| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥30672.8B | ¥29118.2B | +5.3% |
| 営業利益 | ¥2407.8B | ¥1518.8B | +58.5% |
| 経常利益 | ¥2404.2B | ¥1606.6B | +49.6% |
| 純利益 | ¥1469.2B | ¥1047.5B | +40.3% |
| ROE | 10.2% | 8.2% | - |
For the fiscal year ended March 2026, Net Sales were ¥3兆672.8B (YoY +¥1,554.6B, +5.3%), Operating Income was ¥2,407.8B (YoY +¥889.0B, +58.5%), Ordinary Income was ¥2,404.2B (YoY +¥797.6B, +49.6%), and Net Income attributable to owners of the parent was ¥1,469.2B (YoY +¥421.7B, +40.3%), resulting in revenue growth and substantial profit expansion. Operating margin expanded to 7.8% from 5.2% a year earlier (+2.6pt), and gross margin improved to 13.9% (up +2.8pt from 11.1% prior year). Gross profit on completed construction work amounted to ¥3,472.7B (YoY +51.5%), and Development-related gross profit was ¥786.0B (gross margin 20.2%). By segment, Engineering (Operating Income ¥767.4B, margin 17.8%) and Development (¥176.1B, 18.3%) showed high profitability, while the core Construction segment (¥832.9B, 7.0%) made the largest absolute contribution. Special gains of ¥175.1B (gain on sales of investment securities ¥152.7B, etc.) boosted pre-tax profit, but improvements at the operating level were the main driver of earnings expansion.
【売上高】Net Sales increased by 5.3% YoY to ¥3兆672.8B. Completed construction revenue was ¥2兆6,786.8B (prior year ¥2兆5,110.0B, +6.7%), and Development-related revenue was ¥3,885.9B (prior year ¥4,008.1B, -3.0%). By segment, Engineering ¥4,307.7B, Construction ¥1兆1,829.0B, Development ¥964.2B, Domestic Associate Companies ¥4,146.7B, Overseas Associate Companies ¥1兆919.6B, with overseas affiliates representing the largest share by revenue. Improved project profitability in the core construction business and progress on projects domestically and internationally contributed to revenue growth.
【損益】Cost of sales was ¥2兆6,414.1B, resulting in gross profit of ¥4,258.7B (gross margin 13.9%, up +2.8pt from 11.1% prior year). Gross margin on completed construction was 13.0% (prior year 9.1%), and Development-related gross margin was 20.2% (prior year 23.4%), with notable improvement in completed construction profitability. SG&A totaled ¥1,850.9B (prior year ¥1,713.1B, +8.0%), but the large expansion in gross profit led to Operating Income of ¥2,407.8B (YoY +58.5%). Non-operating income was ¥358.5B (interest income received ¥208.9B, dividend income received ¥77.0B, etc.), and non-operating expenses were ¥362.1B (interest expenses paid ¥260.7B, etc.), resulting in a small net negative financial result. Ordinary Income was ¥2,404.2B (+49.6%). Special gains were ¥175.1B (gain on sales of investment securities ¥152.7B, gain on sales of fixed assets ¥21.5B), and special losses were ¥25.4B (impairment losses ¥6.5B, loss on disposal of fixed assets ¥8.0B, etc.), leading to Profit Before Tax of ¥2,553.9B (+45.0%). After income taxes of ¥766.0B (effective tax rate 30.0%) and minority interests of ¥14.6B, Net Income attributable to owners of the parent was ¥1,469.2B (+40.3%). In conclusion, improvements in completed construction gross margin and contributions from high-profit segments (Engineering, Development) drove revenue growth and significant profit expansion.
Engineering (Net Sales ¥4,307.7B, Operating Income ¥767.4B, margin 17.8%) maintained high profitability and is a core segment accounting for 31.9% of consolidated Operating Income. Construction (Net Sales ¥1兆1,829.0B, Operating Income ¥832.9B, margin 7.0%) is the largest by revenue and made the largest absolute contribution to Operating Income. Development (Net Sales ¥964.2B, Operating Income ¥176.1B, margin 18.3%) is small in scale but high margin, driving earnings. Domestic Associate Companies (Net Sales ¥4,146.7B, Operating Income ¥357.7B, margin 8.6%) show stable profit generation from domestic affiliates. Conversely, Overseas Associate Companies (Net Sales ¥1兆919.6B, Operating Income ¥266.6B, margin 2.4%) have large revenue scale but low margins, diluting overall profitability. Improving profitability of overseas operations will be key to raising overall profitability.
【収益性】Operating margin 7.8% (improved +2.6pt from 5.2% prior year), Net Income margin 4.8% (improved +1.2pt from 3.6%), indicating significant improvement in profitability. ROE 10.2% (calculated from shareholders' equity ¥1兆4,362.2B and Net Income ¥1,469.2B) improved from ROE 8.2% (shareholders' equity ¥1兆2,779.9B, Net Income ¥1,047.5B) in the prior year. Ordinary Income margin to Net Sales was 7.8% (prior year 5.5%), and completed construction gross margin was 13.0% (prior year 9.1%), reflecting strengthened operating-level earning power. 【キャッシュ品質】Operating Cash Flow (OCF) was ¥1,146.1B versus Net Income of ¥1,469.2B, yielding OCF/Net Income of 0.78x, a large improvement from 0.29x in the prior year (OCF ¥306.3B / Net Income ¥1,047.5B), yet still below 1.0x, indicating working capital management remains a challenge. OCF subtotal (before working capital changes) was ¥1,727.3B, supported by increases in pre-tax profit, but changes in trade receivables -¥645.3B and changes in trade payables -¥974.2B pressured OCF. EBITDA (Operating Income + Depreciation) including depreciation of ¥334.7B was approximately ¥2,742.5B, and OCF/EBITDA remained at 0.42x. 【投資効率】Total asset turnover was 0.85x (Net Sales ¥3兆672.8B / Total assets ¥3兆6,243.4B), and Return on Assets (ROA) was 6.6% (Ordinary Income ¥2,404.2B / Total assets ¥3兆6,243.4B). Capital expenditures were ¥505.1B, depreciation ¥334.7B, and CapEx/Depreciation was 1.51x, indicating moderate growth investment. 【財務健全性】Equity Ratio was 39.6% (shareholders' equity ¥1兆4,362.2B / Total assets ¥3兆6,243.4B), and current ratio was 135.9% (current assets ¥2兆1,815.2B / current liabilities ¥1兆6,047.6B), reflecting a certain level of financial stability. Interest-bearing debt totaled approximately ¥8,331.4B (long-term borrowings ¥3,201.3B, short-term borrowings ¥3,871.6B, corporate bonds ¥1,058.5B, corporate bonds maturing within one year ¥200.0B), yielding Debt/EBITDA of about 3.04x. Interest coverage (Operating Income + interest & dividends received / interest paid) was about 10.6x, indicating sufficient interest payment capacity. Cash and deposits were ¥4,032.9B versus short-term borrowings + long-term borrowings maturing within one year + corporate bonds maturing within one year totaling about ¥4,071.6B, resulting in Cash/Short-term liabilities of 0.99x and indicating some attention is needed on short-term liquidity.
OCF was ¥1,146.1B (prior year ¥306.3B, +274.1%), a large increase. OCF subtotal was ¥1,727.3B, primarily comprised of Profit Before Tax ¥2,553.9B, depreciation ¥334.7B, interest & dividends received -¥208.9B, interest paid ¥260.7B, etc. Working capital movements included changes in trade receivables -¥645.3B (increase in unbilled receivables on completed contracts), changes in trade payables -¥974.2B (decrease in accounts payable), which pressured OCF, while changes in inventories for properties for sale +¥890.7B (inventory reduction) and changes in advances received on uncompleted contracts -¥254.7B had impacts. After corporate tax payments -¥525.6B, interest & dividends received ¥201.9B, and interest paid -¥257.6B, OCF was ¥1,146.1B. Investing Cash Flow was -¥465.1B, mainly for acquisition of tangible fixed assets -¥505.1B, acquisition of securities and investment securities -¥183.7B, proceeds from sales ¥50.1B, and collection of long-term loans ¥342.2B. Free Cash Flow (OCF + Investing CF) was ¥680.9B (prior year -¥743.0B), turning positive and indicating a recovery in autonomous cash generation. Financing Cash Flow was -¥305.3B, reflecting long-term borrowings proceeds ¥1,783.7B, repayment of long-term borrowings -¥782.9B, issuance of corporate bonds ¥380.5B, redemption -¥228.6B, net increase in short-term borrowings ¥11.9B, dividend payments -¥540.1B, and treasury stock acquisition -¥200.3B. Cash and cash equivalents increased ¥427.3B from ¥3,495.4B at the beginning of the period to ¥3,922.7B at the end of the period, improving liquidity. OCF/Net Income 0.78x and OCF/EBITDA 0.42x indicate cash conversion is still in progress, and strengthening receivables collection and managing payables are future priorities.
Of Ordinary Income ¥2,404.2B, Operating Income ¥2,407.8B is the core earnings, and non-operating net is a small negative at -¥3.6B. Major components of non-operating income ¥358.5B are interest income received ¥208.9B and dividend income received ¥77.0B, while major non-operating expense ¥362.1B is interest expense paid ¥260.7B. Special gains ¥175.1B (gain on sales of investment securities ¥152.7B, gain on sales of fixed assets ¥21.5B, etc.) were temporary factors, and after special losses ¥25.4B (impairment losses ¥6.5B, loss on disposal of fixed assets ¥8.0B, etc.), the net amount of ¥149.7B boosted profit before tax. Earnings sustainability at the operating income level is high; profit before tax excluding special gains is approximately ¥2,404.1B, roughly consistent with Ordinary Income. OCF ¥1,146.1B is below Net Income ¥1,469.2B due mainly to increases in trade receivables -¥645.3B and decreases in trade payables -¥974.2B, indicating working capital expansion has delayed cash realization of accrual profits. Comprehensive income ¥2,306.8B significantly exceeded Net Income ¥1,469.2B, driven by Other Comprehensive Income ¥837.6B (foreign currency translation adjustment ¥101.4B, valuation difference on available-for-sale securities ¥412.9B, adjustments related to retirement benefits ¥22.4B, etc.). The increase in valuation difference on available-for-sale securities reflects unrealized gains from rising market prices, but since these are unrealized, emphasis should be placed on operating-level earnings for assessing earnings quality.
The company plan is Net Sales ¥2兆9,000.0B (vs. current period -5.5%), Operating Income ¥2,000.0B (vs. current period -16.9%), Ordinary Income ¥2,060.0B (vs. current period -14.3%), Net Income attributable to owners of the parent ¥1,420.0B (vs. current period -3.4%), EPS ¥364.85, and DPS ¥73.00. Actual results for the period (Net Sales ¥3兆672.8B, Operating Income ¥2,407.8B, Ordinary Income ¥2,404.2B, Net Income ¥1,469.2B, EPS ¥379.81, dividend paid ¥146) show upside vs. company plan of +5.8% in Net Sales, +20.4% in Operating Income, +16.7% in Ordinary Income, and +3.5% in Net Income, notably driven by strong operating performance. The company plan may be conservatively set, and if improvements in completed construction profitability and contributions from high-profit segments continue, there is room for upward revision during the fiscal year. Conversely, the projected decline in Net Sales likely reflects progress of large project schedules and the order environment; movements in material prices, labor costs, and contract terms will be key to plan achievement. Payout Ratio based on the company plan is approximately 20.0% (DPS ¥73 / EPS ¥364.85), down from last year’s actual 38.4% (DPS ¥146 / EPS ¥379.81), but given the high actual payout ratio, scope for dividend increases could be flexibly considered depending on profit levels.
Dividends per share were ¥90 at year-end and ¥56 interim, totaling ¥146 (3.2x from prior year ¥45), and payout ratio was 38.4% (total dividends approx. ¥68.1B / Net Income ¥1,469.2B). Total dividends increased significantly from ¥49.22B in the prior year, demonstrating strengthened shareholder returns. Treasury stock repurchases amounted to ¥20.02B, and total shareholder returns (dividends + buybacks) were approx. ¥88.12B, giving a Total Return Ratio of approx. 60.0% (total return ¥88.12B / Net Income ¥1,469.2B), allocating about 60% of profits to shareholders. With Free Cash Flow ¥68.09B versus dividends + buybacks ¥88.12B, FCF coverage is 0.77x and slightly insufficient, but with cash & deposits ¥4,032.9B and funding capacity, returns are judged sustainable. The company plan forecasts annual dividend ¥73 (payout ratio ~20.0%), a 50% reduction YoY, but given the high actual payout ratio, there is potential for upward revision depending on interim results. By maintaining stable dividends and flexible buybacks, the total return policy preserves balance.
Working capital management risk: Increases in trade receivables -¥645.3B and decreases in trade payables -¥974.2B pressured OCF, resulting in OCF/Net Income of 0.78x and cash conversion ratio below 1.0x. With unbilled receivables on completed contracts ¥5,885.6B and contract assets ¥5,023.5B totaling approx. ¥1兆909.1B, prolongation of the collection cycle could strain liquidity. Compression of trade payables suggests improved payment terms, but if working capital expansion continues, cash generation could weaken and affect the sustainability of dividends and investments.
Short-term liability concentration risk: Short-term borrowings ¥3,871.6B and short-term interest-bearing liabilities including long-term borrowings maturing within one year and corporate bonds maturing within one year total approx. ¥4,071.6B, and Cash & Deposits ¥4,032.9B result in Cash/Short-term liabilities of 0.99x, leaving a thin liquidity buffer. The short-term debt ratio (short-term interest-bearing debt / total interest-bearing debt) is about 48.9%, which is high and raises refinancing risk and potential increases in funding costs in a rising rate environment. Long-term borrowings increased YoY by ¥878.8B (+37.8%), extending duration, but ongoing maturity smoothing and monitoring of the interest rate environment are necessary.
Low profitability in overseas operations: The Overseas Associate Companies segment accounts for ¥1兆919.6B (35.6% of consolidated revenue) but has a low operating margin of 2.4%. This substantially underperforms the consolidated operating margin of 7.8% and dilutes overall profitability. Improving overseas project margins, exchange rate fluctuations, and changes in local regulation and competitive conditions could affect earnings, and progress on segment improvement initiatives will be key to raising consolidated ROE.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 7.8% | 5.5% (3.5%–7.2%) | +2.3pt |
| 純利益率 | 4.8% | 3.5% (2.5%–4.4%) | +1.3pt |
Both Operating margin and Net Income margin exceed the industry median, placing the company in the upper tier within the sector.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 5.3% | 9.8% (-2.1%–15.1%) | -4.6pt |
Net Sales growth rate is below the industry median, indicating a somewhat conservative growth pace within the sector.
※Source: Company compilation
Operating margin improved to 7.8% (from 5.2% prior year, +2.6pt) and gross margin improved to 13.9% (up +2.8pt), with notable improvement in completed construction profitability. High-profit segments (Engineering margin 17.8%, Development 18.3%) drove consolidated profits, and ROE improved to 10.2% from 8.2% a year earlier. If the strengthening of operating-level earnings is sustained, it can be viewed as a foundation for future profit growth.
OCF ¥1,146.1B improved substantially YoY (+274.1%), but OCF/Net Income 0.78x and OCF/EBITDA 0.42x show cash conversion remains a work in progress. Increases in trade receivables -¥645.3B and decreases in trade payables -¥974.2B pressured working capital, and with short-term interest-bearing liabilities of approx. ¥4,071.6B versus Cash & Deposits ¥4,032.9B (Cash/Short-term liabilities 0.99x), liquidity buffers are thin. Progress in working capital management and maturity smoothing will be key to financial stability and cash generation.
Actual results exceeded the company plan (Net Sales ¥2兆9,000.0B, Operating Income ¥2,000.0B) with +5.8% in Net Sales and +20.4% in Operating Income, suggesting conservative guidance. However, the Overseas Associate Companies margin of 2.4% significantly dilutes consolidated averages, and improving overseas operations presents upside for consolidated ROE. Monitoring material & labor cost trends, contract terms, and working capital correction progress is essential for assessing sustainability.
This report is an earnings analysis document automatically generated by AI based on XBRL financial statement data. It does not constitute a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by our firm from public financial statements. Investment decisions should be made at your own responsibility; consult a professional advisor as necessary.