# NAFCO 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57期(2025/04/01－2026/03/31) (S100YJ0H)
> Page: https://vizora.meequs.com/en/company/nafco
> Retrieved: 2026-09-30T20:24:33.314Z

## Company

Nafco, founded in 1970, is a company in Home Centers listed on TSE Standard. It has 1,227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAFCO Co., Ltd. |
| Ticker | 2790 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2790.T) |
| Listing | TSE Standard |
| Head office | 福岡県北九州市小倉北区魚町二丁目6番10号 |
| Representative (per filing) | 代表取締役社長 石田 卓巳 |
| Founded | Aug 1970 |
| Share capital | ¥3.54B |
| Employees (consolidated) | 1,227 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Corporate number | 7290801002705 |
| EDINET | E03421 |
| Industries (Vizora) | Home Centers, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YJ0H, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 8 |
| Profitability | 15 | 10 |
| Cash conversion | 85 | 10 |
| Efficiency | 5 | 10 |

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 46% of Nafco's sales come from Materials, DIY, and gardening supplies, with Daily commodity and Furniture and home fashion making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -3.7% from the prior year, operating profit +29.2%.

## Company structure

- Segment revenue mix: Materials, DIY, and gardening supplies 46.2%、Daily commodity 26.4%、Furniture and home fashion 17.9%、Other 9.5%
- Revenue → net income: ¥174477000000 → ¥223000000
- Net income → operating cash flow: ¥223000000 → ¥3064000000（difference ¥2841000000）
- Main uses of operating cash flow: CapEx ¥6132000000 / dividends ¥1425000000 / buybacks —
- Change in cash: ¥-6700000000
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 | ¥174.5B |  |
| Operating income | ¥1.64B | Margin 0.9% |
| Net income | ¥223M | Margin 0.1% |
| Free cash flow | -¥3.07B |  |
| Largest business | Materials, DIY, and gardening supplies | of segment revenue 46.2% |
| Employees (consolidated) | 1,227 |  |
| EPS | ¥9.09 |  |
| Book value per share | ¥6217.47 |  |
| Equity ratio | 70.8% |  |
| Shares outstanding | 29,784,400 |  |
| Treasury shares | 5,201,700 |  |
| Shareholders | 11,369 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 4.1% | Cash ÷ revenue 5.1% |
| Vs. industry median margin | -2.3 pp | Home Centers |
| ROE | 0.1% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 13.7× net income
- FY2026, employees -5% while operating income rose 29%
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥234578000000 | ¥174477000000 | -25.6% |
| Operating income | ¥18221000000 | ¥1636000000 | -91.0% |
| Operating margin | 7.8% | 0.9% | -6.8 pp |
| Employees | 1,385 people | 1,227 people | -11.4% |
| Cash and equivalents | ¥38091000000 | ¥8907000000 | -76.6% |

### 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 |
| --- | ---: |
| 資材・DIY・園芸用品 → 資材・DIY・園芸用品 | 44.8% |
| 生活用品 → 生活用品 | 26.4% |
| 生活用品 → 事業再編・廃止 | 0.1% |
| 家具・ホームファッション用品 → 家具・ホームファッション用品 | 17.9% |
| 家具・ホームファッション用品 → 事業再編・廃止 | 2.4% |
| その他 → その他 | 8.4% |
| 新設・再編 → 資材・DIY・園芸用品 | 1.4% |
| 新設・再編 → その他 | 1.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Materials, DIY, and gardening supplies | 5 years | -5.2% | ¥80569000000 | — | 2 |
| Daily commodity | 5 years | -5.8% | ¥46106000000 | — | 2 |
| Furniture and home fashion | 5 years | -8.1% | ¥31217000000 | — | 2 |
| Other | 5 years | -3.4% | ¥16584000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 174,477 | 100.0% | S100YJ0H |
| Cost of revenue | 115,101 | 66.0% | S100YJ0H |
| Gross profit | 59,375 | 34.0% | S100YJ0H |
| SG&A | 58,534 | 33.5% | S100YJ0H |
| Operating income | 1,636 | 0.9% | S100YJ0H |
| Ordinary income | 1,488 | 0.9% | S100YJ0H |
| Pretax income | 708 | 0.4% | S100YJ0H |
| Income tax | 484 | 0.3% | S100YJ0H |
| Net income | 223 | 0.1% | S100YJ0H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 33 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 34.0% → Operating margin 0.9% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.7%; Core profit growth: +29.2%
Operating leverage (core profit growth ÷ revenue growth): -7.95×
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 | 181,133 | 174,477 | -6,656 | -3.7% |
| Gross profit | 61,392 | 59,375 | -2,017 | -3.3% |
| Operating income | 1,266 | 1,636 | 370 | +29.2% |
| Operating cash flow | -709 | 3,064 | 3,773 | — |
| Free cash flow | -6,501 | -3,068 | 3,433 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 217,753 | 8,319 | 3.8% | 4,941 | 11,885 | 6,561 | S100LPWY |
| FY ending Mar 2021 | 234,578 | 18,221 | 7.8% | 11,688 | 24,781 | 20,824 | S100OHGQ |
| FY ending Mar 2022 | 206,549 | 12,002 | 5.8% | 7,961 | 1,180 | -2,378 | S100R66J |
| FY ending Mar 2023 | 202,259 | 9,219 | 4.6% | 5,639 | 9,656 | 6,471 | S100TY7S |
| FY ending Mar 2024 | 192,116 | 5,477 | 2.9% | 3,107 | 9,167 | 4,143 | S100W89S |
| FY ending Mar 2025 | 181,133 | 1,266 | 0.7% | 183 | -709 | -6,501 | S100YJ0H |
| FY ending Mar 2026 | 174,477 | 1,636 | 0.9% | 223 | 3,064 | -3,068 | S100YJ0H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥142.2M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥181.7K |

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) | 1,388 | 1,366 | 1,324 | 1,287 | 1,227 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 39.4 years | 39.7 years | 40.2 years | 40.5 years | 41.7 years |
| Average tenure (parent company) | 17.3 years | 17.6 years | 18.1 years | 18.4 years | 19.1 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) -3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Materials, DIY, and gardening supplies | 80,569 | 46.2% | — | — |
| Daily commodity | 46,106 | 26.4% | — | — |
| Furniture and home fashion | 31,217 | 17.9% | — | — |
| Other | 16,584 | 9.5% | — | — |

### 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 |
| --- | ---: |
| Materials, DIY, and gardening supplies | 46.2% |
| Daily commodity | 26.4% |
| Furniture and home fashion | 17.9% |
| Other | 9.5% |

Segment → industry: Furniture and home fashion → Home Centers / Daily commodity → Home Centers / Materials, DIY, and gardening supplies → Home Centers / Furniture and home fashion → Furniture, Interior & Lifestyle Goods

## 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 | 3,064 | 1.8% | S100YJ0H |
| Capital expenditure | 6,132 | 3.5% | S100YJ0H |
| Free cash flow | -3,068 | -1.8% | 算出 |
| Investing cash flow | -5,837 | -3.3% | S100YJ0H |
| Financing cash flow | -3,926 | -2.3% | S100YJ0H |
| Dividends paid | 1,425 | 0.8% | S100YJ0H |
| Change in cash | -6,700 | -3.8% | S100YJ0H |
| Cash and equivalents | 8,907 | 5.1% | S100YJ0H |

## 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 | 31,218 | 33,230 | 30,104 | 15,607 | 8,907 | S100TY7S, S100W89S, S100YJ0H |
| Total assets | 233,075 | 238,408 | 232,246 | 225,195 | 215,957 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Net assets | 157,763 | 161,813 | 159,361 | 153,956 | 152,842 | S100TY7S, S100W89S, S100YJ0H |
| Share capital | 3,538 | 3,538 | 3,538 | 3,538 | 3,538 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Property, plant and equipment | 118,557 | 119,010 | 119,210 | 120,994 | 117,492 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Intangible assets excluding goodwill | 3,372 | 3,312 | 3,210 | 3,651 | 3,909 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Investment securities | 267 | 283 | 380 | 405 | 532 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Current assets | 100,744 | 105,748 | 99,574 | 90,228 | 84,279 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Current liabilities | 62,545 | 63,190 | 58,445 | 55,703 | 48,324 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Short-term borrowings | 19,585 | 18,925 | 18,820 | 18,355 | 17,695 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Long-term borrowings | 108 | 8 | — | — | — | S100R66J, S100TY7S |
| Total liabilities | 75,312 | 76,594 | 72,885 | 71,239 | 63,115 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Equity attributable to owners of parent | 157,679 | 161,718 | 159,198 | 153,779 | 152,577 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Retained earnings | 152,268 | 156,308 | 157,788 | 156,419 | 155,216 | S100R66J, S100TY7S, S100W89S, S100YJ0H |
| Treasury stock | -2,351 | -2,351 | -6,351 | -10,401 | -10,401 | S100R66J, S100TY7S, S100W89S, S100YJ0H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YJ0H |
| Property, plant and equipment | 54% | S100YJ0H |
| Intangibles and goodwill | 2% | S100YJ0H |
| Investment securities | 0% | S100YJ0H |
| Other assets | 40% | S100YJ0H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YJ0H |
| Equity | 71% | S100YJ0H |

### 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 | 233,075 | 238,408 | 232,246 | 225,195 | 215,957 |
| Equity | 157,763 | 161,813 | 159,361 | 153,956 | 152,842 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 31,218 | 33,230 | 30,104 | 15,607 | 8,907 |

## 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) | 67.3% | S100YJ0H |
| Fixed assets ÷ total assets | 54.4% | S100YJ0H |
| Goodwill ÷ parent equity | — | —, S100YJ0H |

### 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) | 4.1% |
| Cash ÷ revenue | 5.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 187.3% |
| Cash vs. profit gap | 2,841 JPY mn (of net income 1274.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 639.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 190.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.9% | 0.89× | 3.4% | 1.48× | 5.0% | S100R66J |
| 2023 | 2.8% | 0.86× | 2.4% | 1.48× | 3.5% | S100TY7S |
| 2024 | 1.6% | 0.82× | 1.3% | 1.47× | 1.9% | S100W89S |
| 2025 | 0.1% | 0.79× | 0.1% | 1.46× | 0.1% | S100YJ0H |
| 2026 | 0.1% | 0.79× | 0.1% | 1.44× | 0.1% | S100YJ0H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社深勝興産 | Major shareholder | 31.6% | 2026-03-31 |
| THE SFP VALUE REALIZATION MASTER FUND LTD.(常任代理人立花証券株式会社) | Major shareholder | 7.6% | 2026-03-31 |
| 髙野 將光 | Major shareholder | 3.6% | 2026-03-31 |
| 髙野 裕子 | Major shareholder | 3.6% | 2026-03-31 |
| 深町 宏子 | Major shareholder | 3.6% | 2026-03-31 |
| 永野 共世 | Major shareholder | 3.6% | 2026-03-31 |
| 石田 佳子 | Major shareholder | 3.6% | 2026-03-31 |
| 深町 圭司 | Major shareholder | 3.4% | 2026-03-31 |
| 深町 正 | Major shareholder | 3.1% | 2026-03-31 |
| ＴＹＦホールディングス株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YJ0H | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ0H,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W89S | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W89S,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TY7S | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY7S,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R66J | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R66J,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OHGQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHGQ,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LPWY | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPWY,, |

## 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).