# ALSOK 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61期(2025/04/01－2026/03/31) (S100Y7EC)
> Page: https://vizora.meequs.com/en/company/alsok
> Retrieved: 2026-09-30T20:24:31.188Z

## Company

Alsok, founded in 1965, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 66,949 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALSOK CO.,LTD. (旧英訳名 SOHGO SECURITY SERVICES CO.,LTD.) |
| Ticker | 2331 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2331.T) |
| Listing | TSE Prime |
| Head office | 東京都港区元赤坂一丁目6番6号 |
| Representative (per filing) | 代表取締役グループCOO 栢木 伊久二 |
| Founded | Jul 1965 |
| Share capital | ¥18.7B |
| Employees (consolidated) | 66,949 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.alsok.co.jp (https://www.alsok.co.jp/) |
| Corporate number | 3010401016070 |
| EDINET | E05309 |
| Industries (Vizora) | Real Estate Brokerage & Management, Disaster Prevention & Infrastructure Maintenance, Nursing Care, Security Services |

> Profile source: annual securities report (S100Y7EC, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Security Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 78.6 | 7 |
| Cash conversion | 50 | 7 |
| Efficiency | 21.4 | 7 |
| Financial strength | 12.5 | 4 |

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 70% of Alsok's sales come from Security services, with Total building management services and disaster prevention services and Long-term Care Services making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +16.7%.

## Company structure

- Segment revenue mix: Security services 70.5%、Total building management services and disaster prevention services 15.6%、Long-term Care Services 9.3%、Overseas service 4.7%
- Revenue → net income: ¥597026000000 → ¥35216000000
- Net income → operating cash flow: ¥35216000000 → ¥53786000000（difference ¥18570000000）
- Main uses of operating cash flow: CapEx ¥39134000000 / dividends ¥13596000000 / buybacks —
- Change in cash: ¥6795000000
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 | ¥597B |  |
| Operating income | ¥46.9B | Margin 7.9% |
| Net income | ¥33.3B | Margin 5.6% |
| Free cash flow | ¥14.7B |  |
| Largest business | Security services | of segment revenue 70.5% |
| Employees (consolidated) | 66,949 |  |
| EPS | ¥55.84 |  |
| Book value per share | ¥566.97 |  |
| Equity ratio | 56.8% |  |
| Shares outstanding | 510,200,210 |  |
| Treasury shares | 24,112,100 |  |
| Shareholders | 14,594 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 9.9% | Net cash ¥17.1B · Cash ÷ revenue 11.2% |
| Vs. industry median margin | +1.1 pp | Security Services |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥469920000000 | ¥597026000000 | +27.0% |
| Operating income | ¥37182000000 | ¥46919000000 | +26.2% |
| Operating margin | 7.9% | 7.9% | -0.1 pp |
| Employees | 38,444 people | 66,949 people | +74.1% |
| Cash and equivalents | ¥53143000000 | ¥66814000000 | +25.7% |

### 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 |
| --- | ---: |
| セキュリティ事業 → セキュリティ事業 | 70.5% |
| セキュリティ事業 → 事業再編・廃止 | 5.2% |
| FM事業等 → FM事業等 | 14.5% |
| 介護事業 → 介護事業 | 8.6% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → FM事業等 | 1.1% |
| 新設・再編 → 介護事業 | 0.7% |
| 新設・再編 → 海外事業 | 4.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Security services | 5 years | +3.4% | ¥420814000000 | 10.8% | 2 |
| Total building management services and disaster prevention services | 5 years | +6.4% | ¥92984000000 | 12.1% | 2 |
| Long-term Care Services | 5 years | +6.5% | ¥55242000000 | 4.1% | 2 |
| Overseas service | 2 years | +33.2% | ¥27983000000 | -4.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 597,026 | 100.0% | S100Y7EC |
| Cost of revenue | 453,969 | 76.0% | S100Y7EC |
| Gross profit | 143,056 | 24.0% | S100Y7EC |
| SG&A | 96,137 | 16.1% | S100Y7EC |
| Operating income | 46,919 | 7.9% | S100Y7EC |
| Ordinary income | 49,913 | 8.4% | S100Y7EC |
| Pretax income | 50,855 | 8.5% | S100Y7EC |
| Income tax | 15,638 | 2.6% | S100Y7EC |
| Net income | 35,216 | 5.9% | S100Y7EC |
| Net income attributable to owners | 33,262 | 5.6% | S100Y7EC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.0% → Operating margin 7.9% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +16.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.04×
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 | 551,881 | 597,026 | 45,145 | +8.2% |
| Gross profit | 130,954 | 143,056 | 12,102 | +9.2% |
| Operating income | 40,201 | 46,919 | 6,718 | +16.7% |
| Net income attributable to owners | 27,105 | 33,262 | 6,157 | +22.7% |
| Operating cash flow | 42,647 | 53,786 | 11,139 | +26.1% |
| Free cash flow | 24,871 | 14,652 | -10,219 | -41.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 460,118 | 36,795 | 8.0% | 24,163 | 33,896 | 17,270 | S100LOOW |
| FY ending Mar 2021 | 469,920 | 37,182 | 7.9% | 25,014 | 55,522 | 42,083 | S100OEOF |
| FY ending Mar 2022 | 489,092 | 42,865 | 8.8% | 28,964 | 42,736 | 26,932 | S100R3YW |
| FY ending Mar 2023 | 492,226 | 36,993 | 7.5% | 23,950 | 31,682 | 14,409 | S100UVB0 |
| FY ending Mar 2024 | 521,400 | 38,078 | 7.3% | 26,630 | 56,063 | 40,569 | S100VZZF |
| FY ending Mar 2025 | 551,881 | 40,201 | 7.3% | 27,105 | 42,647 | 24,871 | S100Y7EC |
| FY ending Mar 2026 | 597,026 | 46,919 | 7.9% | 33,262 | 53,786 | 14,652 | S100Y7EC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.9M |
| Operating income per employee (consolidated) | ¥700.8K |
| Net income per employee (consolidated) | ¥496.8K |

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) | 38,192 | 39,039 | 64,982 | 64,733 | 66,949 |
| Average salary (parent company) | ¥5.8M | ¥5.5M | ¥5.9M | ¥6M | ¥6.2M |
| Average age (parent company) | 40.7 years | 40.9 years | 41.3 years | 41.4 years | 41.8 years |
| Average tenure (parent company) | 17.6 years | 17.8 years | 18.3 years | 18.3 years | 18.3 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Security services | 420,814 | 70.5% | 45,416 | 10.8% |
| Total building management services and disaster prevention services | 92,984 | 15.6% | 11,276 | 12.1% |
| Long-term Care Services | 55,242 | 9.3% | 2,238 | 4.1% |
| Overseas service | 27,983 | 4.7% | -1,110 | -4.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Security services | 70.5% | 77.1% | 6.6 | 10.8% |
| Total building management services and disaster prevention services | 15.6% | 19.1% | 3.6 | 12.1% |
| Long-term Care Services | 9.3% | 3.8% | -5.5 | 4.1% |
| Overseas service | 4.7% | — | — | -4.0% |

Loss-making segment (excluded from profit shares): Overseas service -1,110 JPY mn

Segment → industry: Total building management services and disaster prevention services → Real Estate Brokerage & Management / Total building management services and disaster prevention services → Disaster Prevention & Infrastructure Maintenance / Long-term Care Services → Nursing Care / Overseas service → Security Services / Security services → Security Services

## 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 | 53,786 | 9.0% | S100Y7EC |
| Capital expenditure | 39,134 | 6.6% | S100Y7EC |
| Free cash flow | 14,652 | 2.5% | 算出 |
| Investing cash flow | -39,212 | -6.6% | S100Y7EC |
| Financing cash flow | -7,751 | -1.3% | S100Y7EC |
| Dividends paid | 13,596 | 2.3% | S100Y7EC |
| Change in cash | 6,795 | 1.1% | S100Y7EC |
| Cash and equivalents | 66,814 | 11.2% | S100Y7EC |

## 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 | 63,644 | 51,571 | 69,162 | 60,018 | 66,814 | S100UVB0, S100VZZF, S100Y7EC |
| Total assets | 488,278 | 516,647 | 571,463 | 572,402 | 675,024 | S100R3YW, S100UVB0, S100VZZF, S100Y7EC |
| Net assets | 327,509 | 334,075 | 377,754 | 376,000 | 426,941 | S100UVB0, S100VZZF, S100Y7EC |
| Share capital | 18,675 | 18,675 | 18,675 | 18,675 | 18,675 | S100R3YW, S100UVB0, S100VZZF, S100Y7EC |
| Property, plant and equipment | 103,376 | — | 120,353 | 122,418 | 145,992 | S100R3YW, S100VZZF, S100Y7EC |
| Intangible assets excluding goodwill | 39,747 | — | 40,678 | 38,705 | 36,715 | S100R3YW, S100VZZF, S100Y7EC |
| Goodwill | 27,097 | — | 31,442 | 29,873 | 27,456 | S100R3YW, S100VZZF, S100Y7EC |
| Investment securities | 56,148 | — | 63,102 | 62,312 | 73,443 | S100R3YW, S100VZZF, S100Y7EC |
| Current assets | 233,872 | — | 252,061 | 256,722 | 297,870 | S100R3YW, S100VZZF, S100Y7EC |
| Current liabilities | 90,384 | — | 100,489 | 108,892 | 139,510 | S100R3YW, S100VZZF, S100Y7EC |
| Trade payables | 23,098 | — | 28,512 | 30,121 | 28,991 | S100R3YW, S100VZZF, S100Y7EC |
| Short-term borrowings | 8,483 | — | 6,965 | 12,476 | 37,227 | S100R3YW, S100VZZF, S100Y7EC |
| Long-term borrowings | 2,145 | — | 1,658 | 1,327 | 12,406 | S100R3YW, S100VZZF, S100Y7EC |
| Bonds | — | — | — | — | 100 | S100Y7EC |
| Interest-bearing debt | — | — | — | — | 49,733 | 算出 |
| Total liabilities | 160,768 | — | 193,709 | 196,401 | 248,082 | S100R3YW, S100VZZF, S100Y7EC |
| Non-controlling interests | 27,362 | — | 33,654 | 37,566 | 43,307 | S100R3YW, S100VZZF, S100Y7EC |
| Equity attributable to owners of parent | 293,450 | — | 311,263 | 310,098 | 330,866 | S100R3YW, S100VZZF, S100Y7EC |
| Retained earnings | 241,718 | — | 264,650 | 278,283 | 297,949 | S100R3YW, S100VZZF, S100Y7EC |
| Treasury stock | -1,072 | — | -6,074 | -21,074 | -20,154 | S100R3YW, S100VZZF, S100Y7EC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y7EC |
| Property, plant and equipment | 22% | S100Y7EC |
| Intangibles and goodwill | 9% | S100Y7EC |
| Investment securities | 11% | S100Y7EC |
| Other assets | 48% | S100Y7EC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y7EC |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 25% | S100Y7EC |
| Equity | 63% | S100Y7EC |
| Other liabilities | 0% | S100Y7EC |

### 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 | 488,278 | 516,647 | 571,463 | 572,402 | 675,024 |
| Equity | 327,509 | 334,075 | 377,754 | 376,000 | 426,941 |
| Interest-bearing debt | — | — | — | — | 49,733 |
| Cash | 63,644 | 51,571 | 69,162 | 60,018 | 66,814 |

## 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) | 24.5% | S100Y7EC |
| Fixed assets ÷ total assets | 21.6% | S100Y7EC |
| Goodwill ÷ parent equity | 8.3% | S100Y7EC |

Goodwill over 4 years: 27,097 → 27,456 JPY; total investing cash flow: -110,586 JPY. This does not imply causation.

### 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) | 9.9% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | ¥17.1B |
| Net debt ÷ operating cash flow | -0.32× |
| Cash conversion (operating CF ÷ operating income) | 114.6% |
| Cash vs. profit gap | 20,524 JPY mn (of net income 61.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.9% |
| Shareholder payments — dividends / FCF | 92.8% |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 72.9% |

## 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 | 5.9% | 1.00× | 5.9% | 1.66× | 9.9% | S100R3YW |
| 2023 | 4.9% | 0.98× | 4.8% | 1.52× | 7.2% | S100UVB0, S100VZZF |
| 2024 | 5.1% | 0.96× | 4.9% | 1.75× | 8.6% | S100VZZF |
| 2025 | 4.9% | 0.96× | 4.7% | 1.84× | 8.7% | S100Y7EC |
| 2026 | 5.6% | 0.96× | 5.3% | 1.95× | 10.4% | S100Y7EC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口）(注) | Major shareholder | 11.4% | 2026-03-31 |
| 綜合商事㈱ | Major shareholder | 7.6% | 2026-03-31 |
| 埼玉機器㈱ | Major shareholder | 5.4% | 2026-03-31 |
| きずな商事㈱ | Major shareholder | 5.4% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口）(注) | Major shareholder | 5.3% | 2026-03-31 |
| ALSOK従業員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| みずほ信託銀行㈱退職給付信託みずほ銀行口再信託受託者㈱日本カストディ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 村井 温 | Major shareholder | 3.0% | 2026-03-31 |
| ㈱SMBC信託銀行（㈱三井住友銀行退職給付信託口） | Major shareholder | 2.8% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券 | Major shareholder | 2.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥597B, up 8.2% from ¥551.9B.
- Profit grew faster than sales: operating income rose to ¥46.9B (+16.7%) and net income attributable to owners to ¥33.3B (+22.7%).
- Operating cash flow climbed to ¥53.8B (+26.1%), but heavier capital spending cut free cash flow from ¥24.9B to ¥14.7B (-41.1%).

### Drivers

- The company asked customers to accept price increases to cover rising costs
- Building management grew after it took over facility management operations from the Fujitsu group and acquired Heiwa Kanzai from Kubota
- On-site guarding gained from Expo 2025 Osaka, the World Athletics Championships in Tokyo, and demand at airports and factories; nursing care profit rose on steady occupancy and better staffing

### Risks

- Continued wage and other cost increases could strain service delivery and earnings
- With Japan's working-age population shrinking, failing to hire enough people could hold back operations
- If acquired companies fall well short of plan, goodwill and other assets may need to be written down

Cited: Annual securities report: management's analysis (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report: business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100Y7EC | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7EC,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100VZZF | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZZF,, |
| 訂正有価証券報告書－第59期(2023/04/01－2024/03/31) | S100UVB0 | 2024-12-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVB0,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R3YW | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3YW,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OEOF | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEOF,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LOOW | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOOW,, |

## 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).