# HAZAMA ANDO 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13期(2025/04/01－2026/03/31) (S100YHJP)
> Page: https://vizora.meequs.com/en/company/hazama-ando
> Retrieved: 2026-09-30T19:07:19.597Z

## Company

Hazama Ando, founded in 2003, is a company in General Contractors listed on TSE Prime. It has 3,957 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAZAMA ANDO CORPORATION |
| Ticker | 1719 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1719.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番1号 |
| Representative (per filing) | 代表取締役社長 国谷一彦 |
| Founded | Oct 2003 |
| Share capital | ¥17B |
| Employees (consolidated) | 3,957 |
| Average salary (parent only) | ¥10.6M |
| Fiscal year end | March |
| Website | www.ad-hzm.co.jp (https://www.ad-hzm.co.jp/) |
| Corporate number | 2010401051696 |
| EDINET | E00317 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YHJP, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.6 | 84 |
| Profitability | 61.4 | 92 |
| Cash conversion | 59.9 | 91 |
| Efficiency | 57.1 | 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 60% of Hazama Ando's sales come from Building construction, with Civil engineering and Consolidated subsidiaries making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -4.6%.

## Company structure

- Segment revenue mix: Building construction 59.7%、Civil engineering 32.0%、Consolidated subsidiaries 6.0%、Other 2.3%
- Revenue → net income: ¥439615000000 → ¥29800000000
- Net income → operating cash flow: ¥29800000000 → ¥28432000000（difference ¥-1368000000）
- Main uses of operating cash flow: CapEx ¥2521000000 / dividends ¥12809000000 / buybacks —
- Change in cash: ¥8819000000
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 | ¥439.6B |  |
| Operating income | ¥33.6B | Margin 7.6% |
| Net income | ¥29.7B | Margin 6.8% |
| Free cash flow | ¥25.9B |  |
| Largest business | Building construction | of segment revenue 59.7% |
| Employees (consolidated) | 3,957 |  |
| EPS | ¥184.78 |  |
| Book value per share | ¥1177 |  |
| Equity ratio | 50.6% |  |
| Shares outstanding | 181,021,000 |  |
| Treasury shares | 20,910,100 |  |
| Shareholders | 90,553 |  |
| Average salary (parent only) | ¥10.6M | Filing company only |
| Cash ratio | 15.7% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | +0.8 pp | General Contractors |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥352146000000 | ¥439615000000 | +24.8% |
| Operating income | ¥27356000000 | ¥33618000000 | +22.9% |
| Operating margin | 7.8% | 7.6% | -0.1 pp |
| Employees | 3,857 people | 3,957 people | +2.6% |
| Cash and equivalents | ¥128035000000 | ¥64591000000 | -49.6% |

### 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 | 32.0% |
| 土木事業 → 事業再編・廃止 | 6.6% |
| 建築事業 → 建築事業 | 54.6% |
| グループ事業 → グループ事業 | 5.4% |
| その他 → その他 | 1.4% |
| 新設・再編 → 建築事業 | 5.1% |
| 新設・再編 → グループ事業 | 0.6% |
| 新設・再編 → その他 | 0.9% |

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 construction | 5 years | +6.4% | ¥262273000000 | 9.3% | 2 |
| Civil engineering | 5 years | +0.7% | ¥140863000000 | 11.0% | 2 |
| Consolidated subsidiaries | 5 years | +6.8% | ¥26522000000 | 7.6% | 2 |
| Other | 5 years | +15.4% | ¥9956000000 | 10.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 439,615 | 100.0% | S100YHJP |
| Cost of revenue | 375,655 | 85.5% | S100YHJP |
| Gross profit | 63,959 | 14.5% | S100YHJP |
| SG&A | 30,341 | 6.9% | S100YHJP |
| Operating income | 33,618 | 7.6% | S100YHJP |
| Ordinary income | 33,257 | 7.6% | S100YHJP |
| Pretax income | 43,049 | 9.8% | S100YHJP |
| Income tax | 13,248 | 3.0% | S100YHJP |
| Net income | 29,800 | 6.8% | S100YHJP |
| Net income attributable to owners | 29,746 | 6.8% | S100YHJP |

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

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

### Margin funnel

Gross margin 14.5% → Operating margin 7.6% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -4.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.36×
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 | 425,160 | 439,615 | 14,455 | +3.4% |
| Gross profit | 60,962 | 63,959 | 2,997 | +4.9% |
| Operating income | 35,243 | 33,618 | -1,625 | -4.6% |
| Net income attributable to owners | 26,444 | 29,746 | 3,302 | +12.5% |
| Operating cash flow | 11,176 | 28,432 | 17,256 | +154.4% |
| Free cash flow | 7,050 | 25,911 | 18,861 | +267.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 378,135 | 24,699 | 6.5% | 16,803 | -3,102 | -6,907 | S100LUJY |
| FY ending Mar 2021 | 352,146 | 27,356 | 7.8% | 17,188 | 29,154 | 26,220 | S100OK9O |
| FY ending Mar 2022 | 340,293 | 26,600 | 7.8% | 17,671 | -36,086 | -38,644 | S100R8S4 |
| FY ending Mar 2023 | 372,146 | 19,853 | 5.3% | 15,187 | 32,272 | 29,273 | S100TUPC |
| FY ending Mar 2024 | 394,128 | 18,591 | 4.7% | 13,878 | -11,115 | -18,192 | S100W5WD |
| FY ending Mar 2025 | 425,160 | 35,243 | 8.3% | 26,444 | 11,176 | 7,050 | S100YHJP |
| FY ending Mar 2026 | 439,615 | 33,618 | 7.6% | 29,746 | 28,432 | 25,911 | S100YHJP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111.1M |
| Operating income per employee (consolidated) | ¥8.5M |
| Net income per employee (consolidated) | ¥7.5M |

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) | 3,669 | 3,677 | 3,691 | 3,753 | 3,957 |
| Average salary (parent company) | ¥8.6M | ¥8.8M | ¥9.6M | ¥10.1M | ¥10.6M |
| Average age (parent company) | 45.7 years | 46.0 years | 46.3 years | 46.3 years | 46.3 years |
| Average tenure (parent company) | 17.6 years | 17.6 years | 17.7 years | 17.6 years | 17.2 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 140,863 | 32.0% | 15,484 | 11.0% |
| Building construction | 262,273 | 59.7% | 24,371 | 9.3% |
| Consolidated subsidiaries | 26,522 | 6.0% | 2,020 | 7.6% |
| Other | 9,956 | 2.3% | 997 | 10.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 32.0% | 36.1% | 4.1 | 11.0% |
| Building construction | 59.7% | 56.8% | -2.8 | 9.3% |
| Consolidated subsidiaries | 6.0% | 4.7% | -1.3 | 7.6% |
| Other | 2.3% | 2.3% | 0.1 | 10.0% |

Segment → industry: Consolidated subsidiaries → General Contractors / Building construction → General Contractors / Civil engineering → 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 | 28,432 | 6.5% | S100YHJP |
| Capital expenditure | 2,521 | 0.6% | S100YHJP |
| Free cash flow | 25,911 | 5.9% | 算出 |
| Investing cash flow | -6,363 | -1.4% | S100YHJP |
| Financing cash flow | -13,770 | -3.1% | S100YHJP |
| Dividends paid | 12,809 | 2.9% | S100YHJP |
| Change in cash | 8,819 | 2.0% | S100YHJP |
| Cash and equivalents | 64,591 | 14.7% | S100YHJP |

## 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 | 64,739 | 74,326 | 48,848 | 55,772 | 64,591 | S100TUPC, S100W5WD, S100YHJP |
| Total assets | 295,332 | 318,014 | 334,145 | 371,974 | 411,575 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Net assets | 141,682 | 141,324 | 154,470 | 172,183 | 209,380 | S100TUPC, S100W5WD, S100YHJP |
| Share capital | 17,006 | 17,006 | 17,006 | 17,006 | 17,006 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Property, plant and equipment | 30,186 | 31,355 | 36,152 | 35,440 | 35,773 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Intangible assets excluding goodwill | 1,542 | 1,610 | 1,693 | 1,772 | 5,574 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Investment securities | 20,960 | 25,020 | 28,250 | 28,048 | 49,544 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Current assets | 228,070 | 245,379 | 249,938 | 287,813 | 300,735 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Current liabilities | 140,388 | 164,217 | 166,503 | 186,473 | 186,382 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Short-term borrowings | 16,676 | 16,489 | 16,348 | 20,982 | 20,995 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Long-term borrowings | 7,640 | 7,463 | 7,249 | 6,916 | 6,519 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Bonds | 162 | 35 | — | — | — | S100R8S4, S100TUPC |
| Interest-bearing debt | 24,478 | 23,987 | — | — | — | 算出 |
| Total liabilities | 153,650 | 176,689 | 179,675 | 199,790 | 202,195 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Non-controlling interests | 761 | 839 | 900 | 976 | 1,115 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Equity attributable to owners of parent | 137,766 | 135,614 | 141,664 | 158,641 | 175,698 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Retained earnings | 114,124 | 122,656 | 128,575 | 145,412 | 162,349 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |
| Treasury stock | -10,422 | -21,106 | -21,595 | -21,455 | -21,335 | S100R8S4, S100TUPC, S100W5WD, S100YHJP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHJP |
| Property, plant and equipment | 9% | S100YHJP |
| Intangibles and goodwill | 1% | S100YHJP |
| Investment securities | 12% | S100YHJP |
| Other assets | 62% | S100YHJP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YHJP |
| Equity | 51% | S100YHJP |

### 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 | 295,332 | 318,014 | 334,145 | 371,974 | 411,575 |
| Equity | 141,682 | 141,324 | 154,470 | 172,183 | 209,380 |
| Interest-bearing debt | 24,478 | 23,987 | — | — | — |
| Cash | 64,739 | 74,326 | 48,848 | 55,772 | 64,591 |

## 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) | 8.1% | S100YHJP |
| Fixed assets ÷ total assets | 8.7% | S100YHJP |
| Goodwill ÷ parent equity | — | —, S100YHJP |

### 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) | 15.7% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.6% |
| Cash vs. profit gap | -1,314 JPY mn (of net income -4.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.1% |
| Shareholder payments — dividends / FCF | 49.4% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 22.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.2% | 1.15× | 6.0% | 2.14× | 12.8% | S100R8S4 |
| 2023 | 4.1% | 1.21× | 5.0% | 2.24× | 11.1% | S100TUPC |
| 2024 | 3.5% | 1.21× | 4.3% | 2.35× | 10.0% | S100W5WD |
| 2025 | 6.2% | 1.20× | 7.5% | 2.35× | 17.6% | S100YHJP |
| 2026 | 6.8% | 1.12× | 7.6% | 2.34× | 17.8% | S100YHJP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 17.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 5.5% | 2026-03-31 |
| 安藤ハザマグループ取引先持株会 | Major shareholder | 4.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC - 006 MF EFM（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 BNYM | Major shareholder | 1.5% | 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 |
| 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 | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥439.6B, up 3.4% from ¥425.2B.
- Operating income slipped 4.6% to ¥33.6B from ¥35.2B.
- Net income attributable to owners still grew 12.5% to ¥29.7B, and operating cash flow rose to ¥28.4B from ¥11.2B.

### Drivers

- Revenue grew because more completed construction work was booked
- Operating income fell because SG&A rose faster than gross profit
- Net income was lifted by larger gains on selling investment securities
- Civil engineering earned more as domestic projects went smoothly, while building construction earned less, partly due to higher SG&A

### Risks

- Sharp rises in labor and material costs could push up construction costs and hurt results
- A shortage of engineers and skilled workers could force the company to take on less work
- Developments in the Middle East and US trade policy could weigh on the economy

Cited: Annual securities report (13th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (13th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YHJP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJP,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W5WD | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5WD,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TUPC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUPC,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R8S4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8S4,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OK9O | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK9O,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LUJY | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUJY,, |

## 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).