# GIKEN LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2024/09/01－2025/08/31) (S100X6JF)
> Page: https://vizora.meequs.com/en/company/giken
> Retrieved: 2026-09-30T19:06:37.165Z

## Company

Giken, founded in 2006, is a company in General Contractors listed on TSE Prime. It has 703 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GIKEN LTD. |
| Ticker | 6289 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6289.T) |
| Listing | TSE Prime |
| Head office | 高知県高知市布師田3948番地1 |
| Representative (per filing) | 代表取締役社長 CEO 大平 厚 |
| Founded | Mar 2006 |
| Share capital | ¥8.96B |
| Employees (consolidated) | 703 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | August |
| Website | www.giken.com (https://www.giken.com/) |
| Corporate number | 5490001000359 |
| EDINET | E01690 |
| Industries (Vizora) | General Contractors, Construction & Farm Machinery |

> Profile source: annual securities report (S100X6JF, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.6 | 17 |
| Profitability | 65.6 | 16 |
| Cash conversion | 30 | 15 |
| Efficiency | 8.8 | 17 |

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 67% of Giken's sales come from Construction Machinery, with Press-in Construction making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -10.7% from the prior year, operating profit -22.8%.

## Company structure

- Segment revenue mix: Construction Machinery 67.0%、Press-in Construction 33.0%
- Revenue → net income: ¥26337000000 → ¥1487000000
- Net income → operating cash flow: ¥1487000000 → ¥1377000000（difference ¥-110000000）
- Main uses of operating cash flow: CapEx ¥1802000000 / dividends ¥1177000000 / buybacks ¥499000000
- Change in cash: ¥-794000000
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 | ¥26.3B |  |
| Operating income | ¥2.57B | Margin 9.7% |
| Net income | ¥1.49B | Margin 5.6% |
| Free cash flow | -¥425M |  |
| Largest business | Construction Machinery | of segment revenue 67.0% |
| Employees (consolidated) | 703 |  |
| EPS | ¥29.03 |  |
| Book value per share | ¥1348.57 |  |
| Equity ratio | 84.2% |  |
| Shares outstanding | 28,194,000 |  |
| Treasury shares | 1,747,700 |  |
| Shareholders | 10,297 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 20.0% |
| Vs. industry median margin | +1.2 pp | Construction & Farm Machinery |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 78% of positive segment profit

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24640000000 | ¥26337000000 | +6.9% |
| Operating income | ¥2498000000 | ¥2566000000 | +2.7% |
| Operating margin | 10.1% | 9.7% | -0.4 pp |
| Employees | 633 people | 703 people | +11.1% |
| Cash and equivalents | ¥5324000000 | ¥5275000000 | -0.9% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設機械事業 → 建設機械事業 | 63.3% |
| 圧入工事事業 → 圧入工事事業 | 33.0% |
| 圧入工事事業 → 事業再編・廃止 | 3.8% |
| 新設・再編 → 建設機械事業 | 3.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,337 | 100.0% | S100X6JF |
| Cost of revenue | 16,207 | 61.5% | S100X6JF |
| Gross profit | 10,129 | 38.5% | S100X6JF |
| SG&A | 7,563 | 28.7% | S100X6JF |
| Operating income | 2,566 | 9.7% | S100X6JF |
| Ordinary income | 2,732 | 10.4% | S100X6JF |
| Pretax income | 1,878 | 7.1% | S100X6JF |
| Income tax | 390 | 1.5% | S100X6JF |
| Net income | 1,487 | 5.6% | S100X6JF |
| Net income attributable to owners | 1,487 | 5.6% | S100X6JF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 29 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 38.5% → Operating margin 9.7% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.7%; Core profit growth: -22.8%
Operating leverage (core profit growth ÷ revenue growth): 2.14×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 29,481 | 26,337 | -3,144 | -10.7% |
| Gross profit | 10,867 | 10,129 | -738 | -6.8% |
| Operating income | 3,324 | 2,566 | -758 | -22.8% |
| Net income attributable to owners | 2,437 | 1,487 | -950 | -39.0% |
| Operating cash flow | 3,139 | 1,377 | -1,762 | -56.1% |
| Free cash flow | 1,899 | -425 | -2,324 | -122.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 32,442 | 6,689 | 20.6% | 4,571 | 3,090 | 1,143 | S100K97R |
| FY ending Aug 2020 | 24,640 | 2,498 | 10.1% | 1,400 | 3,263 | -10 | S100MXQ1 |
| FY ending Aug 2021 | 27,618 | 3,997 | 14.5% | 3,073 | 7,768 | 5,688 | S100POJ0 |
| FY ending Aug 2022 | 30,378 | 4,613 | 15.2% | 3,234 | 5,923 | 4,047 | S100SDDQ |
| FY ending Aug 2023 | 29,272 | 2,983 | 10.2% | 846 | 2,039 | 258 | S100UUNE |
| FY ending Aug 2024 | 29,481 | 3,324 | 11.3% | 2,437 | 3,139 | 1,899 | S100X6JF |
| FY ending Aug 2025 | 26,337 | 2,566 | 9.7% | 1,487 | 1,377 | -425 | S100X6JF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 671 | 690 | 691 | 698 | 703 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.8M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 33.6 years | 34.1 years | 34.5 years | 34.8 years | 35.3 years |
| Average tenure (parent company) | 10.5 years | 10.7 years | 11.1 years | 11.4 years | 12.0 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Machinery | 17,656 | 67.0% | 3,892 | 22.0% |
| Press-in Construction | 8,680 | 33.0% | 1,090 | 12.6% |

### 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 Machinery | 67.0% | 78.1% | 11.1 | 22.0% |
| Press-in Construction | 33.0% | 21.9% | -11.1 | 12.6% |

Segment → industry: Press-in Construction → General Contractors / Construction Machinery → Construction & Farm Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,377 | 5.2% | S100X6JF |
| Capital expenditure | 1,802 | 6.8% | S100X6JF |
| Free cash flow | -425 | -1.6% | 算出 |
| Investing cash flow | -1,135 | -4.3% | S100X6JF |
| Financing cash flow | -953 | -3.6% | S100X6JF |
| Dividends paid | 1,177 | 4.5% | S100X6JF |
| Share buyback | 499 | 1.9% | S100X6JF |
| Change in cash | -794 | -3.0% | S100X6JF |
| Cash and equivalents | 5,275 | 20.0% | S100X6JF |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,666 | 5,598 | 5,147 | 6,070 | 5,275 | S100SDDQ, S100UUNE, S100X6JF |
| Total assets | 51,667 | 54,694 | 51,388 | 48,129 | 47,837 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Net assets | 39,544 | 41,256 | 39,544 | 40,446 | 40,285 | S100SDDQ, S100UUNE, S100X6JF |
| Share capital | 8,892 | 8,958 | 8,958 | 8,958 | 8,958 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Trade receivables | 6,699 | — | — | — | — | S100POJ0 |
| Property, plant and equipment | 20,064 | 19,656 | 19,185 | 18,463 | 18,861 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Intangible assets excluding goodwill | 275 | 233 | 182 | 125 | 130 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Investment securities | 1,186 | 1,211 | 2,054 | 1,854 | 2,220 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Current assets | 26,907 | 30,117 | 25,419 | 24,271 | 23,849 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Current liabilities | 10,527 | 12,103 | 11,396 | 7,312 | 6,747 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Trade payables | 1,534 | 1,877 | 1,708 | 874 | 1,043 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Short-term borrowings | 718 | 875 | 453 | 94 | 505 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Long-term borrowings | 538 | 393 | 314 | 205 | 519 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Total liabilities | 12,122 | 13,438 | 11,844 | 7,683 | 7,551 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Non-controlling interests | 435 | 514 | — | — | — | S100POJ0, S100SDDQ |
| Equity attributable to owners of parent | 39,253 | 40,696 | 39,440 | 39,905 | 39,762 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Retained earnings | 20,596 | 21,908 | 21,244 | 22,602 | 22,911 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |
| Treasury stock | -304 | -305 | -880 | -1,783 | -2,250 | S100POJ0, S100SDDQ, S100UUNE, S100X6JF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100X6JF |
| Property, plant and equipment | 39% | S100X6JF |
| Intangibles and goodwill | 0% | S100X6JF |
| Investment securities | 5% | S100X6JF |
| Other assets | 45% | S100X6JF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100X6JF |
| Other liabilities | 14% | S100X6JF |
| Equity | 84% | S100X6JF |
| Other liabilities | 0% | S100X6JF |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 51,667 | 54,694 | 51,388 | 48,129 | 47,837 |
| Equity | 39,544 | 41,256 | 39,544 | 40,446 | 40,285 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,666 | 5,598 | 5,147 | 6,070 | 5,275 |

## 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) | 71.6% | S100X6JF |
| Fixed assets ÷ total assets | 39.4% | S100X6JF |
| Goodwill ÷ parent equity | — | —, S100X6JF |

### 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) | 11.0% |
| Cash ÷ revenue | 20.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.7% |
| Cash vs. profit gap | -110 JPY mn (of net income -7.4%) |
| Shareholder returns / net income | 112.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 79.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 82.4% |

## 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 | 11.1% | 0.53× | 5.9% | 1.32× | 7.8% | S100POJ0 |
| 2022 | 10.6% | 0.57× | 6.1% | 1.33× | 8.1% | S100SDDQ |
| 2023 | 2.9% | 0.55× | 1.6% | 1.32× | 2.1% | S100UUNE |
| 2024 | 8.3% | 0.59× | 4.9% | 1.25× | 6.1% | S100X6JF |
| 2025 | 5.6% | 0.55× | 3.1% | 1.20× | 3.7% | S100X6JF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社北村興産 | Major shareholder | 22.7% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.9% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2025-08-31 |
| 株式会社四国銀行 | Major shareholder | 4.0% | 2025-08-31 |
| 株式会社高知銀行 | Major shareholder | 3.0% | 2025-08-31 |
| 北村博美 | Major shareholder | 2.5% | 2025-08-31 |
| 北村知佐子 | Major shareholder | 2.5% | 2025-08-31 |
| 技研製作所従業員持株会 | Major shareholder | 2.0% | 2025-08-31 |
| 北村龍真 | Major shareholder | 1.9% | 2025-08-31 |
| 四銀総合リース株式会社 | Major shareholder | 1.6% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2024/09/01－2025/08/31) | S100X6JF | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6JF,, |
| 有価証券報告書－第43期(2023/09/01－2024/08/31) | S100UUNE | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUNE,, |
| 有価証券報告書－第42期(2022/09/01－2023/08/31) | S100SDDQ | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDDQ,, |
| 有価証券報告書－第41期(令和3年9月1日－令和4年8月31日) | S100POJ0 | 2022-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POJ0,, |
| 有価証券報告書－第40期(令和2年9月1日－令和3年8月31日) | S100MXQ1 | 2021-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXQ1,, |
| 有価証券報告書－第39期(令和1年9月1日－令和2年8月31日) | S100K97R | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K97R,, |

## 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).