Cash flow Daiwa House Industry Co., Ltd.

Equities

1925

JP3505000004

Homebuilding

Market Closed - Japan Exchange Other stock markets 06:30:00 23/01/2026 GMT			5-day change	1st Jan Change
5,339.00 ^JPY	-1.13%		-2.36%	+2.71%

01-07	Sumitomo Densetsu Schedules Feb 9 EGM Vote for Share Consolidation	MT
12-16	Sumitomo Densetsu Set for Delisting Following Completion of Tender Offer	MT

f2.oaHq1hlbmXhG1PIbMIfXv9UtOcYnuNTNZQwPdl_0VKc.9-LZnklj7yIjrr1BW8OuyOAZWId49eSENGpHDDe9AsaV97ueexrtABKWnQ

Published financial data: DAIWA HOUSE INDUSTRY CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	4,127B	4,440B	4,908B	5,203B	5,435B
Total Revenues	4,127B	4,440B	4,908B	5,203B	5,435B
Cost of Goods Sold, Total	3,300B	3,575B	3,953B	4,211B	4,334B
Gross Profit	827B	865B	955B	992B	1,101B
Selling General & Admin Expenses, Total	424B	425B	432B	488B	488B
Provision for Bad Debts	5.68B	5.62B	3.02B	2.36B	1.68B
Depreciation & Amortization - (IS)	10.6B	12.88B	16.93B	16.7B	17.84B
Other Operating Expenses	33.88B	39.19B	39.07B	45.2B	47.1B
Other Operating Expenses, Total	474B	483B	491B	552B	555B
Operating Income	353B	382B	465B	440B	546B
Interest Expense, Total	-10.01B	-13.03B	-18.84B	-31.53B	-41.56B
Interest And Investment Income	7.25B	7.33B	7.54B	8.44B	9.77B
Net Interest Expenses	-2.76B	-5.7B	-11.3B	-23.09B	-31.79B
Income (Loss) On Equity Invest.	-11.55B	-6.81B	844M	2.41B	1.68B
Other Non Operating Income (Expenses)	-473M	7.13B	1.94B	2.77B	-178M
EBT, Excl. Unusual Items	338B	376B	456B	422B	516B
Gain (Loss) On Sale Of Investments	918M	3.92B	1.11B	34.99B	12.68B
Gain (Loss) On Sale Of Assets	590M	1.7B	3.71B	7.1B	2.32B
Asset Writedown	-22.44B	-25.53B	-15.15B	-8.5B	-42.21B
Other Unusual Items	-5.69B	-3.04B	-5.19B	-1M	-2M
EBT, Incl. Unusual Items	311B	353B	440B	456B	489B
Income Tax Expense	110B	124B	125B	156B	159B
Earnings From Continuing Operations	201B	229B	316B	300B	330B
Net Income to Company	201B	229B	316B	300B	330B
Minority Interest	-6.26B	-3.69B	-7.28B	-1.5B	-4.82B
Net Income - (IS)	195B	225B	308B	299B	325B
Net Income to Common Incl Extra Items	195B	225B	308B	299B	325B
Net Income to Common Excl. Extra Items	195B	225B	308B	299B	325B
Per Share Items
Net EPS - Basic	297.18	343.82	469.12	457.16	514
Basic EPS - Continuing Operations	297.18	343.82	469.12	457.16	514
Basic Weighted Average Shares Outstanding	656M	655M	657M	654M	632M
Net EPS - Diluted	297.18	343.82	469.12	457.16	514
Diluted EPS - Continuing Operations	297.18	343.82	469.12	457.16	514
Diluted Weighted Average Shares Outstanding	656M	655M	657M	654M	632M
Normalized Basic EPS	312.12	353.28	422.46	401.53	502.32
Normalized Diluted EPS	312.12	353.28	422.46	401.53	502.32
Dividend Per Share	116	116	130	143	150
Payout Ratio	37.19	35.17	27.91	29.3	29.42
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	431B	482B	578B	557B	678B
EBITA	353B	382B	465B	440B	546B
EBIT	353B	382B	465B	440B	546B
EBITDAR	453B	502B	598B	577B	699B
Effective Tax Rate - (Ratio)	35.31	35.19	28.34	34.13	32.51
Normalized Net Income	205B	231B	278B	262B	318B
Non-Cash Pension Expense	-22.54B	-45.61B	-91.15B	-37.64B	-91.89B
Supplemental Operating Expense Items
Advertising Expense	34.76B	31.52B	32.31B	33.02B	31.66B
Selling and Marketing Expenses	54.2B	55.07B	53.82B	55.76B	54.77B
General and Administrative Expenses	3.97B	4.12B	4.4B	4.52B	4.58B
Research And Development Expense From Footnotes	10.21B	9.5B	10.43B	10.92B	10.82B
Net Rental Expense, Total	22.02B	19.69B	20.26B	20.04B	21.33B
Imputed Operating Lease Interest Expense	1.41B	1.41B	1.75B	2.43B	3.06B
Imputed Operating Lease Depreciation	20.61B	18.28B	18.51B	17.6B	18.27B

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	426B	338B	358B	450B	333B
Short Term Investments	550M	7.57B	3.57B	449M	402M
Total Cash And Short Term Investments	427B	345B	362B	451B	334B
Accounts Receivable, Total	462B	508B	566B	640B	668B
Total Receivables	462B	508B	566B	640B	668B
Inventory	1,174B	1,562B	2,092B	2,288B	2,572B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	292B	278B	233B	272B	309B
Total Current Assets	2,354B	2,693B	3,252B	3,650B	3,882B
Net Property Plant And Equipment	1,859B	1,969B	2,034B	2,008B	2,141B
Long-term Investments	537B	527B	517B	555B	707B
Goodwill	74.05B	93.9B	94.47B	95.43B	94.66B
Other Intangibles, Total	61.58B	77.02B	99.13B	108B	110B
Loans Receivable Long-Term	5.28B	2.26B	4.56B	5.13B	9.21B
Deferred Tax Assets Long-Term	161B	159B	141B	112B	104B
Other Long-Term Assets, Total	2M	1M	1M	2M	1M
Total Assets	5,053B	5,522B	6,142B	6,534B	7,049B
Liabilities
Accounts Payable, Total	296B	356B	380B	361B	354B
Accrued Expenses, Total	53.28B	56.76B	60.73B	64.99B	69.18B
Short-term Borrowings	125B	151B	133B	122B	170B
Current Portion of Long-Term Debt	86.7B	105B	209B	218B	360B
Current Portion of Leases	7.58B	8.81B	8.07B	9.1B	11.56B
Current Income Taxes Payable	186B	190B	183B	172B	205B
Unearned Revenue Current, Total	113B	138B	183B	195B	195B
Other Current Liabilities	411B	439B	370B	389B	468B
Total Current Liabilities	1,279B	1,445B	1,527B	1,531B	1,834B
Long-Term Debt	1,061B	1,166B	1,505B	1,748B	1,778B
Long-Term Leases	93.78B	103B	97.42B	107B	112B
Pension & Other Post Retirement Benefits	246B	194B	104B	103B	98.5B
Deferred Tax Liability Non Current	19.63B	19.12B	18.4B	18.28B	17.62B
Other Non Current Liabilities	461B	484B	502B	502B	492B
Total Liabilities	3,160B	3,410B	3,753B	4,010B	4,333B
Common Stock, Total	162B	162B	162B	162B	162B
Additional Paid In Capital	305B	302B	304B	301B	299B
Retained Earnings	1,340B	1,487B	1,711B	1,903B	2,133B
Treasury Stock	-33.02B	-29.08B	-20.33B	-88.32B	-188B
Comprehensive Income and Other	62.45B	98.66B	128B	160B	208B
Total Common Equity	1,835B	2,020B	2,284B	2,438B	2,614B
Minority Interest	58.22B	91.23B	105B	85.9B	103B
Total Equity	1,894B	2,111B	2,389B	2,524B	2,717B
Total Liabilities And Equity	5,053B	5,522B	6,142B	6,534B	7,049B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	655M	656M	666M	640M	619M
ECS Total Common Shares Outstanding	654M	656M	659M	640M	619M
Book Value / Share	2.81K	3.08K	3.47K	3.81K	4.23K
Tangible Book Value	1,700B	1,849B	2,091B	2,234B	2,409B
Tangible Book Value Per Share	2.6K	2.82K	3.17K	3.49K	3.89K
Total Debt	1,373B	1,534B	1,952B	2,204B	2,433B
Net Debt	947B	1,189B	1,590B	1,754B	2,099B
Debt Equivalent of Unfunded Proj. Benefit Obligation	246B	194B	104B	63.89B	-28.94B
Debt Equivalent Oper. Leases	176B	158B	162B	160B	171B
Minority Interest, Total (Incl. Fin. Div)	58.22B	91.23B	105B	85.9B	103B
Inventories - Raw Materials, Total	10.98B	11.03B	12.08B	14.24B	12.03B
Inventories - Work In Process, Total	293B	465B	548B	503B	632B
Inventories - Finished Goods, Total	870B	1,086B	1,532B	1,770B	1,927B
Full Time Employees	48.81K	48.83K	49.77K	48.48K	50.39K
Accumulated Allowance for Doubtful Accounts (Supple)	13.68B	18.2B	3.14B	3.79B	3.38B
Order Backlog	1,480B	1,717B	1,745B	1,721B	1,675B

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	311B	353B	440B	456B	489B
Depreciation & Amortization - CF	78.4B	100B	113B	117B	132B
Depreciation & Amortization, Total	78.4B	100B	113B	117B	132B
(Gain) Loss From Sale Of Asset	21.85B	23.83B	11.44B	6.7B	39.88B
(Gain) Loss on Sale of Investments - (CF)	656M	174M	498M	1.42B	661M
(Income) Loss On Equity Investments - (CF)	11.55B	6.81B	-844M	-2.41B	-1.68B
Other Operating Activities, Total	-108B	-109B	-108B	-106B	-128B
Change In Accounts Receivable	33.76B	13.99B	-43.38B	-40.64B	23.46B
Change In Inventories	-419M	-228B	-230B	-101B	-92.28B
Change In Accounts Payable	-72.34B	59.47B	19.37B	-22.25B	-14.94B
Change in Other Net Operating Assets	153B	116B	27.98B	-5.76B	-26.76B
Cash from Operations	430B	336B	230B	302B	421B
Capital Expenditure	-335B	-411B	-487B	-356B	-382B
Sale of Property, Plant, and Equipment	6.45B	14.67B	7.89B	12.67B	9.69B
Cash Acquisitions	-25.36B	-53.12B	-17.23B	-14.95B	-99.13B
Divestitures	946M	-98M	-2.31B	17.13B	2.11B
Investment in Marketable and Equity Securities, Total	4.68B	-5.05B	2.9B	32.53B	2.93B
Other Investing Activities, Total	-42B	-12.84B	-9.91B	-1.76B	-27.19B
Cash from Investing	-390B	-467B	-505B	-310B	-493B
Short Term Debt Issued, Total	20.62B	19.01B	-	9.3B	44.58B
Long-Term Debt Issued, Total	406B	231B	635B	691B	590B
Total Debt Issued	427B	250B	635B	700B	635B
Short Term Debt Repaid, Total	-49B	-	-23.37B	-	-
Long-Term Debt Repaid, Total	-164B	-156B	-227B	-405B	-474B
Total Debt Repaid	-213B	-156B	-250B	-405B	-474B
Issuance of Common Stock	671M	4.33B	189M	-	1M
Repurchase of Common Stock	-26.05B	-12M	-10M	-87.17B	-100B
Common Dividends Paid	-72.56B	-79.24B	-86.09B	-87.52B	-95.64B
Common & Preferred Stock Dividends Paid	-72.56B	-79.24B	-86.09B	-87.52B	-95.64B
Other Financing Activities, Total	-13.7B	4.9B	-11.17B	-23.01B	-10.04B
Cash from Financing	103B	24.43B	287B	97.4B	-44.68B
Foreign Exchange Rate Adjustments	-2.81B	16.28B	5.81B	4.14B	4.87B
Miscellaneous Cash Flow Adjustments	-1M	206M	1.52B	-	1M
Net Change in Cash	140B	-90.07B	19.9B	93.42B	-113B
Supplemental Items
Cash Interest Paid	8.39B	11.88B	16.62B	29.37B	40.17B
Cash Income Tax Paid (Refund)	111B	112B	114B	112B	130B
Levered Free Cash Flow	-89.37B	-380B	-640B	-287B	-175B
Unlevered Free Cash Flow	-83.11B	-372B	-629B	-267B	-149B
Change In Net Working Capital	47.2B	300B	546B	304B	240B
Net Debt Issued / Repaid	214B	94.46B	385B	295B	161B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.55	4.51	4.98	4.34	5.03
Return on Total Capital	7.15	6.9	7.27	6.07	6.91
Return On Equity %	10.98	11.43	14.03	12.22	12.59
Return on Common Equity	10.95	11.69	14.33	12.65	12.87
Margin Analysis
Gross Profit Margin %	20.04	19.48	19.46	19.07	20.26
SG&A Margin	10.28	9.58	8.79	9.38	8.98
EBITDA Margin %	10.44	10.86	11.78	10.71	12.48
EBITA Margin %	8.54	8.6	9.46	8.46	10.05
EBIT Margin %	8.54	8.6	9.46	8.46	10.05
Income From Continuing Operations Margin %	4.88	5.16	6.43	5.77	6.07
Net Income Margin %	4.73	5.07	6.28	5.74	5.98
Net Avail. For Common Margin %	4.73	5.07	6.28	5.74	5.98
Normalized Net Income Margin	4.96	5.21	5.66	5.04	5.85
Levered Free Cash Flow Margin	-2.17	-8.57	-13.05	-5.52	-3.21
Unlevered Free Cash Flow Margin	-2.01	-8.38	-12.81	-5.14	-2.73
Asset Turnover
Asset Turnover	0.85	0.84	0.84	0.82	0.8
Fixed Assets Turnover	2.31	2.32	2.45	2.57	2.62
Receivables Turnover (Average Receivables)	8.78	9.16	9.15	8.63	8.31
Inventory Turnover (Average Inventory)	2.91	2.61	2.16	1.92	1.78
Short Term Liquidity
Current Ratio	1.84	1.86	2.13	2.38	2.12
Quick Ratio	0.69	0.59	0.61	0.71	0.55
Operating Cash Flow to Current Liabilities	0.34	0.23	0.15	0.2	0.23
Days Sales Outstanding (Average Receivables)	41.56	39.86	39.91	42.41	43.93
Days Outstanding Inventory (Average Inventory)	125.46	139.68	168.7	190.34	204.64
Average Days Payable Outstanding	35.46	30.02	29.96	30.79	28.26
Cash Conversion Cycle (Average Days)	131.55	149.51	178.65	201.97	220.3
Long Term Solvency
Total Debt/Equity	72.53	72.66	81.71	87.34	89.55
Total Debt / Total Capital	42.04	42.08	44.97	46.62	47.24
LT Debt/Equity	60.97	60.11	67.06	73.51	69.59
Long-Term Debt / Total Capital	35.34	34.82	36.9	39.24	36.72
Total Liabilities / Total Assets	62.53	61.76	61.11	61.37	61.46
EBIT / Interest Expense	35.22	29.28	24.66	13.96	13.14
EBITDA / Interest Expense	43.05	36.98	30.69	17.68	16.31
(EBITDA - Capex) / Interest Expense	9.62	5.45	4.86	6.38	7.13
Total Debt / EBITDA	3.19	3.18	3.38	3.95	3.59
Net Debt / EBITDA	2.2	2.47	2.75	3.15	3.1
Total Debt / (EBITDA - Capex)	14.26	21.62	21.34	10.95	8.21
Net Debt / (EBITDA - Capex)	9.83	16.75	17.39	8.71	7.09
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-5.79	7.58	10.56	6	4.46
Gross Profit, 1 Yr. Growth %	-4.98	4.57	10.47	3.9	10.95
EBITDA, 1 Yr. Growth %	-5.55	11.82	19.93	-3.57	21.66
EBITA, 1 Yr. Growth %	-7.48	8.23	21.72	-5.24	24.11
EBIT, 1 Yr. Growth %	-7.48	8.23	21.72	-5.24	24.11
Earnings From Cont. Operations, 1 Yr. Growth %	-15.18	13.72	37.88	-4.89	9.87
Net Income, 1 Yr. Growth %	-16.49	15.48	36.9	-3.13	8.81
Normalized Net Income, 1 Yr. Growth %	-9.36	12.98	19.99	-5.52	21.06
Diluted EPS Before Extra, 1 Yr. Growth %	-15.52	15.7	36.44	-2.55	12.43
Accounts Receivable, 1 Yr. Growth %	-3.25	9.84	11.46	13.13	4.39
Inventory, 1 Yr. Growth %	7.19	33.13	33.88	9.37	12.41
Net Property, Plant and Equip., 1 Yr. Growth %	7.96	5.93	3.28	-1.26	6.64
Total Assets, 1 Yr. Growth %	9.2	9.27	11.24	6.38	7.89
Tangible Book Value, 1 Yr. Growth %	5.64	8.8	13.05	6.87	7.83
Common Equity, 1 Yr. Growth %	6.26	10.07	13.07	6.73	7.23
Cash From Operations, 1 Yr. Growth %	187.54	-21.82	-31.55	31.26	39.12
Capital Expenditures, 1 Yr. Growth %	14.83	22.79	18.38	-26.82	7.23
Levered Free Cash Flow, 1 Yr. Growth %	-72.76	325.5	68.38	-55.18	-39.16
Unlevered Free Cash Flow, 1 Yr. Growth %	-74.23	347.73	68.9	-57.48	-44.39
Dividend Per Share, 1 Yr. Growth %	0.87	0	12.07	10	4.9
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.2	0.67	9.06	8.26	5.23
Gross Profit, 2 Yr. CAGR %	-0.95	-0.32	7.48	7.13	7.36
EBITDA, 2 Yr. CAGR %	-1.39	2.77	15.8	7.54	8.31
EBITA, 2 Yr. CAGR %	-2.67	0.07	14.78	7.4	8.44
EBIT, 2 Yr. CAGR %	-2.67	0.07	14.78	7.4	8.44
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.79	-1.78	25.22	14.52	2.22
Net Income, 2 Yr. CAGR %	-9.36	-1.8	25.73	15.16	2.67
Normalized Net Income, 2 Yr. CAGR %	-3.51	1.19	16.43	6.47	6.95
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.77	-1.13	25.64	15.31	4.67
Accounts Receivable, 2 Yr. CAGR %	3.82	3.09	10.65	12.29	8.67
Inventory, 2 Yr. CAGR %	10.82	19.46	33.5	21.01	10.88
Net Property, Plant and Equip., 2 Yr. CAGR %	7.5	6.94	4.6	0.98	2.61
Total Assets, 2 Yr. CAGR %	7.98	9.24	10.25	8.78	7.13
Tangible Book Value, 2 Yr. CAGR %	7.47	7.21	10.91	9.92	7.35
Common Equity, 2 Yr. CAGR %	7.23	8.15	11.56	9.85	6.98
Cash From Operations, 2 Yr. CAGR %	10	49.94	-26.84	-5.21	35.14
Capital Expenditures, 2 Yr. CAGR %	14.36	18.74	20.57	-6.92	-11.41
Levered Free Cash Flow, 2 Yr. CAGR %	189.54	7.66	167.67	-13.13	-47.78
Unlevered Free Cash Flow, 2 Yr. CAGR %	273.1	7.42	175	-15.25	-51.37
Dividend Per Share, 2 Yr. CAGR %	0.87	0.43	5.86	11.03	7.42
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.82	2.33	3.87	8.03	6.98
Gross Profit, 3 Yr. CAGR %	1.37	0.86	3.15	6.27	8.39
EBITDA, 3 Yr. CAGR %	1.65	2.83	8.2	8.95	12.05
EBITA, 3 Yr. CAGR %	0.62	0.84	6.82	7.67	12.7
EBIT, 3 Yr. CAGR %	0.62	0.84	6.82	7.67	12.7
Earnings From Cont. Operations, 3 Yr. CAGR %	-5.67	-1.83	9.97	14.25	12.94
Net Income, 3 Yr. CAGR %	-6.2	-1.74	9.7	15.27	13
Normalized Net Income, 3 Yr. CAGR %	-1.1	1.7	7.11	8.6	11.13
Diluted EPS Before Extra, 3 Yr. CAGR %	-5.83	-1.25	10.07	15.44	14.34
Accounts Receivable, 3 Yr. CAGR %	5.18	5.79	5.81	11.47	9.59
Inventory, 3 Yr. CAGR %	14.38	17.8	24.08	24.92	18.07
Net Property, Plant and Equip., 3 Yr. CAGR %	7.38	6.97	5.71	2.61	2.84
Total Assets, 3 Yr. CAGR %	7.79	8.41	9.9	8.94	8.48
Tangible Book Value, 3 Yr. CAGR %	7.43	7.91	9.12	9.55	9.22
Common Equity, 3 Yr. CAGR %	7.57	8.17	9.77	9.93	8.97
Cash From Operations, 3 Yr. CAGR %	4.02	-1.83	15.45	-11.1	7.72
Capital Expenditures, 3 Yr. CAGR %	6.52	17.1	18.62	2.08	-2.43
Levered Free Cash Flow, 3 Yr. CAGR %	-5.81	229.18	24.97	47.53	-22.86
Unlevered Free Cash Flow, 3 Yr. CAGR %	-7.05	296.48	24.92	47.6	-26.36
Dividend Per Share, 3 Yr. CAGR %	2.73	0.58	4.17	7.22	8.95
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.27	4.79	5.27	4.66	4.41
Gross Profit, 5 Yr. CAGR %	5.51	3.69	3.77	3.32	4.82
EBITDA, 5 Yr. CAGR %	7.61	5.74	7.09	4.69	8.24
EBITA, 5 Yr. CAGR %	7.81	4.58	6.06	3.41	7.47
EBIT, 5 Yr. CAGR %	7.81	4.58	6.06	3.41	7.47
Earnings From Cont. Operations, 5 Yr. CAGR %	13.98	2.46	5.64	4.41	6.8
Net Income, 5 Yr. CAGR %	13.5	2.24	5.47	4.7	6.83
Normalized Net Income, 5 Yr. CAGR %	7.17	4.39	5.57	3.58	7.04
Diluted EPS Before Extra, 5 Yr. CAGR %	13.78	2.49	5.68	5.06	7.88
Accounts Receivable, 5 Yr. CAGR %	8.98	8.8	7.33	8.35	6.94
Inventory, 5 Yr. CAGR %	12.89	20.14	21.68	19.08	18.62
Net Property, Plant and Equip., 5 Yr. CAGR %	9.32	6.95	6.26	4.54	4.46
Total Assets, 5 Yr. CAGR %	9.18	9.2	8.76	8.56	8.78
Tangible Book Value, 5 Yr. CAGR %	9.43	8.65	8.81	8.71	8.41
Common Equity, 5 Yr. CAGR %	9.42	9.08	9.15	8.84	8.64
Cash From Operations, 5 Yr. CAGR %	9.09	3.18	-9.64	-3.2	22.96
Capital Expenditures, 5 Yr. CAGR %	13.44	4.92	11.93	6.83	5.55
Levered Free Cash Flow, 5 Yr. CAGR %	7.74	23.84	43.04	93.2	-11.85
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.13	23.92	43.45	113.89	-14.35
Dividend Per Share, 5 Yr. CAGR %	10.63	4.75	3.97	4.64	5.46