# Misawa & Co.,Ltd.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2025/02/01－2026/01/31) (S100Y0VC)
> Page: https://vizora.meequs.com/en/company/misawa-and
> Retrieved: 2026-09-30T21:01:51.915Z

## Company

Misawa &, founded in 1959, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Standard. It has 166 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Misawa & Co.,Ltd. |
| Ticker | 3169 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3169.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長 三澤 太 |
| Founded | Feb 1959 |
| Share capital | ¥380.5M |
| Employees (consolidated) | 166 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | January |
| Website | www.misawa-corp.co.jp (https://www.misawa-corp.co.jp/) |
| Corporate number | 7013201019157 |
| EDINET | E26095 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100Y0VC, filed 2026-04-24). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.6 | 14 |
| Profitability | 19.4 | 18 |
| Cash conversion | 91.2 | 17 |
| Efficiency | 91.7 | 18 |

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)

- Misawa & brought in ¥12.2B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -3.8% from the prior year, operating profit -27.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12159248000 → ¥124830000
- Net income → operating cash flow: ¥124830000 → ¥631152000（difference ¥506322000）
- Main uses of operating cash flow: CapEx ¥521857000 / dividends ¥56547000 / buybacks ¥32497000
- Change in cash: ¥255028000
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 | ¥12.2B |  |
| Operating income | ¥235.7M | Margin 1.9% |
| Net income | ¥124.8M | Margin 1.0% |
| Free cash flow | ¥109.3M |  |
| Employees (consolidated) | 166 |  |
| EPS | ¥17.65 |  |
| Book value per share | ¥458.94 |  |
| Equity ratio | 58.7% |  |
| Shares outstanding | 7,112,400 |  |
| Treasury shares | 50,900 |  |
| Shareholders | 17,146 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 24.6% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | -2.4 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.1× net income

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10924099000 | ¥12159248000 | +11.3% |
| Operating income | ¥814973000 | ¥235723000 | -71.1% |
| Operating margin | 7.5% | 1.9% | -5.5 pp |
| Employees | 181 people | 166 people | -8.3% |
| Cash and equivalents | ¥1085658000 | ¥1358685000 | +25.1% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,159 | 100.0% | S100Y0VC |
| Cost of revenue | 5,960 | 49.0% | 算出 |
| Gross profit | 6,199 | 51.0% | S100Y0VC |
| SG&A | 5,963 | 49.0% | S100Y0VC |
| Operating income | 236 | 1.9% | S100Y0VC |
| Ordinary income | 253 | 2.1% | S100Y0VC |
| Pretax income | 182 | 1.5% | S100Y0VC |
| Income tax | 57 | 0.5% | S100Y0VC |
| Net income | 125 | 1.0% | S100Y0VC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 49 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 51.0% → Operating margin 1.9% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.8%; Core profit growth: -27.6%
Operating leverage (core profit growth ÷ revenue growth): 7.29×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,638 | 12,159 | -479 | -3.8% |
| Gross profit | 6,292 | 6,199 | -93 | -1.5% |
| Operating income | 326 | 236 | -90 | -27.6% |
| Operating cash flow | 358 | 631 | 273 | +76.3% |
| Free cash flow | 119 | 109 | -10 | -8.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 11,175 | 816 | 7.3% | 510 | 269 | 178 | S100L8UV |
| FY ending Jan 2021 | 10,924 | 826 | 7.6% | 618 | 1,435 | 1,355 | S100L8UV |
| FY ending Jan 2021 | 10,924 | 815 | 7.5% | 618 | 1,435 | — | S100NYOC |
| FY ending Jan 2022 | 11,626 | 1,005 | 8.6% | 693 | 251 | 143 | S100QNXD |
| FY ending Jan 2023 | 12,198 | 534 | 4.4% | 341 | 75 | -159 | S100TC0J |
| FY ending Jan 2024 | 12,085 | 65 | 0.5% | 12 | 825 | 539 | S100VOBN |
| FY ending Jan 2025 | 12,638 | 326 | 2.6% | 187 | 358 | 119 | S100Y0VC |
| FY ending Jan 2026 | 12,159 | 236 | 1.9% | 125 | 631 | 109 | S100Y0VC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.2M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥752K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 189 | 203 | 189 | 175 | 166 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.9M |
| Average age (parent company) | 34.0 years | 34.5 years | 35.1 years | 35.5 years | 36.0 years |
| Average tenure (parent company) | 6.2 years | 6.2 years | 6.7 years | 7.3 years | 7.7 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) -3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 631 | 5.2% | S100Y0VC |
| Capital expenditure | 522 | 4.3% | S100Y0VC |
| Free cash flow | 109 | 0.9% | 算出 |
| Investing cash flow | -534 | -4.4% | S100Y0VC |
| Financing cash flow | 158 | 1.3% | S100Y0VC |
| Dividends paid | 57 | 0.5% | S100Y0VC |
| Share buyback | 32 | 0.3% | S100Y0VC |
| Change in cash | 255 | 2.1% | S100Y0VC |
| Cash and equivalents | 1,359 | 11.2% | S100Y0VC |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 940 | 641 | 1,117 | 1,104 | 1,359 | S100TC0J, S100VOBN, S100Y0VC |
| Total assets | 4,552 | 4,523 | 5,165 | 5,082 | 5,517 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Net assets | 2,905 | 3,122 | 3,043 | 3,172 | 3,241 | S100TC0J, S100VOBN, S100Y0VC |
| Share capital | 380 | 380 | 380 | 380 | 380 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Property, plant and equipment | 239 | 318 | 430 | 418 | 431 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Intangible assets excluding goodwill | 124 | 123 | 137 | 215 | 528 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Current assets | 3,370 | 3,306 | 3,798 | 3,626 | 3,743 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Current liabilities | 1,597 | 1,351 | 2,009 | 1,816 | 1,991 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Long-term borrowings | — | — | 54 | 29 | 216 | S100VOBN, S100Y0VC |
| Total liabilities | 1,647 | 1,402 | 2,122 | 1,910 | 2,276 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Equity attributable to owners of parent | 2,905 | 3,122 | 3,043 | 3,172 | 3,241 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Retained earnings | 2,164 | 2,391 | 2,332 | 2,463 | 2,531 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |
| Treasury stock | -0 | -10 | -30 | -32 | -31 | S100QNXD, S100TC0J, S100VOBN, S100Y0VC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y0VC |
| Property, plant and equipment | 8% | S100Y0VC |
| Intangibles and goodwill | 9% | S100Y0VC |
| Other assets | 58% | S100Y0VC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100Y0VC |
| Equity | 59% | S100Y0VC |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,552 | 4,523 | 5,165 | 5,082 | 5,517 |
| Equity | 2,905 | 3,122 | 3,043 | 3,172 | 3,241 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 940 | 641 | 1,117 | 1,104 | 1,359 |

## 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) | 3.5% | S100Y0VC |
| Fixed assets ÷ total assets | 7.8% | S100Y0VC |
| Goodwill ÷ parent equity | — | —, S100Y0VC |

### 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) | 24.6% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 267.8% |
| Cash vs. profit gap | 506 JPY mn (of net income 405.6%) |
| Shareholder returns / net income | 71.3% |
| Shareholder returns / FCF | 81.5% |
| Shareholder payments — dividends / net income | 45.3% |
| Shareholder payments — dividends / FCF | 51.7% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 84.6% |

## 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 | 6.0% | 2.55× | 15.2% | 1.57× | 23.8% | S100QNXD |
| 2023 | 2.8% | 2.69× | 7.5% | 1.51× | 11.3% | S100TC0J |
| 2024 | 0.1% | 2.49× | 0.3% | 1.57× | 0.4% | S100VOBN |
| 2025 | 1.5% | 2.47× | 3.7% | 1.65× | 6.0% | S100Y0VC |
| 2026 | 1.0% | 2.29× | 2.4% | 1.65× | 3.9% | S100Y0VC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三澤 太 | Major shareholder | 41.0% | 2026-01-31 |
| 飯塚 智香 | Major shareholder | 6.2% | 2026-01-31 |
| 尾張 睦 | Major shareholder | 2.5% | 2026-01-31 |
| 大塚 幸江 | Major shareholder | 0.9% | 2026-01-31 |
| 鈴木 裕之 | Major shareholder | 0.7% | 2026-01-31 |
| 滝澤 多恵子 | Major shareholder | 0.5% | 2026-01-31 |
| ミサワ従業員持株会 | Major shareholder | 0.4% | 2026-01-31 |
| 川上 和人 | Major shareholder | 0.2% | 2026-01-31 |
| 菅井 久美子 | Major shareholder | 0.1% | 2026-01-31 |
| 二神 種明 | Major shareholder | 0.1% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/02/01－2026/01/31) | S100Y0VC | 2026-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0VC,, |
| 有価証券報告書－第66期(2024/02/01－2025/01/31) | S100VOBN | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOBN,, |
| 有価証券報告書－第65期(2023/02/01－2024/01/31) | S100TC0J | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC0J,, |
| 有価証券報告書－第64期(2022/02/01－2023/01/31) | S100QNXD | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNXD,, |
| 有価証券報告書－第63期(令和3年2月1日－令和4年1月31日) | S100NYOC | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYOC,, |
| 有価証券報告書－第62期(令和2年2月1日－令和3年1月31日) | S100L8UV | 2021-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8UV,, |

## 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).