# NIHON DECOLUXE 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68期(2025/04/01－2026/03/31) (S100YI56)
> Page: https://vizora.meequs.com/en/company/nihon-decoluxe
> Retrieved: 2026-09-30T20:26:58.858Z

## Company

Nihon Decoluxe, founded in 1958, is a company in Real Estate Development & Leasing listed on Nagoya. It has 172 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON DECOLUXE CO.,LTD. |
| Ticker | 7950 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7950.T) |
| Listing | Nagoya |
| Head office | 愛知県丹羽郡扶桑町大字柏森字前屋敷10番地 |
| Representative (per filing) | 代表取締役社長 木村 重夫 |
| Founded | Aug 1958 |
| Share capital | ¥2.52B |
| Employees (consolidated) | 172 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.decoluxe.co.jp (https://www.decoluxe.co.jp/) |
| Corporate number | 8180001081246 |
| EDINET | E02407 |
| Industries (Vizora) | Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YI56, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.5 | 56 |
| Profitability | 92.2 | 58 |
| Cash conversion | 67 | 50 |
| Efficiency | 2.6 | 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 94% of Nihon Decoluxe's sales come from building materiais segments, with real estate segments making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +17.4%.

## Company structure

- Segment revenue mix: building materiais segments 93.6%、real estate segments 6.4%
- Revenue → net income: ¥6241889000 → ¥512931000
- Net income → operating cash flow: ¥512931000 → ¥946018000（difference ¥433087000）
- Main uses of operating cash flow: CapEx ¥382107000 / dividends ¥287979000 / buybacks —
- Change in cash: ¥-226412000
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 | ¥6.24B |  |
| Operating income | ¥652.1M | Margin 10.4% |
| Net income | ¥512.9M | Margin 8.2% |
| Free cash flow | ¥563.9M |  |
| Largest business | building materiais segments | of segment revenue 93.6% |
| Employees (consolidated) | 172 |  |
| EPS | ¥657.92 |  |
| Book value per share | ¥20958.18 |  |
| Equity ratio | 87.3% |  |
| Shares outstanding | 893,000 |  |
| Treasury shares | 113,300 |  |
| Shareholders | 367 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 17.6% | Cash ÷ revenue 52.7% |
| Vs. industry median margin | +6 pp | Housing Equipment & Building Materials |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4706569000 | ¥6241889000 | +32.6% |
| Operating income | ¥447405000 | ¥652142000 | +45.8% |
| Operating margin | 9.5% | 10.4% | +0.9 pp |
| Employees | 152 people | 172 people | +13.2% |
| Cash and equivalents | ¥3861823000 | ¥3292348000 | -14.7% |

### 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 |
| --- | ---: |
| 建築材料事業 → 建築材料事業 | 91.8% |
| 不動産事業 → 不動産事業 | 6.4% |
| 不動産事業 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 建築材料事業 | 1.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,242 | 100.0% | S100YI56 |
| Cost of revenue | 4,268 | 68.4% | S100YI56 |
| Gross profit | 1,974 | 31.6% | S100YI56 |
| SG&A | 1,322 | 21.2% | S100YI56 |
| Operating income | 652 | 10.4% | S100YI56 |
| Ordinary income | 766 | 12.3% | S100YI56 |
| Pretax income | 734 | 11.8% | S100YI56 |
| Income tax | 221 | 3.5% | S100YI56 |
| Net income | 513 | 8.2% | S100YI56 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 21 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 31.6% → Operating margin 10.4% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +17.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 33.83×
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 | 6,210 | 6,242 | 32 | +0.5% |
| Gross profit | 1,879 | 1,974 | 95 | +5.0% |
| Operating income | 556 | 652 | 96 | +17.4% |
| Operating cash flow | 760 | 946 | 186 | +24.5% |
| Free cash flow | 604 | 564 | -40 | -6.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,423 | 438 | 8.1% | 328 | 1,063 | 967 | S100LR78 |
| FY ending Mar 2021 | 4,707 | 447 | 9.5% | 310 | 628 | 544 | S100OFIF |
| FY ending Mar 2022 | 4,905 | 341 | 7.0% | 282 | 665 | 608 | S100SO8U |
| FY ending Mar 2023 | 5,634 | 419 | 7.4% | 576 | 286 | 43 | S100TPJF |
| FY ending Mar 2024 | 6,280 | 691 | 11.0% | 523 | 821 | 527 | S100W7HP |
| FY ending Mar 2025 | 6,210 | 556 | 8.9% | 439 | 760 | 604 | S100YI56 |
| FY ending Mar 2026 | 6,242 | 652 | 10.4% | 513 | 946 | 564 | S100YI56 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.3M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥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) | 159 | 165 | 173 | 172 | 172 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥5.6M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 42.5 years | 42.9 years | 43.4 years | 43.6 years | 44.3 years |
| Average tenure (parent company) | 16.6 years | 16.2 years | 15.4 years | 15.3 years | 15.8 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| building materiais segments | 5,841 | 93.6% | 819 | 14.0% |
| real estate segments | 401 | 6.4% | 204 | 50.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| building materiais segments | 93.6% | 80.1% | -13.5 | 14.0% |
| real estate segments | 6.4% | 19.9% | 13.5 | 50.8% |

Segment → industry: real estate segments → Real Estate Development & Leasing / building materiais segments → Housing Equipment & Building Materials

## 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 | 946 | 15.2% | S100YI56 |
| Capital expenditure | 382 | 6.1% | S100YI56 |
| Free cash flow | 564 | 9.0% | 算出 |
| Investing cash flow | -897 | -14.4% | S100YI56 |
| Financing cash flow | -288 | -4.6% | S100YI56 |
| Dividends paid | 288 | 4.6% | S100YI56 |
| Change in cash | -226 | -3.6% | S100YI56 |
| Cash and equivalents | 3,292 | 52.7% | S100YI56 |

## 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 | 4,428 | 5,584 | 5,318 | 3,519 | 3,292 | S100TPJF, S100W7HP, S100YI56 |
| Total assets | 17,010 | 17,528 | 17,929 | 17,972 | 18,725 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Net assets | 15,015 | 15,169 | 15,595 | 15,749 | 16,340 | S100TPJF, S100W7HP, S100YI56 |
| Share capital | 2,515 | 2,515 | 2,515 | 2,515 | 2,515 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Property, plant and equipment | 8,194 | 8,124 | 7,907 | 7,767 | 7,938 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Intangible assets excluding goodwill | 31 | 44 | 49 | 37 | 24 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Investment securities | 1,195 | 418 | 1,209 | 3,362 | 4,252 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Current assets | 7,278 | 8,635 | 8,454 | 6,478 | 6,193 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Current liabilities | 1,311 | 1,753 | 1,621 | 1,455 | 1,457 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Total liabilities | 1,995 | 2,359 | 2,334 | 2,222 | 2,385 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Equity attributable to owners of parent | 14,731 | 15,101 | 15,307 | 15,354 | 15,578 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Retained earnings | 10,393 | 10,763 | 10,969 | 11,115 | 11,340 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |
| Treasury stock | -483 | -483 | -483 | -583 | -583 | S100SO8U, S100TPJF, S100W7HP, S100YI56 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YI56 |
| Property, plant and equipment | 42% | S100YI56 |
| Intangibles and goodwill | 0% | S100YI56 |
| Investment securities | 23% | S100YI56 |
| Other assets | 17% | S100YI56 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YI56 |
| Equity | 87% | S100YI56 |

### 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 | 17,010 | 17,528 | 17,929 | 17,972 | 18,725 |
| Equity | 15,015 | 15,169 | 15,595 | 15,749 | 16,340 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,428 | 5,584 | 5,318 | 3,519 | 3,292 |

## 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) | 127.2% | S100YI56 |
| Fixed assets ÷ total assets | 42.4% | S100YI56 |
| Goodwill ÷ parent equity | — | —, S100YI56 |

### 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) | 17.6% |
| Cash ÷ revenue | 52.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.1% |
| Cash vs. profit gap | 433 JPY mn (of net income 84.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 56.1% |
| Shareholder payments — dividends / FCF | 51.1% |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| Investing CF relative to operating CF | 94.9% |

## 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 | 5.7% | 0.29× | 1.7% | 1.15× | 1.9% | S100SO8U |
| 2023 | 10.2% | 0.33× | 3.3% | 1.16× | 3.9% | S100TPJF |
| 2024 | 8.3% | 0.35× | 3.0% | 1.17× | 3.4% | S100W7HP |
| 2025 | 7.1% | 0.35× | 2.4% | 1.17× | 2.9% | S100YI56 |
| 2026 | 8.2% | 0.34× | 2.8% | 1.19× | 3.3% | S100YI56 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 高平商事株式会社 | Major shareholder | 46.8% | 2026-03-31 |
| 木村重夫 | Major shareholder | 3.4% | 2026-03-31 |
| 木村勇夫 | Major shareholder | 3.4% | 2026-03-31 |
| 有限会社キムラ | Major shareholder | 3.1% | 2026-03-31 |
| 市川由美 | Major shareholder | 2.9% | 2026-03-31 |
| 丹羽淳雄 | Major shareholder | 2.8% | 2026-03-31 |
| 丹羽由一 | Major shareholder | 2.7% | 2026-03-31 |
| 丹羽産業株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 丹羽厚詞 | Major shareholder | 2.0% | 2026-03-31 |
| 瀨戸山咲也香 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YI56 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI56,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W7HP | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7HP,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TPJF | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPJF,, |
| 訂正有価証券報告書－第65期(2022/04/01－2023/03/31) | S100SO8U | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SO8U,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OFIF | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFIF,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LR78 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR78,, |

## 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).