# hokuriku electrical construction 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112期(2025/04/01－2026/03/31) (S100YI00)
> Page: https://vizora.meequs.com/en/company/hokuriku-electrical-construction
> Retrieved: 2026-09-30T22:15:51.651Z

## Company

hokuriku electrical construction, founded in 1944, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 1,354 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKURIKU ELECTRICAL CONSTRUCTION CO.,LTD. |
| Ticker | 1930 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1930.T) |
| Listing | TSE Prime |
| Head office | 富山県富山市小中269番 |
| Representative (per filing) | 代表取締役社長 社長執行役員 山崎勇志 |
| Founded | Oct 1944 |
| Share capital | ¥3.33B |
| Employees (consolidated) | 1,354 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.rikudenko.co.jp (https://www.rikudenko.co.jp/) |
| Corporate number | 6230001003007 |
| EDINET | E00207 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YI00, 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 | 54.9 | 72 |
| Profitability | 42.8 | 76 |
| Cash conversion | 10.1 | 74 |
| Efficiency | 50.7 | 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)

- hokuriku electrical construction brought in ¥61B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +17.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥61028000000 → ¥3870000000
- Net income → operating cash flow: ¥3870000000 → ¥554000000（difference ¥-3316000000）
- Main uses of operating cash flow: CapEx ¥515000000 / dividends ¥1296000000 / buybacks —
- Change in cash: ¥-4869000000
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 | ¥61B |  |
| Operating income | ¥5.12B | Margin 8.4% |
| Net income | ¥3.87B | Margin 6.3% |
| Free cash flow | ¥39M |  |
| Employees (consolidated) | 1,354 |  |
| EPS | ¥138.89 |  |
| Book value per share | ¥1681.42 |  |
| Equity ratio | 74.3% |  |
| Shares outstanding | 29,963,000 |  |
| Treasury shares | 1,559,700 |  |
| Shareholders | 4,945 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 28.1% | Cash ÷ revenue 28.5% |
| Vs. industry median margin | -0.7 pp | Plant Engineering & Building Services |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44888000000 | ¥61028000000 | +36.0% |
| Operating income | ¥3853000000 | ¥5121000000 | +32.9% |
| Operating margin | 8.6% | 8.4% | -0.2 pp |
| Employees | 1,141 people | 1,354 people | +18.7% |
| Cash and equivalents | ¥24250000000 | ¥17392000000 | -28.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,028 | 100.0% | S100YI00 |
| Cost of revenue | 49,452 | 81.0% | S100YI00 |
| Gross profit | 11,576 | 19.0% | S100YI00 |
| SG&A | 6,455 | 10.6% | S100YI00 |
| Operating income | 5,121 | 8.4% | S100YI00 |
| Ordinary income | 5,451 | 8.9% | S100YI00 |
| Pretax income | 5,444 | 8.9% | S100YI00 |
| Income tax | 1,574 | 2.6% | S100YI00 |
| Net income | 3,870 | 6.3% | S100YI00 |
| Net income attributable to owners | 3,870 | 6.3% | S100YI00 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 19.0% → Operating margin 8.4% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.7%; Core profit growth: +17.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.82×
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 | 55,607 | 61,028 | 5,421 | +9.7% |
| Gross profit | 10,368 | 11,576 | 1,208 | +11.7% |
| Operating income | 4,351 | 5,121 | 770 | +17.7% |
| Net income attributable to owners | 3,187 | 3,870 | 683 | +21.4% |
| Operating cash flow | 7,603 | 554 | -7,049 | -92.7% |
| Free cash flow | 7,192 | 39 | -7,153 | -99.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 49,932 | 4,766 | 9.5% | 3,126 | 4,193 | 3,210 | S100LUNQ |
| FY ending Mar 2021 | 44,888 | 3,853 | 8.6% | 3,175 | 4,005 | 3,004 | S100OLWP |
| FY ending Mar 2022 | 45,928 | 3,157 | 6.9% | 2,246 | 199 | -1,572 | S100RA0C |
| FY ending Mar 2023 | 44,846 | 2,356 | 5.3% | 1,628 | 3,314 | 1,879 | S100TWJM |
| FY ending Mar 2024 | 53,398 | 3,425 | 6.4% | 2,209 | 2,255 | 1,493 | S100W966 |
| FY ending Mar 2025 | 55,607 | 4,351 | 7.8% | 3,187 | 7,603 | 7,192 | S100YI00 |
| FY ending Mar 2026 | 61,028 | 5,121 | 8.4% | 3,870 | 554 | 39 | S100YI00 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.1M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 1,160 | 1,231 | 1,330 | 1,333 | 1,354 |
| Average salary (parent company) | ¥5.9M | ¥5.7M | ¥5.7M | ¥6M | ¥6.6M |
| Average age (parent company) | 40.5 years | 40.4 years | 40.0 years | 40.1 years | 40.0 years |
| Average tenure (parent company) | 18.2 years | 17.9 years | 17.5 years | 17.3 years | 17.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +9.7%

## 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 | 554 | 0.9% | S100YI00 |
| Capital expenditure | 515 | 0.8% | S100YI00 |
| Free cash flow | 39 | 0.1% | 算出 |
| Investing cash flow | -3,304 | -5.4% | S100YI00 |
| Financing cash flow | -2,118 | -3.5% | S100YI00 |
| Dividends paid | 1,296 | 2.1% | S100YI00 |
| Change in cash | -4,869 | -8.0% | S100YI00 |
| Cash and equivalents | 17,392 | 28.5% | S100YI00 |

## 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 | 20,470 | 19,949 | 19,470 | 22,261 | 17,392 | S100TWJM, S100W966, S100YI00 |
| Total assets | 55,465 | 54,803 | 62,749 | 60,707 | 61,992 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Net assets | 39,861 | 40,717 | 41,865 | 43,893 | 46,085 | S100TWJM, S100W966, S100YI00 |
| Share capital | 3,328 | 3,328 | 3,328 | 3,328 | 3,328 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Property, plant and equipment | 13,130 | 13,938 | 13,526 | 12,942 | 12,565 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Intangible assets excluding goodwill | 91 | 579 | 2,298 | 1,934 | 1,589 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Goodwill | — | 494 | 1,322 | 1,068 | 813 | S100TWJM, S100W966, S100YI00 |
| Investment securities | 1,293 | 1,533 | 1,405 | 1,366 | 2,122 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Current assets | 39,175 | 36,526 | 42,976 | 39,658 | 39,788 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Current liabilities | 11,834 | 10,455 | 16,752 | 13,308 | 12,006 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Short-term borrowings | — | — | 176 | 57 | — | S100W966, S100YI00 |
| Long-term borrowings | — | — | 143 | 74 | 24 | S100W966, S100YI00 |
| Total liabilities | 15,604 | 14,085 | 20,883 | 16,814 | 15,906 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Equity attributable to owners of parent | 39,759 | 40,547 | 41,524 | 43,535 | 45,393 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Retained earnings | 34,333 | 35,122 | 36,099 | 38,110 | 40,682 | S100RA0C, S100TWJM, S100W966, S100YI00 |
| Treasury stock | -707 | -707 | -708 | -756 | -1,800 | S100RA0C, S100TWJM, S100W966, S100YI00 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YI00 |
| Property, plant and equipment | 20% | S100YI00 |
| Intangibles and goodwill | 4% | S100YI00 |
| Investment securities | 4% | S100YI00 |
| Other assets | 44% | S100YI00 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YI00 |
| Equity | 74% | S100YI00 |
| Other liabilities | 0% | S100YI00 |

### 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 | 55,465 | 54,803 | 62,749 | 60,707 | 61,992 |
| Equity | 39,861 | 40,717 | 41,865 | 43,893 | 46,085 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,470 | 19,949 | 19,470 | 22,261 | 17,392 |

## 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) | 20.6% | S100YI00 |
| Fixed assets ÷ total assets | 20.3% | S100YI00 |
| Goodwill ÷ parent equity | 1.8% | S100YI00 |

### 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) | 28.1% |
| Cash ÷ revenue | 28.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 10.8% |
| Cash vs. profit gap | -3,316 JPY mn (of net income -85.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.5% |
| Shareholder payments — dividends / FCF | 3323.1% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 596.4% |

## 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 | 4.9% | 0.83× | 4.0% | 1.40× | 5.6% | S100RA0C |
| 2023 | 3.6% | 0.81× | 3.0% | 1.37× | 4.1% | S100TWJM |
| 2024 | 4.1% | 0.91× | 3.8% | 1.43× | 5.4% | S100W966 |
| 2025 | 5.7% | 0.90× | 5.2% | 1.45× | 7.5% | S100YI00 |
| 2026 | 6.3% | 0.99× | 6.3% | 1.38× | 8.7% | S100YI00 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北陸電力株式会社 | Major shareholder | 49.4% | 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 | 5.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.6% | 2026-03-31 |
| 北陸電気工事従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託Ｅ口) | 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 | 1.3% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社北陸電機商会 | Major shareholder | 0.9% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YI00 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI00,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W966 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W966,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TWJM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWJM,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100RA0C | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA0C,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OLWP | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLWP,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LUNQ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUNQ,, |

## 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).