# West Holdings corporation: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/09/01－2025/08/31) (S100X68L)
> Page: https://vizora.meequs.com/en/company/west-holdings
> Retrieved: 2026-09-30T22:27:53.346Z

## Company

West Holdings, founded in 1984, is a company in Electric Power & Gas listed on TSE Standard. It has 359 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | West Holdings Corporation |
| Ticker | 1407 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1407.T) |
| Listing | TSE Standard |
| Head office | 広島県広島市西区楠木町一丁目15番24号 |
| Representative (per filing) | 代表取締役社長 江頭栄一郎 |
| Founded | May 1984 |
| Share capital | ¥2.02B |
| Employees (consolidated) | 359 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | August |
| Website | www.west-gr.co.jp (https://www.west-gr.co.jp/) |
| Corporate number | 9240001016913 |
| EDINET | E00327 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100X68L, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.5 | 72 |
| Profitability | 94.1 | 76 |
| Cash conversion | 23.6 | 74 |
| Efficiency | 2 | 76 |

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 69% of West Holdings's sales come from Renewable energy business, with Electric power business and Energy storage business making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit -18.4%.

## Company structure

- Segment revenue mix: Renewable energy business 69.1%、Electric power business 13.0%、Energy storage business 12.1%、Operation and maintenance business 3.3%、Energy saving business 2.4%
- Revenue → net income: ¥47250000000 → ¥5501000000
- Net income → operating cash flow: ¥5501000000 → ¥3263000000（difference ¥-2238000000）
- Main uses of operating cash flow: CapEx ¥3081000000 / dividends ¥2576000000 / buybacks ¥0
- Change in cash: ¥7888000000
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 | ¥47.3B |  |
| Operating income | ¥8.65B | Margin 18.3% |
| Net income | ¥5.36B | Margin 11.3% |
| Free cash flow | ¥182M |  |
| Largest business | Renewable energy business | of segment revenue 69.1% |
| Employees (consolidated) | 359 |  |
| EPS | ¥24.62 |  |
| Book value per share | ¥240.04 |  |
| Equity ratio | 24.4% |  |
| Shares outstanding | 46,027,488 |  |
| Treasury shares | 6,368,200 |  |
| Shareholders | 9,748 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 24.0% | Cash ÷ revenue 75.6% |
| Vs. industry median margin | +11.3 pp | Electric Power & Gas |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥61947000000 | ¥47250000000 | -23.7% |
| Operating income | ¥7180000000 | ¥8646000000 | +20.4% |
| Operating margin | 11.6% | 18.3% | +6.7 pp |
| Employees | 360 people | 359 people | -0.3% |
| Cash and equivalents | ¥29913000000 | ¥35707000000 | +19.4% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 再生可能エネルギー事業 → 再生可能エネルギー事業 | 45.4% |
| 省エネルギー事業 → 省エネルギー事業 | 2.4% |
| 省エネルギー事業 → 事業再編・廃止 | 0.7% |
| 電力事業 → 電力事業 | 13.0% |
| 電力事業 → 事業再編・廃止 | 36.6% |
| メンテナンス事業 → メンテナンス事業 | 1.8% |
| 新設・再編 → 再生可能エネルギー事業 | 23.8% |
| 新設・再編 → メンテナンス事業 | 1.5% |
| 新設・再編 → 蓄電所事業 | 12.1% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Renewable energy business | 5 years | +3.1% | ¥32668000000 | 13.9% | 2 |
| Electric power business | 5 years | -27.5% | ¥6161000000 | 25.6% | 2 |
| Energy storage business | — | — | ¥5711000000 | 26.2% | 2 |
| Operation and maintenance business | 5 years | +6.9% | ¥1551000000 | 40.1% | 2 |
| Energy saving business | 5 years | -10.1% | ¥1156000000 | 27.3% | 2 |
| Other | 4 years | 0.0% | ¥1000000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 47,250 | 100.0% | S100X68L |
| Cost of revenue | 30,958 | 65.5% | S100X68L |
| Gross profit | 16,292 | 34.5% | S100X68L |
| SG&A | 7,645 | 16.2% | S100X68L |
| Operating income | 8,646 | 18.3% | S100X68L |
| Ordinary income | 7,961 | 16.8% | S100X68L |
| Pretax income | 7,767 | 16.4% | S100X68L |
| Income tax | 2,266 | 4.8% | S100X68L |
| Net income | 5,501 | 11.6% | S100X68L |
| Net income attributable to owners | 5,357 | 11.3% | S100X68L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 16 |
| Operating income | 18 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 34.5% → Operating margin 18.3% → Net margin 11.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.2%; Core profit growth: -18.4%
Operating leverage (core profit growth ÷ revenue growth): 2.95×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 50,390 | 47,250 | -3,140 | -6.2% |
| Gross profit | 18,522 | 16,292 | -2,230 | -12.0% |
| Operating income | 10,597 | 8,646 | -1,951 | -18.4% |
| Net income attributable to owners | 6,757 | 5,357 | -1,400 | -20.7% |
| Operating cash flow | 495 | 3,263 | 2,768 | +559.2% |
| Free cash flow | -6,547 | 182 | 6,729 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 63,904 | 5,864 | 9.2% | 3,632 | -7,436 | -7,890 | S100KLFM |
| FY ending Aug 2020 | 61,947 | 7,180 | 11.6% | 4,417 | 1,333 | 541 | S100MXKS |
| FY ending Aug 2021 | 67,938 | 10,148 | 14.9% | 6,495 | 5,127 | 1,733 | S100PPDS |
| FY ending Aug 2022 | 67,169 | 7,770 | 11.6% | 4,257 | -4,858 | -10,357 | S100SCQ8 |
| FY ending Aug 2023 | 43,734 | 8,499 | 19.4% | 6,016 | 7,345 | 3,425 | S100UUJ2 |
| FY ending Aug 2024 | 50,390 | 10,597 | 21.0% | 6,757 | 495 | -6,547 | S100X68L |
| FY ending Aug 2025 | 47,250 | 8,646 | 18.3% | 5,357 | 3,263 | 182 | S100X68L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥131.6M |
| Operating income per employee (consolidated) | ¥24.1M |
| Net income per employee (consolidated) | ¥14.9M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 346 | 359 | 375 | 369 | 359 |
| Average salary (parent company) | ¥8.5M | ¥8.4M | ¥7.5M | ¥6.7M | ¥7.5M |
| Average age (parent company) | 42.8 years | 43.4 years | 45.7 years | 45.1 years | 45.4 years |
| Average tenure (parent company) | 10.3 years | 10.0 years | 10.9 years | 10.9 years | 11.4 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) -6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy business | 32,668 | 69.1% | 4,546 | 13.9% |
| Energy saving business | 1,156 | 2.4% | 316 | 27.3% |
| Electric power business | 6,161 | 13.0% | 1,579 | 25.6% |
| Operation and maintenance business | 1,551 | 3.3% | 622 | 40.1% |
| Energy storage business | 5,711 | 12.1% | 1,498 | 26.2% |
| Other | 1 | 0.0% | 1 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy business | 69.1% | 53.1% | -16.0 | 13.9% |
| Energy saving business | 2.4% | 3.7% | 1.2 | 27.3% |
| Electric power business | 13.0% | 18.4% | 5.4 | 25.6% |
| Operation and maintenance business | 3.3% | 7.3% | 4.0 | 40.1% |
| Energy storage business | 12.1% | 17.5% | 5.4 | 26.2% |
| Other | 0.0% | 0.0% | 0.0 | 100.0% |

Segment → industry: Energy storage business → Electric Power & Gas / Electric power business → Electric Power & Gas / Renewable energy business → Electric Power & Gas / Operation and maintenance business → Plant Engineering & Building Services / Energy saving business → Plant Engineering & Building Services / Renewable energy business → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,263 | 6.9% | S100X68L |
| Capital expenditure | 3,081 | 6.5% | S100X68L |
| Free cash flow | 182 | 0.4% | 算出 |
| Investing cash flow | -5,459 | -11.6% | S100X68L |
| Financing cash flow | 10,064 | 21.3% | S100X68L |
| Dividends paid | 2,576 | 5.5% | S100X68L |
| Share buyback | 0 | 0.0% | S100X68L |
| Change in cash | 7,888 | 16.7% | S100X68L |
| Cash and equivalents | 35,707 | 75.6% | S100X68L |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 34,349 | 27,709 | 46,263 | 27,818 | 35,707 | S100SCQ8, S100UUJ2, S100X68L |
| Total assets | 97,278 | 101,418 | 123,802 | 125,897 | 148,546 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Net assets | 25,331 | 27,552 | 31,403 | 33,399 | 36,537 | S100SCQ8, S100UUJ2, S100X68L |
| Share capital | 2,020 | 2,020 | 2,020 | 2,020 | 2,020 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Trade receivables | 7,847 | — | — | — | — | S100PPDS |
| Property, plant and equipment | 15,086 | 28,494 | 30,841 | 40,834 | 44,766 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Intangible assets excluding goodwill | 353 | 4,290 | 4,174 | 806 | 5,122 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Goodwill | — | — | — | 437 | 4,827 | S100X68L |
| Investment securities | 329 | 849 | 1,209 | 1,742 | 1,722 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Current assets | 79,550 | 65,022 | 83,973 | 76,518 | 89,170 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Current liabilities | 38,018 | 28,665 | 30,882 | 34,507 | 39,666 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Trade payables | 6,095 | 2,175 | 644 | 529 | 2,254 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Short-term borrowings | 20,725 | 15,031 | 17,866 | 18,612 | 23,963 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Long-term borrowings | 32,409 | 43,584 | 60,078 | 56,553 | 70,108 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Bonds | 450 | 310 | 170 | 50 | — | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Interest-bearing debt | 53,584 | 58,925 | 78,114 | 75,215 | — | 算出 |
| Total liabilities | 71,946 | 73,865 | 92,399 | 92,497 | 112,008 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Non-controlling interests | 15 | 15 | 15 | 168 | 313 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Equity attributable to owners of parent | 25,356 | 27,550 | 31,337 | 33,090 | 35,890 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Retained earnings | 25,824 | 28,049 | 31,830 | 36,350 | 39,130 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |
| Treasury stock | -3,216 | -3,255 | -3,270 | -6,062 | -6,062 | S100PPDS, S100SCQ8, S100UUJ2, S100X68L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100X68L |
| Property, plant and equipment | 30% | S100X68L |
| Intangibles and goodwill | 7% | S100X68L |
| Investment securities | 1% | S100X68L |
| Other assets | 38% | S100X68L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100X68L |
| Other liabilities | 74% | S100X68L |
| Equity | 25% | S100X68L |
| Other liabilities | 0% | S100X68L |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 97,278 | 101,418 | 123,802 | 125,897 | 148,546 |
| Equity | 25,331 | 27,552 | 31,403 | 33,399 | 36,537 |
| Interest-bearing debt | 53,584 | 58,925 | 78,114 | 75,215 | — |
| Cash | 34,349 | 27,709 | 46,263 | 27,818 | 35,707 |

## 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) | 94.7% | S100X68L |
| Fixed assets ÷ total assets | 30.1% | S100X68L |
| Goodwill ÷ parent equity | 13.4% | S100X68L |

### 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) | 24.0% |
| Cash ÷ revenue | 75.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 37.7% |
| Cash vs. profit gap | -2,094 JPY mn (of net income -39.1%) |
| Shareholder returns / net income | 48.1% |
| Shareholder returns / FCF | 1415.4% |
| Shareholder payments — dividends / net income | 48.1% |
| Shareholder payments — dividends / FCF | 1415.4% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 167.3% |

## 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 | 9.6% | 0.70× | 6.7% | 3.84× | 25.6% | S100PPDS |
| 2022 | 6.3% | 0.68× | 4.3% | 3.76× | 16.1% | S100SCQ8 |
| 2023 | 13.8% | 0.39× | 5.3% | 3.82× | 20.4% | S100UUJ2 |
| 2024 | 13.4% | 0.40× | 5.4% | 3.88× | 21.0% | S100X68L |
| 2025 | 11.3% | 0.34× | 3.9% | 3.98× | 15.5% | S100X68L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉川 隆 | Major shareholder | 43.8% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.4% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2025-08-31 |
| 株式会社JERA | Major shareholder | 2.4% | 2025-08-31 |
| J.P. MORGAN SE - LUXEMBOURG BRANCH 384524(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.9% | 2025-08-31 |
| CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS)(常任代理人 シティバンク) | Major shareholder | 1.6% | 2025-08-31 |
| 大阪瓦斯株式会社 | Major shareholder | 1.4% | 2025-08-31 |
| J.P. MORGAN SE - LUXEMBOURG BRANCH 384523(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.4% | 2025-08-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.3% | 2025-08-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)(常任代理人 野村證券株式会社) | Major shareholder | 1.2% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/09/01－2025/08/31) | S100X68L | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X68L,, |
| 有価証券報告書－第19期(2023/09/01－2024/08/31) | S100UUJ2 | 2024-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUJ2,, |
| 有価証券報告書－第18期(2022/09/01－2023/08/31) | S100SCQ8 | 2023-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCQ8,, |
| 有価証券報告書－第17期(令和3年9月1日－令和4年8月31日) | S100PPDS | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPDS,, |
| 有価証券報告書－第16期(令和2年9月1日－令和3年8月31日) | S100MXKS | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXKS,, |
| 訂正有価証券報告書－第15期(令和1年9月1日－令和2年8月31日) | S100KLFM | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLFM,, |

## 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).