# First-corporation Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/06/01－2026/05/31) (S100YXXB)
> Page: https://vizora.meequs.com/en/company/first
> Retrieved: 2026-09-30T21:29:40.743Z

## Company

First-, founded in 2011, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | First-corporation Inc. |
| Ticker | 1430 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1430.T) |
| Listing | TSE Standard |
| Head office | 東京都杉並区荻窪四丁目30番16号 |
| Representative (per filing) | 代表取締役社長 中村 利秋 |
| Founded | Jun 2011 |
| Share capital | ¥730.4M |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | May |
| Website | www.1st-corp.com (https://www.1st-corp.com/) |
| Corporate number | 2012701011066 |
| EDINET | E31306 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YXXB, filed 2026-08-24). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 70.1 | 92 |
| Cash conversion | 0.5 | 91 |
| Efficiency | 76.6 | 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 75% of First-'s sales come from Construction, with Real estate business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -15.7% from the prior year, operating profit +12.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.4B |  |
| Operating income | ¥2.9B | Margin 8.0% |
| Net income | ¥1.88B | Margin 5.2% |
| Free cash flow | -¥9.91B |  |
| Largest business | Construction | of segment revenue 74.8% |
| Employees (consolidated) | 199 |  |
| EPS | ¥156.71 |  |
| Diluted EPS | ¥156.64 |  |
| Book value per share | ¥930.67 |  |
| Equity ratio | 34.5% |  |
| Shares outstanding | 13,363,540 |  |
| Treasury shares | 660,500 |  |
| Shareholders | 11,695 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 7.2% |
| Vs. industry median margin | +1.1 pp | General Contractors |
| ROE | 18.0% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20919021000 | ¥36417480000 | — |
| Operating income | ¥1666068000 | ¥2896009000 | — |
| Operating margin | 8.0% | 8.0% | 0 pp |
| Employees | 148 people | 199 people | — |
| Cash and equivalents | ¥4276416000 | ¥2624627000 | — |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 建設事業 | 74.8% |
| 新設・再編 → 不動産事業 | 24.2% |
| 新設・再編 → その他 | 1.0% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction | 3 years | +11.2% | ¥27224836000 | 11.2% | 2 |
| Real estate business | 3 years | +20.9% | ¥8817082000 | 12.6% | 2 |
| Other | 3 years | -20.7% | ¥375562000 | -6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,417 | 100.0% | S100YXXB |
| Cost of revenue | 31,725 | 87.1% | S100YXXB |
| Gross profit | 4,692 | 12.9% | S100YXXB |
| SG&A | 1,796 | 4.9% | S100YXXB |
| Operating income | 2,896 | 8.0% | S100YXXB |
| Ordinary income | 2,690 | 7.4% | S100YXXB |
| Pretax income | 2,690 | 7.4% | S100YXXB |
| Income tax | 808 | 2.2% | S100YXXB |
| Net income | 1,882 | 5.2% | S100YXXB |
| Net income attributable to owners | 1,882 | 5.2% | S100YXXB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 5 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 12.9% → Operating margin 8.0% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -15.7%; Core profit growth: +12.3%
Operating leverage (core profit growth ÷ revenue growth): -0.78×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 43,194 | 36,417 | -6,777 | -15.7% |
| Gross profit | 4,198 | 4,692 | 495 | +11.8% |
| Operating income | 2,580 | 2,896 | 316 | +12.3% |
| Net income attributable to owners | 1,670 | 1,882 | 213 | +12.8% |
| Operating cash flow | 2,095 | -9,906 | -12,001 | -572.8% |
| Free cash flow | 2,050 | -9,909 | -11,959 | -583.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 23,419 | 1,343 | 5.7% | 872 | -5,469 | — | S100MCK8 |
| FY ending May 2021 | 20,919 | 1,666 | 8.0% | 1,125 | 2,815 | 2,806 | S100P3FT |
| FY ending May 2022 | 30,179 | 1,919 | 6.4% | 1,269 | 3,014 | 2,986 | S100P3FT |
| FY ending May 2023 | 25,544 | 1,984 | 7.8% | 1,365 | -302 | -392 | S100U9Y4 |
| FY ending May 2024 | 28,485 | 1,454 | 5.1% | 945 | -1,574 | -1,610 | S100WLC9 |
| FY ending May 2025 | 43,194 | 2,580 | 6.0% | 1,670 | 2,095 | 2,050 | S100YXXB |
| FY ending May 2026 | 36,417 | 2,896 | 8.0% | 1,882 | -9,906 | -9,909 | S100YXXB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥183M |
| Operating income per employee (consolidated) | ¥14.6M |
| Net income per employee (consolidated) | ¥9.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 157 | 187 | 182 | 180 | 199 |
| Average salary (parent company) | ¥7M | ¥7.3M | ¥7.3M | ¥7.8M | ¥8.8M |
| Average age (parent company) | 41.8 years | 41.9 years | 43.1 years | 43.0 years | 42.0 years |
| Average tenure (parent company) | 5.1 years | 5.4 years | 5.7 years | 6.2 years | 6.2 years |

Year over year: Employees (consolidated) +10.6% · Revenue (consolidated) -15.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 27,225 | 74.8% | 3,036 | 11.2% |
| Real estate business | 8,817 | 24.2% | 1,107 | 12.6% |
| Other | 376 | 1.0% | -23 | -6.2% |

### 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 | 74.8% | 73.3% | -1.5 | 11.2% |
| Real estate business | 24.2% | 26.7% | 2.5 | 12.6% |
| Other | 1.0% | — | — | -6.2% |

Loss-making segment (excluded from profit shares): Other -23 JPY mn

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

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -9,906 | -27.2% | S100YXXB |
| Capital expenditure | 3 | 0.0% | S100YXXB |
| Free cash flow | -9,909 | -27.2% | 算出 |
| Investing cash flow | -28 | -0.1% | S100YXXB |
| Financing cash flow | 7,158 | 19.7% | S100YXXB |
| Dividends paid | 534 | 1.5% | S100YXXB |
| Share buyback | 0 | 0.0% | S100YXXB |
| Change in cash | -2,775 | -7.6% | S100YXXB |
| Cash and equivalents | 2,625 | 7.2% | S100YXXB |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,922 | 5,063 | 4,118 | 5,400 | 2,625 | S100P3FT, S100WLC9, S100YXXB |
| Total assets | 17,811 | 21,467 | 23,718 | 24,890 | 32,284 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Net assets | 6,930 | 7,923 | 8,468 | 9,761 | 11,145 | S100P3FT, S100WLC9, S100YXXB |
| Share capital | 730 | 730 | 730 | 730 | 730 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Property, plant and equipment | 36 | 151 | 137 | 160 | 151 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Intangible assets excluding goodwill | 11 | 19 | 14 | 15 | 13 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Investment securities | 0 | 32 | 32 | 32 | 32 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Current assets | 17,439 | 20,838 | 22,995 | 24,208 | 31,249 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Current liabilities | 7,861 | 10,276 | 12,863 | 11,596 | 12,581 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Short-term borrowings | — | 210 | 1,500 | 270 | 1,844 | S100U9Y4, S100WLC9, S100YXXB |
| Long-term borrowings | 2,846 | 2,995 | 2,154 | 3,193 | 8,120 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Total liabilities | 10,881 | 13,544 | 15,250 | 15,129 | 21,139 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Equity attributable to owners of parent | 6,927 | 7,920 | 8,465 | 9,758 | 11,142 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Retained earnings | 6,580 | 7,519 | 8,037 | 9,329 | 10,678 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |
| Treasury stock | -1,073 | -1,020 | -994 | -1,029 | -994 | S100P3FT, S100U9Y4, S100WLC9, S100YXXB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YXXB |
| Property, plant and equipment | 1% | S100YXXB |
| Intangibles and goodwill | 0% | S100YXXB |
| Investment securities | 0% | S100YXXB |
| Other assets | 91% | S100YXXB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YXXB |
| Equity | 35% | S100YXXB |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,811 | 21,467 | 23,718 | 24,890 | 32,284 |
| Equity | 6,930 | 7,923 | 8,468 | 9,761 | 11,145 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,922 | 5,063 | 4,118 | 5,400 | 2,625 |

## 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) | 0.4% | S100YXXB |
| Fixed assets ÷ total assets | 0.5% | S100YXXB |
| Goodwill ÷ parent equity | — | —, S100YXXB |

### 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) | 8.1% |
| Cash ÷ revenue | 7.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -342.1% |
| Cash vs. profit gap | -11,788 JPY mn (of net income -626.2%) |
| Shareholder returns / net income | 28.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | — |

## 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 | 4.2% | 1.69× | 7.1% | 2.57× | 18.3% | S100P3FT |
| 2023 | 5.3% | 1.19× | 6.4% | 2.71× | 17.2% | S100U9Y4 |
| 2024 | 3.3% | 1.26× | 4.2% | 2.76× | 11.5% | S100WLC9 |
| 2025 | 3.9% | 1.78× | 6.9% | 2.67× | 18.3% | S100YXXB |
| 2026 | 5.2% | 1.27× | 6.6% | 2.74× | 18.0% | S100YXXB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村利秋 | Major shareholder | 16.3% | 2026-05-31 |
| 飯田一樹 | Major shareholder | 10.5% | 2026-05-31 |
| 株式会社中村 | Major shareholder | 8.7% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 5.6% | 2026-05-31 |
| 齋藤みさを | Major shareholder | 4.0% | 2026-05-31 |
| 中村莉紗 | Major shareholder | 1.5% | 2026-05-31 |
| 中村建二 | Major shareholder | 1.5% | 2026-05-31 |
| 堀口忠美 | Major shareholder | 1.5% | 2026-05-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB）(常任代理人 野村証券株式会社) | Major shareholder | 1.1% | 2026-05-31 |
| 横山一夫 | Major shareholder | 0.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/06/01－2026/05/31) | S100YXXB | 2026-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXXB,, |
| 有価証券報告書－第14期(2024/06/01－2025/05/31) | S100WLC9 | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLC9,, |
| 有価証券報告書－第13期(2023/06/01－2024/05/31) | S100U9Y4 | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9Y4,, |
| 有価証券報告書－第12期(2022/06/01－2023/05/31) | S100RREU | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RREU,, |
| 有価証券報告書－第11期(令和3年6月1日－令和4年5月31日) | S100P3FT | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3FT,, |
| 有価証券報告書－第10期(令和2年6月1日－令和3年5月31日) | S100MCK8 | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCK8,, |

## 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).