# KONISHI 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101期(2025/04/01－2026/03/31) (S100YC07)
> Page: https://vizora.meequs.com/en/company/konishi
> Retrieved: 2026-09-30T22:12:31.822Z

## Company

Konishi, founded in 1925, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 1,561 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KONISHI CO., LTD. |
| Ticker | 4956 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4956.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区道修町1丁目6番10号 (上記は登記上の本店所在地で実際の業務は下記で行っております。) (本社)大阪市中央区道修町1丁目7番1号 |
| Representative (per filing) | 代表取締役社長 松端博文 |
| Founded | Sep 1925 |
| Share capital | ¥4.6B |
| Employees (consolidated) | 1,561 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.bond.co.jp (https://www.bond.co.jp/) |
| Corporate number | 9120001077414 |
| EDINET | E02686 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance, General Contractors, Specialty Trading & Wholesale, Paints & Inks |

> Profile source: annual securities report (S100YC07, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.3 | 23 |
| Profitability | 63 | 23 |
| Cash conversion | 52.3 | 22 |
| Efficiency | 89.1 | 23 |

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 54% of Konishi's sales come from Bond, with Chemicals and Civil engineering construction making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit -0.9%.

## Company structure

- Segment revenue mix: Bond 54.4%、Chemicals 28.7%、Civil engineering construction 16.9%
- Revenue → net income: ¥136569000000 → ¥8036000000
- Net income → operating cash flow: ¥8036000000 → ¥13733000000（difference ¥5697000000）
- Main uses of operating cash flow: CapEx ¥5301000000 / dividends ¥2594000000 / buybacks ¥5732000000
- Change in cash: ¥-591000000
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 | ¥136.6B |  |
| Operating income | ¥10.5B | Margin 7.7% |
| Net income | ¥8.03B | Margin 5.9% |
| Free cash flow | ¥8.43B |  |
| Largest business | Bond | of segment revenue 54.4% |
| Employees (consolidated) | 1,561 |  |
| EPS | ¥91.69 |  |
| Book value per share | ¥986.76 |  |
| Equity ratio | 63.4% |  |
| Shares outstanding | 70,414,000 |  |
| Treasury shares | 7,994,800 |  |
| Shareholders | 4,319 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | +1.7 pp | Paints & Inks |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107750000000 | ¥136569000000 | +26.7% |
| Operating income | ¥7082000000 | ¥10464000000 | +47.8% |
| Operating margin | 6.6% | 7.7% | +1.1 pp |
| Employees | 1,542 people | 1,561 people | +1.2% |
| Cash and equivalents | ¥23721000000 | ¥19416000000 | -18.1% |

### 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 |
| --- | ---: |
| ボンド → ボンド | 54.1% |
| 化成品 → 化成品 | 26.1% |
| 工事事業 → 工事事業 | 16.9% |
| 工事事業 → 事業再編・廃止 | 2.7% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → ボンド | 0.3% |
| 新設・再編 → 化成品 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Bond | 5 years | +5.0% | ¥74315000000 | 9.1% | 2 |
| Chemicals | 5 years | +6.8% | ¥39194000000 | 3.6% | 2 |
| Civil engineering construction | 5 years | +1.8% | ¥23059000000 | 10.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 136,569 | 100.0% | S100YC07 |
| Cost of revenue | 108,528 | 79.5% | S100YC07 |
| Gross profit | 28,041 | 20.5% | S100YC07 |
| SG&A | 17,577 | 12.9% | S100YC07 |
| Operating income | 10,464 | 7.7% | S100YC07 |
| Ordinary income | 11,098 | 8.1% | S100YC07 |
| Pretax income | 11,954 | 8.8% | S100YC07 |
| Income tax | 3,918 | 2.9% | S100YC07 |
| Net income | 8,036 | 5.9% | S100YC07 |
| Net income attributable to owners | 8,033 | 5.9% | S100YC07 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.5% → Operating margin 7.7% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.6%; Core profit growth: -0.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.33×
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 | 135,690 | 136,569 | 879 | +0.6% |
| Gross profit | 27,498 | 28,041 | 543 | +2.0% |
| Operating income | 10,555 | 10,464 | -91 | -0.9% |
| Net income attributable to owners | 8,084 | 8,033 | -51 | -0.6% |
| Operating cash flow | 7,174 | 13,733 | 6,559 | +91.4% |
| Free cash flow | -846 | 8,432 | 9,278 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 135,180 | 7,115 | 5.3% | 4,585 | 6,285 | 1,853 | S100LLQ9 |
| FY ending Mar 2021 | 107,750 | 7,082 | 6.6% | 4,931 | 6,765 | 3,538 | S100OAYJ |
| FY ending Mar 2022 | 113,671 | 7,298 | 6.4% | 5,135 | 6,198 | 3,107 | S100QZF5 |
| FY ending Mar 2023 | 123,339 | 7,421 | 6.0% | 10,032 | 4,606 | 3,205 | S100TMOP |
| FY ending Mar 2024 | 132,969 | 10,286 | 7.7% | 7,344 | 8,139 | 2,054 | S100VYCB |
| FY ending Mar 2025 | 135,690 | 10,555 | 7.8% | 8,084 | 7,174 | -846 | S100YC07 |
| FY ending Mar 2026 | 136,569 | 10,464 | 7.7% | 8,033 | 13,733 | 8,432 | S100YC07 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.5M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 1,529 | 1,556 | 1,540 | 1,537 | 1,561 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7.4M | ¥7.6M | ¥8M |
| Average age (parent company) | 41.1 years | 41.8 years | 42.0 years | 42.0 years | 42.1 years |
| Average tenure (parent company) | 16.6 years | 17.3 years | 17.4 years | 17.4 years | 17.5 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bond | 74,315 | 54.4% | 6,760 | 9.1% |
| Chemicals | 39,194 | 28.7% | 1,427 | 3.6% |
| Civil engineering construction | 23,059 | 16.9% | 2,363 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bond | 54.4% | 64.1% | 9.7 | 9.1% |
| Chemicals | 28.7% | 13.5% | -15.2 | 3.6% |
| Civil engineering construction | 16.9% | 22.4% | 5.5 | 10.2% |

Segment → industry: Civil engineering construction → Disaster Prevention & Infrastructure Maintenance / Civil engineering construction → General Contractors / Chemicals → Specialty Trading & Wholesale / Bond → Paints & Inks

## 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 | 13,733 | 10.1% | S100YC07 |
| Capital expenditure | 5,301 | 3.9% | S100YC07 |
| Free cash flow | 8,432 | 6.2% | 算出 |
| Investing cash flow | -5,987 | -4.4% | S100YC07 |
| Financing cash flow | -8,414 | -6.2% | S100YC07 |
| Dividends paid | 2,594 | 1.9% | S100YC07 |
| Share buyback | 5,732 | 4.2% | S100YC07 |
| Change in cash | -591 | -0.4% | S100YC07 |
| Cash and equivalents | 19,416 | 14.2% | S100YC07 |

## 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 | 25,514 | 31,268 | 25,627 | 20,008 | 19,416 | S100TMOP, S100VYCB, S100YC07 |
| Total assets | 119,148 | 132,874 | 140,850 | 136,801 | 139,610 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Net assets | 72,897 | 81,482 | 84,685 | 86,672 | 88,860 | S100TMOP, S100VYCB, S100YC07 |
| Share capital | 4,603 | 4,603 | 4,603 | 4,603 | 4,603 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Property, plant and equipment | 25,618 | 25,746 | 29,715 | 32,754 | 32,514 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Intangible assets excluding goodwill | 811 | 1,188 | 1,978 | 3,106 | 4,741 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Goodwill | 183 | 523 | 399 | 273 | 205 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Investment securities | 7,628 | 8,084 | 11,402 | 9,838 | 10,849 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Current assets | 82,266 | 94,434 | 92,625 | 85,769 | 83,303 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Current liabilities | 41,195 | 45,856 | 49,144 | 43,266 | 42,730 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Trade payables | 31,737 | 33,983 | 37,218 | 32,625 | 32,754 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Short-term borrowings | 46 | 48 | 50 | 51 | 25 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Long-term borrowings | 256 | 116 | 76 | 38 | 3 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Total liabilities | 46,251 | 51,392 | 56,165 | 50,128 | 50,750 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Non-controlling interests | 4,232 | 4,507 | 5,014 | 419 | 404 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Equity attributable to owners of parent | 64,808 | 72,707 | 71,735 | 79,146 | 79,425 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Retained earnings | 61,164 | 69,450 | 67,314 | 73,009 | 78,406 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |
| Treasury stock | -5,504 | -5,904 | -4,604 | -4,508 | -9,663 | S100QZF5, S100TMOP, S100VYCB, S100YC07 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YC07 |
| Property, plant and equipment | 23% | S100YC07 |
| Intangibles and goodwill | 4% | S100YC07 |
| Investment securities | 8% | S100YC07 |
| Other assets | 51% | S100YC07 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 23% | S100YC07 |
| Other liabilities | 13% | S100YC07 |
| Equity | 64% | S100YC07 |

### 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 | 119,148 | 132,874 | 140,850 | 136,801 | 139,610 |
| Equity | 72,897 | 81,482 | 84,685 | 86,672 | 88,860 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,514 | 31,268 | 25,627 | 20,008 | 19,416 |

## 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) | 23.8% | S100YC07 |
| Fixed assets ÷ total assets | 23.3% | S100YC07 |
| Goodwill ÷ parent equity | 0.3% | S100YC07 |

Goodwill over 4 years: 183 → 205 JPY; total investing cash flow: -17,647 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) | 13.9% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.2% |
| Cash vs. profit gap | 5,700 JPY mn (of net income 71.0%) |
| Shareholder returns / net income | 103.6% |
| Shareholder returns / FCF | 98.7% |
| Shareholder payments — dividends / net income | 32.3% |
| Shareholder payments — dividends / FCF | 30.8% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 43.6% |

## 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 | 4.5% | 0.95× | 4.3% | 1.84× | 7.9% | S100QZF5 |
| 2023 | 8.1% | 0.98× | 8.0% | 1.83× | 14.6% | S100TMOP |
| 2024 | 5.5% | 0.97× | 5.4% | 1.90× | 10.2% | S100VYCB |
| 2025 | 6.0% | 0.98× | 5.8% | 1.84× | 10.7% | S100YC07 |
| 2026 | 5.9% | 0.99× | 5.8% | 1.74× | 10.1% | S100YC07 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口)（注）１ | Major shareholder | 12.3% | 2026-03-31 |
| コニシ共栄会（注）２ | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口)（注）１ | Major shareholder | 2.5% | 2026-03-31 |
| コニシ従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社カネカ | Major shareholder | 2.2% | 2026-03-31 |
| 小西 新太郎 | Major shareholder | 1.8% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT (常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部) | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| 江東株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 東亞合成株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YC07 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC07,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100VYCB | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYCB,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TMOP | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMOP,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100QZF5 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZF5,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OAYJ | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAYJ,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LLQ9 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLQ9,, |

## 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).