# Nissou Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2024/08/01－2025/07/31) (S100WX6F)
> Page: https://vizora.meequs.com/en/company/nissou
> Retrieved: 2026-09-30T21:34:41.764Z

## Company

Nissou, founded in 1988, is a company in Homebuilders listed on TSE Growth. It has 104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nissou Co.,Ltd. |
| Ticker | 1444 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1444.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区経堂一丁目8番17号 |
| Representative (per filing) | 代表取締役社長 前田 浩 |
| Founded | Sep 1988 |
| Share capital | ¥349.8M |
| Employees (consolidated) | 104 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | July |
| Website | reform-nisso.co.jp (https://reform-nisso.co.jp/) |
| Corporate number | 3010901009251 |
| EDINET | E33910 |
| Industries (Vizora) | Homebuilders, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100WX6F, filed 2025-10-28). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.5 | 26 |
| Cash conversion | 22.9 | 24 |
| Efficiency | 78.8 | 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 91% of Nissou's sales come from Remodeling Business, with Constructing Detached House Business and Real Estate Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +12.8% from the prior year, operating profit +28.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.28B |  |
| Operating income | ¥72.7M | Margin 1.4% |
| Net income | ¥202.7M | Margin 3.8% |
| Free cash flow | -¥88.8M |  |
| Largest business | Remodeling Business | of segment revenue 90.7% |
| Employees (consolidated) | 104 |  |
| EPS | ¥191.55 |  |
| Book value per share | ¥1620.86 |  |
| Equity ratio | 49.3% |  |
| Shares outstanding | 1,088,700 |  |
| Treasury shares | 1,600 |  |
| Shareholders | 600 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 54.3% | Cash ÷ revenue 35.6% |
| Vs. industry median margin | -4 pp | Homebuilders |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 89% of positive segment profit
- FY2025, cash is 54% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2729495000 | ¥5279959000 | — |
| Operating income | ¥197084000 | ¥72700000 | — |
| Operating margin | 7.2% | 1.4% | -5.8 pp |
| Employees | 45 people | 104 people | — |
| Cash and equivalents | ¥720186000 | ¥1878851000 | — |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → リフォーム事業 | 90.7% |
| 新設・再編 → 不動産流通事業 | 3.7% |
| 新設・再編 → 不動産建設事業 | 5.6% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Remodeling Business | 2 years | +8.8% | ¥4787928000 | 1.7% | 2 |
| Constructing Detached House Business | — | — | ¥294638000 | -7.9% | 2 |
| Real Estate Business | 2 years | +27.3% | ¥197391000 | 5.3% | 2 |

## Income statement（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,280 | 100.0% | S100WX6F |
| Cost of revenue | 3,966 | 75.1% | S100WX6F |
| Gross profit | 1,314 | 24.9% | S100WX6F |
| SG&A | 1,241 | 23.5% | S100WX6F |
| Operating income | 73 | 1.4% | S100WX6F |
| Ordinary income | 70 | 1.3% | S100WX6F |
| Pretax income | 343 | 6.5% | S100WX6F |
| Income tax | 140 | 2.7% | S100WX6F |
| Net income | 203 | 3.8% | S100WX6F |
| Net income attributable to owners | 203 | 3.8% | S100WX6F |

## Per ¥100 of revenue（FY ending Jul 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 24 |
| Operating income | 1 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.9% → Operating margin 1.4% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.8%; Core profit growth: +28.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,679 | 5,280 | 601 | +12.8% |
| Gross profit | 1,072 | 1,314 | 241 | +22.5% |
| Operating income | 56 | 73 | 16 | +28.9% |
| Net income attributable to owners | 25 | 203 | 178 | +705.8% |
| Operating cash flow | -68 | -60 | 9 | — |
| Free cash flow | -79 | -89 | -9 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 2,215 | 159 | 7.2% | 113 | 173 | 161 | S100JYVM |
| FY ending Jul 2020 | 2,729 | 197 | 7.2% | 125 | 137 | 119 | S100MOAA |
| FY ending Jul 2021 | 2,788 | 158 | 5.7% | 102 | 54 | -8 | S100PEJO |
| FY ending Jul 2022 | 3,505 | 220 | 6.3% | 137 | 133 | 100 | S100PEJO |
| FY ending Jul 2023 | 4,167 | 148 | 3.6% | 69 | 68 | 45 | S100UL6W |
| FY ending Jul 2024 | 4,679 | 56 | 1.2% | 25 | -68 | -79 | S100WX6F |
| FY ending Jul 2025 | 5,280 | 73 | 1.4% | 203 | -60 | -89 | S100WX6F |

## People and productivity（FY ending Jul 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.8M |
| Operating income per employee (consolidated) | ¥699K |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 52 | 57 | 87 | 92 | 104 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6M | ¥6M | ¥6.1M |
| Average age (parent company) | 40.3 years | 40.2 years | 40.5 years | 40.8 years | 40.2 years |
| Average tenure (parent company) | 4.9 years | 5.3 years | 5.1 years | 5.5 years | 5.2 years |

Year over year: Employees (consolidated) +13.0% · Revenue (consolidated) +12.8%

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Remodeling Business | 4,788 | 90.7% | 83 | 1.7% |
| Real Estate Business | 197 | 3.7% | 11 | 5.3% |
| Constructing Detached House Business | 295 | 5.6% | -23 | -7.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Remodeling Business | 90.7% | 88.8% | -1.9 | 1.7% |
| Real Estate Business | 3.7% | 11.2% | 7.5 | 5.3% |
| Constructing Detached House Business | 5.6% | — | — | -7.9% |

Loss-making segment (excluded from profit shares): Constructing Detached House Business -23 JPY mn

Segment → industry: Constructing Detached House Business → Homebuilders / Remodeling Business → Homebuilders / Real Estate Business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -60 | -1.1% | S100WX6F |
| Capital expenditure | 29 | 0.6% | S100WX6F |
| Free cash flow | -89 | -1.7% | 算出 |
| Investing cash flow | 570 | 10.8% | S100WX6F |
| Financing cash flow | 33 | 0.6% | S100WX6F |
| Share buyback | 0 | 0.0% | S100WX6F |
| Change in cash | 543 | 10.3% | S100WX6F |
| Cash and equivalents | 1,879 | 35.6% | S100WX6F |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 711 | 1,007 | 1,155 | 1,336 | 1,879 | S100PEJO, S100WX6F |
| Total assets | 1,255 | 1,690 | 2,491 | 2,767 | 3,457 | S100PEJO, S100UL6W, S100WX6F |
| Net assets | 1,009 | 1,347 | 1,479 | 1,501 | 1,704 | S100PEJO, S100WX6F |
| Share capital | 216 | 317 | 350 | 350 | 350 | S100PEJO, S100UL6W, S100WX6F |
| Property, plant and equipment | 73 | 89 | 186 | 181 | 262 | S100PEJO, S100UL6W, S100WX6F |
| Intangible assets excluding goodwill | 14 | 20 | 38 | 51 | 63 | S100PEJO, S100UL6W, S100WX6F |
| Goodwill | — | — | 27 | 41 | 56 | S100UL6W, S100WX6F |
| Investment securities | — | — | 38 | 33 | 142 | S100UL6W, S100WX6F |
| Current assets | 1,148 | 1,567 | 1,845 | 2,125 | 2,921 | S100PEJO, S100UL6W, S100WX6F |
| Current liabilities | 245 | 343 | 909 | 1,114 | 1,435 | S100PEJO, S100UL6W, S100WX6F |
| Short-term borrowings | — | — | 400 | 600 | 661 | S100UL6W, S100WX6F |
| Long-term borrowings | — | — | 88 | 131 | 293 | S100UL6W, S100WX6F |
| Total liabilities | 246 | 344 | 1,012 | 1,266 | 1,754 | S100PEJO, S100UL6W, S100WX6F |
| Equity attributable to owners of parent | 1,009 | 1,347 | 1,482 | 1,507 | 1,710 | S100PEJO, S100UL6W, S100WX6F |
| Retained earnings | 677 | 814 | 883 | 908 | 1,111 | S100PEJO, S100UL6W, S100WX6F |
| Treasury stock | -0 | -0 | -0 | -1 | -1 | S100PEJO, S100UL6W, S100WX6F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100WX6F |
| Property, plant and equipment | 8% | S100WX6F |
| Intangibles and goodwill | 3% | S100WX6F |
| Investment securities | 4% | S100WX6F |
| Other assets | 31% | S100WX6F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100WX6F |
| Equity | 49% | S100WX6F |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,255 | 1,690 | 2,491 | 2,767 | 3,457 |
| Equity | 1,009 | 1,347 | 1,479 | 1,501 | 1,704 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 711 | 1,007 | 1,155 | 1,336 | 1,879 |

## 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) | 5.0% | S100WX6F |
| Fixed assets ÷ total assets | 7.6% | S100WX6F |
| Goodwill ÷ parent equity | 3.3% | S100WX6F |

### 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) | 54.3% |
| Cash ÷ revenue | 35.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -81.9% |
| Cash vs. profit gap | -262 JPY mn (of net income -129.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.7% | 2.22× | 8.1% | 1.24× | 10.1% | S100PEJO |
| 2022 | 3.9% | 2.38× | 9.3% | 1.25× | 11.6% | S100PEJO |
| 2023 | 1.7% | 1.67× | 2.8% | 1.68× | 4.7% | S100UL6W |
| 2024 | 0.5% | 1.78× | 1.0% | 1.76× | 1.7% | S100WX6F |
| 2025 | 3.8% | 1.70× | 6.5% | 1.93× | 12.6% | S100WX6F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 前田 浩 | Major shareholder | 51.2% | 2025-07-31 |
| 前田 供子 | Major shareholder | 5.3% | 2025-07-31 |
| 遠藤 裕三 | Major shareholder | 0.6% | 2025-07-31 |
| チェスナットヒルズ合同会社 | Major shareholder | 0.5% | 2025-07-31 |
| 野澤 清晴 | Major shareholder | 0.4% | 2025-07-31 |
| 細谷 光弘 | Major shareholder | 0.3% | 2025-07-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.3% | 2025-07-31 |
| 花井 栄治 | Major shareholder | 0.3% | 2025-07-31 |
| 杉浦 美智 | Major shareholder | 0.3% | 2025-07-31 |
| 金子 武弘 | Major shareholder | 0.3% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2024/08/01－2025/07/31) | S100WX6F | 2025-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX6F,, |
| 有価証券報告書－第36期(2023/08/01－2024/07/31) | S100UL6W | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL6W,, |
| 有価証券報告書－第35期(2022/08/01－2023/07/31) | S100S3FO | 2023-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3FO,, |
| 有価証券報告書－第34期(令和3年8月1日－令和4年7月31日) | S100PEJO | 2022-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEJO,, |
| 有価証券報告書－第33期(令和2年8月1日－令和3年7月31日) | S100MOAA | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOAA,, |
| 有価証券報告書－第32期(令和1年8月1日－令和2年7月31日) | S100JYVM | 2020-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYVM,, |

## 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).