# DAIICHI KENSETSU CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/04/01－2026/03/31) (S100YILN)
> Page: https://vizora.meequs.com/en/company/daiichi-kensetsu
> Retrieved: 2026-09-30T19:01:56.035Z

## Company

Daiichi Kensetsu, founded in 1942, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,004 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIICHI KENSETSU CORPORATION |
| Ticker | 1799 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1799.T) |
| Listing | TSE Standard |
| Head office | 新潟県新潟市中央区八千代一丁目4番34号 |
| Representative (per filing) | 取締役社長 内田 海基夫 |
| Founded | Sep 1942 |
| Share capital | ¥3.3B |
| Employees (consolidated) | 1,004 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.daiichi-kensetsu.co.jp (https://www.daiichi-kensetsu.co.jp/) |
| Corporate number | 4110001002922 |
| EDINET | E00250 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YILN, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.6 | 84 |
| Profitability | 86.4 | 92 |
| Cash conversion | 47.8 | 91 |
| Efficiency | 21.2 | 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 98% of Daiichi Kensetsu's sales come from Construction business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -3.9%.

## Company structure

- Segment revenue mix: Construction business 98.1%、Real estate business 1.9%
- Revenue → net income: ¥60003444000 → ¥5223898000
- Net income → operating cash flow: ¥5223898000 → ¥4258008000（difference ¥-965890000）
- Main uses of operating cash flow: CapEx ¥1925460000 / dividends ¥2447441000 / buybacks ¥2850477000
- Change in cash: ¥-2522773000
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 | ¥60B |  |
| Operating income | ¥6.91B | Margin 11.5% |
| Net income | ¥5.22B | Margin 8.7% |
| Free cash flow | ¥2.33B |  |
| Largest business | Construction business | of segment revenue 98.1% |
| Employees (consolidated) | 1,004 |  |
| EPS | ¥293.11 |  |
| Book value per share | ¥4220.14 |  |
| Equity ratio | 86.5% |  |
| Shares outstanding | 20,858,491 |  |
| Treasury shares | 3,157,000 |  |
| Shareholders | 2,667 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 24.7% |
| Vs. industry median margin | +4.7 pp | General Contractors |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54952417000 | ¥60003444000 | +9.2% |
| Operating income | ¥5127639000 | ¥6911842000 | +34.8% |
| Operating margin | 9.3% | 11.5% | +2.2 pp |
| Employees | 1,026 people | 1,004 people | -2.1% |
| Cash and equivalents | ¥17357216000 | ¥14838706000 | -14.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 建設事業 → 建設事業 | 98.1% |
| 建設事業 → 事業再編・廃止 | 0.5% |
| 不動産事業 → 不動産事業 | 1.4% |
| 新設・再編 → 不動産事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 60,003 | 100.0% | S100YILN |
| Cost of revenue | 49,055 | 81.8% | S100YILN |
| Gross profit | 10,949 | 18.2% | S100YILN |
| SG&A | 4,037 | 6.7% | S100YILN |
| Operating income | 6,912 | 11.5% | S100YILN |
| Ordinary income | 7,509 | 12.5% | S100YILN |
| Pretax income | 7,485 | 12.5% | S100YILN |
| Income tax | 2,262 | 3.8% | S100YILN |
| Net income | 5,224 | 8.7% | S100YILN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 7 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 18.2% → Operating margin 11.5% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -3.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.14×
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 | 58,006 | 60,003 | 1,998 | +3.4% |
| Gross profit | 11,032 | 10,949 | -84 | -0.8% |
| Operating income | 7,194 | 6,912 | -282 | -3.9% |
| Operating cash flow | 5,982 | 4,258 | -1,724 | -28.8% |
| Free cash flow | 2,152 | 2,333 | 180 | +8.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,940 | 4,006 | 8.4% | 2,598 | -1,016 | -4,992 | S100LRP5 |
| FY ending Mar 2021 | 54,952 | 5,128 | 9.3% | 3,724 | 2,949 | -1,305 | S100OFRU |
| FY ending Mar 2022 | 42,748 | 2,794 | 6.5% | 2,597 | 10,465 | 7,781 | S100R31E |
| FY ending Mar 2023 | 47,367 | 3,569 | 7.5% | 2,643 | -400 | -4,724 | S100TUTD |
| FY ending Mar 2024 | 53,993 | 3,772 | 7.0% | 2,792 | 5,372 | 3,209 | S100W6C7 |
| FY ending Mar 2025 | 58,006 | 7,194 | 12.4% | 5,243 | 5,982 | 2,152 | S100YILN |
| FY ending Mar 2026 | 60,003 | 6,912 | 11.5% | 5,224 | 4,258 | 2,333 | S100YILN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.8M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 1,010 | 1,012 | 1,019 | 1,004 | 1,004 |
| Average salary (parent company) | ¥7.5M | ¥7M | ¥7.4M | ¥8.1M | ¥8.4M |
| Average age (parent company) | 40.4 years | 40.2 years | 39.6 years | 39.6 years | 39.1 years |
| Average tenure (parent company) | 13.2 years | 13.3 years | 13.4 years | 13.8 years | 14.1 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 58,885 | 98.1% | 6,825 | 11.6% |
| Real estate business | 1,118 | 1.9% | 87 | 7.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 98.1% | 98.7% | 0.6 | 11.6% |
| Real estate business | 1.9% | 1.3% | -0.6 | 7.7% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Construction business → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,258 | 7.1% | S100YILN |
| Capital expenditure | 1,925 | 3.2% | S100YILN |
| Free cash flow | 2,333 | 3.9% | 算出 |
| Investing cash flow | -1,483 | -2.5% | S100YILN |
| Financing cash flow | -5,298 | -8.8% | S100YILN |
| Dividends paid | 2,447 | 4.1% | S100YILN |
| Share buyback | 2,850 | 4.8% | S100YILN |
| Change in cash | -2,523 | -4.2% | S100YILN |
| Cash and equivalents | 14,839 | 24.7% | S100YILN |

## 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 | 24,550 | 16,085 | 18,021 | 17,361 | 14,839 | S100TUTD, S100W6C7, S100YILN |
| Total assets | 73,098 | 75,549 | 80,943 | 83,942 | 86,339 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Net assets | 65,403 | 66,512 | 69,339 | 71,657 | 74,703 | S100TUTD, S100W6C7, S100YILN |
| Share capital | 3,302 | 3,302 | 3,302 | 3,302 | 3,302 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Property, plant and equipment | 17,677 | 20,380 | 20,263 | 21,340 | 21,256 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Intangible assets excluding goodwill | 166 | 157 | 257 | 478 | 111 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Investment securities | 8,602 | 6,772 | 7,947 | 7,455 | 10,480 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Current assets | 46,161 | 43,564 | 46,816 | 48,897 | 47,472 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Current liabilities | 6,668 | 7,801 | 10,060 | 10,573 | 8,652 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Total liabilities | 7,695 | 9,037 | 11,604 | 12,284 | 11,636 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Equity attributable to owners of parent | 62,974 | 63,665 | 65,286 | 67,680 | 67,714 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Retained earnings | 57,027 | 58,756 | 60,569 | 64,255 | 67,039 | S100R31E, S100TUTD, S100W6C7, S100YILN |
| Treasury stock | -694 | -1,732 | -1,924 | -3,218 | -6,004 | S100R31E, S100TUTD, S100W6C7, S100YILN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YILN |
| Property, plant and equipment | 25% | S100YILN |
| Intangibles and goodwill | 0% | S100YILN |
| Investment securities | 12% | S100YILN |
| Other assets | 46% | S100YILN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YILN |
| Equity | 87% | S100YILN |

### 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 | 73,098 | 75,549 | 80,943 | 83,942 | 86,339 |
| Equity | 65,403 | 66,512 | 69,339 | 71,657 | 74,703 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,550 | 16,085 | 18,021 | 17,361 | 14,839 |

## 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) | 35.4% | S100YILN |
| Fixed assets ÷ total assets | 24.6% | S100YILN |
| Goodwill ÷ parent equity | — | —, S100YILN |

### 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) | 17.2% |
| Cash ÷ revenue | 24.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.6% |
| Cash vs. profit gap | -966 JPY mn (of net income -18.5%) |
| Shareholder returns / net income | 101.4% |
| Shareholder returns / FCF | 227.1% |
| Shareholder payments — dividends / net income | 46.9% |
| Shareholder payments — dividends / FCF | 104.9% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 34.8% |

## 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 | 6.1% | 0.58× | 3.6% | 1.16× | 4.1% | S100R31E |
| 2023 | 5.6% | 0.64× | 3.6% | 1.17× | 4.2% | S100TUTD |
| 2024 | 5.2% | 0.69× | 3.6% | 1.21× | 4.3% | S100W6C7 |
| 2025 | 9.0% | 0.70× | 6.4% | 1.24× | 7.9% | S100YILN |
| 2026 | 8.7% | 0.70× | 6.1% | 1.26× | 7.7% | S100YILN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東日本旅客鉄道株式会社 | Major shareholder | 20.5% | 2026-03-31 |
| 旭調査設計株式会社 | Major shareholder | 8.1% | 2026-03-31 |
| 第一建設工業社員持株会 | Major shareholder | 7.7% | 2026-03-31 |
| 東鉄工業株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 第一建設工業互助会 | Major shareholder | 2.6% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| 名工建設株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 天龍製鋸株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 仙建工業株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YILN | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YILN,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W6C7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6C7,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TUTD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUTD,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R31E | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R31E,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OFRU | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFRU,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LRP5 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRP5,, |

## 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).