# KAJIMA  CORPORATION: 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129期(2025/04/01－2026/03/31) (S100YGGI)
> Page: https://vizora.meequs.com/en/company/kajima
> Retrieved: 2026-09-30T19:03:18.519Z

## Company

Kajima, founded in 1930, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 21,170 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAJIMA CORPORATION |
| Ticker | 1812 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1812.T) |
| Listing | TSE Prime |
| Head office | 東京都港区元赤坂一丁目3番1号 |
| Representative (per filing) | 代表取締役会長 兼 社長 押味至一 |
| Founded | Mar 1930 |
| Share capital | ¥81.4B |
| Employees (consolidated) | 21,170 |
| Average salary (parent only) | ¥12.5M |
| Fiscal year end | March |
| Website | www.kajima.co.jp (https://www.kajima.co.jp/) |
| Corporate number | 8010401006744 |
| EDINET | E00058 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YGGI, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.1 | 84 |
| Profitability | 67.9 | 92 |
| Cash conversion | 39 | 91 |
| Efficiency | 34.2 | 92 |
| Financial strength | 30 | 15 |

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 39% of Kajima's sales come from Construction, with Overseas associate companies and Engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +58.5%.

## Company structure

- Segment revenue mix: Construction 38.5%、Overseas associate companies 35.6%、Engineering 14.0%、Domestic associate companies 8.8%、Development 3.0%
- Revenue → net income: ¥3067275000000 → ¥178796000000
- Net income → operating cash flow: ¥178796000000 → ¥114606000000（difference ¥-64190000000）
- Main uses of operating cash flow: CapEx ¥56126000000 / dividends ¥54012000000 / buybacks ¥20025000000
- Change in cash: ¥43323000000
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 | ¥3.07T |  |
| Operating income | ¥240.8B | Margin 7.8% |
| Net income | ¥177.3B | Margin 5.8% |
| Free cash flow | ¥58.5B |  |
| Largest business | Construction | of segment revenue 38.5% |
| Employees (consolidated) | 21,170 |  |
| EPS | ¥314.04 |  |
| Book value per share | ¥1910.46 |  |
| Equity ratio | 39.0% |  |
| Shares outstanding | 528,656,000 |  |
| Treasury shares | 60,849,200 |  |
| Shareholders | 63,361 |  |
| Average salary (parent only) | ¥12.5M | Filing company only |
| Cash ratio | 10.8% | Net cash -¥420.9B · Cash ÷ revenue 12.8% |
| Vs. industry median margin | +1 pp | General Contractors |
| ROE | 16.9% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1907176000000 | ¥3067275000000 | +60.8% |
| Operating income | ¥127298000000 | ¥240780000000 | +89.1% |
| Operating margin | 6.7% | 7.8% | +1.2 pp |
| Employees | 18,905 people | 21,170 people | +12.0% |
| Cash and equivalents | ¥300991000000 | ¥392273000000 | +30.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 土木事業 → 土木事業 | 14.0% |
| 土木事業 → 事業再編・廃止 | 3.5% |
| 建築事業 → 建築事業 | 38.5% |
| 建築事業 → 事業再編・廃止 | 2.5% |
| 開発事業等 → 開発事業等 | 3.0% |
| 開発事業等 → 事業再編・廃止 | 0.6% |
| 国内関係会社 → 国内関係会社 | 8.8% |
| 国内関係会社 → 事業再編・廃止 | 3.4% |
| 海外関係会社 → 海外関係会社 | 25.6% |
| 新設・再編 → 海外関係会社 | 10.0% |

Segment revenue source references: 10 (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 | +8.6% | ¥1180918000000 | 7.1% | 2 |
| Overseas associate companies | 5 years | +17.5% | ¥1091795000000 | 2.4% | 2 |
| Engineering | 5 years | +5.2% | ¥430767000000 | 17.8% | 2 |
| Domestic associate companies | 5 years | +3.0% | ¥271117000000 | 13.2% | 2 |
| Development | 5 years | +6.1% | ¥92676000000 | 19.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,067,275 | 100.0% | S100YGGI |
| Cost of revenue | 2,641,407 | 86.1% | S100YGGI |
| Gross profit | 425,868 | 13.9% | S100YGGI |
| SG&A | 185,087 | 6.0% | S100YGGI |
| Operating income | 240,780 | 7.8% | S100YGGI |
| Ordinary income | 240,420 | 7.8% | S100YGGI |
| Pretax income | 255,391 | 8.3% | S100YGGI |
| Income tax | 76,595 | 2.5% | S100YGGI |
| Net income | 178,796 | 5.8% | S100YGGI |
| Net income attributable to owners | 177,334 | 5.8% | S100YGGI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 6 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 13.9% → Operating margin 7.8% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +58.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.96×
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 | 2,911,816 | 3,067,275 | 155,459 | +5.3% |
| Gross profit | 323,197 | 425,868 | 102,671 | +31.8% |
| Operating income | 151,882 | 240,780 | 88,898 | +58.5% |
| Net income attributable to owners | 125,817 | 177,334 | 51,517 | +40.9% |
| Operating cash flow | 30,632 | 114,606 | 83,974 | +274.1% |
| Free cash flow | -39,207 | 58,480 | 97,687 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,010,751 | 131,987 | 6.6% | 103,242 | 53,061 | -30,796 | S100LN57 |
| FY ending Mar 2021 | 1,907,176 | 127,298 | 6.7% | 98,522 | 153,097 | 103,751 | S100OBLA |
| FY ending Mar 2022 | 2,079,695 | 123,382 | 5.9% | 103,867 | 30,215 | -22,870 | S100R2GR |
| FY ending Mar 2023 | 2,391,579 | 123,526 | 5.2% | 111,789 | -29,116 | -106,066 | S100TP3I |
| FY ending Mar 2024 | 2,665,175 | 136,226 | 5.1% | 115,033 | 123,734 | 79,597 | S100W14C |
| FY ending Mar 2025 | 2,911,816 | 151,882 | 5.2% | 125,817 | 30,632 | -39,207 | S100YGGI |
| FY ending Mar 2026 | 3,067,275 | 240,780 | 7.8% | 177,334 | 114,606 | 58,480 | S100YGGI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥144.9M |
| Operating income per employee (consolidated) | ¥11.4M |
| Net income per employee (consolidated) | ¥8.4M |

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) | 19,295 | 19,396 | 19,813 | 21,029 | 21,170 |
| Average salary (parent company) | ¥11.3M | ¥11.6M | ¥11.8M | ¥11.8M | ¥12.5M |
| Average age (parent company) | 44.1 years | 43.9 years | 43.7 years | 41.9 years | 41.2 years |
| Average tenure (parent company) | 18.3 years | 18.1 years | 17.9 years | 16.4 years | 15.7 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 430,767 | 14.0% | 76,742 | 17.8% |
| Construction | 1,180,918 | 38.5% | 83,292 | 7.1% |
| Development | 92,676 | 3.0% | 17,607 | 19.0% |
| Domestic associate companies | 271,117 | 8.8% | 35,774 | 13.2% |
| Overseas associate companies | 1,091,795 | 35.6% | 26,655 | 2.4% |

### 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 | 14.0% | 32.0% | 17.9 | 17.8% |
| Construction | 38.5% | 34.7% | -3.8 | 7.1% |
| Development | 3.0% | 7.3% | 4.3 | 19.0% |
| Domestic associate companies | 8.8% | 14.9% | 6.1 | 13.2% |
| Overseas associate companies | 35.6% | 11.1% | -24.5 | 2.4% |

Segment → industry: Overseas associate companies → Real Estate Development & Leasing / Development → Real Estate Development & Leasing / Overseas associate companies → General Contractors / Domestic associate companies → General Contractors / Construction → General Contractors / Engineering → 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 | 114,606 | 3.7% | S100YGGI |
| Capital expenditure | 56,126 | 1.8% | S100YGGI |
| Free cash flow | 58,480 | 1.9% | 算出 |
| Investing cash flow | -46,513 | -1.5% | S100YGGI |
| Financing cash flow | -30,526 | -1.0% | S100YGGI |
| Dividends paid | 54,012 | 1.8% | S100YGGI |
| Share buyback | 20,025 | 0.7% | S100YGGI |
| Change in cash | 43,323 | 1.4% | S100YGGI |
| Cash and equivalents | 392,273 | 12.8% | S100YGGI |

## 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 | 267,733 | 282,253 | 350,064 | 349,540 | 392,273 | S100TP3I, S100W14C, S100YGGI |
| Total assets | 2,337,741 | 2,769,718 | 3,135,149 | 3,454,592 | 3,624,341 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Net assets | 953,566 | 1,061,145 | 1,223,655 | 1,277,988 | 1,436,220 | S100TP3I, S100W14C, S100YGGI |
| Share capital | 81,447 | 81,447 | 81,447 | 81,447 | 81,447 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Property, plant and equipment | 427,581 | 478,539 | 540,177 | 588,601 | 617,311 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Intangible assets excluding goodwill | 14,898 | 27,733 | 26,647 | 29,968 | 31,032 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Goodwill | 3,699 | 1,398 | 1,119 | 2,567 | 1,898 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Investment securities | 355,871 | 356,143 | 442,493 | 397,478 | 478,697 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Current assets | 1,390,711 | 1,751,584 | 1,917,988 | 2,137,129 | 2,181,525 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Current liabilities | 1,107,668 | 1,319,768 | 1,506,000 | 1,696,974 | 1,604,762 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Short-term borrowings | 174,731 | 244,385 | 324,318 | 379,117 | 387,157 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Long-term borrowings | 95,173 | 173,293 | 208,273 | 232,246 | 320,126 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Bonds | 50,000 | 80,067 | 44,800 | 95,850 | 105,850 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Interest-bearing debt | 319,904 | 497,745 | 577,391 | 707,213 | 813,133 | 算出 |
| Total liabilities | 1,384,175 | 1,708,572 | 1,911,493 | 2,176,603 | 2,188,120 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Non-controlling interests | 7,861 | 8,714 | 13,516 | 19,861 | 21,204 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Equity attributable to owners of parent | 809,114 | 881,417 | 949,642 | 999,187 | 1,104,065 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Retained earnings | 731,275 | 813,653 | 891,884 | 970,255 | 1,093,668 | S100R2GR, S100TP3I, S100W14C, S100YGGI |
| Treasury stock | -45,921 | -55,673 | -67,510 | -95,976 | -114,510 | S100R2GR, S100TP3I, S100W14C, S100YGGI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YGGI |
| Property, plant and equipment | 17% | S100YGGI |
| Intangibles and goodwill | 1% | S100YGGI |
| Investment securities | 13% | S100YGGI |
| Other assets | 58% | S100YGGI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 38% | S100YGGI |
| Equity | 40% | S100YGGI |
| Other liabilities | 0% | S100YGGI |

### 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 | 2,337,741 | 2,769,718 | 3,135,149 | 3,454,592 | 3,624,341 |
| Equity | 953,566 | 1,061,145 | 1,223,655 | 1,277,988 | 1,436,220 |
| Interest-bearing debt | 319,904 | 497,745 | 577,391 | 707,213 | 813,133 |
| Cash | 267,733 | 282,253 | 350,064 | 349,540 | 392,273 |

## 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) | 20.1% | S100YGGI |
| Fixed assets ÷ total assets | 17.0% | S100YGGI |
| Goodwill ÷ parent equity | 0.2% | S100YGGI |

Goodwill over 4 years: 3,699 → 1,898 JPY; total investing cash flow: -347,183 JPY. This does not imply causation.

### 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) | 10.8% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | -¥420.9B |
| Net debt ÷ operating cash flow | 3.67× |
| Cash conversion (operating CF ÷ operating income) | 47.6% |
| Cash vs. profit gap | -62,728 JPY mn (of net income -35.4%) |
| Shareholder returns / net income | 41.8% |
| Shareholder returns / FCF | 126.6% |
| Shareholder payments — dividends / net income | 30.5% |
| Shareholder payments — dividends / FCF | 92.4% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 40.6% |

## 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 | 5.0% | 0.89× | 4.4% | 2.89× | 12.8% | S100R2GR |
| 2023 | 4.7% | 0.94× | 4.4% | 3.02× | 13.2% | S100TP3I |
| 2024 | 4.3% | 0.90× | 3.9% | 3.22× | 12.6% | S100W14C |
| 2025 | 4.3% | 0.88× | 3.8% | 3.38× | 12.9% | S100YGGI |
| 2026 | 5.8% | 0.87× | 5.0% | 3.37× | 16.9% | S100YGGI |

## 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 | 15.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.1% | 2026-03-31 |
| 鹿 島 公 子 | Major shareholder | 3.4% | 2026-03-31 |
| 鹿島社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 公益財団法人鹿島学術振興財団 | Major shareholder | 1.6% | 2026-03-31 |
| ステート ストリート バンク アンドトラスト カンパニー 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| 公益財団法人鹿島美術財団 | Major shareholder | 1.2% | 2026-03-31 |
| ビーエヌワイエム アズ エージーティクライアンツ ノン トリーティージャスデック (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社かたばみ | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥3.07T, up +5.3% from ¥2.91T.
- Profit grew much faster: operating income rose +58.5% from ¥151.9B to ¥240.8B, and net income rose +40.9% to ¥177.3B.
- Operating cash flow climbed from ¥30.6B to ¥114.6B, and free cash flow swung from -¥39.2B to a positive ¥58.5B.

### Drivers

- In civil works, several large projects won major change orders and extra work at the same time, lifting gross margin sharply.
- In building work, large projects neared completion, and better pricing at the order stage plus tighter risk control on site raised margins.
- Demand for construction in Japan is running above what contractors can build, so bidding competition has eased.
- Overseas, fewer U.S. property sales weighed on revenue, but lower costs on projects in Europe and Southeast Asia helped profit.

### Risks

- If rising material and labor costs cannot be passed on to clients, project margins could shrink.
- The pool of skilled construction workers is shrinking, which could make it harder to staff projects.
- The company expects lower revenue and profit next year, partly because many building projects are still in early stages.

Cited: Annual Securities Report (129th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (129th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第129期(2025/04/01－2026/03/31) | S100YGGI | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGGI,, |
| 有価証券報告書－第128期(2024/04/01－2025/03/31) | S100W14C | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W14C,, |
| 有価証券報告書－第127期(2023/04/01－2024/03/31) | S100TP3I | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP3I,, |
| 有価証券報告書－第126期(2022/04/01－2023/03/31) | S100R2GR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2GR,, |
| 有価証券報告書－第125期(令和3年4月1日－令和4年3月31日) | S100OBLA | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBLA,, |
| 有価証券報告書－第124期(令和2年4月1日－令和3年3月31日) | S100LN57 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN57,, |

## 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).