Operating cash flow | 2,568 | 2,545 | -23 | -0.9% |
| Free cash flow | 2,211 | 2,338 | 127 | +5.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 92,390 | 1,181 | 1.3% | 844 | 867 | 602 | S100LUJE |
| FY ending Mar 2021 | 93,942 | 873 | 0.9% | 108 | 2,168 | 2,077 | S100PEGK |
| FY ending Mar 2022 | 62,947 | 827 | 1.3% | 559 | 760 | 674 | S100RA02 |
| FY ending Mar 2023 | 64,308 | 853 | 1.3% | 601 | 1,316 | 1,139 | S100TYE5 |
| FY ending Mar 2024 | 64,832 | 1,303 | 2.0% | 741 | -1,313 | -1,771 | S100W6YG |
| FY ending Mar 2025 | 65,406 | 1,464 | 2.2% | 747 | 2,568 | 2,211 | S100YJIQ |
| FY ending Mar 2026 | 64,802 | 1,378 | 2.1% | 1,078 | 2,545 | 2,338 | S100YJIQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.2M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,031 | 1,012 | 1,009 | 1,014 | 1,009 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥6M | ¥6.1M | ¥6.6M |
| Average age (parent company) | 42.6 years | 42.9 years | 42.8 years | 44.6 years | 42.6 years |
| Average tenure (parent company) | 12.0 years | 12.6 years | 13.1 years | 15.0 years | 12.7 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) -0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction materials | 34,926 | 53.9% | 673 | 1.9% |
| Construction work | 25,725 | 39.7% | 453 | 1.8% |
| Material transportation | 3,546 | 5.5% | -28 | -0.8% |
| Real estate leasing | 265 | 0.4% | 205 | 77.4% |
| Other | 339 | 0.5% | 50 | 14.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction materials | 53.9% | 48.7% | -5.2 | 1.9% |
| Construction work | 39.7% | 32.8% | -6.9 | 1.8% |
| Material transportation | 5.5% | — | — | -0.8% |
| Real estate leasing | 0.4% | 14.8% | 14.4 | 77.4% |
| Other | 0.5% | 3.6% | 3.1 | 14.7% |

Loss-making segment (excluded from profit shares): Material transportation -28 JPY mn

Segment → industry: Real estate leasing → Real Estate Development & Leasing / Construction work → General Contractors / Construction materials → Specialty Trading & Wholesale / Material transportation → Trucking & Parcel Delivery

## 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 | 2,545 | 3.9% | S100YJIQ |
| Capital expenditure | 207 | 0.3% | S100YJIQ |
| Free cash flow | 2,338 | 3.6% | 算出 |
| Investing cash flow | -108 | -0.2% | S100YJIQ |
| Financing cash flow | -620 | -1.0% | S100YJIQ |
| Dividends paid | 269 | 0.4% | S100YJIQ |
| Share buyback | 108 | 0.2% | S100YJIQ |
| Change in cash | 1,816 | 2.8% | S100YJIQ |
| Cash and equivalents | 9,314 | 14.4% | S100YJIQ |

## 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 | 8,085 | 8,588 | 5,849 | 7,497 | 9,314 | S100TYE5, S100W6YG, S100YJIQ |
| Total assets | 39,018 | 40,138 | 41,748 | 41,243 | 44,296 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Net assets | 14,279 | 14,704 | 15,625 | 16,088 | 17,271 | S100TYE5, S100W6YG, S100YJIQ |
| Share capital | 417 | 417 | 417 | 417 | 417 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Property, plant and equipment | 6,748 | 6,467 | 6,318 | 6,084 | 5,948 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Intangible assets excluding goodwill | 119 | 148 | 499 | 55 | 95 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Investment securities | 1,215 | 1,269 | 1,497 | 1,530 | 2,226 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Current assets | 29,478 | 30,818 | 31,700 | 32,188 | 34,805 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Current liabilities | 20,179 | 22,717 | 22,972 | 22,288 | 25,443 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Trade payables | 11,269 | 10,862 | 10,492 | 10,484 | 11,008 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Short-term borrowings | 30 | 30 | 30 | 80 | 130 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Long-term borrowings | 3,078 | 1,305 | 1,984 | 1,694 | 318 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Total liabilities | 24,739 | 25,433 | 26,122 | 25,154 | 27,024 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Non-controlling interests | 130 | 107 | 109 | 111 | 102 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Equity attributable to owners of parent | 13,975 | 14,426 | 15,129 | 15,598 | 16,630 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Retained earnings | 13,679 | 14,130 | 14,828 | 15,350 | 16,488 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |
| Treasury stock | -446 | -446 | -444 | -500 | -608 | S100RA02, S100TYE5, S100W6YG, S100YJIQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YJIQ |
| Property, plant and equipment | 14% | S100YJIQ |
| Intangibles and goodwill | 0% | S100YJIQ |
| Investment securities | 5% | S100YJIQ |
| Other assets | 60% | S100YJIQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YJIQ |
| Other liabilities | 36% | S100YJIQ |
| Equity | 39% | S100YJIQ |
| Other liabilities | 0% | S100YJIQ |

### 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 | 39,018 | 40,138 | 41,748 | 41,243 | 44,296 |
| Equity | 14,279 | 14,704 | 15,625 | 16,088 | 17,271 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,085 | 8,588 | 5,849 | 7,497 | 9,314 |

## 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) | 9.2% | S100YJIQ |
| Fixed assets ÷ total assets | 13.4% | S100YJIQ |
| Goodwill ÷ parent equity | — | —, S100YJIQ |

### 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) | 21.0% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 184.7% |
| Cash vs. profit gap | 1,467 JPY mn (of net income 136.1%) |
| Shareholder returns / net income | 35.0% |
| Shareholder returns / FCF | 16.1% |
| Shareholder payments — dividends / net income | 25.0% |
| Shareholder payments — dividends / FCF | 11.5% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 4.2% |

## 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 | 0.9% | 1.61× | 1.4% | 2.79× | 4.0% | S100RA02 |
| 2023 | 0.9% | 1.62× | 1.5% | 2.79× | 4.2% | S100TYE5 |
| 2024 | 1.1% | 1.58× | 1.8% | 2.77× | 5.0% | S100W6YG |
| 2025 | 1.1% | 1.58× | 1.8% | 2.70× | 4.9% | S100YJIQ |
| 2026 | 1.7% | 1.52× | 2.5% | 2.65× | 6.7% | S100YJIQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平洋セメント株式会社 | Major shareholder | 18.2% | 2026-03-31 |
| 桑澤商事株式会社 | Major shareholder | 9.4% | 2026-03-31 |
| 吉野石膏株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社ＬＩＸＩＬ | Major shareholder | 2.3% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社北海道銀行 | Major shareholder | 2.2% | 2026-03-31 |
| クワザワ従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 2.1% | 2026-03-31 |
| パナソニックハウジングソリューションズ株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 桑澤 嘉英 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YJIQ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJIQ,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W6YG | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6YG,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TYE5 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYE5,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100RA02 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA02,, |
| 訂正有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100PEGK | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEGK,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LUJE | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUJE,, |

## 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).