# YUASA FUNASHOKU 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55期(2025/04/01－2026/03/31) (S100YIWQ)
> Page: https://vizora.meequs.com/en/company/yuasa-funashoku
> Retrieved: 2026-09-30T17:55:52.058Z

## Company

Yuasa Funashoku, founded in 1937, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 303 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YUASA FUNASHOKU CO., LTD. |
| Ticker | 8006 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8006.T) |
| Listing | TSE Standard |
| Head office | 千葉県船橋市宮本四丁目18番6号 |
| Representative (per filing) | 代表取締役社長 山田 共之 |
| Founded | Jan 1937 |
| Share capital | ¥5.6B |
| Employees (consolidated) | 303 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.yuasa-funashoku.com (https://www.yuasa-funashoku.com/) |
| Corporate number | 6040001019014 |
| EDINET | E00456 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIWQ, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.9 | 179 |
| Profitability | 39.2 | 185 |
| Cash conversion | 74 | 179 |
| Efficiency | 66.8 | 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 97% of Yuasa Funashoku's sales come from Trading Segment, with Hotel Segment and Real Estate Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +6.0%.

## Company structure

- Segment revenue mix: Trading Segment 96.8%、Hotel Segment 3.0%、Real Estate Segment 0.2%
- Revenue → net income: ¥126423000000 → ¥2271000000
- Net income → operating cash flow: ¥2271000000 → ¥4138000000（difference ¥1867000000）
- Main uses of operating cash flow: CapEx ¥515000000 / dividends ¥529000000 / buybacks ¥0
- Change in cash: ¥2774000000
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 | ¥126.4B |  |
| Operating income | ¥2.89B | Margin 2.3% |
| Net income | ¥2.26B | Margin 1.8% |
| Free cash flow | ¥3.62B |  |
| Largest business | Trading Segment | of segment revenue 96.8% |
| Employees (consolidated) | 303 |  |
| EPS | ¥115.98 |  |
| Book value per share | ¥2368.33 |  |
| Equity ratio | 61.1% |  |
| Shares outstanding | 19,590,000 |  |
| Treasury shares | 1,928,400 |  |
| Shareholders | 1,827 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | -0.6 pp | Specialty Trading & Wholesale |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -45 points
- FY2026, employees -4% while operating income rose 6%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥108853000000 | ¥126423000000 | +16.1% |
| Operating income | ¥-73000000 | ¥2893000000 | — |
| Operating margin | -0.1% | 2.3% | +2.4 pp |
| Employees | 369 people | 303 people | -17.9% |
| Cash and equivalents | ¥6744000000 | ¥13356000000 | +98.0% |

### 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 |
| --- | ---: |
| 商事部門 → 商事部門 | 96.8% |
| 商事部門 → 事業再編・廃止 | 2.0% |
| ホテル部門 → ホテル部門 | 0.9% |
| 不動産部門 → 不動産部門 | 0.2% |
| 新設・再編 → ホテル部門 | 2.0% |
| 新設・再編 → 不動産部門 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Trading Segment | 5 years | +2.6% | ¥122419000000 | 1.6% | 2 |
| Hotel Segment | 5 years | +29.3% | ¥3730000000 | 39.6% | 2 |
| Real Estate Segment | 5 years | +5.0% | ¥272000000 | 97.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 126,423 | 100.0% | S100YIWQ |
| Cost of revenue | 116,385 | 92.1% | S100YIWQ |
| Gross profit | 10,037 | 7.9% | S100YIWQ |
| SG&A | 7,144 | 5.7% | S100YIWQ |
| Operating income | 2,893 | 2.3% | S100YIWQ |
| Ordinary income | 3,365 | 2.7% | S100YIWQ |
| Pretax income | 3,311 | 2.6% | S100YIWQ |
| Income tax | 1,039 | 0.8% | S100YIWQ |
| Net income | 2,271 | 1.8% | S100YIWQ |
| Net income attributable to owners | 2,262 | 1.8% | S100YIWQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 6 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 7.9% → Operating margin 2.3% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +6.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.21×
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 | 123,092 | 126,423 | 3,331 | +2.7% |
| Gross profit | 9,565 | 10,037 | 472 | +4.9% |
| Operating income | 2,730 | 2,893 | 163 | +6.0% |
| Net income attributable to owners | 2,050 | 2,262 | 212 | +10.3% |
| Operating cash flow | 574 | 4,138 | 3,564 | +620.9% |
| Free cash flow | -1,192 | 3,623 | 4,815 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 109,862 | 971 | 0.9% | 676 | 995 | 17 | S100LSHB |
| FY ending Mar 2021 | 108,853 | -73 | -0.1% | -277 | 520 | 326 | S100OLE2 |
| FY ending Mar 2022 | 109,897 | 653 | 0.6% | 2,336 | 2,200 | 2,158 | S100R80E |
| FY ending Mar 2023 | 117,881 | 1,462 | 1.2% | 1,112 | 862 | -174 | S100U082 |
| FY ending Mar 2024 | 119,580 | 1,856 | 1.6% | 2,707 | 2,815 | 1,628 | S100W8U0 |
| FY ending Mar 2025 | 123,092 | 2,730 | 2.2% | 2,050 | 574 | -1,192 | S100YIWQ |
| FY ending Mar 2026 | 126,423 | 2,893 | 2.3% | 2,262 | 4,138 | 3,623 | S100YIWQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥417.2M |
| Operating income per employee (consolidated) | ¥9.5M |
| Net income per employee (consolidated) | ¥7.5M |

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) | 360 | 336 | 325 | 315 | 303 |
| Average salary (parent company) | ¥4.5M | ¥4.7M | ¥4.8M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 42.0 years | 43.0 years | 43.1 years | 42.1 years | 42.0 years |
| Average tenure (parent company) | 18.0 years | 19.0 years | 19.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Trading Segment | 122,419 | 96.8% | 1,907 | 1.6% |
| Hotel Segment | 3,730 | 3.0% | 1,477 | 39.6% |
| Real Estate Segment | 272 | 0.2% | 266 | 97.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Trading Segment | 96.8% | 52.2% | -44.6 | 1.6% |
| Hotel Segment | 3.0% | 40.5% | 37.5 | 39.6% |
| Real Estate Segment | 0.2% | 7.3% | 7.1 | 97.8% |

Segment → industry: Real Estate Segment → Real Estate Development & Leasing / Hotel Segment → Hotels & Inns / Trading Segment → 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 | 4,138 | 3.3% | S100YIWQ |
| Capital expenditure | 515 | 0.4% | S100YIWQ |
| Free cash flow | 3,623 | 2.9% | 算出 |
| Investing cash flow | -623 | -0.5% | S100YIWQ |
| Financing cash flow | -740 | -0.6% | S100YIWQ |
| Dividends paid | 529 | 0.4% | S100YIWQ |
| Share buyback | 0 | 0.0% | S100YIWQ |
| Change in cash | 2,774 | 2.2% | S100YIWQ |
| Cash and equivalents | 13,356 | 10.6% | S100YIWQ |

## 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 | 11,549 | 11,001 | 11,981 | 10,581 | 13,356 | S100U082, S100W8U0, S100YIWQ |
| Total assets | 56,694 | 57,937 | 64,407 | 64,314 | 71,210 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Net assets | 32,305 | 33,491 | 38,158 | 39,310 | 43,909 | S100U082, S100W8U0, S100YIWQ |
| Share capital | 5,599 | 5,599 | 5,599 | 5,599 | 5,599 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Property, plant and equipment | 13,653 | 14,306 | 15,232 | 16,568 | 16,422 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Intangible assets excluding goodwill | 129 | 108 | 210 | 332 | 390 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Goodwill | 22 | 13 | 4 | — | — | S100R80E, S100U082, S100W8U0 |
| Investment securities | 8,460 | 8,963 | 12,493 | 11,927 | 15,770 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Current assets | 31,759 | 32,115 | 34,271 | 33,314 | 36,303 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Current liabilities | 23,018 | 22,905 | 23,858 | 22,628 | 24,028 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Trade payables | 18,353 | 18,915 | 19,025 | 18,280 | 19,250 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Short-term borrowings | 1,999 | 1,943 | 1,836 | 2,023 | 1,873 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Long-term borrowings | 23 | — | 22 | 30 | 26 | S100R80E, S100W8U0, S100YIWQ |
| Total liabilities | 24,388 | 24,446 | 26,249 | 25,004 | 27,301 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Non-controlling interests | 397 | 404 | 419 | 424 | 434 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Equity attributable to owners of parent | 29,282 | 30,080 | 32,059 | 33,668 | 35,415 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Retained earnings | 18,971 | 19,769 | 22,027 | 23,636 | 25,370 | S100R80E, S100U082, S100W8U0, S100YIWQ |
| Treasury stock | -876 | -876 | -1,155 | -1,156 | -1,149 | S100R80E, S100U082, S100W8U0, S100YIWQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YIWQ |
| Property, plant and equipment | 23% | S100YIWQ |
| Intangibles and goodwill | 1% | S100YIWQ |
| Investment securities | 22% | S100YIWQ |
| Other assets | 35% | S100YIWQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 27% | S100YIWQ |
| Other liabilities | 11% | S100YIWQ |
| Equity | 62% | S100YIWQ |

### 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 | 56,694 | 57,937 | 64,407 | 64,314 | 71,210 |
| Equity | 32,305 | 33,491 | 38,158 | 39,310 | 43,909 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,549 | 11,001 | 11,981 | 10,581 | 13,356 |

## 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) | 13.0% | S100YIWQ |
| Fixed assets ÷ total assets | 23.1% | S100YIWQ |
| Goodwill ÷ parent equity | — | —, S100YIWQ |

### 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) | 18.8% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.0% |
| Cash vs. profit gap | 1,876 JPY mn (of net income 82.9%) |
| Shareholder returns / net income | 23.4% |
| Shareholder returns / FCF | 14.6% |
| Shareholder payments — dividends / net income | 23.4% |
| Shareholder payments — dividends / FCF | 14.6% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 15.1% |

## 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 | 2.1% | 1.94× | 4.1% | 1.94× | 8.0% | S100R80E |
| 2023 | 0.9% | 2.06× | 1.9% | 1.93× | 3.7% | S100U082 |
| 2024 | 2.3% | 1.95× | 4.4% | 1.97× | 8.7% | S100W8U0 |
| 2025 | 1.7% | 1.91× | 3.2% | 1.96× | 6.2% | S100YIWQ |
| 2026 | 1.8% | 1.87× | 3.3% | 1.96× | 6.5% | S100YIWQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 8.5% | 2026-03-31 |
| 昭和産業株式会社 | Major shareholder | 7.6% | 2026-03-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合無限責任組合員株式会社ＵＨ Ｐａｒｔｎｅｒｓ ２ | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社榎本武平商店 | Major shareholder | 5.4% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＩＥＤＰ ＡＩＦ ＣＬＩＥＮＴＳ ＮＯＮ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社千葉銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社千葉興業銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 双日食料株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ ３ | Major shareholder | 3.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YIWQ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIWQ,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100W8U0 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8U0,, |
| 訂正有価証券報告書－第53期(2023/04/01－2024/03/31) | S100U082 | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U082,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R80E | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R80E,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100OLE2 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLE2,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LSHB | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSHB,, |

## 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).