# YAGAMI INC.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/04/21－2026/04/20) (S100YP3N)
> Page: https://vizora.meequs.com/en/company/yagami
> Retrieved: 2026-09-30T20:24:36.823Z

## Company

Yagami, founded in 1947, is a company in Specialty Trading & Wholesale listed on Nagoya. It has 229 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAGAMI INC. |
| Ticker | 7488 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7488.T) |
| Listing | Nagoya |
| Head office | 名古屋市中区丸の内三丁目2番29号 |
| Representative (per filing) | 代表取締役社長 小林 啓介 |
| Founded | Jun 1947 |
| Share capital | ¥787.3M |
| Employees (consolidated) | 229 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | April |
| Website | www.yagami-inc.co.jp (https://www.yagami-inc.co.jp/) |
| Corporate number | 4180001041518 |
| EDINET | E02843 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YP3N, filed 2026-07-07). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-04-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.4 | 179 |
| Profitability | 98.6 | 185 |
| Cash conversion | 20.9 | 179 |
| Efficiency | 3.5 | 185 |

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 50% of Yagami's sales come from Educational science equipment and facility, with Health medical equipment and Industrial equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +14.8%.

## Company structure

- Segment revenue mix: Educational science equipment and facility 50.3%、Health medical equipment 26.1%、Industrial equipment 23.6%
- Revenue → net income: ¥11502261000 → ¥1588732000
- Net income → operating cash flow: ¥1588732000 → ¥938303000（difference ¥-650429000）
- Main uses of operating cash flow: CapEx ¥210708000 / dividends ¥1242611000 / buybacks ¥291000
- Change in cash: ¥-2380960000
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 | ¥11.5B |  |
| Operating income | ¥2.24B | Margin 19.4% |
| Net income | ¥1.59B | Margin 13.8% |
| Free cash flow | ¥727.6M |  |
| Largest business | Educational science equipment and facility | of segment revenue 50.3% |
| Employees (consolidated) | 229 |  |
| EPS | ¥287.53 |  |
| Book value per share | ¥2044.58 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 5,300,000 |  |
| Treasury shares | 54,800 |  |
| Shareholders | 2,401 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 34.4% |
| Vs. industry median margin | +16.6 pp | Specialty Trading & Wholesale |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10175392000 | ¥11502261000 | +13.0% |
| Operating income | ¥1626590000 | ¥2235239000 | +37.4% |
| Operating margin | 16.0% | 19.4% | +3.4 pp |
| Employees | 232 people | 229 people | -1.3% |
| Cash and equivalents | ¥6299462000 | ¥3959529000 | -37.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 理科学機器設備 → 理科学機器設備 | 48.0% |
| 保健医科機器 → 保健医科機器 | 26.1% |
| 保健医科機器 → 事業再編・廃止 | 3.4% |
| 産業用機器 → 産業用機器 | 22.5% |
| 新設・再編 → 理科学機器設備 | 2.3% |
| 新設・再編 → 産業用機器 | 1.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Educational science equipment and facility | 5 years | +3.5% | ¥5784974000 | 20.0% | 2 |
| Health medical equipment | 5 years | -0.0% | ¥2998481000 | 18.2% | 2 |
| Industrial equipment | 5 years | +3.5% | ¥2718805000 | 21.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,502 | 100.0% | S100YP3N |
| Cost of revenue | 6,530 | 56.8% | S100YP3N |
| Gross profit | 4,972 | 43.2% | S100YP3N |
| SG&A | 2,625 | 22.8% | S100YP3N |
| Operating income | 2,235 | 19.4% | S100YP3N |
| Ordinary income | 2,299 | 20.0% | S100YP3N |
| Pretax income | 2,295 | 20.0% | S100YP3N |
| Income tax | 706 | 6.1% | S100YP3N |
| Net income | 1,589 | 13.8% | S100YP3N |
| Net income attributable to owners | 1,589 | 13.8% | S100YP3N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 23 |
| Other operating | 1 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 43.2% → Operating margin 19.4% → Net margin 13.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +14.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.58×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,876 | 11,502 | 627 | +5.8% |
| Gross profit | 4,559 | 4,972 | 413 | +9.1% |
| Operating income | 1,946 | 2,235 | 289 | +14.8% |
| Net income attributable to owners | 1,302 | 1,589 | 287 | +22.1% |
| Operating cash flow | 1,279 | 938 | -341 | -26.6% |
| Free cash flow | 1,211 | 728 | -483 | -39.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 8,020 | 1,049 | 13.1% | 740 | 584 | 543 | S100MC9R |
| FY ending Apr 2021 | 10,175 | 1,627 | 16.0% | 1,042 | 1,854 | 1,829 | S100OQ03 |
| FY ending Apr 2022 | 11,092 | 1,851 | 16.7% | 1,286 | 622 | 568 | S100RDQS |
| FY ending Apr 2023 | 10,889 | 1,831 | 16.8% | 1,177 | 1,410 | 1,198 | S100U130 |
| FY ending Apr 2024 | 10,545 | 1,862 | 17.7% | 1,204 | 1,100 | 869 | S100WBAM |
| FY ending Apr 2025 | 10,876 | 1,946 | 17.9% | 1,302 | 1,279 | 1,211 | S100YP3N |
| FY ending Apr 2026 | 11,502 | 2,235 | 19.4% | 1,589 | 938 | 728 | S100YP3N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.2M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥6.9M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 235 | 236 | 231 | 233 | 229 |
| Average salary (parent company) | ¥6.3M | ¥6.8M | ¥6.3M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 42.8 years | 43.2 years | 43.5 years | 43.9 years | 43.8 years |
| Average tenure (parent company) | 16.6 years | 16.8 years | 17.0 years | 17.2 years | 17.1 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Educational science equipment and facility | 5,785 | 50.3% | 1,159 | 20.0% |
| Health medical equipment | 2,998 | 26.1% | 545 | 18.2% |
| Industrial equipment | 2,719 | 23.6% | 596 | 21.9% |

### 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 |
| --- | ---: |
| Educational science equipment and facility | 50.3% |
| Health medical equipment | 26.1% |
| Industrial equipment | 23.6% |

Segment → industry: Industrial equipment → Specialty Trading & Wholesale / Health medical equipment → Specialty Trading & Wholesale / Educational science equipment and facility → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 938 | 8.2% | S100YP3N |
| Capital expenditure | 211 | 1.8% | S100YP3N |
| Free cash flow | 728 | 6.3% | 算出 |
| Investing cash flow | -1,416 | -12.3% | S100YP3N |
| Financing cash flow | -1,903 | -16.5% | S100YP3N |
| Dividends paid | 1,243 | 10.8% | S100YP3N |
| Share buyback | 0 | 0.0% | S100YP3N |
| Change in cash | -2,381 | -20.7% | S100YP3N |
| Cash and equivalents | 3,960 | 34.4% | S100YP3N |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,818 | 7,956 | 7,607 | 6,340 | 3,960 | S100U130, S100WBAM, S100YP3N |
| Total assets | 17,709 | 18,144 | 18,485 | 18,547 | 18,077 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Net assets | 12,975 | 13,614 | 14,121 | 13,553 | 13,924 | S100U130, S100WBAM, S100YP3N |
| Share capital | 787 | 787 | 787 | 787 | 787 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Property, plant and equipment | 1,698 | 1,842 | 1,955 | 2,003 | 2,076 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Intangible assets excluding goodwill | 40 | 24 | 76 | 21 | 116 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Investment securities | 994 | 618 | 985 | 976 | 1,113 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Current assets | 14,575 | 15,257 | 14,762 | 14,798 | 13,994 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Current liabilities | 3,758 | 3,407 | 3,253 | 3,885 | 3,038 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Trade payables | 633 | 532 | 448 | 402 | 453 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Total liabilities | 4,734 | 4,530 | 4,364 | 4,994 | 4,153 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Non-controlling interests | 608 | 698 | 773 | — | — | S100RDQS, S100U130, S100WBAM |
| Equity attributable to owners of parent | 12,335 | 12,867 | 13,247 | 13,458 | 13,803 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Retained earnings | 10,905 | 11,438 | 11,818 | 11,840 | 12,185 | S100RDQS, S100U130, S100WBAM, S100YP3N |
| Treasury stock | -34 | -34 | -35 | -35 | -35 | S100RDQS, S100U130, S100WBAM, S100YP3N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YP3N |
| Property, plant and equipment | 11% | S100YP3N |
| Intangibles and goodwill | 1% | S100YP3N |
| Investment securities | 6% | S100YP3N |
| Other assets | 60% | S100YP3N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YP3N |
| Other liabilities | 20% | S100YP3N |
| Equity | 77% | S100YP3N |
| Other liabilities | 0% | S100YP3N |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,709 | 18,144 | 18,485 | 18,547 | 18,077 |
| Equity | 12,975 | 13,614 | 14,121 | 13,553 | 13,924 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,818 | 7,956 | 7,607 | 6,340 | 3,960 |

## 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) | 18.0% | S100YP3N |
| Fixed assets ÷ total assets | 11.5% | S100YP3N |
| Goodwill ÷ parent equity | — | —, S100YP3N |

### 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) | 21.9% |
| Cash ÷ revenue | 34.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.0% |
| Cash vs. profit gap | -650 JPY mn (of net income -40.9%) |
| Shareholder returns / net income | 78.2% |
| Shareholder returns / FCF | 170.8% |
| Shareholder payments — dividends / net income | 78.2% |
| Shareholder payments — dividends / FCF | 170.8% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 150.9% |

## 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 | 11.6% | 0.63× | 7.3% | 1.44× | 10.4% | S100RDQS |
| 2023 | 10.8% | 0.61× | 6.6% | 1.42× | 9.3% | S100U130 |
| 2024 | 11.4% | 0.58× | 6.6% | 1.40× | 9.2% | S100WBAM |
| 2025 | 12.0% | 0.59× | 7.0% | 1.39× | 9.7% | S100YP3N |
| 2026 | 13.8% | 0.63× | 8.7% | 1.34× | 11.7% | S100YP3N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱やがみビル | Major shareholder | 66.7% | 2026-04-20 |
| ㈱八神製作所 | Major shareholder | 5.9% | 2026-04-20 |
| 八 神 昌 裕 | Major shareholder | 2.3% | 2026-04-20 |
| 八 神 基 | Major shareholder | 2.0% | 2026-04-20 |
| ㈱京町 | Major shareholder | 1.4% | 2026-04-20 |
| 小 林 知佳代 | Major shareholder | 1.4% | 2026-04-20 |
| ヤガミ従業員持株会 | Major shareholder | 1.2% | 2026-04-20 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 1.0% | 2026-04-20 |
| VTホールディングス㈱ | Major shareholder | 0.5% | 2026-04-20 |
| 三 輪 君 子 | Major shareholder | 0.3% | 2026-04-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/21－2026/04/20) | S100YP3N | 2026-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YP3N,, |
| 有価証券報告書－第60期(2024/04/21－2025/04/20) | S100WBAM | 2025-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBAM,, |
| 有価証券報告書－第59期(2023/04/21－2024/04/20) | S100U130 | 2024-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U130,, |
| 有価証券報告書－第58期(2022/04/21－2023/04/20) | S100RDQS | 2023-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RDQS,, |
| 有価証券報告書－第57期(令和3年4月21日－令和4年4月20日) | S100OQ03 | 2022-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OQ03,, |
| 訂正有価証券報告書－第56期(令和2年4月21日－令和3年4月20日) | S100MC9R | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC9R,, |

## 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).