# makoto construction 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35期(2025/04/01－2026/03/31) (S100YI2H)
> Page: https://vizora.meequs.com/en/company/makoto-construction
> Retrieved: 2026-09-30T18:31:46.082Z

## Company

makoto construction, founded in 1991, is a company in Homebuilders listed on TSE Standard. It has 26 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Makoto Construction CO,Ltd |
| Ticker | 8995 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8995.T) |
| Listing | TSE Standard |
| Head office | 大阪府堺市中区福田46番地 |
| Representative (per filing) | 代表取締役社長 西元敏之 |
| Founded | Apr 1991 |
| Share capital | ¥578.8M |
| Employees (consolidated) | 26 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.makoto-gr.com (https://www.makoto-gr.com/) |
| Corporate number | 6120101003859 |
| EDINET | E04049 |
| Industries (Vizora) | Homebuilders, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YI2H, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.6 | 23 |
| Profitability | 9.6 | 26 |
| Cash conversion | 2.1 | 24 |
| Efficiency | 9.6 | 26 |

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 50% of makoto construction's sales come from Detached house for installment sales, with Built-for-sale house and Contract housing making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -4.4% from the prior year, operating profit +106.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.13B |  |
| Operating income | ¥41.6M | Margin 1.3% |
| Net income | ¥25.1M | Margin 0.8% |
| Free cash flow | -¥236.9M |  |
| Largest business | Detached house for installment sales | of segment revenue 49.7% |
| Employees (consolidated) | 26 |  |
| EPS | ¥9.13 |  |
| Book value per share | ¥1829.09 |  |
| Equity ratio | 61.7% |  |
| Shares outstanding | 2,012,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 1,149 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 10.5% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | -4.1 pp | Homebuilders |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -10% while operating income rose 106%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2852887000 | ¥3130249000 | +9.7% |
| Operating income | ¥152806000 | ¥41631000 | -72.8% |
| Operating margin | 5.4% | 1.3% | -4 pp |
| Employees | 27 people | 26 people | -3.7% |
| Cash and equivalents | ¥1457046000 | ¥700259000 | -51.9% |

### 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 |
| --- | ---: |
| 建売住宅事業 → 建売住宅事業 | 30.6% |
| 請負住宅事業 → 請負住宅事業 | 0.6% |
| 請負住宅事業 → 事業再編・廃止 | 18.0% |
| 戸建分譲住宅事業 → 戸建分譲住宅事業 | 49.2% |
| 不動産仲介事業 → 不動産仲介事業 | 0.2% |
| 不動産仲介事業 → 事業再編・廃止 | 0.9% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.4% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建売住宅事業 | 18.5% |
| 新設・再編 → 戸建分譲住宅事業 | 0.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Detached house for installment sales | 5 years | +2.3% | ¥3093277000 | — | 2 |
| Built-for-sale house | 5 years | +12.2% | ¥3053771000 | — | 2 |
| Contract housing | 5 years | -48.1% | ¥39505000 | — | 2 |
| Real estate leasing business | 5 years | +0.0% | ¥26088000 | — | 2 |
| Real estate intermediary | 5 years | -29.5% | ¥10883000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,130 | 100.0% | S100YI2H |
| Cost of revenue | 2,687 | 85.9% | S100YI2H |
| Gross profit | 443 | 14.1% | S100YI2H |
| SG&A | 401 | 12.8% | S100YI2H |
| Operating income | 42 | 1.3% | S100YI2H |
| Ordinary income | 37 | 1.2% | S100YI2H |
| Pretax income | 37 | 1.2% | S100YI2H |
| Income tax | 12 | 0.4% | S100YI2H |
| Net income | 25 | 0.8% | S100YI2H |
| Net income attributable to owners | 25 | 0.8% | S100YI2H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 13 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 14.1% → Operating margin 1.3% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.4%; Core profit growth: +106.0%
Operating leverage (core profit growth ÷ revenue growth): -24.03×
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 | 3,275 | 3,130 | -144 | -4.4% |
| Gross profit | 457 | 443 | -14 | -3.1% |
| Operating income | 20 | 42 | 21 | +106.0% |
| Net income attributable to owners | 47 | 25 | -21 | -46.0% |
| Operating cash flow | -736 | -235 | 500 | — |
| Free cash flow | -892 | -237 | 655 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,778 | 92 | 3.3% | 21 | -233 | -239 | S100LNV4 |
| FY ending Mar 2021 | 2,853 | 153 | 5.4% | 113 | -470 | -470 | S100OI25 |
| FY ending Mar 2022 | 3,141 | 211 | 6.7% | 145 | 447 | 443 | S100R5RG |
| FY ending Mar 2023 | 3,467 | 317 | 9.1% | 220 | -311 | -313 | S100TRB3 |
| FY ending Mar 2024 | 3,190 | 179 | 5.6% | 131 | -12 | -12 | S100W5P9 |
| FY ending Mar 2025 | 3,275 | 20 | 0.6% | 47 | -736 | -892 | S100YI2H |
| FY ending Mar 2026 | 3,130 | 42 | 1.3% | 25 | -235 | -237 | S100YI2H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥967K |

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) | 27 | 28 | 23 | 29 | 26 |
| Average salary (parent company) | ¥5.2M | ¥5M | ¥4.9M | ¥5.5M | ¥5.4M |
| Average age (parent company) | 56.8 years | 53.4 years | 57.1 years | 53.7 years | 52.2 years |
| Average tenure (parent company) | 15.9 years | 15.5 years | 17.6 years | 15.2 years | 15.0 years |

Year over year: Employees (consolidated) -10.3% · Revenue (consolidated) -4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Built-for-sale house | 3,054 | 49.1% | — | — |
| Contract housing | 40 | 0.6% | — | — |
| Detached house for installment sales | 3,093 | 49.7% | — | — |
| Real estate intermediary | 11 | 0.2% | — | — |
| Real estate leasing business | 26 | 0.4% | — | — |

### 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 |
| --- | ---: |
| Built-for-sale house | 49.1% |
| Contract housing | 0.6% |
| Detached house for installment sales | 49.7% |
| Real estate intermediary | 0.2% |
| Real estate leasing business | 0.4% |

Segment → industry: Detached house for installment sales → Homebuilders / Contract housing → Homebuilders / Built-for-sale house → Homebuilders / Real estate leasing business → Real Estate Development & Leasing / Real estate intermediary → Real Estate Brokerage & Management

## 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 | -235 | -7.5% | S100YI2H |
| Capital expenditure | 2 | 0.0% | S100YI2H |
| Free cash flow | -237 | -7.6% | 算出 |
| Investing cash flow | -37 | -1.2% | S100YI2H |
| Financing cash flow | -493 | -15.7% | S100YI2H |
| Dividends paid | 50 | 1.6% | S100YI2H |
| Share buyback | 0 | 0.0% | S100YI2H |
| Change in cash | -765 | -24.4% | S100YI2H |
| Cash and equivalents | 700 | 22.4% | S100YI2H |

## 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 | 2,033 | 993 | 1,220 | 1,465 | 700 | S100TRB3, S100W5P9, S100YI2H |
| Total assets | 5,873 | 5,354 | 6,023 | 6,947 | 6,680 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Net assets | 3,597 | 3,791 | 3,963 | 3,984 | 4,123 | S100TRB3, S100W5P9, S100YI2H |
| Share capital | 579 | 579 | 579 | 579 | 579 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Property, plant and equipment | 711 | 704 | 697 | 844 | 833 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Intangible assets excluding goodwill | 2 | 1 | 1 | 0 | 0 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Goodwill | 2 | 1 | 1 | — | — | S100R5RG, S100TRB3, S100W5P9 |
| Investment securities | 311 | 340 | 460 | 475 | 719 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Current assets | 4,811 | 4,268 | 4,839 | 5,602 | 5,097 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Current liabilities | 1,142 | 1,041 | 801 | 973 | 1,713 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Short-term borrowings | — | 36 | — | 295 | 160 | S100TRB3, S100YI2H |
| Long-term borrowings | 1,121 | 505 | 1,212 | 1,930 | 710 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Total liabilities | 2,276 | 1,563 | 2,060 | 2,963 | 2,557 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Equity attributable to owners of parent | 3,531 | 3,701 | 3,782 | 3,778 | 3,753 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Retained earnings | 2,635 | 2,805 | 2,885 | 2,882 | 2,856 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R5RG, S100TRB3, S100W5P9, S100YI2H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YI2H |
| Property, plant and equipment | 12% | S100YI2H |
| Intangibles and goodwill | 0% | S100YI2H |
| Investment securities | 11% | S100YI2H |
| Other assets | 66% | S100YI2H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YI2H |
| Equity | 62% | S100YI2H |
| Other liabilities | 0% | S100YI2H |

### 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 | 5,873 | 5,354 | 6,023 | 6,947 | 6,680 |
| Equity | 3,597 | 3,791 | 3,963 | 3,984 | 4,123 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,033 | 993 | 1,220 | 1,465 | 700 |

## 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) | 26.6% | S100YI2H |
| Fixed assets ÷ total assets | 12.5% | S100YI2H |
| Goodwill ÷ parent equity | — | —, S100YI2H |

### 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) | 10.5% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -565.3% |
| Cash vs. profit gap | -260 JPY mn (of net income -1036.0%) |
| Shareholder returns / net income | 199.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 199.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | — |

## 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% | 0.53× | 2.5% | 1.66× | 4.1% | S100R5RG |
| 2023 | 6.3% | 0.62× | 3.9% | 1.55× | 6.1% | S100TRB3 |
| 2024 | 4.1% | 0.56× | 2.3% | 1.52× | 3.5% | S100W5P9 |
| 2025 | 1.4% | 0.50× | 0.7% | 1.72× | 1.2% | S100YI2H |
| 2026 | 0.8% | 0.46× | 0.4% | 1.81× | 0.7% | S100YI2H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社誠インベスト | Major shareholder | 33.3% | 2026-03-31 |
| 株式会社誠リサーチ | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社ホームリサーチ | Major shareholder | 6.6% | 2026-03-31 |
| 小 島 俊 雄 | Major shareholder | 6.0% | 2026-03-31 |
| 小 島 一 誠 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社不死鳥インベスト | Major shareholder | 3.5% | 2026-03-31 |
| 小 島 朝 子 | Major shareholder | 2.4% | 2026-03-31 |
| 水 田 真 貴 子 | Major shareholder | 2.0% | 2026-03-31 |
| 竹 俊 美 | Major shareholder | 2.0% | 2026-03-31 |
| 誠建設工業社員持株会 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YI2H | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2H,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W5P9 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5P9,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TRB3 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRB3,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R5RG | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5RG,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OI25 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI25,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LNV4 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNV4,, |

## 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).