# KOMAIHALTEC 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97期(2025/04/01－2026/03/31) (S100YKDC)
> Page: https://vizora.meequs.com/en/company/komaihaltec
> Retrieved: 2026-09-30T19:46:41.337Z

## Company

Komaihaltec, founded in 2010, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 618 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOMAIHALTEC Inc. |
| Ticker | 5915 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5915.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区立売堀四丁目2番21号 |
| Representative (per filing) | 代表取締役社長 駒井恵美 |
| Founded | Oct 2010 |
| Share capital | ¥6.62B |
| Employees (consolidated) | 618 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.komaihaltec.co.jp (https://www.komaihaltec.co.jp/) |
| Corporate number | 2120001028927 |
| EDINET | E01362 |
| Industries (Vizora) | Plant Engineering & Building Services, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YKDC, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.7 | 84 |
| Profitability | 2.7 | 92 |
| Cash conversion | 99.5 | 91 |
| Efficiency | 4.9 | 92 |
| Financial strength | 36.7 | 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 60% of Komaihaltec's sales come from Steel frame, with Bridge and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -15.1% from the prior year, operating profit +63.2%.

## Company structure

- Segment revenue mix: Steel frame 59.6%、Bridge 38.3%、Real estate 1.2%、Renewable Energy and Overseas Business 0.6%、Other 0.4%
- Revenue → net income: ¥34414000000 → ¥335000000
- Net income → operating cash flow: ¥335000000 → ¥4721000000（difference ¥4386000000）
- Main uses of operating cash flow: CapEx ¥2450000000 / dividends ¥374000000 / buybacks ¥184000000
- Change in cash: ¥-4220000000
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 | ¥34.4B |  |
| Operating income | ¥470M | Margin 1.4% |
| Net income | ¥335M | Margin 1.0% |
| Free cash flow | ¥2.27B |  |
| Largest business | Steel frame | of segment revenue 59.6% |
| Employees (consolidated) | 618 |  |
| EPS | ¥68.02 |  |
| Book value per share | ¥7672.06 |  |
| Equity ratio | 52.6% |  |
| Shares outstanding | 4,972,000 |  |
| Treasury shares | 390,600 |  |
| Shareholders | 4,137 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 9.2% | Net cash -¥5.15B · Cash ÷ revenue 17.7% |
| Vs. industry median margin | -5.5 pp | General Contractors |
| ROE | 1.2% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 14.1× net income
- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, employees 0% while operating income rose 63%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30293000000 | ¥34414000000 | +13.6% |
| Operating income | ¥456000000 | ¥470000000 | +3.1% |
| Operating margin | 1.5% | 1.4% | -0.1 pp |
| Employees | 650 people | 618 people | -4.9% |
| Cash and equivalents | ¥8927000000 | ¥6097000000 | -31.7% |

### 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 |
| --- | ---: |
| 橋梁事業 → 橋梁事業 | 38.3% |
| 橋梁事業 → 事業再編・廃止 | 5.2% |
| 鉄骨事業 → 鉄骨事業 | 52.1% |
| インフラ環境事業 → インフラ環境事業 | 0.6% |
| インフラ環境事業 → 事業再編・廃止 | 2.1% |
| 不動産事業 → 不動産事業 | 1.2% |
| 不動産事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 鉄骨事業 | 7.5% |

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 frame | 5 years | +5.4% | ¥20508000000 | 4.3% | 2 |
| Bridge | 5 years | +0.0% | ¥13170000000 | 16.3% | 2 |
| Real estate | 5 years | +0.2% | ¥410000000 | 80.0% | 2 |
| Renewable Energy and Overseas Business | 5 years | -25.3% | ¥190000000 | -315.3% | 2 |
| Other | 5 years | +1.7% | ¥134000000 | -5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,414 | 100.0% | S100YKDC |
| Cost of revenue | 29,741 | 86.4% | S100YKDC |
| Gross profit | 4,672 | 13.6% | S100YKDC |
| SG&A | 4,201 | 12.2% | S100YKDC |
| Operating income | 470 | 1.4% | S100YKDC |
| Ordinary income | 817 | 2.4% | S100YKDC |
| Pretax income | 716 | 2.1% | S100YKDC |
| Income tax | 380 | 1.1% | S100YKDC |
| Net income | 335 | 1.0% | S100YKDC |
| Net income attributable to owners | 335 | 1.0% | S100YKDC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 12 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 13.6% → Operating margin 1.4% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -15.1%; Core profit growth: +63.2%
Operating leverage (core profit growth ÷ revenue growth): -4.17×
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 | 40,553 | 34,414 | -6,139 | -15.1% |
| Gross profit | 4,252 | 4,672 | 420 | +9.9% |
| Operating income | 288 | 470 | 182 | +63.2% |
| Net income attributable to owners | 1,274 | 335 | -939 | -73.7% |
| Operating cash flow | 8,184 | 4,721 | -3,463 | -42.3% |
| Free cash flow | 3,730 | 2,271 | -1,459 | -39.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,453 | 55 | 0.2% | -317 | -2,280 | -2,726 | S100LVKH |
| FY ending Mar 2021 | 30,293 | 456 | 1.5% | 776 | 3,491 | 2,700 | S100OIM2 |
| FY ending Mar 2022 | 29,552 | 1,510 | 5.1% | 1,345 | 4,816 | 4,609 | S100RAXE |
| FY ending Mar 2023 | 39,727 | 315 | 0.8% | 328 | -6,497 | -7,601 | S100TYOA |
| FY ending Mar 2024 | 55,384 | 722 | 1.3% | 625 | -8,577 | -9,721 | S100W8F4 |
| FY ending Mar 2025 | 40,553 | 288 | 0.7% | 1,274 | 8,184 | 3,730 | S100YKDC |
| FY ending Mar 2026 | 34,414 | 470 | 1.4% | 335 | 4,721 | 2,271 | S100YKDC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.7M |
| Operating income per employee (consolidated) | ¥760.5K |
| Net income per employee (consolidated) | ¥542.1K |

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) | 644 | 633 | 632 | 620 | 618 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6M | ¥6M | ¥6M |
| Average age (parent company) | 43.9 years | 43.6 years | 42.6 years | 43.8 years | 44.2 years |
| Average tenure (parent company) | 16.6 years | 16.4 years | 15.1 years | 15.8 years | 15.2 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) -15.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bridge | 13,170 | 38.3% | 2,151 | 16.3% |
| Steel frame | 20,508 | 59.6% | 873 | 4.3% |
| Renewable Energy and Overseas Business | 190 | 0.6% | -599 | -315.3% |
| Real estate | 410 | 1.2% | 328 | 80.0% |
| Other | 134 | 0.4% | -7 | -5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bridge | 38.3% | 64.2% | 25.9 | 16.3% |
| Steel frame | 59.6% | 26.0% | -33.6 | 4.3% |
| Renewable Energy and Overseas Business | 0.6% | — | — | -315.3% |
| Real estate | 1.2% | 9.8% | 8.6 | 80.0% |
| Other | 0.4% | — | — | -5.2% |

Loss-making segment (excluded from profit shares): Renewable Energy and Overseas Business -599 JPY mn

Loss-making segment (excluded from profit shares): Other -7 JPY mn

Segment → industry: Renewable Energy and Overseas Business → Plant Engineering & Building Services / Real estate → Real Estate Development & Leasing / Steel frame → General Contractors / Bridge → 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 | 4,721 | 13.7% | S100YKDC |
| Capital expenditure | 2,450 | 7.1% | S100YKDC |
| Free cash flow | 2,271 | 6.6% | 算出 |
| Investing cash flow | -1,942 | -5.6% | S100YKDC |
| Financing cash flow | -7,002 | -20.3% | S100YKDC |
| Dividends paid | 374 | 1.1% | S100YKDC |
| Share buyback | 184 | 0.5% | S100YKDC |
| Change in cash | -4,220 | -12.3% | S100YKDC |
| Cash and equivalents | 6,097 | 17.7% | S100YKDC |

## 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 | 12,338 | 7,883 | 6,594 | 10,317 | 6,097 | S100TYOA, S100W8F4, S100YKDC |
| Total assets | 52,526 | 61,127 | 76,832 | 69,324 | 66,539 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Net assets | 29,543 | 29,862 | 33,074 | 31,826 | 34,987 | S100TYOA, S100W8F4, S100YKDC |
| Share capital | 6,619 | 6,619 | 6,619 | 6,619 | 6,619 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Property, plant and equipment | 14,005 | 15,015 | 16,692 | 17,411 | 18,187 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Intangible assets excluding goodwill | 1,035 | 759 | 407 | 229 | 205 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Goodwill | 917 | 611 | 136 | — | — | S100RAXE, S100TYOA, S100W8F4 |
| Investment securities | 5,573 | 6,032 | 9,872 | 7,519 | 12,065 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Current assets | 31,600 | 38,891 | 49,519 | 43,863 | 35,771 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Current liabilities | 13,847 | 20,687 | 25,874 | 19,913 | 18,908 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Short-term borrowings | 2,472 | 4,677 | 6,726 | 4,856 | 5,345 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Long-term borrowings | 1,509 | 1,832 | 6,984 | 9,160 | 4,354 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Bonds | 3,260 | 3,850 | 4,650 | 2,900 | 1,550 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Interest-bearing debt | 7,241 | 10,359 | 18,360 | 16,916 | 11,249 | 算出 |
| Total liabilities | 22,982 | 31,265 | 43,758 | 37,497 | 31,552 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Non-controlling interests | 418 | 485 | 543 | — | — | S100RAXE, S100TYOA, S100W8F4 |
| Equity attributable to owners of parent | 26,822 | 26,813 | 27,123 | 27,642 | 27,431 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Retained earnings | 12,710 | 12,689 | 12,988 | 13,920 | 13,882 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |
| Treasury stock | -719 | -703 | -690 | -677 | -843 | S100RAXE, S100TYOA, S100W8F4, S100YKDC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YKDC |
| Property, plant and equipment | 28% | S100YKDC |
| Intangibles and goodwill | 0% | S100YKDC |
| Investment securities | 18% | S100YKDC |
| Other assets | 45% | S100YKDC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 30% | S100YKDC |
| Equity | 53% | S100YKDC |

### 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 | 52,526 | 61,127 | 76,832 | 69,324 | 66,539 |
| Equity | 29,543 | 29,862 | 33,074 | 31,826 | 34,987 |
| Interest-bearing debt | 7,241 | 10,359 | 18,360 | 16,916 | 11,249 |
| Cash | 12,338 | 7,883 | 6,594 | 10,317 | 6,097 |

## 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) | 52.8% | S100YKDC |
| Fixed assets ÷ total assets | 27.3% | S100YKDC |
| Goodwill ÷ parent equity | — | —, S100YKDC |

### 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) | 9.2% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | -¥5.15B |
| Net debt ÷ operating cash flow | 1.09× |
| Cash conversion (operating CF ÷ operating income) | 1004.5% |
| Cash vs. profit gap | 4,386 JPY mn (of net income 1309.3%) |
| Shareholder returns / net income | 166.6% |
| Shareholder returns / FCF | 24.6% |
| Shareholder payments — dividends / net income | 111.6% |
| Shareholder payments — dividends / FCF | 16.5% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 41.1% |

## 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 | 4.6% | 0.56× | 2.6% | 1.96× | 5.0% | S100RAXE |
| 2023 | 0.8% | 0.70× | 0.6% | 2.12× | 1.2% | S100TYOA |
| 2024 | 1.1% | 0.80× | 0.9% | 2.56× | 2.3% | S100W8F4 |
| 2025 | 3.1% | 0.55× | 1.7% | 2.67× | 4.7% | S100YKDC |
| 2026 | 1.0% | 0.51× | 0.5% | 2.47× | 1.2% | S100YKDC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＵＮ ＹＯＵ ＮＩＮＧ | Major shareholder | 5.0% | 2026-03-31 |
| エムエム建材株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.7% | 2026-03-31 |
| 伊藤忠丸紅住商テクノスチール株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| ＪＦＥ商事鉄鋼建材株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 内 藤 征 吾 | Major shareholder | 2.8% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 合同会社センス | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社北都鉄工 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YKDC | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKDC,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W8F4 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8F4,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TYOA | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYOA,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100RAXE | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAXE,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OIM2 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIM2,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LVKH | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVKH,, |

## 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).