# DAIHO 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77期(2025/04/01－2026/03/31) (S100YI2K)
> Page: https://vizora.meequs.com/en/company/daiho
> Retrieved: 2026-09-30T17:54:12.086Z

## Company

Daiho, founded in 1949, is a company in General Contractors listed on TSE Standard. It has 1,700 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIHO CORPORATION |
| Ticker | 1822 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1822.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目24番4号 |
| Representative (per filing) | 代表取締役執行役員社長 益田 浩史 |
| Founded | Mar 1949 |
| Share capital | ¥10B |
| Employees (consolidated) | 1,700 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.daiho.co.jp (https://www.daiho.co.jp/) |
| Corporate number | 3010001034869 |
| EDINET | E00095 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YI2K, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3 | 84 |
| Profitability | 27.7 | 92 |
| Cash conversion | 43.4 | 91 |
| Efficiency | 41.8 | 92 |

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 50% of Daiho's sales come from Civil engineering, with Building construction and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit +24.6%.

## Company structure

- Segment revenue mix: Civil engineering 50.3%、Building construction 46.3%、Other 3.4%
- Revenue → net income: ¥139818000000 → ¥4766000000
- Net income → operating cash flow: ¥4766000000 → ¥3888000000（difference ¥-878000000）
- Main uses of operating cash flow: CapEx ¥881000000 / dividends ¥2613000000 / buybacks ¥0
- Change in cash: ¥3126000000
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 | ¥139.8B |  |
| Operating income | ¥6.89B | Margin 4.9% |
| Net income | ¥4.56B | Margin 3.3% |
| Free cash flow | ¥3.01B |  |
| Largest business | Civil engineering | of segment revenue 50.3% |
| Employees (consolidated) | 1,700 |  |
| EPS | ¥45.45 |  |
| Diluted EPS | ¥45.39 |  |
| Book value per share | ¥692.76 |  |
| Equity ratio | 48.4% |  |
| Shares outstanding | 90,415,000 |  |
| Treasury shares | 1,569,800 |  |
| Shareholders | 31,183 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 17.7% |
| Vs. industry median margin | -1.9 pp | General Contractors |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥161697000000 | ¥139818000000 | -13.5% |
| Operating income | ¥9066000000 | ¥6895000000 | -23.9% |
| Operating margin | 5.6% | 4.9% | -0.7 pp |
| Employees | 1,667 people | 1,700 people | +2.0% |
| Cash and equivalents | ¥28203000000 | ¥24783000000 | -12.1% |

### 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 |
| --- | ---: |
| 土木事業 → 土木事業 | 50.3% |
| 土木事業 → 事業再編・廃止 | 3.0% |
| 建築事業 → 建築事業 | 44.6% |
| その他の事業 → その他の事業 | 2.2% |
| 新設・再編 → 建築事業 | 1.8% |
| 新設・再編 → その他の事業 | 1.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Civil engineering | 5 years | -4.0% | ¥70314000000 | 4.5% | 2 |
| Building construction | 5 years | -2.1% | ¥64800000000 | 4.8% | 2 |
| Other | 5 years | +5.9% | ¥4704000000 | 13.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 139,818 | 100.0% | S100YI2K |
| Cost of revenue | 124,658 | 89.2% | S100YI2K |
| Gross profit | 15,160 | 10.8% | S100YI2K |
| SG&A | 8,265 | 5.9% | S100YI2K |
| Operating income | 6,895 | 4.9% | S100YI2K |
| Ordinary income | 7,332 | 5.2% | S100YI2K |
| Pretax income | 7,650 | 5.5% | S100YI2K |
| Income tax | 2,883 | 2.1% | S100YI2K |
| Net income | 4,766 | 3.4% | S100YI2K |
| Net income attributable to owners | 4,557 | 3.3% | S100YI2K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 6 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.8% → Operating margin 4.9% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.5%; Core profit growth: +24.6%
Operating leverage (core profit growth ÷ revenue growth): -9.87×
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 | 143,394 | 139,818 | -3,576 | -2.5% |
| Gross profit | 13,136 | 15,160 | 2,024 | +15.4% |
| Operating income | 5,533 | 6,895 | 1,362 | +24.6% |
| Net income attributable to owners | 3,691 | 4,557 | 866 | +23.5% |
| Operating cash flow | 11,776 | 3,888 | -7,888 | -67.0% |
| Free cash flow | 11,168 | 3,007 | -8,161 | -73.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 162,811 | 8,511 | 5.2% | 6,647 | -5,265 | -6,638 | S100LRFA |
| FY ending Mar 2021 | 161,697 | 9,066 | 5.6% | 6,262 | -4,357 | -11,738 | S100OJQ7 |
| FY ending Mar 2022 | 156,520 | 8,857 | 5.7% | 5,987 | 5,537 | 3,365 | S100R8L3 |
| FY ending Mar 2023 | 156,050 | 5,064 | 3.2% | 2,914 | 12,856 | 11,531 | S100TV9Q |
| FY ending Mar 2024 | 163,222 | 466 | 0.3% | -2,072 | -11,536 | -13,303 | S100W3CM |
| FY ending Mar 2025 | 143,394 | 5,533 | 3.9% | 3,691 | 11,776 | 11,168 | S100YI2K |
| FY ending Mar 2026 | 139,818 | 6,895 | 4.9% | 4,557 | 3,888 | 3,007 | S100YI2K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.2M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 1,687 | 1,690 | 1,690 | 1,694 | 1,700 |
| Average salary (parent company) | ¥8M | ¥8.1M | ¥7.9M | ¥7.7M | ¥8.2M |
| Average age (parent company) | 45.1 years | 45.1 years | 45.1 years | 45.1 years | 45.0 years |
| Average tenure (parent company) | 19.3 years | 19.4 years | 19.4 years | 19.4 years | 19.2 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 70,314 | 50.3% | 3,161 | 4.5% |
| Building construction | 64,800 | 46.3% | 3,119 | 4.8% |
| Other | 4,704 | 3.4% | 614 | 13.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 50.3% | 45.9% | -4.4 | 4.5% |
| Building construction | 46.3% | 45.2% | -1.1 | 4.8% |
| Other | 3.4% | 8.9% | 5.5 | 13.1% |

Segment → industry: Building construction → General Contractors / Civil engineering → 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 | 3,888 | 2.8% | S100YI2K |
| Capital expenditure | 881 | 0.6% | S100YI2K |
| Free cash flow | 3,007 | 2.2% | 算出 |
| Investing cash flow | 153 | 0.1% | S100YI2K |
| Financing cash flow | -1,160 | -0.8% | S100YI2K |
| Dividends paid | 2,613 | 1.9% | S100YI2K |
| Share buyback | 0 | 0.0% | S100YI2K |
| Change in cash | 3,126 | 2.2% | S100YI2K |
| Cash and equivalents | 24,783 | 17.7% | S100YI2K |

## 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 | 19,751 | 28,025 | 17,523 | 21,657 | 24,783 | S100TV9Q, S100W3CM, S100YI2K |
| Total assets | 169,621 | 170,359 | 165,081 | 149,842 | 155,902 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Net assets | 74,493 | 73,179 | 68,919 | 73,065 | 77,225 | S100TV9Q, S100W3CM, S100YI2K |
| Share capital | 10,549 | 30,736 | 10,000 | 10,000 | 10,000 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Property, plant and equipment | 17,151 | 17,332 | 17,705 | 16,842 | 15,108 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Intangible assets excluding goodwill | 231 | 601 | 603 | 510 | 871 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Investment securities | 8,044 | 8,206 | 10,990 | 11,491 | 14,061 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Current assets | 140,167 | 141,988 | 134,764 | 120,066 | 123,718 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Current liabilities | 86,445 | 83,826 | 82,762 | 63,861 | 64,549 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Short-term borrowings | 2,950 | 950 | 6,950 | 850 | 2,350 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Long-term borrowings | — | 6,000 | 6,000 | 6,000 | 6,000 | S100TV9Q, S100W3CM, S100YI2K |
| Total liabilities | 95,128 | 97,180 | 96,161 | 76,777 | 78,677 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Non-controlling interests | 845 | 1,026 | 1,258 | 1,527 | 1,729 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Equity attributable to owners of parent | 72,636 | 71,367 | 65,028 | 68,338 | 70,359 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Retained earnings | 56,753 | 20,843 | 14,698 | 17,911 | 19,858 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |
| Treasury stock | -3,725 | -1,959 | -2,116 | -1,950 | -1,834 | S100R8L3, S100TV9Q, S100W3CM, S100YI2K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YI2K |
| Property, plant and equipment | 10% | S100YI2K |
| Intangibles and goodwill | 0% | S100YI2K |
| Investment securities | 9% | S100YI2K |
| Other assets | 65% | S100YI2K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YI2K |
| Equity | 50% | S100YI2K |

### 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 | 169,621 | 170,359 | 165,081 | 149,842 | 155,902 |
| Equity | 74,493 | 73,179 | 68,919 | 73,065 | 77,225 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,751 | 28,025 | 17,523 | 21,657 | 24,783 |

## 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) | 10.8% | S100YI2K |
| Fixed assets ÷ total assets | 9.7% | S100YI2K |
| Goodwill ÷ parent equity | — | —, S100YI2K |

### 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) | 15.9% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.4% |
| Cash vs. profit gap | -669 JPY mn (of net income -14.7%) |
| Shareholder returns / net income | 57.3% |
| Shareholder returns / FCF | 86.9% |
| Shareholder payments — dividends / net income | 57.3% |
| Shareholder payments — dividends / FCF | 86.9% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 3.9% |

## 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 | 3.8% | 0.92× | 3.5% | 2.34× | 8.2% | S100R8L3 |
| 2023 | 1.9% | 0.92× | 1.7% | 2.36× | 4.0% | S100TV9Q |
| 2024 | — | —× | -1.2% | —× | — | S100W3CM |
| 2025 | 2.6% | 0.91× | 2.3% | 2.36× | 5.5% | S100YI2K |
| 2026 | 3.3% | 0.91× | 3.0% | 2.20× | 6.6% | S100YI2K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱麻生 | Major shareholder | 50.1% | 2026-03-31 |
| ㈱ATRA | Major shareholder | 13.2% | 2026-03-31 |
| 住友不動産㈱ | Major shareholder | 3.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 3.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 第一生命保険㈱ | Major shareholder | 1.8% | 2026-03-31 |
| 大豊建設自社株投資会 | Major shareholder | 1.0% | 2026-03-31 |
| あいおいニッセイ同和損害保険㈱ | Major shareholder | 0.9% | 2026-03-31 |
| 大豊建設㈱安全協力会 | Major shareholder | 0.6% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（ＦＥ－ＡＣ） （常任代理人半沢淳一） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YI2K | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2K,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W3CM | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3CM,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TV9Q | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV9Q,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R8L3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8L3,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OJQ7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJQ7,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LRFA | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRFA,, |

## 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).