# MAEZAWA KYUSO INDUSTRIES 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70期(2025/04/01－2026/03/31) (S100YIVJ)
> Page: https://vizora.meequs.com/en/company/maezawa-kyuso-industries
> Retrieved: 2026-09-30T20:39:03.632Z

## Company

Maezawa Kyuso Industries, founded in 1957, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 426 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MAEZAWA KYUSO INDUSTRIES CO.,LTD. |
| Ticker | 6485 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6485.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区鷹番二丁目14番4号 |
| Representative (per filing) | 代表取締役社長 杉本 博司 |
| Founded | Jan 1957 |
| Share capital | ¥3.36B |
| Employees (consolidated) | 426 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.qso.co.jp (https://www.qso.co.jp/) |
| Corporate number | 8013201005478 |
| EDINET | E01693 |
| Industries (Vizora) | Housing Equipment & Building Materials, Waste Management & Recycling |

> Profile source: annual securities report (S100YIVJ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 62 | 25 |
| Cash conversion | 42 | 25 |
| Efficiency | 26 | 25 |

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 53% of Maezawa Kyuso Industries's sales come from water supply equipment buisiness, with resident/building equipment products buisiness and merchandise sales business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -14.2%.

## Company structure

- Segment revenue mix: water supply equipment buisiness 53.2%、resident/building equipment products buisiness 38.3%、merchandise sales business 8.5%
- Revenue → net income: ¥31683000000 → ¥2683000000
- Net income → operating cash flow: ¥2683000000 → ¥2450000000（difference ¥-233000000）
- Main uses of operating cash flow: CapEx ¥1419000000 / dividends ¥1357000000 / buybacks ¥526000000
- Change in cash: ¥-386000000
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 | ¥31.7B |  |
| Operating income | ¥2.73B | Margin 8.6% |
| Net income | ¥2.68B | Margin 8.5% |
| Free cash flow | ¥1.03B |  |
| Largest business | water supply equipment buisiness | of segment revenue 53.2% |
| Employees (consolidated) | 426 |  |
| EPS | ¥130.89 |  |
| Book value per share | ¥2000.72 |  |
| Equity ratio | 85.6% |  |
| Shares outstanding | 21,500,000 |  |
| Treasury shares | 1,142,000 |  |
| Shareholders | 11,692 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 30.7% |
| Vs. industry median margin | +4.2 pp | Housing Equipment & Building Materials |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28789000000 | ¥31683000000 | — |
| Operating income | ¥2139000000 | ¥2727000000 | — |
| Operating margin | 7.4% | 8.6% | +1.2 pp |
| Employees | 490 people | 426 people | — |
| Cash and equivalents | ¥13546000000 | ¥9737000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 給水装置事業 → 給水装置事業 | 36.7% |
| 住宅・建築設備事業 → 住宅・建築設備事業 | 25.8% |
| 住宅設備事業 → 事業再編・廃止 | 31.7% |
| 商品販売事業 → 商品販売事業 | 5.8% |
| 新設・再編 → 給水装置事業 | 16.6% |
| 新設・再編 → 住宅・建築設備事業 | 12.5% |
| 新設・再編 → 商品販売事業 | 2.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| water supply equipment buisiness | — | — | ¥16860000000 | 30.1% | 2 |
| resident/building equipment products buisiness | — | — | ¥12143000000 | 16.9% | 2 |
| merchandise sales business | — | — | ¥2679000000 | 12.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,683 | 100.0% | S100YIVJ |
| Cost of revenue | 22,255 | 70.2% | S100YIVJ |
| Gross profit | 9,428 | 29.8% | S100YIVJ |
| SG&A | 6,700 | 21.1% | S100YIVJ |
| Operating income | 2,727 | 8.6% | S100YIVJ |
| Ordinary income | 2,982 | 9.4% | S100YIVJ |
| Pretax income | 3,700 | 11.7% | S100YIVJ |
| Income tax | 1,016 | 3.2% | S100YIVJ |
| Net income | 2,683 | 8.5% | S100YIVJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 29.8% → Operating margin 8.6% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -14.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -115.15×
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 | 31,644 | 31,683 | 39 | +0.1% |
| Gross profit | 9,764 | 9,428 | -336 | -3.4% |
| Operating income | 3,178 | 2,727 | -451 | -14.2% |
| Operating cash flow | 2,463 | 2,450 | -13 | -0.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,077 | 2,662 | 11.1% | 1,789 | 2,228 | 1,772 | S100LRGE |
| FY ending Mar 2021 | 27,479 | 2,565 | 9.3% | 1,866 | 3,233 | 2,672 | S100OJII |
| FY ending Mar 2022 | 28,789 | 2,139 | 7.4% | 1,498 | 1,061 | 642 | S100R92G |
| FY ending Mar 2023 | 31,008 | 2,184 | 7.0% | 1,433 | -1,272 | -2,299 | S100TUAF |
| FY ending Mar 2024 | 32,008 | 2,466 | 7.7% | 1,681 | 2,060 | 1,305 | S100W5C8 |
| FY ending Mar 2025 | 31,957 | 3,046 | 9.5% | 2,379 | 2,463 | 1,357 | S100W5C8 |
| FY ending Mar 2025 | 31,644 | 3,178 | 10.0% | 2,379 | 2,463 | — | S100YIVJ |
| FY ending Mar 2026 | 31,683 | 2,727 | 8.6% | 2,683 | 2,450 | 1,031 | S100YIVJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.4M |
| Operating income per employee (consolidated) | ¥6.4M |
| Net income per employee (consolidated) | ¥6.3M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 507 | 483 | 435 | 432 | 426 |
| Average salary (parent company) | ¥5.5M | ¥6M | ¥6.4M | — | ¥6.5M |
| Average age (parent company) | 41.8 years | 42.0 years | 42.1 years | — | 42.1 years |
| Average tenure (parent company) | 17.3 years | 17.6 years | 17.0 years | — | 17.3 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| water supply equipment buisiness | 16,860 | 53.2% | 5,080 | 30.1% |
| resident/building equipment products buisiness | 12,143 | 38.3% | 2,049 | 16.9% |
| merchandise sales business | 2,679 | 8.5% | 343 | 12.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| water supply equipment buisiness | 53.2% | 68.0% | 14.8 | 30.1% |
| resident/building equipment products buisiness | 38.3% | 27.4% | -10.9 | 16.9% |
| merchandise sales business | 8.5% | 4.6% | -3.9 | 12.8% |

Segment → industry: merchandise sales business → Housing Equipment & Building Materials / resident/building equipment products buisiness → Housing Equipment & Building Materials / water supply equipment buisiness → Housing Equipment & Building Materials / water supply equipment buisiness → Waste Management & Recycling

## 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 | 2,450 | 7.7% | S100YIVJ |
| Capital expenditure | 1,419 | 4.5% | S100YIVJ |
| Free cash flow | 1,031 | 3.3% | 算出 |
| Investing cash flow | -952 | -3.0% | S100YIVJ |
| Financing cash flow | -1,884 | -5.9% | S100YIVJ |
| Dividends paid | 1,357 | 4.3% | S100YIVJ |
| Share buyback | 526 | 1.7% | S100YIVJ |
| Change in cash | -386 | -1.2% | S100YIVJ |
| Cash and equivalents | 9,737 | 30.7% | S100YIVJ |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,498 | 10,486 | 10,123 | 9,834 | 9,737 | S100W5C8, S100YIVJ |
| Total assets | 44,643 | 45,965 | 45,998 | 45,150 | 47,573 | S100TUAF, S100W5C8, S100YIVJ |
| Net assets | 38,225 | 39,039 | 39,754 | 39,001 | 40,730 | S100W5C8, S100YIVJ |
| Share capital | 3,358 | 3,358 | 3,358 | 3,358 | 3,358 | S100TUAF, S100W5C8, S100YIVJ |
| Property, plant and equipment | 7,708 | 7,861 | 7,840 | 7,702 | 8,384 | S100TUAF, S100W5C8, S100YIVJ |
| Intangible assets excluding goodwill | 948 | 714 | 593 | 593 | 648 | S100TUAF, S100W5C8, S100YIVJ |
| Goodwill | 276 | 237 | 197 | 197 | 158 | S100TUAF, S100W5C8, S100YIVJ |
| Investment securities | 3,837 | 5,304 | 5,612 | 5,512 | 6,761 | S100TUAF, S100W5C8, S100YIVJ |
| Current assets | 30,675 | 30,706 | 29,934 | 29,544 | 29,702 | S100TUAF, S100W5C8, S100YIVJ |
| Current liabilities | 5,602 | 5,712 | 5,006 | 4,934 | 5,230 | S100TUAF, S100W5C8, S100YIVJ |
| Total liabilities | 6,418 | 6,925 | 6,244 | 6,148 | 6,842 | S100TUAF, S100W5C8, S100YIVJ |
| Equity attributable to owners of parent | 36,432 | 36,556 | 37,203 | 36,660 | 37,486 | S100TUAF, S100W5C8, S100YIVJ |
| Retained earnings | 30,304 | 29,600 | 31,072 | 30,529 | 31,855 | S100TUAF, S100W5C8, S100YIVJ |
| Treasury stock | -941 | -312 | -943 | -943 | -1,443 | S100TUAF, S100W5C8, S100YIVJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YIVJ |
| Property, plant and equipment | 18% | S100YIVJ |
| Intangibles and goodwill | 2% | S100YIVJ |
| Investment securities | 14% | S100YIVJ |
| Other assets | 46% | S100YIVJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YIVJ |
| Equity | 86% | S100YIVJ |
| Other liabilities | 0% | S100YIVJ |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 44,643 | 45,965 | 45,998 | 45,150 | 47,573 |
| Equity | 38,225 | 39,039 | 39,754 | 39,001 | 40,730 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,498 | 10,486 | 10,123 | 9,834 | 9,737 |

## 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) | 26.5% | S100YIVJ |
| Fixed assets ÷ total assets | 17.6% | S100YIVJ |
| Goodwill ÷ parent equity | 0.4% | S100YIVJ |

### 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) | 20.5% |
| Cash ÷ revenue | 30.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.8% |
| Cash vs. profit gap | -233 JPY mn (of net income -8.7%) |
| Shareholder returns / net income | 70.2% |
| Shareholder returns / FCF | 182.6% |
| Shareholder payments — dividends / net income | 50.6% |
| Shareholder payments — dividends / FCF | 131.6% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 38.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 4.6% | 0.69× | 3.2% | 1.23× | 3.9% | S100TUAF |
| 2024 | 5.3% | 0.71× | 3.7% | 1.24× | 4.6% | S100W5C8 |
| 2025 | 7.4% | 0.69× | 5.2% | 1.25× | 6.5% | S100W5C8 |
| 2025 | 7.5% | 0.70× | 5.3% | 1.23× | 6.5% | S100YIVJ |
| 2026 | 8.5% | 0.68× | 5.8% | 1.25× | 7.2% | S100YIVJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.1% | 2026-03-31 |
| 前澤化成工業株式会社 | Major shareholder | 6.1% | 2026-03-31 |
| 前澤工業株式会社 | Major shareholder | 6.1% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 （常任代理人 香港上海銀行東京支店） | Major shareholder | 5.2% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.6% | 2026-03-31 |
| 前澤給装工業従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 2.3% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社阿部製作所 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社藤田製作所 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YIVJ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIVJ,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W5C8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5C8,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TUAF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUAF,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R92G | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R92G,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OJII | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJII,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LRGE | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRGE,, |

## 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).