# Keihanshin Building Co., Ltd.: 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103期(2025/04/01－2026/03/31) (S100YC9O)
> Page: https://vizora.meequs.com/en/company/keihanshin-building
> Retrieved: 2026-09-30T17:57:11.940Z

## Company

Keihanshin Building, founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 66 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Keihanshin Building Co., Ltd. |
| Ticker | 8818 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8818.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区瓦町四丁目2番14号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 若林常夫 |
| Founded | Dec 1948 |
| Share capital | ¥9.83B |
| Employees (consolidated) | 66 |
| Average salary (parent only) | ¥11.1M |
| Fiscal year end | March |
| Website | www.keihanshin.co.jp (https://www.keihanshin.co.jp/) |
| Corporate number | 6120001078852 |
| EDINET | E03867 |
| Industries (Vizora) | Real Estate Development & Leasing |

> Profile source: annual securities report (S100YC9O, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26 | 75 |
| Profitability | 94.8 | 86 |
| Cash conversion | 71.3 | 82 |
| Efficiency | 0.6 | 86 |
| Financial strength | 50 | 37 |

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)

- Keihanshin Building brought in ¥20.3B in revenue.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +13.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20255000000 → ¥4675000000
- Net income → operating cash flow: ¥4675000000 → ¥7692000000（difference ¥3017000000）
- Main uses of operating cash flow: CapEx ¥737000000 / dividends ¥2018000000 / buybacks ¥1724000000
- Change in cash: ¥2850000000
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 | ¥20.3B |  |
| Operating income | ¥5.65B | Margin 27.9% |
| Net income | ¥4.67B | Margin 23.1% |
| Free cash flow | ¥6.96B |  |
| Employees (consolidated) | 66 |  |
| EPS | ¥98.65 |  |
| Diluted EPS | ¥98.56 |  |
| Book value per share | ¥1702.74 |  |
| Equity ratio | 43.8% |  |
| Shares outstanding | 48,811,000 |  |
| Treasury shares | 1,109,100 |  |
| Shareholders | 4,661 |  |
| Average salary (parent only) | ¥11.1M | Filing company only |
| Cash ratio | 9.1% | Net cash -¥68.5B · Cash ÷ revenue 83.5% |
| Vs. industry median margin | +17.3 pp | Real Estate Development & Leasing |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 28 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15333960000 | ¥20255000000 | +32.1% |
| Operating income | ¥5295518000 | ¥5646000000 | +6.6% |
| Operating margin | 34.5% | 27.9% | -6.7 pp |
| Employees | 46 people | 66 people | +43.5% |
| Cash and equivalents | ¥21550649000 | ¥16911000000 | -21.5% |

### 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 |
| --- | ---: |
| 土地建物賃貸事業 → 事業再編・廃止 | 99.9% |
| その他 → 事業再編・廃止 | 0.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,255 | 100.0% | S100YC9O |
| Cost of revenue | 12,633 | 62.4% | S100YC9O |
| Gross profit | 7,621 | 37.6% | S100YC9O |
| SG&A | 1,975 | 9.8% | S100YC9O |
| Operating income | 5,646 | 27.9% | S100YC9O |
| Ordinary income | 5,603 | 27.7% | S100YC9O |
| Pretax income | 6,753 | 33.3% | S100YC9O |
| Income tax | 2,078 | 10.3% | S100YC9O |
| Net income | 4,675 | 23.1% | S100YC9O |
| Net income attributable to owners | 4,675 | 23.1% | S100YC9O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 10 |
| Operating income | 28 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 37.6% → Operating margin 27.9% → Net margin 23.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +13.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.88×
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 | 19,584 | 20,255 | 671 | +3.4% |
| Gross profit | 6,914 | 7,621 | 707 | +10.2% |
| Operating income | 4,983 | 5,646 | 663 | +13.3% |
| Net income attributable to owners | 4,388 | 4,675 | 287 | +6.5% |
| Operating cash flow | 7,294 | 7,692 | 398 | +5.5% |
| Free cash flow | 3,343 | 6,955 | 3,612 | +108.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,319 | 5,414 | 35.3% | 3,919 | 6,693 | -3,799 | S100LL7L |
| FY ending Mar 2021 | 15,334 | 5,296 | 34.5% | 8,252 | 7,693 | -5,675 | S100OA1Y |
| FY ending Mar 2022 | 17,816 | 5,125 | 28.8% | 5,165 | 2,736 | -9,767 | S100R0CI |
| FY ending Mar 2023 | 18,879 | 5,375 | 28.5% | 4,186 | 8,918 | -3,978 | S100TPZW |
| FY ending Mar 2024 | 19,311 | 5,083 | 26.3% | 3,794 | 8,222 | 1,258 | S100VZIE |
| FY ending Mar 2025 | 19,584 | 4,983 | 25.4% | 4,388 | 7,294 | 3,343 | S100YC9O |
| FY ending Mar 2026 | 20,255 | 5,646 | 27.9% | 4,675 | 7,692 | 6,955 | S100YC9O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥306.9M |
| Operating income per employee (consolidated) | ¥85.5M |
| Net income per employee (consolidated) | ¥70.8M |

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) | 51 | 53 | 60 | 64 | 66 |
| Average salary (parent company) | ¥9.9M | ¥10.7M | ¥11.2M | ¥10.8M | ¥11.1M |
| Average age (parent company) | 46.8 years | 48.2 years | 48.9 years | 47.8 years | 46.0 years |
| Average tenure (parent company) | 10.2 years | 9.8 years | 9.3 years | 9.4 years | 9.2 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +3.4%

## 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 | 7,692 | 38.0% | S100YC9O |
| Capital expenditure | 737 | 3.6% | S100YC9O |
| Free cash flow | 6,955 | 34.3% | 算出 |
| Investing cash flow | -2,054 | -10.1% | S100YC9O |
| Financing cash flow | -2,679 | -13.2% | S100YC9O |
| Dividends paid | 2,018 | 10.0% | S100YC9O |
| Share buyback | 1,724 | 8.5% | S100YC9O |
| Change in cash | 2,850 | 14.1% | S100YC9O |
| Cash and equivalents | 16,911 | 83.5% | S100YC9O |

## 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 | 9,876 | 5,313 | 8,668 | 14,060 | 16,911 | S100TPZW, S100VZIE, S100YC9O |
| Total assets | 149,995 | 152,321 | 166,616 | 177,104 | 185,602 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Net assets | 70,510 | 70,871 | 74,874 | 76,323 | 81,397 | S100TPZW, S100VZIE, S100YC9O |
| Share capital | 9,828 | 9,828 | 9,828 | 9,827 | 9,827 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Property, plant and equipment | 125,159 | 133,273 | 137,152 | 137,048 | 128,338 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Intangible assets excluding goodwill | 127 | 110 | 107 | 107 | 86 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Investment securities | 9,776 | 9,608 | 17,383 | 22,399 | 36,754 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Current assets | 12,261 | 6,703 | 9,385 | 15,020 | 17,877 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Current liabilities | 8,208 | 7,888 | 8,731 | 15,761 | 11,828 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Trade payables | 0 | 1 | — | — | — | S100R0CI, S100TPZW |
| Short-term borrowings | 4,091 | 3,922 | 4,677 | 6,336 | 7,037 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Long-term borrowings | 15,769 | 18,234 | 20,853 | 23,017 | 28,378 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Bonds | 45,000 | 45,000 | 50,000 | 50,000 | 50,000 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Interest-bearing debt | 64,860 | 67,157 | 75,530 | 79,353 | 85,415 | 算出 |
| Total liabilities | 79,484 | 81,450 | 91,742 | 100,781 | 104,205 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Equity attributable to owners of parent | 70,523 | 71,154 | 73,105 | 75,103 | 76,158 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Retained earnings | 51,728 | 52,437 | 54,459 | 56,434 | 59,024 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |
| Treasury stock | -232 | -311 | -382 | -358 | -1,893 | S100R0CI, S100TPZW, S100VZIE, S100YC9O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YC9O |
| Property, plant and equipment | 69% | S100YC9O |
| Intangibles and goodwill | 0% | S100YC9O |
| Investment securities | 20% | S100YC9O |
| Other assets | 2% | S100YC9O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 46% | 算出 |
| Other liabilities | 10% | S100YC9O |
| Equity | 44% | S100YC9O |

### 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 | 149,995 | 152,321 | 166,616 | 177,104 | 185,602 |
| Equity | 70,510 | 70,871 | 74,874 | 76,323 | 81,397 |
| Interest-bearing debt | 64,860 | 67,157 | 75,530 | 79,353 | 85,415 |
| Cash | 9,876 | 5,313 | 8,668 | 14,060 | 16,911 |

## 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) | 633.6% | S100YC9O |
| Fixed assets ÷ total assets | 69.1% | S100YC9O |
| Goodwill ÷ parent equity | — | —, S100YC9O |

### 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) | 9.1% |
| Cash ÷ revenue | 83.5% |
| Net cash (cash − interest-bearing debt) | -¥68.5B |
| Net debt ÷ operating cash flow | 8.91× |
| Cash conversion (operating CF ÷ operating income) | 136.2% |
| Cash vs. profit gap | 3,017 JPY mn (of net income 64.5%) |
| Shareholder returns / net income | 80.0% |
| Shareholder returns / FCF | 53.8% |
| Shareholder payments — dividends / net income | 43.2% |
| Shareholder payments — dividends / FCF | 29.0% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 26.7% |

## 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 | 29.0% | 0.12× | 3.4% | 2.13× | 7.3% | S100R0CI |
| 2023 | 22.2% | 0.12× | 2.8% | 2.13× | 5.9% | S100TPZW |
| 2024 | 19.6% | 0.12× | 2.4% | 2.21× | 5.3% | S100VZIE |
| 2025 | 22.4% | 0.11× | 2.6% | 2.32× | 5.9% | S100YC9O |
| 2026 | 23.1% | 0.11× | 2.6% | 2.40× | 6.2% | S100YC9O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 銀泉株式会社 | Major shareholder | 13.5% | 2026-03-31 |
| INTERTRUST TRUSTEES(CAYMAN) LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 10.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社きんでん | Major shareholder | 2.9% | 2026-03-31 |
| 鹿島建設株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社百十四銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 三精テクノロジーズ株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YC9O | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC9O,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100VZIE | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZIE,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TPZW | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPZW,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R0CI | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0CI,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OA1Y | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA1Y,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LL7L | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL7L,, |

## 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).