# Giken Holdings Co., Ltd.: 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9期(2025/04/01－2026/03/31) (S100YEE3)
> Page: https://vizora.meequs.com/en/company/giken-holdings
> Retrieved: 2026-09-30T18:37:20.658Z

## Company

Giken Holdings, founded in 2018, is a company in Cement & Concrete listed on TSE Standard. It has 106 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Giken Holdings Co.,Ltd. |
| Ticker | 1443 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1443.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田東松下町17番地 |
| Representative (per filing) | 代表取締役社長 佐々木 ベジ |
| Founded | Jan 2018 |
| Share capital | ¥1.12B |
| Employees (consolidated) | 106 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Corporate number | 2011301023802 |
| EDINET | E33535 |
| Industries (Vizora) | Cement & Concrete, Leasing, Plant Engineering & Building Services, General Contractors |

> Profile source: annual securities report (S100YEE3, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.1 | 72 |
| Profitability | 87.5 | 76 |
| Cash conversion | 84.5 | 74 |
| Efficiency | 0.7 | 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 52% of Giken Holdings's sales come from Building allied enterprise, with Steel form leasing allied enterprise and Engineering works allied enterprise making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -4.7% from the prior year, operating profit +12.5%.

## Company structure

- Segment revenue mix: Building allied enterprise 51.8%、Steel form leasing allied enterprise 28.8%、Engineering works allied enterprise 17.8%、Other 1.6%
- Revenue → net income: ¥4675110000 → ¥613538000
- Net income → operating cash flow: ¥613538000 → ¥928842000（difference ¥315304000）
- Main uses of operating cash flow: CapEx ¥165907000 / dividends ¥17916000 / buybacks ¥96000
- Change in cash: ¥30058000
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 | ¥4.68B |  |
| Operating income | ¥701.7M | Margin 15.0% |
| Net income | ¥613.5M | Margin 13.1% |
| Free cash flow | ¥762.9M |  |
| Largest business | Building allied enterprise | of segment revenue 51.8% |
| Employees (consolidated) | 106 |  |
| EPS | ¥14.6 |  |
| Book value per share | ¥595.57 |  |
| Equity ratio | 70.7% |  |
| Shares outstanding | 16,237,977 |  |
| Treasury shares | 3,800 |  |
| Shareholders | 5,054 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 7.6% | Cash ÷ revenue 29.8% |
| Vs. industry median margin | +5.9 pp | Plant Engineering & Building Services |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9361193000 | ¥4675110000 | -50.1% |
| Operating income | ¥1202988000 | ¥701695000 | -41.7% |
| Operating margin | 12.9% | 15.0% | +2.2 pp |
| Employees | 162 people | 106 people | -34.6% |
| Cash and equivalents | ¥3779012000 | ¥1394231000 | -63.1% |

### 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 |
| --- | ---: |
| 土木関連事業 → 事業再編・廃止 | 33.8% |
| 建築関連事業 → 事業再編・廃止 | 37.6% |
| 型枠貸与関連事業 → 事業再編・廃止 | 27.8% |
| その他 → その他 | 0.8% |
| 新設・再編 → 土木関連事業 | 17.8% |
| 新設・再編 → 建築関連事業 | 51.8% |
| 新設・再編 → 型枠貸与関連事業 | 28.8% |
| 新設・再編 → その他 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building allied enterprise | 3 years | -4.5% | ¥2420145000 | 17.7% | 2 |
| Steel form leasing allied enterprise | 3 years | +1.1% | ¥1346925000 | 28.0% | 2 |
| Engineering works allied enterprise | 3 years | -14.2% | ¥834087000 | 16.7% | 2 |
| Other | 5 years | +0.6% | ¥73952000 | 8.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,675 | 100.0% | S100YEE3 |
| Cost of revenue | 3,379 | 72.3% | S100YEE3 |
| Gross profit | 1,296 | 27.7% | S100YEE3 |
| SG&A | 594 | 12.7% | S100YEE3 |
| Operating income | 702 | 15.0% | S100YEE3 |
| Ordinary income | 893 | 19.1% | S100YEE3 |
| Pretax income | 933 | 20.0% | S100YEE3 |
| Income tax | 320 | 6.8% | S100YEE3 |
| Net income | 614 | 13.1% | S100YEE3 |
| Net income attributable to owners | 614 | 13.1% | S100YEE3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 13 |
| Operating income | 15 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 27.7% → Operating margin 15.0% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.7%; Core profit growth: +12.5%
Operating leverage (core profit growth ÷ revenue growth): -2.64×
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 | 4,906 | 4,675 | -231 | -4.7% |
| Gross profit | 1,298 | 1,296 | -2 | -0.1% |
| Operating income | 624 | 702 | 78 | +12.5% |
| Net income attributable to owners | 492 | 614 | 122 | +24.7% |
| Operating cash flow | 358 | 929 | 570 | +159.2% |
| Free cash flow | 326 | 763 | 437 | +134.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,009 | 1,183 | 11.8% | 656 | 815 | 333 | S100LRYF |
| FY ending Mar 2021 | 9,361 | 1,203 | 12.9% | 746 | 1,682 | 1,397 | S100PA0O |
| FY ending Mar 2022 | 8,180 | 983 | 12.0% | 467 | 99 | -46 | S100R3SM |
| FY ending Mar 2023 | 5,480 | 414 | 7.6% | 329 | 669 | -464 | S100TRWG |
| FY ending Mar 2024 | 5,170 | 529 | 10.2% | 444 | 933 | 83 | S100W3WQ |
| FY ending Mar 2025 | 4,906 | 624 | 12.7% | 492 | 358 | 326 | S100YEE3 |
| FY ending Mar 2026 | 4,675 | 702 | 15.0% | 614 | 929 | 763 | S100YEE3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.1M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥5.8M |

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) | 142 | 108 | 100 | 105 | 106 |
| Average salary (parent company) | ¥5.7M | ¥4.9M | ¥4.8M | ¥5.1M | ¥6.4M |
| Average age (parent company) | 51.0 years | 52.0 years | 53.0 years | 54.0 years | 55.0 years |
| Average tenure (parent company) | 27.0 years | 28.0 years | 29.0 years | 30.0 years | 31.0 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) -4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering works allied enterprise | 834 | 17.8% | 139 | 16.7% |
| Building allied enterprise | 2,420 | 51.8% | 428 | 17.7% |
| Steel form leasing allied enterprise | 1,347 | 28.8% | 377 | 28.0% |
| Other | 74 | 1.6% | 6 | 8.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering works allied enterprise | 17.8% | 14.6% | -3.2 | 16.7% |
| Building allied enterprise | 51.8% | 45.1% | -6.7 | 17.7% |
| Steel form leasing allied enterprise | 28.8% | 39.6% | 10.8 | 28.0% |
| Other | 1.6% | 0.6% | -0.9 | 8.2% |

Segment → industry: Steel form leasing allied enterprise → Cement & Concrete / Steel form leasing allied enterprise → Leasing / Building allied enterprise → Plant Engineering & Building Services / Building allied enterprise → General Contractors / Engineering works allied enterprise → 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 | 929 | 19.9% | S100YEE3 |
| Capital expenditure | 166 | 3.5% | S100YEE3 |
| Free cash flow | 763 | 16.3% | 算出 |
| Investing cash flow | -437 | -9.3% | S100YEE3 |
| Financing cash flow | -466 | -10.0% | S100YEE3 |
| Dividends paid | 18 | 0.4% | S100YEE3 |
| Share buyback | 0 | 0.0% | S100YEE3 |
| Change in cash | 30 | 0.6% | S100YEE3 |
| Cash and equivalents | 1,394 | 29.8% | S100YEE3 |

## 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 | 2,800 | 2,087 | 1,832 | 1,364 | 1,394 | S100TRWG, S100W3WQ, S100YEE3 |
| Total assets | 15,976 | 15,726 | 17,229 | 16,165 | 18,276 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Net assets | 9,885 | 9,535 | 11,065 | 10,916 | 12,923 | S100TRWG, S100W3WQ, S100YEE3 |
| Share capital | 1,120 | 1,120 | 1,120 | 1,120 | 1,120 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Inventories | 390 | 398 | 512 | 517 | 515 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Property, plant and equipment | 4,300 | 5,494 | 6,228 | 6,135 | 6,191 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Intangible assets excluding goodwill | 157 | 116 | 75 | 1 | 1 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Investment securities | 3,971 | 4,264 | 6,221 | 5,911 | 8,473 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Current assets | 7,424 | 5,673 | 4,669 | 4,083 | 3,573 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Current liabilities | 3,209 | 2,485 | 2,468 | 2,261 | 2,477 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Long-term borrowings | 2,622 | 3,566 | 3,208 | 2,767 | 2,037 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Total liabilities | 6,091 | 6,190 | 6,164 | 5,249 | 5,354 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Equity attributable to owners of parent | 9,362 | 9,681 | 10,109 | 10,584 | 11,180 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Retained earnings | 6,769 | 7,088 | 7,516 | 7,991 | 8,587 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100R3SM, S100TRWG, S100W3WQ, S100YEE3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YEE3 |
| Inventories | 3% | S100YEE3 |
| Property, plant and equipment | 34% | S100YEE3 |
| Intangibles and goodwill | 0% | S100YEE3 |
| Investment securities | 46% | S100YEE3 |
| Other assets | 9% | S100YEE3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YEE3 |
| Equity | 71% | S100YEE3 |

### 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 | 15,976 | 15,726 | 17,229 | 16,165 | 18,276 |
| Equity | 9,885 | 9,535 | 11,065 | 10,916 | 12,923 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,800 | 2,087 | 1,832 | 1,364 | 1,394 |

## 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) | 132.4% | S100YEE3 |
| Fixed assets ÷ total assets | 33.9% | S100YEE3 |
| Goodwill ÷ parent equity | — | —, S100YEE3 |

### 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) | 7.6% |
| Cash ÷ revenue | 29.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.4% |
| Cash vs. profit gap | 315 JPY mn (of net income 51.4%) |
| Shareholder returns / net income | 2.9% |
| Shareholder returns / FCF | 2.4% |
| Shareholder payments — dividends / net income | 2.9% |
| Shareholder payments — dividends / FCF | 2.3% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 47.0% |

## 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 | 5.7% | 0.51× | 2.9% | 1.71× | 5.0% | S100R3SM |
| 2023 | 6.0% | 0.35× | 2.1% | 1.66× | 3.5% | S100TRWG |
| 2024 | 8.6% | 0.31× | 2.7% | 1.67× | 4.5% | S100W3WQ |
| 2025 | 10.0% | 0.29× | 2.9% | 1.61× | 4.8% | S100YEE3 |
| 2026 | 13.1% | 0.27× | 3.6% | 1.58× | 5.6% | S100YEE3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フリージア・マクロス株式会社 | Major shareholder | 27.5% | 2026-03-31 |
| 夢みつけ隊株式会社 | Major shareholder | 22.3% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口） | Major shareholder | 2.2% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.5% | 2026-03-31 |
| 石橋 拓朗 | Major shareholder | 1.4% | 2026-03-31 |
| 武井 博子 | Major shareholder | 1.2% | 2026-03-31 |
| 大島 勇 | Major shareholder | 1.1% | 2026-03-31 |
| フリージアトレーディング株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/04/01－2026/03/31) | S100YEE3 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEE3,, |
| 有価証券報告書－第8期(2024/04/01－2025/03/31) | S100W3WQ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3WQ,, |
| 有価証券報告書－第7期(2023/04/01－2024/03/31) | S100TRWG | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRWG,, |
| 有価証券報告書－第6期(2022/04/01－2023/03/31) | S100R3SM | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3SM,, |
| 訂正有価証券報告書－第5期(令和3年4月1日－令和4年3月31日) | S100PA0O | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PA0O,, |
| 有価証券報告書－第4期(令和2年4月1日－令和3年3月31日) | S100LRYF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRYF,, |

## 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).