# ITO YOGYO CO.,  LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YJYN)
> Page: https://vizora.meequs.com/en/company/ito-yogyo
> Retrieved: 2026-09-30T18:33:13.848Z

## Company

ITO Yogyo, founded in 1950, is a company in Cement & Concrete listed on TSE Standard. It has 124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITO YOGYO CO., LTD. |
| Ticker | 5287 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5287.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区中山手通五丁目1番3号 (同所は登記上の本店所在地で実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 畑中雄介 |
| Founded | Dec 1950 |
| Share capital | ¥500M |
| Employees (consolidated) | 124 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | itoyogyo.co.jp (https://itoyogyo.co.jp/) |
| Corporate number | 3140001003027 |
| EDINET | E01216 |
| Industries (Vizora) | Cement & Concrete, Plant Engineering & Building Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJYN, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.6 | 16 |
| Profitability | 59.4 | 16 |
| Cash conversion | 53.1 | 16 |
| Efficiency | 34.4 | 16 |

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 58% of ITO Yogyo's sales come from Concrete related, with Construction equipment related and Real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +15.6% from the prior year, operating profit +66.9%.

## Company structure

- Segment revenue mix: Concrete related 58.4%、Construction equipment related 38.6%、Real estate related 3.0%
- Revenue → net income: ¥3933881000 → ¥320717000
- Net income → operating cash flow: ¥320717000 → ¥394270000（difference ¥73553000）
- Main uses of operating cash flow: CapEx ¥76107000 / dividends ¥63682000 / buybacks —
- Change in cash: ¥114159000
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 | ¥3.93B |  |
| Operating income | ¥336.6M | Margin 8.6% |
| Net income | ¥320.7M | Margin 8.2% |
| Free cash flow | ¥318.2M |  |
| Largest business | Concrete related | of segment revenue 58.4% |
| Employees (consolidated) | 124 |  |
| EPS | ¥108.8 |  |
| Book value per share | ¥1351.77 |  |
| Equity ratio | 70.6% |  |
| Shares outstanding | 3,568,000 |  |
| Treasury shares | 616,100 |  |
| Shareholders | 4,244 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 24.0% |
| Vs. industry median margin | +0.4 pp | Cement & Concrete |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 67%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3052071000 | ¥3933881000 | +28.9% |
| Operating income | ¥113592000 | ¥336617000 | +196.3% |
| Operating margin | 3.7% | 8.6% | +4.8 pp |
| Employees | 138 people | 124 people | -10.1% |
| Cash and equivalents | ¥783096000 | ¥944609000 | +20.6% |

### 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 |
| --- | ---: |
| コンクリート関連事業 → コンクリート関連事業 | 58.4% |
| コンクリート関連事業 → 事業再編・廃止 | 12.2% |
| 建築設備機器関連事業 → 建築設備機器関連事業 | 26.4% |
| 不動産関連事業 → 不動産関連事業 | 3.0% |
| 不動産関連事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建築設備機器関連事業 | 12.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Concrete related | 5 years | +1.3% | ¥2297996000 | 9.3% | 2 |
| Construction equipment related | 5 years | +13.5% | ¥1518357000 | 8.1% | 2 |
| Real estate related | 5 years | +4.9% | ¥117527000 | 35.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,934 | 100.0% | S100YJYN |
| Cost of revenue | 2,634 | 67.0% | S100YJYN |
| Gross profit | 1,299 | 33.0% | S100YJYN |
| SG&A | 963 | 24.5% | S100YJYN |
| Operating income | 337 | 8.6% | S100YJYN |
| Ordinary income | 335 | 8.5% | S100YJYN |
| Pretax income | 427 | 10.8% | S100YJYN |
| Income tax | 106 | 2.7% | S100YJYN |
| Net income | 321 | 8.2% | S100YJYN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 24 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 33.0% → Operating margin 8.6% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.6%; Core profit growth: +66.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.29×
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 | 3,403 | 3,934 | 531 | +15.6% |
| Gross profit | 1,159 | 1,299 | 141 | +12.2% |
| Operating income | 202 | 337 | 135 | +66.9% |
| Operating cash flow | 525 | 394 | -130 | -24.8% |
| Free cash flow | 450 | 318 | -132 | -29.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,170 | 123 | 3.9% | 129 | 105 | -439 | S100LR30 |
| FY ending Mar 2021 | 3,052 | 114 | 3.7% | 86 | 159 | -295 | S100OK50 |
| FY ending Mar 2022 | 2,934 | 62 | 2.1% | 317 | -111 | -367 | S100R6XL |
| FY ending Mar 2023 | 3,467 | 180 | 5.2% | 131 | 384 | 106 | S100TSUO |
| FY ending Mar 2024 | 3,132 | 109 | 3.5% | 102 | -154 | -266 | S100W417 |
| FY ending Mar 2025 | 3,403 | 202 | 5.9% | 349 | 525 | 450 | S100YJYN |
| FY ending Mar 2026 | 3,934 | 337 | 8.6% | 321 | 394 | 318 | S100YJYN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.7M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 134 | 127 | 125 | 125 | 124 |
| Average salary (parent company) | ¥5M | ¥4.8M | ¥5.1M | ¥5M | ¥5.4M |
| Average age (parent company) | 43.1 years | 43.7 years | 43.7 years | 43.9 years | 42.9 years |
| Average tenure (parent company) | 11.8 years | 12.4 years | 11.8 years | 11.9 years | 12.5 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +15.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Concrete related | 2,298 | 58.4% | 214 | 9.3% |
| Construction equipment related | 1,518 | 38.6% | 122 | 8.1% |
| Real estate related | 118 | 3.0% | 42 | 35.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Concrete related | 58.4% | 56.6% | -1.8 | 9.3% |
| Construction equipment related | 38.6% | 32.4% | -6.2 | 8.1% |
| Real estate related | 3.0% | 11.1% | 8.1 | 35.6% |

Segment → industry: Concrete related → Cement & Concrete / Construction equipment related → Plant Engineering & Building Services / Real estate related → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 394 | 10.0% | S100YJYN |
| Capital expenditure | 76 | 1.9% | S100YJYN |
| Free cash flow | 318 | 8.1% | 算出 |
| Investing cash flow | 441 | 11.2% | S100YJYN |
| Financing cash flow | -722 | -18.3% | S100YJYN |
| Dividends paid | 64 | 1.6% | S100YJYN |
| Change in cash | 114 | 2.9% | S100YJYN |
| Cash and equivalents | 945 | 24.0% | S100YJYN |

## 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 | 573 | 872 | 674 | 830 | 945 | S100TSUO, S100W417, S100YJYN |
| Total assets | 5,619 | 5,856 | 6,091 | 5,860 | 5,650 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Net assets | 3,197 | 3,296 | 3,384 | 3,696 | 3,990 | S100TSUO, S100W417, S100YJYN |
| Share capital | 500 | 500 | 500 | 500 | 500 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Property, plant and equipment | 2,780 | 2,991 | 2,999 | 2,959 | 2,628 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Intangible assets excluding goodwill | 22 | 17 | 13 | 20 | 19 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Investment securities | 93 | 88 | 127 | 139 | 186 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Current assets | 2,624 | 2,650 | 2,833 | 2,536 | 2,734 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Current liabilities | 1,709 | 1,759 | 1,994 | 1,519 | 1,112 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Short-term borrowings | 700 | 800 | 1,000 | 650 | 50 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Long-term borrowings | 272 | 397 | 336 | 279 | 231 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Total liabilities | 2,423 | 2,560 | 2,707 | 2,163 | 1,660 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Equity attributable to owners of parent | 3,154 | 3,254 | 3,308 | 3,609 | 3,871 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Retained earnings | 2,659 | 2,759 | 2,812 | 3,114 | 3,371 | S100R6XL, S100TSUO, S100W417, S100YJYN |
| Treasury stock | -254 | -254 | -254 | -254 | -249 | S100R6XL, S100TSUO, S100W417, S100YJYN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJYN |
| Property, plant and equipment | 47% | S100YJYN |
| Intangibles and goodwill | 0% | S100YJYN |
| Investment securities | 3% | S100YJYN |
| Other assets | 33% | S100YJYN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YJYN |
| Equity | 71% | S100YJYN |

### 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 | 5,619 | 5,856 | 6,091 | 5,860 | 5,650 |
| Equity | 3,197 | 3,296 | 3,384 | 3,696 | 3,990 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 573 | 872 | 674 | 830 | 945 |

## 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) | 66.8% | S100YJYN |
| Fixed assets ÷ total assets | 46.5% | S100YJYN |
| Goodwill ÷ parent equity | — | —, S100YJYN |

### 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) | 16.7% |
| Cash ÷ revenue | 24.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.1% |
| Cash vs. profit gap | 74 JPY mn (of net income 22.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.9% |
| Shareholder payments — dividends / FCF | 20.0% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 112.0% |

## 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 | 10.8% | 0.52× | 5.6% | 1.78× | 10.1% | S100R6XL |
| 2023 | 3.8% | 0.60× | 2.3% | 1.79× | 4.1% | S100TSUO |
| 2024 | 3.2% | 0.52× | 1.7% | 1.82× | 3.1% | S100W417 |
| 2025 | 10.3% | 0.57× | 5.8% | 1.73× | 10.1% | S100YJYN |
| 2026 | 8.2% | 0.68× | 5.6% | 1.54× | 8.6% | S100YJYN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 畑 中 千 弘 | Major shareholder | 18.8% | 2026-03-31 |
| 畑 中 浩太郎 | Major shareholder | 11.6% | 2026-03-31 |
| 畑 中 雄 介 | Major shareholder | 11.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 7.6% | 2026-03-31 |
| 畑 中 浩 | Major shareholder | 2.0% | 2026-03-31 |
| 勝 見 憲一郎 | Major shareholder | 1.4% | 2026-03-31 |
| 畑 中 真 | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-03-31 |
| 外 池 榮一郎 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YJYN | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJYN,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W417 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W417,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TSUO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSUO,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R6XL | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6XL,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OK50 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK50,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LR30 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR30,, |

## 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).