# CTI Engineering Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第63期(2025/01/01－2025/12/31) (S100XXFD)
> Page: https://vizora.meequs.com/en/company/cti-engineering
> Retrieved: 2026-09-30T21:01:29.512Z

## Company

CTI Engineering, founded in 1945, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 4,087 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CTI Engineering Co.,Ltd. |
| Ticker | 9621 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9621.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋浜町三丁目21番1号 |
| Representative (per filing) | 代表取締役社長執行役員 西村 達也 |
| Founded | Aug 1945 |
| Share capital | ¥3.02B |
| Employees (consolidated) | 4,087 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | December |
| Website | www.ctie.co.jp (https://www.ctie.co.jp/) |
| Corporate number | 7010001042703 |
| EDINET | E04903 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XXFD, filed 2026-04-07). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.3 | 35 |
| Profitability | 53.8 | 40 |
| Cash conversion | 25 | 38 |
| Efficiency | 71.3 | 40 |

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 69% of CTI Engineering's sales come from Domestic construction consultant, with Overseas construction consultant making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -2.8%.

## Company structure

- Segment revenue mix: Domestic construction consultant 69.0%、Overseas construction consultant 31.0%
- Revenue → net income: ¥101038000000 → ¥6006000000
- Net income → operating cash flow: ¥6006000000 → ¥5768000000（difference ¥-238000000）
- Main uses of operating cash flow: CapEx ¥1298000000 / dividends ¥2083000000 / buybacks ¥642000000
- Change in cash: ¥423000000
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 | ¥101B |  |
| Operating income | ¥9.14B | Margin 9.0% |
| Net income | ¥5.95B | Margin 5.9% |
| Free cash flow | ¥4.47B |  |
| Largest business | Domestic construction consultant | of segment revenue 69.0% |
| Employees (consolidated) | 4,087 |  |
| EPS | ¥212.88 |  |
| Book value per share | ¥2068.47 |  |
| Equity ratio | 69.1% |  |
| Shares outstanding | 28,318,172 |  |
| Treasury shares | 740,500 |  |
| Shareholders | 3,348 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 15.7% | Cash ÷ revenue 14.9% |
| Vs. industry median margin | +0.3 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 94% of positive segment profit
- FY2025, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥65190000000 | ¥101038000000 | +55.0% |
| Operating income | ¥5085000000 | ¥9136000000 | +79.7% |
| Operating margin | 7.8% | 9.0% | +1.2 pp |
| Employees | 3,088 people | 4,087 people | +32.4% |
| Cash and equivalents | ¥16684000000 | ¥15093000000 | -9.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内建設コンサルティング事業 → 国内建設コンサルティング事業 | 69.0% |
| 国内建設コンサルティング事業 → 事業再編・廃止 | 6.1% |
| 海外建設コンサルティング事業 → 海外建設コンサルティング事業 | 24.9% |
| 新設・再編 → 海外建設コンサルティング事業 | 6.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 101,038 | 100.0% | S100XXFD |
| Cost of revenue | 71,457 | 70.7% | S100XXFD |
| Gross profit | 29,580 | 29.3% | S100XXFD |
| SG&A | 20,444 | 20.2% | S100XXFD |
| Operating income | 9,136 | 9.0% | S100XXFD |
| Ordinary income | 9,350 | 9.3% | S100XXFD |
| Pretax income | 9,000 | 8.9% | S100XXFD |
| Income tax | 2,994 | 3.0% | S100XXFD |
| Net income | 6,006 | 5.9% | S100XXFD |
| Net income attributable to owners | 5,952 | 5.9% | S100XXFD |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.3% → Operating margin 9.0% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -2.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.80×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 97,678 | 101,038 | 3,360 | +3.4% |
| Gross profit | 28,427 | 29,580 | 1,153 | +4.1% |
| Operating income | 9,396 | 9,136 | -260 | -2.8% |
| Net income attributable to owners | 6,746 | 5,952 | -794 | -11.8% |
| Operating cash flow | 2,410 | 5,768 | 3,358 | +139.3% |
| Free cash flow | 1,458 | 4,470 | 3,012 | +206.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 62,649 | 4,267 | 6.8% | 2,808 | 4,798 | 3,889 | S100L1GQ |
| FY ending Dec 2020 | 65,190 | 5,085 | 7.8% | 3,650 | 8,687 | 8,050 | S100NQFC |
| FY ending Dec 2021 | 74,409 | 6,991 | 9.4% | 4,471 | 5,344 | 4,783 | S100QHAI |
| FY ending Dec 2022 | 83,485 | 8,017 | 9.6% | 5,874 | 3,804 | 3,144 | S100TC9V |
| FY ending Dec 2023 | 93,057 | 10,011 | 10.8% | 7,534 | 874 | -96 | S100WBDJ |
| FY ending Dec 2024 | 97,678 | 9,396 | 9.6% | 6,746 | 2,410 | 1,458 | S100XXFD |
| FY ending Dec 2025 | 101,038 | 9,136 | 9.0% | 5,952 | 5,768 | 4,470 | S100XXFD |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.7M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,359 | 3,716 | 3,830 | 3,966 | 4,087 |
| Average salary (parent company) | ¥9M | ¥9.1M | ¥9.6M | ¥10M | ¥9.7M |
| Average age (parent company) | 43.0 years | 42.9 years | 42.5 years | 42.4 years | 42.2 years |
| Average tenure (parent company) | 12.9 years | 12.8 years | 12.5 years | 12.4 years | 12.3 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +3.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic construction consultant | 69,724 | 69.0% | 8,611 | 12.4% |
| Overseas construction consultant | 31,313 | 31.0% | 543 | 1.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic construction consultant | 69.0% | 94.1% | 25.1 | 12.4% |
| Overseas construction consultant | 31.0% | 5.9% | -25.1 | 1.7% |

Segment → industry: Overseas construction consultant → Disaster Prevention & Infrastructure Maintenance / Domestic construction consultant → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,768 | 5.7% | S100XXFD |
| Capital expenditure | 1,298 | 1.3% | S100XXFD |
| Free cash flow | 4,470 | 4.4% | 算出 |
| Investing cash flow | -612 | -0.6% | S100XXFD |
| Financing cash flow | -5,092 | -5.0% | S100XXFD |
| Dividends paid | 2,083 | 2.1% | S100XXFD |
| Share buyback | 642 | 0.6% | S100XXFD |
| Change in cash | 423 | 0.4% | S100XXFD |
| Cash and equivalents | 15,093 | 14.9% | S100XXFD |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 20,527 | 22,589 | 19,654 | 14,670 | 15,093 | S100TC9V, S100WBDJ, S100XXFD |
| Total assets | 71,880 | 73,296 | 79,914 | 87,694 | 96,344 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Net assets | 38,820 | 47,719 | 55,093 | 61,674 | 66,815 | S100TC9V, S100WBDJ, S100XXFD |
| Share capital | 3,025 | 3,025 | 3,025 | 3,025 | 3,025 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Property, plant and equipment | 9,698 | 9,899 | 10,222 | 11,178 | 13,549 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Intangible assets excluding goodwill | 4,967 | 4,658 | 4,741 | 7,246 | 6,974 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Goodwill | 4,208 | 4,058 | 4,266 | 6,874 | 6,607 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Investment securities | 4,443 | 4,205 | 4,460 | 5,029 | 4,540 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Current assets | 48,187 | 49,532 | 54,387 | 56,967 | 62,519 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Current liabilities | 29,365 | 21,684 | 21,536 | 22,333 | 22,712 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Short-term borrowings | 900 | 1,190 | 1,190 | 1,990 | 1,380 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Long-term borrowings | — | 201 | 160 | 119 | 78 | S100TC9V, S100WBDJ, S100XXFD |
| Total liabilities | 33,059 | 25,576 | 24,820 | 26,019 | 29,529 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Non-controlling interests | 148 | 198 | 206 | 221 | 285 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Equity attributable to owners of parent | 36,484 | 45,079 | 50,354 | 55,104 | 58,566 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Retained earnings | 29,861 | 38,531 | 44,652 | 49,318 | 53,188 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |
| Treasury stock | -13 | -14 | -939 | -890 | -1,478 | S100QHAI, S100TC9V, S100WBDJ, S100XXFD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XXFD |
| Property, plant and equipment | 14% | S100XXFD |
| Intangibles and goodwill | 14% | S100XXFD |
| Investment securities | 5% | S100XXFD |
| Other assets | 51% | S100XXFD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XXFD |
| Equity | 69% | S100XXFD |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 71,880 | 73,296 | 79,914 | 87,694 | 96,344 |
| Equity | 38,820 | 47,719 | 55,093 | 61,674 | 66,815 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,527 | 22,589 | 19,654 | 14,670 | 15,093 |

## 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) | 13.4% | S100XXFD |
| Fixed assets ÷ total assets | 14.1% | S100XXFD |
| Goodwill ÷ parent equity | 11.3% | S100XXFD |

Goodwill over 4 years: 4,208 → 6,607 JPY; total investing cash flow: -8,605 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) | 15.7% |
| Cash ÷ revenue | 14.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.1% |
| Cash vs. profit gap | -184 JPY mn (of net income -3.1%) |
| Shareholder returns / net income | 45.8% |
| Shareholder returns / FCF | 61.0% |
| Shareholder payments — dividends / net income | 35.0% |
| Shareholder payments — dividends / FCF | 46.6% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 10.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.0% | 1.04× | 6.2% | 1.97× | 12.3% | S100QHAI |
| 2022 | 7.0% | 1.15× | 8.1% | 1.78× | 14.4% | S100TC9V |
| 2023 | 8.1% | 1.21× | 9.8% | 1.61× | 15.8% | S100WBDJ |
| 2024 | 6.9% | 1.17× | 8.0% | 1.59× | 12.8% | S100XXFD |
| 2025 | 5.9% | 1.10× | 6.5% | 1.62× | 10.5% | S100XXFD |

## 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 | 11.3% | 2025-12-31 |
| 有限会社光パワー | Major shareholder | 10.1% | 2025-12-31 |
| 建設技術研究所従業員持株会 | Major shareholder | 7.8% | 2025-12-31 |
| 重田康光 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.7% | 2025-12-31 |
| 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 | 2.6% | 2025-12-31 |
| 住友生命保険相互会社(常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.2% | 2025-12-31 |
| 第一生命保険株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.0% | 2025-12-31 |
| JAPAN ABSOLUTE VALUE FUND GENERAL PARTNER THOMAS OWSLEY RODES(常任代理人 立花証券株式会社) | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第63期(2025/01/01－2025/12/31) | S100XXFD | 2026-04-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XXFD,, |
| 訂正有価証券報告書－第62期(2024/01/01－2024/12/31) | S100WBDJ | 2025-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBDJ,, |
| 訂正有価証券報告書－第61期(2023/01/01－2023/12/31) | S100TC9V | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC9V,, |
| 有価証券報告書－第60期(2022/01/01－2022/12/31) | S100QHAI | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHAI,, |
| 有価証券報告書－第59期(令和3年1月1日－令和3年12月31日) | S100NQFC | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQFC,, |
| 有価証券報告書－第58期(令和2年1月1日－令和2年12月31日) | S100L1GQ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1GQ,, |

## 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).