# NAGAHORI 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65期(2025/04/01－2026/03/31) (S100YJAK)
> Page: https://vizora.meequs.com/en/company/nagahori
> Retrieved: 2026-09-30T22:40:45.313Z

## Company

Nagahori is a company in Electric Power & Gas listed on TSE Standard. It has 484 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAGAHORI CORPORATION |
| Ticker | 8139 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8139.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区上野一丁目15番3号 |
| Representative (per filing) | 代表取締役社長 長堀 慶太 |
| Share capital | ¥5.32B |
| Employees (consolidated) | 484 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.nagahori.co.jp (https://www.nagahori.co.jp/) |
| Corporate number | 9010501010760 |
| EDINET | E02660 |
| Industries (Vizora) | Electric Power & Gas, Watches, Jewelry & Eyewear, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJAK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.5 | 20 |
| Profitability | 47.5 | 20 |
| Cash conversion | 13.2 | 19 |
| Efficiency | 40.5 | 21 |

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 99% of Nagahori's sales come from Jewellery division, with Building for rent buisiness and solar photovoltaic power project making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +28.3% from the prior year, operating profit +138.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥29.4B |  |
| Operating income | ¥1.72B | Margin 5.9% |
| Net income | ¥1.1B | Margin 3.7% |
| Free cash flow | -¥1.82B |  |
| Largest business | Jewellery division | of segment revenue 99.5% |
| Employees (consolidated) | 484 |  |
| EPS | ¥41.6 |  |
| Book value per share | ¥800.26 |  |
| Equity ratio | 45.4% |  |
| Shares outstanding | 16,773,376 |  |
| Treasury shares | 1,438,300 |  |
| Shareholders | 1,167 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 10.5% |
| Vs. industry median margin | -0.8 pp | Watches, Jewelry & Eyewear |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16295195000 | ¥29380132000 | +80.3% |
| Operating income | ¥850000 | ¥1722667000 | +202566.7% |
| Operating margin | 0.0% | 5.9% | +5.9 pp |
| Employees | 580 people | 484 people | -16.6% |
| Cash and equivalents | ¥2975308000 | ¥3086322000 | +3.7% |

### 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 |
| --- | ---: |
| 宝飾事業 → 宝飾事業 | 99.2% |
| 貸ビル事業 → 貸ビル事業 | 0.4% |
| 貸ビル事業 → 事業再編・廃止 | 0.1% |
| 太陽光発電事業 → 太陽光発電事業 | 0.2% |
| 太陽光発電事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 宝飾事業 | 0.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Jewellery division | 5 years | +12.6% | ¥29227199000 | 5.6% | 2 |
| Building for rent buisiness | 5 years | +6.2% | ¥107315000 | 50.0% | 2 |
| solar photovoltaic power project | 5 years | -0.4% | ¥45617000 | 46.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,380 | 100.0% | S100YJAK |
| Cost of revenue | 22,177 | 75.5% | S100YJAK |
| Gross profit | 7,203 | 24.5% | S100YJAK |
| SG&A | 5,481 | 18.7% | S100YJAK |
| Operating income | 1,723 | 5.9% | S100YJAK |
| Ordinary income | 1,592 | 5.4% | S100YJAK |
| Pretax income | 1,534 | 5.2% | S100YJAK |
| Income tax | 433 | 1.5% | S100YJAK |
| Net income | 1,101 | 3.7% | S100YJAK |
| Net income attributable to owners | 1,101 | 3.7% | S100YJAK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.5% → Operating margin 5.9% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.3%; Core profit growth: +138.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.88×
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 | 22,891 | 29,380 | 6,489 | +28.3% |
| Gross profit | 5,678 | 7,203 | 1,525 | +26.9% |
| Operating income | 723 | 1,723 | 1,000 | +138.3% |
| Net income attributable to owners | 406 | 1,101 | 694 | +170.9% |
| Operating cash flow | -973 | -969 | 4 | — |
| Free cash flow | -1,095 | -1,823 | -728 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,691 | 107 | 0.5% | -105 | 704 | 647 | S100LPG1 |
| FY ending Mar 2021 | 16,295 | 1 | 0.0% | -332 | 903 | 807 | S100OK18 |
| FY ending Mar 2022 | 16,927 | 288 | 1.7% | 164 | 670 | 649 | S100R8MD |
| FY ending Mar 2023 | 17,674 | 547 | 3.1% | 61 | -21 | -87 | S100TT4C |
| FY ending Mar 2024 | 21,820 | 1,022 | 4.7% | 520 | -515 | -724 | S100WAUG |
| FY ending Mar 2025 | 22,891 | 723 | 3.2% | 406 | -973 | -1,095 | S100YJAK |
| FY ending Mar 2026 | 29,380 | 1,723 | 5.9% | 1,101 | -969 | -1,823 | S100YJAK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.7M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 527 | 472 | 484 | 474 | 484 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.2M | ¥4.4M | ¥4.6M |
| Average age (parent company) | 47.0 years | 48.0 years | 47.0 years | 47.0 years | 47.0 years |
| Average tenure (parent company) | 13.0 years | 14.0 years | 14.0 years | 13.0 years | 14.0 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +28.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Jewellery division | 29,227 | 99.5% | 1,648 | 5.6% |
| Building for rent buisiness | 107 | 0.4% | 54 | 50.0% |
| solar photovoltaic power project | 46 | 0.2% | 21 | 46.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Jewellery division | 99.5% | 95.7% | -3.8 | 5.6% |
| Building for rent buisiness | 0.4% | 3.1% | 2.8 | 50.0% |
| solar photovoltaic power project | 0.2% | 1.2% | 1.1 | 46.3% |

Segment → industry: solar photovoltaic power project → Electric Power & Gas / Jewellery division → Watches, Jewelry & Eyewear / Building for rent buisiness → Real Estate Development & Leasing

## 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 | -969 | -3.3% | S100YJAK |
| Capital expenditure | 854 | 2.9% | S100YJAK |
| Free cash flow | -1,823 | -6.2% | 算出 |
| Investing cash flow | -990 | -3.4% | S100YJAK |
| Financing cash flow | 2,759 | 9.4% | S100YJAK |
| Dividends paid | 153 | 0.5% | S100YJAK |
| Share buyback | 0 | 0.0% | S100YJAK |
| Change in cash | 799 | 2.7% | S100YJAK |
| Cash and equivalents | 3,086 | 10.5% | S100YJAK |

## 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 | 3,526 | 3,501 | 2,871 | 2,288 | 3,086 | S100TT4C, S100WAUG, S100YJAK |
| Total assets | 23,864 | 24,174 | 25,474 | 26,244 | 31,097 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Net assets | 12,059 | 12,128 | 12,725 | 13,000 | 14,123 | S100TT4C, S100WAUG, S100YJAK |
| Share capital | 5,324 | 5,324 | 5,324 | 5,324 | 5,324 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Trade receivables | 2,583 | 2,803 | 3,061 | 3,480 | 3,680 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Property, plant and equipment | 5,175 | 5,003 | 5,045 | 4,987 | 5,623 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Intangible assets excluding goodwill | 31 | 38 | 46 | 57 | 228 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Investment securities | 1,023 | 1,087 | 1,306 | 1,346 | 1,756 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Current assets | 16,745 | 17,222 | 18,261 | 19,032 | 22,604 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Current liabilities | 10,112 | 10,554 | 11,415 | 12,000 | 15,498 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Trade payables | 775 | 871 | 842 | 812 | 829 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Short-term borrowings | 8,670 | 8,789 | 9,520 | 10,170 | 13,310 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Long-term borrowings | 563 | 447 | 232 | 130 | 94 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Total liabilities | 11,804 | 12,046 | 12,750 | 13,244 | 16,974 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Equity attributable to owners of parent | 12,757 | 12,766 | 13,209 | 13,416 | 14,371 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Retained earnings | 1,639 | 1,648 | 2,092 | 2,299 | 3,253 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |
| Treasury stock | -481 | -482 | -482 | -482 | -482 | S100R8MD, S100TT4C, S100WAUG, S100YJAK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YJAK |
| Receivables | 12% | S100YJAK |
| Property, plant and equipment | 18% | S100YJAK |
| Intangibles and goodwill | 1% | S100YJAK |
| Investment securities | 5% | S100YJAK |
| Other assets | 54% | S100YJAK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJAK |
| Other liabilities | 52% | S100YJAK |
| Equity | 45% | S100YJAK |

### 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 | 23,864 | 24,174 | 25,474 | 26,244 | 31,097 |
| Equity | 12,059 | 12,128 | 12,725 | 13,000 | 14,123 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,526 | 3,501 | 2,871 | 2,288 | 3,086 |

## 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) | 19.1% | S100YJAK |
| Fixed assets ÷ total assets | 18.1% | S100YJAK |
| Goodwill ÷ parent equity | — | —, S100YJAK |

### 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) | 9.9% |
| Cash ÷ revenue | 10.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -56.2% |
| Cash vs. profit gap | -2,069 JPY mn (of net income -188.0%) |
| Shareholder returns / net income | 13.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | — |

## 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 | 1.0% | 0.71× | 0.7% | 1.87× | 1.3% | S100R8MD |
| 2023 | 0.3% | 0.74× | 0.3% | 1.88× | 0.5% | S100TT4C |
| 2024 | 2.4% | 0.88× | 2.1% | 1.91× | 4.0% | S100WAUG |
| 2025 | 1.8% | 0.89× | 1.6% | 1.94× | 3.1% | S100YJAK |
| 2026 | 3.7% | 1.02× | 3.8% | 2.06× | 7.9% | S100YJAK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| リ・ジェネレーション株式会社 | Major shareholder | 11.6% | 2026-03-31 |
| 有限会社エムエフ長堀 | Major shareholder | 7.7% | 2026-03-31 |
| 布山 高士 | Major shareholder | 6.3% | 2026-03-31 |
| 長堀 慶太 | Major shareholder | 5.4% | 2026-03-31 |
| 長堀クリエイト株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 野村株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| Ａｕｇｕｓｔ Ｙｉｅｌｄ Ｌｉｍｉｔｅｄ （常任代理人 Ｗｅａｌｔｈ Ｍａｎａｇｅｍｅｎｔ法律事務所） | Major shareholder | 4.4% | 2026-03-31 |
| 長堀 不二代 | Major shareholder | 4.2% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 3.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/04/01－2026/03/31) | S100YJAK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJAK,, |
| 訂正有価証券報告書－第64期(2024/04/01－2025/03/31) | S100WAUG | 2025-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAUG,, |
| 有価証券報告書－第63期(2023/04/01－2024/03/31) | S100TT4C | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT4C,, |
| 有価証券報告書－第62期(2022/04/01－2023/03/31) | S100R8MD | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8MD,, |
| 有価証券報告書－第61期(令和3年4月1日－令和4年3月31日) | S100OK18 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK18,, |
| 有価証券報告書－第60期(令和2年4月1日－令和3年3月31日) | S100LPG1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPG1,, |

## 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).