# HASEKO 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109期(2025/04/01－2026/03/31) (S100YJVQ)
> Page: https://vizora.meequs.com/en/company/haseko
> Retrieved: 2026-09-30T17:54:06.225Z

## Company

Haseko, founded in 1946, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 8,875 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HASEKO Corporation |
| Ticker | 1808 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1808.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝二丁目32番1号 |
| Representative (per filing) | 代表取締役社長 熊野聡 |
| Founded | Aug 1946 |
| Share capital | ¥57.5B |
| Employees (consolidated) | 8,875 |
| Average salary (parent only) | ¥10.4M |
| Fiscal year end | March |
| Website | www.haseko.co.jp (https://www.haseko.co.jp/) |
| Corporate number | 7010401024061 |
| EDINET | E00090 |
| Industries (Vizora) | Real Estate Brokerage & Management, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100YJVQ, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.7 | 84 |
| Profitability | 64.7 | 92 |
| Cash conversion | 73.1 | 91 |
| Efficiency | 42.9 | 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 64% of Haseko's sales come from Construction-related Business, with Real estate related Business and Condominium Management and Operation Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +16.6%.

## Company structure

- Segment revenue mix: Construction-related Business 64.4%、Real estate related Business 22.8%、Condominium Management and Operation Business 12.5%、Overseas Business 0.3%
- Revenue → net income: ¥1273136000000 → ¥54901000000
- Net income → operating cash flow: ¥54901000000 → ¥157414000000（difference ¥102513000000）
- Main uses of operating cash flow: CapEx ¥21133000000 / dividends ¥24710000000 / buybacks ¥20055000000
- Change in cash: ¥52336000000
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 | ¥1.27T |  |
| Operating income | ¥98.7B | Margin 7.8% |
| Net income | ¥54.8B | Margin 4.3% |
| Free cash flow | ¥136.3B |  |
| Largest business | Construction-related Business | of segment revenue 64.4% |
| Employees (consolidated) | 8,875 |  |
| EPS | ¥187.42 |  |
| Book value per share | ¥1646.89 |  |
| Equity ratio | 39.7% |  |
| Shares outstanding | 292,479,897 |  |
| Treasury shares | 23,498,100 |  |
| Shareholders | 42,776 |  |
| Average salary (parent only) | ¥10.4M | Filing company only |
| Cash ratio | 20.3% | Cash ÷ revenue 22.6% |
| Vs. industry median margin | +0.9 pp | General Contractors |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥809438000000 | ¥1273136000000 | +57.3% |
| Operating income | ¥72909000000 | ¥98743000000 | +35.4% |
| Operating margin | 9.0% | 7.8% | -1.3 pp |
| Employees | 7,415 people | 8,875 people | +19.7% |
| Cash and equivalents | ¥214299000000 | ¥288134000000 | +34.5% |

### 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 |
| --- | ---: |
| 建設関連事業 → 建設関連事業 | 64.4% |
| 建設関連事業 → 事業再編・廃止 | 4.4% |
| 不動産関連事業 → 不動産関連事業 | 9.0% |
| サービス関連事業 → 事業再編・廃止 | 22.1% |
| 海外関連事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 不動産関連事業 | 13.7% |
| 新設・再編 → 管理運営事業 | 12.5% |
| 新設・再編 → 海外事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction-related Business | 5 years | +8.0% | ¥820088000000 | 8.4% | 2 |
| Real estate related Business | 5 years | +31.7% | ¥290209000000 | 12.3% | 2 |
| Condominium Management and Operation Business | — | — | ¥158525000000 | 5.2% | 2 |
| Overseas Business | — | — | ¥4314000000 | -141.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,273,136 | 100.0% | S100YJVQ |
| Cost of revenue | 1,083,295 | 85.1% | S100YJVQ |
| Gross profit | 189,841 | 14.9% | S100YJVQ |
| SG&A | 91,098 | 7.2% | S100YJVQ |
| Operating income | 98,743 | 7.8% | S100YJVQ |
| Ordinary income | 94,051 | 7.4% | S100YJVQ |
| Pretax income | 89,455 | 7.0% | S100YJVQ |
| Income tax | 34,555 | 2.7% | S100YJVQ |
| Net income | 54,901 | 4.3% | S100YJVQ |
| Net income attributable to owners | 54,839 | 4.3% | S100YJVQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 7 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.9% → Operating margin 7.8% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +16.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.04×
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 | 1,177,353 | 1,273,136 | 95,783 | +8.1% |
| Gross profit | 166,525 | 189,841 | 23,316 | +14.0% |
| Operating income | 84,701 | 98,743 | 14,042 | +16.6% |
| Net income attributable to owners | 34,450 | 54,839 | 20,389 | +59.2% |
| Operating cash flow | 3,916 | 157,414 | 153,498 | +3919.8% |
| Free cash flow | -16,745 | 136,281 | 153,026 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 846,029 | 85,925 | 10.2% | 59,851 | -15,263 | -40,324 | S100LUVF |
| FY ending Mar 2021 | 809,438 | 72,909 | 9.0% | 48,258 | 31,876 | 2,058 | S100OJQ2 |
| FY ending Mar 2022 | 909,708 | 82,702 | 9.1% | 54,490 | 65,448 | 38,642 | S100R9ZC |
| FY ending Mar 2023 | 1,027,277 | 90,162 | 8.8% | 59,326 | -51,909 | -87,356 | S100TQ78 |
| FY ending Mar 2024 | 1,094,421 | 85,747 | 7.8% | 56,038 | 115,023 | 90,865 | S100W5AH |
| FY ending Mar 2025 | 1,177,353 | 84,701 | 7.2% | 34,450 | 3,916 | -16,745 | S100YJVQ |
| FY ending Mar 2026 | 1,273,136 | 98,743 | 7.8% | 54,839 | 157,414 | 136,281 | S100YJVQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥143.5M |
| Operating income per employee (consolidated) | ¥11.1M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 7,460 | 7,511 | 7,829 | 8,307 | 8,875 |
| Average salary (parent company) | ¥9.1M | ¥9.4M | ¥9.6M | ¥10.6M | ¥10.4M |
| Average age (parent company) | 41.2 years | 41.1 years | 40.8 years | 40.3 years | 39.4 years |
| Average tenure (parent company) | 16.9 years | 16.8 years | 16.8 years | 15.6 years | 14.7 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction-related Business | 820,088 | 64.4% | 68,536 | 8.4% |
| Real estate related Business | 290,209 | 22.8% | 35,579 | 12.3% |
| Condominium Management and Operation Business | 158,525 | 12.5% | 8,214 | 5.2% |
| Overseas Business | 4,314 | 0.3% | -6,081 | -141.0% |

### 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-related Business | 64.4% | 61.0% | -3.4 | 8.4% |
| Real estate related Business | 22.8% | 31.7% | 8.9 | 12.3% |
| Condominium Management and Operation Business | 12.5% | 7.3% | -5.1 | 5.2% |
| Overseas Business | 0.3% | — | — | -141.0% |

Loss-making segment (excluded from profit shares): Overseas Business -6,081 JPY mn

Segment → industry: Condominium Management and Operation Business → Real Estate Brokerage & Management / Construction-related Business → General Contractors / Real estate related Business → Condominium Developers

## 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 | 157,414 | 12.4% | S100YJVQ |
| Capital expenditure | 21,133 | 1.7% | S100YJVQ |
| Free cash flow | 136,281 | 10.7% | 算出 |
| Investing cash flow | -53,225 | -4.2% | S100YJVQ |
| Financing cash flow | -53,373 | -4.2% | S100YJVQ |
| Dividends paid | 24,710 | 1.9% | S100YJVQ |
| Share buyback | 20,055 | 1.6% | S100YJVQ |
| Change in cash | 52,336 | 4.1% | S100YJVQ |
| Cash and equivalents | 288,134 | 22.6% | S100YJVQ |

## 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 | 264,864 | 208,333 | 283,493 | 235,798 | 288,134 | S100TQ78, S100W5AH, S100YJVQ |
| Total assets | 1,081,907 | 1,198,105 | 1,351,231 | 1,365,203 | 1,417,724 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Net assets | 417,667 | 454,088 | 511,246 | 532,033 | 563,451 | S100TQ78, S100W5AH, S100YJVQ |
| Share capital | 57,500 | 57,500 | 57,500 | 57,500 | 57,500 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Property, plant and equipment | 174,182 | 211,618 | 175,625 | 143,883 | 142,768 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Intangible assets excluding goodwill | 10,092 | 10,163 | 11,036 | 12,404 | 13,523 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Goodwill | 2,387 | 2,184 | 1,981 | 1,778 | 1,574 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Investment securities | 43,125 | 61,218 | 91,444 | 102,774 | 146,313 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Current assets | 810,079 | 869,199 | 1,021,700 | 1,053,200 | 1,051,966 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Current liabilities | 350,543 | 378,802 | 394,383 | 442,824 | 398,291 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Short-term borrowings | — | 31,500 | — | 15,000 | — | S100TQ78, S100YJVQ |
| Long-term borrowings | 190,000 | 230,000 | 285,000 | 265,000 | 335,000 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Bonds | 90,000 | 100,000 | 120,000 | 80,000 | 80,000 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Interest-bearing debt | — | 361,500 | — | 360,000 | — | 算出 |
| Total liabilities | 664,240 | 744,016 | 839,985 | 833,170 | 854,274 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Non-controlling interests | 5 | 4 | — | — | 716 | S100R9ZC, S100TQ78, S100YJVQ |
| Equity attributable to owners of parent | 422,689 | 455,121 | 489,347 | 500,036 | 510,686 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Retained earnings | 392,149 | 427,878 | 461,707 | 472,561 | 489,444 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |
| Treasury stock | -34,333 | -37,630 | -37,233 | -37,398 | -43,882 | S100R9ZC, S100TQ78, S100W5AH, S100YJVQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YJVQ |
| Property, plant and equipment | 10% | S100YJVQ |
| Intangibles and goodwill | 1% | S100YJVQ |
| Investment securities | 10% | S100YJVQ |
| Other assets | 58% | S100YJVQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YJVQ |
| Equity | 40% | S100YJVQ |

### 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 | 1,081,907 | 1,198,105 | 1,351,231 | 1,365,203 | 1,417,724 |
| Equity | 417,667 | 454,088 | 511,246 | 532,033 | 563,451 |
| Interest-bearing debt | — | 361,500 | — | 360,000 | — |
| Cash | 264,864 | 208,333 | 283,493 | 235,798 | 288,134 |

## 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) | 11.2% | S100YJVQ |
| Fixed assets ÷ total assets | 10.1% | S100YJVQ |
| Goodwill ÷ parent equity | 0.3% | S100YJVQ |

Goodwill over 4 years: 2,387 → 1,574 JPY; total investing cash flow: -212,590 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) | 20.3% |
| Cash ÷ revenue | 22.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 159.4% |
| Cash vs. profit gap | 102,575 JPY mn (of net income 187.0%) |
| Shareholder returns / net income | 81.6% |
| Shareholder returns / FCF | 32.8% |
| Shareholder payments — dividends / net income | 45.1% |
| Shareholder payments — dividends / FCF | 18.1% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 33.8% |

## 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 | 6.0% | 0.84× | 5.0% | 2.56× | 12.9% | S100R9ZC |
| 2023 | 5.8% | 0.90× | 5.2% | 2.60× | 13.5% | S100TQ78 |
| 2024 | 5.1% | 0.86× | 4.4% | 2.70× | 11.9% | S100W5AH |
| 2025 | 2.9% | 0.87× | 2.5% | 2.75× | 7.0% | S100YJVQ |
| 2026 | 4.3% | 0.91× | 3.9% | 2.75× | 10.9% | S100YJVQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| いちごトラスト・ピーティーイー・リミテッド(常任代理人 香港上海銀行東京支店) | Major shareholder | 19.7% | 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 | 11.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 長谷工グループ従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 長谷工コーポレーション東京取引先持株会 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.27T, up +8.1% from ¥1.18T.
- Operating income grew faster, rising +16.6% to ¥98.7B, and net income rose +59.2% to ¥54.8B.
- Operating cash flow jumped from ¥3.92B to ¥157.4B, and free cash flow turned positive at ¥136.3B after a negative prior year.

### Drivers

- Construction contracts were won on better terms, which raised the gross margin on completed projects.
- More construction was completed, and the group handed over more condos, sold more income properties and closed more brokerage deals.
- Cash flow improved mainly because inventories fell, freeing up cash.

### Risks

- The business leans heavily on building condos for sale, so orders can swing with new supply, sales conditions and interest rates.
- Rising prices or shortages of building materials, including from Middle East tensions, could push up costs and delay handovers.
- Subsidiary Haseko Reform is under a Japan Fair Trade Commission investigation over suspected antitrust violations in large-scale repair contracts; the financial impact is not yet known.

Cited: Annual Securities Report (109th term) (Management's analysis of financial position, results and cash flows); Annual Securities Report (109th term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YJVQ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJVQ,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100W5AH | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5AH,, |
| 有価証券報告書－第107期(2023/04/01－2024/03/31) | S100TQ78 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ78,, |
| 有価証券報告書－第106期(2022/04/01－2023/03/31) | S100R9ZC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9ZC,, |
| 有価証券報告書－第105期(令和3年4月1日－令和4年3月31日) | S100OJQ2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJQ2,, |
| 有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100LUVF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUVF,, |

## 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).