# Kumagaigumi 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89期(2025/04/01－2026/03/31) (S100YK9Q)
> Page: https://vizora.meequs.com/en/company/kumagaigumi
> Retrieved: 2026-09-30T18:27:08.821Z

## Company

Kumagaigumi, founded in 1938, is a company in General Contractors listed on TSE Prime. It has 4,507 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kumagai Gumi Co.,Ltd. |
| Ticker | 1861 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1861.T) |
| Listing | TSE Prime |
| Head office | 福井県福井市中央2丁目6番8号 (同所は登記上の本店所在地であり、実際の業務は下記で行っている。) |
| Representative (per filing) | 取締役社長 上田真 |
| Founded | Jan 1938 |
| Share capital | ¥30.1B |
| Employees (consolidated) | 4,507 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.kumagaigumi.co.jp (https://www.kumagaigumi.co.jp/) |
| Corporate number | 1210001001082 |
| EDINET | E00056 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YK9Q, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.8 | 84 |
| Profitability | 35.3 | 92 |
| Cash conversion | 63.2 | 91 |
| Efficiency | 50.5 | 92 |
| Financial strength | 63.3 | 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 52% of Kumagaigumi's sales come from Building construction works, with subsidiaries and Civil engineering works making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +89.5%.

## Company structure

- Segment revenue mix: Building construction works 52.4%、subsidiaries 23.8%、Civil engineering works 23.8%
- Revenue → net income: ¥487698000000 → ¥20066000000
- Net income → operating cash flow: ¥20066000000 → ¥25016000000（difference ¥4950000000）
- Main uses of operating cash flow: CapEx ¥4683000000 / dividends ¥9062000000 / buybacks ¥3514000000
- Change in cash: ¥13807000000
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 | ¥487.7B |  |
| Operating income | ¥27.1B | Margin 5.6% |
| Net income | ¥20.1B | Margin 4.1% |
| Free cash flow | ¥20.3B |  |
| Largest business | Building construction works | of segment revenue 52.4% |
| Employees (consolidated) | 4,507 |  |
| EPS | ¥105.42 |  |
| Book value per share | ¥825.58 |  |
| Equity ratio | 41.8% |  |
| Shares outstanding | 173,142,000 |  |
| Treasury shares | 3,391,100 |  |
| Shareholders | 24,757 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 14.4% | Net cash ¥14.9B · Cash ÷ revenue 13.3% |
| Vs. industry median margin | -1.3 pp | General Contractors |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 89%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥450232000000 | ¥487698000000 | +8.3% |
| Operating income | ¥28069000000 | ¥27092000000 | -3.5% |
| Operating margin | 6.2% | 5.6% | -0.7 pp |
| Employees | 4,259 people | 4,507 people | +5.8% |
| Cash and equivalents | ¥71335000000 | ¥64679000000 | -9.3% |

### 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 |
| --- | ---: |
| 土木事業 → 土木事業 | 23.8% |
| 土木事業 → 事業再編・廃止 | 3.2% |
| 建築事業 → 建築事業 | 52.4% |
| 建築事業 → 事業再編・廃止 | 0.6% |
| 子会社 → 子会社 | 20.0% |
| 新設・再編 → 子会社 | 3.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building construction works | 5 years | +1.4% | ¥255537000000 | 5.5% | 2 |
| subsidiaries | 5 years | +5.2% | ¥116182000000 | 6.1% | 2 |
| Civil engineering works | 5 years | -0.9% | ¥115978000000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 487,698 | 100.0% | S100YK9Q |
| Cost of revenue | 434,458 | 89.1% | S100YK9Q |
| Gross profit | 53,239 | 10.9% | S100YK9Q |
| SG&A | 26,147 | 5.4% | S100YK9Q |
| Operating income | 27,092 | 5.6% | S100YK9Q |
| Ordinary income | 27,049 | 5.5% | S100YK9Q |
| Pretax income | 29,934 | 6.1% | S100YK9Q |
| Income tax | 9,868 | 2.0% | S100YK9Q |
| Net income | 20,066 | 4.1% | S100YK9Q |
| Net income attributable to owners | 20,068 | 4.1% | S100YK9Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 5 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 10.9% → Operating margin 5.6% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +89.5%
Operating leverage (core profit growth ÷ revenue growth): -40.99×
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 | 498,581 | 487,698 | -10,883 | -2.2% |
| Gross profit | 38,315 | 53,239 | 14,924 | +39.0% |
| Operating income | 14,299 | 27,092 | 12,793 | +89.5% |
| Net income attributable to owners | 9,354 | 20,068 | 10,714 | +114.5% |
| Operating cash flow | 8,233 | 25,016 | 16,783 | +203.9% |
| Free cash flow | 4,159 | 20,333 | 16,174 | +388.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 436,151 | 25,440 | 5.8% | 19,447 | 345 | -1,854 | S100LTLP |
| FY ending Mar 2021 | 450,232 | 28,069 | 6.2% | 17,925 | 6,572 | 4,478 | S100OL2D |
| FY ending Mar 2022 | 425,216 | 22,743 | 5.3% | 15,850 | 8,258 | 5,100 | S100R8SU |
| FY ending Mar 2023 | 403,502 | 11,483 | 2.8% | 7,973 | -18,826 | -23,169 | S100TUWN |
| FY ending Mar 2024 | 443,193 | 12,649 | 2.9% | 8,316 | 16,971 | 14,732 | S100W6FA |
| FY ending Mar 2025 | 498,581 | 14,299 | 2.9% | 9,354 | 8,233 | 4,159 | S100YK9Q |
| FY ending Mar 2026 | 487,698 | 27,092 | 5.6% | 20,068 | 25,016 | 20,333 | S100YK9Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥108.2M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 4,338 | 4,406 | 4,432 | 4,536 | 4,507 |
| Average salary (parent company) | ¥8.4M | ¥8.5M | ¥8.5M | ¥8.5M | ¥9.2M |
| Average age (parent company) | 44.1 years | 44.0 years | 44.1 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 19.2 years | 19.0 years | 18.9 years | 18.7 years | 18.6 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) -2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering works | 115,978 | 23.8% | 6,053 | 5.2% |
| Building construction works | 255,537 | 52.4% | 14,160 | 5.5% |
| subsidiaries | 116,182 | 23.8% | 7,086 | 6.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering works | 23.8% | 22.2% | -1.6 | 5.2% |
| Building construction works | 52.4% | 51.9% | -0.5 | 5.5% |
| subsidiaries | 23.8% | 26.0% | 2.1 | 6.1% |

Segment → industry: subsidiaries → General Contractors / Building construction works → General Contractors / Civil engineering works → 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 | 25,016 | 5.1% | S100YK9Q |
| Capital expenditure | 4,683 | 1.0% | S100YK9Q |
| Free cash flow | 20,333 | 4.2% | 算出 |
| Investing cash flow | -6,458 | -1.3% | S100YK9Q |
| Financing cash flow | -5,268 | -1.1% | S100YK9Q |
| Dividends paid | 9,062 | 1.9% | S100YK9Q |
| Share buyback | 3,514 | 0.7% | S100YK9Q |
| Change in cash | 13,807 | 2.8% | S100YK9Q |
| Cash and equivalents | 64,679 | 13.3% | S100YK9Q |

## 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 | 67,404 | 40,974 | 70,073 | 50,156 | 64,679 | S100TUWN, S100W6FA, S100YK9Q |
| Total assets | 371,096 | 376,650 | 467,232 | 462,533 | 448,918 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Net assets | 169,302 | 169,860 | 180,014 | 181,829 | 187,867 | S100TUWN, S100W6FA, S100YK9Q |
| Share capital | 30,108 | 30,108 | 30,108 | 30,108 | 30,108 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Property, plant and equipment | 27,451 | 29,309 | 29,803 | 32,472 | 37,260 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Intangible assets excluding goodwill | 876 | 1,478 | 1,592 | 1,725 | 2,012 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Investment securities | 27,927 | 34,131 | 48,586 | 50,372 | 49,226 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Current assets | 301,874 | 298,276 | 369,460 | 357,413 | 337,919 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Current liabilities | 175,399 | 170,922 | 243,460 | 229,398 | 207,740 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Short-term borrowings | 3,145 | 3,893 | 10,906 | 8,109 | 11,575 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Long-term borrowings | 9,007 | 18,303 | 26,474 | 34,026 | 29,658 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Bonds | — | — | — | — | 8,500 | S100YK9Q |
| Interest-bearing debt | — | — | — | — | 49,733 | 算出 |
| Total liabilities | 201,794 | 206,789 | 287,218 | 280,703 | 261,050 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Non-controlling interests | — | — | — | — | 0 | S100YK9Q |
| Equity attributable to owners of parent | 165,589 | 164,113 | 164,737 | 168,143 | 175,344 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Retained earnings | 114,967 | 117,498 | 120,115 | 123,852 | 134,447 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |
| Treasury stock | -631 | -626 | -657 | -987 | -4,377 | S100R8SU, S100TUWN, S100W6FA, S100YK9Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YK9Q |
| Property, plant and equipment | 8% | S100YK9Q |
| Intangibles and goodwill | 1% | S100YK9Q |
| Investment securities | 11% | S100YK9Q |
| Other assets | 66% | S100YK9Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 47% | S100YK9Q |
| Equity | 42% | S100YK9Q |
| Other liabilities | 0% | S100YK9Q |

### 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 | 371,096 | 376,650 | 467,232 | 462,533 | 448,918 |
| Equity | 169,302 | 169,860 | 180,014 | 181,829 | 187,867 |
| Interest-bearing debt | — | — | — | — | 49,733 |
| Cash | 67,404 | 40,974 | 70,073 | 50,156 | 64,679 |

## 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) | 7.6% | S100YK9Q |
| Fixed assets ÷ total assets | 8.3% | S100YK9Q |
| Goodwill ÷ parent equity | — | —, S100YK9Q |

### 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) | 14.4% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | ¥14.9B |
| Net debt ÷ operating cash flow | -0.60× |
| Cash conversion (operating CF ÷ operating income) | 92.3% |
| Cash vs. profit gap | 4,948 JPY mn (of net income 24.7%) |
| Shareholder returns / net income | 62.7% |
| Shareholder returns / FCF | 61.9% |
| Shareholder payments — dividends / net income | 45.2% |
| Shareholder payments — dividends / FCF | 44.6% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 25.8% |

## 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 | 3.7% | 1.15× | 4.3% | 2.24× | 9.6% | S100R8SU |
| 2023 | 2.0% | 1.08× | 2.1% | 2.27× | 4.8% | S100TUWN |
| 2024 | 1.9% | 1.05× | 2.0% | 2.57× | 5.1% | S100W6FA |
| 2025 | 1.9% | 1.07× | 2.0% | 2.79× | 5.6% | S100YK9Q |
| 2026 | 4.1% | 1.07× | 4.4% | 2.65× | 11.7% | S100YK9Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 住友林業株式会社 | Major shareholder | 15.2% | 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 | 10.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 8.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.1% | 2026-03-31 |
| 熊谷組取引先持株会 | Major shareholder | 5.7% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY （常任代理人 香港上海銀行） | Major shareholder | 1.9% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.8% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS CL JPY （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 fell 2.2% to ¥487.7B, down from ¥498.6B.
- Profits moved the other way: gross profit rose 39.0% to ¥53.2B, and operating income rose 89.5% to ¥27.1B.
- Net income attributable to owners rose 114.5% to ¥20.1B, and operating cash flow climbed 203.9% to ¥25B.

### Drivers

- In building construction, the drag from loss-making contracts won during the COVID period faded, and newer jobs priced with better margins progressed smoothly.
- Sales fell because some subsidiaries had fewer projects on hand and because large projects had moved ahead strongly in the prior year.
- Civil engineering sales grew thanks to approved design changes, but its profit fell because the prior year had included some unusually profitable jobs.

### Risks

- If material or labor costs rise after a contract is signed, private-sector clients may not agree to pay more, leaving the company to absorb the extra cost.
- A shortage of skilled workers and engineers could push up labor costs and force the company to skip some bids, cutting new orders.
- If construction spending in Japan starts to shrink, tougher competition could reduce orders and squeeze project margins.

Cited: Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YK9Q | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK9Q,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W6FA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6FA,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TUWN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUWN,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R8SU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8SU,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OL2D | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL2D,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LTLP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTLP,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 住友林業 | Capital alliance | 木や緑を活かした建築・住宅での協業を目的とする資本業務提携 | S100YK9Q |

## 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).