# NIPPON KANZAI Holdings 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3期(2025/04/01－2026/03/31) (S100YHX4)
> Page: https://vizora.meequs.com/en/company/nippon-kanzai-holdings
> Retrieved: 2026-09-30T20:34:09.219Z

## Company

NIPPON KANZAI Holdings, founded in 2023, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 8,660 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON KANZAI Holdings Co.,Ltd. |
| Ticker | 9347 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9347.T) |
| Listing | TSE Prime |
| Head office | 兵庫県西宮市六湛寺町9番16号 |
| Representative (per filing) | 代表取締役社長 福田慎太郎 |
| Founded | Apr 2023 |
| Share capital | ¥3B |
| Employees (consolidated) | 8,660 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.nkanzaihd.co.jp (https://www.nkanzaihd.co.jp/) |
| Corporate number | 6140001129629 |
| EDINET | E37788 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Security Services, Waste Management & Recycling |

> Profile source: annual securities report (S100YHX4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82 | 25 |
| Profitability | 28.8 | 26 |
| Cash conversion | 82.7 | 26 |
| Efficiency | 63.5 | 26 |

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 64% of NIPPON KANZAI Holdings's sales come from Building management and operation, with Residential management and operation and Environmental facility management making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +0.1%.

## Company structure

- Segment revenue mix: Building management and operation 64.1%、Residential management and operation 23.3%、Environmental facility management 10.5%、Real estate fund management 2.1%
- Revenue → net income: ¥150258000000 → ¥7490000000
- Net income → operating cash flow: ¥7490000000 → ¥10103000000（difference ¥2613000000）
- Main uses of operating cash flow: CapEx ¥1560000000 / dividends ¥1961000000 / buybacks ¥0
- Change in cash: ¥3328000000
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 | ¥150.3B |  |
| Operating income | ¥8.69B | Margin 5.8% |
| Net income | ¥7.12B | Margin 4.7% |
| Free cash flow | ¥8.54B |  |
| Largest business | Building management and operation | of segment revenue 64.1% |
| Employees (consolidated) | 8,660 |  |
| EPS | ¥168.84 |  |
| Book value per share | ¥1605.13 |  |
| Equity ratio | 69.9% |  |
| Shares outstanding | 41,180,000 |  |
| Treasury shares | 4,859,300 |  |
| Shareholders | 75,467 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 33.9% | Cash ÷ revenue 24.2% |
| Vs. industry median margin | -3.2 pp | Real Estate Brokerage & Management |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, employees -25% while operating income rose 0%
- FY2026, cash is 34% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥122674000000 | ¥150258000000 | +22.5% |
| Operating income | ¥8271000000 | ¥8686000000 | +5.0% |
| Operating margin | 6.7% | 5.8% | -1 pp |
| Employees | 10,876 people | 8,660 people | -20.4% |
| Cash and equivalents | ¥30864000000 | ¥36299000000 | +17.6% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 |
| --- | ---: |
| 建物管理運営事業 → 建物管理運営事業 | 64.1% |
| 建物管理運営事業 → 事業再編・廃止 | 3.0% |
| 住宅管理運営事業 → 住宅管理運営事業 | 17.4% |
| 環境施設管理事業 → 環境施設管理事業 | 10.5% |
| 環境施設管理事業 → 事業再編・廃止 | 1.7% |
| 不動産ファンドマネジメント事業 → 不動産ファンドマネジメント事業 | 2.1% |
| 不動産ファンドマネジメント事業 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 住宅管理運営事業 | 6.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building management and operation | 2 years | +8.4% | ¥94668000000 | 9.4% | 2 |
| Residential management and operation | 2 years | +28.5% | ¥34464000000 | 3.9% | 2 |
| Environmental facility management | 2 years | +3.0% | ¥15473000000 | 14.5% | 2 |
| Real estate fund management | 2 years | -13.0% | ¥3131000000 | 16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 150,258 | 100.0% | S100YHX4 |
| Cost of revenue | 106,832 | 71.1% | S100YHX4 |
| Gross profit | 43,426 | 28.9% | S100YHX4 |
| SG&A | 34,739 | 23.1% | S100YHX4 |
| Operating income | 8,686 | 5.8% | S100YHX4 |
| Ordinary income | 10,507 | 7.0% | S100YHX4 |
| Pretax income | 10,567 | 7.0% | S100YHX4 |
| Income tax | 3,077 | 2.0% | S100YHX4 |
| Net income | 7,490 | 5.0% | S100YHX4 |
| Net income attributable to owners | 7,119 | 4.7% | S100YHX4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.9% → Operating margin 5.8% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +0.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.01×
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 | 139,868 | 150,258 | 10,390 | +7.4% |
| Gross profit | 39,589 | 43,426 | 3,837 | +9.7% |
| Operating income | 8,678 | 8,686 | 8 | +0.1% |
| Net income attributable to owners | 5,829 | 7,119 | 1,290 | +22.1% |
| Operating cash flow | 1,700 | 10,103 | 8,403 | +494.3% |
| Free cash flow | -243 | 8,543 | 8,786 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 122,674 | 8,271 | 6.7% | 5,680 | 5,473 | 5,023 | S100VZ9X |
| FY ending Mar 2025 | 139,868 | 8,678 | 6.2% | 5,829 | 1,700 | -243 | S100YHX4 |
| FY ending Mar 2026 | 150,258 | 8,686 | 5.8% | 7,119 | 10,103 | 8,543 | S100YHX4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.4M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥822.1K |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 10,876 | 11,516 | 8,660 |
| Average salary (parent company) | ¥6.6M | ¥6.7M | ¥6.6M |
| Average age (parent company) | 43.3 years | 43.0 years | 40.5 years |
| Average tenure (parent company) | 10.7 years | 10.6 years | 9.9 years |

Year over year: Employees (consolidated) -24.8% · Revenue (consolidated) +7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building management and operation | 94,668 | 64.1% | 8,929 | 9.4% |
| Residential management and operation | 34,464 | 23.3% | 1,360 | 3.9% |
| Environmental facility management | 15,473 | 10.5% | 2,246 | 14.5% |
| Real estate fund management | 3,131 | 2.1% | 512 | 16.4% |

### 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 management and operation | 64.1% | 68.4% | 4.4 | 9.4% |
| Residential management and operation | 23.3% | 10.4% | -12.9 | 3.9% |
| Environmental facility management | 10.5% | 17.2% | 6.7 | 14.5% |
| Real estate fund management | 2.1% | 3.9% | 1.8 | 16.4% |

Segment → industry: Real estate fund management → Real Estate Development & Leasing / Residential management and operation → Real Estate Brokerage & Management / Building management and operation → Real Estate Brokerage & Management / Building management and operation → Security Services / Environmental facility management → Waste Management & Recycling

## 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 | 10,103 | 6.7% | S100YHX4 |
| Capital expenditure | 1,560 | 1.0% | S100YHX4 |
| Free cash flow | 8,543 | 5.7% | 算出 |
| Investing cash flow | -2,375 | -1.6% | S100YHX4 |
| Financing cash flow | -4,462 | -3.0% | S100YHX4 |
| Dividends paid | 1,961 | 1.3% | S100YHX4 |
| Share buyback | 0 | 0.0% | S100YHX4 |
| Change in cash | 3,328 | 2.2% | S100YHX4 |
| Cash and equivalents | 36,299 | 24.2% | S100YHX4 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 30,864 | 32,970 | 36,299 | S100YHX4 |
| Total assets | 92,645 | 100,803 | 106,987 | S100VZ9X, S100YHX4 |
| Net assets | 69,152 | 70,038 | 75,863 | S100YHX4 |
| Share capital | 3,000 | 3,000 | 3,000 | S100VZ9X, S100YHX4 |
| Property, plant and equipment | 6,948 | 7,899 | 8,219 | S100VZ9X, S100YHX4 |
| Intangible assets excluding goodwill | 3,974 | 9,306 | 9,005 | S100VZ9X, S100YHX4 |
| Goodwill | 2,830 | 5,885 | 6,056 | S100VZ9X, S100YHX4 |
| Investment securities | 18,865 | 11,951 | 12,949 | S100VZ9X, S100YHX4 |
| Current assets | 55,509 | 64,916 | 69,463 | S100VZ9X, S100YHX4 |
| Current liabilities | 17,914 | 20,036 | 21,379 | S100VZ9X, S100YHX4 |
| Trade payables | 8,015 | 7,924 | 9,101 | S100VZ9X, S100YHX4 |
| Total liabilities | 23,492 | 30,765 | 31,123 | S100VZ9X, S100YHX4 |
| Non-controlling interests | 1,020 | 3,352 | 1,044 | S100VZ9X, S100YHX4 |
| Equity attributable to owners of parent | 66,393 | 65,644 | 72,660 | S100VZ9X, S100YHX4 |
| Retained earnings | 62,382 | 66,219 | 71,378 | S100VZ9X, S100YHX4 |
| Treasury stock | -10,328 | -13,057 | -13,057 | S100VZ9X, S100YHX4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YHX4 |
| Property, plant and equipment | 8% | S100YHX4 |
| Intangibles and goodwill | 14% | S100YHX4 |
| Investment securities | 12% | S100YHX4 |
| Other assets | 32% | S100YHX4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YHX4 |
| Other liabilities | 21% | S100YHX4 |
| Equity | 71% | S100YHX4 |
| Other liabilities | 0% | S100YHX4 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 92,645 | 100,803 | 106,987 |
| Equity | 69,152 | 70,038 | 75,863 |
| Interest-bearing debt | — | — | — |
| Cash | 30,864 | 32,970 | 36,299 |

## 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) | 5.5% | S100YHX4 |
| Fixed assets ÷ total assets | 7.7% | S100YHX4 |
| Goodwill ÷ parent equity | 8.3% | S100YHX4 |

### 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) | 33.9% |
| Cash ÷ revenue | 24.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.3% |
| Cash vs. profit gap | 2,984 JPY mn (of net income 41.9%) |
| Shareholder returns / net income | 27.5% |
| Shareholder returns / FCF | 23.0% |
| Shareholder payments — dividends / net income | 27.5% |
| Shareholder payments — dividends / FCF | 23.0% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 23.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 4.6% | 1.32× | 6.1% | 1.40× | 8.6% | S100VZ9X |
| 2025 | 4.2% | 1.45× | 6.0% | 1.47× | 8.8% | S100YHX4 |
| 2026 | 4.7% | 1.45× | 6.9% | 1.50× | 10.3% | S100YHX4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本サービスマスター有限会社 | Major shareholder | 34.6% | 2026-03-31 |
| 福 田 慎太郎 | Major shareholder | 5.7% | 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 | 5.4% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.1% | 2026-03-31 |
| 福 田 武 | Major shareholder | 2.6% | 2026-03-31 |
| 日本管財ホールディングス社員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |
| 日本管財ホールディングス取引先持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社あおぞら銀行 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第3期(2025/04/01－2026/03/31) | S100YHX4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHX4,, |
| 有価証券報告書－第2期(2024/04/01－2025/03/31) | S100VZ9X | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ9X,, |
| 有価証券報告書－第1期(2023/04/01－2024/03/31) | S100TOAL | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOAL,, |

## 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).