# Fudo Tetra Corporation: 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) (S100YDLY)
> Page: https://vizora.meequs.com/en/company/fudo-tetra
> Retrieved: 2026-09-30T22:07:20.059Z

## Company

Fudo Tetra, founded in 1961, is a company in Non-life Insurance listed on TSE Prime. It has 1,004 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fudo Tetra Corporation |
| Ticker | 1813 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1813.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋小網町7番2号 |
| Representative (per filing) | 代表取締役社長 奥田 眞也 |
| Founded | May 1961 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,004 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.fudotetra.co.jp (https://www.fudotetra.co.jp/) |
| Corporate number | 4010001141053 |
| EDINET | E00097 |
| Industries (Vizora) | Non-life Insurance, General Contractors |

> Profile source: annual securities report (S100YDLY, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.4 | 84 |
| Profitability | 56 | 92 |
| Cash conversion | 18.1 | 91 |
| Efficiency | 69 | 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 54% of Fudo Tetra's sales come from Soil improvement business, with Civil engineering business and Block business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +17.5% from the prior year, operating profit +86.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥81.7B |  |
| Operating income | ¥5.92B | Margin 7.2% |
| Net income | ¥4.46B | Margin 5.5% |
| Free cash flow | -¥3.93B |  |
| Largest business | Soil improvement business | of segment revenue 54.4% |
| Employees (consolidated) | 1,004 |  |
| EPS | ¥251.36 |  |
| Book value per share | ¥2331.68 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 16,490,000 |  |
| Treasury shares | 1,192,800 |  |
| Shareholders | 6,808 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 14.6% | Cash ÷ revenue 12.8% |
| Vs. industry median margin | +0.4 pp | General Contractors |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, segment profit share differs by 41 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥72308000000 | ¥81700000000 | +13.0% |
| Operating income | ¥4518000000 | ¥5919000000 | +31.0% |
| Operating margin | 6.2% | 7.2% | +1 pp |
| Employees | 951 people | 1,004 people | +5.6% |
| Cash and equivalents | ¥11904000000 | ¥10422000000 | -12.4% |

### 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 |
| --- | ---: |
| 土木事業 → 土木事業 | 42.6% |
| 土木事業 → 事業再編・廃止 | 5.8% |
| 地盤改良事業 → 地盤改良事業 | 45.2% |
| ブロック事業 → ブロック事業 | 2.8% |
| ブロック事業 → 事業再編・廃止 | 3.2% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 地盤改良事業 | 9.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Soil improvement business | 5 years | +6.3% | ¥44414000000 | 16.1% | 2 |
| Civil engineering business | 5 years | -0.1% | ¥34801000000 | 0.8% | 2 |
| Block business | 5 years | -11.8% | ¥2326000000 | 3.0% | 2 |
| Other | 5 years | -12.0% | ¥160000000 | 18.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 81,700 | 100.0% | S100YDLY |
| Cost of revenue | 65,720 | 80.4% | S100YDLY |
| Gross profit | 15,980 | 19.6% | S100YDLY |
| SG&A | 10,060 | 12.3% | S100YDLY |
| Operating income | 5,919 | 7.2% | S100YDLY |
| Ordinary income | 6,124 | 7.5% | S100YDLY |
| Pretax income | 6,214 | 7.6% | S100YDLY |
| Income tax | 1,743 | 2.1% | S100YDLY |
| Net income | 4,471 | 5.5% | S100YDLY |
| Net income attributable to owners | 4,461 | 5.5% | S100YDLY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.6% → Operating margin 7.2% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.5%; Core profit growth: +86.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.94×
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 | 69,557 | 81,700 | 12,143 | +17.5% |
| Gross profit | 12,009 | 15,980 | 3,971 | +33.1% |
| Operating income | 3,177 | 5,919 | 2,742 | +86.3% |
| Net income attributable to owners | 2,202 | 4,461 | 2,259 | +102.6% |
| Operating cash flow | 621 | -2,302 | -2,923 | -470.7% |
| Free cash flow | -6,438 | -3,933 | 2,505 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 71,200 | 4,497 | 6.3% | 2,777 | -4,659 | -6,193 | S100LTYN |
| FY ending Mar 2021 | 72,308 | 4,518 | 6.2% | 2,990 | 10,451 | 7,985 | S100PV10 |
| FY ending Mar 2022 | 66,778 | 3,297 | 4.9% | 2,063 | -1,035 | -2,853 | S100RCV3 |
| FY ending Mar 2023 | 70,466 | 3,602 | 5.1% | 2,166 | 560 | -985 | S100U4DY |
| FY ending Mar 2024 | 67,947 | 2,656 | 3.9% | 2,009 | 7,065 | 3,770 | S100W3ZJ |
| FY ending Mar 2025 | 69,557 | 3,177 | 4.6% | 2,202 | 621 | -6,438 | S100YDLY |
| FY ending Mar 2026 | 81,700 | 5,919 | 7.2% | 4,461 | -2,302 | -3,933 | S100YDLY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.4M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 965 | 983 | 986 | 992 | 1,004 |
| Average salary (parent company) | ¥7.8M | ¥7.2M | ¥7.3M | ¥7.4M | ¥8.4M |
| Average age (parent company) | 45.7 years | 45.8 years | 45.8 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 19.5 years | 19.5 years | 19.4 years | 19.3 years | 19.1 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +17.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering business | 34,801 | 42.6% | 280 | 0.8% |
| Soil improvement business | 44,414 | 54.4% | 7,164 | 16.1% |
| Block business | 2,326 | 2.8% | 69 | 3.0% |
| Other | 160 | 0.2% | 30 | 18.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering business | 42.6% | 3.7% | -38.9 | 0.8% |
| Soil improvement business | 54.4% | 95.0% | 40.6 | 16.1% |
| Block business | 2.8% | 0.9% | -1.9 | 3.0% |
| Other | 0.2% | 0.4% | 0.2 | 18.8% |

Segment → industry: Other → Non-life Insurance / Block business → General Contractors / Soil improvement business → General Contractors / Civil engineering business → General Contractors

## 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 | -2,302 | -2.8% | S100YDLY |
| Capital expenditure | 1,631 | 2.0% | S100YDLY |
| Free cash flow | -3,933 | -4.8% | 算出 |
| Investing cash flow | -1,294 | -1.6% | S100YDLY |
| Financing cash flow | 3,648 | 4.5% | S100YDLY |
| Dividends paid | 904 | 1.1% | S100YDLY |
| Share buyback | 9 | 0.0% | S100YDLY |
| Change in cash | 43 | 0.1% | S100YDLY |
| Cash and equivalents | 10,422 | 12.8% | S100YDLY |

## 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 | 9,283 | 9,761 | 10,954 | 10,379 | 10,422 | S100U4DY, S100W3ZJ, S100YDLY |
| Total assets | 51,901 | 56,128 | 55,247 | 64,148 | 71,168 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Net assets | 30,350 | 31,848 | 33,269 | 34,675 | 38,541 | S100U4DY, S100W3ZJ, S100YDLY |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Property, plant and equipment | 7,859 | 8,460 | 10,311 | 14,977 | 12,963 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Intangible assets excluding goodwill | 1,154 | 947 | 775 | 607 | 850 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Goodwill | 270 | 193 | 116 | 39 | 121 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Investment securities | 2,365 | 2,287 | 2,705 | 3,133 | 3,553 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Current assets | 39,087 | 42,876 | 39,772 | 43,666 | 51,678 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Current liabilities | 20,036 | 22,755 | 20,430 | 27,306 | 30,402 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Short-term borrowings | 3,120 | 5,521 | 4,509 | 10,500 | 15,000 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Long-term borrowings | 125 | 105 | 50 | 850 | 450 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Total liabilities | 21,552 | 24,280 | 21,978 | 29,473 | 32,627 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Non-controlling interests | 394 | 428 | 447 | 455 | 464 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Equity attributable to owners of parent | 29,943 | 31,198 | 32,292 | 33,337 | 36,932 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Retained earnings | 11,812 | 13,060 | 14,151 | 15,436 | 18,979 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |
| Treasury stock | -1,626 | -1,619 | -1,616 | -1,854 | -1,803 | S100RCV3, S100U4DY, S100W3ZJ, S100YDLY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YDLY |
| Property, plant and equipment | 18% | S100YDLY |
| Intangibles and goodwill | 1% | S100YDLY |
| Investment securities | 5% | S100YDLY |
| Other assets | 61% | S100YDLY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YDLY |
| Equity | 54% | S100YDLY |

### 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 | 51,901 | 56,128 | 55,247 | 64,148 | 71,168 |
| Equity | 30,350 | 31,848 | 33,269 | 34,675 | 38,541 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,283 | 9,761 | 10,954 | 10,379 | 10,422 |

## 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) | 15.9% | S100YDLY |
| Fixed assets ÷ total assets | 18.2% | S100YDLY |
| Goodwill ÷ parent equity | 0.3% | S100YDLY |

Goodwill over 4 years: 270 → 121 JPY; total investing cash flow: -14,796 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) | 14.6% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -38.9% |
| Cash vs. profit gap | -6,763 JPY mn (of net income -151.6%) |
| Shareholder returns / net income | 20.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| 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 | 3.1% | 1.29× | 4.0% | 1.73× | 6.9% | S100RCV3 |
| 2023 | 3.1% | 1.30× | 4.0% | 1.77× | 7.1% | S100U4DY |
| 2024 | 3.0% | 1.22× | 3.6% | 1.75× | 6.3% | S100W3ZJ |
| 2025 | 3.2% | 1.17× | 3.7% | 1.82× | 6.7% | S100YDLY |
| 2026 | 5.5% | 1.21× | 6.6% | 1.93× | 12.7% | S100YDLY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 15.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.0% | 2026-03-31 |
| ＭＬI ＦＯＲ ＳＥＧＲＥＧＡＴＥＤ ＰＢ ＣＬＩＥＮＴ （常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 5.2% | 2026-03-31 |
| ＣＧＭＬ ＰＢ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ／ＣＯＬＬＡＴＥＲＡＬ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.1% | 2026-03-31 |
| ＪＰＭＳＰＬＣ ＣＬＩＥＮＴ ＡＳＳＥＴＳ ＳＫ ＪＰＹ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.5% | 2026-03-31 |
| 不動テトラ協力会社持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 2.7% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 日鉄鉱業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| ＥＣＭ ＭＦ （常任代理人 立花証券株式会社） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YDLY | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDLY,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W3ZJ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3ZJ,, |
| 訂正有価証券報告書－第78期(2023/04/01－2024/03/31) | S100U4DY | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4DY,, |
| 訂正有価証券報告書－第77期(2022/04/01－2023/03/31) | S100RCV3 | 2023-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCV3,, |
| 訂正有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100PV10 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV10,, |
| 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) | S100LTYN | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTYN,, |

## 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).