# ASANUMA 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91期(2025/04/01－2026/03/31) (S100YD5O)
> Page: https://vizora.meequs.com/en/company/asanuma
> Retrieved: 2026-09-30T18:18:29.953Z

## Company

Asanuma, founded in 1937, is a company in General Contractors listed on TSE Prime. It has 1,806 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASANUMA CORPORATION |
| Ticker | 1852 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1852.T) |
| Listing | TSE Prime |
| Head office | 大阪市浪速区湊町一丁目2番3号マルイト難波ビル |
| Representative (per filing) | 代表取締役社長 浅沼誠 |
| Founded | Jun 1937 |
| Share capital | ¥9.61B |
| Employees (consolidated) | 1,806 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.asanuma.co.jp (https://www.asanuma.co.jp/) |
| Corporate number | 8120001022651 |
| EDINET | E00120 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YD5O, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53 | 84 |
| Profitability | 16.8 | 92 |
| Cash conversion | 94 | 91 |
| Efficiency | 88.6 | 92 |
| Financial strength | 90 | 15 |

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 81% of Asanuma's sales come from Construction, with Engineering and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +5.0%.

## Company structure

- Segment revenue mix: Construction 81.2%、Engineering 16.7%、Other 2.2%
- Revenue → net income: ¥175294000000 → ¥5210000000
- Net income → operating cash flow: ¥5210000000 → ¥18414000000（difference ¥13204000000）
- Main uses of operating cash flow: CapEx ¥627000000 / dividends ¥3385000000 / buybacks —
- Change in cash: ¥6814000000
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 | ¥175.3B |  |
| Operating income | ¥7.21B | Margin 4.1% |
| Net income | ¥5.18B | Margin 3.0% |
| Free cash flow | ¥17.8B |  |
| Largest business | Construction | of segment revenue 81.2% |
| Employees (consolidated) | 1,806 |  |
| EPS | ¥61.1 |  |
| Book value per share | ¥577.55 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 80,786,000 |  |
| Treasury shares | 59,400 |  |
| Shareholders | 27,837 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 20.0% | Net cash ¥9.77B · Cash ÷ revenue 13.5% |
| Vs. industry median margin | -2.7 pp | General Contractors |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥138934000000 | ¥175294000000 | +26.2% |
| Operating income | ¥5291000000 | ¥7211000000 | +36.3% |
| Operating margin | 3.8% | 4.1% | +0.3 pp |
| Employees | 1,444 people | 1,806 people | +25.1% |
| Cash and equivalents | ¥15760000000 | ¥23647000000 | +50.0% |

### 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 |
| --- | ---: |
| 建築 → 建築 | 79.9% |
| 土木 → 土木 | 16.7% |
| 土木 → 事業再編・廃止 | 3.4% |
| 新設・再編 → 建築 | 1.3% |
| 新設・再編 → その他 | 2.2% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction | 5 years | +5.3% | ¥142266000000 | 10.9% | 2 |
| Engineering | 5 years | +1.1% | ¥29252000000 | 10.4% | 2 |
| Other | 4 years | +37.1% | ¥3776000000 | 21.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 175,294 | 100.0% | S100YD5O |
| Cost of revenue | 155,702 | 88.8% | S100YD5O |
| Gross profit | 19,592 | 11.2% | S100YD5O |
| SG&A | 12,380 | 7.1% | S100YD5O |
| Operating income | 7,211 | 4.1% | S100YD5O |
| Ordinary income | 7,048 | 4.0% | S100YD5O |
| Pretax income | 7,112 | 4.1% | S100YD5O |
| Income tax | 1,902 | 1.1% | S100YD5O |
| Net income | 5,210 | 3.0% | S100YD5O |
| Net income attributable to owners | 5,181 | 3.0% | S100YD5O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 7 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.2% → Operating margin 4.1% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +5.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.01×
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 | 167,005 | 175,294 | 8,289 | +5.0% |
| Gross profit | 17,991 | 19,592 | 1,601 | +8.9% |
| Operating income | 6,867 | 7,211 | 344 | +5.0% |
| Net income attributable to owners | 4,692 | 5,181 | 489 | +10.4% |
| Operating cash flow | 5,184 | 18,414 | 13,230 | +255.2% |
| Free cash flow | 4,573 | 17,787 | 13,214 | +289.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 141,472 | 6,601 | 4.7% | 4,300 | 8,228 | 7,567 | S100LKZO |
| FY ending Mar 2021 | 138,934 | 5,291 | 3.8% | 4,138 | -12,902 | -13,990 | S100OB4U |
| FY ending Mar 2022 | 135,478 | 4,835 | 3.6% | 3,748 | 1,563 | 366 | S100R0CO |
| FY ending Mar 2023 | 144,436 | 5,691 | 3.9% | 4,200 | 1,354 | 1,203 | S100TWJQ |
| FY ending Mar 2024 | 152,676 | 4,057 | 2.7% | 4,670 | -3,169 | -3,597 | S100WAD2 |
| FY ending Mar 2025 | 167,005 | 6,867 | 4.1% | 4,692 | 5,184 | 4,573 | S100YD5O |
| FY ending Mar 2026 | 175,294 | 7,211 | 4.1% | 5,181 | 18,414 | 17,787 | S100YD5O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.1M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 1,700 | 1,795 | 1,799 | 1,796 | 1,806 |
| Average salary (parent company) | ¥8.5M | ¥7.7M | ¥8.1M | ¥9M | ¥9.4M |
| Average age (parent company) | 44.3 years | 44.4 years | 44.5 years | 45.0 years | 44.9 years |
| Average tenure (parent company) | 21.6 years | 21.5 years | 21.4 years | 22.0 years | 21.8 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 142,266 | 81.2% | 15,447 | 10.9% |
| Engineering | 29,252 | 16.7% | 3,054 | 10.4% |
| Other | 3,776 | 2.2% | 813 | 21.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction | 81.2% | 80.0% | -1.2 | 10.9% |
| Engineering | 16.7% | 15.8% | -0.9 | 10.4% |
| Other | 2.2% | 4.2% | 2.1 | 21.5% |

Segment → industry: Engineering → General Contractors / Construction → General Contractors

## 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 | 18,414 | 10.5% | S100YD5O |
| Capital expenditure | 627 | 0.4% | S100YD5O |
| Free cash flow | 17,787 | 10.1% | 算出 |
| Investing cash flow | -799 | -0.5% | S100YD5O |
| Financing cash flow | -11,016 | -6.3% | S100YD5O |
| Dividends paid | 3,385 | 1.9% | S100YD5O |
| Change in cash | 6,814 | 3.9% | S100YD5O |
| Cash and equivalents | 23,647 | 13.5% | S100YD5O |

## 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 | 12,898 | 11,796 | 13,031 | 16,833 | 23,647 | S100TWJQ, S100WAD2, S100YD5O |
| Total assets | 90,537 | 93,034 | 101,251 | 115,240 | 118,176 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Net assets | 42,873 | 44,667 | 48,705 | 46,138 | 50,205 | S100TWJQ, S100WAD2, S100YD5O |
| Share capital | 9,614 | 9,614 | 9,614 | 9,614 | 9,614 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Property, plant and equipment | 5,653 | 5,283 | 4,874 | 4,874 | 4,933 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Intangible assets excluding goodwill | 3,414 | 3,131 | 2,975 | 2,703 | 2,433 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Goodwill | 1,069 | 1,067 | 974 | 853 | 679 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Investment securities | 4,610 | 4,732 | 6,513 | 6,277 | 7,794 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Current assets | 73,500 | 76,719 | 83,229 | 97,664 | 98,578 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Current liabilities | 34,647 | 35,190 | 45,181 | 52,885 | 51,062 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Short-term borrowings | 2,506 | 1,460 | 6,460 | 8,310 | 1,010 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Long-term borrowings | 6,532 | 6,884 | 2,258 | 11,221 | 12,473 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Bonds | 1,640 | 1,640 | 600 | 390 | 390 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Interest-bearing debt | 10,678 | 9,984 | 9,318 | 19,921 | 13,873 | 算出 |
| Total liabilities | 47,663 | 48,367 | 52,545 | 69,102 | 67,970 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Non-controlling interests | 673 | 668 | 1,083 | 430 | 446 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Equity attributable to owners of parent | 41,415 | 42,646 | 44,251 | 42,411 | 44,284 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Retained earnings | 29,648 | 30,919 | 32,499 | 32,706 | 34,500 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |
| Treasury stock | -27 | -73 | -64 | -131 | -44 | S100R0CO, S100TWJQ, S100WAD2, S100YD5O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YD5O |
| Property, plant and equipment | 4% | S100YD5O |
| Intangibles and goodwill | 3% | S100YD5O |
| Investment securities | 7% | S100YD5O |
| Other assets | 66% | S100YD5O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 46% | S100YD5O |
| Equity | 42% | S100YD5O |
| Other liabilities | 0% | S100YD5O |

### 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 | 90,537 | 93,034 | 101,251 | 115,240 | 118,176 |
| Equity | 42,873 | 44,667 | 48,705 | 46,138 | 50,205 |
| Interest-bearing debt | 10,678 | 9,984 | 9,318 | 19,921 | 13,873 |
| Cash | 12,898 | 11,796 | 13,031 | 16,833 | 23,647 |

## 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) | 2.8% | S100YD5O |
| Fixed assets ÷ total assets | 4.2% | S100YD5O |
| Goodwill ÷ parent equity | 1.5% | S100YD5O |

Goodwill over 4 years: 1,069 → 679 JPY; total investing cash flow: -264 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) | 20.0% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | ¥9.77B |
| Net debt ÷ operating cash flow | -0.53× |
| Cash conversion (operating CF ÷ operating income) | 255.4% |
| Cash vs. profit gap | 13,233 JPY mn (of net income 255.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 65.3% |
| Shareholder payments — dividends / FCF | 19.0% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 4.3% |

## 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 | 2.8% | 1.50× | 4.1% | 2.19× | 9.0% | S100R0CO |
| 2023 | 2.9% | 1.57× | 4.6% | 2.18× | 10.0% | S100TWJQ |
| 2024 | 3.1% | 1.57× | 4.8% | 2.24× | 10.7% | S100WAD2 |
| 2025 | 2.8% | 1.54× | 4.3% | 2.50× | 10.8% | S100YD5O |
| 2026 | 3.0% | 1.50× | 4.4% | 2.69× | 12.0% | S100YD5O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行 株式会社(信託口) | Major shareholder | 12.2% | 2026-03-31 |
| 淺沼組弥生会持株会 | Major shareholder | 5.3% | 2026-03-31 |
| 平和株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 3.1% | 2026-03-31 |
| 浅沼 誠 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| モルガン・スタンレーMUFG証券 株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社南都銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 淺沼組自社株投資会 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/04/01－2026/03/31) | S100YD5O | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD5O,, |
| 訂正有価証券報告書－第90期(2024/04/01－2025/03/31) | S100WAD2 | 2025-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAD2,, |
| 有価証券報告書－第89期(2023/04/01－2024/03/31) | S100TWJQ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWJQ,, |
| 有価証券報告書－第88期(2022/04/01－2023/03/31) | S100R0CO | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0CO,, |
| 有価証券報告書－第87期(令和3年4月1日－令和4年3月31日) | S100OB4U | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB4U,, |
| 有価証券報告書－第86期(令和2年4月1日－令和3年3月31日) | S100LKZO | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKZO,, |

## 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).