# MATSUI 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97期(2025/04/01－2026/03/31) (S100YHYW)
> Page: https://vizora.meequs.com/en/company/matsui-construction
> Retrieved: 2026-09-30T20:59:33.836Z

## Company

Matsui Construction, founded in 1939, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 771 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUI CONSTRUCTION CO., LTD. |
| Ticker | 1810 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1810.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目17番22号 |
| Representative (per filing) | 代表取締役社長 松井角平 |
| Founded | Jan 1939 |
| Share capital | ¥4B |
| Employees (consolidated) | 771 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.matsui-ken.co.jp (https://www.matsui-ken.co.jp/) |
| Corporate number | 7010001034956 |
| EDINET | E00064 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YHYW, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28 | 84 |
| Profitability | 39.7 | 92 |
| Cash conversion | 75.3 | 91 |
| Efficiency | 59.2 | 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 98% of Matsui Construction's sales come from Construction, with Real estate and other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit +67.3%.

## Company structure

- Segment revenue mix: Construction 98.4%、Real estate and other 1.6%
- Revenue → net income: ¥96037000000 → ¥4350000000
- Net income → operating cash flow: ¥4350000000 → ¥9222000000（difference ¥4872000000）
- Main uses of operating cash flow: CapEx ¥963000000 / dividends ¥1695000000 / buybacks —
- Change in cash: ¥3490000000
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 | ¥96B |  |
| Operating income | ¥5.66B | Margin 5.9% |
| Net income | ¥4.35B | Margin 4.5% |
| Free cash flow | ¥8.26B |  |
| Largest business | Construction | of segment revenue 98.4% |
| Employees (consolidated) | 771 |  |
| EPS | ¥148.06 |  |
| Book value per share | ¥1859.59 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 30,580,000 |  |
| Treasury shares | 2,059,100 |  |
| Shareholders | 3,608 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | -1 pp | General Contractors |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 91% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥87579000000 | ¥96037000000 | +9.7% |
| Operating income | ¥2940000000 | ¥5659000000 | +92.5% |
| Operating margin | 3.4% | 5.9% | +2.5 pp |
| Employees | 768 people | 771 people | +0.4% |
| Cash and equivalents | ¥19051000000 | ¥16459000000 | -13.6% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 95.8% |
| 不動産事業等 → 不動産事業等 | 1.6% |
| 不動産事業等 → 事業再編・廃止 | 2.6% |
| 新設・再編 → 建設事業 | 2.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 96,037 | 100.0% | S100YHYW |
| Cost of revenue | 85,140 | 88.7% | S100YHYW |
| Gross profit | 10,896 | 11.3% | S100YHYW |
| SG&A | 5,236 | 5.5% | S100YHYW |
| Operating income | 5,659 | 5.9% | S100YHYW |
| Ordinary income | 6,231 | 6.5% | S100YHYW |
| Pretax income | 6,426 | 6.7% | S100YHYW |
| Income tax | 2,076 | 2.2% | S100YHYW |
| Net income | 4,350 | 4.5% | S100YHYW |
| Net income attributable to owners | 4,350 | 4.5% | S100YHYW |

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

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

### Margin funnel

Gross margin 11.3% → Operating margin 5.9% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.2%; Core profit growth: +67.3%
Operating leverage (core profit growth ÷ revenue growth): -20.78×
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 | 99,253 | 96,037 | -3,216 | -3.2% |
| Gross profit | 7,526 | 10,896 | 3,370 | +44.8% |
| Operating income | 3,382 | 5,659 | 2,277 | +67.3% |
| Net income attributable to owners | 2,726 | 4,350 | 1,624 | +59.6% |
| Operating cash flow | 7,623 | 9,222 | 1,599 | +21.0% |
| Free cash flow | 6,838 | 8,259 | 1,421 | +20.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 94,423 | 3,488 | 3.7% | 2,559 | -9,304 | -10,553 | S100LT7Y |
| FY ending Mar 2021 | 87,579 | 2,940 | 3.4% | 2,252 | 7,080 | 6,188 | S100OH52 |
| FY ending Mar 2022 | 82,468 | 2,415 | 2.9% | 1,792 | -20 | -2,722 | S100R79M |
| FY ending Mar 2023 | 88,664 | 2,268 | 2.6% | 1,702 | 7,180 | 6,588 | S100TV4B |
| FY ending Mar 2024 | 96,969 | 264 | 0.3% | 1,161 | -16,190 | -16,950 | S100W4NZ |
| FY ending Mar 2025 | 99,253 | 3,382 | 3.4% | 2,726 | 7,623 | 6,838 | S100YHYW |
| FY ending Mar 2026 | 96,037 | 5,659 | 5.9% | 4,350 | 9,222 | 8,259 | S100YHYW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥124.6M |
| Operating income per employee (consolidated) | ¥7.3M |
| Net income per employee (consolidated) | ¥5.6M |

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) | 773 | 766 | 767 | 762 | 771 |
| Average salary (parent company) | ¥7.2M | ¥7.8M | ¥8M | ¥8M | ¥8.4M |
| Average age (parent company) | 44.7 years | 44.5 years | 44.5 years | 44.6 years | 44.0 years |
| Average tenure (parent company) | 18.8 years | 19.2 years | 19.3 years | 19.2 years | 19.4 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 94,470 | 98.4% | 6,203 | 6.6% |
| Real estate and other | 1,567 | 1.6% | 587 | 37.5% |

### 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 | 98.4% | 91.4% | -7.0 | 6.6% |
| Real estate and other | 1.6% | 8.6% | 7.0 | 37.5% |

Segment → industry: Real estate and other → Real Estate Development & Leasing / Construction → 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 | 9,222 | 9.6% | S100YHYW |
| Capital expenditure | 963 | 1.0% | S100YHYW |
| Free cash flow | 8,259 | 8.6% | 算出 |
| Investing cash flow | -669 | -0.7% | S100YHYW |
| Financing cash flow | -5,062 | -5.3% | S100YHYW |
| Dividends paid | 1,695 | 1.8% | S100YHYW |
| Change in cash | 3,490 | 3.6% | S100YHYW |
| Cash and equivalents | 16,459 | 17.1% | S100YHYW |

## 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 | 15,287 | 21,000 | 8,596 | 12,968 | 16,459 | S100TV4B, S100W4NZ, S100YHYW |
| Total assets | 68,428 | 71,022 | 77,564 | 80,887 | 87,637 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Net assets | 42,879 | 44,172 | 47,619 | 50,616 | 57,028 | S100TV4B, S100W4NZ, S100YHYW |
| Share capital | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Property, plant and equipment | 16,425 | 16,530 | 16,803 | 16,827 | 17,052 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Intangible assets excluding goodwill | 192 | 153 | 213 | 324 | 480 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Investment securities | 9,352 | 10,036 | 13,497 | 14,657 | 20,196 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Current assets | 40,612 | 41,835 | 43,503 | 44,767 | 45,491 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Current liabilities | 22,730 | 23,592 | 25,555 | 25,033 | 23,700 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Short-term borrowings | — | — | 5,000 | 3,000 | — | S100W4NZ, S100YHYW |
| Total liabilities | 25,548 | 26,850 | 29,945 | 30,271 | 30,609 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Equity attributable to owners of parent | 39,807 | 40,623 | 40,626 | 42,319 | 44,645 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Retained earnings | 36,166 | 37,084 | 37,440 | 39,356 | 42,011 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |
| Treasury stock | -692 | -794 | -1,147 | -1,370 | -1,699 | S100R79M, S100TV4B, S100W4NZ, S100YHYW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YHYW |
| Property, plant and equipment | 19% | S100YHYW |
| Intangibles and goodwill | 1% | S100YHYW |
| Investment securities | 23% | S100YHYW |
| Other assets | 38% | S100YHYW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YHYW |
| Equity | 65% | S100YHYW |

### 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 | 68,428 | 71,022 | 77,564 | 80,887 | 87,637 |
| Equity | 42,879 | 44,172 | 47,619 | 50,616 | 57,028 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,287 | 21,000 | 8,596 | 12,968 | 16,459 |

## 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) | 17.8% | S100YHYW |
| Fixed assets ÷ total assets | 19.5% | S100YHYW |
| Goodwill ÷ parent equity | — | —, S100YHYW |

### 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) | 18.8% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.0% |
| Cash vs. profit gap | 4,872 JPY mn (of net income 112.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.0% |
| Shareholder payments — dividends / FCF | 20.5% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 7.3% |

## 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 | 2.2% | 1.21× | 2.6% | 1.72× | 4.5% | S100R79M |
| 2023 | 1.9% | 1.27× | 2.4% | 1.73× | 4.2% | S100TV4B |
| 2024 | 1.2% | 1.31× | 1.6% | 1.83× | 2.9% | S100W4NZ |
| 2025 | 2.7% | 1.25× | 3.4% | 1.91× | 6.6% | S100YHYW |
| 2026 | 4.5% | 1.14× | 5.2% | 1.94× | 10.0% | S100YHYW |

## 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） | Major shareholder | 7.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2026-03-31 |
| 松井建設取引先持株会 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 松井建設従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社松井興産 | Major shareholder | 3.3% | 2026-03-31 |
| 公益財団法人松井角平記念財団 | Major shareholder | 3.0% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YHYW | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHYW,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W4NZ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4NZ,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TV4B | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV4B,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R79M | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R79M,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OH52 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH52,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LT7Y | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT7Y,, |

## 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).