# Watahan&Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/04/01－2026/03/31) (S100YJZ2)
> Page: https://vizora.meequs.com/en/company/watahan-and
> Retrieved: 2026-09-30T18:26:54.959Z

## Company

Watahan&, founded in 1949, is a company in Home Centers listed on TSE Prime. It has 1,549 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Watahan & Co.,Ltd. |
| Ticker | 3199 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3199.T) |
| Listing | TSE Prime |
| Head office | 長野県飯田市北方1023番地1 |
| Representative (per filing) | 代表取締役社長 野原 勇 |
| Founded | Feb 1949 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 1,549 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | watahan.co.jp (https://watahan.co.jp/) |
| Corporate number | 4100001022855 |
| EDINET | E31104 |
| Industries (Vizora) | Home Centers, General Contractors, Specialty Trading & Wholesale, Supermarkets |

> Profile source: annual securities report (S100YJZ2, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 45 |
| Profitability | 45.9 | 49 |
| Cash conversion | 1.1 | 47 |
| Efficiency | 23.5 | 49 |

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 57% of Watahan&'s sales come from Retail, with Construction and Trading making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +2.8%.

## Company structure

- Segment revenue mix: Retail 56.9%、Construction 36.8%、Trading 4.8%、Other 1.5%
- Revenue → net income: ¥135451000000 → ¥2207000000
- Net income → operating cash flow: ¥2207000000 → ¥897000000（difference ¥-1310000000）
- Main uses of operating cash flow: CapEx ¥1366000000 / dividends ¥561000000 / buybacks ¥989000000
- Change in cash: ¥954000000
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 | ¥135.5B |  |
| Operating income | ¥3.6B | Margin 2.7% |
| Net income | ¥2.13B | Margin 1.6% |
| Free cash flow | -¥469M |  |
| Largest business | Retail | of segment revenue 56.9% |
| Employees (consolidated) | 1,549 |  |
| EPS | ¥77.49 |  |
| Book value per share | ¥765.64 |  |
| Equity ratio | 29.4% |  |
| Shares outstanding | 19,958,940 |  |
| Treasury shares | 1,270,900 |  |
| Shareholders | 23,756 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 6.2% | Cash ÷ revenue 3.8% |
| Vs. industry median margin | -0.6 pp | Home Centers |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.8× dividends
- FY2026, parent-company salary changed +24% over five years
- FY2026, segment profit share differs by -23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥114790374000 | ¥135451000000 | +18.0% |
| Operating income | ¥3282399000 | ¥3599000000 | +9.6% |
| Operating margin | 2.9% | 2.7% | -0.2 pp |
| Employees | 1,314 people | 1,549 people | +17.9% |
| Cash and equivalents | ¥5040000000 | ¥5147000000 | +2.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 小売事業 → 事業再編・廃止 | 67.9% |
| 建設事業 → 事業再編・廃止 | 26.6% |
| 貿易事業 → 事業再編・廃止 | 5.3% |
| その他 → その他 | 0.2% |
| 新設・再編 → 小売事業 | 56.9% |
| 新設・再編 → 建設事業 | 36.8% |
| 新設・再編 → 貿易事業 | 4.8% |
| 新設・再編 → その他 | 1.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail | 2 years | -1.2% | ¥77034000000 | 2.0% | 2 |
| Construction | 2 years | +11.2% | ¥49902000000 | 4.4% | 2 |
| Trading | 2 years | -7.9% | ¥6502000000 | 10.2% | 2 |
| Other | 5 years | +49.3% | ¥2011000000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 135,451 | 100.0% | S100YJZ2 |
| Cost of revenue | 107,445 | 79.3% | S100YJZ2 |
| Gross profit | 28,005 | 20.7% | S100YJZ2 |
| SG&A | 24,406 | 18.0% | S100YJZ2 |
| Operating income | 3,599 | 2.7% | S100YJZ2 |
| Ordinary income | 3,904 | 2.9% | S100YJZ2 |
| Pretax income | 3,131 | 2.3% | S100YJZ2 |
| Income tax | 924 | 0.7% | S100YJZ2 |
| Net income | 2,207 | 1.6% | S100YJZ2 |
| Net income attributable to owners | 2,130 | 1.6% | S100YJZ2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 18 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 20.7% → Operating margin 2.7% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +2.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.01×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 133,594 | 135,451 | 1,857 | +1.4% |
| Gross profit | 28,030 | 28,005 | -25 | -0.1% |
| Operating income | 3,501 | 3,599 | 98 | +2.8% |
| Net income attributable to owners | 2,077 | 2,130 | 53 | +2.6% |
| Operating cash flow | -2,877 | 897 | 3,774 | — |
| Free cash flow | -4,700 | -469 | 4,231 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,188 | 2,637 | 2.2% | 1,520 | -425 | -1,730 | S100LOXA |
| FY ending Mar 2021 | 114,790 | 3,282 | 2.9% | 1,919 | 6,970 | 5,868 | S100ODCK |
| FY ending Mar 2022 | 114,500 | 2,401 | 2.1% | 2,204 | -1,632 | -4,746 | S100R1XA |
| FY ending Mar 2023 | 134,299 | 2,402 | 1.8% | 1,653 | -3,653 | -7,237 | S100TXOK |
| FY ending Mar 2024 | 128,072 | 2,822 | 2.2% | 1,854 | 12,467 | 10,865 | S100W85X |
| FY ending Mar 2025 | 133,594 | 3,501 | 2.6% | 2,077 | -2,877 | -4,700 | S100YJZ2 |
| FY ending Mar 2026 | 135,451 | 3,599 | 2.7% | 2,130 | 897 | -469 | S100YJZ2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.4M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,579 | 1,573 | 1,584 | 1,530 | 1,549 |
| Average salary (parent company) | ¥6.7M | ¥8.6M | ¥8.6M | ¥8.3M | ¥8.3M |
| Average age (parent company) | 44.5 years | 49.4 years | 50.5 years | 50.6 years | 50.3 years |
| Average tenure (parent company) | 14.0 years | 19.3 years | 19.4 years | 20.0 years | 19.2 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 77,034 | 56.9% | 1,563 | 2.0% |
| Construction | 49,902 | 36.8% | 2,207 | 4.4% |
| Trading | 6,502 | 4.8% | 666 | 10.2% |
| Other | 2,011 | 1.5% | 176 | 8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail | 56.9% | 33.9% | -23.0 | 2.0% |
| Construction | 36.8% | 47.9% | 11.0 | 4.4% |
| Trading | 4.8% | 14.4% | 9.6 | 10.2% |
| Other | 1.5% | 3.8% | 2.3 | 8.8% |

Segment → industry: Retail → Home Centers / Construction → General Contractors / Trading → Specialty Trading & Wholesale / Retail → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 897 | 0.7% | S100YJZ2 |
| Capital expenditure | 1,366 | 1.0% | S100YJZ2 |
| Free cash flow | -469 | -0.3% | 算出 |
| Investing cash flow | -1,252 | -0.9% | S100YJZ2 |
| Financing cash flow | 1,309 | 1.0% | S100YJZ2 |
| Dividends paid | 561 | 0.4% | S100YJZ2 |
| Share buyback | 989 | 0.7% | S100YJZ2 |
| Change in cash | 954 | 0.7% | S100YJZ2 |
| Cash and equivalents | 5,147 | 3.8% | S100YJZ2 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,271 | 2,871 | 3,687 | 3,840 | 5,147 | S100TXOK, S100W85X, S100YJZ2 |
| Total assets | 69,551 | 84,202 | 79,270 | 79,434 | 82,994 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Net assets | 19,345 | 21,251 | 22,789 | 23,240 | 24,593 | S100TXOK, S100W85X, S100YJZ2 |
| Share capital | 1,026 | 1,051 | 1,076 | 1,101 | 1,101 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Property, plant and equipment | 26,514 | 28,297 | 27,684 | 28,210 | 27,867 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Intangible assets excluding goodwill | 1,674 | 1,904 | 1,380 | 1,110 | 1,022 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Goodwill | 1,095 | 1,310 | 845 | 568 | 517 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Investment securities | 1,467 | 2,291 | 2,385 | 2,057 | 2,663 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Current assets | 35,470 | 47,621 | 43,929 | 43,312 | 46,709 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Current liabilities | 29,322 | 42,713 | 37,318 | 34,246 | 36,847 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Trade payables | 16,172 | 16,188 | 12,904 | 9,475 | 8,075 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Short-term borrowings | 7,180 | 15,504 | 6,576 | 10,481 | 13,691 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Long-term borrowings | 15,132 | 14,313 | 13,439 | 15,989 | 15,690 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Total liabilities | 50,205 | 62,950 | 56,481 | 56,193 | 58,400 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Non-controlling interests | — | — | — | — | 228 | S100YJZ2 |
| Equity attributable to owners of parent | 18,956 | 20,242 | 21,709 | 22,403 | 23,276 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Retained earnings | 17,299 | 18,535 | 19,952 | 21,574 | 23,389 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |
| Treasury stock | 0 | 0 | 0 | -978 | -1,920 | S100R1XA, S100TXOK, S100W85X, S100YJZ2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YJZ2 |
| Property, plant and equipment | 34% | S100YJZ2 |
| Intangibles and goodwill | 2% | S100YJZ2 |
| Investment securities | 3% | S100YJZ2 |
| Other assets | 55% | S100YJZ2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YJZ2 |
| Other liabilities | 61% | S100YJZ2 |
| Equity | 29% | S100YJZ2 |
| Other liabilities | 0% | S100YJZ2 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 69,551 | 84,202 | 79,270 | 79,434 | 82,994 |
| Equity | 19,345 | 21,251 | 22,789 | 23,240 | 24,593 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,271 | 2,871 | 3,687 | 3,840 | 5,147 |

## 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) | 20.6% | S100YJZ2 |
| Fixed assets ÷ total assets | 33.6% | S100YJZ2 |
| Goodwill ÷ parent equity | 2.2% | S100YJZ2 |

Goodwill over 4 years: 1,095 → 517 JPY; total investing cash flow: -13,216 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) | 6.2% |
| Cash ÷ revenue | 3.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 24.9% |
| Cash vs. profit gap | -1,233 JPY mn (of net income -57.9%) |
| Shareholder returns / net income | 72.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 139.6% |

## 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 | 1.9% | 1.65× | 3.2% | 3.67× | 11.6% | S100R1XA |
| 2023 | 1.2% | 1.75× | 2.2% | 3.92× | 8.4% | S100TXOK |
| 2024 | 1.4% | 1.57× | 2.3% | 3.90× | 8.8% | S100W85X |
| 2025 | 1.6% | 1.68× | 2.6% | 3.60× | 9.4% | S100YJZ2 |
| 2026 | 1.6% | 1.67× | 2.6% | 3.56× | 9.3% | S100YJZ2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.4% | 2026-03-31 |
| 綿半グループ従業員持株会 | Major shareholder | 9.1% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 昭和商事株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 野原 勇 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社綿屋半三郎 | Major shareholder | 3.1% | 2026-03-31 |
| 野原グループ株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社ヤマウラ | Major shareholder | 2.7% | 2026-03-31 |
| 飯田信用金庫 | Major shareholder | 2.1% | 2026-03-31 |
| 野原 莞爾 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YJZ2 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJZ2,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W85X | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W85X,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TXOK | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXOK,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R1XA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1XA,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100ODCK | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODCK,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LOXA | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOXA,, |

## 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).