# CHUDENKO 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110期(2025/04/01－2026/03/31) (S100YD98)
> Page: https://vizora.meequs.com/en/company/chudenko
> Retrieved: 2026-09-30T18:22:53.443Z

## Company

Chudenko, founded in 1944, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 4,697 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUDENKO CORPORATION |
| Ticker | 1941 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1941.T) |
| Listing | TSE Prime |
| Head office | 広島市中区小網町6番12号 |
| Representative (per filing) | 代表取締役社長 重藤 隆文 |
| Founded | Sep 1944 |
| Share capital | ¥3.48B |
| Employees (consolidated) | 4,697 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Corporate number | 9240001006971 |
| EDINET | E00073 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YD98, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.9 | 72 |
| Profitability | 73 | 76 |
| Cash conversion | 79.1 | 74 |
| Efficiency | 13.8 | 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)

- About 90% of Chudenko's sales come from Equipment installation, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +20.7%.

## Company structure

- Segment revenue mix: Equipment installation 89.7%、Other 10.3%
- Revenue → net income: ¥227850000000 → ¥18760000000
- Net income → operating cash flow: ¥18760000000 → ¥29146000000（difference ¥10386000000）
- Main uses of operating cash flow: CapEx ¥4537000000 / dividends ¥6769000000 / buybacks ¥6029000000
- Change in cash: ¥9170000000
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 | ¥227.8B |  |
| Operating income | ¥26.2B | Margin 11.5% |
| Net income | ¥18.5B | Margin 8.1% |
| Free cash flow | ¥24.6B |  |
| Largest business | Equipment installation | of segment revenue 89.7% |
| Employees (consolidated) | 4,697 |  |
| EPS | ¥343.78 |  |
| Diluted EPS | ¥343.68 |  |
| Book value per share | ¥4261.27 |  |
| Equity ratio | 76.9% |  |
| Shares outstanding | 58,138,117 |  |
| Treasury shares | 5,195,600 |  |
| Shareholders | 9,418 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 19.1% |
| Vs. industry median margin | +2.4 pp | Plant Engineering & Building Services |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥184482000000 | ¥227850000000 | +23.5% |
| Operating income | ¥9482000000 | ¥26180000000 | +176.1% |
| Operating margin | 5.1% | 11.5% | +6.4 pp |
| Employees | 4,468 people | 4,697 people | +5.1% |
| Cash and equivalents | ¥30477000000 | ¥43605000000 | +43.1% |

### 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 |
| --- | ---: |
| 設備工事業 → 設備工事業 | 89.1% |
| その他 → その他 | 10.3% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 設備工事業 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 227,850 | 100.0% | S100YD98 |
| Cost of revenue | 183,052 | 80.3% | S100YD98 |
| Gross profit | 44,797 | 19.7% | S100YD98 |
| SG&A | 18,617 | 8.2% | S100YD98 |
| Operating income | 26,180 | 11.5% | S100YD98 |
| Ordinary income | 27,474 | 12.1% | S100YD98 |
| Pretax income | 26,804 | 11.8% | S100YD98 |
| Income tax | 8,044 | 3.5% | S100YD98 |
| Net income | 18,760 | 8.2% | S100YD98 |
| Net income attributable to owners | 18,482 | 8.1% | S100YD98 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 8 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 19.7% → Operating margin 11.5% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +20.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.68×
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 | 221,885 | 227,850 | 5,965 | +2.7% |
| Gross profit | 38,928 | 44,797 | 5,869 | +15.1% |
| Operating income | 21,698 | 26,180 | 4,482 | +20.7% |
| Net income attributable to owners | 19,895 | 18,482 | -1,413 | -7.1% |
| Operating cash flow | 22,754 | 29,146 | 6,392 | +28.1% |
| Free cash flow | 17,220 | 24,609 | 7,389 | +42.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 168,888 | 8,333 | 4.9% | 4,795 | 11,835 | 9,688 | S100LOEZ |
| FY ending Mar 2021 | 184,482 | 9,482 | 5.1% | 8,119 | 9,116 | 7,646 | S100OGIK |
| FY ending Mar 2022 | 190,690 | 10,425 | 5.5% | 6,682 | 7,968 | 6,302 | S100R26Y |
| FY ending Mar 2023 | 189,032 | 8,361 | 4.4% | -6,913 | 6,181 | 2,101 | S100TOEW |
| FY ending Mar 2024 | 201,025 | 11,947 | 5.9% | 7,937 | 13,721 | 10,344 | S100W1DZ |
| FY ending Mar 2025 | 221,885 | 21,698 | 9.8% | 19,895 | 22,754 | 17,220 | S100YD98 |
| FY ending Mar 2026 | 227,850 | 26,180 | 11.5% | 18,482 | 29,146 | 24,609 | S100YD98 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.5M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 4,531 | 4,556 | 4,519 | 4,612 | 4,697 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥7.4M | ¥7.9M | ¥8.5M |
| Average age (parent company) | 39.4 years | 39.6 years | 39.9 years | 40.1 years | 40.2 years |
| Average tenure (parent company) | 18.2 years | 18.3 years | 18.6 years | 18.7 years | 18.8 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 204,448 | 89.7% | 25,655 | 12.5% |
| Other | 23,401 | 10.3% | 677 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 89.7% | 97.4% | 7.7 | 12.5% |
| Other | 10.3% | 2.6% | -7.7 | 2.9% |

Segment → industry: Equipment installation → Plant Engineering & Building Services / Other → Specialty Trading & Wholesale

## 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 | 29,146 | 12.8% | S100YD98 |
| Capital expenditure | 4,537 | 2.0% | S100YD98 |
| Free cash flow | 24,609 | 10.8% | 算出 |
| Investing cash flow | -7,086 | -3.1% | S100YD98 |
| Financing cash flow | -12,993 | -5.7% | S100YD98 |
| Dividends paid | 6,769 | 3.0% | S100YD98 |
| Share buyback | 6,029 | 2.6% | S100YD98 |
| Change in cash | 9,170 | 4.0% | S100YD98 |
| Cash and equivalents | 43,605 | 19.1% | S100YD98 |

## 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 | 25,679 | 29,403 | 29,845 | 34,435 | 43,605 | S100TOEW, S100W1DZ, S100YD98 |
| Total assets | 279,725 | 272,514 | 280,542 | 293,900 | 317,819 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Net assets | 216,329 | 202,069 | 213,921 | 229,601 | 247,823 | S100TOEW, S100W1DZ, S100YD98 |
| Share capital | 3,481 | 3,481 | 3,481 | 3,481 | 3,481 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Property, plant and equipment | 35,444 | 37,915 | 38,828 | 40,581 | 42,360 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Intangible assets excluding goodwill | 8,084 | 7,478 | 6,778 | 5,895 | 5,341 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Goodwill | 3,137 | 2,792 | 2,151 | 1,505 | 859 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Investment securities | 109,243 | 95,210 | 100,182 | 102,681 | 104,807 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Current assets | 114,941 | 118,961 | 122,328 | 129,723 | 142,101 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Current liabilities | 48,831 | 47,358 | 52,538 | 50,696 | 57,982 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Short-term borrowings | 133 | — | — | — | — | S100R26Y |
| Total liabilities | 63,396 | 70,444 | 66,620 | 64,298 | 69,995 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Non-controlling interests | 3,102 | 2,631 | 2,821 | 3,028 | 3,551 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Equity attributable to owners of parent | 205,840 | 192,551 | 193,377 | 206,920 | 212,681 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Retained earnings | 208,268 | 195,580 | 197,818 | 211,618 | 223,331 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |
| Treasury stock | -6,125 | -6,729 | -8,147 | -8,803 | -14,772 | S100R26Y, S100TOEW, S100W1DZ, S100YD98 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YD98 |
| Property, plant and equipment | 13% | S100YD98 |
| Intangibles and goodwill | 2% | S100YD98 |
| Investment securities | 33% | S100YD98 |
| Other assets | 38% | S100YD98 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YD98 |
| Equity | 78% | S100YD98 |
| Other liabilities | 0% | S100YD98 |

### 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 | 279,725 | 272,514 | 280,542 | 293,900 | 317,819 |
| Equity | 216,329 | 202,069 | 213,921 | 229,601 | 247,823 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,679 | 29,403 | 29,845 | 34,435 | 43,605 |

## 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) | 18.6% | S100YD98 |
| Fixed assets ÷ total assets | 13.3% | S100YD98 |
| Goodwill ÷ parent equity | 0.4% | S100YD98 |

Goodwill over 4 years: 3,137 → 859 JPY; total investing cash flow: -24,192 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) | 13.7% |
| Cash ÷ revenue | 19.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.3% |
| Cash vs. profit gap | 10,664 JPY mn (of net income 57.7%) |
| Shareholder returns / net income | 69.2% |
| Shareholder returns / FCF | 52.0% |
| Shareholder payments — dividends / net income | 36.6% |
| Shareholder payments — dividends / FCF | 27.5% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 24.3% |

## 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 | 3.5% | 0.68× | 2.4% | 1.36× | 3.2% | S100R26Y |
| 2023 | — | —× | -2.5% | —× | — | S100TOEW |
| 2024 | 3.9% | 0.73× | 2.9% | 1.43× | 4.1% | S100W1DZ |
| 2025 | 9.0% | 0.77× | 6.9% | 1.44× | 9.9% | S100YD98 |
| 2026 | 8.1% | 0.74× | 6.0% | 1.46× | 8.8% | S100YD98 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中国電力株式会社 | Major shareholder | 41.3% | 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 | 6.9% | 2026-03-31 |
| 中電工従業員株式投資会 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社中国銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社もみじ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| ＢＮＹＭＳＡＮＶ ＲＥ ＢＮＹＭＩＬ ＲＥ ＷＳ ＭＯＲＡＮＴ ＷＲＩＧＨＴ ＮＩＰＰＯＮ ＹＩＥＬＤ ＦＵＮＤ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YD98 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD98,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W1DZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1DZ,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TOEW | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOEW,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R26Y | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R26Y,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OGIK | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGIK,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LOEZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOEZ,, |

## 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).