# TAKAHASHI  CURTAIN  WALL  CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/01/01－2025/12/31) (S100XUAO)
> Page: https://vizora.meequs.com/en/company/takahashi-curtain-wall
> Retrieved: 2026-09-30T21:53:05.700Z

## Company

Takahashi Curtain Wall, founded in 1951, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 186 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKAHASHI CURTAIN WALL CORPORATION |
| Ticker | 1994 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1994.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町1丁目5番4号 |
| Representative (per filing) | 代表取締役社長 高橋武治 |
| Founded | Jan 1951 |
| Share capital | ¥100M |
| Employees (consolidated) | 186 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.t-cw.co.jp (https://www.t-cw.co.jp/) |
| Corporate number | 1010001049480 |
| EDINET | E00222 |
| Industries (Vizora) | Real Estate Development & Leasing, Housing Equipment & Building Materials, General Contractors |

> Profile source: annual securities report (S100XUAO, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.4 | 56 |
| Profitability | 25 | 58 |
| Cash conversion | 97 | 50 |
| Efficiency | 11.2 | 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 85% of Takahashi Curtain Wall's sales come from Precast concrete curtain wall, with Aqua and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -21.8% from the prior year, operating profit -81.0%.

## Company structure

- Segment revenue mix: Precast concrete curtain wall 85.2%、Aqua 14.0%、Other 0.8%
- Revenue → net income: ¥7338120000 → ¥190520000
- Net income → operating cash flow: ¥190520000 → ¥2511050000（difference ¥2320530000）
- Main uses of operating cash flow: CapEx ¥373788000 / dividends ¥160080000 / buybacks ¥49900000
- Change in cash: ¥1121483000
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 | ¥7.34B |  |
| Operating income | ¥112.7M | Margin 1.5% |
| Net income | ¥190.5M | Margin 2.6% |
| Free cash flow | ¥2.14B |  |
| Largest business | Precast concrete curtain wall | of segment revenue 85.2% |
| Employees (consolidated) | 186 |  |
| EPS | ¥23.83 |  |
| Book value per share | ¥1362.77 |  |
| Equity ratio | 85.5% |  |
| Shares outstanding | 9,553,011 |  |
| Treasury shares | 1,629,200 |  |
| Shareholders | 2,035 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 29.3% |
| Vs. industry median margin | -2.9 pp | Housing Equipment & Building Materials |
| ROE | 1.8% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 13.2× net income
- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, segment profit share differs by 69 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7367436000 | ¥7338120000 | -0.4% |
| Operating income | ¥838267000 | ¥112686000 | -86.6% |
| Operating margin | 11.4% | 1.5% | -9.8 pp |
| Employees | 184 people | 186 people | +1.1% |
| Cash and equivalents | ¥1912241000 | ¥2150355000 | +12.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| PCカーテンウォール事業 → PCカーテンウォール事業 | 85.2% |
| PCカーテンウォール事業 → 事業再編・廃止 | 7.3% |
| アクア事業 → アクア事業 | 6.6% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → アクア事業 | 7.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Precast concrete curtain wall | 5 years | -1.7% | ¥6249720000 | 0.3% | 2 |
| Aqua | 5 years | +16.0% | ¥1026124000 | 9.3% | 2 |
| Other | 5 years | -1.6% | ¥62276000 | -3.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,338 | 100.0% | S100XUAO |
| Cost of revenue | 6,238 | 85.0% | S100XUAO |
| Gross profit | 1,101 | 15.0% | S100XUAO |
| SG&A | 988 | 13.5% | S100XUAO |
| Operating income | 113 | 1.5% | S100XUAO |
| Ordinary income | 187 | 2.5% | S100XUAO |
| Pretax income | 186 | 2.5% | S100XUAO |
| Income tax | -5 | -0.1% | S100XUAO |
| Net income | 191 | 2.6% | S100XUAO |
| Net income attributable to owners | 191 | 2.6% | S100XUAO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.0% → Operating margin 1.5% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -21.8%; Core profit growth: -81.0%
Operating leverage (core profit growth ÷ revenue growth): 3.72×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,384 | 7,338 | -2,046 | -21.8% |
| Gross profit | 1,515 | 1,101 | -414 | -27.3% |
| Operating income | 594 | 113 | -481 | -81.0% |
| Net income attributable to owners | 373 | 191 | -182 | -48.9% |
| Operating cash flow | -1,855 | 2,511 | 4,366 | — |
| Free cash flow | -1,959 | 2,137 | 4,096 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 16,766 | 2,523 | 15.0% | 1,243 | 2,890 | 2,482 | S100L156 |
| FY ending Dec 2020 | 7,367 | 838 | 11.4% | 902 | -96 | -315 | S100NRML |
| FY ending Dec 2021 | 12,233 | 1,985 | 16.2% | 1,403 | 2,000 | 1,613 | S100QFJP |
| FY ending Dec 2022 | 7,531 | 170 | 2.3% | 152 | -873 | -1,250 | S100T43Q |
| FY ending Dec 2023 | 7,333 | 356 | 4.9% | 302 | 1,519 | 1,235 | S100VH3I |
| FY ending Dec 2024 | 9,384 | 594 | 6.3% | 373 | -1,855 | -1,959 | S100XUAO |
| FY ending Dec 2025 | 7,338 | 113 | 1.5% | 191 | 2,511 | 2,137 | S100XUAO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.5M |
| Operating income per employee (consolidated) | ¥605.8K |
| Net income per employee (consolidated) | ¥1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 192 | 189 | 187 | 192 | 186 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.3M | ¥6.6M | ¥6.7M |
| Average age (parent company) | 42.6 years | 43.3 years | 44.1 years | 44.0 years | 44.6 years |
| Average tenure (parent company) | 13.1 years | 13.5 years | 14.1 years | 14.0 years | 14.9 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) -21.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precast concrete curtain wall | 6,250 | 85.2% | 20 | 0.3% |
| Aqua | 1,026 | 14.0% | 95 | 9.3% |
| Other | 62 | 0.8% | -2 | -3.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precast concrete curtain wall | 85.2% | 17.4% | -67.8 | 0.3% |
| Aqua | 14.0% | 82.6% | 68.6 | 9.3% |
| Other | 0.8% | — | — | -3.9% |

Loss-making segment (excluded from profit shares): Other -2 JPY mn

Segment → industry: Other → Real Estate Development & Leasing / Precast concrete curtain wall → Housing Equipment & Building Materials / Aqua → General Contractors / Precast concrete curtain wall → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,511 | 34.2% | S100XUAO |
| Capital expenditure | 374 | 5.1% | S100XUAO |
| Free cash flow | 2,137 | 29.1% | 算出 |
| Investing cash flow | -374 | -5.1% | S100XUAO |
| Financing cash flow | -1,015 | -13.8% | S100XUAO |
| Dividends paid | 160 | 2.2% | S100XUAO |
| Share buyback | 50 | 0.7% | S100XUAO |
| Change in cash | 1,121 | 15.3% | S100XUAO |
| Cash and equivalents | 2,150 | 29.3% | S100XUAO |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,115 | 1,471 | 2,646 | 1,029 | 2,150 | S100T43Q, S100VH3I, S100XUAO |
| Total assets | 13,932 | 12,325 | 12,710 | 13,877 | 12,629 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Net assets | 10,721 | 10,672 | 10,701 | 10,773 | 10,797 | S100T43Q, S100VH3I, S100XUAO |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Property, plant and equipment | 3,140 | 3,146 | 3,049 | 2,885 | 2,973 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Intangible assets excluding goodwill | 44 | 91 | 83 | 71 | 57 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Investment securities | 187 | 184 | 209 | 222 | 290 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Current assets | 8,558 | 6,946 | 7,383 | 8,692 | 7,257 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Current liabilities | 2,648 | 1,323 | 1,625 | 2,463 | 1,446 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Short-term borrowings | 370 | 344 | 535 | 1,003 | 448 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Long-term borrowings | 271 | 102 | 144 | 326 | 78 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Total liabilities | 3,211 | 1,653 | 2,009 | 3,104 | 1,832 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Equity attributable to owners of parent | 10,709 | 10,662 | 10,675 | 10,738 | 10,718 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Retained earnings | 7,649 | 7,629 | 7,762 | 7,971 | 8,001 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |
| Treasury stock | -324 | -351 | -471 | -616 | -666 | S100QFJP, S100T43Q, S100VH3I, S100XUAO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XUAO |
| Property, plant and equipment | 24% | S100XUAO |
| Intangibles and goodwill | 0% | S100XUAO |
| Investment securities | 2% | S100XUAO |
| Other assets | 57% | S100XUAO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100XUAO |
| Equity | 85% | S100XUAO |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,932 | 12,325 | 12,710 | 13,877 | 12,629 |
| Equity | 10,721 | 10,672 | 10,701 | 10,773 | 10,797 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,115 | 1,471 | 2,646 | 1,029 | 2,150 |

## 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) | 40.5% | S100XUAO |
| Fixed assets ÷ total assets | 23.5% | S100XUAO |
| Goodwill ÷ parent equity | — | —, S100XUAO |

### 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) | 17.0% |
| Cash ÷ revenue | 29.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 2228.4% |
| Cash vs. profit gap | 2,321 JPY mn (of net income 1218.0%) |
| Shareholder returns / net income | 110.2% |
| Shareholder returns / FCF | 9.8% |
| Shareholder payments — dividends / net income | 84.0% |
| Shareholder payments — dividends / FCF | 7.5% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 14.9% |

## 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 | 11.5% | 0.88× | 10.1% | 1.30× | 13.1% | S100QFJP |
| 2022 | 2.0% | 0.57× | 1.2% | 1.23× | 1.4% | S100T43Q |
| 2023 | 4.1% | 0.59× | 2.4% | 1.17× | 2.8% | S100VH3I |
| 2024 | 4.0% | 0.71× | 2.8% | 1.24× | 3.5% | S100XUAO |
| 2025 | 2.6% | 0.55× | 1.4% | 1.24× | 1.8% | S100XUAO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 高 橋 武 治 | Major shareholder | 18.3% | 2025-12-31 |
| 高 橋 敏 男 | Major shareholder | 10.2% | 2025-12-31 |
| 高 橋 宗 敏 | Major shareholder | 6.0% | 2025-12-31 |
| 岩 崎 陽 子 | Major shareholder | 6.0% | 2025-12-31 |
| 高 橋 亜 紀 子 | Major shareholder | 5.4% | 2025-12-31 |
| 高 橋 雅 代 | Major shareholder | 2.2% | 2025-12-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.1% | 2025-12-31 |
| 石 島 郁 美 | Major shareholder | 1.8% | 2025-12-31 |
| 昭和化学工業株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 高 橋 真 治 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/01/01－2025/12/31) | S100XUAO | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUAO,, |
| 有価証券報告書－第60期(2024/01/01－2024/12/31) | S100VH3I | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH3I,, |
| 有価証券報告書－第59期(2023/01/01－2023/12/31) | S100T43Q | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T43Q,, |
| 有価証券報告書－第58期(2022/01/01－2022/12/31) | S100QFJP | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFJP,, |
| 有価証券報告書－第57期(令和3年1月1日－令和3年12月31日) | S100NRML | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRML,, |
| 有価証券報告書－第56期(令和2年1月1日－令和2年12月31日) | S100L156 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L156,, |

## 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).