# JDC CORPORATION: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第97期(2025/06/01－2026/05/31) (S100YXXI)
> Page: https://vizora.meequs.com/en/company/jdc
> Retrieved: 2026-09-30T18:18:07.349Z

## Company

JDC, founded in 1951, is a company in Electric Power & Gas listed on TSE Prime. It has 1,104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JDC CORPORATION |
| Ticker | 1887 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1887.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門四丁目3番13号 |
| Representative (per filing) | 代表取締役社長 林伊佐雄 |
| Founded | Apr 1951 |
| Share capital | ¥5.01B |
| Employees (consolidated) | 1,104 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | May |
| Website | www.n-kokudo.co.jp (https://www.n-kokudo.co.jp/) |
| Corporate number | 3010401022812 |
| EDINET | E00059 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YXXI, filed 2026-08-21). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 32.1 | 92 |
| Cash conversion | 15.9 | 91 |
| Efficiency | 40.8 | 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 68% of JDC's sales come from Construction, with Engineering and Energy business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +208.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥135.2B |  |
| Operating income | ¥7.15B | Margin 5.3% |
| Net income | ¥5.45B | Margin 4.0% |
| Free cash flow | -¥6.9B |  |
| Largest business | Construction | of segment revenue 68.3% |
| Employees (consolidated) | 1,104 |  |
| EPS | ¥62.33 |  |
| Diluted EPS | ¥62.3 |  |
| Book value per share | ¥806.56 |  |
| Equity ratio | 45.1% |  |
| Shares outstanding | 89,255,000 |  |
| Treasury shares | 8,793,900 |  |
| Shareholders | 22,552 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 12.5% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | -1.6 pp | General Contractors |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, segment profit share differs by -23 points

## What changed in 6 years

| Metric | FY ending May 2020 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118529000000 | ¥135207000000 | +14.1% |
| Operating income | ¥10367000000 | ¥7150000000 | -31.0% |
| Operating margin | 8.7% | 5.3% | -3.5 pp |
| Employees | 1,003 people | 1,104 people | +10.1% |
| Cash and equivalents | ¥27522000000 | ¥19709000000 | -28.4% |

### Change in segment revenue mix

Span: FY ending May 2020 → FY ending May 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 | 26.5% |
| 土木事業 → 事業再編・廃止 | 19.7% |
| 建築事業 → 建築事業 | 51.4% |
| 関連事業 → 事業再編・廃止 | 2.4% |
| 新設・再編 → 建築事業 | 16.9% |
| 新設・再編 → 不動産事業 | 1.8% |
| 新設・再編 → エネルギー事業 | 2.6% |
| 新設・再編 → その他 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction | 6 years | +7.2% | ¥92365000000 | 7.6% | 2 |
| Engineering | 6 years | -6.8% | ¥35859000000 | 0.9% | 2 |
| Energy business | — | — | ¥3471000000 | 38.3% | 2 |
| Real estate business | — | — | ¥2470000000 | 20.5% | 2 |
| Other | — | — | ¥1040000000 | -16.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 135,207 | 100.0% | S100YXXI |
| Cost of revenue | 118,893 | 87.9% | S100YXXI |
| Gross profit | 16,314 | 12.1% | S100YXXI |
| SG&A | 9,163 | 6.8% | S100YXXI |
| Operating income | 7,150 | 5.3% | S100YXXI |
| Ordinary income | 6,566 | 4.9% | S100YXXI |
| Pretax income | 6,495 | 4.8% | S100YXXI |
| Income tax | 1,027 | 0.8% | S100YXXI |
| Net income | 5,468 | 4.0% | S100YXXI |
| Net income attributable to owners | 5,450 | 4.0% | S100YXXI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 12.1% → Operating margin 5.3% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +208.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 21.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 123,349 | 135,207 | 11,858 | +9.6% |
| Gross profit | 12,193 | 16,314 | 4,121 | +33.8% |
| Operating income | 2,318 | 7,150 | 4,832 | +208.5% |
| Net income attributable to owners | 1,332 | 5,450 | 4,118 | +309.2% |
| Operating cash flow | 3,793 | -4,569 | -8,362 | -220.5% |
| Free cash flow | -430 | -6,902 | -6,472 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 118,529 | 10,367 | 8.7% | 7,955 | -3,476 | -17,217 | S100MCFL |
| FY ending May 2021 | 117,803 | 10,564 | 9.0% | 7,713 | 4,572 | 396 | S100P2TU |
| FY ending May 2022 | 126,790 | 7,957 | 6.3% | 7,389 | 3,759 | 1,544 | S100RR4L |
| FY ending May 2025 | 123,349 | 2,318 | 1.9% | 1,332 | 3,793 | -430 | S100YXXI |
| FY ending May 2026 | 135,207 | 7,150 | 5.3% | 5,450 | -4,569 | -6,902 | S100YXXI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥122.5M |
| Operating income per employee (consolidated) | ¥6.5M |
| Net income per employee (consolidated) | ¥4.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2020 | FY ending May 2021 | FY ending May 2022 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,003 | 1,075 | 1,106 | 1,020 | 1,104 |
| Average salary (parent company) | — | ¥7.4M | ¥7.5M | ¥7.5M | ¥8.3M |
| Average age (parent company) | — | 40.8 years | 40.9 years | 40.9 years | 42.8 years |
| Average tenure (parent company) | — | 13.2 years | 13.0 years | 13.4 years | 14.8 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +9.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 35,859 | 26.5% | 318 | 0.9% |
| Construction | 92,365 | 68.3% | 6,987 | 7.6% |
| Real estate business | 2,470 | 1.8% | 507 | 20.5% |
| Energy business | 3,471 | 2.6% | 1,331 | 38.3% |
| Other | 1,040 | 0.8% | -174 | -16.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 26.5% | 3.5% | -23.0 | 0.9% |
| Construction | 68.3% | 76.4% | 8.1 | 7.6% |
| Real estate business | 1.8% | 5.5% | 3.7 | 20.5% |
| Energy business | 2.6% | 14.6% | 12.0 | 38.3% |
| Other | 0.8% | — | — | -16.7% |

Loss-making segment (excluded from profit shares): Other -174 JPY mn

Segment → industry: Energy business → Electric Power & Gas / Real estate business → Real Estate Development & Leasing / Construction → General Contractors / Engineering → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -4,569 | -3.4% | S100YXXI |
| Capital expenditure | 2,333 | 1.7% | S100YXXI |
| Free cash flow | -6,902 | -5.1% | 算出 |
| Investing cash flow | 456 | 0.3% | S100YXXI |
| Financing cash flow | 5,256 | 3.9% | S100YXXI |
| Dividends paid | 1,767 | 1.3% | S100YXXI |
| Change in cash | 1,254 | 0.9% | S100YXXI |
| Cash and equivalents | 19,709 | 14.6% | S100YXXI |

## 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 May 2020 | FY ending May 2021 | FY ending May 2022 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 27,522 | 46,954 | 47,170 | 18,136 | 19,709 | S100P2TU, S100RR4L, S100UA2W, S100YXXI |
| Total assets | 133,937 | 148,766 | 154,724 | 140,649 | 157,975 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Net assets | 68,317 | 74,211 | 79,946 | 66,429 | 71,395 | S100P2TU, S100RR4L, S100UA2W, S100YXXI |
| Share capital | 5,012 | 5,012 | 5,012 | 5,012 | 5,012 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Property, plant and equipment | 39,688 | 34,487 | 29,951 | 13,348 | 12,333 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Intangible assets excluding goodwill | 619 | 766 | 1,817 | 706 | 625 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Goodwill | — | — | 933 | — | — | S100RR4L |
| Investment securities | 9,015 | 9,084 | 8,249 | 9,567 | 9,687 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Current assets | 80,216 | 99,823 | 110,532 | 112,609 | 129,792 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Current liabilities | 48,940 | 39,486 | 43,809 | 55,627 | 62,161 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Short-term borrowings | 1,212 | 2,691 | 1,151 | 12,995 | 15,603 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Long-term borrowings | 13,175 | 28,361 | 24,101 | 15,610 | 20,328 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Bonds | — | 3,000 | 3,000 | — | — | S100P2TU, S100RR4L |
| Interest-bearing debt | — | 34,052 | 28,252 | — | — | 算出 |
| Total liabilities | 65,620 | 74,555 | 74,778 | 74,219 | 86,580 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Non-controlling interests | 315 | 380 | 797 | 208 | 199 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Equity attributable to owners of parent | 67,156 | 72,386 | 77,823 | 64,518 | 68,264 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Retained earnings | 46,109 | 51,348 | 56,427 | 47,588 | 51,269 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |
| Treasury stock | -2,267 | -2,425 | -2,168 | -3,628 | -3,565 | S100MCFL, S100P2TU, S100RR4L, S100YXXI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YXXI |
| Property, plant and equipment | 8% | S100YXXI |
| Intangibles and goodwill | 0% | S100YXXI |
| Investment securities | 6% | S100YXXI |
| Other assets | 73% | S100YXXI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YXXI |
| Equity | 45% | S100YXXI |

### Balance sheet history

| Metric | FY ending May 2020 | FY ending May 2021 | FY ending May 2022 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 133,937 | 148,766 | 154,724 | 140,649 | 157,975 |
| Equity | 68,317 | 74,211 | 79,946 | 66,429 | 71,395 |
| Interest-bearing debt | — | 34,052 | 28,252 | — | — |
| Cash | 27,522 | 46,954 | 47,170 | 18,136 | 19,709 |

## 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) | 9.1% | S100YXXI |
| Fixed assets ÷ total assets | 7.8% | S100YXXI |
| Goodwill ÷ parent equity | — | —, S100YXXI |

### 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) | 12.5% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -63.9% |
| Cash vs. profit gap | -10,019 JPY mn (of net income -183.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | 6.7% | 0.88× | 5.9% | 1.99× | 11.8% | S100MCFL |
| 2021 | 6.5% | 0.83× | 5.5% | 2.03× | 11.1% | S100P2TU |
| 2022 | 5.8% | 0.84× | 4.9% | 2.02× | 9.8% | S100RR4L |
| 2025 | 1.1% | 0.88× | 0.9% | 2.18× | 2.1% | S100YXXI |
| 2026 | 4.0% | 0.91× | 3.7% | 2.25× | 8.2% | S100YXXI |

## 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 | 8.4% | 2026-05-31 |
| 株式会社ザイマックスグループ | Major shareholder | 7.3% | 2026-05-31 |
| みずほ信託銀行株式会社（一般財団法人日本国土開発未来研究財団口） | Major shareholder | 5.0% | 2026-05-31 |
| 日本国土開発持株会 | Major shareholder | 4.8% | 2026-05-31 |
| 株式会社西京銀行 | Major shareholder | 4.1% | 2026-05-31 |
| アジア航測株式会社 | Major shareholder | 4.0% | 2026-05-31 |
| 日本基礎技術株式会社 | Major shareholder | 3.6% | 2026-05-31 |
| 須賀工業株式会社 | Major shareholder | 2.6% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-05-31 |
| 竹村 渉 | Major shareholder | 1.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/06/01－2026/05/31) | S100YXXI | 2026-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXXI,, |
| 有価証券報告書－第96期(2024/06/01－2025/05/31) | S100WKKV | 2025-08-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKKV,, |
| 有価証券報告書－第95期(2023/06/01－2024/05/31) | S100UA2W | 2024-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA2W,, |
| 有価証券報告書－第94期(2022/06/01－2023/05/31) | S100RR4L | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR4L,, |
| 有価証券報告書－第93期(令和3年6月1日－令和4年5月31日) | S100P2TU | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2TU,, |
| 有価証券報告書－第92期(令和2年6月1日－令和3年5月31日) | S100MCFL | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCFL,, |

## 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).