# NANKAI PLYWOOD CO.,LTD: 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73期(2025/04/01－2026/03/31) (S100YIWV)
> Page: https://vizora.meequs.com/en/company/nankai-plywood
> Retrieved: 2026-09-30T17:59:37.848Z

## Company

Nankai Plywood, founded in 1955, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 2,348 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NANKAI PLYWOOD CO.,LTD. |
| Ticker | 7887 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7887.T) |
| Listing | TSE Standard |
| Head office | 香川県高松市松福町一丁目15番10号 |
| Representative (per filing) | 代表取締役社長 丸山 徹 |
| Founded | Apr 1955 |
| Share capital | ¥2.12B |
| Employees (consolidated) | 2,348 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Corporate number | 9470001003062 |
| EDINET | E00635 |
| Industries (Vizora) | Plant Engineering & Building Services, Housing Equipment & Building Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIWV, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 56 |
| Profitability | 71.6 | 58 |
| Cash conversion | 57 | 50 |
| Efficiency | 30.2 | 58 |

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 91% of Nankai Plywood's sales come from Lumber-related business, with Electric wire-related business and Piping work-related business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +16.9% from the prior year, operating profit +118.1%.

## Company structure

- Segment revenue mix: Lumber-related business 90.8%、Electric wire-related business 7.5%、Piping work-related business 1.8%
- Revenue → net income: ¥29136268000 → ¥1839064000
- Net income → operating cash flow: ¥1839064000 → ¥2304658000（difference ¥465594000）
- Main uses of operating cash flow: CapEx ¥1244683000 / dividends ¥145287000 / buybacks ¥3046000
- Change in cash: ¥570014000
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 | ¥29.1B |  |
| Operating income | ¥2.1B | Margin 7.2% |
| Net income | ¥1.83B | Margin 6.3% |
| Free cash flow | ¥1.06B |  |
| Largest business | Lumber-related business | of segment revenue 90.8% |
| Employees (consolidated) | 2,348 |  |
| EPS | ¥200.71 |  |
| Book value per share | ¥4413.11 |  |
| Equity ratio | 56.0% |  |
| Shares outstanding | 1,009,000 |  |
| Treasury shares | 40,300 |  |
| Shareholders | 604 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 8.2% | Cash ÷ revenue 13.3% |
| Vs. industry median margin | +2.8 pp | Housing Equipment & Building Materials |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 4.6% | 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 | ¥19407076000 | ¥29136268000 | +50.1% |
| Operating income | ¥1642176000 | ¥2097852000 | +27.7% |
| Operating margin | 8.5% | 7.2% | -1.3 pp |
| Employees | 1,654 people | 2,348 people | +42.0% |
| Cash and equivalents | ¥2327476000 | ¥3884675000 | +66.9% |

### 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 |
| --- | ---: |
| 木材関連事業 → 木材関連事業 | 89.4% |
| 電線関連事業 → 電線関連事業 | 7.5% |
| 電線関連事業 → 事業再編・廃止 | 1.0% |
| 一般管工事関連事業 → 一般管工事関連事業 | 1.8% |
| 一般管工事関連事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 木材関連事業 | 1.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lumber-related business | 5 years | +8.8% | ¥26442259000 | 8.0% | 2 |
| Electric wire-related business | 5 years | +5.8% | ¥2170970000 | 1.6% | 2 |
| Piping work-related business | 5 years | +4.5% | ¥523038000 | 9.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,136 | 100.0% | S100YIWV |
| Cost of revenue | 19,855 | 68.1% | S100YIWV |
| Gross profit | 9,281 | 31.9% | S100YIWV |
| SG&A | 7,183 | 24.7% | S100YIWV |
| Operating income | 2,098 | 7.2% | S100YIWV |
| Ordinary income | 3,400 | 11.7% | S100YIWV |
| Pretax income | 3,241 | 11.1% | S100YIWV |
| Income tax | 1,402 | 4.8% | S100YIWV |
| Net income | 1,839 | 6.3% | S100YIWV |
| Net income attributable to owners | 1,832 | 6.3% | S100YIWV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 25 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 31.9% → Operating margin 7.2% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.9%; Core profit growth: +118.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.98×
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 | 24,921 | 29,136 | 4,215 | +16.9% |
| Gross profit | 7,169 | 9,281 | 2,112 | +29.5% |
| Operating income | 962 | 2,098 | 1,136 | +118.1% |
| Net income attributable to owners | 101 | 1,832 | 1,731 | +1711.7% |
| Operating cash flow | 2,461 | 2,305 | -156 | -6.4% |
| Free cash flow | 551 | 1,060 | 509 | +92.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,732 | 1,724 | 8.7% | 887 | 595 | -550 | S100LN3X |
| FY ending Mar 2021 | 19,407 | 1,642 | 8.5% | 502 | 1,331 | 101 | S100OGZW |
| FY ending Mar 2022 | 21,935 | 2,166 | 9.9% | 1,414 | 1,888 | -233 | S100QZY2 |
| FY ending Mar 2023 | 23,062 | 906 | 3.9% | 1,591 | -1,587 | -3,060 | S100TPGV |
| FY ending Mar 2024 | 23,775 | 848 | 3.6% | 949 | 3,415 | 1,783 | S100W3JE |
| FY ending Mar 2025 | 24,921 | 962 | 3.9% | 101 | 2,461 | 551 | S100YIWV |
| FY ending Mar 2026 | 29,136 | 2,098 | 7.2% | 1,832 | 2,305 | 1,060 | S100YIWV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.4M |
| Operating income per employee (consolidated) | ¥893.5K |
| Net income per employee (consolidated) | ¥780.3K |

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) | 1,862 | 1,931 | 1,810 | 1,780 | 2,348 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.4M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 43.7 years | 43.4 years | 43.5 years | 43.7 years | 44.8 years |
| Average tenure (parent company) | 15.3 years | 15.3 years | 15.6 years | 16.1 years | 16.8 years |

Year over year: Employees (consolidated) +31.9% · Revenue (consolidated) +16.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lumber-related business | 26,442 | 90.8% | 2,104 | 8.0% |
| Electric wire-related business | 2,171 | 7.5% | 34 | 1.6% |
| Piping work-related business | 523 | 1.8% | 52 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Lumber-related business | 90.8% | 96.1% | 5.3 | 8.0% |
| Electric wire-related business | 7.5% | 1.5% | -5.9 | 1.6% |
| Piping work-related business | 1.8% | 2.4% | 0.6 | 9.9% |

Segment → industry: Piping work-related business → Plant Engineering & Building Services / Lumber-related business → Housing Equipment & Building Materials / Electric wire-related business → Specialty Trading & Wholesale

## 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 | 2,305 | 7.9% | S100YIWV |
| Capital expenditure | 1,245 | 4.3% | S100YIWV |
| Free cash flow | 1,060 | 3.6% | 算出 |
| Investing cash flow | -4,938 | -16.9% | S100YIWV |
| Financing cash flow | 3,034 | 10.4% | S100YIWV |
| Dividends paid | 145 | 0.5% | S100YIWV |
| Share buyback | 3 | 0.0% | S100YIWV |
| Change in cash | 570 | 2.0% | S100YIWV |
| Cash and equivalents | 3,885 | 13.3% | S100YIWV |

## 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 | 3,332 | 2,987 | 3,511 | 3,315 | 3,885 | S100TPGV, S100W3JE, S100YIWV |
| Total assets | 27,665 | 31,348 | 32,254 | 32,486 | 47,272 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Net assets | 20,856 | 22,484 | 24,028 | 24,466 | 26,799 | S100TPGV, S100W3JE, S100YIWV |
| Share capital | 2,121 | 2,121 | 2,121 | 2,121 | 2,121 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Property, plant and equipment | 9,051 | 9,104 | 10,249 | 11,097 | 16,679 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Intangible assets excluding goodwill | 230 | 188 | 179 | 134 | 132 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Investment securities | 550 | 578 | 845 | 877 | 1,447 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Current assets | 16,733 | 18,293 | 18,429 | 17,842 | 26,430 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Current liabilities | 5,412 | 5,584 | 5,059 | 5,017 | 10,673 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Trade payables | 1,557 | 1,147 | 979 | 1,081 | 3,555 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Short-term borrowings | 1,520 | 2,907 | 1,970 | 2,062 | 3,815 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Long-term borrowings | 874 | 2,765 | 2,693 | 2,148 | 7,512 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Total liabilities | 6,808 | 8,864 | 8,226 | 8,020 | 20,473 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Non-controlling interests | 3 | 19 | 38 | 53 | 340 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Equity attributable to owners of parent | 20,775 | 22,180 | 22,983 | 22,938 | 24,633 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Retained earnings | 16,930 | 18,326 | 19,130 | 19,086 | 20,773 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |
| Treasury stock | -142 | -134 | -134 | -134 | -132 | S100QZY2, S100TPGV, S100W3JE, S100YIWV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YIWV |
| Property, plant and equipment | 36% | S100YIWV |
| Intangibles and goodwill | 0% | S100YIWV |
| Investment securities | 3% | S100YIWV |
| Other assets | 53% | S100YIWV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIWV |
| Other liabilities | 36% | S100YIWV |
| Equity | 57% | S100YIWV |

### 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 | 27,665 | 31,348 | 32,254 | 32,486 | 47,272 |
| Equity | 20,856 | 22,484 | 24,028 | 24,466 | 26,799 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,332 | 2,987 | 3,511 | 3,315 | 3,885 |

## 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) | 57.2% | S100YIWV |
| Fixed assets ÷ total assets | 35.3% | S100YIWV |
| Goodwill ÷ parent equity | — | —, S100YIWV |

### 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) | 8.2% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.9% |
| Cash vs. profit gap | 472 JPY mn (of net income 25.8%) |
| Shareholder returns / net income | 8.1% |
| Shareholder returns / FCF | 14.0% |
| Shareholder payments — dividends / net income | 7.9% |
| Shareholder payments — dividends / FCF | 13.7% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 214.3% |

## 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 | 6.4% | 0.79× | 5.1% | 1.33× | 6.8% | S100QZY2 |
| 2023 | 6.9% | 0.78× | 5.4% | 1.37× | 7.4% | S100TPGV |
| 2024 | 4.0% | 0.75× | 3.0% | 1.41× | 4.2% | S100W3JE |
| 2025 | 0.4% | 0.77× | 0.3% | 1.41× | 0.4% | S100YIWV |
| 2026 | 6.3% | 0.73× | 4.6% | 1.68× | 7.7% | S100YIWV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 南海興産株式会社 | Major shareholder | 24.9% | 2026-03-31 |
| 公益財団法人南海育英会 | Major shareholder | 16.0% | 2026-03-31 |
| 株式会社百十四銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.8% | 2026-03-31 |
| 小林 茂 | Major shareholder | 3.1% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 四国興業株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社愛媛銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 丸山 徹 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.1% | 2026-03-31 |
| 南海プライウッド従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YIWV | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIWV,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W3JE | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3JE,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TPGV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPGV,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100QZY2 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZY2,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OGZW | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGZW,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LN3X | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN3X,, |

## 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).