# FUJI P.S 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74期(2025/04/01－2026/03/31) (S100YG4M)
> Page: https://vizora.meequs.com/en/company/fuji-p-s
> Retrieved: 2026-09-30T19:52:09.586Z

## Company

Fuji P.S, founded in 1954, is a company in General Contractors listed on TSE Standard. It has 491 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI P.S CORPORATION |
| Ticker | 1848 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1848.T) |
| Listing | TSE Standard |
| Head office | 福岡市中央区薬院一丁目13番8号 |
| Representative (per filing) | 代表取締役社長 堤 忠彦 |
| Founded | Mar 1954 |
| Share capital | ¥2.38B |
| Employees (consolidated) | 491 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.fujips.co.jp (https://www.fujips.co.jp/) |
| Corporate number | 6290001010204 |
| EDINET | E00238 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YG4M, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 26.6 | 92 |
| Cash conversion | 30.2 | 91 |
| Efficiency | 38.6 | 92 |
| Financial strength | 3.3 | 15 |

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 72% of Fuji P.S's sales come from civil engineering and construction industry, with construction industry and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -4.6% from the prior year, operating profit +79.4%.

## Company structure

- Segment revenue mix: civil engineering and construction industry 71.5%、construction industry 28.2%、Other 0.3%
- Revenue → net income: ¥32230000000 → ¥993000000
- Net income → operating cash flow: ¥993000000 → ¥418000000（difference ¥-575000000）
- Main uses of operating cash flow: CapEx ¥963000000 / dividends ¥233000000 / buybacks —
- Change in cash: ¥-1133000000
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 | ¥32.2B |  |
| Operating income | ¥1.59B | Margin 4.9% |
| Net income | ¥993M | Margin 3.1% |
| Free cash flow | -¥545M |  |
| Largest business | civil engineering and construction industry | of segment revenue 71.5% |
| Employees (consolidated) | 491 |  |
| EPS | ¥54.11 |  |
| Book value per share | ¥721.94 |  |
| Equity ratio | 36.9% |  |
| Shares outstanding | 18,602,244 |  |
| Treasury shares | 591,500 |  |
| Shareholders | 14,386 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 5.5% | Net cash -¥8.6B · Cash ÷ revenue 6.1% |
| Vs. industry median margin | -1.9 pp | General Contractors |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 79%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27693000000 | ¥32230000000 | — |
| Operating income | ¥1767000000 | ¥1588000000 | — |
| Operating margin | 6.4% | 4.9% | -1.5 pp |
| Employees | 431 people | 491 people | — |
| Cash and equivalents | ¥1477000000 | ¥1950000000 | — |

### 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 | 71.5% |
| 土木事業 → 事業再編・廃止 | 3.6% |
| 建築事業 → 建築事業 | 24.0% |
| その他 → その他 | 0.0% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 建築事業 | 4.2% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| civil engineering and construction industry | — | — | ¥23053000000 | — | 2 |
| construction industry | — | — | ¥9084000000 | — | 2 |
| Other | — | — | ¥92000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,230 | 100.0% | S100YG4M |
| Cost of revenue | 27,102 | 84.1% | S100YG4M |
| Gross profit | 5,128 | 15.9% | S100YG4M |
| SG&A | 3,539 | 11.0% | S100YG4M |
| Operating income | 1,588 | 4.9% | S100YG4M |
| Ordinary income | 1,476 | 4.6% | S100YG4M |
| Pretax income | 1,424 | 4.4% | S100YG4M |
| Income tax | 430 | 1.3% | S100YG4M |
| Net income | 993 | 3.1% | S100YG4M |
| Net income attributable to owners | 993 | 3.1% | S100YG4M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 11 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.9% → Operating margin 4.9% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.6%; Core profit growth: +79.4%
Operating leverage (core profit growth ÷ revenue growth): -17.41×
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 | 33,771 | 32,230 | -1,541 | -4.6% |
| Gross profit | 4,311 | 5,128 | 817 | +19.0% |
| Operating income | 885 | 1,588 | 703 | +79.4% |
| Net income attributable to owners | 2,187 | 993 | -1,194 | -54.6% |
| Operating cash flow | -2,334 | 418 | 2,752 | — |
| Free cash flow | -3,987 | -545 | 3,442 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,049 | 909 | 3.4% | 647 | -1,548 | — | S100LMZC |
| FY ending Mar 2021 | 27,693 | 1,767 | 6.4% | 1,327 | -137 | -1,006 | S100LMZC |
| FY ending Mar 2022 | 27,301 | 1,048 | 3.8% | 775 | 3,149 | 2,321 | S100R1GR |
| FY ending Mar 2023 | 26,843 | 221 | 0.8% | 123 | -1,162 | -2,212 | S100TQJO |
| FY ending Mar 2024 | 28,566 | 564 | 2.0% | 415 | -1,086 | -2,424 | S100VZ7H |
| FY ending Mar 2025 | 33,771 | 885 | 2.6% | 2,187 | -2,334 | -3,987 | S100YG4M |
| FY ending Mar 2026 | 32,230 | 1,588 | 4.9% | 993 | 418 | -545 | S100YG4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.6M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2M |

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) | 485 | 500 | 484 | 493 | 491 |
| Average salary (parent company) | ¥6.9M | ¥6.4M | ¥6.3M | ¥6.7M | ¥8M |
| Average age (parent company) | 43.2 years | 43.6 years | 44.0 years | 44.0 years | 44.2 years |
| Average tenure (parent company) | 17.1 years | 15.6 years | 15.8 years | 16.0 years | 15.9 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) -4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| civil engineering and construction industry | 23,053 | 71.5% | — | — |
| construction industry | 9,084 | 28.2% | — | — |
| Other | 92 | 0.3% | — | — |

### 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 |
| --- | ---: |
| civil engineering and construction industry | 71.5% |
| construction industry | 28.2% |
| Other | 0.3% |

Segment → industry: construction industry → General Contractors / civil engineering and construction industry → 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 | 418 | 1.3% | S100YG4M |
| Capital expenditure | 963 | 3.0% | S100YG4M |
| Free cash flow | -545 | -1.7% | 算出 |
| Investing cash flow | -1,086 | -3.4% | S100YG4M |
| Financing cash flow | -464 | -1.4% | S100YG4M |
| Dividends paid | 233 | 0.7% | S100YG4M |
| Change in cash | -1,133 | -3.5% | S100YG4M |
| Cash and equivalents | 1,950 | 6.1% | S100YG4M |

## 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 | 3,255 | 2,321 | 2,202 | 3,083 | 1,950 | S100TQJO, S100VZ7H, S100YG4M |
| Total assets | 27,786 | 28,791 | 33,669 | 37,756 | 35,613 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Net assets | 9,830 | 9,928 | 10,407 | 12,308 | 13,143 | S100TQJO, S100VZ7H, S100YG4M |
| Share capital | 2,379 | 2,379 | 2,379 | 2,379 | 2,379 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Property, plant and equipment | 7,072 | 7,761 | 8,575 | 8,095 | 8,395 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Intangible assets excluding goodwill | 547 | 518 | 509 | 460 | 461 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Goodwill | 468 | 420 | 372 | 324 | 276 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Investment securities | 162 | 159 | 164 | 159 | 174 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Current assets | 19,098 | 19,375 | 23,332 | 27,865 | 25,434 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Current liabilities | 14,791 | 16,476 | 20,271 | 23,929 | 21,011 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Short-term borrowings | 3,053 | 5,143 | 7,055 | 10,119 | 9,957 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Long-term borrowings | 1,826 | 1,240 | 1,912 | 612 | 555 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Bonds | 72 | 63 | 54 | 45 | 36 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Interest-bearing debt | 4,951 | 6,446 | 9,021 | 10,776 | 10,548 | 算出 |
| Total liabilities | 17,956 | 18,862 | 23,262 | 25,447 | 22,470 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Equity attributable to owners of parent | 9,877 | 9,838 | 10,110 | 12,062 | 12,826 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Retained earnings | 6,103 | 6,064 | 6,318 | 8,307 | 9,066 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |
| Treasury stock | -376 | -376 | -357 | -395 | -389 | S100R1GR, S100TQJO, S100VZ7H, S100YG4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YG4M |
| Property, plant and equipment | 24% | S100YG4M |
| Intangibles and goodwill | 2% | S100YG4M |
| Investment securities | 1% | S100YG4M |
| Other assets | 68% | S100YG4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 30% | 算出 |
| Other liabilities | 33% | S100YG4M |
| Equity | 37% | S100YG4M |

### 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 | 27,786 | 28,791 | 33,669 | 37,756 | 35,613 |
| Equity | 9,830 | 9,928 | 10,407 | 12,308 | 13,143 |
| Interest-bearing debt | 4,951 | 6,446 | 9,021 | 10,776 | 10,548 |
| Cash | 3,255 | 2,321 | 2,202 | 3,083 | 1,950 |

## 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) | 26.0% | S100YG4M |
| Fixed assets ÷ total assets | 23.6% | S100YG4M |
| Goodwill ÷ parent equity | 2.2% | S100YG4M |

Goodwill over 4 years: 468 → 276 JPY; total investing cash flow: -3,025 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) | 5.5% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | -¥8.6B |
| Net debt ÷ operating cash flow | 20.57× |
| Cash conversion (operating CF ÷ operating income) | 26.3% |
| Cash vs. profit gap | -575 JPY mn (of net income -57.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 259.8% |

## 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 | 2.8% | 0.98× | 2.8% | 2.81× | 7.8% | S100R1GR |
| 2023 | 0.5% | 0.95× | 0.4% | 2.87× | 1.2% | S100TQJO |
| 2024 | 1.5% | 0.91× | 1.3% | 3.13× | 4.2% | S100VZ7H |
| 2025 | 6.5% | 0.95× | 6.1% | 3.22× | 19.7% | S100YG4M |
| 2026 | 3.1% | 0.88× | 2.7% | 2.95× | 8.0% | S100YG4M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平洋セメント株式会社 | Major shareholder | 17.9% | 2026-03-31 |
| 住友電気工業株式会社 | Major shareholder | 13.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・九州電力株式会社及び九州電力送配電株式会社口） | Major shareholder | 12.8% | 2026-03-31 |
| 西日本鉄道株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託神鋼鋼線工業口再信託受託者株式会社日本カストディ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 日鉄ＳＧワイヤ株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社渡辺藤吉本店 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YG4M | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG4M,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100VZ7H | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ7H,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TQJO | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQJO,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R1GR | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1GR,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100ODK5 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODK5,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LMZC | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMZC,, |

## 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).