# Yamadai Corporation: 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68期(2025/04/01－2026/03/31) (S100YMIT)
> Page: https://vizora.meequs.com/en/company/yamadai
> Retrieved: 2026-09-30T20:26:31.074Z

## Company

Yamadai, founded in 1951, is a company in Homebuilders listed on TSE Standard. It has 102 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yamadai Corporation |
| Ticker | 7426 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7426.T) |
| Listing | TSE Standard |
| Head office | 宮城県石巻市潮見町2番地の3 |
| Representative (per filing) | 代表取締役社長 髙橋 暢介 |
| Founded | Nov 1951 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 102 |
| Average salary (parent only) | ¥3.7M |
| Fiscal year end | March |
| Website | www.yamadai.com (https://www.yamadai.com/) |
| Corporate number | 6370301001357 |
| EDINET | E02798 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YMIT, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 1.4 | 185 |
| Efficiency | 8.4 | 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 71% of Yamadai's sales come from Housing Material Business, with Construction Business and Real Estate Business making up much of the rest.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed -0.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.1B |  |
| Operating income | -¥286.9M | Margin -7.0% |
| Net income | -¥280.8M | Margin -6.8% |
| Free cash flow | -¥387.1M |  |
| Largest business | Housing Material Business | of segment revenue 71.2% |
| Employees (consolidated) | 102 |  |
| EPS | ¥-201.75 |  |
| Book value per share | ¥1768.83 |  |
| Equity ratio | 40.0% |  |
| Shares outstanding | 1,187,000 |  |
| Treasury shares | 76,500 |  |
| Shareholders | 904 |  |
| Average salary (parent only) | ¥3.7M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | -9.9 pp | Specialty Trading & Wholesale |
| ROA | -5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 98 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4166169000 | ¥4102141000 | — |
| Operating income | ¥-88425000 | ¥-286880000 | — |
| Operating margin | -2.1% | -7.0% | -4.9 pp |
| Employees | 85 people | 102 people | — |
| Cash and equivalents | ¥1470236000 | ¥769348000 | — |

### 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 |
| --- | ---: |
| 住宅資材事業 → 住宅資材事業 | 71.2% |
| 住宅資材事業 → 事業再編・廃止 | 2.3% |
| 建設事業 → 建設事業 | 25.5% |
| 賃貸事業 → 賃貸事業 | 1.1% |
| 新設・再編 → 建設事業 | 1.6% |
| 新設・再編 → 賃貸事業 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Housing Material Business | — | — | ¥2919468000 | -1.9% | 2 |
| Construction Business | — | — | ¥1112387000 | -2.1% | 2 |
| Real Estate Business | — | — | ¥70284000 | 68.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,102 | 100.0% | S100YMIT |
| Cost of revenue | 3,604 | 87.9% | S100YMIT |
| Gross profit | 498 | 12.1% | S100YMIT |
| SG&A | 785 | 19.1% | S100YMIT |
| Operating income | -287 | -7.0% | S100YMIT |
| Ordinary income | -264 | -6.4% | S100YMIT |
| Pretax income | -289 | -7.0% | S100YMIT |
| Income tax | -8 | -0.2% | S100YMIT |
| Net income | -281 | -6.8% | S100YMIT |
| Net income attributable to owners | -281 | -6.8% | S100YMIT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 19 |
| Operating income | -7 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 12.1% → Operating margin -7.0% → Net margin -6.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,139 | 4,102 | -36 | -0.9% |
| Gross profit | 424 | 498 | 74 | +17.4% |
| Operating income | -376 | -287 | 89 | — |
| Net income attributable to owners | -1,437 | -281 | 1,156 | — |
| Operating cash flow | 278 | -377 | -655 | -235.4% |
| Free cash flow | 171 | -387 | -558 | -326.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,950 | -141 | -2.8% | -136 | -124 | -154 | S100LVFC |
| FY ending Mar 2021 | 4,166 | -88 | -2.1% | -202 | 575 | 553 | S100OKPM |
| FY ending Mar 2022 | 4,795 | 284 | 5.9% | 296 | 119 | 104 | S100R94J |
| FY ending Mar 2023 | 5,056 | 157 | 3.1% | 103 | 456 | 409 | S100TXDY |
| FY ending Mar 2024 | 4,480 | -148 | -3.3% | -152 | -88 | -596 | S100TXDY |
| FY ending Mar 2025 | 4,139 | -376 | -9.1% | -1,437 | 278 | 171 | S100YMIT |
| FY ending Mar 2026 | 4,102 | -287 | -7.0% | -281 | -377 | -387 | S100YMIT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.2M |
| Operating income per employee (consolidated) | -¥2.8M |
| Net income per employee (consolidated) | -¥2.8M |

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) | 86 | 92 | 106 | 115 | 102 |
| Average salary (parent company) | ¥3.9M | ¥3.7M | ¥3.7M | ¥3.8M | ¥3.7M |
| Average age (parent company) | 40.5 years | 40.7 years | 41.5 years | 41.7 years | 42.9 years |
| Average tenure (parent company) | 12.4 years | 12.4 years | 11.8 years | 11.9 years | 13.3 years |

Year over year: Employees (consolidated) -11.3% · Revenue (consolidated) -0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing Material Business | 2,919 | 71.2% | -56 | -1.9% |
| Construction Business | 1,112 | 27.1% | -23 | -2.1% |
| Real Estate Business | 70 | 1.7% | 48 | 68.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Housing Material Business | 71.2% | — | — | -1.9% |
| Construction Business | 27.1% | — | — | -2.1% |
| Real Estate Business | 1.7% | 100.0% | 98.3 | 68.6% |

Loss-making segment (excluded from profit shares): Housing Material Business -56 JPY mn

Loss-making segment (excluded from profit shares): Construction Business -23 JPY mn

Segment → industry: Construction Business → Homebuilders / Real Estate Business → Real Estate Development & Leasing / Housing Material Business → Specialty Trading & Wholesale

## 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 | -377 | -9.2% | S100YMIT |
| Capital expenditure | 10 | 0.2% | S100YMIT |
| Free cash flow | -387 | -9.4% | 算出 |
| Investing cash flow | -10 | -0.2% | S100YMIT |
| Financing cash flow | -74 | -1.8% | S100YMIT |
| Dividends paid | 22 | 0.5% | S100YMIT |
| Change in cash | -461 | -11.2% | S100YMIT |
| Cash and equivalents | 769 | 18.8% | S100YMIT |

## 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 | 1,382 | 1,628 | 1,093 | 1,231 | 769 | S100TXDY, S100YMIT |
| Total assets | 6,244 | 6,376 | 6,059 | 5,213 | 4,661 | S100R94J, S100TXDY, S100YMIT |
| Net assets | 3,730 | 3,801 | 3,623 | 2,157 | 1,866 | S100TXDY, S100YMIT |
| Share capital | 1,103 | 1,103 | 1,103 | 1,103 | 1,103 | S100R94J, S100TXDY, S100YMIT |
| Trade receivables | — | — | — | 455 | 457 | S100YMIT |
| Property, plant and equipment | 2,874 | 2,776 | 3,151 | 2,315 | 2,328 | S100R94J, S100TXDY, S100YMIT |
| Intangible assets excluding goodwill | 18 | 11 | 11 | 19 | 1 | S100R94J, S100TXDY, S100YMIT |
| Goodwill | — | — | — | 17 | — | S100YMIT |
| Investment securities | 9 | 12 | 20 | 22 | 40 | S100R94J, S100TXDY, S100YMIT |
| Current assets | 3,223 | 3,509 | 2,833 | 2,728 | 2,224 | S100R94J, S100TXDY, S100YMIT |
| Current liabilities | 1,442 | 1,593 | 1,312 | 1,611 | 1,563 | S100R94J, S100TXDY, S100YMIT |
| Trade payables | — | — | — | 273 | 272 | S100YMIT |
| Short-term borrowings | 195 | 195 | 195 | 195 | 393 | S100R94J, S100TXDY, S100YMIT |
| Long-term borrowings | 809 | 660 | 759 | 1,088 | 878 | S100R94J, S100TXDY, S100YMIT |
| Total liabilities | 2,515 | 2,574 | 2,436 | 3,056 | 2,795 | S100R94J, S100TXDY, S100YMIT |
| Equity attributable to owners of parent | 3,683 | 3,753 | 3,567 | 2,006 | 1,703 | S100R94J, S100TXDY, S100YMIT |
| Retained earnings | 2,537 | 2,606 | 2,421 | 859 | 556 | S100R94J, S100TXDY, S100YMIT |
| Treasury stock | -54 | -54 | -54 | -54 | -54 | S100R94J, S100TXDY, S100YMIT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YMIT |
| Receivables | 10% | S100YMIT |
| Property, plant and equipment | 50% | S100YMIT |
| Intangibles and goodwill | 0% | S100YMIT |
| Investment securities | 1% | S100YMIT |
| Other assets | 23% | S100YMIT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YMIT |
| Other liabilities | 54% | S100YMIT |
| Equity | 40% | S100YMIT |
| Other liabilities | 0% | S100YMIT |

### 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 | 6,244 | 6,376 | 6,059 | 5,213 | 4,661 |
| Equity | 3,730 | 3,801 | 3,623 | 2,157 | 1,866 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,382 | 1,628 | 1,093 | 1,231 | 769 |

## 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) | 56.7% | S100YMIT |
| Fixed assets ÷ total assets | 49.9% | S100YMIT |
| Goodwill ÷ parent equity | — | —, S100YMIT |

### 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) | 16.5% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -96 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | — |

## 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 | 6.2% | 0.77× | 4.7% | 1.70× | 8.0% | S100R94J |
| 2023 | 2.0% | 0.80× | 1.6% | 1.70× | 2.8% | S100TXDY |
| 2024 | — | —× | -2.5% | —× | — | S100TXDY |
| 2025 | — | —× | -27.6% | —× | — | S100YMIT |
| 2026 | — | —× | -5.7% | —× | — | S100YMIT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エステートヤマダイン | Major shareholder | 26.8% | 2026-03-31 |
| 株式会社山友殖林 | Major shareholder | 3.7% | 2026-03-31 |
| 髙橋 恒 | Major shareholder | 3.7% | 2026-03-31 |
| 髙橋 武一 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社七十七銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 髙橋 嘉之 | Major shareholder | 2.4% | 2026-03-31 |
| 髙橋 茂之 | Major shareholder | 2.3% | 2026-03-31 |
| 山田 善彦 | Major shareholder | 2.3% | 2026-03-31 |
| 高橋 敦 | Major shareholder | 1.9% | 2026-03-31 |
| 須山木材株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YMIT | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMIT,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W97P | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W97P,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TXDY | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXDY,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R94J | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R94J,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OKPM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKPM,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LVFC | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVFC,, |

## 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).