# WOOD ONE 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74期(2025/04/01－2026/03/31) (S100YI45)
> Page: https://vizora.meequs.com/en/company/wood-one
> Retrieved: 2026-09-30T19:03:49.034Z

## Company

Wood ONE, founded in 1950, is a company in Electric Power & Gas listed on TSE Standard. It has 2,173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WOOD ONE CO.,LTD. |
| Ticker | 7898 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7898.T) |
| Listing | TSE Standard |
| Head office | 広島県廿日市市木材港南1番1号 |
| Representative (per filing) | 代表取締役社長 中本祐昌 |
| Founded | Aug 1950 |
| Share capital | ¥7.32B |
| Employees (consolidated) | 2,173 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | woodone.co.jp (https://woodone.co.jp/) |
| Corporate number | 4240001027972 |
| EDINET | E00630 |
| Industries (Vizora) | Electric Power & Gas, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YI45, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.2 | 56 |
| Profitability | 26.7 | 58 |
| Cash conversion | 83 | 50 |
| Efficiency | 14.7 | 58 |
| Financial strength | 6.3 | 8 |

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 98% of Wood ONE's sales come from House building materials and housing equipment, with Power generation making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.3% from the prior year, operating profit -6.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥66B |  |
| Operating income | ¥1.23B | Margin 1.9% |
| Net income | -¥1.46B | Margin -2.2% |
| Free cash flow | -¥2.96B |  |
| Largest business | House building materials and housing equipment | of segment revenue 98.4% |
| Employees (consolidated) | 2,173 |  |
| EPS | ¥207.59 |  |
| Book value per share | ¥4388.24 |  |
| Equity ratio | 42.5% |  |
| Shares outstanding | 9,841,969 |  |
| Treasury shares | 533,500 |  |
| Shareholders | 2,905 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 4.0% | Net cash -¥38.7B · Cash ÷ revenue 6.3% |
| Vs. industry median margin | -2.6 pp | Housing Equipment & Building Materials |
| ROA | -1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59076000000 | ¥66000000000 | +11.7% |
| Operating income | ¥2343000000 | ¥1230000000 | -47.5% |
| Operating margin | 4.0% | 1.9% | -2.1 pp |
| Employees | 2,488 people | 2,173 people | -12.7% |
| Cash and equivalents | ¥8337000000 | ¥4127000000 | -50.5% |

### 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 |
| --- | ---: |
| 住宅建材設備事業 → 住宅建材設備事業 | 97.9% |
| 発電事業 → 発電事業 | 1.6% |
| 発電事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 住宅建材設備事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 66,000 | 100.0% | S100YI45 |
| Cost of revenue | 48,401 | 73.3% | S100YI45 |
| Gross profit | 17,598 | 26.7% | S100YI45 |
| SG&A | 16,367 | 24.8% | S100YI45 |
| Operating income | 1,230 | 1.9% | S100YI45 |
| Ordinary income | 1,792 | 2.7% | S100YI45 |
| Pretax income | -341 | -0.5% | S100YI45 |
| Income tax | 1,191 | 1.8% | S100YI45 |
| Net income | -1,533 | -2.3% | S100YI45 |
| Net income attributable to owners | -1,456 | -2.2% | S100YI45 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 25 |
| Operating income | 2 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 26.7% → Operating margin 1.9% → Net margin -2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.3%; Core profit growth: -6.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.72×
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 | 65,157 | 66,000 | 843 | +1.3% |
| Gross profit | 17,676 | 17,598 | -78 | -0.4% |
| Operating income | 1,310 | 1,230 | -80 | -6.1% |
| Net income attributable to owners | 1,777 | -1,456 | -3,233 | -181.9% |
| Operating cash flow | 3,982 | 2,606 | -1,376 | -34.6% |
| Free cash flow | -440 | -2,963 | -2,523 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 63,566 | 1,941 | 3.1% | 829 | 4,044 | 1,396 | S100LR9D |
| FY ending Mar 2021 | 59,076 | 2,343 | 4.0% | 1,170 | 4,088 | -960 | S100OFZ1 |
| FY ending Mar 2022 | 66,582 | 2,351 | 3.5% | 1,308 | 4,599 | 940 | S100R6CZ |
| FY ending Mar 2023 | 65,829 | 766 | 1.2% | 365 | 109 | -3,339 | S100TSF0 |
| FY ending Mar 2024 | 64,779 | -939 | -1.4% | -2,315 | 4,028 | -933 | S100W1IO |
| FY ending Mar 2025 | 65,157 | 1,310 | 2.0% | 1,777 | 3,982 | -440 | S100YI45 |
| FY ending Mar 2026 | 66,000 | 1,230 | 1.9% | -1,456 | 2,606 | -2,963 | S100YI45 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.4M |
| Operating income per employee (consolidated) | ¥566K |
| Net income per employee (consolidated) | -¥670K |

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) | 2,449 | 2,338 | 2,222 | 2,178 | 2,173 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥4.6M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 42.1 years | 42.6 years | 43.2 years | 43.7 years | 44.1 years |
| Average tenure (parent company) | 18.5 years | 19.0 years | 19.5 years | 20.0 years | 20.3 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +1.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| House building materials and housing equipment | 64,945 | 98.4% | 1,024 | 1.6% |
| Power generation | 1,054 | 1.6% | 206 | 19.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| House building materials and housing equipment | 98.4% | 83.3% | -15.2 | 1.6% |
| Power generation | 1.6% | 16.7% | 15.2 | 19.5% |

Segment → industry: Power generation → Electric Power & Gas / House building materials and housing equipment → Housing Equipment & Building Materials

## 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 | 2,606 | 3.9% | S100YI45 |
| Capital expenditure | 5,569 | 8.4% | S100YI45 |
| Free cash flow | -2,963 | -4.5% | 算出 |
| Investing cash flow | -5,261 | -8.0% | S100YI45 |
| Financing cash flow | 1,449 | 2.2% | S100YI45 |
| Dividends paid | 222 | 0.3% | S100YI45 |
| Share buyback | 0 | 0.0% | S100YI45 |
| Change in cash | -1,312 | -2.0% | S100YI45 |
| Cash and equivalents | 4,127 | 6.3% | S100YI45 |

## 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 | 5,479 | 4,548 | 5,161 | 5,440 | 4,127 | S100TSF0, S100W1IO, S100YI45 |
| Total assets | 95,062 | 97,018 | 101,754 | 102,106 | 104,251 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Net assets | 44,188 | 44,404 | 44,717 | 45,614 | 45,294 | S100TSF0, S100W1IO, S100YI45 |
| Share capital | 7,324 | 7,324 | 7,324 | 7,324 | 7,324 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Property, plant and equipment | 55,226 | 55,416 | 59,585 | 58,637 | 61,616 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Intangible assets excluding goodwill | 853 | 818 | 769 | 649 | 624 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Investment securities | 2,192 | 2,069 | 3,422 | 3,276 | 3,314 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Current assets | 27,584 | 29,814 | 28,865 | 29,453 | 30,319 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Current liabilities | 22,312 | 20,818 | 32,222 | 31,111 | 31,761 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Trade payables | 4,282 | 3,905 | 3,771 | 3,741 | 3,933 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Short-term borrowings | 10,465 | 9,702 | 17,390 | 19,545 | 20,609 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Long-term borrowings | 20,174 | 23,902 | 19,326 | 18,384 | 20,234 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Bonds | 3,000 | 3,000 | — | 2,000 | 2,000 | S100R6CZ, S100TSF0, S100YI45 |
| Interest-bearing debt | 33,639 | 36,604 | — | 39,929 | 42,843 | 算出 |
| Total liabilities | 50,873 | 52,613 | 57,036 | 56,492 | 58,956 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Non-controlling interests | 1,039 | 1,049 | 857 | 906 | 910 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Equity attributable to owners of parent | 36,281 | 36,396 | 33,857 | 35,410 | 33,730 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Retained earnings | 23,521 | 23,603 | 21,065 | 22,619 | 20,939 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |
| Treasury stock | -2,083 | -2,052 | -2,052 | -2,053 | -2,053 | S100R6CZ, S100TSF0, S100W1IO, S100YI45 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YI45 |
| Property, plant and equipment | 59% | S100YI45 |
| Intangibles and goodwill | 1% | S100YI45 |
| Investment securities | 3% | S100YI45 |
| Other assets | 33% | S100YI45 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YI45 |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 12% | S100YI45 |
| Equity | 43% | S100YI45 |
| Other liabilities | 0% | S100YI45 |

### 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 | 95,062 | 97,018 | 101,754 | 102,106 | 104,251 |
| Equity | 44,188 | 44,404 | 44,717 | 45,614 | 45,294 |
| Interest-bearing debt | 33,639 | 36,604 | — | 39,929 | 42,843 |
| Cash | 5,479 | 4,548 | 5,161 | 5,440 | 4,127 |

## 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) | 93.4% | S100YI45 |
| Fixed assets ÷ total assets | 59.1% | S100YI45 |
| Goodwill ÷ parent equity | — | —, S100YI45 |

### 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) | 4.0% |
| Cash ÷ revenue | 6.3% |
| Net cash (cash − interest-bearing debt) | -¥38.7B |
| Net debt ÷ operating cash flow | 14.86× |
| Cash conversion (operating CF ÷ operating income) | 211.9% |
| Cash vs. profit gap | 4,062 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 201.9% |

## 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 | 2.0% | 0.70× | 1.4% | 2.62× | 3.6% | S100R6CZ |
| 2023 | 0.6% | 0.69× | 0.4% | 2.64× | 1.0% | S100TSF0 |
| 2024 | — | —× | -2.3% | —× | — | S100W1IO |
| 2025 | 2.7% | 0.64× | 1.7% | 2.94× | 5.1% | S100YI45 |
| 2026 | — | —× | -1.4% | —× | — | S100YI45 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中本不動産㈱ | Major shareholder | 9.4% | 2026-03-31 |
| 住建持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 日本マスタートラスト 信託銀行㈱ | Major shareholder | 4.0% | 2026-03-31 |
| 住建東海持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 中本 雅生 | Major shareholder | 3.2% | 2026-03-31 |
| ＮＡＫＡ勇㈱ | Major shareholder | 3.0% | 2026-03-31 |
| 中本 祐昌 | Major shareholder | 2.8% | 2026-03-31 |
| ウッドワン従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| ㈱ＷＯＯＤＰＲＯホールディングス | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YI45 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI45,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W1IO | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1IO,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TSF0 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSF0,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R6CZ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6CZ,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OFZ1 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFZ1,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LR9D | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR9D,, |

## 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).