# NAGAWA 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62期(2025/04/01－2026/03/31) (S100YBEF)
> Page: https://vizora.meequs.com/en/company/nagawa-co
> Retrieved: 2026-09-30T21:49:24.796Z

## Company

NAGAWA Co ., founded in 1988, is a company in Leasing listed on TSE Prime. It has 552 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAGAWA Co., Ltd. |
| Ticker | 9663 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9663.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目4番1号 |
| Representative (per filing) | 代表取締役社長 濱野 新大 |
| Founded | Oct 1988 |
| Share capital | ¥2.85B |
| Employees (consolidated) | 552 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | group.nagawa.co.jp (https://group.nagawa.co.jp/) |
| Corporate number | 7430001056297 |
| EDINET | E04867 |
| Industries (Vizora) | Leasing, Homebuilders, General Contractors |

> Profile source: annual securities report (S100YBEF, filed 2026-06-15). As of filing

## Key points (generated from figures)

- About 82% of NAGAWA Co .'s sales come from Modular building business, with Prefabricated building and system buildings business and Construction machinery business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit +1.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥35.4B |  |
| Operating income | ¥4.38B | Margin 12.4% |
| Net income | ¥4.44B | Margin 12.5% |
| Free cash flow | — |  |
| Largest business | Modular building business | of segment revenue 82.1% |
| Employees (consolidated) | 552 |  |
| EPS | ¥284.11 |  |
| Book value per share | ¥4467.57 |  |
| Equity ratio | 87.3% |  |
| Shares outstanding | 16,357,214 |  |
| Treasury shares | 857,600 |  |
| Shareholders | 12,125 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 40.6% |
| Vs. industry median margin | +5.3 pp | Leasing |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% 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 | ¥30587000000 | ¥35385000000 | — |
| Operating income | ¥4432000000 | ¥4380000000 | — |
| Operating margin | 14.5% | 12.4% | -2.1 pp |
| Employees | 511 people | 552 people | — |
| Cash and equivalents | ¥12794000000 | ¥14376000000 | — |

### 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 |
| --- | ---: |
| ユニットハウス事業 → ユニットハウス事業 | 41.2% |
| ユニットハウス事業 → 事業再編・廃止 | 41.2% |
| モジュール・システム建築事業 → モジュール・システム建築事業 | 6.9% |
| モジュール・システム建築事業 → 事業再編・廃止 | 6.9% |
| 建設機械レンタル事業 → 建設機械レンタル事業 | 1.9% |
| 建設機械レンタル事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → ユニットハウス事業 | 41.0% |
| 新設・再編 → モジュール・システム建築事業 | 7.6% |
| 新設・再編 → 建設機械レンタル事業 | 1.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Modular building business | — | — | ¥29066000000 | 12.6% | 2 |
| Prefabricated building and system buildings business | — | — | ¥5135000000 | 12.0% | 2 |
| Construction machinery business | — | — | ¥1183000000 | 12.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,385 | 100.0% | S100YBEF |
| Cost of revenue | 21,286 | 60.2% | S100YBEF |
| Gross profit | 14,099 | 39.8% | S100YBEF |
| SG&A | 9,718 | 27.5% | S100YBEF |
| Operating income | 4,380 | 12.4% | S100YBEF |
| Ordinary income | 5,002 | 14.1% | S100YBEF |
| Pretax income | 6,659 | 18.8% | S100YBEF |
| Income tax | 2,222 | 6.3% | S100YBEF |
| Net income | 4,436 | 12.5% | S100YBEF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 28 |
| Operating income | 12 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 39.8% → Operating margin 12.4% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.3%; Core profit growth: +1.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.31×
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 | 35,294 | 35,385 | 91 | +0.3% |
| Gross profit | 13,824 | 14,099 | 275 | +2.0% |
| Operating income | 4,299 | 4,380 | 81 | +1.9% |
| Operating cash flow | 4,386 | 2,658 | -1,728 | -39.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,018 | 3,536 | 12.2% | 2,105 | 2,504 | — | S100LMJ7 |
| FY ending Mar 2021 | 29,384 | 4,282 | 14.6% | 3,036 | 3,145 | — | S100OAID |
| FY ending Mar 2022 | 30,587 | 4,432 | 14.5% | 3,017 | 2,202 | — | S100QYRB |
| FY ending Mar 2023 | 31,652 | 4,308 | 13.6% | 3,130 | 524 | — | S100TN3C |
| FY ending Mar 2024 | 32,576 | 4,260 | 13.1% | 3,119 | 1,140 | — | S100VXUY |
| FY ending Mar 2024 | 32,576 | 4,241 | 13.0% | 3,119 | 1,140 | — | S100TN3C |
| FY ending Mar 2025 | 35,294 | 4,299 | 12.2% | 4,213 | 4,386 | — | S100YBEF |
| FY ending Mar 2026 | 35,385 | 4,380 | 12.4% | 4,436 | 2,658 | — | S100YBEF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.1M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥8M |

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 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 506 | 533 | 533 | 537 | 552 |
| Average salary (parent company) | ¥5.9M | — | ¥5.8M | ¥6M | ¥6.1M |
| Average age (parent company) | 37.8 years | — | 37.6 years | 37.5 years | 38.5 years |
| Average tenure (parent company) | 8.0 years | — | 7.0 years | 8.0 years | 8.0 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Modular building business | 29,066 | 82.1% | 3,663 | 12.6% |
| Prefabricated building and system buildings business | 5,135 | 14.5% | 614 | 12.0% |
| Construction machinery business | 1,183 | 3.3% | 148 | 12.5% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Modular building business | 82.1% | 82.8% | 0.6 | 12.6% |
| Prefabricated building and system buildings business | 14.5% | 13.9% | -0.6 | 12.0% |
| Construction machinery business | 3.3% | 3.3% | 0.0 | 12.5% |

Segment → industry: Construction machinery business → Leasing / Modular building business → Leasing / Modular building business → Homebuilders / Prefabricated building and system buildings business → General Contractors

## 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 | 2,658 | 7.5% | S100YBEF |
| Investing cash flow | 1,998 | 5.6% | S100YBEF |
| Financing cash flow | -1,713 | -4.8% | S100YBEF |
| Dividends paid | 937 | 2.6% | S100YBEF |
| Share buyback | 775 | 2.2% | S100YBEF |
| Change in cash | 2,943 | 8.3% | S100YBEF |
| Cash and equivalents | 14,376 | 40.6% | S100YBEF |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,870 | 7,166 | 7,166 | 11,433 | 14,376 | S100TN3C, S100YBEF |
| Total assets | 58,806 | 66,875 | 66,876 | 69,758 | 79,330 | S100TN3C, S100VXUY, S100YBEF |
| Net assets | 53,480 | 59,806 | 59,725 | 61,672 | 69,245 | S100TN3C, S100YBEF |
| Share capital | 2,855 | 2,855 | 2,855 | 2,855 | 2,855 | S100TN3C, S100VXUY, S100YBEF |
| Property, plant and equipment | 21,777 | 25,243 | 25,243 | 27,402 | 27,961 | S100TN3C, S100VXUY, S100YBEF |
| Intangible assets excluding goodwill | 244 | 228 | 228 | 178 | 195 | S100TN3C, S100VXUY, S100YBEF |
| Goodwill | 30 | 19 | 19 | 8 | — | S100TN3C, S100VXUY, S100YBEF |
| Investment securities | 12,193 | 20,042 | 20,051 | 17,199 | 22,763 | S100TN3C, S100VXUY, S100YBEF |
| Current assets | 23,428 | 20,147 | 20,147 | 23,974 | 27,384 | S100TN3C, S100VXUY, S100YBEF |
| Current liabilities | 5,246 | 5,273 | 5,273 | 6,512 | 6,299 | S100TN3C, S100VXUY, S100YBEF |
| Total liabilities | 5,326 | 7,069 | 7,151 | 8,085 | 10,085 | S100TN3C, S100VXUY, S100YBEF |
| Equity attributable to owners of parent | 52,887 | 55,084 | 55,023 | 57,796 | 60,546 | S100TN3C, S100VXUY, S100YBEF |
| Retained earnings | 42,996 | 45,233 | 45,172 | 48,503 | 52,002 | S100TN3C, S100VXUY, S100YBEF |
| Treasury stock | -1,820 | -2,428 | -2,428 | -2,998 | -3,755 | S100TN3C, S100VXUY, S100YBEF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YBEF |
| Property, plant and equipment | 35% | S100YBEF |
| Intangibles and goodwill | 0% | S100YBEF |
| Investment securities | 29% | S100YBEF |
| Other assets | 18% | S100YBEF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YBEF |
| Equity | 87% | S100YBEF |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 58,806 | 66,875 | 66,876 | 69,758 | 79,330 |
| Equity | 53,480 | 59,806 | 59,725 | 61,672 | 69,245 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,870 | 7,166 | 7,166 | 11,433 | 14,376 |

## 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) | 79.0% | S100YBEF |
| Fixed assets ÷ total assets | 35.2% | S100YBEF |
| Goodwill ÷ parent equity | — | —, S100YBEF |

### 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) | 18.1% |
| Cash ÷ revenue | 40.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.7% |
| Cash vs. profit gap | -1,778 JPY mn (of net income -40.1%) |
| Shareholder returns / net income | 38.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 75.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 9.9% | 0.54× | 5.3% | 1.11× | 5.9% | S100TN3C |
| 2024 | 9.6% | 0.49× | 4.7% | 1.21× | 5.7% | S100YBEF, S100VXUY |
| 2024 | 9.6% | 0.49× | 4.7% | 1.22× | 5.7% | S100TN3C |
| 2025 | 11.9% | 0.51× | 6.0% | 1.21× | 7.3% | S100YBEF |
| 2026 | 12.5% | 0.47× | 6.0% | 1.26× | 7.5% | S100YBEF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 髙橋 修 | Major shareholder | 13.0% | 2026-03-31 |
| THE SFP VALUE REALIZATIONMASTER FUND LIMITED(常任代理人 立花証券株式会社) | Major shareholder | 12.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.2% | 2026-03-31 |
| 髙橋 学 | Major shareholder | 6.5% | 2026-03-31 |
| 菅井 賢志 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 髙橋 悦雄 | Major shareholder | 3.0% | 2026-03-31 |
| 有限会社エヌ・テー商会 | Major shareholder | 2.7% | 2026-03-31 |
| JP MORGAN CHASE BANK （385642）（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YBEF | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBEF,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100VXUY | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXUY,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TN3C | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN3C,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100QYRB | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYRB,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OAID | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAID,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LMJ7 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMJ7,, |

## 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).