# WASHHOUSE CO.,LTD.: 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25期(2025/01/01－2025/12/31) (S100XVE0)
> Page: https://vizora.meequs.com/en/company/washhouse
> Retrieved: 2026-09-30T21:37:42.463Z

## Company

Washhouse, founded in 2001, is a company in Hotels & Inns listed on TSE Growth. It has 107 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WASHHOUSE CO.,LTD. |
| Ticker | 6537 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6537.T) |
| Listing | TSE Growth |
| Head office | 宮崎県宮崎市新栄町86番地1 |
| Representative (per filing) | 代表取締役社長 児玉 康孝 |
| Founded | Nov 2001 |
| Share capital | ¥996M |
| Employees (consolidated) | 107 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | December |
| Website | www.wash-house.jp (https://www.wash-house.jp/) |
| Corporate number | 7350001002813 |
| EDINET | E32753 |
| Industries (Vizora) | Hotels & Inns, Home & Lifestyle Services |

> Profile source: annual securities report (S100XVE0, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Home & Lifestyle Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.1 | 9 |
| Profitability | 15 | 10 |
| Cash conversion | 15 | 10 |
| Efficiency | 15 | 10 |

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 84% of Washhouse's sales come from Self laundry business, with Container business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +21.4% from the prior year, operating profit -13.6%.

## Company structure

- Segment revenue mix: Self laundry business 84.1%、Container business 15.9%
- Revenue → net income: ¥2529000000 → ¥11000000
- Net income → operating cash flow: ¥11000000 → ¥6000000（difference ¥-5000000）
- Main uses of operating cash flow: CapEx ¥139000000 / dividends — / buybacks —
- Change in cash: ¥85000000
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 | ¥2.53B |  |
| Operating income | ¥19M | Margin 0.8% |
| Net income | ¥10M | Margin 0.4% |
| Free cash flow | -¥133M |  |
| Largest business | Self laundry business | of segment revenue 84.1% |
| Employees (consolidated) | 107 |  |
| EPS | ¥1.02 |  |
| Diluted EPS | ¥1 |  |
| Book value per share | ¥243.64 |  |
| Equity ratio | 39.7% |  |
| Shares outstanding | 6,925,400 |  |
| Shareholders | 3,351 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 24.7% | Cash ÷ revenue 42.9% |
| Vs. industry median margin | -3.6 pp | Home & Lifestyle Services |
| ROE | 0.6% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 84 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2182053000 | ¥2529000000 | +15.9% |
| Operating income | ¥-124677000 | ¥19000000 | — |
| Operating margin | -5.7% | 0.8% | +6.5 pp |
| Employees | 93 people | 107 people | +15.1% |
| Cash and equivalents | ¥1211000000 | ¥1085000000 | -10.4% |

### 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 |
| --- | ---: |
| 新設・再編 → セルフランドリー事業 | 84.1% |
| 新設・再編 → コンテナ事業 | 15.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,529 | 100.0% | S100XVE0 |
| Cost of revenue | 1,730 | 68.4% | S100XVE0 |
| Gross profit | 799 | 31.6% | S100XVE0 |
| SG&A | 779 | 30.8% | S100XVE0 |
| Operating income | 19 | 0.8% | S100XVE0 |
| Ordinary income | 63 | 2.5% | S100XVE0 |
| Pretax income | 31 | 1.2% | S100XVE0 |
| Income tax | 19 | 0.8% | S100XVE0 |
| Net income | 11 | 0.4% | S100XVE0 |
| Net income attributable to owners | 10 | 0.4% | S100XVE0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 31 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 31.6% → Operating margin 0.8% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +21.4%; Core profit growth: -13.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.64×
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 | 2,083 | 2,529 | 446 | +21.4% |
| Gross profit | 801 | 799 | -2 | -0.2% |
| Operating income | 22 | 19 | -3 | -13.6% |
| Net income attributable to owners | 31 | 10 | -21 | -67.7% |
| Operating cash flow | 234 | 6 | -228 | -97.4% |
| Free cash flow | 92 | -133 | -225 | -244.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,189 | -174 | -8.0% | -180 | -789 | -1,281 | S100L0V2 |
| FY ending Dec 2020 | 2,182 | -125 | -5.7% | -128 | -113 | -800 | S100P2WL |
| FY ending Dec 2021 | 2,132 | -140 | -6.6% | -176 | -30 | -222 | S100QHBK |
| FY ending Dec 2022 | 1,921 | -54 | -2.8% | 11 | -10 | -88 | S100T5PU |
| FY ending Dec 2023 | 1,914 | 13 | 0.7% | -33 | 95 | -13 | S100VHC4 |
| FY ending Dec 2024 | 2,083 | 22 | 1.1% | 31 | 234 | 92 | S100XVE0 |
| FY ending Dec 2025 | 2,529 | 19 | 0.8% | 10 | 6 | -133 | S100XVE0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.6M |
| Operating income per employee (consolidated) | ¥177.6K |
| Net income per employee (consolidated) | ¥93.5K |

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) | 95 | 95 | 84 | 101 | 107 |
| Average salary (parent company) | ¥4M | ¥4M | ¥3.9M | ¥4.1M | ¥4.1M |
| Average age (parent company) | 43.0 years | 42.0 years | 43.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 3.0 years | 4.0 years | 5.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +21.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Self laundry business | 2,126 | 84.1% | -6 | -0.3% |
| Container business | 402 | 15.9% | 25 | 6.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Self laundry business | 84.1% | — | — | -0.3% |
| Container business | 15.9% | 100.0% | 84.1 | 6.2% |

Loss-making segment (excluded from profit shares): Self laundry business -6 JPY mn

Segment → industry: Container business → Hotels & Inns / Self laundry business → Home & Lifestyle Services

## 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 | 6 | 0.2% | S100XVE0 |
| Capital expenditure | 139 | 5.5% | S100XVE0 |
| Free cash flow | -133 | -5.3% | 算出 |
| Investing cash flow | -159 | -6.3% | S100XVE0 |
| Financing cash flow | 230 | 9.1% | S100XVE0 |
| Change in cash | 85 | 3.4% | S100XVE0 |
| Cash and equivalents | 1,085 | 42.9% | S100XVE0 |

## 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 | 932 | 1,097 | 1,013 | 999 | 1,085 | S100T5PU, S100VHC4, S100XVE0 |
| Total assets | 3,957 | 4,282 | 4,129 | 4,083 | 4,390 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Net assets | 1,715 | 1,788 | 1,764 | 1,820 | 1,840 | S100T5PU, S100VHC4, S100XVE0 |
| Share capital | 995 | 996 | 996 | 996 | 996 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Property, plant and equipment | 1,334 | 1,251 | 1,156 | 1,150 | 1,254 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Intangible assets excluding goodwill | 108 | 132 | 141 | 133 | 105 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Investment securities | 1 | 1 | 1 | 1 | 2 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Current assets | 2,097 | 2,488 | 2,405 | 2,367 | 2,589 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Current liabilities | 906 | 1,245 | 1,246 | 1,214 | 1,464 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Short-term borrowings | 150 | 450 | 500 | 500 | 800 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Long-term borrowings | 415 | 335 | 254 | 204 | 164 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Total liabilities | 2,241 | 2,494 | 2,365 | 2,263 | 2,549 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Non-controlling interests | 73 | 76 | 79 | 90 | 94 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Equity attributable to owners of parent | 1,624 | 1,688 | 1,654 | 1,686 | 1,696 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Retained earnings | -297 | -234 | -267 | 61 | 71 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100QHBK, S100T5PU, S100VHC4, S100XVE0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XVE0 |
| Property, plant and equipment | 29% | S100XVE0 |
| Intangibles and goodwill | 2% | S100XVE0 |
| Investment securities | 0% | S100XVE0 |
| Other assets | 44% | S100XVE0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100XVE0 |
| Equity | 42% | S100XVE0 |
| Other liabilities | 0% | S100XVE0 |

### 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 | 3,957 | 4,282 | 4,129 | 4,083 | 4,390 |
| Equity | 1,715 | 1,788 | 1,764 | 1,820 | 1,840 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 932 | 1,097 | 1,013 | 999 | 1,085 |

## 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) | 49.6% | S100XVE0 |
| Fixed assets ÷ total assets | 28.6% | S100XVE0 |
| Goodwill ÷ parent equity | — | —, S100XVE0 |

### 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) | 24.7% |
| Cash ÷ revenue | 42.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 31.6% |
| Cash vs. profit gap | -4 JPY mn (of net income -40.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 2650.0% |

## 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 | — | —× | -4.4% | —× | — | S100QHBK |
| 2022 | 0.6% | 0.47× | 0.3% | 2.49× | 0.7% | S100T5PU |
| 2023 | — | —× | -0.8% | —× | — | S100VHC4 |
| 2024 | 1.5% | 0.51× | 0.8% | 2.46× | 1.9% | S100XVE0 |
| 2025 | 0.4% | 0.60× | 0.2% | 2.51× | 0.6% | S100XVE0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 児玉 康孝 | Major shareholder | 28.2% | 2025-12-31 |
| 株式会社ＫＤＭ | Major shareholder | 21.3% | 2025-12-31 |
| 日高 栄作 | Major shareholder | 3.3% | 2025-12-31 |
| 児玉 眞由美 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社宮崎銀行 | Major shareholder | 2.3% | 2025-12-31 |
| 米澤 房朝 | Major shareholder | 2.0% | 2025-12-31 |
| 阿部 和広 | Major shareholder | 1.4% | 2025-12-31 |
| 田島 弘司 | Major shareholder | 1.0% | 2025-12-31 |
| 有限会社ａｎ | Major shareholder | 0.9% | 2025-12-31 |
| 小倉 幸雄 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XVE0 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVE0,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VHC4 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHC4,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T5PU | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5PU,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QHBK | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHBK,, |
| 訂正有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100P2WL | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2WL,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L0V2 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0V2,, |

## 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).