# WADAKOHSAN CORPORATION: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第60期(2025/03/01－2026/02/28) (S100Y62K)
> Page: https://vizora.meequs.com/en/company/wadakohsan
> Retrieved: 2026-09-30T22:12:10.841Z

## Company

Wadakohsan, founded in 1966, is a company in Homebuilders listed on TSE Standard. It has 125 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WADAKOHSAN CORPORATION |
| Ticker | 8931 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8931.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区栄町通四丁目2番13号 |
| Representative (per filing) | 代表取締役社長 溝本 俊哉 |
| Founded | Dec 1966 |
| Share capital | ¥1.4B |
| Employees (consolidated) | 125 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | February |
| Website | www.wadakohsan.co.jp (https://www.wadakohsan.co.jp/) |
| Corporate number | 9140001017079 |
| EDINET | E04029 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Condominium Developers |

> Profile source: annual securities report (S100Y62K, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.2 | 21 |
| Profitability | 78 | 25 |
| Cash conversion | 22 | 25 |
| Efficiency | 18 | 25 |
| Financial strength | 53.6 | 14 |

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 81% of Wadakohsan's sales come from Condominium sales, with Rent income of real estate and Other real estate sales making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit -5.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥42.1B |  |
| Operating income | ¥4.99B | Margin 11.8% |
| Net income | ¥2.62B | Margin 6.2% |
| Free cash flow | -¥11.9B |  |
| Largest business | Condominium sales | of segment revenue 81.1% |
| Employees (consolidated) | 125 |  |
| EPS | ¥239.44 |  |
| Book value per share | ¥3168.72 |  |
| Equity ratio | 30.7% |  |
| Shares outstanding | 11,100,000 |  |
| Treasury shares | 75,500 |  |
| Shareholders | 5,673 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 9.1% | Net cash -¥44.7B · Cash ÷ revenue 24.4% |
| Vs. industry median margin | +3.7 pp | Condominium Developers |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39806779000 | ¥42144739000 | +5.9% |
| Operating income | ¥2737732000 | ¥4988298000 | +82.2% |
| Operating margin | 6.9% | 11.8% | +5 pp |
| Employees | 122 people | 125 people | +2.5% |
| Cash and equivalents | ¥9391337000 | ¥10295392000 | +9.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 分譲マンション販売 → 分譲マンション販売 | 79.6% |
| 戸建て住宅販売 → 戸建て住宅販売 | 4.2% |
| 戸建て住宅販売 → 事業再編・廃止 | 1.6% |
| その他不動産販売 → その他不動産販売 | 6.4% |
| その他不動産販売 → 事業再編・廃止 | 0.0% |
| 不動産賃貸収入 → 不動産賃貸収入 | 7.8% |
| 不動産賃貸収入 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.3% |
| 新設・再編 → 分譲マンション販売 | 1.5% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Condominium sales | 5 years | +1.5% | ¥34175341000 | 12.8% | 2 |
| Rent income of real estate | 5 years | +1.0% | ¥3295562000 | 31.7% | 2 |
| Other real estate sales | 5 years | +1.0% | ¥2680830000 | 19.3% | 2 |
| Single-family house sales | 5 years | -5.2% | ¥1763554000 | 3.7% | 2 |
| Other | 5 years | +14.9% | ¥229451000 | 72.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,145 | 100.0% | S100Y62K |
| Cost of revenue | 32,581 | 77.3% | S100Y62K |
| Gross profit | 9,563 | 22.7% | S100Y62K |
| SG&A | 4,575 | 10.9% | S100Y62K |
| Operating income | 4,988 | 11.8% | S100Y62K |
| Ordinary income | 3,982 | 9.4% | S100Y62K |
| Pretax income | 3,847 | 9.1% | S100Y62K |
| Income tax | 1,224 | 2.9% | S100Y62K |
| Net income | 2,623 | 6.2% | S100Y62K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Operating income | 12 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 22.7% → Operating margin 11.8% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.0%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.12×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,131 | 42,145 | 2,014 | +5.0% |
| Gross profit | 9,756 | 9,563 | -193 | -2.0% |
| Operating income | 5,286 | 4,988 | -298 | -5.6% |
| Operating cash flow | -1,939 | -9,016 | -7,077 | — |
| Free cash flow | -4,003 | -11,894 | -7,891 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 40,093 | 3,290 | 8.2% | 1,781 | -4,899 | -7,852 | S100LF4E |
| FY ending Feb 2021 | 39,807 | 2,738 | 6.9% | 1,268 | 3,718 | 2,861 | S100O55J |
| FY ending Feb 2022 | 41,786 | 3,884 | 9.3% | 2,337 | 8,224 | 7,527 | S100QUAL |
| FY ending Feb 2023 | 42,712 | 4,388 | 10.3% | 2,382 | 2,154 | 882 | S100U07Z |
| FY ending Feb 2024 | 38,826 | 4,529 | 11.7% | 2,639 | -1,177 | -1,919 | S100VUAN |
| FY ending Feb 2025 | 40,131 | 5,286 | 13.2% | 3,122 | -1,939 | -4,003 | S100Y62K |
| FY ending Feb 2026 | 42,145 | 4,988 | 11.8% | 2,623 | -9,016 | -11,894 | S100Y62K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥337.2M |
| Operating income per employee (consolidated) | ¥39.9M |
| Net income per employee (consolidated) | ¥21M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 123 | 124 | 122 | 123 | 125 |
| Average salary (parent company) | ¥7.1M | ¥8.4M | ¥7.9M | ¥8.1M | ¥8.6M |
| Average age (parent company) | 40.6 years | 41.8 years | 42.1 years | 42.0 years | 42.7 years |
| Average tenure (parent company) | 10.0 years | 11.0 years | 11.0 years | 12.0 years | 12.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +5.0%

## Segments（FY ending Feb 2026, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Condominium sales | 34,175 | 81.1% | 4,387 | 12.8% |
| Single-family house sales | 1,764 | 4.2% | 66 | 3.7% |
| Other real estate sales | 2,681 | 6.4% | 518 | 19.3% |
| Rent income of real estate | 3,296 | 7.8% | 1,045 | 31.7% |
| Other | 229 | 0.5% | 166 | 72.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Condominium sales | 81.1% | 71.0% | -10.1 | 12.8% |
| Single-family house sales | 4.2% | 1.1% | -3.1 | 3.7% |
| Other real estate sales | 6.4% | 8.4% | 2.0 | 19.3% |
| Rent income of real estate | 7.8% | 16.9% | 9.1 | 31.7% |
| Other | 0.5% | 2.7% | 2.1 | 72.1% |

Segment → industry: Single-family house sales → Homebuilders / Rent income of real estate → Real Estate Development & Leasing / Other real estate sales → Real Estate Development & Leasing / Condominium sales → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -9,016 | -21.4% | S100Y62K |
| Capital expenditure | 2,878 | 6.8% | S100Y62K |
| Free cash flow | -11,894 | -28.2% | 算出 |
| Investing cash flow | -2,792 | -6.6% | S100Y62K |
| Financing cash flow | 7,271 | 17.3% | S100Y62K |
| Dividends paid | 871 | 2.1% | S100Y62K |
| Change in cash | -4,537 | -10.8% | S100Y62K |
| Cash and equivalents | 10,295 | 24.4% | S100Y62K |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,689 | 9,140 | 14,970 | 14,833 | 10,295 | S100U07Z, S100VUAN, S100Y62K |
| Total assets | 98,302 | 86,144 | 101,229 | 110,655 | 113,077 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Net assets | 26,657 | 28,580 | 30,659 | 32,929 | 34,721 | S100U07Z, S100VUAN, S100Y62K |
| Share capital | 1,403 | 1,403 | 1,403 | 1,403 | 1,403 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Property, plant and equipment | 25,672 | 26,378 | 26,700 | 28,563 | 30,991 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Intangible assets excluding goodwill | 618 | 626 | 668 | 690 | 612 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Investment securities | 300 | 292 | 233 | 267 | 299 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Current assets | 69,945 | 57,745 | 72,381 | 79,772 | 79,850 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Current liabilities | 47,849 | 29,062 | 34,723 | 38,672 | 31,999 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Short-term borrowings | 7,308 | 9,202 | 7,755 | 6,794 | 9,840 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Long-term borrowings | 21,894 | 27,271 | 34,633 | 37,855 | 45,120 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Bonds | 386 | 232 | 176 | 120 | 64 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Interest-bearing debt | 29,587 | 36,705 | 42,564 | 44,769 | 55,024 | 算出 |
| Total liabilities | 71,646 | 57,565 | 70,570 | 77,726 | 78,355 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Equity attributable to owners of parent | 26,708 | 28,602 | 30,642 | 32,896 | 34,652 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Retained earnings | 23,857 | 25,751 | 27,790 | 30,249 | 32,001 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |
| Treasury stock | -0 | -0 | -0 | -206 | -203 | S100QUAL, S100U07Z, S100VUAN, S100Y62K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y62K |
| Property, plant and equipment | 27% | S100Y62K |
| Intangibles and goodwill | 1% | S100Y62K |
| Investment securities | 0% | S100Y62K |
| Other assets | 63% | S100Y62K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 49% | 算出 |
| Other liabilities | 20% | S100Y62K |
| Equity | 31% | S100Y62K |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 98,302 | 86,144 | 101,229 | 110,655 | 113,077 |
| Equity | 26,657 | 28,580 | 30,659 | 32,929 | 34,721 |
| Interest-bearing debt | 29,587 | 36,705 | 42,564 | 44,769 | 55,024 |
| Cash | 14,689 | 9,140 | 14,970 | 14,833 | 10,295 |

## 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) | 73.5% | S100Y62K |
| Fixed assets ÷ total assets | 27.4% | S100Y62K |
| Goodwill ÷ parent equity | — | —, S100Y62K |

### 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) | 9.1% |
| Cash ÷ revenue | 24.4% |
| Net cash (cash − interest-bearing debt) | -¥44.7B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -180.8% |
| Cash vs. profit gap | -11,640 JPY mn (of net income -443.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.6% | 0.43× | 2.4% | 3.68× | 8.8% | S100QUAL |
| 2023 | 5.6% | 0.46× | 2.6% | 3.33× | 8.6% | S100U07Z |
| 2024 | 6.8% | 0.41× | 2.8% | 3.16× | 8.9% | S100VUAN |
| 2025 | 7.8% | 0.38× | 2.9% | 3.33× | 9.8% | S100Y62K |
| 2026 | 6.2% | 0.38× | 2.3% | 3.31× | 7.8% | S100Y62K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社四三二 | Major shareholder | 22.7% | 2026-02-28 |
| 和田 憲昌 | Major shareholder | 13.5% | 2026-02-28 |
| 和田 剛直 | Major shareholder | 9.6% | 2026-02-28 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 5.1% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-02-28 |
| 柏木 修 | Major shareholder | 1.8% | 2026-02-28 |
| 株式会社建隆インベストメント | Major shareholder | 1.7% | 2026-02-28 |
| 合資会社水谷商店 | Major shareholder | 1.5% | 2026-02-28 |
| 河野 貴輝 | Major shareholder | 1.1% | 2026-02-28 |
| ワコーレ社員持株会 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/03/01－2026/02/28) | S100Y62K | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y62K,, |
| 有価証券報告書－第59期(2024/03/01－2025/02/28) | S100VUAN | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUAN,, |
| 訂正有価証券報告書－第58期(2023/03/01－2024/02/29) | S100U07Z | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U07Z,, |
| 有価証券報告書－第57期(2022/03/01－2023/02/28) | S100QUAL | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUAL,, |
| 有価証券報告書－第57期(令和3年3月1日－令和4年2月28日) | S100O55J | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O55J,, |
| 有価証券報告書－第55期(令和2年3月1日－令和3年2月28日) | S100LF4E | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF4E,, |

## 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).