# Wakita & Co.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2025/03/01－2026/02/28) (S100Y60M)
> Page: https://vizora.meequs.com/en/company/wakita-and
> Retrieved: 2026-09-30T21:50:57.276Z

## Company

Wakita & is a company in Leasing listed on TSE Prime. It has 2,160 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wakita & Co.,LTD. |
| Ticker | 8125 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8125.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区江戸堀一丁目3番20号 |
| Representative (per filing) | 代表取締役社長 脇田貞二 |
| Share capital | ¥13.8B |
| Employees (consolidated) | 2,160 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | February |
| Website | www.wakita.co.jp (https://www.wakita.co.jp/) |
| Corporate number | 5120001048550 |
| EDINET | E02618 |
| Industries (Vizora) | Leasing, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y60M, filed 2026-05-25). As of filing

## Key points (generated from figures)

- About 82% of Wakita &'s sales come from Construction machinery business, with Commercial business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit -17.3%.

## Company structure

- Segment revenue mix: Construction machinery business 82.4%、Commercial business 11.6%、Real estate business 6.0%
- Revenue → net income: ¥93222000000 → ¥3548000000
- Net income → operating cash flow: ¥3548000000 → ¥12482000000（difference ¥8934000000）
- Main uses of operating cash flow: CapEx ¥689000000 / dividends ¥4946000000 / buybacks ¥0
- Change in cash: ¥-5513000000
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 | ¥93.2B |  |
| Operating income | ¥5.28B | Margin 5.7% |
| Net income | ¥3.45B | Margin 3.7% |
| Free cash flow | ¥11.8B |  |
| Largest business | Construction machinery business | of segment revenue 82.4% |
| Employees (consolidated) | 2,160 |  |
| EPS | ¥58.45 |  |
| Book value per share | ¥2000.72 |  |
| Equity ratio | 69.1% |  |
| Shares outstanding | 52,021,000 |  |
| Treasury shares | 2,187,100 |  |
| Shareholders | 34,715 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 18.5% |
| Vs. industry median margin | -1.4 pp | Leasing |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, segment profit share differs by -29 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74015000000 | ¥93222000000 | +26.0% |
| Operating income | ¥5422000000 | ¥5282000000 | -2.6% |
| Operating margin | 7.3% | 5.7% | -1.7 pp |
| Employees | 1,085 people | 2,160 people | +99.1% |
| Cash and equivalents | ¥26498000000 | ¥17270000000 | -34.8% |

### 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 |
| --- | ---: |
| 建機事業 → 建機事業 | 79.6% |
| 商事事業 → 商事事業 | 11.6% |
| 商事事業 → 事業再編・廃止 | 2.1% |
| 不動産事業 → 不動産事業 | 6.0% |
| 不動産事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 建機事業 | 2.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction machinery business | 5 years | +5.5% | ¥76838000000 | 3.6% | 2 |
| Commercial business | 5 years | +1.3% | ¥10787000000 | 5.9% | 2 |
| Real estate business | 5 years | +2.3% | ¥5597000000 | 32.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,222 | 100.0% | S100Y60M |
| Cost of revenue | 65,841 | 70.6% | S100Y60M |
| Gross profit | 27,381 | 29.4% | S100Y60M |
| SG&A | 22,099 | 23.7% | S100Y60M |
| Operating income | 5,282 | 5.7% | S100Y60M |
| Ordinary income | 5,485 | 5.9% | S100Y60M |
| Pretax income | 5,594 | 6.0% | S100Y60M |
| Income tax | 2,045 | 2.2% | S100Y60M |
| Net income | 3,548 | 3.8% | S100Y60M |
| Net income attributable to owners | 3,451 | 3.7% | S100Y60M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 24 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 29.4% → Operating margin 5.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.0%; Core profit growth: -17.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -17.77×
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 | 92,321 | 93,222 | 901 | +1.0% |
| Gross profit | 26,897 | 27,381 | 484 | +1.8% |
| Operating income | 6,390 | 5,282 | -1,108 | -17.3% |
| Net income attributable to owners | 3,912 | 3,451 | -461 | -11.8% |
| Operating cash flow | 15,611 | 12,482 | -3,129 | -20.0% |
| Free cash flow | 15,095 | 11,793 | -3,302 | -21.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 82,275 | 5,889 | 7.2% | 3,607 | 9,374 | 6,889 | S100LEQM |
| FY ending Feb 2021 | 74,015 | 5,422 | 7.3% | 3,191 | 13,228 | 8,150 | S100O4SO |
| FY ending Feb 2022 | 74,989 | 5,506 | 7.3% | 3,573 | 15,502 | 11,423 | S100QUC2 |
| FY ending Feb 2023 | 78,870 | 5,765 | 7.3% | 3,901 | 4,168 | -1,770 | S100THJI |
| FY ending Feb 2024 | 88,654 | 5,541 | 6.3% | 3,158 | 12,775 | 11,292 | S100VT8H |
| FY ending Feb 2025 | 92,321 | 6,390 | 6.9% | 3,912 | 15,611 | 15,095 | S100Y60M |
| FY ending Feb 2026 | 93,222 | 5,282 | 5.7% | 3,451 | 12,482 | 11,793 | S100Y60M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.2M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 1,162 | 1,257 | 1,739 | 1,842 | 2,160 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.1M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 39.0 years | 38.0 years | 38.0 years | 38.0 years | 38.0 years |
| Average tenure (parent company) | 12.0 years | 11.0 years | 10.0 years | 10.0 years | 10.0 years |

Year over year: Employees (consolidated) +17.3% · Revenue (consolidated) +1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction machinery business | 76,838 | 82.4% | 2,796 | 3.6% |
| Commercial business | 10,787 | 11.6% | 639 | 5.9% |
| Real estate business | 5,597 | 6.0% | 1,843 | 32.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction machinery business | 82.4% | 53.0% | -29.5 | 3.6% |
| Commercial business | 11.6% | 12.1% | 0.5 | 5.9% |
| Real estate business | 6.0% | 34.9% | 28.9 | 32.9% |

Segment → industry: Commercial business → Leasing / Construction machinery business → Leasing / Real estate business → Real Estate Development & Leasing / Commercial business → Specialty Trading & Wholesale / Construction machinery business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,482 | 13.4% | S100Y60M |
| Capital expenditure | 689 | 0.7% | S100Y60M |
| Free cash flow | 11,793 | 12.7% | 算出 |
| Investing cash flow | -6,508 | -7.0% | S100Y60M |
| Financing cash flow | -11,493 | -12.3% | S100Y60M |
| Dividends paid | 4,946 | 5.3% | S100Y60M |
| Share buyback | 0 | 0.0% | S100Y60M |
| Change in cash | -5,513 | -5.9% | S100Y60M |
| Cash and equivalents | 17,270 | 18.5% | S100Y60M |

## 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 | 33,724 | 23,142 | 18,938 | 22,783 | 17,270 | S100THJI, S100VT8H, S100Y60M |
| Total assets | 144,376 | 138,652 | 143,944 | 146,019 | 146,867 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Net assets | 99,093 | 99,574 | 100,847 | 101,921 | 103,175 | S100THJI, S100VT8H, S100Y60M |
| Share capital | 13,821 | 13,821 | 13,821 | 13,821 | 13,821 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Trade receivables | 22,430 | — | — | — | — | S100QUC2 |
| Property, plant and equipment | 70,157 | 75,716 | 76,108 | 77,112 | 76,175 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Intangible assets excluding goodwill | 7,797 | 6,706 | 11,973 | 10,701 | 13,606 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Goodwill | 7,163 | 6,070 | 6,959 | 5,835 | 8,835 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Investment securities | 4,041 | 2,991 | 5,019 | 4,899 | 7,562 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Current assets | 59,950 | 50,467 | 47,866 | 50,036 | 45,474 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Current liabilities | 28,910 | 20,848 | 21,519 | 22,206 | 23,170 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Trade payables | 18,524 | 10,626 | 6,770 | 6,561 | 5,670 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Short-term borrowings | 1,103 | 920 | 490 | 168 | 110 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Long-term borrowings | 172 | 543 | 424 | 403 | 226 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Total liabilities | 45,282 | 39,078 | 43,097 | 44,097 | 43,691 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Non-controlling interests | 720 | 864 | 966 | 1,328 | 1,648 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Equity attributable to owners of parent | 98,969 | 99,386 | 99,563 | 100,373 | 99,600 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Retained earnings | 68,675 | 71,092 | 72,383 | 73,229 | 71,736 | S100QUC2, S100THJI, S100VT8H, S100Y60M |
| Treasury stock | -154 | -2,154 | -3,268 | -3,304 | -2,830 | S100QUC2, S100THJI, S100VT8H, S100Y60M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y60M |
| Property, plant and equipment | 52% | S100Y60M |
| Intangibles and goodwill | 15% | S100Y60M |
| Investment securities | 5% | S100Y60M |
| Other assets | 16% | S100Y60M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y60M |
| Other liabilities | 26% | S100Y60M |
| Equity | 70% | S100Y60M |
| Other liabilities | 0% | S100Y60M |

### 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 | 144,376 | 138,652 | 143,944 | 146,019 | 146,867 |
| Equity | 99,093 | 99,574 | 100,847 | 101,921 | 103,175 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,724 | 23,142 | 18,938 | 22,783 | 17,270 |

## 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) | 81.7% | S100Y60M |
| Fixed assets ÷ total assets | 51.9% | S100Y60M |
| Goodwill ÷ parent equity | 8.9% | S100Y60M |

Goodwill over 4 years: 7,163 → 8,835 JPY; total investing cash flow: -23,041 JPY. This does not imply causation.

### 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) | 11.8% |
| Cash ÷ revenue | 18.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 236.3% |
| Cash vs. profit gap | 9,031 JPY mn (of net income 261.7%) |
| Shareholder returns / net income | 143.3% |
| Shareholder returns / FCF | 41.9% |
| Shareholder payments — dividends / net income | 143.3% |
| Shareholder payments — dividends / FCF | 41.9% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 52.1% |

## 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 | 4.8% | 0.52× | 2.5% | 1.46× | 3.6% | S100QUC2 |
| 2023 | 4.9% | 0.56× | 2.8% | 1.43× | 3.9% | S100THJI |
| 2024 | 3.6% | 0.63× | 2.2% | 1.42× | 3.2% | S100VT8H |
| 2025 | 4.2% | 0.64× | 2.7% | 1.45× | 3.9% | S100Y60M |
| 2026 | 3.7% | 0.64× | 2.4% | 1.46× | 3.5% | S100Y60M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社脇田興産 | Major shareholder | 10.0% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.6% | 2026-02-28 |
| 日本生命保険相互会社 | Major shareholder | 4.1% | 2026-02-28 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.0% | 2026-02-28 |
| オリックス自動車株式会社 | Major shareholder | 3.9% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-02-28 |
| 日立建機株式会社 | Major shareholder | 2.4% | 2026-02-28 |
| ワキタ従業員持株会 | Major shareholder | 1.6% | 2026-02-28 |
| ワキタ取引先持株会 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/03/01－2026/02/28) | S100Y60M | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y60M,, |
| 有価証券報告書－第65期(2024/03/01－2025/02/28) | S100VT8H | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT8H,, |
| 有価証券報告書－第64期(2023/03/01－2024/02/29) | S100THJI | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THJI,, |
| 有価証券報告書－第63期(2022/03/01－2023/02/28) | S100QUC2 | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUC2,, |
| 有価証券報告書－第62期(令和3年3月1日－令和4年2月28日) | S100O4SO | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4SO,, |
| 有価証券報告書－第61期(令和2年3月1日－令和3年2月28日) | S100LEQM | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEQM,, |

## 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).