# NIHON HOUSE HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/05/01－2026/04/30) (S100YR5P)
> Page: https://vizora.meequs.com/en/company/nihon-house-holdings
> Retrieved: 2026-09-30T19:13:15.063Z

## Company

Nihon House Holdings, founded in 1950, is a company in Homebuilders listed on TSE Prime. It has 891 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON HOUSE HOLDINGS CO., LTD. |
| Ticker | 1873 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1873.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区飯田橋四丁目3番8 |
| Representative (per filing) | 代表取締役会長 成田和幸 |
| Founded | Mar 1950 |
| Share capital | ¥3.87B |
| Employees (consolidated) | 891 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | April |
| Website | www.nihonhouse-hd.co.jp (https://www.nihonhouse-hd.co.jp/) |
| Corporate number | 6400001001397 |
| EDINET | E00197 |
| Industries (Vizora) | Homebuilders, Hotels & Inns |

> Profile source: annual securities report (S100YR5P, filed 2026-07-22). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 71.2 | 26 |
| Cash conversion | 56.3 | 24 |
| Efficiency | 13.5 | 26 |
| Financial strength | 83.3 | 15 |

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 86% of Nihon House Holdings's sales come from Housing, with Hotel making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -15.3% from the prior year, operating profit +1.9%.

## Company structure

- Segment revenue mix: Housing 85.9%、Hotel 14.1%
- Revenue → net income: ¥29618000000 → ¥1360000000
- Net income → operating cash flow: ¥1360000000 → ¥1252000000（difference ¥-108000000）
- Main uses of operating cash flow: CapEx ¥506000000 / dividends ¥440000000 / buybacks —
- Change in cash: ¥926000000
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 | ¥29.6B |  |
| Operating income | ¥2.38B | Margin 8.0% |
| Net income | ¥1.34B | Margin 4.5% |
| Free cash flow | ¥746M |  |
| Largest business | Housing | of segment revenue 85.9% |
| Employees (consolidated) | 891 |  |
| EPS | ¥38.27 |  |
| Book value per share | ¥553.5 |  |
| Equity ratio | 51.4% |  |
| Shares outstanding | 40,000,000 |  |
| Treasury shares | 1,800 |  |
| Shareholders | 15,343 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 15.7% | Net cash -¥3.4B · Cash ÷ revenue 23.6% |
| Vs. industry median margin | +2.6 pp | Homebuilders |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, employees -6% while operating income rose 2%

## What changed in 3 years

| Metric | FY ending Oct 2023 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39103000000 | ¥29618000000 | -24.3% |
| Operating income | ¥973000000 | ¥2380000000 | +144.6% |
| Operating margin | 2.5% | 8.0% | +5.5 pp |
| Employees | 1,045 people | 891 people | -14.7% |
| Cash and equivalents | ¥4804000000 | ¥6980000000 | +45.3% |

### Change in segment revenue mix

Span: FY ending Oct 2023 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 住宅事業 → 住宅事業 | 85.9% |
| 住宅事業 → 事業再編・廃止 | 5.3% |
| ホテル事業 → ホテル事業 | 8.8% |
| 新設・再編 → ホテル事業 | 5.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,618 | 100.0% | S100YR5P |
| Cost of revenue | 16,183 | 54.6% | S100YR5P |
| Gross profit | 13,435 | 45.4% | S100YR5P |
| SG&A | 11,054 | 37.3% | S100YR5P |
| Operating income | 2,380 | 8.0% | S100YR5P |
| Ordinary income | 2,152 | 7.3% | S100YR5P |
| Pretax income | 2,133 | 7.2% | S100YR5P |
| Income tax | 773 | 2.6% | S100YR5P |
| Net income | 1,360 | 4.6% | S100YR5P |
| Net income attributable to owners | 1,340 | 4.5% | S100YR5P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 37 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 45.4% → Operating margin 8.0% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -15.3%; Core profit growth: +1.9%
Operating leverage (core profit growth ÷ revenue growth): -0.13×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,980 | 29,618 | -5,362 | -15.3% |
| Gross profit | 14,701 | 13,435 | -1,266 | -8.6% |
| Operating income | 2,335 | 2,380 | 45 | +1.9% |
| Net income attributable to owners | 1,135 | 1,340 | 205 | +18.1% |
| Operating cash flow | 3,450 | 1,252 | -2,198 | -63.7% |
| Free cash flow | 2,788 | 746 | -2,042 | -73.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2023 | 39,103 | 973 | 2.5% | -47 | 2,520 | 921 | S100U317 |
| FY ending Apr 2024 | 12,890 | -1,274 | -9.9% | -1,244 | -1,403 | -1,639 | S100WDZI |
| FY ending Apr 2025 | 34,980 | 2,335 | 6.7% | 1,135 | 3,450 | 2,788 | S100YR5P |
| FY ending Apr 2026 | 29,618 | 2,380 | 8.0% | 1,340 | 1,252 | 746 | S100YR5P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Oct 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,045 | 1,039 | 951 | 891 |
| Average salary (parent company) | — | ¥5.3M | ¥5.2M | ¥5.6M |
| Average age (parent company) | — | 40.3 years | 41.0 years | 42.0 years |
| Average tenure (parent company) | — | 13.9 years | 12.8 years | 14.9 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) -15.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing | 25,316 | 85.9% | 3,331 | 13.2% |
| Hotel | 4,144 | 14.1% | -373 | -9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Housing | 85.9% | 100.0% | 14.1 | 13.2% |
| Hotel | 14.1% | — | — | -9.0% |

Loss-making segment (excluded from profit shares): Hotel -373 JPY mn

Segment → industry: Housing → Homebuilders / Hotel → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,252 | 4.2% | S100YR5P |
| Capital expenditure | 506 | 1.7% | S100YR5P |
| Free cash flow | 746 | 2.5% | 算出 |
| Investing cash flow | -908 | -3.1% | S100YR5P |
| Financing cash flow | 582 | 2.0% | S100YR5P |
| Dividends paid | 440 | 1.5% | S100YR5P |
| Change in cash | 926 | 3.1% | S100YR5P |
| Cash and equivalents | 6,980 | 23.6% | S100YR5P |

## 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 Oct 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,804 | 5,457 | 6,053 | 6,980 | S100WDZI, S100YR5P |
| Total assets | 43,705 | 43,222 | 42,396 | 44,354 | S100U317, S100WDZI, S100YR5P |
| Net assets | 22,694 | 21,251 | 22,031 | 22,966 | S100WDZI, S100YR5P |
| Share capital | 3,873 | 3,873 | 3,873 | 3,873 | S100U317, S100WDZI, S100YR5P |
| Property, plant and equipment | 27,718 | 27,168 | 26,037 | 25,053 | S100U317, S100WDZI, S100YR5P |
| Intangible assets excluding goodwill | 480 | 459 | 552 | 535 | S100U317, S100WDZI, S100YR5P |
| Investment securities | 241 | 248 | 253 | 283 | S100U317, S100WDZI, S100YR5P |
| Current assets | 12,595 | 11,948 | 12,399 | 14,156 | S100U317, S100WDZI, S100YR5P |
| Current liabilities | 11,194 | 13,209 | 12,633 | 12,706 | S100U317, S100WDZI, S100YR5P |
| Short-term borrowings | 768 | 3,827 | 2,472 | 4,338 | S100U317, S100WDZI, S100YR5P |
| Long-term borrowings | 5,009 | 4,251 | 4,795 | 4,876 | S100U317, S100WDZI, S100YR5P |
| Bonds | 1,760 | 1,640 | — | 1,170 | S100U317, S100WDZI, S100YR5P |
| Interest-bearing debt | 7,537 | 9,718 | — | 10,384 | 算出 |
| Total liabilities | 21,010 | 21,971 | 20,365 | 21,387 | S100U317, S100WDZI, S100YR5P |
| Non-controlling interests | 344 | 354 | 358 | 183 | S100U317, S100WDZI, S100YR5P |
| Equity attributable to owners of parent | 22,259 | 20,814 | 21,558 | 22,458 | S100U317, S100WDZI, S100YR5P |
| Retained earnings | 18,365 | 16,921 | 17,656 | 18,557 | S100U317, S100WDZI, S100YR5P |
| Treasury stock | 0 | 0 | 0 | 0 | S100U317, S100WDZI, S100YR5P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YR5P |
| Property, plant and equipment | 56% | S100YR5P |
| Intangibles and goodwill | 1% | S100YR5P |
| Investment securities | 1% | S100YR5P |
| Other assets | 26% | S100YR5P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 23% | 算出 |
| Other liabilities | 25% | S100YR5P |
| Equity | 52% | S100YR5P |
| Other liabilities | 0% | S100YR5P |

### Balance sheet history

| Metric | FY ending Oct 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 43,705 | 43,222 | 42,396 | 44,354 |
| Equity | 22,694 | 21,251 | 22,031 | 22,966 |
| Interest-bearing debt | 7,537 | 9,718 | — | 10,384 |
| Cash | 4,804 | 5,457 | 6,053 | 6,980 |

## 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) | 84.6% | S100YR5P |
| Fixed assets ÷ total assets | 56.5% | S100YR5P |
| Goodwill ÷ parent equity | — | —, S100YR5P |

### 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) | 15.7% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | -¥3.4B |
| Net debt ÷ operating cash flow | 2.72× |
| Cash conversion (operating CF ÷ operating income) | 52.6% |
| Cash vs. profit gap | -88 JPY mn (of net income -6.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | 59.0% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 72.5% |

## 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 | — | —× | -0.1% | —× | — | S100U317 |
| 2024 | — | —× | -2.9% | —× | — | S100WDZI |
| 2025 | 3.2% | 0.82× | 2.7% | 2.02× | 5.4% | S100YR5P |
| 2026 | 4.5% | 0.68× | 3.1% | 1.97× | 6.1% | S100YR5P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本ハウスホールディングス社員持株会 | Major shareholder | 9.1% | 2026-04-30 |
| 日本マスタートラスト信託銀行㈱（信託口)(注) | Major shareholder | 8.0% | 2026-04-30 |
| ㈱みずほ銀行 | Major shareholder | 3.3% | 2026-04-30 |
| ㈱シーラホールディングス | Major shareholder | 3.2% | 2026-04-30 |
| 日盛会持株会 | Major shareholder | 3.0% | 2026-04-30 |
| みずほ証券㈱ | Major shareholder | 2.4% | 2026-04-30 |
| 日本駐車場開発㈱ | Major shareholder | 2.1% | 2026-04-30 |
| 成田 和幸 | Major shareholder | 2.0% | 2026-04-30 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 1.1% | 2026-04-30 |
| ㈱日本カストディ銀行 （信託口)(注） | Major shareholder | 1.0% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/05/01－2026/04/30) | S100YR5P | 2026-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YR5P,, |
| 有価証券報告書－第57期(2024/05/01－2025/04/30) | S100WDZI | 2025-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDZI,, |
| 有価証券報告書－第56期(2023/11/01－2024/04/30) | S100U317 | 2024-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U317,, |

## 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).