# CHIYODA 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98期(2025/04/01－2026/03/31) (S100YEDH)
> Page: https://vizora.meequs.com/en/company/chiyoda
> Retrieved: 2026-09-30T21:37:02.841Z

## Company

Chiyoda, founded in 1948, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 3,489 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chiyoda Corporation |
| Ticker | 6366 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6366.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市西区みなとみらい四丁目6番2号 |
| Representative (per filing) | 代表取締役社長 太田 光治 |
| Founded | Jan 1948 |
| Share capital | ¥15B |
| Employees (consolidated) | 3,489 |
| Average salary (parent only) | ¥10.8M |
| Fiscal year end | March |
| Website | www.chiyodacorp.com (https://www.chiyodacorp.com/) |
| Corporate number | 3020001018029 |
| EDINET | E01569 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YEDH, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.7 | 72 |
| Profitability | 92.8 | 76 |
| Cash conversion | 19.6 | 74 |
| Efficiency | 53.3 | 76 |

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)

- Chiyoda brought in ¥493.9B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +236.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥493942000000 → ¥85131000000
- Net income → operating cash flow: ¥85131000000 → ¥26132000000（difference ¥-58999000000）
- Main uses of operating cash flow: CapEx ¥2346000000 / dividends — / buybacks —
- Change in cash: ¥21304000000
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 | ¥493.9B |  |
| Operating income | ¥82.1B | Margin 16.6% |
| Net income | ¥84.7B | Margin 17.1% |
| Free cash flow | ¥23.8B |  |
| Employees (consolidated) | 3,489 |  |
| EPS | ¥253.34 |  |
| Diluted EPS | ¥64.92 |  |
| Book value per share | ¥-23.91 |  |
| Equity ratio | 22.2% |  |
| Shares outstanding | 435,324,000 |  |
| Treasury shares | 449,100 |  |
| Shareholders | 49,715 |  |
| Average salary (parent only) | ¥10.8M | Filing company only |
| Cash ratio | 47.2% | Cash ÷ revenue 49.1% |
| Vs. industry median margin | +7.6 pp | Plant Engineering & Building Services |
| ROE | 103.7% | Derived from disclosed figures |
| ROA | 17.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥315393000000 | ¥493942000000 | +56.6% |
| Operating income | ¥7015000000 | ¥82102000000 | +1070.4% |
| Operating margin | 2.2% | 16.6% | +14.4 pp |
| Employees | 4,174 people | 3,489 people | -16.4% |
| Cash and equivalents | ¥98738000000 | ¥242376000000 | +145.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 493,942 | 100.0% | S100YEDH |
| Cost of revenue | 393,422 | 79.6% | S100YEDH |
| Gross profit | 100,519 | 20.4% | S100YEDH |
| SG&A | 18,417 | 3.7% | S100YEDH |
| Operating income | 82,102 | 16.6% | S100YEDH |
| Ordinary income | 92,474 | 18.7% | S100YEDH |
| Pretax income | 92,474 | 18.7% | S100YEDH |
| Income tax | 7,342 | 1.5% | S100YEDH |
| Net income | 85,131 | 17.2% | S100YEDH |
| Net income attributable to owners | 84,663 | 17.1% | S100YEDH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 4 |
| Operating income | 16 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 20.4% → Operating margin 16.6% → Net margin 17.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +236.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 29.19×
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 | 456,969 | 493,942 | 36,973 | +8.1% |
| Gross profit | 42,319 | 100,519 | 58,200 | +137.5% |
| Operating income | 24,421 | 82,102 | 57,681 | +236.2% |
| Net income attributable to owners | 26,987 | 84,663 | 57,676 | +213.7% |
| Operating cash flow | 51,175 | 26,132 | -25,043 | -48.9% |
| Free cash flow | 47,153 | 23,786 | -23,367 | -49.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 385,925 | 26,789 | 6.9% | 12,177 | -32,217 | -34,479 | S100LMPM |
| FY ending Mar 2021 | 315,393 | 7,015 | 2.2% | 7,993 | -20,806 | -22,955 | S100ODAQ |
| FY ending Mar 2022 | 311,115 | 10,545 | 3.4% | -12,629 | -25,591 | -27,730 | S100QZJI |
| FY ending Mar 2023 | 430,163 | 18,116 | 4.2% | 15,187 | 44,157 | 41,373 | S100UK8O |
| FY ending Mar 2024 | 505,981 | -15,006 | -3.0% | -15,831 | 62,747 | 58,861 | S100W258 |
| FY ending Mar 2025 | 456,969 | 24,421 | 5.3% | 26,987 | 51,175 | 47,153 | S100YEDH |
| FY ending Mar 2026 | 493,942 | 82,102 | 16.6% | 84,663 | 26,132 | 23,786 | S100YEDH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥141.6M |
| Operating income per employee (consolidated) | ¥23.5M |
| Net income per employee (consolidated) | ¥24.3M |

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) | 4,018 | 3,941 | 3,496 | 3,419 | 3,489 |
| Average salary (parent company) | ¥9.3M | ¥8.9M | ¥10M | ¥10.4M | ¥10.8M |
| Average age (parent company) | 41.5 years | 41.8 years | 42.2 years | 42.5 years | 42.3 years |
| Average tenure (parent company) | 14.2 years | 12.2 years | 13.3 years | 14.5 years | 14.3 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +8.1%

## 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 | 26,132 | 5.3% | S100YEDH |
| Capital expenditure | 2,346 | 0.5% | S100YEDH |
| Free cash flow | 23,786 | 4.8% | 算出 |
| Investing cash flow | -3,279 | -0.7% | S100YEDH |
| Financing cash flow | -1,652 | -0.3% | S100YEDH |
| Change in cash | 21,304 | 4.3% | S100YEDH |
| Cash and equivalents | 242,376 | 49.1% | S100YEDH |

## 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 | 69,099 | 106,682 | 166,208 | 221,238 | 242,376 | S100UK8O, S100W258, S100YEDH |
| Total assets | 395,396 | 406,588 | 426,967 | 461,034 | 513,817 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Net assets | 15,761 | 22,310 | 6,077 | 25,456 | 115,860 | S100UK8O, S100W258, S100YEDH |
| Share capital | 15,014 | 15,014 | 15,014 | 15,014 | 15,014 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Property, plant and equipment | 11,038 | 10,743 | 10,886 | 10,470 | 9,938 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Intangible assets excluding goodwill | 4,335 | 4,748 | 5,493 | 5,818 | 5,474 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Investment securities | 5,511 | 6,442 | 4,272 | 3,976 | 4,222 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Current assets | 372,682 | 382,958 | 404,359 | 437,274 | 488,904 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Current liabilities | 350,675 | 356,256 | 412,156 | 409,531 | 370,768 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Long-term borrowings | 25,000 | 23,600 | 3,600 | 22,397 | 21,195 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Total liabilities | 379,635 | 384,278 | 420,889 | 435,578 | 397,956 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Non-controlling interests | 106 | 129 | 1,218 | 1,750 | 2,004 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Equity attributable to owners of parent | 13,165 | 28,107 | 12,389 | 39,396 | 123,885 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Retained earnings | -1,142 | 13,797 | -1,962 | 25,024 | 109,496 | S100QZJI, S100UK8O, S100W258, S100YEDH |
| Treasury stock | -849 | -847 | -805 | -786 | -768 | S100QZJI, S100UK8O, S100W258, S100YEDH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YEDH |
| Property, plant and equipment | 2% | S100YEDH |
| Intangibles and goodwill | 1% | S100YEDH |
| Investment securities | 1% | S100YEDH |
| Other assets | 49% | S100YEDH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 77% | S100YEDH |
| Equity | 23% | S100YEDH |
| Other liabilities | 0% | S100YEDH |

### 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 | 395,396 | 406,588 | 426,967 | 461,034 | 513,817 |
| Equity | 15,761 | 22,310 | 6,077 | 25,456 | 115,860 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 69,099 | 106,682 | 166,208 | 221,238 | 242,376 |

## 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) | 2.0% | S100YEDH |
| Fixed assets ÷ total assets | 1.9% | S100YEDH |
| Goodwill ÷ parent equity | — | —, S100YEDH |

### 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) | 47.2% |
| Cash ÷ revenue | 49.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 31.8% |
| Cash vs. profit gap | -58,531 JPY mn (of net income -69.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 12.5% |

## 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 | — | —× | -3.2% | —× | — | S100QZJI |
| 2023 | 3.5% | 1.07× | 3.8% | 19.43× | 73.6% | S100UK8O |
| 2024 | — | —× | -3.8% | —× | — | S100W258 |
| 2025 | 5.9% | 1.03× | 6.1% | 17.15× | 104.2% | S100YEDH |
| 2026 | 17.1% | 1.01× | 17.4% | 5.97× | 103.7% | S100YEDH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 60.2% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.1% | 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 |
| 千代田化工建設持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 0.9% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.6% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.5% | 2026-03-31 |
| 野村證券株式会社 (常任代理人 株式会社三井住友銀行) | Major shareholder | 0.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥493.9B, up +8.1% from ¥457B.
- Profits grew much faster than sales: gross profit rose +137.5% to ¥100.5B and operating income rose +236.2% to ¥82.1B.
- Net income attributable to owners climbed +213.7%, from ¥27B to ¥84.7B.
- Cash moved the other way, with operating cash flow down -48.9% to ¥26.1B and free cash flow down -49.6% to ¥23.8B.

### Drivers

- Gross profit rose after the company reassessed the expected profitability of the Golden Pass LNG project in the US and major projects in Japan and overseas progressed smoothly.
- Below operating income, dividends received and returns on overseas project funds increased, while non-operating costs such as foreign exchange losses fell.
- Operating cash flow stayed positive thanks to the year's profit and a drop in other receivables.

### Risks

- Rising tension in the Middle East has already caused effects such as a temporary halt of work on the LNG expansion project in Qatar.
- If equipment, materials or labor costs rise beyond what was assumed at bidding, for example due to conflicts or inflation, project margins could suffer.
- When a joint venture partner runs into financial or execution trouble, Chiyoda may have to take on joint liability or extra costs.

Cited: Annual Securities Report, 98th fiscal year (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, 98th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YEDH | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEDH,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100W258 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W258,, |
| 訂正有価証券報告書－第96期(2023/04/01－2024/03/31) | S100UK8O | 2024-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UK8O,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100QZJI | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZJI,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100ODAQ | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODAQ,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LMPM | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMPM,, |

## 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).