# FUKUDA CORPORATION: 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99期(2025/01/01－2025/12/31) (S100XT0V)
> Page: https://vizora.meequs.com/en/company/fukuda
> Retrieved: 2026-09-30T18:55:06.119Z

## Company

Fukuda, founded in 1927, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 2,226 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUKUDA CORPORATION |
| Ticker | 1899 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1899.T) |
| Listing | TSE Prime |
| Head office | 新潟市中央区一番堀通町3番地10 |
| Representative (per filing) | 代表取締役社長 荒明正紀 |
| Founded | Dec 1927 |
| Share capital | ¥5.16B |
| Employees (consolidated) | 2,226 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | December |
| Website | www.fkd.co.jp (https://www.fkd.co.jp/) |
| Corporate number | 9110001004880 |
| EDINET | E00196 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100XT0V, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.2 | 84 |
| Profitability | 20.1 | 92 |
| Cash conversion | 32.4 | 91 |
| Efficiency | 62.5 | 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 98% of Fukuda's sales come from Construction, with Real Estate and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit +1.4%.

## Company structure

- Segment revenue mix: Construction 98.2%、Real Estate 1.4%、Other 0.4%
- Revenue → net income: ¥167960000000 → ¥5607000000
- Net income → operating cash flow: ¥5607000000 → ¥2574000000（difference ¥-3033000000）
- Main uses of operating cash flow: CapEx ¥1859000000 / dividends ¥1671000000 / buybacks ¥83000000
- Change in cash: ¥-1126000000
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 | ¥168B |  |
| Operating income | ¥7.77B | Margin 4.6% |
| Net income | ¥5.55B | Margin 3.3% |
| Free cash flow | ¥715M |  |
| Largest business | Construction | of segment revenue 98.2% |
| Employees (consolidated) | 2,226 |  |
| EPS | ¥387.91 |  |
| Book value per share | ¥6621.75 |  |
| Equity ratio | 60.9% |  |
| Shares outstanding | 8,988,000 |  |
| Treasury shares | 604,000 |  |
| Shareholders | 4,672 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | -2.2 pp | General Contractors |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥185764000000 | ¥167960000000 | -9.6% |
| Operating income | ¥8905000000 | ¥7769000000 | -12.8% |
| Operating margin | 4.8% | 4.6% | -0.2 pp |
| Employees | 2,109 people | 2,226 people | +5.5% |
| Cash and equivalents | ¥23116000000 | ¥30819000000 | +33.3% |

### 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 |
| --- | ---: |
| 建設 → 事業再編・廃止 | 97.7% |
| 不動産 → 事業再編・廃止 | 1.9% |
| その他 → その他 | 0.4% |
| 新設・再編 → 建設 | 98.2% |
| 新設・再編 → 不動産 | 1.4% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction | — | — | ¥164947000000 | 4.5% | 2 |
| Real Estate | — | — | ¥2306000000 | 16.9% | 2 |
| Other | 5 years | +1.6% | ¥707000000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 167,960 | 100.0% | S100XT0V |
| Cost of revenue | 149,431 | 89.0% | S100XT0V |
| Gross profit | 18,529 | 11.0% | S100XT0V |
| SG&A | 10,759 | 6.4% | S100XT0V |
| Operating income | 7,769 | 4.6% | S100XT0V |
| Ordinary income | 8,127 | 4.8% | S100XT0V |
| Pretax income | 7,931 | 4.7% | S100XT0V |
| Income tax | 2,323 | 1.4% | S100XT0V |
| Net income | 5,607 | 3.3% | S100XT0V |
| Net income attributable to owners | 5,548 | 3.3% | S100XT0V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 6 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.0% → Operating margin 4.6% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.8%; Core profit growth: +1.4%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.65×
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 | 166,589 | 167,960 | 1,371 | +0.8% |
| Gross profit | 17,824 | 18,529 | 705 | +4.0% |
| Operating income | 7,665 | 7,769 | 104 | +1.4% |
| Net income attributable to owners | 5,309 | 5,548 | 239 | +4.5% |
| Operating cash flow | 5,877 | 2,574 | -3,303 | -56.2% |
| Free cash flow | 4,444 | 715 | -3,729 | -83.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 182,088 | 8,055 | 4.4% | 5,475 | -1,151 | -3,411 | S100L0R9 |
| FY ending Dec 2020 | 185,764 | 8,905 | 4.8% | 5,979 | 6,909 | 4,645 | S100NR2G |
| FY ending Dec 2021 | 179,846 | 8,891 | 4.9% | 5,864 | 7,802 | 6,683 | S100QGNC |
| FY ending Dec 2022 | 154,358 | 5,208 | 3.4% | 3,650 | 5,022 | 3,684 | S100T54H |
| FY ending Dec 2023 | 162,243 | 5,205 | 3.2% | 3,386 | 7,494 | 5,237 | S100VGZ5 |
| FY ending Dec 2024 | 166,589 | 7,665 | 4.6% | 5,309 | 5,877 | 4,444 | S100XT0V |
| FY ending Dec 2025 | 167,960 | 7,769 | 4.6% | 5,548 | 2,574 | 715 | S100XT0V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.5M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 2,096 | 2,230 | 2,215 | 2,215 | 2,226 |
| Average salary (parent company) | ¥8.1M | ¥7.2M | ¥6.9M | ¥7.4M | ¥8.3M |
| Average age (parent company) | 44.7 years | 44.4 years | 44.4 years | 43.7 years | 42.9 years |
| Average tenure (parent company) | 18.2 years | 18.0 years | 18.1 years | 17.3 years | 16.8 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 164,947 | 98.2% | 7,503 | 4.5% |
| Real Estate | 2,306 | 1.4% | 390 | 16.9% |
| Other | 707 | 0.4% | 37 | 5.2% |

### 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 | 98.2% | 94.6% | -3.6 | 4.5% |
| Real Estate | 1.4% | 4.9% | 3.5 | 16.9% |
| Other | 0.4% | 0.5% | 0.0 | 5.2% |

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

## 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 | 2,574 | 1.5% | S100XT0V |
| Capital expenditure | 1,859 | 1.1% | S100XT0V |
| Free cash flow | 715 | 0.4% | 算出 |
| Investing cash flow | -1,127 | -0.7% | S100XT0V |
| Financing cash flow | -2,572 | -1.5% | S100XT0V |
| Dividends paid | 1,671 | 1.0% | S100XT0V |
| Share buyback | 83 | 0.0% | S100XT0V |
| Change in cash | -1,126 | -0.7% | S100XT0V |
| Cash and equivalents | 30,819 | 18.3% | S100XT0V |

## 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 | 23,285 | 28,146 | 29,418 | 31,946 | 30,819 | S100T54H, S100VGZ5, S100XT0V |
| Total assets | 130,755 | 134,351 | 136,731 | 142,814 | 147,476 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Net assets | 76,412 | 78,504 | 80,333 | 85,407 | 90,166 | S100T54H, S100VGZ5, S100XT0V |
| Share capital | 5,158 | 5,158 | 5,158 | 5,158 | 5,158 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Property, plant and equipment | 26,419 | 26,483 | 27,084 | 26,825 | 27,413 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Intangible assets excluding goodwill | 523 | 472 | 416 | 400 | 382 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Investment securities | 5,352 | 5,116 | 5,925 | 6,609 | 7,571 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Current assets | 95,462 | 99,083 | 99,801 | 105,433 | 107,630 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Current liabilities | 47,024 | 48,652 | 48,953 | 50,004 | 49,540 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Short-term borrowings | 320 | 2,690 | 745 | 730 | 309 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Long-term borrowings | 767 | 656 | 754 | 473 | 705 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Total liabilities | 54,342 | 55,847 | 56,397 | 57,406 | 57,310 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Non-controlling interests | 643 | 670 | 709 | 746 | 360 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Equity attributable to owners of parent | 75,131 | 77,329 | 78,448 | 82,898 | 86,672 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Retained earnings | 66,075 | 68,250 | 70,651 | 75,080 | 78,965 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |
| Treasury stock | -2,271 | -2,248 | -3,531 | -3,513 | -3,518 | S100QGNC, S100T54H, S100VGZ5, S100XT0V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XT0V |
| Property, plant and equipment | 19% | S100XT0V |
| Intangibles and goodwill | 0% | S100XT0V |
| Investment securities | 5% | S100XT0V |
| Other assets | 55% | S100XT0V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100XT0V |
| Equity | 61% | S100XT0V |

### 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 | 130,755 | 134,351 | 136,731 | 142,814 | 147,476 |
| Equity | 76,412 | 78,504 | 80,333 | 85,407 | 90,166 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,285 | 28,146 | 29,418 | 31,946 | 30,819 |

## 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) | 16.3% | S100XT0V |
| Fixed assets ÷ total assets | 18.6% | S100XT0V |
| Goodwill ÷ parent equity | — | —, S100XT0V |

### 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) | 20.9% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 33.1% |
| Cash vs. profit gap | -2,974 JPY mn (of net income -53.6%) |
| Shareholder returns / net income | 31.6% |
| Shareholder returns / FCF | 245.3% |
| Shareholder payments — dividends / net income | 30.1% |
| Shareholder payments — dividends / FCF | 233.7% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 43.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.3% | 1.38× | 4.5% | 1.74× | 7.8% | S100QGNC |
| 2022 | 2.4% | 1.16× | 2.8% | 1.74× | 4.8% | S100T54H |
| 2023 | 2.1% | 1.20× | 2.5% | 1.74× | 4.3% | S100VGZ5 |
| 2024 | 3.2% | 1.19× | 3.8% | 1.73× | 6.6% | S100XT0V |
| 2025 | 3.3% | 1.16× | 3.8% | 1.71× | 6.5% | S100XT0V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人 福田育英会 | Major shareholder | 8.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行 その他信託口 | Major shareholder | 5.7% | 2025-12-31 |
| 福田組共栄会 | Major shareholder | 3.5% | 2025-12-31 |
| 福 田 勝 之 | Major shareholder | 2.8% | 2025-12-31 |
| 福 田 浩 士 | Major shareholder | 2.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行 投資信託口 | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社第四北越銀行（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.3% | 2025-12-31 |
| 本 庄 裕 子 | Major shareholder | 2.1% | 2025-12-31 |
| 五 十 嵐 恭 子 | Major shareholder | 2.1% | 2025-12-31 |
| BBH FOR THE ADVISORS'INNER CIRCLE FUND Ⅱ／KOPERNIK GLO ALL-CAP FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第99期(2025/01/01－2025/12/31) | S100XT0V | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT0V,, |
| 有価証券報告書－第98期(2024/01/01－2024/12/31) | S100VGZ5 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGZ5,, |
| 有価証券報告書－第97期(2023/01/01－2023/12/31) | S100T54H | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T54H,, |
| 有価証券報告書－第96期(2022/01/01－2022/12/31) | S100QGNC | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGNC,, |
| 有価証券報告書－第95期(令和3年1月1日－令和3年12月31日) | S100NR2G | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR2G,, |
| 有価証券報告書－第94期(令和2年1月1日－令和2年12月31日) | S100L0R9 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0R9,, |

## 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).