# Hibiya Engineering,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第61期(2025/04/01－2026/03/31) (S100YQYG)
> Page: https://vizora.meequs.com/en/company/hibiya-engineering
> Retrieved: 2026-09-30T21:01:00.797Z

## Company

Hibiya Engineering, founded in 1966, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 967 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hibiya Engineering,Ltd. |
| Ticker | 1982 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1982.T) |
| Listing | TSE Prime |
| Head office | 東京都港区三田三丁目5番27号 |
| Representative (per filing) | 代表取締役社長 中北英孝 |
| Founded | Mar 1966 |
| Share capital | ¥5.75B |
| Employees (consolidated) | 967 |
| Average salary (parent only) | ¥11.8M |
| Fiscal year end | March |
| Website | www.hibiya-eng.co.jp (https://www.hibiya-eng.co.jp/) |
| Corporate number | 9010401025405 |
| EDINET | E00168 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YQYG, filed 2026-07-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.4 | 72 |
| Profitability | 70.4 | 76 |
| Cash conversion | 75 | 74 |
| Efficiency | 34.9 | 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 92% of Hibiya Engineering's sales come from Construction, with Equipment sales and Equipment manufacturing making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +43.1%.

## Company structure

- Segment revenue mix: Construction 91.7%、Equipment sales 5.6%、Equipment manufacturing 2.7%
- Revenue → net income: ¥94080000000 → ¥8733000000
- Net income → operating cash flow: ¥8733000000 → ¥11645000000（difference ¥2912000000）
- Main uses of operating cash flow: CapEx ¥266000000 / dividends ¥2192000000 / buybacks ¥2236000000
- Change in cash: ¥8609000000
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 | ¥94.1B |  |
| Operating income | ¥10.7B | Margin 11.3% |
| Net income | ¥8.68B | Margin 9.2% |
| Free cash flow | ¥11.4B |  |
| Largest business | Construction | of segment revenue 91.7% |
| Employees (consolidated) | 967 |  |
| EPS | ¥192.46 |  |
| Diluted EPS | ¥191.72 |  |
| Book value per share | ¥1662.78 |  |
| Equity ratio | 71.6% |  |
| Shares outstanding | 22,000,000 |  |
| Treasury shares | 396,200 |  |
| Shareholders | 3,635 |  |
| Average salary (parent only) | ¥11.8M | Filing company only |
| Cash ratio | 28.3% | Cash ÷ revenue 33.4% |
| Vs. industry median margin | +2.3 pp | Plant Engineering & Building Services |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends
- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, employees -1% while operating income rose 43%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥73119000000 | ¥94080000000 | +28.7% |
| Operating income | ¥3997000000 | ¥10670000000 | +167.0% |
| Operating margin | 5.5% | 11.3% | +5.9 pp |
| Employees | 944 people | 967 people | +2.4% |
| Cash and equivalents | ¥34399000000 | ¥31388000000 | -8.8% |

### 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 |
| --- | ---: |
| 設備工事事業 → 設備工事事業 | 88.4% |
| 設備機器販売事業 → 設備機器販売事業 | 5.6% |
| 設備機器販売事業 → 事業再編・廃止 | 3.3% |
| 設備機器製造事業 → 設備機器製造事業 | 2.7% |
| 設備機器製造事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 設備工事事業 | 3.4% |

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 | 5 years | +6.0% | ¥86288000000 | 11.7% | 2 |
| Equipment sales | 5 years | -4.1% | ¥5281000000 | 7.9% | 2 |
| Equipment manufacturing | 5 years | +4.7% | ¥2510000000 | 5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 94,080 | 100.0% | S100YQYG |
| Cost of revenue | 73,021 | 77.6% | S100YQYG |
| Gross profit | 21,058 | 22.4% | S100YQYG |
| SG&A | 10,387 | 11.0% | S100YQYG |
| Operating income | 10,670 | 11.3% | S100YQYG |
| Ordinary income | 11,466 | 12.2% | S100YQYG |
| Pretax income | 11,877 | 12.6% | S100YQYG |
| Income tax | 3,143 | 3.3% | S100YQYG |
| Net income | 8,733 | 9.3% | S100YQYG |
| Net income attributable to owners | 8,681 | 9.2% | S100YQYG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 11 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 22.4% → Operating margin 11.3% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +43.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.01×
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 | 89,786 | 94,080 | 4,294 | +4.8% |
| Gross profit | 17,266 | 21,058 | 3,792 | +22.0% |
| Operating income | 7,456 | 10,670 | 3,214 | +43.1% |
| Net income attributable to owners | 5,906 | 8,681 | 2,775 | +47.0% |
| Operating cash flow | -616 | 11,645 | 12,261 | — |
| Free cash flow | -929 | 11,379 | 12,308 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 75,890 | 3,690 | 4.9% | 3,537 | -2,081 | -2,210 | S100LNCU |
| FY ending Mar 2021 | 73,119 | 3,997 | 5.5% | 3,075 | 10,771 | 10,708 | S100ON2S |
| FY ending Mar 2022 | 75,497 | 5,662 | 7.5% | 4,372 | 1,703 | 1,595 | S100R334 |
| FY ending Mar 2023 | 83,978 | 5,953 | 7.1% | 4,644 | 1,116 | 751 | S100TS5K |
| FY ending Mar 2024 | 83,762 | 5,737 | 6.8% | 4,800 | 4,167 | 3,861 | S100W2K9 |
| FY ending Mar 2025 | 89,786 | 7,456 | 8.3% | 5,906 | -616 | -929 | S100YQYG |
| FY ending Mar 2026 | 94,080 | 10,670 | 11.3% | 8,681 | 11,645 | 11,379 | S100YQYG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.3M |
| Operating income per employee (consolidated) | ¥11M |
| Net income per employee (consolidated) | ¥9M |

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) | 961 | 966 | 966 | 975 | 967 |
| Average salary (parent company) | ¥8.7M | ¥9.7M | ¥10.1M | ¥9.6M | ¥11.8M |
| Average age (parent company) | 45.0 years | 45.1 years | 45.3 years | 45.4 years | 45.1 years |
| Average tenure (parent company) | 17.8 years | 17.9 years | 18.0 years | 18.5 years | 18.4 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 86,288 | 91.7% | 10,110 | 11.7% |
| Equipment sales | 5,281 | 5.6% | 415 | 7.9% |
| Equipment manufacturing | 2,510 | 2.7% | 128 | 5.1% |

### 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 | 91.7% | 94.9% | 3.2 | 11.7% |
| Equipment sales | 5.6% | 3.9% | -1.7 | 7.9% |
| Equipment manufacturing | 2.7% | 1.2% | -1.5 | 5.1% |

Segment → industry: Construction → Plant Engineering & Building Services / Equipment sales → Specialty Trading & Wholesale

## 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 | 11,645 | 12.4% | S100YQYG |
| Capital expenditure | 266 | 0.3% | S100YQYG |
| Free cash flow | 11,379 | 12.1% | 算出 |
| Investing cash flow | 1,399 | 1.5% | S100YQYG |
| Financing cash flow | -4,435 | -4.7% | S100YQYG |
| Dividends paid | 2,192 | 2.3% | S100YQYG |
| Share buyback | 2,236 | 2.4% | S100YQYG |
| Change in cash | 8,609 | 9.2% | S100YQYG |
| Cash and equivalents | 31,388 | 33.4% | S100YQYG |

## 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 | 32,965 | 27,929 | 28,956 | 22,778 | 31,388 | S100TS5K, S100W2K9, S100YQYG |
| Total assets | 87,466 | 94,687 | 98,226 | 99,915 | 110,935 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Net assets | 63,409 | 64,714 | 69,914 | 71,684 | 80,669 | S100TS5K, S100W2K9, S100YQYG |
| Share capital | 5,753 | 5,753 | 5,753 | 5,753 | 5,753 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Inventories | 873 | 1,119 | 1,525 | 1,663 | 1,975 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Property, plant and equipment | 598 | 697 | 814 | 876 | 873 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Intangible assets excluding goodwill | 118 | 280 | 259 | 260 | 306 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Investment securities | 16,228 | 17,142 | 20,917 | 20,379 | 27,252 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Current assets | 65,031 | 70,552 | 71,105 | 72,886 | 77,062 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Current liabilities | 22,186 | 28,141 | 25,634 | 26,536 | 26,487 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Total liabilities | 24,057 | 29,973 | 28,311 | 28,230 | 30,265 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Non-controlling interests | 1,421 | 962 | 996 | 1,005 | 1,084 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Equity attributable to owners of parent | 57,261 | 59,091 | 60,795 | 63,041 | 67,491 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Retained earnings | 48,602 | 51,277 | 51,516 | 55,458 | 56,922 | S100R334, S100TS5K, S100W2K9, S100YQYG |
| Treasury stock | -3,123 | -4,079 | -2,614 | -4,309 | -1,324 | S100R334, S100TS5K, S100W2K9, S100YQYG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YQYG |
| Inventories | 2% | S100YQYG |
| Property, plant and equipment | 1% | S100YQYG |
| Intangibles and goodwill | 0% | S100YQYG |
| Investment securities | 25% | S100YQYG |
| Other assets | 44% | S100YQYG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YQYG |
| Equity | 73% | S100YQYG |
| Other liabilities | 0% | S100YQYG |

### 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 | 87,466 | 94,687 | 98,226 | 99,915 | 110,935 |
| Equity | 63,409 | 64,714 | 69,914 | 71,684 | 80,669 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 32,965 | 27,929 | 28,956 | 22,778 | 31,388 |

## 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) | 0.9% | S100YQYG |
| Fixed assets ÷ total assets | 0.8% | S100YQYG |
| Goodwill ÷ parent equity | — | —, S100YQYG |

### 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) | 28.3% |
| Cash ÷ revenue | 33.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.1% |
| Cash vs. profit gap | 2,964 JPY mn (of net income 34.1%) |
| Shareholder returns / net income | 51.0% |
| Shareholder returns / FCF | 38.9% |
| Shareholder payments — dividends / net income | 25.3% |
| Shareholder payments — dividends / FCF | 19.3% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 12.0% |

## 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 | 5.8% | 0.86× | 5.0% | 1.53× | 7.6% | S100R334 |
| 2023 | 5.5% | 0.92× | 5.1% | 1.57× | 8.0% | S100TS5K |
| 2024 | 5.7% | 0.87× | 5.0% | 1.61× | 8.0% | S100W2K9 |
| 2025 | 6.6% | 0.91× | 6.0% | 1.60× | 9.5% | S100YQYG |
| 2026 | 9.2% | 0.89× | 8.2% | 1.62× | 13.3% | S100YQYG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 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% | 2026-03-31 |
| 日比谷総合設備取引先持株会 | Major shareholder | 6.2% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.8% | 2026-03-31 |
| エヌ・ティ・ティ都市開発 株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 日本マスタートラスト 信託銀行株式会社 （退職給付信託口・ 株式会社百十四銀行口） | Major shareholder | 4.2% | 2026-03-31 |
| 日比谷総合設備従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 一般社団法人NTTグループ共済会 | Major shareholder | 3.2% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 共立建設株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YQYG | 2026-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQYG,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W2K9 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2K9,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TS5K | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS5K,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R334 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R334,, |
| 訂正有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100ON2S | 2022-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ON2S,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LNCU | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNCU,, |

## 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).