# RAIZNEXT Corporation: 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122期(2025/04/01－2026/03/31) (S100YDME)
> Page: https://vizora.meequs.com/en/company/raiznext
> Retrieved: 2026-09-30T20:18:11.905Z

## Company

Raiznext, founded in 1938, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 2,153 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RAIZNEXT Corporation |
| Ticker | 6379 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6379.T) |
| Listing | TSE Prime |
| Head office | 横浜市中区桜木町一丁目1番地8 |
| Representative (per filing) | 代表取締役社長 毛利照彦 |
| Founded | Jul 1938 |
| Share capital | ¥2.75B |
| Employees (consolidated) | 2,153 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | www.raiznext.co.jp (https://www.raiznext.co.jp/) |
| Corporate number | 3020001017402 |
| EDINET | E01577 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YDME, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.7 | 72 |
| Profitability | 44.1 | 76 |
| Cash conversion | 66.9 | 74 |
| Efficiency | 92.8 | 76 |

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)

- Raiznext brought in ¥174.5B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +35.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥174531000000 → ¥10744000000
- Net income → operating cash flow: ¥10744000000 → ¥14388000000（difference ¥3644000000）
- Main uses of operating cash flow: CapEx ¥5193000000 / dividends ¥5451000000 / buybacks ¥0
- Change in cash: ¥2221000000
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 | ¥174.5B |  |
| Operating income | ¥14.7B | Margin 8.4% |
| Net income | ¥10.5B | Margin 6.0% |
| Free cash flow | ¥9.2B |  |
| Employees (consolidated) | 2,153 |  |
| EPS | ¥184.51 |  |
| Book value per share | ¥1578.1 |  |
| Equity ratio | 75.5% |  |
| Shares outstanding | 54,168,053 |  |
| Treasury shares | 159,800 |  |
| Shareholders | 10,043 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 4.8% | Cash ÷ revenue 3.3% |
| Vs. industry median margin | -0.6 pp | Plant Engineering & Building Services |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +39% over five years
- FY2026, employees 0% while operating income rose 36%
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥145914000000 | ¥174531000000 | +19.6% |
| Operating income | ¥10386000000 | ¥14713000000 | +41.7% |
| Operating margin | 7.1% | 8.4% | +1.3 pp |
| Employees | 2,122 people | 2,153 people | +1.5% |
| Cash and equivalents | ¥6686000000 | ¥5797000000 | -13.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 174,531 | 100.0% | S100YDME |
| Cost of revenue | 150,042 | 86.0% | S100YDME |
| Gross profit | 24,488 | 14.0% | S100YDME |
| SG&A | 9,775 | 5.6% | S100YDME |
| Operating income | 14,713 | 8.4% | S100YDME |
| Ordinary income | 14,920 | 8.5% | S100YDME |
| Pretax income | 14,995 | 8.6% | S100YDME |
| Income tax | 4,250 | 2.4% | S100YDME |
| Net income | 10,744 | 6.2% | S100YDME |
| Net income attributable to owners | 10,459 | 6.0% | S100YDME |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 6 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 14.0% → Operating margin 8.4% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +35.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.26×
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 | 157,371 | 174,531 | 17,160 | +10.9% |
| Gross profit | 18,926 | 24,488 | 5,562 | +29.4% |
| Operating income | 10,858 | 14,713 | 3,855 | +35.5% |
| Net income attributable to owners | 8,100 | 10,459 | 2,359 | +29.1% |
| Operating cash flow | -107 | 14,388 | 14,495 | — |
| Free cash flow | -3,560 | 9,195 | 12,755 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 140,579 | 10,040 | 7.1% | 12,258 | -6,385 | -7,544 | S100M64O |
| FY ending Mar 2021 | 145,914 | 10,386 | 7.1% | 7,344 | 8,591 | 7,521 | S100OQOR |
| FY ending Mar 2022 | 129,832 | 10,982 | 8.5% | 7,748 | 11,157 | 8,208 | S100R5RI |
| FY ending Mar 2023 | 140,061 | 10,918 | 7.8% | 7,741 | 10,069 | 8,159 | S100TRFN |
| FY ending Mar 2024 | 140,366 | 9,968 | 7.1% | 7,249 | 3,565 | 1,017 | S100W2AC |
| FY ending Mar 2025 | 157,371 | 10,858 | 6.9% | 8,100 | -107 | -3,560 | S100YDME |
| FY ending Mar 2026 | 174,531 | 14,713 | 8.4% | 10,459 | 14,388 | 9,195 | S100YDME |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.1M |
| Operating income per employee (consolidated) | ¥6.8M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 2,011 | 2,083 | 2,125 | 2,155 | 2,153 |
| Average salary (parent company) | ¥7M | ¥8M | ¥8M | ¥8.3M | ¥9.8M |
| Average age (parent company) | 42.7 years | 42.3 years | 42.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 15.8 years | 15.8 years | 15.6 years | 15.5 years | 15.4 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +10.9%

## 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 | 14,388 | 8.2% | S100YDME |
| Capital expenditure | 5,193 | 3.0% | S100YDME |
| Free cash flow | 9,195 | 5.3% | 算出 |
| Investing cash flow | -5,129 | -2.9% | S100YDME |
| Financing cash flow | -7,017 | -4.0% | S100YDME |
| Dividends paid | 5,451 | 3.1% | S100YDME |
| Share buyback | 0 | 0.0% | S100YDME |
| Change in cash | 2,221 | 1.3% | S100YDME |
| Cash and equivalents | 5,797 | 3.3% | S100YDME |

## 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 | 12,835 | 17,758 | 12,446 | 3,575 | 5,797 | S100TRFN, S100W2AC, S100YDME |
| Total assets | 100,781 | 114,168 | 110,746 | 115,196 | 121,180 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Net assets | 79,342 | 83,283 | 84,123 | 85,654 | 92,629 | S100TRFN, S100W2AC, S100YDME |
| Share capital | 2,754 | 2,754 | 2,754 | 2,754 | 2,754 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Property, plant and equipment | 14,713 | 15,251 | 17,437 | 18,480 | 22,113 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Intangible assets excluding goodwill | 1,251 | 1,874 | 1,883 | 1,684 | 2,112 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Investment securities | 4,329 | 4,268 | 5,252 | 4,711 | 6,406 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Current assets | 78,379 | 90,427 | 84,069 | 87,315 | 88,297 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Current liabilities | 19,180 | 27,822 | 23,364 | 26,414 | 25,906 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Short-term borrowings | 9 | 9 | 0 | 1,500 | — | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Long-term borrowings | 10 | 0 | — | — | — | S100R5RI, S100TRFN |
| Total liabilities | 21,438 | 30,884 | 26,622 | 29,541 | 28,550 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Non-controlling interests | 778 | 806 | 847 | 608 | 1,152 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Equity attributable to owners of parent | 75,659 | 80,158 | 80,151 | 82,015 | 86,860 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Retained earnings | 61,060 | 65,660 | 67,390 | 68,007 | 73,015 | S100R5RI, S100TRFN, S100W2AC, S100YDME |
| Treasury stock | 0 | -101 | -1,833 | -434 | -331 | S100R5RI, S100TRFN, S100W2AC, S100YDME |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YDME |
| Property, plant and equipment | 18% | S100YDME |
| Intangibles and goodwill | 2% | S100YDME |
| Investment securities | 5% | S100YDME |
| Other assets | 70% | S100YDME |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YDME |
| Equity | 76% | S100YDME |
| Other liabilities | 0% | S100YDME |

### 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 | 100,781 | 114,168 | 110,746 | 115,196 | 121,180 |
| Equity | 79,342 | 83,283 | 84,123 | 85,654 | 92,629 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,835 | 17,758 | 12,446 | 3,575 | 5,797 |

## 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) | 12.7% | S100YDME |
| Fixed assets ÷ total assets | 18.2% | S100YDME |
| Goodwill ÷ parent equity | — | —, S100YDME |

### 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) | 4.8% |
| Cash ÷ revenue | 3.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.8% |
| Cash vs. profit gap | 3,929 JPY mn (of net income 37.6%) |
| Shareholder returns / net income | 52.1% |
| Shareholder returns / FCF | 59.3% |
| Shareholder payments — dividends / net income | 52.1% |
| Shareholder payments — dividends / FCF | 59.3% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 35.6% |

## 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 | 6.0% | 1.29× | 7.7% | 1.33× | 10.2% | S100R5RI |
| 2023 | 5.5% | 1.30× | 7.2% | 1.38× | 9.9% | S100TRFN |
| 2024 | 5.2% | 1.25× | 6.4% | 1.40× | 9.0% | S100W2AC |
| 2025 | 5.1% | 1.39× | 7.2% | 1.39× | 10.0% | S100YDME |
| 2026 | 6.0% | 1.48× | 8.8% | 1.40× | 12.4% | S100YDME |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ENEOSホールディングス株式会社 | Major shareholder | 28.8% | 2026-03-31 |
| UH Partners 2 投資事業有限責任組合 | Major shareholder | 9.1% | 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 | 6.9% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| レイズネクスト従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| レイズネクスト取引先持株会 | Major shareholder | 2.4% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社エフティグループ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YDME | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDME,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W2AC | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2AC,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TRFN | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRFN,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R5RI | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5RI,, |
| 訂正有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OQOR | 2022-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OQOR,, |
| 訂正有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100M64O | 2021-08-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M64O,, |

## 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).