# The Kaneshita Construction Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/01/01－2025/12/31) (S100XT0W)
> Page: https://vizora.meequs.com/en/company/kaneshita-construction
> Retrieved: 2026-09-30T18:26:52.200Z

## Company

The Kaneshita Construction, founded in 1951, is a company in Cement & Concrete listed on TSE Standard. It has 171 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Kaneshita Construction Co.,Ltd. |
| Ticker | 1897 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1897.T) |
| Listing | TSE Standard |
| Head office | 京都府宮津市字須津471番地の1 |
| Representative (per filing) | 代表取締役社長 金下 昌司 |
| Founded | Apr 1951 |
| Share capital | ¥1B |
| Employees (consolidated) | 171 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.kaneshita.co.jp (https://www.kaneshita.co.jp/) |
| Corporate number | 8130001040495 |
| EDINET | E00133 |
| Industries (Vizora) | Cement & Concrete, General Contractors, Waste Management & Recycling |

> Profile source: annual securities report (S100XT0W, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.6 | 84 |
| Profitability | 1.6 | 92 |
| Cash conversion | 48.9 | 91 |
| Efficiency | 2.7 | 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 95% of The Kaneshita Construction's sales come from Construction Business, with Construction material sales Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -9.3% from the prior year, operating profit -63.7%.

## Company structure

- Segment revenue mix: Construction Business 95.0%、Construction material sales Business 5.0%
- Revenue → net income: ¥8837000000 → ¥244000000
- Net income → operating cash flow: ¥244000000 → ¥67000000（difference ¥-177000000）
- Main uses of operating cash flow: CapEx ¥49000000 / dividends ¥107000000 / buybacks ¥145000000
- Change in cash: ¥94000000
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 | ¥8.84B |  |
| Operating income | ¥99M | Margin 1.1% |
| Net income | ¥236M | Margin 2.7% |
| Free cash flow | ¥18M |  |
| Largest business | Construction Business | of segment revenue 95.0% |
| Employees (consolidated) | 171 |  |
| EPS | ¥104.76 |  |
| Book value per share | ¥9109.23 |  |
| Equity ratio | 82.3% |  |
| Shares outstanding | 3,806,000 |  |
| Treasury shares | 1,701,600 |  |
| Shareholders | 859 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 37.7% | Cash ÷ revenue 101.0% |
| Vs. industry median margin | -5.7 pp | General Contractors |
| ROE | 1.5% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.4× dividends
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10960000000 | ¥8837000000 | -19.4% |
| Operating income | ¥649000000 | ¥99000000 | -84.7% |
| Operating margin | 5.9% | 1.1% | -4.8 pp |
| Employees | 179 people | 171 people | -4.5% |
| Cash and equivalents | ¥8479000000 | ¥8925000000 | +5.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 → 建設事業 | 95.0% |
| 建設事業 → 事業再編・廃止 | 2.9% |
| 製造・販売事業等 → 製造・販売事業等 | 2.1% |
| 新設・再編 → 製造・販売事業等 | 2.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,837 | 100.0% | S100XT0W |
| Cost of revenue | 7,789 | 88.1% | S100XT0W |
| Gross profit | 1,048 | 11.9% | S100XT0W |
| SG&A | 948 | 10.7% | S100XT0W |
| Operating income | 99 | 1.1% | S100XT0W |
| Ordinary income | 332 | 3.8% | S100XT0W |
| Pretax income | 343 | 3.9% | S100XT0W |
| Income tax | 99 | 1.1% | S100XT0W |
| Net income | 244 | 2.8% | S100XT0W |
| Net income attributable to owners | 236 | 2.7% | S100XT0W |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 11 |
| Operating income | 1 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.9% → Operating margin 1.1% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.3%; Core profit growth: -63.7%
Operating leverage (core profit growth ÷ revenue growth): 6.85×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,743 | 8,837 | -906 | -9.3% |
| Gross profit | 1,220 | 1,048 | -172 | -14.1% |
| Operating income | 273 | 99 | -174 | -63.7% |
| Net income attributable to owners | 321 | 236 | -85 | -26.5% |
| Operating cash flow | 650 | 67 | -583 | -89.7% |
| Free cash flow | 604 | 18 | -586 | -97.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,701 | 144 | 1.2% | 188 | 247 | 220 | S100L09N |
| FY ending Dec 2020 | 10,960 | 649 | 5.9% | 503 | 3,113 | 3,040 | S100NP4D |
| FY ending Dec 2021 | 7,633 | -99 | -1.3% | 45 | -573 | -816 | S100QF90 |
| FY ending Dec 2022 | 9,898 | 146 | 1.5% | 190 | -1,246 | -1,294 | S100T41U |
| FY ending Dec 2023 | 10,659 | 238 | 2.2% | 270 | 1,552 | 1,429 | S100VGKI |
| FY ending Dec 2024 | 9,743 | 273 | 2.8% | 321 | 650 | 604 | S100XT0W |
| FY ending Dec 2025 | 8,837 | 99 | 1.1% | 236 | 67 | 18 | S100XT0W |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.7M |
| Operating income per employee (consolidated) | ¥578.9K |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 188 | 188 | 189 | 179 | 171 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.7M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 46.3 years | 46.5 years | 46.5 years | 47.2 years | 48.5 years |
| Average tenure (parent company) | 19.1 years | 19.7 years | 19.5 years | 20.0 years | 21.0 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) -9.3%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Business | 8,391 | 95.0% | 654 | 7.8% |
| Construction material sales Business | 446 | 5.0% | 12 | 2.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction Business | 95.0% | 98.2% | 3.2 | 7.8% |
| Construction material sales Business | 5.0% | 1.8% | -3.2 | 2.7% |

Segment → industry: Construction material sales Business → Cement & Concrete / Construction Business → General Contractors / Construction material sales Business → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 67 | 0.8% | S100XT0W |
| Capital expenditure | 49 | 0.6% | S100XT0W |
| Free cash flow | 18 | 0.2% | 算出 |
| Investing cash flow | 281 | 3.2% | S100XT0W |
| Financing cash flow | -254 | -2.9% | S100XT0W |
| Dividends paid | 107 | 1.2% | S100XT0W |
| Share buyback | 145 | 1.6% | S100XT0W |
| Change in cash | 94 | 1.1% | S100XT0W |
| Cash and equivalents | 8,925 | 101.0% | S100XT0W |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,233 | 6,423 | 8,544 | 8,831 | 8,925 | S100T41U, S100VGKI, S100XT0W |
| Total assets | 19,983 | 19,991 | 22,201 | 21,844 | 23,650 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Net assets | 17,102 | 17,254 | 18,151 | 18,819 | 19,819 | S100T41U, S100VGKI, S100XT0W |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Property, plant and equipment | 1,735 | 1,701 | 1,842 | 1,811 | 1,774 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Intangible assets excluding goodwill | 9 | 7 | 6 | 6 | 6 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Investment securities | 5,195 | 6,185 | 6,913 | 7,542 | 8,378 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Current assets | 12,683 | 11,726 | 13,056 | 12,078 | 13,074 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Current liabilities | 1,905 | 1,712 | 2,689 | 1,438 | 1,766 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Total liabilities | 2,880 | 2,737 | 4,050 | 3,025 | 3,831 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Non-controlling interests | 329 | 332 | 344 | 357 | 366 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Equity attributable to owners of parent | 15,318 | 15,400 | 15,561 | 15,773 | 15,757 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Retained earnings | 17,068 | 17,151 | 17,313 | 17,526 | 17,654 | S100QF90, S100T41U, S100VGKI, S100XT0W |
| Treasury stock | -4,898 | -4,898 | -4,899 | -4,900 | -5,044 | S100QF90, S100T41U, S100VGKI, S100XT0W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XT0W |
| Property, plant and equipment | 8% | S100XT0W |
| Intangibles and goodwill | 0% | S100XT0W |
| Investment securities | 35% | S100XT0W |
| Other assets | 19% | S100XT0W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100XT0W |
| Equity | 84% | S100XT0W |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,983 | 19,991 | 22,201 | 21,844 | 23,650 |
| Equity | 17,102 | 17,254 | 18,151 | 18,819 | 19,819 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,233 | 6,423 | 8,544 | 8,831 | 8,925 |

## 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% | S100XT0W |
| Fixed assets ÷ total assets | 7.5% | S100XT0W |
| Goodwill ÷ parent equity | — | —, S100XT0W |

### 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) | 37.7% |
| Cash ÷ revenue | 101.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.7% |
| Cash vs. profit gap | -169 JPY mn (of net income -71.6%) |
| Shareholder returns / net income | 106.8% |
| Shareholder returns / FCF | 1400.0% |
| Shareholder payments — dividends / net income | 45.3% |
| Shareholder payments — dividends / FCF | 594.4% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 419.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.6% | 0.38× | 0.2% | 1.30× | 0.3% | S100QF90 |
| 2022 | 1.9% | 0.50× | 1.0% | 1.30× | 1.2% | S100T41U |
| 2023 | 2.5% | 0.51× | 1.3% | 1.36× | 1.7% | S100VGKI |
| 2024 | 3.3% | 0.44× | 1.5% | 1.41× | 2.0% | S100XT0W |
| 2025 | 2.7% | 0.39× | 1.0% | 1.44× | 1.5% | S100XT0W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上原成商事㈱ | Major shareholder | 9.4% | 2025-12-31 |
| 金下 昌司 | Major shareholder | 7.0% | 2025-12-31 |
| ㈱日本カストディ銀行（三井住友信託銀行再信託分・ライト工業株式会社退職給付信託口） | Major shareholder | 5.5% | 2025-12-31 |
| 金下建設従業員持株会 | Major shareholder | 4.8% | 2025-12-31 |
| ㈱みずほ銀行 | Major shareholder | 4.8% | 2025-12-31 |
| ㈱京都銀行 | Major shareholder | 4.8% | 2025-12-31 |
| 金下 欣司 | Major shareholder | 4.4% | 2025-12-31 |
| 京都北都信用金庫 | Major shareholder | 2.7% | 2025-12-31 |
| サンキ工業㈱ | Major shareholder | 2.5% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲ Ｓ ＬＬＣ(常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/01/01－2025/12/31) | S100XT0W | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT0W,, |
| 有価証券報告書－第74期(2024/01/01－2024/12/31) | S100VGKI | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGKI,, |
| 有価証券報告書－第73期(2023/01/01－2023/12/31) | S100T41U | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T41U,, |
| 有価証券報告書－第72期(2022/01/01－2022/12/31) | S100QF90 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF90,, |
| 有価証券報告書－第71期(令和3年1月1日－令和3年12月31日) | S100NP4D | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP4D,, |
| 有価証券報告書－第70期(令和2年1月1日－令和2年12月31日) | S100L09N | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L09N,, |

## 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).