# ICHIKEN 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100期(2025/04/01－2026/03/31) (S100YD9X)
> Page: https://vizora.meequs.com/en/company/ichiken
> Retrieved: 2026-09-30T19:38:36.527Z

## Company

Ichiken is a company in Real Estate Development & Leasing listed on TSE Standard. It has 722 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICHIKEN Co., Ltd. |
| Ticker | 1847 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1847.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南二丁目15番1号 |
| Representative (per filing) | 代表取締役社長 政清 弘晃 |
| Share capital | ¥4.33B |
| Employees (consolidated) | 722 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.ichiken.co.jp (https://www.ichiken.co.jp/) |
| Corporate number | 7010501028268 |
| EDINET | E00117 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YD9X, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 76.6 | 92 |
| Cash conversion | 20.3 | 91 |
| Efficiency | 87.5 | 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 100% of Ichiken's sales come from CNS, with CTE making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit +32.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥106.2B |  |
| Operating income | ¥9.03B | Margin 8.5% |
| Net income | ¥6.41B | Margin 6.0% |
| Free cash flow | -¥3.87B |  |
| Largest business | CNS | of segment revenue 99.7% |
| Employees (consolidated) | 722 |  |
| EPS | ¥428.51 |  |
| Diluted EPS | ¥426.98 |  |
| Book value per share | ¥2726.7 |  |
| Equity ratio | 53.7% |  |
| Shares outstanding | 7,284,000 |  |
| Treasury shares | 25,900 |  |
| Shareholders | 5,132 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 19.7% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | +1.7 pp | General Contractors |
| ROE | 17.9% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥88624000000 | ¥106176000000 | — |
| Operating income | ¥4758000000 | ¥9033000000 | — |
| Operating margin | 5.4% | 8.5% | +3.1 pp |
| Employees | 640 people | 722 people | — |
| Cash and equivalents | ¥11835000000 | ¥14663000000 | — |

### 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 |
| --- | ---: |
| 建設事業 → 事業再編・廃止 | 99.2% |
| 不動産事業 → 不動産事業 | 0.3% |
| 不動産事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 建設事業 | 99.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 106,176 | 100.0% | S100YD9X |
| Cost of revenue | 93,079 | 87.7% | S100YD9X |
| Gross profit | 13,096 | 12.3% | S100YD9X |
| SG&A | 4,063 | 3.8% | S100YD9X |
| Operating income | 9,033 | 8.5% | S100YD9X |
| Ordinary income | 8,954 | 8.4% | S100YD9X |
| Pretax income | 9,109 | 8.6% | S100YD9X |
| Income tax | 2,701 | 2.5% | S100YD9X |
| Net income | 6,408 | 6.0% | S100YD9X |
| Net income attributable to owners | 6,408 | 6.0% | S100YD9X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 4 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 12.3% → Operating margin 8.5% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.2%; Core profit growth: +32.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.44×
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 | 98,999 | 106,176 | 7,177 | +7.2% |
| Gross profit | 10,484 | 13,096 | 2,612 | +24.9% |
| Operating income | 6,835 | 9,033 | 2,198 | +32.2% |
| Net income attributable to owners | 4,679 | 6,408 | 1,729 | +37.0% |
| Operating cash flow | 8,144 | -3,232 | -11,376 | -139.7% |
| Free cash flow | 8,027 | -3,866 | -11,893 | -148.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 86,513 | 4,381 | 5.1% | 2,915 | 3,622 | -1,803 | S100LOOX |
| FY ending Mar 2021 | 88,624 | 4,758 | 5.4% | 3,161 | 543 | 236 | S100OIIH |
| FY ending Mar 2022 | 83,776 | 4,674 | 5.6% | 2,985 | 757 | 650 | S100R5N4 |
| FY ending Mar 2023 | 88,059 | 2,667 | 3.0% | 1,708 | 1,276 | 1,227 | S100TT1I |
| FY ending Mar 2024 | 96,373 | 4,100 | 4.3% | 2,938 | 1,882 | 1,797 | S100TT1I |
| FY ending Mar 2025 | 98,999 | 6,835 | 6.9% | 4,679 | 8,144 | 8,027 | S100YD9X |
| FY ending Mar 2026 | 106,176 | 9,033 | 8.5% | 6,408 | -3,232 | -3,866 | S100YD9X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥147.1M |
| Operating income per employee (consolidated) | ¥12.5M |
| Net income per employee (consolidated) | ¥8.9M |

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) | 645 | 644 | 652 | 687 | 722 |
| Average salary (parent company) | ¥7.4M | ¥7.7M | ¥8M | ¥8.1M | ¥8.6M |
| Average age (parent company) | 43.7 years | 43.7 years | 43.8 years | 44.1 years | 43.6 years |
| Average tenure (parent company) | 16.6 years | 17.1 years | 16.7 years | 16.8 years | 16.2 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +7.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CNS | 105,893 | 99.7% | 11,320 | 10.7% |
| CTE | 282 | 0.3% | 100 | 35.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CNS | 99.7% | 99.1% | -0.6 | 10.7% |
| CTE | 0.3% | 0.9% | 0.6 | 35.5% |

Segment → industry: CTE → Real Estate Development & Leasing / CNS → 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 | -3,232 | -3.0% | S100YD9X |
| Capital expenditure | 634 | 0.6% | S100YD9X |
| Free cash flow | -3,866 | -3.6% | 算出 |
| Investing cash flow | -271 | -0.3% | S100YD9X |
| Financing cash flow | -1,722 | -1.6% | S100YD9X |
| Dividends paid | 1,122 | 1.1% | S100YD9X |
| Change in cash | -5,225 | -4.9% | S100YD9X |
| Cash and equivalents | 14,663 | 13.8% | S100YD9X |

## 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 | 11,657 | 11,653 | 13,023 | 19,889 | 14,663 | S100TT1I, S100YD9X |
| Total assets | 57,617 | 55,714 | 63,920 | 67,584 | 74,436 | S100R5N4, S100TT1I, S100YD9X |
| Net assets | 26,798 | 27,531 | 30,080 | 34,069 | 40,021 | S100TT1I, S100YD9X |
| Share capital | 4,329 | 4,329 | 4,329 | 4,329 | 4,329 | S100R5N4, S100TT1I, S100YD9X |
| Property, plant and equipment | 5,894 | 5,846 | 246 | 290 | 689 | S100R5N4, S100TT1I, S100YD9X |
| Intangible assets excluding goodwill | 127 | 109 | 125 | 1,266 | 1,112 | S100R5N4, S100TT1I, S100YD9X |
| Goodwill | — | — | — | 942 | 815 | S100YD9X |
| Investment securities | 1,468 | 1,527 | 2,078 | 2,504 | 3,180 | S100R5N4, S100TT1I, S100YD9X |
| Current assets | 48,324 | 46,360 | 60,011 | 62,005 | 68,376 | S100R5N4, S100TT1I, S100YD9X |
| Current liabilities | 24,613 | 22,248 | 30,139 | 27,085 | 28,852 | S100R5N4, S100TT1I, S100YD9X |
| Short-term borrowings | 1,534 | 1,605 | 3,646 | 1,917 | 1,888 | S100R5N4, S100TT1I, S100YD9X |
| Long-term borrowings | 4,363 | 4,153 | 1,972 | 4,661 | 4,150 | S100R5N4, S100TT1I, S100YD9X |
| Total liabilities | 30,819 | 28,183 | 33,840 | 33,514 | 34,415 | S100R5N4, S100TT1I, S100YD9X |
| Equity attributable to owners of parent | 26,456 | 27,148 | 29,324 | 33,168 | 38,449 | S100R5N4, S100TT1I, S100YD9X |
| Retained earnings | 21,939 | 22,631 | 24,807 | 28,652 | 33,935 | S100R5N4, S100TT1I, S100YD9X |
| Treasury stock | -26 | -27 | -27 | -28 | -30 | S100R5N4, S100TT1I, S100YD9X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YD9X |
| Property, plant and equipment | 1% | S100YD9X |
| Intangibles and goodwill | 3% | S100YD9X |
| Investment securities | 4% | S100YD9X |
| Other assets | 72% | S100YD9X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YD9X |
| Equity | 54% | S100YD9X |

### 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 | 57,617 | 55,714 | 63,920 | 67,584 | 74,436 |
| Equity | 26,798 | 27,531 | 30,080 | 34,069 | 40,021 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,657 | 11,653 | 13,023 | 19,889 | 14,663 |

## 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) | 0.6% | S100YD9X |
| Fixed assets ÷ total assets | 0.9% | S100YD9X |
| Goodwill ÷ parent equity | 2.1% | S100YD9X |

### 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) | 19.7% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -35.8% |
| Cash vs. profit gap | -9,640 JPY mn (of net income -150.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | 3.6% | 1.45× | 5.2% | 2.18× | 11.3% | S100R5N4 |
| 2023 | 1.9% | 1.55× | 3.0% | 2.11× | 6.4% | S100TT1I |
| 2024 | 3.0% | 1.61× | 4.9% | 2.12× | 10.4% | S100TT1I |
| 2025 | 4.7% | 1.46× | 6.9% | 2.04× | 14.1% | S100YD9X |
| 2026 | 6.0% | 1.50× | 9.0% | 1.98× | 17.9% | S100YD9X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マルハン | Major shareholder | 40.0% | 2026-03-31 |
| 一栄会持株会 | Major shareholder | 3.6% | 2026-03-31 |
| ＭＵＲＡＫＡＭＩ ＴＡＫＡＴＥＲＵ （常任代理人 三田証券株式会社） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.6% | 2026-03-31 |
| ＢＢＨ ＬＵＸ／ＢＲＯＷＮ ＢＲＯＴＨＥＲＳ ＨＡＲＲＩＭＡＮ（ＬＵＸＥＭＢＯＵＲＧ）ＳＣＡ ＣＵＳＴＯＤＩＡＮ ＦＯＲ ＳＭＤ－ＡＭ ＦＵＮＤＳ－ＤＳＢＩ ＪＡＰＡＮ ＥＱＵＩＴＹ ＳＭＡＬＬ ＣＡＰ ＡＢＳＯＬＵＴＥ ＶＡＬＵＥ （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 竹内 理人 | Major shareholder | 1.1% | 2026-03-31 |
| 宇藤 秀樹 | Major shareholder | 1.0% | 2026-03-31 |
| 山本 雅史 | Major shareholder | 0.8% | 2026-03-31 |
| ＢＮＰ Ｐａｒｉｂａｓ Ｆｉｎａｎｃｉａｌ Ｍａｒｋｅｔｓ ＣＯＯ Ｃｈａｒｌｅｓ Ｍｏｎｎｏｔ （常任代理人 ＢＮＰパリバ証券株式会社） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YD9X | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD9X,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W68Z | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W68Z,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TT1I | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT1I,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R5N4 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5N4,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OIIH | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIIH,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LOOX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOOX,, |

## 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).