# MASARU CORPORATION: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第70期(2024/10/01－2025/09/30) (S100XCIB)
> Page: https://vizora.meequs.com/en/company/masaru
> Retrieved: 2026-09-30T21:33:55.245Z

## Company

Masaru, founded in 1957, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 171 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MASARU CORPORATION |
| Ticker | 1795 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1795.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区佐賀一丁目9番14号 |
| Representative (per filing) | 代表取締役社長 勝又 健 |
| Founded | Sep 1957 |
| Share capital | ¥885.7M |
| Employees (consolidated) | 171 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | www.masaru-co.jp (https://www.masaru-co.jp/) |
| Corporate number | 7010601006280 |
| EDINET | E00254 |
| Industries (Vizora) | Plant Engineering & Building Services, General Contractors |

> Profile source: annual securities report (S100XCIB, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.5 | 84 |
| Profitability | 41.8 | 92 |
| Cash conversion | 85.2 | 91 |
| Efficiency | 74.5 | 92 |

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 86% of Masaru's sales come from construction work, with plumbing work making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +19.0% from the prior year, operating profit +56.6%.

## Company structure

- Segment revenue mix: construction work 86.1%、plumbing work 13.9%
- Revenue → net income: ¥10647689000 → ¥405234000
- Net income → operating cash flow: ¥405234000 → ¥1238782000（difference ¥833548000）
- Main uses of operating cash flow: CapEx ¥22992000 / dividends ¥110754000 / buybacks —
- Change in cash: ¥1015579000
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 | ¥10.6B |  |
| Operating income | ¥638.2M | Margin 6.0% |
| Net income | ¥405.2M | Margin 3.8% |
| Free cash flow | ¥1.22B |  |
| Largest business | construction work | of segment revenue 86.1% |
| Employees (consolidated) | 171 |  |
| EPS | ¥427.54 |  |
| Book value per share | ¥5545.55 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 901,151 |  |
| Treasury shares | 11,500 |  |
| Shareholders | 1,028 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 37.4% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | -0.9 pp | General Contractors |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.1× net income
- FY2025, one segment accounts for 89% of positive segment profit
- FY2025, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11409253000 | ¥10647689000 | -6.7% |
| Operating income | ¥730712000 | ¥638156000 | -12.7% |
| Operating margin | 6.4% | 6.0% | -0.4 pp |
| Employees | 138 people | 171 people | +23.9% |
| Cash and equivalents | ¥2385690000 | ¥3294863000 | +38.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設工事業 → 建設工事業 | 86.1% |
| 建設工事業 → 事業再編・廃止 | 8.0% |
| 設備工事業 → 設備工事業 | 6.0% |
| 新設・再編 → 設備工事業 | 8.0% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,648 | 100.0% | S100XCIB |
| Cost of revenue | 8,418 | 79.1% | S100XCIB |
| Gross profit | 2,230 | 20.9% | S100XCIB |
| SG&A | 1,592 | 14.9% | S100XCIB |
| Operating income | 638 | 6.0% | S100XCIB |
| Ordinary income | 659 | 6.2% | S100XCIB |
| Pretax income | 619 | 5.8% | S100XCIB |
| Income tax | 214 | 2.0% | S100XCIB |
| Net income | 405 | 3.8% | S100XCIB |
| Net income attributable to owners | 405 | 3.8% | S100XCIB |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 15 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.9% → Operating margin 6.0% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.0%; Core profit growth: +56.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.98×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,948 | 10,648 | 1,700 | +19.0% |
| Gross profit | 1,789 | 2,230 | 441 | +24.7% |
| Operating income | 408 | 638 | 231 | +56.6% |
| Net income attributable to owners | 277 | 405 | 128 | +46.1% |
| Operating cash flow | 422 | 1,239 | 817 | +193.6% |
| Free cash flow | 411 | 1,216 | 805 | +195.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 9,096 | 504 | 5.5% | 366 | 1,109 | 855 | S100KF9F |
| FY ending Sep 2020 | 11,409 | 731 | 6.4% | 418 | 1,206 | 1,204 | S100N4E1 |
| FY ending Sep 2021 | 7,794 | 407 | 5.2% | 322 | 22 | 18 | S100PUSV |
| FY ending Sep 2022 | 6,960 | 199 | 2.9% | 191 | -271 | -284 | S100SJCS |
| FY ending Sep 2023 | 8,635 | 504 | 5.8% | 345 | 230 | 230 | S100V04X |
| FY ending Sep 2024 | 8,948 | 408 | 4.6% | 277 | 422 | 411 | S100XCIB |
| FY ending Sep 2025 | 10,648 | 638 | 6.0% | 405 | 1,239 | 1,216 | S100XCIB |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.3M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 145 | 148 | 154 | 165 | 171 |
| Average salary (parent company) | ¥6.1M | ¥5.7M | ¥5.5M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 46.7 years | 46.1 years | 46.0 years | 45.8 years | 45.2 years |
| Average tenure (parent company) | 12.5 years | 12.0 years | 12.1 years | 12.5 years | 12.1 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +19.0%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| construction work | 9,165 | 86.1% | 569 | 6.2% |
| plumbing work | 1,483 | 13.9% | 69 | 4.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| construction work | 86.1% | 89.2% | 3.1 | 6.2% |
| plumbing work | 13.9% | 10.8% | -3.1 | 4.7% |

Segment → industry: plumbing work → Plant Engineering & Building Services / construction work → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,239 | 11.6% | S100XCIB |
| Capital expenditure | 23 | 0.2% | S100XCIB |
| Free cash flow | 1,216 | 11.4% | 算出 |
| Investing cash flow | 10 | 0.1% | S100XCIB |
| Financing cash flow | -233 | -2.2% | S100XCIB |
| Dividends paid | 111 | 1.0% | S100XCIB |
| Change in cash | 1,016 | 9.5% | S100XCIB |
| Cash and equivalents | 3,295 | 30.9% | S100XCIB |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,216 | 1,802 | 1,868 | 2,279 | 3,295 | S100SJCS, S100V04X, S100XCIB |
| Total assets | 7,416 | 6,545 | 7,540 | 8,394 | 8,807 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Net assets | 4,372 | 4,453 | 4,754 | 4,940 | 5,277 | S100SJCS, S100V04X, S100XCIB |
| Share capital | 886 | 886 | 886 | 886 | 886 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Property, plant and equipment | 1,160 | 1,062 | 1,044 | 1,197 | 1,207 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Intangible assets excluding goodwill | 32 | 22 | 12 | 424 | 339 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Goodwill | — | — | — | 416 | 328 | S100XCIB |
| Investment securities | 120 | 93 | 97 | 121 | 165 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Current assets | 5,712 | 5,044 | 5,910 | 6,111 | 6,555 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Current liabilities | 2,838 | 1,926 | 2,641 | 2,597 | 2,833 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Short-term borrowings | 25 | — | — | — | — | S100PUSV |
| Long-term borrowings | 159 | 120 | 101 | 204 | 128 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Bonds | — | — | — | 606 | 510 | S100XCIB |
| Total liabilities | 3,044 | 2,092 | 2,786 | 3,454 | 3,529 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Equity attributable to owners of parent | 4,372 | 4,466 | 4,755 | 4,925 | 5,233 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Retained earnings | 2,306 | 2,389 | 2,663 | 2,817 | 3,112 | S100PUSV, S100SJCS, S100V04X, S100XCIB |
| Treasury stock | -84 | -72 | -59 | -45 | -34 | S100PUSV, S100SJCS, S100V04X, S100XCIB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100XCIB |
| Property, plant and equipment | 14% | S100XCIB |
| Intangibles and goodwill | 8% | S100XCIB |
| Investment securities | 2% | S100XCIB |
| Other assets | 39% | S100XCIB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100XCIB |
| Equity | 60% | S100XCIB |
| Other liabilities | 0% | S100XCIB |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,416 | 6,545 | 7,540 | 8,394 | 8,807 |
| Equity | 4,372 | 4,453 | 4,754 | 4,940 | 5,277 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,216 | 1,802 | 1,868 | 2,279 | 3,295 |

## 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) | 11.3% | S100XCIB |
| Fixed assets ÷ total assets | 13.7% | S100XCIB |
| Goodwill ÷ parent equity | 6.3% | S100XCIB |

### 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) | 37.4% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.1% |
| Cash vs. profit gap | 834 JPY mn (of net income 205.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.3% |
| Shareholder payments — dividends / FCF | 9.1% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 0.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.1% | 1.05× | 4.3% | 1.70× | 7.4% | S100PUSV |
| 2022 | 2.8% | 1.00× | 2.7% | 1.58× | 4.3% | S100SJCS |
| 2023 | 4.0% | 1.23× | 4.9% | 1.53× | 7.5% | S100V04X |
| 2024 | 3.1% | 1.12× | 3.5% | 1.65× | 5.7% | S100XCIB |
| 2025 | 3.8% | 1.24× | 4.7% | 1.69× | 8.0% | S100XCIB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社操上 | Major shareholder | 16.3% | 2025-09-30 |
| マサル協力企業持株会 | Major shareholder | 5.1% | 2025-09-30 |
| 化研マテリアル株式会社 | Major shareholder | 4.8% | 2025-09-30 |
| マサル従業員持株会 | Major shareholder | 3.0% | 2025-09-30 |
| 苅谷 純 | Major shareholder | 3.0% | 2025-09-30 |
| 野口興産株式会社 | Major shareholder | 3.0% | 2025-09-30 |
| 日本生命保険相互会社 | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社苅谷 | Major shareholder | 2.8% | 2025-09-30 |
| 勝又 健 | Major shareholder | 2.3% | 2025-09-30 |
| シーカ・ジャパン株式会社 | Major shareholder | 1.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2024/10/01－2025/09/30) | S100XCIB | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCIB,, |
| 有価証券報告書－第69期(2023/10/01－2024/09/30) | S100V04X | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V04X,, |
| 有価証券報告書－第68期(2022/10/01－2023/09/30) | S100SJCS | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJCS,, |
| 有価証券報告書－第67期(令和3年10月1日－令和4年9月30日) | S100PUSV | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUSV,, |
| 有価証券報告書－第66期(令和2年10月1日－令和3年9月30日) | S100N4E1 | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4E1,, |
| 有価証券報告書－第65期(令和1年10月1日－令和2年9月30日) | S100KF9F | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF9F,, |

## 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).