# kondotec 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74期(2025/04/01－2026/03/31) (S100YEX8)
> Page: https://vizora.meequs.com/en/company/kondotec
> Retrieved: 2026-09-30T20:59:56.755Z

## Company

kondotec, founded in 1953, is a company in General Contractors listed on TSE Prime. It has 1,531 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KONDOTEC INC. |
| Ticker | 7438 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7438.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区境川二丁目2番1号 (注)2025年12月1日から、本店の所在の場所 大阪市西区境川二丁目2番90号が上記に移転しております。 |
| Representative (per filing) | 代表取締役社長 濵野昇 |
| Founded | Jan 1953 |
| Share capital | ¥2.67B |
| Employees (consolidated) | 1,531 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.kondotec.co.jp (https://www.kondotec.co.jp/) |
| Corporate number | 6120001043369 |
| EDINET | E02804 |
| Industries (Vizora) | General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEX8, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.2 | 179 |
| Profitability | 81.9 | 185 |
| Cash conversion | 26.5 | 179 |
| Efficiency | 29.5 | 185 |

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 47% of kondotec's sales come from Industrial materials, with Structural steel materials and Electrical equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +4.0%.

## Company structure

- Segment revenue mix: Industrial materials 47.1%、Structural steel materials 25.7%、Electrical equipment 15.4%、scaffolding construction 11.8%
- Revenue → net income: ¥83949000000 → ¥3310000000
- Net income → operating cash flow: ¥3310000000 → ¥2795000000（difference ¥-515000000）
- Main uses of operating cash flow: CapEx ¥2549000000 / dividends ¥1254000000 / buybacks ¥0
- Change in cash: ¥3000000
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 | ¥83.9B |  |
| Operating income | ¥4.64B | Margin 5.5% |
| Net income | ¥3.3B | Margin 3.9% |
| Free cash flow | ¥246M |  |
| Largest business | Industrial materials | of segment revenue 47.1% |
| Employees (consolidated) | 1,531 |  |
| EPS | ¥109.41 |  |
| Book value per share | ¥1385.28 |  |
| Equity ratio | 55.7% |  |
| Shares outstanding | 26,344,000 |  |
| Treasury shares | 709,400 |  |
| Shareholders | 8,913 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 22.4% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | +2.7 pp | Specialty Trading & Wholesale |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59562000000 | ¥83949000000 | +40.9% |
| Operating income | ¥3354000000 | ¥4644000000 | +38.5% |
| Operating margin | 5.6% | 5.5% | -0.1 pp |
| Employees | 1,140 people | 1,531 people | +34.3% |
| Cash and equivalents | ¥11317000000 | ¥15480000000 | +36.8% |

### 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 |
| --- | ---: |
| 産業資材 → 産業資材 | 47.1% |
| 産業資材 → 事業再編・廃止 | 15.5% |
| 鉄構資材 → 鉄構資材 | 23.6% |
| 電設資材 → 電設資材 | 13.8% |
| 新設・再編 → 鉄構資材 | 2.2% |
| 新設・再編 → 電設資材 | 1.6% |
| 新設・再編 → 足場工事 | 11.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial materials | 5 years | +1.2% | ¥39536000000 | 6.9% | 2 |
| Structural steel materials | 5 years | +9.0% | ¥21605000000 | 5.8% | 2 |
| Electrical equipment | 5 years | +9.4% | ¥12934000000 | 4.3% | 2 |
| scaffolding construction | 4 years | +6.9% | ¥9872000000 | 1.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 83,949 | 100.0% | S100YEX8 |
| Cost of revenue | 65,182 | 77.6% | S100YEX8 |
| Gross profit | 18,766 | 22.4% | S100YEX8 |
| SG&A | 14,122 | 16.8% | S100YEX8 |
| Operating income | 4,644 | 5.5% | S100YEX8 |
| Ordinary income | 4,851 | 5.8% | S100YEX8 |
| Pretax income | 4,972 | 5.9% | S100YEX8 |
| Income tax | 1,662 | 2.0% | S100YEX8 |
| Net income | 3,310 | 3.9% | S100YEX8 |
| Net income attributable to owners | 3,302 | 3.9% | S100YEX8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 17 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.4% → Operating margin 5.5% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +4.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.66×
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 | 79,175 | 83,949 | 4,774 | +6.0% |
| Gross profit | 17,517 | 18,766 | 1,249 | +7.1% |
| Operating income | 4,465 | 4,644 | 179 | +4.0% |
| Net income attributable to owners | 3,272 | 3,302 | 30 | +0.9% |
| Operating cash flow | 5,840 | 2,795 | -3,045 | -52.1% |
| Free cash flow | 4,252 | 246 | -4,006 | -94.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 60,599 | 4,085 | 6.7% | 2,875 | 4,385 | 3,469 | S100LKL1 |
| FY ending Mar 2021 | 59,562 | 3,354 | 5.6% | 1,561 | 4,196 | 3,116 | S100OPLV |
| FY ending Mar 2022 | 66,139 | 3,594 | 5.4% | 2,284 | 1,227 | -339 | S100R1B2 |
| FY ending Mar 2023 | 75,447 | 4,355 | 5.8% | 2,414 | 3,961 | 2,584 | S100TPC6 |
| FY ending Mar 2024 | 76,873 | 4,673 | 6.1% | 3,265 | 4,214 | 2,042 | S100W2E4 |
| FY ending Mar 2025 | 79,175 | 4,465 | 5.6% | 3,272 | 5,840 | 4,252 | S100YEX8 |
| FY ending Mar 2026 | 83,949 | 4,644 | 5.5% | 3,302 | 2,795 | 246 | S100YEX8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.8M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 1,215 | 1,278 | 1,373 | 1,423 | 1,531 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥5.9M | ¥6M | ¥6M |
| Average age (parent company) | 41.5 years | 41.9 years | 41.3 years | 41.1 years | 41.5 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 13.4 years | 13.3 years | 13.6 years |

Year over year: Employees (consolidated) +7.6% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial materials | 39,536 | 47.1% | 2,726 | 6.9% |
| Structural steel materials | 21,605 | 25.7% | 1,254 | 5.8% |
| Electrical equipment | 12,934 | 15.4% | 560 | 4.3% |
| scaffolding construction | 9,872 | 11.8% | 132 | 1.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial materials | 47.1% | 58.3% | 11.3 | 6.9% |
| Structural steel materials | 25.7% | 26.8% | 1.1 | 5.8% |
| Electrical equipment | 15.4% | 12.0% | -3.4 | 4.3% |
| scaffolding construction | 11.8% | 2.8% | -8.9 | 1.3% |

Segment → industry: scaffolding construction → General Contractors / Electrical equipment → Specialty Trading & Wholesale / Structural steel materials → Specialty Trading & Wholesale / Industrial materials → Specialty Trading & Wholesale

## 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 | 2,795 | 3.3% | S100YEX8 |
| Capital expenditure | 2,549 | 3.0% | S100YEX8 |
| Free cash flow | 246 | 0.3% | 算出 |
| Investing cash flow | -2,803 | -3.3% | S100YEX8 |
| Financing cash flow | -37 | -0.0% | S100YEX8 |
| Dividends paid | 1,254 | 1.5% | S100YEX8 |
| Share buyback | 0 | 0.0% | S100YEX8 |
| Change in cash | 3 | 0.0% | S100YEX8 |
| Cash and equivalents | 15,480 | 18.4% | S100YEX8 |

## 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 | 10,164 | 10,733 | 11,836 | 15,476 | 15,480 | S100TPC6, S100W2E4, S100YEX8 |
| Total assets | 56,009 | 58,163 | 60,975 | 65,247 | 69,235 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Net assets | 32,066 | 33,285 | 35,920 | 38,350 | 40,566 | S100TPC6, S100W2E4, S100YEX8 |
| Share capital | 2,666 | 2,666 | 2,666 | 2,666 | 2,666 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Property, plant and equipment | 15,011 | 15,403 | 16,792 | 18,991 | 20,802 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Intangible assets excluding goodwill | 5,368 | 4,286 | 4,003 | 3,861 | 3,525 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Goodwill | 3,876 | 2,883 | 2,550 | 2,490 | 2,222 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Investment securities | 326 | 331 | 352 | 280 | 361 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Current assets | 34,636 | 37,402 | 38,766 | 40,740 | 42,995 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Current liabilities | 21,983 | 22,630 | 22,509 | 23,401 | 24,534 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Trade payables | 4,346 | 5,015 | 4,769 | 4,685 | 5,503 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Short-term borrowings | 4,610 | 3,610 | 3,610 | 3,605 | 4,560 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Long-term borrowings | 347 | 512 | 464 | 1,137 | 1,793 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Total liabilities | 23,942 | 24,878 | 25,054 | 26,896 | 28,668 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Non-controlling interests | 1,979 | 2,000 | 2,022 | 2,022 | 2,031 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Equity attributable to owners of parent | 31,342 | 32,679 | 35,063 | 37,316 | 39,437 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Retained earnings | 26,903 | 28,472 | 30,794 | 32,968 | 35,016 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |
| Treasury stock | -661 | -893 | -837 | -778 | -732 | S100R1B2, S100TPC6, S100W2E4, S100YEX8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YEX8 |
| Property, plant and equipment | 30% | S100YEX8 |
| Intangibles and goodwill | 8% | S100YEX8 |
| Investment securities | 1% | S100YEX8 |
| Other assets | 39% | S100YEX8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YEX8 |
| Other liabilities | 33% | S100YEX8 |
| Equity | 59% | S100YEX8 |
| Other liabilities | 0% | S100YEX8 |

### 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 | 56,009 | 58,163 | 60,975 | 65,247 | 69,235 |
| Equity | 32,066 | 33,285 | 35,920 | 38,350 | 40,566 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,164 | 10,733 | 11,836 | 15,476 | 15,480 |

## 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) | 24.8% | S100YEX8 |
| Fixed assets ÷ total assets | 30.0% | S100YEX8 |
| Goodwill ÷ parent equity | 5.6% | S100YEX8 |

Goodwill over 4 years: 3,876 → 2,222 JPY; total investing cash flow: -10,312 JPY. This does not imply causation.

### 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) | 22.4% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.2% |
| Cash vs. profit gap | -507 JPY mn (of net income -15.4%) |
| Shareholder returns / net income | 38.0% |
| Shareholder returns / FCF | 509.8% |
| Shareholder payments — dividends / net income | 38.0% |
| Shareholder payments — dividends / FCF | 509.8% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 100.3% |

## 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 | 3.5% | 1.18× | 4.1% | 1.79× | 7.3% | S100R1B2 |
| 2023 | 3.2% | 1.32× | 4.2% | 1.78× | 7.5% | S100TPC6 |
| 2024 | 4.2% | 1.29× | 5.5% | 1.76× | 9.6% | S100W2E4 |
| 2025 | 4.1% | 1.25× | 5.2% | 1.74× | 9.0% | S100YEX8 |
| 2026 | 3.9% | 1.25× | 4.9% | 1.75× | 8.6% | S100YEX8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社藤和興産 | Major shareholder | 10.6% | 2026-03-31 |
| THE BANK OF NEW YORK-JASDECNON-TREATY ACCOUNT （常任代理人 株式会社みずほ銀行） | Major shareholder | 6.2% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 5.9% | 2026-03-31 |
| コンドーテック社員持株会 | Major shareholder | 5.2% | 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 | 5.2% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社藤登興産 | Major shareholder | 2.6% | 2026-03-31 |
| 近藤 雅英 | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YEX8 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEX8,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W2E4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2E4,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TPC6 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPC6,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R1B2 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1B2,, |
| 訂正有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OPLV | 2022-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OPLV,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LKL1 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKL1,, |

## 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).