# DAITO TRUST 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52期(2025/04/01－2026/03/31) (S100YFJK)
> Page: https://vizora.meequs.com/en/company/daito-trust-construction
> Retrieved: 2026-09-30T20:26:38.350Z

## Company

Daito Trust Construction, founded in 1974, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 19,326 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAITO TRUST CONSTRUCTION CO.,LTD. |
| Ticker | 1878 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1878.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目16番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 竹内 啓 |
| Founded | Jun 1974 |
| Share capital | ¥29.1B |
| Employees (consolidated) | 19,326 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.kentaku.co.jp (https://www.kentaku.co.jp/) |
| Corporate number | 4010401016607 |
| EDINET | E00218 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YFJK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42 | 25 |
| Profitability | 36.5 | 26 |
| Cash conversion | 21.2 | 26 |
| Efficiency | 67.3 | 26 |
| Financial strength | 58.3 | 6 |

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 61% of Daito Trust Construction's sales come from Real estate lease business, with Construction and Real estate development business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +13.8%.

## Company structure

- Segment revenue mix: Real estate lease business 60.6%、Construction 27.4%、Real estate development business 7.4%、Other 3.9%、Finance 0.6%
- Revenue → net income: ¥1984743000000 → ¥98990000000
- Net income → operating cash flow: ¥98990000000 → ¥40490000000（difference ¥-58500000000）
- Main uses of operating cash flow: CapEx ¥30728000000 / dividends ¥51203000000 / buybacks ¥26974000000
- Change in cash: ¥34546000000
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 | ¥1.98T |  |
| Operating income | ¥135.3B | Margin 6.8% |
| Net income | ¥99B | Margin 5.0% |
| Free cash flow | ¥9.76B |  |
| Largest business | Real estate lease business | of segment revenue 60.6% |
| Employees (consolidated) | 19,326 |  |
| EPS | ¥261.67 |  |
| Diluted EPS | ¥261.63 |  |
| Book value per share | ¥675.87 |  |
| Equity ratio | 36.5% |  |
| Shares outstanding | 344,594,000 |  |
| Treasury shares | 18,461,200 |  |
| Shareholders | 24,947 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 18.9% | Net cash ¥63.2B · Cash ÷ revenue 13.0% |
| Vs. industry median margin | -2.2 pp | Real Estate Brokerage & Management |
| ROE | 20.8% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1488915000000 | ¥1984743000000 | +33.3% |
| Operating income | ¥86738000000 | ¥135256000000 | +55.9% |
| Operating margin | 5.8% | 6.8% | +1 pp |
| Employees | 17,422 people | 19,326 people | +10.9% |
| Cash and equivalents | ¥198760000000 | ¥258120000000 | +29.9% |

### 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 | 27.0% |
| 不動産事業 → 事業再編・廃止 | 68.1% |
| 金融事業 → 金融事業 | 0.6% |
| 金融事業 → 事業再編・廃止 | 0.0% |
| その他 → その他 | 3.9% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 建設事業 | 0.4% |
| 新設・再編 → 不動産賃貸事業 | 60.6% |
| 新設・再編 → 不動産開発事業 | 7.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate lease business | 2 years | +3.2% | ¥1203091000000 | 7.1% | 2 |
| Construction | 5 years | +6.3% | ¥544283000000 | 8.3% | 2 |
| Real estate development business | 2 years | +117.3% | ¥147083000000 | 12.6% | 2 |
| Other | 5 years | +4.2% | ¥77475000000 | 17.0% | 2 |
| Finance | 5 years | +5.0% | ¥12808000000 | 49.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,984,743 | 100.0% | S100YFJK |
| Cost of revenue | 1,637,691 | 82.5% | S100YFJK |
| Gross profit | 347,051 | 17.5% | S100YFJK |
| SG&A | 211,795 | 10.7% | S100YFJK |
| Operating income | 135,256 | 6.8% | S100YFJK |
| Ordinary income | 139,169 | 7.0% | S100YFJK |
| Pretax income | 138,541 | 7.0% | S100YFJK |
| Income tax | 39,551 | 2.0% | S100YFJK |
| Net income | 98,990 | 5.0% | S100YFJK |
| Net income attributable to owners | 99,030 | 5.0% | S100YFJK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 17.5% → Operating margin 6.8% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +13.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.78×
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 | 1,842,357 | 1,984,743 | 142,386 | +7.7% |
| Gross profit | 315,856 | 347,051 | 31,195 | +9.9% |
| Operating income | 118,875 | 135,256 | 16,381 | +13.8% |
| Net income attributable to owners | 93,858 | 99,030 | 5,172 | +5.5% |
| Operating cash flow | 85,612 | 40,490 | -45,122 | -52.7% |
| Free cash flow | 61,287 | 9,762 | -51,525 | -84.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,586,293 | 127,956 | 8.1% | 90,380 | 102,129 | 74,769 | S100LQZA |
| FY ending Mar 2021 | 1,488,915 | 86,738 | 5.8% | 62,285 | 98,461 | 85,013 | S100OOI2 |
| FY ending Mar 2022 | 1,583,003 | 99,594 | 6.3% | 69,580 | 112,483 | 95,129 | S100RMY4 |
| FY ending Mar 2023 | 1,657,626 | 100,000 | 6.0% | 70,361 | 82,102 | 54,183 | S100TQFM |
| FY ending Mar 2024 | 1,731,467 | 104,819 | 6.1% | 74,685 | 90,876 | 71,268 | S100W3QM |
| FY ending Mar 2025 | 1,842,357 | 118,875 | 6.5% | 93,858 | 85,612 | 61,287 | S100YFJK |
| FY ending Mar 2026 | 1,984,743 | 135,256 | 6.8% | 99,030 | 40,490 | 9,762 | S100YFJK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102.7M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 17,650 | 17,851 | 18,239 | 18,814 | 19,326 |
| Average salary (parent company) | ¥8.3M | ¥8.5M | ¥8.4M | ¥9.2M | ¥9.7M |
| Average age (parent company) | 43.7 years | 43.9 years | 44.1 years | 43.3 years | 44.0 years |
| Average tenure (parent company) | 10.4 years | 10.7 years | 11.0 years | 11.1 years | 11.6 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 544,283 | 27.4% | 45,148 | 8.3% |
| Real estate lease business | 1,203,091 | 60.6% | 85,554 | 7.1% |
| Real estate development business | 147,083 | 7.4% | 18,535 | 12.6% |
| Finance | 12,808 | 0.6% | 6,386 | 49.9% |
| Other | 77,475 | 3.9% | 13,133 | 17.0% |

### 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 | 27.4% | 26.8% | -0.7 | 8.3% |
| Real estate lease business | 60.6% | 50.7% | -9.9 | 7.1% |
| Real estate development business | 7.4% | 11.0% | 3.6 | 12.6% |
| Finance | 0.6% | 3.8% | 3.1 | 49.9% |
| Other | 3.9% | 7.8% | 3.9 | 17.0% |

Segment → industry: Finance → Credit Cards & Consumer Credit / Construction → Homebuilders / Real estate development business → Real Estate Development & Leasing / Real estate lease business → Real Estate Brokerage & Management

## 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 | 40,490 | 2.0% | S100YFJK |
| Capital expenditure | 30,728 | 1.5% | S100YFJK |
| Free cash flow | 9,762 | 0.5% | 算出 |
| Investing cash flow | -41,702 | -2.1% | S100YFJK |
| Financing cash flow | 37,219 | 1.9% | S100YFJK |
| Dividends paid | 51,203 | 2.6% | S100YFJK |
| Share buyback | 26,974 | 1.4% | S100YFJK |
| Change in cash | 34,546 | 1.7% | S100YFJK |
| Cash and equivalents | 258,120 | 13.0% | S100YFJK |

## 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 | 258,825 | 246,312 | 229,038 | 223,573 | 258,120 | S100TQFM, S100W3QM, S100YFJK |
| Total assets | 1,005,879 | 1,061,909 | 1,080,069 | 1,221,992 | 1,367,502 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Net assets | 365,787 | 404,933 | 405,800 | 467,365 | 496,598 | S100TQFM, S100W3QM, S100YFJK |
| Share capital | 29,060 | 29,060 | 29,060 | 29,060 | 29,060 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Property, plant and equipment | 177,627 | 191,382 | 194,864 | 184,280 | 195,051 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Intangible assets excluding goodwill | 36,505 | 34,579 | 33,406 | 36,936 | 36,042 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Goodwill | 11,337 | 11,356 | 11,849 | 14,281 | 12,913 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Investment securities | 47,155 | 50,409 | 53,737 | 44,160 | 44,818 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Current assets | 588,487 | 619,976 | 624,275 | 753,861 | 883,594 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Current liabilities | 311,938 | 310,439 | 326,941 | 410,833 | 403,413 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Short-term borrowings | — | 1,026 | — | 9,311 | 13,468 | S100TQFM, S100YFJK |
| Long-term borrowings | 70,582 | 67,318 | 57,176 | 44,530 | 170,458 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Bonds | 11,050 | 11,000 | 11,000 | 11,100 | 11,000 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Interest-bearing debt | — | 79,344 | — | 64,941 | 194,926 | 算出 |
| Total liabilities | 640,091 | 656,976 | 674,268 | 754,626 | 870,903 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Non-controlling interests | 4,007 | 3,403 | 3,129 | 918 | 247 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Equity attributable to owners of parent | 369,882 | 405,439 | 396,371 | 464,286 | 489,802 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Retained earnings | 319,133 | 352,811 | 391,255 | 445,821 | 493,606 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |
| Treasury stock | -12,852 | -10,973 | -58,485 | -43,217 | -65,358 | S100RMY4, S100TQFM, S100W3QM, S100YFJK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YFJK |
| Property, plant and equipment | 14% | S100YFJK |
| Intangibles and goodwill | 4% | S100YFJK |
| Investment securities | 3% | S100YFJK |
| Other assets | 60% | S100YFJK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 50% | S100YFJK |
| Equity | 36% | S100YFJK |
| Other liabilities | 0% | S100YFJK |

### 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 | 1,005,879 | 1,061,909 | 1,080,069 | 1,221,992 | 1,367,502 |
| Equity | 365,787 | 404,933 | 405,800 | 467,365 | 496,598 |
| Interest-bearing debt | — | 79,344 | — | 64,941 | 194,926 |
| Cash | 258,825 | 246,312 | 229,038 | 223,573 | 258,120 |

## 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) | 9.8% | S100YFJK |
| Fixed assets ÷ total assets | 14.3% | S100YFJK |
| Goodwill ÷ parent equity | 2.6% | S100YFJK |

Goodwill over 4 years: 11,337 → 12,913 JPY; total investing cash flow: -177,925 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) | 18.9% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | ¥63.2B |
| Net debt ÷ operating cash flow | -1.56× |
| Cash conversion (operating CF ÷ operating income) | 29.9% |
| Cash vs. profit gap | -58,540 JPY mn (of net income -59.1%) |
| Shareholder returns / net income | 78.9% |
| Shareholder returns / FCF | 800.8% |
| Shareholder payments — dividends / net income | 51.7% |
| Shareholder payments — dividends / FCF | 524.5% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 103.0% |

## 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 | 4.4% | 1.57× | 6.9% | 2.72× | 18.8% | S100RMY4 |
| 2023 | 4.2% | 1.60× | 6.8% | 2.67× | 18.2% | S100TQFM |
| 2024 | 4.3% | 1.62× | 7.0% | 2.67× | 18.6% | S100W3QM |
| 2025 | 5.1% | 1.60× | 8.2% | 2.67× | 21.8% | S100YFJK |
| 2026 | 5.0% | 1.53× | 7.6% | 2.71× | 20.8% | S100YFJK |

## 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 | 14.4% | 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 | 6.1% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST(常任代理人 香港上海銀行東京支店) | Major shareholder | 4.0% | 2026-03-31 |
| 大東建託協力会持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 大東建託従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.4% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue reached ¥1.98T in FY ending Mar 2026, up 7.7% from ¥1.84T.
- Operating income grew faster, up 13.8% to ¥135.3B, while net income attributable to owners rose 5.5% to ¥99B.
- Operating cash flow fell 52.7% to ¥40.5B, mainly because the company bought more property to sell.

### Drivers

- Real estate development sales jumped after Ascot became a consolidated subsidiary and more income properties were sold
- More master-leased units and high occupancy lifted rental income
- Construction work went smoothly, but higher labor costs pushed that segment's operating income down

### Risks

- A sharp rise in interest rates could make landowners, who mostly borrow to build, hold back on orders
- Rising building costs have already cut new orders, and material price spikes or supply delays could hurt results
- Larger development projects tie up more money for longer, which could raise funding needs

Cited: Annual Securities Report (52nd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (52nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YFJK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFJK,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W3QM | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3QM,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TQFM | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQFM,, |
| 訂正有価証券報告書－第49期(2022/04/01－2023/03/31) | S100RMY4 | 2023-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RMY4,, |
| 訂正有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OOI2 | 2022-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOI2,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LQZA | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQZA,, |

## 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).