# DAISUE CONSTRUCTION CO., LTD.: 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80期(2025/04/01－2026/03/31) (S100YK21)
> Page: https://vizora.meequs.com/en/company/daisue-construction
> Retrieved: 2026-09-30T17:54:11.228Z

## Company

Daisue Construction, founded in 1947, is a company in General Contractors listed on TSE Prime. It has 680 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAISUE CONSTRUCTION CO., LTD. |
| Ticker | 1814 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1814.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区久太郎町二丁目5番28号 |
| Representative (per filing) | 代表取締役社長 村尾和則 |
| Founded | Mar 1947 |
| Share capital | ¥4.32B |
| Employees (consolidated) | 680 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.daisue.co.jp (https://www.daisue.co.jp/) |
| Corporate number | 5120001083408 |
| EDINET | E00093 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YK21, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.5 | 84 |
| Profitability | 44 | 92 |
| Cash conversion | 72 | 91 |
| Efficiency | 97.3 | 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)

- Daisue Construction brought in ¥105.6B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +18.6% from the prior year, operating profit +78.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥105554000000 → ¥3800000000
- Net income → operating cash flow: ¥3800000000 → ¥9299000000（difference ¥5499000000）
- Main uses of operating cash flow: CapEx ¥252000000 / dividends ¥1475000000 / buybacks ¥744000000
- Change in cash: ¥6318000000
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 | ¥105.6B |  |
| Operating income | ¥6.58B | Margin 6.2% |
| Net income | ¥3.8B | Margin 3.6% |
| Free cash flow | ¥9.05B |  |
| Employees (consolidated) | 680 |  |
| EPS | ¥184.37 |  |
| Book value per share | ¥2289.36 |  |
| Equity ratio | 42.3% |  |
| Shares outstanding | 10,614,000 |  |
| Treasury shares | 73,200 |  |
| Shareholders | 10,016 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 10.2% |
| Vs. industry median margin | -0.6 pp | General Contractors |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥56490000000 | ¥105554000000 | +86.9% |
| Operating income | ¥2214000000 | ¥6579000000 | +197.2% |
| Operating margin | 3.9% | 6.2% | +2.3 pp |
| Employees | 602 people | 680 people | +13.0% |
| Cash and equivalents | ¥6017000000 | ¥10776000000 | +79.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 105,554 | 100.0% | S100YK21 |
| Cost of revenue | 93,604 | 88.7% | S100YK21 |
| Gross profit | 11,949 | 11.3% | S100YK21 |
| SG&A | 5,370 | 5.1% | S100YK21 |
| Operating income | 6,579 | 6.2% | S100YK21 |
| Ordinary income | 6,609 | 6.3% | S100YK21 |
| Pretax income | 5,199 | 4.9% | S100YK21 |
| Income tax | 1,399 | 1.3% | S100YK21 |
| Net income | 3,800 | 3.6% | S100YK21 |
| Net income attributable to owners | 3,800 | 3.6% | S100YK21 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 5 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 11.3% → Operating margin 6.2% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.6%; Core profit growth: +78.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.20×
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 | 89,027 | 105,554 | 16,527 | +18.6% |
| Gross profit | 8,275 | 11,949 | 3,674 | +44.4% |
| Operating income | 3,695 | 6,579 | 2,884 | +78.1% |
| Net income attributable to owners | 2,060 | 3,800 | 1,740 | +84.5% |
| Operating cash flow | -3,059 | 9,299 | 12,358 | — |
| Free cash flow | -3,837 | 9,047 | 12,884 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 65,167 | 2,763 | 4.2% | 1,897 | -2,755 | -2,835 | S100LP4G |
| FY ending Mar 2021 | 56,490 | 2,214 | 3.9% | 1,603 | -3,091 | -3,233 | S100OCE0 |
| FY ending Mar 2022 | 69,645 | 2,708 | 3.9% | 1,816 | 1,960 | 1,848 | S100S4K4 |
| FY ending Mar 2023 | 71,834 | 1,887 | 2.6% | 1,321 | 4,192 | 3,533 | S100TOSV |
| FY ending Mar 2024 | 77,815 | 1,590 | 2.0% | 1,235 | -1,919 | -2,651 | S100W2U5 |
| FY ending Mar 2025 | 89,027 | 3,695 | 4.2% | 2,060 | -3,059 | -3,837 | S100YK21 |
| FY ending Mar 2026 | 105,554 | 6,579 | 6.2% | 3,800 | 9,299 | 9,047 | S100YK21 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥155.2M |
| Operating income per employee (consolidated) | ¥9.7M |
| Net income per employee (consolidated) | ¥5.6M |

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) | 619 | 631 | 668 | 671 | 680 |
| Average salary (parent company) | ¥7.4M | ¥7.3M | ¥7.5M | ¥7.7M | ¥9.3M |
| Average age (parent company) | 41.7 years | 41.6 years | 41.4 years | 41.7 years | 41.7 years |
| Average tenure (parent company) | 17.4 years | 17.2 years | 17.0 years | 17.1 years | 16.8 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +18.6%

## 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 | 9,299 | 8.8% | S100YK21 |
| Capital expenditure | 252 | 0.2% | S100YK21 |
| Free cash flow | 9,047 | 8.6% | 算出 |
| Investing cash flow | -305 | -0.3% | S100YK21 |
| Financing cash flow | -2,676 | -2.5% | S100YK21 |
| Dividends paid | 1,475 | 1.4% | S100YK21 |
| Share buyback | 744 | 0.7% | S100YK21 |
| Change in cash | 6,318 | 6.0% | S100YK21 |
| Cash and equivalents | 10,776 | 10.2% | S100YK21 |

## 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 | 7,320 | 9,986 | 8,775 | 4,458 | 10,776 | S100TOSV, S100W2U5, S100YK21 |
| Total assets | 48,662 | 45,625 | 59,107 | 55,595 | 59,649 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Net assets | 20,629 | 21,536 | 22,551 | 22,993 | 25,211 | S100TOSV, S100W2U5, S100YK21 |
| Share capital | 4,324 | 4,324 | 4,324 | 4,324 | 4,324 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Property, plant and equipment | 1,661 | 2,072 | 2,589 | 2,998 | 2,348 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Intangible assets excluding goodwill | 134 | 265 | 3,870 | 1,999 | 513 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Goodwill | — | — | 1,251 | — | — | S100W2U5 |
| Investment securities | 1,836 | 2,166 | 2,728 | 898 | 1,623 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Current assets | 43,176 | 39,523 | 48,655 | 48,264 | 53,053 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Current liabilities | 25,792 | 21,982 | 30,848 | 28,053 | 30,361 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Short-term borrowings | 100 | 100 | 1,300 | 200 | 100 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Long-term borrowings | 102 | 19 | 3,004 | 2,654 | 2,304 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Total liabilities | 28,032 | 24,088 | 36,556 | 32,601 | 34,438 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Equity attributable to owners of parent | 20,215 | 20,798 | 21,295 | 22,758 | 24,552 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Retained earnings | 15,995 | 16,582 | 17,095 | 18,330 | 20,643 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |
| Treasury stock | -108 | -143 | -366 | -188 | -824 | S100S4K4, S100TOSV, S100W2U5, S100YK21 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YK21 |
| Property, plant and equipment | 4% | S100YK21 |
| Intangibles and goodwill | 1% | S100YK21 |
| Investment securities | 3% | S100YK21 |
| Other assets | 74% | S100YK21 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YK21 |
| Equity | 42% | S100YK21 |

### 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 | 48,662 | 45,625 | 59,107 | 55,595 | 59,649 |
| Equity | 20,629 | 21,536 | 22,551 | 22,993 | 25,211 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,320 | 9,986 | 8,775 | 4,458 | 10,776 |

## 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) | 2.2% | S100YK21 |
| Fixed assets ÷ total assets | 3.9% | S100YK21 |
| Goodwill ÷ parent equity | — | —, S100YK21 |

### 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) | 18.1% |
| Cash ÷ revenue | 10.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 141.3% |
| Cash vs. profit gap | 5,499 JPY mn (of net income 144.7%) |
| Shareholder returns / net income | 58.4% |
| Shareholder returns / FCF | 24.5% |
| Shareholder payments — dividends / net income | 38.8% |
| Shareholder payments — dividends / FCF | 16.3% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 3.3% |

## 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 | 2.6% | 1.43× | 3.7% | 2.41× | 9.0% | S100S4K4 |
| 2023 | 1.8% | 1.52× | 2.8% | 2.30× | 6.4% | S100TOSV |
| 2024 | 1.6% | 1.49× | 2.4% | 2.49× | 5.9% | S100W2U5 |
| 2025 | 2.3% | 1.55× | 3.6% | 2.60× | 9.4% | S100YK21 |
| 2026 | 3.6% | 1.83× | 6.6% | 2.44× | 16.1% | S100YK21 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ミサワホーム株式会社 | Major shareholder | 19.4% | 2026-03-31 |
| ＮＯＭＵＲＡ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＰＬＣ Ａ／Ｃ ＪＡＰＡＮ ＦＬＯＷ （常任代理人 野村證券株式会社） | Major shareholder | 2.7% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 大末建設株式会社大親会持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 大末建設従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 山本良継 | Major shareholder | 1.9% | 2026-03-31 |
| 大末建設東京大親会持株会 | Major shareholder | 1.8% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 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 | 1.5% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YK21 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK21,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W2U5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2U5,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TOSV | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOSV,, |
| 訂正有価証券報告書－第77期(2022/04/01－2023/03/31) | S100S4K4 | 2023-11-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S4K4,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OCE0 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCE0,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LP4G | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP4G,, |

## 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).