# Kawagishi Bridge Works Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2024/10/01－2025/09/30) (S100XBJH)
> Page: https://vizora.meequs.com/en/company/kawagishi-bridge-works
> Retrieved: 2026-09-30T18:29:05.429Z

## Company

Kawagishi Bridge Works, founded in 1906, is a company in General Contractors listed on TSE Standard. It has 273 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kawagishi Bridge Works Co., Ltd. |
| Ticker | 5921 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5921.T) |
| Listing | TSE Standard |
| Head office | 東京都港区東新橋1丁目2番13号 |
| Representative (per filing) | 代表取締役社長 清時 康夫 |
| Founded | Mar 1906 |
| Share capital | ¥955.5M |
| Employees (consolidated) | 273 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | September |
| Website | www.kawagishi.co.jp (https://www.kawagishi.co.jp/) |
| Corporate number | 1010401007286 |
| EDINET | E01381 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100XBJH, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.5 | 84 |
| Profitability | 62.5 | 92 |
| Cash conversion | 77.5 | 91 |
| Efficiency | 20.1 | 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)

- Kawagishi Bridge Works brought in ¥24.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -12.1% from the prior year, operating profit +12.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24219601000 → ¥1447253000
- Net income → operating cash flow: ¥1447253000 → ¥3243141000（difference ¥1795888000）
- Main uses of operating cash flow: CapEx ¥462121000 / dividends ¥433777000 / buybacks ¥719099000
- Change in cash: ¥1906507000
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 | ¥24.2B |  |
| Operating income | ¥1.87B | Margin 7.7% |
| Net income | ¥1.45B | Margin 6.0% |
| Free cash flow | ¥2.78B |  |
| Employees (consolidated) | 273 |  |
| EPS | ¥521.05 |  |
| Book value per share | ¥10553.96 |  |
| Equity ratio | 82.8% |  |
| Shares outstanding | 3,000,000 |  |
| Treasury shares | 256,300 |  |
| Shareholders | 1,175 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 13.1% |
| Vs. industry median margin | +0.9 pp | General Contractors |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, buybacks were 1.7× dividends
- FY2025, employees -7% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19913065000 | ¥24219601000 | +21.6% |
| Operating income | ¥1425528000 | ¥1873084000 | +31.4% |
| Operating margin | 7.2% | 7.7% | +0.6 pp |
| Employees | 313 people | 273 people | -12.8% |
| Cash and equivalents | ¥5255112000 | ¥3166478000 | -39.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,220 | 100.0% | S100XBJH |
| Cost of revenue | 21,327 | 88.1% | S100XBJH |
| Gross profit | 2,893 | 11.9% | S100XBJH |
| SG&A | 1,020 | 4.2% | S100XBJH |
| Operating income | 1,873 | 7.7% | S100XBJH |
| Ordinary income | 2,146 | 8.9% | S100XBJH |
| Pretax income | 2,089 | 8.6% | S100XBJH |
| Income tax | 642 | 2.6% | S100XBJH |
| Net income | 1,447 | 6.0% | S100XBJH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 4 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 11.9% → Operating margin 7.7% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -12.1%; Core profit growth: +12.2%
Operating leverage (core profit growth ÷ revenue growth): -1.01×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,566 | 24,220 | -3,347 | -12.1% |
| Gross profit | 2,609 | 2,893 | 284 | +10.9% |
| Operating income | 1,669 | 1,873 | 204 | +12.2% |
| Operating cash flow | -1,422 | 3,243 | 4,665 | — |
| Free cash flow | -1,850 | 2,781 | 4,631 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 23,102 | 1,391 | 6.0% | 1,099 | 2,073 | 1,705 | S100KFLA |
| FY ending Sep 2020 | 19,913 | 1,426 | 7.2% | 801 | 2,843 | 1,225 | S100N3T8 |
| FY ending Sep 2021 | 18,874 | 1,852 | 9.8% | 1,348 | 1,765 | 1,267 | S100PTFC |
| FY ending Sep 2022 | 22,050 | 1,242 | 5.6% | 952 | 1,458 | 1,270 | S100SITW |
| FY ending Sep 2023 | 25,999 | 1,415 | 5.4% | 1,249 | -2,582 | -3,033 | S100UZZS |
| FY ending Sep 2024 | 27,566 | 1,669 | 6.1% | 1,469 | -1,422 | -1,850 | S100XBJH |
| FY ending Sep 2025 | 24,220 | 1,873 | 7.7% | 1,447 | 3,243 | 2,781 | S100XBJH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.7M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥5.3M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 313 | 327 | 357 | 292 | 273 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥6.3M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 40.1 years | 40.7 years | 40.9 years | 41.0 years | 38.7 years |
| Average tenure (parent company) | 13.3 years | 13.5 years | 13.9 years | 14.2 years | 13.5 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) -12.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,243 | 13.4% | S100XBJH |
| Capital expenditure | 462 | 1.9% | S100XBJH |
| Free cash flow | 2,781 | 11.5% | 算出 |
| Investing cash flow | -206 | -0.9% | S100XBJH |
| Financing cash flow | -1,130 | -4.7% | S100XBJH |
| Dividends paid | 434 | 1.8% | S100XBJH |
| Share buyback | 719 | 3.0% | S100XBJH |
| Change in cash | 1,907 | 7.9% | S100XBJH |
| Cash and equivalents | 3,166 | 13.1% | S100XBJH |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,280 | 6,794 | 3,596 | 1,260 | 3,166 | S100SITW, S100UZZS, S100XBJH |
| Total assets | 29,225 | 30,767 | 32,441 | 34,171 | 34,992 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Net assets | 24,961 | 25,719 | 27,260 | 28,203 | 28,956 | S100SITW, S100UZZS, S100XBJH |
| Share capital | 955 | 955 | 955 | 955 | 955 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Property, plant and equipment | 7,010 | 6,782 | 6,823 | 6,669 | 6,583 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Intangible assets excluding goodwill | 20 | 39 | 49 | 48 | 49 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Investment securities | 725 | 1,277 | 1,617 | 1,587 | 1,934 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Current assets | 21,105 | 22,252 | 23,565 | 25,457 | 25,897 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Current liabilities | 3,980 | 4,763 | 4,820 | 5,463 | 5,469 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Total liabilities | 4,264 | 5,048 | 5,180 | 5,967 | 6,036 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Equity attributable to owners of parent | 24,706 | 25,432 | 26,669 | 27,494 | 27,948 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Retained earnings | 23,371 | 24,078 | 25,095 | 26,266 | 27,278 | S100PTFC, S100SITW, S100UZZS, S100XBJH |
| Treasury stock | -203 | -190 | -40 | -399 | -969 | S100PTFC, S100SITW, S100UZZS, S100XBJH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XBJH |
| Property, plant and equipment | 19% | S100XBJH |
| Intangibles and goodwill | 0% | S100XBJH |
| Investment securities | 6% | S100XBJH |
| Other assets | 66% | S100XBJH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100XBJH |
| Equity | 83% | S100XBJH |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,225 | 30,767 | 32,441 | 34,171 | 34,992 |
| Equity | 24,961 | 25,719 | 27,260 | 28,203 | 28,956 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,280 | 6,794 | 3,596 | 1,260 | 3,166 |

## 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) | 27.2% | S100XBJH |
| Fixed assets ÷ total assets | 18.8% | S100XBJH |
| Goodwill ÷ parent equity | — | —, S100XBJH |

### 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) | 9.0% |
| Cash ÷ revenue | 13.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.1% |
| Cash vs. profit gap | 1,796 JPY mn (of net income 124.1%) |
| Shareholder returns / net income | 79.7% |
| Shareholder returns / FCF | 41.5% |
| Shareholder payments — dividends / net income | 30.0% |
| Shareholder payments — dividends / FCF | 15.6% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 6.4% |

## 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 | 7.1% | 0.65× | 4.6% | 1.18× | 5.5% | S100PTFC |
| 2022 | 4.3% | 0.74× | 3.2% | 1.20× | 3.8% | S100SITW |
| 2023 | 4.8% | 0.82× | 4.0% | 1.21× | 4.8% | S100UZZS |
| 2024 | 5.3% | 0.83× | 4.4% | 1.23× | 5.4% | S100XBJH |
| 2025 | 6.0% | 0.70× | 4.2% | 1.25× | 5.2% | S100XBJH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エムエム建材株式会社 | Major shareholder | 18.2% | 2025-09-30 |
| 伊藤忠丸紅住商テクノスチール株式会社 | Major shareholder | 18.2% | 2025-09-30 |
| 川岸興産株式会社 | Major shareholder | 5.7% | 2025-09-30 |
| 神鋼商事株式会社 | Major shareholder | 5.2% | 2025-09-30 |
| 内藤 征吾 | Major shareholder | 3.3% | 2025-09-30 |
| 川岸 隆一 | Major shareholder | 3.0% | 2025-09-30 |
| INTERACTIVE BROKERS 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 | 2.8% | 2025-09-30 |
| 株式会社飯田運送 | Major shareholder | 2.5% | 2025-09-30 |
| 株式会社りそな銀行 | Major shareholder | 2.3% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 2.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2024/10/01－2025/09/30) | S100XBJH | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBJH,, |
| 有価証券報告書－第78期(2023/10/01－2024/09/30) | S100UZZS | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZZS,, |
| 有価証券報告書－第77期(2022/10/01－2023/09/30) | S100SITW | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SITW,, |
| 有価証券報告書－第76期(令和3年10月1日－令和4年9月30日) | S100PTFC | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTFC,, |
| 有価証券報告書－第75期(令和2年10月1日－令和3年9月30日) | S100N3T8 | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3T8,, |
| 有価証券報告書－第74期(令和1年10月1日－令和2年9月30日) | S100KFLA | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFLA,, |

## 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).