# EBARA JITSUGYO CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第87期(2025/01/01－2025/12/31) (S100XPJL)
> Page: https://vizora.meequs.com/en/company/ebara-jitsugyo
> Retrieved: 2026-09-30T17:49:32.156Z

## Company

Ebara Jitsugyo, founded in 1946, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 548 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EBARA JITSUGYO CO.,LTD. |
| Ticker | 6328 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6328.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座七丁目14番1号 |
| Representative (per filing) | 代表取締役社長執行役員兼COO 石井 孝 |
| Founded | Nov 1946 |
| Share capital | ¥1B |
| Employees (consolidated) | 548 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.ejk.co.jp (https://www.ejk.co.jp/) |
| Corporate number | 5010001039024 |
| EDINET | E01714 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale, Waste Management & Recycling |

> Profile source: annual securities report (S100XPJL, filed 2026-03-09). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.6 | 72 |
| Profitability | 86.2 | 76 |
| Cash conversion | 16.9 | 74 |
| Efficiency | 37.5 | 76 |

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 54% of Ebara Jitsugyo's sales come from Water processing related, with Pneumatic and Hydraulic machinery and air conditioning equipment related and Environmental related making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit +44.0%.

## Company structure

- Segment revenue mix: Water processing related 54.5%、Pneumatic and Hydraulic machinery and air conditioning equipment related 27.3%、Environmental related 18.2%
- Revenue → net income: ¥41211000000 → ¥4384000000
- Net income → operating cash flow: ¥4384000000 → ¥1413000000（difference ¥-2971000000）
- Main uses of operating cash flow: CapEx ¥391000000 / dividends ¥1281000000 / buybacks ¥1000000
- Change in cash: ¥455000000
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 | ¥41.2B |  |
| Operating income | ¥6.12B | Margin 14.9% |
| Net income | ¥4.38B | Margin 10.6% |
| Free cash flow | ¥1.02B |  |
| Largest business | Water processing related | of segment revenue 54.5% |
| Employees (consolidated) | 548 |  |
| EPS | ¥172.77 |  |
| Book value per share | ¥1054.1 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 12,930,000 |  |
| Treasury shares | 897,900 |  |
| Shareholders | 4,984 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 30.0% | Cash ÷ revenue 35.2% |
| Vs. industry median margin | +5.8 pp | Plant Engineering & Building Services |
| ROE | 20.7% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30250000000 | ¥41211000000 | +36.2% |
| Operating income | ¥3214000000 | ¥6121000000 | +90.4% |
| Operating margin | 10.6% | 14.9% | +4.2 pp |
| Employees | 490 people | 548 people | +11.8% |
| Cash and equivalents | ¥9381000000 | ¥14524000000 | +54.8% |

### 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 |
| --- | ---: |
| メーカー事業 → メーカー事業 | 18.2% |
| メーカー事業 → 事業再編・廃止 | 6.4% |
| エンジニアリング事業 → エンジニアリング事業 | 43.5% |
| 商社事業 → 商社事業 | 27.3% |
| 商社事業 → 事業再編・廃止 | 4.6% |
| 新設・再編 → エンジニアリング事業 | 11.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Water processing related | 5 years | +11.3% | ¥22450000000 | 19.3% | 2 |
| Pneumatic and Hydraulic machinery and air conditioning equipment related | 5 years | +3.1% | ¥11254000000 | 16.7% | 2 |
| Environmental related | 5 years | +0.1% | ¥7506000000 | 16.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,211 | 100.0% | S100XPJL |
| Cost of revenue | 27,283 | 66.2% | S100XPJL |
| Gross profit | 13,927 | 33.8% | S100XPJL |
| SG&A | 7,806 | 18.9% | S100XPJL |
| Operating income | 6,121 | 14.9% | S100XPJL |
| Ordinary income | 6,316 | 15.3% | S100XPJL |
| Pretax income | 6,161 | 14.9% | S100XPJL |
| Income tax | 1,777 | 4.3% | S100XPJL |
| Net income | 4,384 | 10.6% | S100XPJL |
| Net income attributable to owners | 4,384 | 10.6% | S100XPJL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 19 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 33.8% → Operating margin 14.9% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.9%; Core profit growth: +44.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.45×
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 | 37,503 | 41,211 | 3,708 | +9.9% |
| Gross profit | 11,727 | 13,927 | 2,200 | +18.8% |
| Operating income | 4,251 | 6,121 | 1,870 | +44.0% |
| Net income attributable to owners | 3,157 | 4,384 | 1,227 | +38.9% |
| Operating cash flow | 1,968 | 1,413 | -555 | -28.2% |
| Free cash flow | 1,761 | 1,022 | -739 | -42.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 28,431 | 2,024 | 7.1% | 1,512 | 717 | 526 | S100L0SK |
| FY ending Dec 2020 | 30,250 | 3,214 | 10.6% | 2,342 | 4,073 | 3,983 | S100NQ9L |
| FY ending Dec 2021 | 32,485 | 3,982 | 12.3% | 3,159 | 3,147 | 2,671 | S100QFMF |
| FY ending Dec 2022 | 30,229 | 2,756 | 9.1% | 2,169 | 1,615 | 1,371 | S100T4C2 |
| FY ending Dec 2023 | 36,280 | 4,025 | 11.1% | 3,141 | 4,712 | 4,541 | S100VHS2 |
| FY ending Dec 2024 | 37,503 | 4,251 | 11.3% | 3,157 | 1,968 | 1,761 | S100XPJL |
| FY ending Dec 2025 | 41,211 | 6,121 | 14.9% | 4,384 | 1,413 | 1,022 | S100XPJL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.2M |
| Operating income per employee (consolidated) | ¥11.2M |
| Net income per employee (consolidated) | ¥8M |

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) | 500 | 514 | 531 | 543 | 548 |
| Average salary (parent company) | ¥7.3M | ¥7.1M | ¥7.6M | ¥7.6M | ¥8.1M |
| Average age (parent company) | 42.3 years | 42.5 years | 42.6 years | 42.6 years | 42.3 years |
| Average tenure (parent company) | 13.8 years | 14.4 years | 14.6 years | 14.3 years | 14.3 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +9.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environmental related | 7,506 | 18.2% | 1,247 | 16.6% |
| Water processing related | 22,450 | 54.5% | 4,332 | 19.3% |
| Pneumatic and Hydraulic machinery and air conditioning equipment related | 11,254 | 27.3% | 1,883 | 16.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Environmental related | 18.2% | 16.7% | -1.5 | 16.6% |
| Water processing related | 54.5% | 58.1% | 3.6 | 19.3% |
| Pneumatic and Hydraulic machinery and air conditioning equipment related | 27.3% | 25.2% | -2.1 | 16.7% |

Segment → industry: Water processing related → Plant Engineering & Building Services / Pneumatic and Hydraulic machinery and air conditioning equipment related → Specialty Trading & Wholesale / Water processing related → Waste Management & Recycling / Environmental related → Waste Management & Recycling

## 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 | 1,413 | 3.4% | S100XPJL |
| Capital expenditure | 391 | 0.9% | S100XPJL |
| Free cash flow | 1,022 | 2.5% | 算出 |
| Investing cash flow | -205 | -0.5% | S100XPJL |
| Financing cash flow | -752 | -1.8% | S100XPJL |
| Dividends paid | 1,281 | 3.1% | S100XPJL |
| Share buyback | 1 | 0.0% | S100XPJL |
| Change in cash | 455 | 1.1% | S100XPJL |
| Cash and equivalents | 14,524 | 35.2% | S100XPJL |

## 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 | 10,955 | 10,965 | 13,854 | 14,068 | 14,524 | S100T4C2, S100VHS2, S100XPJL |
| Total assets | 35,725 | 33,528 | 41,917 | 42,996 | 48,385 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Net assets | 19,152 | 18,396 | 21,028 | 23,461 | 27,941 | S100T4C2, S100VHS2, S100XPJL |
| Share capital | 1,001 | 1,001 | 1,001 | 1,001 | 1,001 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Trade receivables | 10,447 | — | — | — | — | S100QFMF |
| Property, plant and equipment | 3,191 | 3,187 | 3,220 | 3,154 | 3,269 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Intangible assets excluding goodwill | 120 | 86 | 95 | 90 | 101 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Investment securities | 7,166 | 4,494 | 5,889 | 6,437 | 8,384 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Current assets | 23,921 | 24,432 | 31,364 | 31,962 | 35,168 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Current liabilities | 14,346 | 13,647 | 19,000 | 17,506 | 17,383 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Trade payables | 9,829 | 9,809 | 12,588 | 13,041 | 11,491 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Short-term borrowings | 1,090 | 1,010 | 1,010 | 1,010 | 1,010 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Long-term borrowings | 176 | 91 | — | — | 428 | S100QFMF, S100T4C2, S100XPJL |
| Total liabilities | 16,573 | 15,131 | 20,889 | 19,535 | 20,443 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Equity attributable to owners of parent | 15,192 | 16,154 | 17,717 | 19,668 | 22,722 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Retained earnings | 15,133 | 15,700 | 17,814 | 19,895 | 22,998 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |
| Treasury stock | -1,974 | -1,378 | -1,943 | -2,124 | -2,457 | S100QFMF, S100T4C2, S100VHS2, S100XPJL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XPJL |
| Property, plant and equipment | 7% | S100XPJL |
| Intangibles and goodwill | 0% | S100XPJL |
| Investment securities | 17% | S100XPJL |
| Other assets | 46% | S100XPJL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 24% | S100XPJL |
| Other liabilities | 18% | S100XPJL |
| Equity | 58% | S100XPJL |
| Other liabilities | 0% | S100XPJL |

### 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 | 35,725 | 33,528 | 41,917 | 42,996 | 48,385 |
| Equity | 19,152 | 18,396 | 21,028 | 23,461 | 27,941 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,955 | 10,965 | 13,854 | 14,068 | 14,524 |

## 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) | 7.9% | S100XPJL |
| Fixed assets ÷ total assets | 6.8% | S100XPJL |
| Goodwill ÷ parent equity | — | —, S100XPJL |

### 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) | 30.0% |
| Cash ÷ revenue | 35.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 23.1% |
| Cash vs. profit gap | -2,971 JPY mn (of net income -67.8%) |
| Shareholder returns / net income | 29.2% |
| Shareholder returns / FCF | 125.4% |
| Shareholder payments — dividends / net income | 29.2% |
| Shareholder payments — dividends / FCF | 125.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 14.5% |

## 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 | 9.7% | 0.91× | 8.8% | 2.35× | 20.8% | S100QFMF |
| 2022 | 7.2% | 0.87× | 6.3% | 2.21× | 13.8% | S100T4C2 |
| 2023 | 8.7% | 0.96× | 8.3% | 2.23× | 18.5% | S100VHS2 |
| 2024 | 8.4% | 0.88× | 7.4% | 2.27× | 16.9% | S100XPJL |
| 2025 | 10.6% | 0.90× | 9.6% | 2.16× | 20.7% | S100XPJL |

## 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 | 11.9% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 7.9% | 2025-12-31 |
| NIPPON ACTIVE VALUE FUND PLC (常任代理人 香港上海銀行東京支店) | Major shareholder | 7.6% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.2% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC)RE IEDP AIF CLIENTS NON TREATY ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2025-12-31 |
| 鈴木 久司 | Major shareholder | 2.5% | 2025-12-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| 荏原実業社員持株会 | Major shareholder | 2.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/01/01－2025/12/31) | S100XPJL | 2026-03-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XPJL,, |
| 有価証券報告書－第86期(2024/01/01－2024/12/31) | S100VHS2 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHS2,, |
| 有価証券報告書－第85期(2023/01/01－2023/12/31) | S100T4C2 | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4C2,, |
| 有価証券報告書－第84期(2022/01/01－2022/12/31) | S100QFMF | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFMF,, |
| 有価証券報告書－第83期(令和3年1月1日－令和3年12月31日) | S100NQ9L | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ9L,, |
| 有価証券報告書－第82期(令和2年1月1日－令和2年12月31日) | S100L0SK | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0SK,, |

## 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).