# KAWADA TECHNOLOGIES,INC.: 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18期(2025/04/01－2026/03/31) (S100YF5H)
> Page: https://vizora.meequs.com/en/company/kawada-technologies
> Retrieved: 2026-09-30T19:38:27.008Z

## Company

Kawada Technologies, founded in 2009, is a company in IT Services & System Integration listed on TSE Prime. It has 2,419 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAWADA TECHNOLOGIES, INC. |
| Ticker | 3443 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3443.T) |
| Listing | TSE Prime |
| Head office | 富山県南砺市苗島4610番地 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っています。) |
| Representative (per filing) | 代表取締役社長 川田 忠裕 |
| Founded | Feb 2009 |
| Share capital | ¥5.37B |
| Employees (consolidated) | 2,419 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.kawada.jp (https://www.kawada.jp/) |
| Corporate number | 6230001009490 |
| EDINET | E21955 |
| Industries (Vizora) | IT Services & System Integration, General Contractors |

> Profile source: annual securities report (S100YF5H, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.3 | 84 |
| Profitability | 57.1 | 92 |
| Cash conversion | 78.6 | 91 |
| Efficiency | 19 | 92 |
| Financial strength | 70 | 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 42% of Kawada Technologies's sales come from Steel structure, with Engineering and Architecture making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -13.5% from the prior year, operating profit -11.2%.

## Company structure

- Segment revenue mix: Steel structure 42.3%、Engineering 28.3%、Architecture 14.4%、Other 8.1%、Solution 6.8%
- Revenue → net income: ¥115025000000 → ¥8835000000
- Net income → operating cash flow: ¥8835000000 → ¥15160000000（difference ¥6325000000）
- Main uses of operating cash flow: CapEx ¥3152000000 / dividends ¥2859000000 / buybacks —
- Change in cash: ¥3197000000
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 | ¥115B |  |
| Operating income | ¥8.6B | Margin 7.5% |
| Net income | ¥8.78B | Margin 7.6% |
| Free cash flow | ¥12B |  |
| Largest business | Steel structure | of segment revenue 42.3% |
| Employees (consolidated) | 2,419 |  |
| EPS | ¥68.89 |  |
| Book value per share | ¥475.32 |  |
| Equity ratio | 60.7% |  |
| Shares outstanding | 17,474,210 |  |
| Treasury shares | 34,800 |  |
| Shareholders | 6,298 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 10.7% | Net cash ¥5.45B · Cash ÷ revenue 15.2% |
| Vs. industry median margin | +0.6 pp | General Contractors |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥115545000000 | ¥115025000000 | -0.5% |
| Operating income | ¥5565000000 | ¥8598000000 | +54.5% |
| Operating margin | 4.8% | 7.5% | +2.7 pp |
| Employees | 2,338 people | 2,419 people | +3.5% |
| Cash and equivalents | ¥10767000000 | ¥17477000000 | +62.3% |

### 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 |
| --- | ---: |
| 鉄構 → 鉄構 | 42.3% |
| 鉄構 → 事業再編・廃止 | 10.1% |
| 土木 → 土木 | 28.3% |
| 土木 → 事業再編・廃止 | 0.9% |
| 建築 → 建築 | 8.8% |
| ソリューション → ソリューション | 3.8% |
| その他 → その他 | 5.7% |
| 新設・再編 → 建築 | 5.6% |
| 新設・再編 → ソリューション | 3.1% |
| 新設・再編 → その他 | 2.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel structure | 5 years | -4.3% | ¥48693000000 | 13.0% | 2 |
| Engineering | 5 years | -0.7% | ¥32599000000 | 5.1% | 2 |
| Architecture | 5 years | +10.2% | ¥16594000000 | 7.9% | 2 |
| Other | 5 years | +6.9% | ¥9284000000 | -4.2% | 2 |
| Solution | 5 years | +12.6% | ¥7853000000 | 39.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 115,025 | 100.0% | S100YF5H |
| Cost of revenue | 93,671 | 81.4% | S100YF5H |
| Gross profit | 21,354 | 18.6% | S100YF5H |
| SG&A | 12,756 | 11.1% | S100YF5H |
| Operating income | 8,598 | 7.5% | S100YF5H |
| Ordinary income | 11,055 | 9.6% | S100YF5H |
| Pretax income | 11,296 | 9.8% | S100YF5H |
| Income tax | 2,460 | 2.1% | S100YF5H |
| Net income | 8,835 | 7.7% | S100YF5H |
| Net income attributable to owners | 8,782 | 7.6% | S100YF5H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 18.6% → Operating margin 7.5% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -13.5%; Core profit growth: -11.2%
Operating leverage (core profit growth ÷ revenue growth): 0.83×
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 | 132,905 | 115,025 | -17,880 | -13.5% |
| Gross profit | 21,742 | 21,354 | -388 | -1.8% |
| Operating income | 9,684 | 8,598 | -1,086 | -11.2% |
| Net income attributable to owners | 11,107 | 8,782 | -2,325 | -20.9% |
| Operating cash flow | 9,839 | 15,160 | 5,321 | +54.1% |
| Free cash flow | 6,623 | 12,008 | 5,385 | +81.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 127,048 | 6,759 | 5.3% | 6,449 | -4,126 | -7,300 | S100LRYP |
| FY ending Mar 2021 | 115,545 | 5,565 | 4.8% | 6,340 | -2,547 | -6,059 | S100QMRA |
| FY ending Mar 2022 | 103,760 | 6,412 | 6.2% | 5,176 | 20,391 | 17,760 | S100R5I0 |
| FY ending Mar 2023 | 118,086 | 5,025 | 4.3% | 4,231 | -9,673 | -11,554 | S100TXKT |
| FY ending Mar 2024 | 129,127 | 8,734 | 6.8% | 7,541 | 13,320 | 10,464 | S100W2OA |
| FY ending Mar 2025 | 132,905 | 9,684 | 7.3% | 11,107 | 9,839 | 6,623 | S100YF5H |
| FY ending Mar 2026 | 115,025 | 8,598 | 7.5% | 8,782 | 15,160 | 12,008 | S100YF5H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.6M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 2,375 | 2,357 | 2,373 | 2,376 | 2,419 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥7.3M | ¥7.5M | ¥8M |
| Average age (parent company) | 41.9 years | 41.9 years | 42.6 years | 42.9 years | 42.8 years |
| Average tenure (parent company) | 15.0 years | 15.1 years | 15.3 years | 15.7 years | 16.3 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -13.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel structure | 48,693 | 42.3% | 6,320 | 13.0% |
| Engineering | 32,599 | 28.3% | 1,654 | 5.1% |
| Architecture | 16,594 | 14.4% | 1,308 | 7.9% |
| Solution | 7,853 | 6.8% | 3,098 | 39.4% |
| Other | 9,284 | 8.1% | -388 | -4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel structure | 42.3% | 51.1% | 8.7 | 13.0% |
| Engineering | 28.3% | 13.4% | -15.0 | 5.1% |
| Architecture | 14.4% | 10.6% | -3.9 | 7.9% |
| Solution | 6.8% | 25.0% | 18.2 | 39.4% |
| Other | 8.1% | — | — | -4.2% |

Loss-making segment (excluded from profit shares): Other -388 JPY mn

Segment → industry: Solution → IT Services & System Integration / Architecture → General Contractors / Engineering → General Contractors / Steel structure → 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 | 15,160 | 13.2% | S100YF5H |
| Capital expenditure | 3,152 | 2.7% | S100YF5H |
| Free cash flow | 12,008 | 10.4% | 算出 |
| Investing cash flow | -1,828 | -1.6% | S100YF5H |
| Financing cash flow | -10,134 | -8.8% | S100YF5H |
| Dividends paid | 2,859 | 2.5% | S100YF5H |
| Change in cash | 3,197 | 2.8% | S100YF5H |
| Cash and equivalents | 17,477 | 15.2% | S100YF5H |

## 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 | 13,674 | 15,661 | 16,102 | 14,279 | 17,477 | S100TXKT, S100W2OA, S100YF5H |
| Total assets | 133,337 | 162,158 | 160,238 | 165,511 | 162,986 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Net assets | 71,921 | 76,697 | 82,363 | 91,569 | 99,510 | S100TXKT, S100W2OA, S100YF5H |
| Share capital | 5,285 | 5,288 | 5,311 | 5,374 | 5,374 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Property, plant and equipment | 25,982 | 27,042 | 27,875 | 27,375 | 26,797 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Intangible assets excluding goodwill | 1,108 | 1,177 | 1,248 | 1,236 | 1,275 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Investment securities | 2,343 | 3,496 | 3,542 | 4,074 | 4,395 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Current assets | 66,482 | 92,956 | 86,400 | 87,241 | 82,479 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Current liabilities | 46,734 | 69,341 | 59,126 | 56,700 | 48,509 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Short-term borrowings | 5,717 | 20,380 | 9,750 | 6,345 | 1,500 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Long-term borrowings | 8,138 | 6,892 | 9,754 | 9,552 | 8,883 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Bonds | 1,040 | 1,910 | 2,250 | 2,065 | 1,640 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Interest-bearing debt | 14,895 | 29,182 | 21,754 | 17,962 | 12,023 | 算出 |
| Total liabilities | 61,415 | 85,460 | 77,874 | 73,942 | 63,475 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Non-controlling interests | 918 | 1,079 | 462 | 506 | 555 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Equity attributable to owners of parent | 67,616 | 71,173 | 76,386 | 84,793 | 90,919 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Retained earnings | 51,605 | 55,247 | 61,576 | 69,665 | 75,579 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |
| Treasury stock | -44 | -140 | -1,050 | -169 | -67 | S100R5I0, S100TXKT, S100W2OA, S100YF5H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YF5H |
| Property, plant and equipment | 16% | S100YF5H |
| Intangibles and goodwill | 1% | S100YF5H |
| Investment securities | 3% | S100YF5H |
| Other assets | 69% | S100YF5H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 32% | S100YF5H |
| Equity | 61% | S100YF5H |
| Other liabilities | 0% | S100YF5H |

### 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 | 133,337 | 162,158 | 160,238 | 165,511 | 162,986 |
| Equity | 71,921 | 76,697 | 82,363 | 91,569 | 99,510 |
| Interest-bearing debt | 14,895 | 29,182 | 21,754 | 17,962 | 12,023 |
| Cash | 13,674 | 15,661 | 16,102 | 14,279 | 17,477 |

## 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) | 23.3% | S100YF5H |
| Fixed assets ÷ total assets | 16.4% | S100YF5H |
| Goodwill ÷ parent equity | — | —, S100YF5H |

### 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) | 10.7% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | ¥5.45B |
| Net debt ÷ operating cash flow | -0.36× |
| Cash conversion (operating CF ÷ operating income) | 176.3% |
| Cash vs. profit gap | 6,378 JPY mn (of net income 72.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.6% |
| Shareholder payments — dividends / FCF | 23.8% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 12.1% |

## 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% | 0.78× | 3.9% | 1.97× | 7.7% | S100R5I0 |
| 2023 | 3.6% | 0.80× | 2.9% | 2.13× | 6.1% | S100TXKT |
| 2024 | 5.8% | 0.80× | 4.7% | 2.18× | 10.2% | S100W2OA |
| 2025 | 8.4% | 0.82× | 6.8% | 2.02× | 13.8% | S100YF5H |
| 2026 | 7.6% | 0.70× | 5.3% | 1.87× | 10.0% | S100YF5H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 18.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 川田テクノロジーズ社員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 富士前商事株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 川田 忠裕 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YF5H | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF5H,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W2OA | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2OA,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TXKT | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXKT,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100R5I0 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5I0,, |
| 訂正有価証券報告書－第14期(2021/04/01－2022/03/31) | S100QMRA | 2023-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMRA,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LRYP | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRYP,, |

## 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).