# NODA CORPORATION: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第88期(2024/12/01－2025/11/30) (S100XMYW)
> Page: https://vizora.meequs.com/en/company/noda
> Retrieved: 2026-09-30T21:33:56.479Z

## Company

Noda, founded in 1938, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 1,798 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NODA CORPORATION |
| Ticker | 7879 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7879.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区浅草橋5丁目13番6号 |
| Representative (per filing) | 代表取締役社長 野田励 |
| Founded | Jan 1938 |
| Share capital | ¥2.14B |
| Employees (consolidated) | 1,798 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | November |
| Corporate number | 6010501010276 |
| EDINET | E00636 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XMYW, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 56 |
| Profitability | 12.9 | 58 |
| Efficiency | 59.5 | 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 62% of Noda's sales come from Wooden building materials, with Plywood making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -3.5% from the prior year, operating profit -110.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥64.7B |  |
| Operating income | -¥47.5M | Margin -0.1% |
| Net income | -¥829.2M | Margin -1.3% |
| Free cash flow | -¥3.4B |  |
| Largest business | Wooden building materials | of segment revenue 61.5% |
| Employees (consolidated) | 1,798 |  |
| EPS | ¥-17.55 |  |
| Book value per share | ¥866.77 |  |
| Equity ratio | 46.8% |  |
| Shares outstanding | 17,339,200 |  |
| Treasury shares | 1,683,500 |  |
| Shareholders | 4,051 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 29.1% |
| Vs. industry median margin | -4.5 pp | Housing Equipment & Building Materials |
| ROA | -1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥62284019000 | ¥64686719000 | +3.9% |
| Operating income | ¥2788025000 | ¥-47549000 | -101.7% |
| Operating margin | 4.5% | -0.1% | -4.5 pp |
| Employees | 1,739 people | 1,798 people | +3.4% |
| Cash and equivalents | ¥16493631000 | ¥18830728000 | +14.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 住宅建材事業 → 事業再編・廃止 | 62.5% |
| 合板事業 → 合板事業 | 37.5% |
| 新設・再編 → 木質建材事業 | 61.5% |
| 新設・再編 → 合板事業 | 1.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,687 | 100.0% | S100XMYW |
| Cost of revenue | 51,611 | 79.8% | S100XMYW |
| Gross profit | 13,076 | 20.2% | S100XMYW |
| SG&A | 13,123 | 20.3% | S100XMYW |
| Operating income | -48 | -0.1% | S100XMYW |
| Ordinary income | -29 | -0.0% | S100XMYW |
| Pretax income | -554 | -0.9% | S100XMYW |
| Income tax | 131 | 0.2% | S100XMYW |
| Net income | -686 | -1.1% | S100XMYW |
| Net income attributable to owners | -829 | -1.3% | S100XMYW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 20 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 20.2% → Operating margin -0.1% → Net margin -1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 67,039 | 64,687 | -2,353 | -3.5% |
| Gross profit | 13,503 | 13,076 | -427 | -3.2% |
| Operating income | 445 | -48 | -492 | -110.7% |
| Net income attributable to owners | -4,612 | -829 | 3,783 | — |
| Operating cash flow | 3,648 | 1,645 | -2,003 | -54.9% |
| Free cash flow | 811 | -3,400 | -4,211 | -519.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 67,819 | 3,587 | 5.3% | 2,330 | 5,476 | 4,113 | S100KUIS |
| FY ending Nov 2020 | 62,284 | 2,788 | 4.5% | 1,692 | 3,274 | 1,425 | S100NJOT |
| FY ending Nov 2021 | 64,587 | 3,830 | 5.9% | 2,535 | 6,870 | 5,803 | S100QAIL |
| FY ending Nov 2022 | 81,012 | 9,798 | 12.1% | 6,057 | 5,848 | 3,500 | S100SY25 |
| FY ending Nov 2023 | 73,228 | 4,702 | 6.4% | 2,834 | 3,713 | 475 | S100VAPG |
| FY ending Nov 2024 | 67,039 | 445 | 0.7% | -4,612 | 3,648 | 811 | S100XMYW |
| FY ending Nov 2025 | 64,687 | -48 | -0.1% | -829 | 1,645 | -3,400 | S100XMYW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36M |
| Operating income per employee (consolidated) | -¥26.4K |
| Net income per employee (consolidated) | -¥461.2K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,789 | 1,799 | 1,765 | 1,761 | 1,798 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.7M | ¥5.8M | ¥5.7M |
| Average age (parent company) | 43.1 years | 43.4 years | 43.6 years | 44.0 years | 44.2 years |
| Average tenure (parent company) | 18.4 years | 18.7 years | 18.9 years | 19.1 years | 19.2 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) -3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wooden building materials | 39,805 | 61.5% | 809 | 2.0% |
| Plywood | 24,882 | 38.5% | 899 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wooden building materials | 61.5% | 47.4% | -14.2 | 2.0% |
| Plywood | 38.5% | 52.6% | 14.2 | 3.6% |

Segment → industry: Plywood → Housing Equipment & Building Materials / Wooden building materials → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,645 | 2.5% | S100XMYW |
| Capital expenditure | 5,045 | 7.8% | S100XMYW |
| Free cash flow | -3,400 | -5.3% | 算出 |
| Investing cash flow | -5,398 | -8.3% | S100XMYW |
| Financing cash flow | 534 | 0.8% | S100XMYW |
| Dividends paid | 595 | 0.9% | S100XMYW |
| Change in cash | -3,218 | -5.0% | S100XMYW |
| Cash and equivalents | 18,831 | 29.1% | S100XMYW |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 20,225 | 21,472 | 22,345 | 21,740 | 18,831 | S100SY25, S100VAPG, S100XMYW |
| Total assets | 63,999 | 76,632 | 76,371 | 74,182 | 72,807 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Net assets | 33,503 | 40,731 | 44,041 | 38,922 | 39,550 | S100SY25, S100VAPG, S100XMYW |
| Share capital | 2,141 | 2,141 | 2,141 | 2,141 | 2,141 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Trade receivables | 11,834 | — | — | — | — | S100QAIL |
| Property, plant and equipment | 13,692 | 14,779 | 16,120 | 16,562 | 17,757 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Intangible assets excluding goodwill | 869 | 760 | 540 | 350 | 360 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Goodwill | — | — | — | — | 47 | S100XMYW |
| Investment securities | 6,039 | 7,255 | 8,620 | 9,302 | 10,098 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Current assets | 40,877 | 51,395 | 48,802 | 47,180 | 43,667 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Current liabilities | 22,122 | 28,380 | 24,040 | 25,535 | 23,177 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Trade payables | 10,494 | 14,202 | 11,298 | 11,801 | 9,309 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Short-term borrowings | 6,229 | 6,256 | 7,466 | 7,205 | 8,016 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Long-term borrowings | 1,426 | 793 | 1,861 | 2,497 | 3,288 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Bonds | 22 | — | — | — | — | S100QAIL |
| Interest-bearing debt | 7,677 | — | — | — | — | 算出 |
| Total liabilities | 30,496 | 35,902 | 32,330 | 35,260 | 33,257 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Non-controlling interests | 3,422 | 4,627 | 5,240 | 5,413 | 5,493 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Equity attributable to owners of parent | 30,267 | 35,223 | 37,094 | 31,260 | 29,830 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Retained earnings | 26,962 | 32,200 | 34,071 | 28,705 | 27,275 | S100QAIL, S100SY25, S100VAPG, S100XMYW |
| Treasury stock | -424 | -706 | -706 | -1,174 | -1,174 | S100QAIL, S100SY25, S100VAPG, S100XMYW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XMYW |
| Property, plant and equipment | 24% | S100XMYW |
| Intangibles and goodwill | 1% | S100XMYW |
| Investment securities | 14% | S100XMYW |
| Other assets | 35% | S100XMYW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XMYW |
| Other liabilities | 33% | S100XMYW |
| Equity | 54% | S100XMYW |
| Other liabilities | 0% | S100XMYW |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 63,999 | 76,632 | 76,371 | 74,182 | 72,807 |
| Equity | 33,503 | 40,731 | 44,041 | 38,922 | 39,550 |
| Interest-bearing debt | 7,677 | — | — | — | — |
| Cash | 20,225 | 21,472 | 22,345 | 21,740 | 18,831 |

## 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) | 27.5% | S100XMYW |
| Fixed assets ÷ total assets | 24.4% | S100XMYW |
| Goodwill ÷ parent equity | 0.2% | S100XMYW |

### 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) | 25.9% |
| Cash ÷ revenue | 29.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,474 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 328.2% |

## 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 | 3.9% | 1.01× | 4.0% | 2.11× | 8.4% | S100QAIL |
| 2022 | 7.5% | 1.15× | 8.6% | 2.15× | 18.5% | S100SY25 |
| 2023 | 3.9% | 0.96× | 3.7% | 2.12× | 7.8% | S100VAPG |
| 2024 | — | —× | -6.1% | —× | — | S100XMYW |
| 2025 | — | —× | -1.1% | —× | — | S100XMYW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野 田 有 一 | Major shareholder | 17.9% | 2025-11-30 |
| 野 田 周 子 | Major shareholder | 6.5% | 2025-11-30 |
| 三井物産株式会社 | Major shareholder | 4.4% | 2025-11-30 |
| 株式会社静岡銀行 | Major shareholder | 4.1% | 2025-11-30 |
| 株式会社みずほ銀行 | Major shareholder | 3.6% | 2025-11-30 |
| 東京海上日動火災保険株式会社 | Major shareholder | 3.5% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 2.9% | 2025-11-30 |
| 野 田 章 三 | Major shareholder | 2.8% | 2025-11-30 |
| 株式会社ジューテック | Major shareholder | 2.3% | 2025-11-30 |
| 明治安田生命保険相互会社 | Major shareholder | 2.3% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2024/12/01－2025/11/30) | S100XMYW | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMYW,, |
| 有価証券報告書－第87期(2023/12/01－2024/11/30) | S100VAPG | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAPG,, |
| 有価証券報告書－第86期(2022/12/01－2023/11/30) | S100SY25 | 2024-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY25,, |
| 有価証券報告書－第85期(2021/12/01－2022/11/30) | S100QAIL | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAIL,, |
| 有価証券報告書－第84期(令和2年12月1日－令和3年11月30日) | S100NJOT | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJOT,, |
| 有価証券報告書－第83期(令和1年12月1日－令和2年11月30日) | S100KUIS | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUIS,, |

## 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).