# UNISIA HOLDINGS CO.: 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24期(2024/12/01－2025/11/30) (S100XN24)
> Page: https://vizora.meequs.com/en/company/unisia-holdings
> Retrieved: 2026-09-30T22:59:55.041Z

## Company

Unisia Holdings, founded in 2002, is a company in General Contractors listed on TSE Standard. It has 563 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUSHIKATSU TANAKA HOLDINGS CO. |
| Ticker | 3547 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3547.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東五反田一丁目7番6号 |
| Representative (per filing) | 代表取締役会長兼社長 貫 啓二 |
| Founded | Mar 2002 |
| Share capital | ¥306.6M |
| Employees (consolidated) | 563 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | November |
| Website | www.kushi-tanaka.co.jp (https://www.kushi-tanaka.co.jp/) |
| Corporate number | 8010901029204 |
| EDINET | E32592 |
| Industries (Vizora) | General Contractors, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100XN24, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.8 | 56 |
| Profitability | 67.4 | 66 |
| Cash conversion | 55.5 | 55 |
| Efficiency | 88.6 | 66 |

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 83% of Unisia Holdings's sales come from KUSHIKATSU TANAKA CO., with Interior engineering and IngredientsDeliveryToHomeBusinessReportableSegmentsMember making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +25.1% from the prior year, operating profit +39.8%.

## Company structure

- Segment revenue mix: KUSHIKATSU TANAKA CO. 83.1%、Interior engineering 6.8%、IngredientsDeliveryToHomeBusinessReportableSegmentsMember 6.2%、OthersInJapanReportableSegmentsMember 4.0%
- Revenue → net income: ¥21091523000 → ¥755074000
- Net income → operating cash flow: ¥755074000 → ¥2009910000（difference ¥1254836000）
- Main uses of operating cash flow: CapEx ¥833238000 / dividends ¥119458000 / buybacks ¥100000
- Change in cash: ¥1565905000
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 | ¥21.1B |  |
| Operating income | ¥1.19B | Margin 5.6% |
| Net income | ¥744.6M | Margin 3.5% |
| Free cash flow | ¥1.18B |  |
| Largest business | KUSHIKATSU TANAKA CO. | of segment revenue 83.1% |
| Employees (consolidated) | 563 |  |
| EPS | ¥132.71 |  |
| Book value per share | ¥385.49 |  |
| Equity ratio | 42.3% |  |
| Shares outstanding | 9,428,280 |  |
| Treasury shares | 238,200 |  |
| Shareholders | 15,156 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 35.5% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | +1.7 pp | Restaurants & Pubs |
| ROE | 22.7% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, revenue is 4.2× its level five years ago
- FY2025, one segment accounts for 91% of positive segment profit

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8706996000 | ¥21091523000 | +142.2% |
| Operating income | ¥-40677000 | ¥1185761000 | — |
| Operating margin | -0.5% | 5.6% | +6.1 pp |
| Employees | 393 people | 563 people | +43.3% |
| Cash and equivalents | ¥4083952000 | ¥3440998000 | -15.7% |

### 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 |
| --- | ---: |
| 新設・再編 → 串カツ田中 | 83.1% |
| 新設・再編 → 国内その他 | 4.0% |
| 新設・再編 → ハウスミール事業 | 6.2% |
| 新設・再編 → 内装工事事業 | 6.8% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| KUSHIKATSU TANAKA CO. | 2 years | +15.3% | ¥17522150000 | 8.1% | 2 |
| Interior engineering | 2 years | +76.8% | ¥1432015000 | 7.1% | 2 |
| IngredientsDeliveryToHomeBusinessReportableSegmentsMember | — | — | ¥1302610000 | 3.4% | 2 |
| OthersInJapanReportableSegmentsMember | 2 years | +38.9% | ¥834746000 | -22.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,092 | 100.0% | S100XN24 |
| Cost of revenue | 8,811 | 41.8% | S100XN24 |
| Gross profit | 12,281 | 58.2% | S100XN24 |
| SG&A | 11,095 | 52.6% | S100XN24 |
| Operating income | 1,186 | 5.6% | S100XN24 |
| Ordinary income | 1,236 | 5.9% | S100XN24 |
| Pretax income | 934 | 4.4% | S100XN24 |
| Income tax | 179 | 0.8% | S100XN24 |
| Net income | 755 | 3.6% | S100XN24 |
| Net income attributable to owners | 745 | 3.5% | S100XN24 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 52 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 58.2% → Operating margin 5.6% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.1%; Core profit growth: +39.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.59×
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 | 16,864 | 21,092 | 4,227 | +25.1% |
| Gross profit | 10,101 | 12,281 | 2,180 | +21.6% |
| Operating income | 848 | 1,186 | 338 | +39.8% |
| Net income attributable to owners | 380 | 745 | 364 | +95.8% |
| Operating cash flow | 715 | 2,010 | 1,295 | +181.3% |
| Free cash flow | -389 | 1,177 | 1,565 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 10,011 | 605 | 6.0% | 455 | 1,052 | 316 | S100KV7M |
| FY ending Nov 2020 | 8,707 | -41 | -0.5% | -200 | 178 | -436 | S100NKI7 |
| FY ending Nov 2021 | 4,984 | -2,583 | -51.8% | -577 | -223 | -1,067 | S100QAV8 |
| FY ending Nov 2022 | 10,919 | -169 | -1.5% | 743 | 2,600 | 2,053 | S100SYOE |
| FY ending Nov 2023 | 14,073 | 763 | 5.4% | 358 | 860 | 343 | S100VBFG |
| FY ending Nov 2024 | 16,864 | 848 | 5.0% | 380 | 715 | -389 | S100XN24 |
| FY ending Nov 2025 | 21,092 | 1,186 | 5.6% | 745 | 2,010 | 1,177 | S100XN24 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 445 | 436 | 428 | 521 | 563 |
| Average salary (parent company) | ¥4.9M | ¥4.6M | ¥5.2M | ¥5.2M | ¥5.8M |
| Average age (parent company) | 44.0 years | 37.7 years | 39.0 years | 37.8 years | 40.3 years |
| Average tenure (parent company) | 3.7 years | 4.6 years | 4.8 years | 6.4 years | 3.6 years |

Year over year: Employees (consolidated) +8.1% · Revenue (consolidated) +25.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| KUSHIKATSU TANAKA CO. | 17,522 | 83.1% | 1,414 | 8.1% |
| OthersInJapanReportableSegmentsMember | 835 | 4.0% | -190 | -22.8% |
| IngredientsDeliveryToHomeBusinessReportableSegmentsMember | 1,303 | 6.2% | 44 | 3.4% |
| Interior engineering | 1,432 | 6.8% | 102 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| KUSHIKATSU TANAKA CO. | 83.1% | 90.6% | 7.6 | 8.1% |
| OthersInJapanReportableSegmentsMember | 4.0% | — | — | -22.8% |
| IngredientsDeliveryToHomeBusinessReportableSegmentsMember | 6.2% | 2.8% | -3.4 | 3.4% |
| Interior engineering | 6.8% | 6.5% | -0.2 | 7.1% |

Loss-making segment (excluded from profit shares): OthersInJapanReportableSegmentsMember -190 JPY mn

Segment → industry: Interior engineering → General Contractors / OthersInJapanReportableSegmentsMember → Restaurants & Pubs / KUSHIKATSU TANAKA CO. → Restaurants & Pubs / IngredientsDeliveryToHomeBusinessReportableSegmentsMember → Takeout & Delivery Meals

## 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 | 2,010 | 9.5% | S100XN24 |
| Capital expenditure | 833 | 4.0% | S100XN24 |
| Free cash flow | 1,177 | 5.6% | 算出 |
| Investing cash flow | -1,063 | -5.0% | S100XN24 |
| Financing cash flow | 618 | 2.9% | S100XN24 |
| Dividends paid | 119 | 0.6% | S100XN24 |
| Share buyback | 0 | 0.0% | S100XN24 |
| Change in cash | 1,566 | 7.4% | S100XN24 |
| Cash and equivalents | 3,441 | 16.3% | S100XN24 |

## 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 | 1,742 | 3,189 | 2,140 | 1,875 | 3,441 | S100SYOE, S100VBFG, S100XN24 |
| Total assets | 6,724 | 7,603 | 7,010 | 7,345 | 9,686 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Net assets | 1,177 | 1,939 | 2,216 | 2,483 | 4,119 | S100SYOE, S100VBFG, S100XN24 |
| Share capital | 306 | 306 | 307 | 307 | 307 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Property, plant and equipment | 2,434 | 2,251 | 2,154 | 2,682 | 2,990 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Intangible assets excluding goodwill | 12 | 9 | 15 | 13 | 18 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Current assets | 3,211 | 4,173 | 3,607 | 3,526 | 5,186 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Current liabilities | 3,401 | 3,913 | 3,437 | 3,077 | 3,653 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Short-term borrowings | 693 | 533 | 373 | 213 | 53 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Long-term borrowings | 1,641 | 1,224 | 777 | 1,147 | 1,203 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Total liabilities | 5,546 | 5,664 | 4,794 | 4,862 | 5,567 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Non-controlling interests | — | — | 9 | 16 | 26 | S100VBFG, S100XN24 |
| Equity attributable to owners of parent | 1,177 | 1,939 | 2,207 | 2,468 | 4,093 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Retained earnings | 521 | 1,173 | 1,439 | 1,700 | 2,325 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |
| Treasury stock | -478 | -384 | -384 | -384 | -384 | S100QAV8, S100SYOE, S100VBFG, S100XN24 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XN24 |
| Property, plant and equipment | 31% | S100XN24 |
| Intangibles and goodwill | 0% | S100XN24 |
| Other assets | 33% | S100XN24 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XN24 |
| Equity | 43% | S100XN24 |
| Other liabilities | 0% | S100XN24 |

### 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 | 6,724 | 7,603 | 7,010 | 7,345 | 9,686 |
| Equity | 1,177 | 1,939 | 2,216 | 2,483 | 4,119 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,742 | 3,189 | 2,140 | 1,875 | 3,441 |

## 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) | 14.2% | S100XN24 |
| Fixed assets ÷ total assets | 30.9% | S100XN24 |
| Goodwill ÷ parent equity | — | —, S100XN24 |

### 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) | 35.5% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 169.5% |
| Cash vs. profit gap | 1,265 JPY mn (of net income 169.9%) |
| Shareholder returns / net income | 16.1% |
| Shareholder returns / FCF | 10.2% |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | 10.2% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 52.9% |

## 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 | — | —× | -8.6% | —× | — | S100QAV8 |
| 2022 | 6.8% | 1.52× | 10.4% | 4.60× | 47.7% | S100SYOE |
| 2023 | 2.5% | 1.93× | 4.9% | 3.52× | 17.3% | S100VBFG |
| 2024 | 2.3% | 2.35× | 5.3% | 3.07× | 16.3% | S100XN24 |
| 2025 | 3.5% | 2.48× | 8.7% | 2.60× | 22.7% | S100XN24 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ノート | Major shareholder | 33.6% | 2025-11-30 |
| 貫 啓二 | Major shareholder | 8.1% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.6% | 2025-11-30 |
| 田中洋江 | Major shareholder | 3.0% | 2025-11-30 |
| 貫 花音 | Major shareholder | 2.9% | 2025-11-30 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.5% | 2025-11-30 |
| 大和証券株式会社 | Major shareholder | 1.4% | 2025-11-30 |
| MORGAN STANLEY ＆CO.LLC （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.8% | 2025-11-30 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2025-11-30 |
| NORTHERN TRUST CO.（AVFC) RE STATE TEACHERS RETIREMENT SYSTEM OF OHIO （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.6% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/12/01－2025/11/30) | S100XN24 | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN24,, |
| 有価証券報告書－第23期(2023/12/01－2024/11/30) | S100VBFG | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBFG,, |
| 有価証券報告書－第22期(2022/12/01－2023/11/30) | S100SYOE | 2024-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYOE,, |
| 有価証券報告書－第21期(2021/12/01－2022/11/30) | S100QAV8 | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAV8,, |
| 有価証券報告書－第20期(令和2年12月1日－令和3年11月30日) | S100NKI7 | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKI7,, |
| 有価証券報告書－第19期(令和1年12月1日－令和2年11月30日) | S100KV7M | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV7M,, |

## 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).