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

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/03/01－2026/02/28) (S100Y4MW)
> Page: https://vizora.meequs.com/en/company/naito-and
> Retrieved: 2026-09-30T21:38:44.821Z

## Company

Naito& is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 309 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Naito & Co.,Ltd. |
| Ticker | 7624 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7624.T) |
| Listing | TSE Standard |
| Head office | 東京都北区昭和町二丁目1番11号 (上記は登記上の本店所在地であり、令和5年11月6日に本社建替えのため一時移転し、以下「最寄りの連絡場所」にて業務を行っております。) |
| Representative (per filing) | 取締役社長 坂井俊司 |
| Share capital | ¥2.29B |
| Employees (consolidated) | 309 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | February |
| Website | www.naito.net (https://www.naito.net/) |
| Corporate number | 6011501003393 |
| EDINET | E02903 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y4MW, filed 2026-05-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.2 | 179 |
| Profitability | 11.1 | 185 |
| Cash conversion | 58.9 | 179 |
| Efficiency | 86.8 | 185 |

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)

- Naito& brought in ¥43.5B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -13.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥43518000000 → ¥284000000
- Net income → operating cash flow: ¥284000000 → ¥462000000（difference ¥178000000）
- Main uses of operating cash flow: CapEx ¥297000000 / dividends ¥219000000 / buybacks —
- Change in cash: ¥-18000000
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 | ¥43.5B |  |
| Operating income | ¥403M | Margin 0.9% |
| Net income | ¥284M | Margin 0.7% |
| Free cash flow | ¥165M |  |
| Employees (consolidated) | 309 |  |
| EPS | ¥5.32 |  |
| Book value per share | ¥235.62 |  |
| Equity ratio | 74.7% |  |
| Shares outstanding | 54,789,510 |  |
| Treasury shares | 28,200 |  |
| Shareholders | 5,248 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 0.5% | Cash ÷ revenue 0.2% |
| Vs. industry median margin | -1.9 pp | Specialty Trading & Wholesale |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 0% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39145000000 | ¥43518000000 | +11.2% |
| Operating income | ¥190000000 | ¥403000000 | +112.1% |
| Operating margin | 0.5% | 0.9% | +0.4 pp |
| Employees | 344 people | 309 people | -10.2% |
| Cash and equivalents | ¥179000000 | ¥82000000 | -54.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,518 | 100.0% | S100Y4MW |
| Cost of revenue | 38,277 | 88.0% | S100Y4MW |
| Gross profit | 5,240 | 12.0% | S100Y4MW |
| SG&A | 4,836 | 11.1% | S100Y4MW |
| Operating income | 403 | 0.9% | S100Y4MW |
| Ordinary income | 453 | 1.0% | S100Y4MW |
| Pretax income | 453 | 1.0% | S100Y4MW |
| Income tax | 169 | 0.4% | S100Y4MW |
| Net income | 284 | 0.7% | S100Y4MW |
| Net income attributable to owners | 284 | 0.7% | S100Y4MW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 11 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 12.0% → Operating margin 0.9% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -13.1%
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 43,555 | 43,518 | -37 | -0.1% |
| Gross profit | 5,291 | 5,240 | -51 | -1.0% |
| Operating income | 464 | 403 | -61 | -13.1% |
| Net income attributable to owners | 314 | 284 | -30 | -9.6% |
| Operating cash flow | 1,158 | 462 | -696 | -60.1% |
| Free cash flow | 1,004 | 165 | -839 | -83.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 46,467 | 836 | 1.8% | 686 | 1,129 | 765 | S100LDMY |
| FY ending Feb 2021 | 39,145 | 190 | 0.5% | 274 | 1,848 | 1,275 | S100O3L1 |
| FY ending Feb 2022 | 43,622 | 628 | 1.4% | 448 | 92 | -140 | S100QSQF |
| FY ending Feb 2023 | 44,457 | 886 | 2.0% | 732 | 442 | 320 | S100U427 |
| FY ending Feb 2024 | 44,064 | 505 | 1.1% | 345 | 101 | -293 | S100VRYR |
| FY ending Feb 2025 | 43,555 | 464 | 1.1% | 314 | 1,158 | 1,004 | S100Y4MW |
| FY ending Feb 2026 | 43,518 | 403 | 0.9% | 284 | 462 | 165 | S100Y4MW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥140.8M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥919.1K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 336 | 333 | 330 | 319 | 309 |
| Average salary (parent company) | ¥5.7M | ¥5.5M | ¥5.9M | ¥5.5M | ¥5.8M |
| Average age (parent company) | 42.2 years | 42.4 years | 43.4 years | 43.9 years | 44.7 years |
| Average tenure (parent company) | 17.9 years | 18.2 years | 19.1 years | 19.2 years | 19.9 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) -0.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 462 | 1.1% | S100Y4MW |
| Capital expenditure | 297 | 0.7% | S100Y4MW |
| Free cash flow | 165 | 0.4% | 算出 |
| Investing cash flow | -290 | -0.7% | S100Y4MW |
| Financing cash flow | -190 | -0.4% | S100Y4MW |
| Dividends paid | 219 | 0.5% | S100Y4MW |
| Change in cash | -18 | -0.0% | S100Y4MW |
| Cash and equivalents | 82 | 0.2% | S100Y4MW |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 176 | 174 | 125 | 101 | 82 | S100U427, S100VRYR, S100Y4MW |
| Total assets | 17,174 | 17,187 | 17,779 | 17,226 | 17,586 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Net assets | 12,222 | 12,663 | 12,826 | 12,911 | 13,138 | S100U427, S100VRYR, S100Y4MW |
| Share capital | 2,291 | 2,291 | 2,291 | 2,291 | 2,291 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Trade receivables | 7,660 | 7,503 | 7,052 | 6,535 | 5,733 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Inventories | 4,276 | 4,295 | 4,933 | 4,874 | 5,093 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Property, plant and equipment | 131 | 134 | 290 | 288 | 305 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Intangible assets excluding goodwill | 947 | 807 | 779 | 659 | 520 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Investment securities | 386 | 252 | 273 | 284 | 366 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Current assets | 14,068 | 14,292 | 14,673 | 14,207 | 14,501 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Current liabilities | 4,830 | 4,398 | 4,794 | 4,158 | 4,306 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Trade payables | 3,529 | 3,045 | 3,435 | 3,236 | 3,511 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Short-term borrowings | 710 | 356 | 876 | 73 | 101 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Total liabilities | 4,952 | 4,523 | 4,953 | 4,315 | 4,448 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Equity attributable to owners of parent | 12,068 | 12,637 | 12,763 | 12,858 | 12,923 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Retained earnings | 7,502 | 8,070 | 8,197 | 8,292 | 8,357 | S100QSQF, S100U427, S100VRYR, S100Y4MW |
| Treasury stock | -10 | -10 | -10 | -10 | -10 | S100QSQF, S100U427, S100VRYR, S100Y4MW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 0% | S100Y4MW |
| Receivables | 33% | S100Y4MW |
| Inventories | 29% | S100Y4MW |
| Property, plant and equipment | 2% | S100Y4MW |
| Intangibles and goodwill | 3% | S100Y4MW |
| Investment securities | 2% | S100Y4MW |
| Other assets | 31% | S100Y4MW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 20% | S100Y4MW |
| Other liabilities | 5% | S100Y4MW |
| Equity | 75% | S100Y4MW |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,174 | 17,187 | 17,779 | 17,226 | 17,586 |
| Equity | 12,222 | 12,663 | 12,826 | 12,911 | 13,138 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 176 | 174 | 125 | 101 | 82 |

## 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) | 0.7% | S100Y4MW |
| Fixed assets ÷ total assets | 1.7% | S100Y4MW |
| Goodwill ÷ parent equity | — | —, S100Y4MW |

### 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) | 0.5% |
| Cash ÷ revenue | 0.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.6% |
| Cash vs. profit gap | 178 JPY mn (of net income 62.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 77.1% |
| Shareholder payments — dividends / FCF | 132.7% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 62.8% |

## 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% | 2.54× | 2.6% | 1.42× | 3.7% | S100QSQF |
| 2023 | 1.6% | 2.59× | 4.3% | 1.39× | 5.9% | S100U427 |
| 2024 | 0.8% | 2.52× | 2.0% | 1.38× | 2.7% | S100VRYR |
| 2025 | 0.7% | 2.49× | 1.8% | 1.37× | 2.5% | S100Y4MW |
| 2026 | 0.7% | 2.50× | 1.6% | 1.35× | 2.2% | S100Y4MW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡谷鋼機株式会社 | Major shareholder | 45.6% | 2026-02-28 |
| ユニオンツール株式会社 | Major shareholder | 5.1% | 2026-02-28 |
| 株式会社タンガロイ | Major shareholder | 5.1% | 2026-02-28 |
| ＮａＩＴＯ取引先持株会 | Major shareholder | 4.1% | 2026-02-28 |
| 京セラ株式会社 | Major shareholder | 3.8% | 2026-02-28 |
| 株式会社不二越 | Major shareholder | 2.6% | 2026-02-28 |
| 日東工器株式會社 | Major shareholder | 2.6% | 2026-02-28 |
| ＢＩＧ ＤＡＩＳＨＯＷＡ株式会社 | Major shareholder | 2.6% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-02-28 |
| ＳＭＣ株式会社 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/03/01－2026/02/28) | S100Y4MW | 2026-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4MW,, |
| 有価証券報告書－第74期(2024/03/01－2025/02/28) | S100VRYR | 2025-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRYR,, |
| 訂正有価証券報告書－第73期(2023/03/01－2024/02/29) | S100U427 | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U427,, |
| 有価証券報告書－第72期(2022/03/01－2023/02/28) | S100QSQF | 2023-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSQF,, |
| 有価証券報告書－第71期(令和3年3月1日－令和4年2月28日) | S100O3L1 | 2022-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3L1,, |
| 有価証券報告書－第70期(令和2年3月1日－令和3年2月28日) | S100LDMY | 2021-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDMY,, |

## 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).