# MEIKO 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85期(2025/04/01－2026/03/31) (S100YK2R)
> Page: https://vizora.meequs.com/en/company/meiko-construction
> Retrieved: 2026-09-30T20:25:42.072Z

## Company

Meiko Construction, founded in 1941, is a company in Real Estate Development & Leasing listed on Nagoya. It has 1,235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIKO CONSTRUCTION CO.,LTD. |
| Ticker | 1869 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1869.T) |
| Listing | Nagoya |
| Head office | 名古屋市中村区名駅一丁目1番4号 JRセントラルタワーズ34階 |
| Representative (per filing) | 代表取締役社長 松野 篤二 |
| Founded | Jun 1941 |
| Share capital | ¥1.59B |
| Employees (consolidated) | 1,235 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.meikokensetsu.co.jp (https://www.meikokensetsu.co.jp/) |
| Corporate number | 1180001027354 |
| EDINET | E00201 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YK2R, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.8 | 84 |
| Profitability | 66.8 | 92 |
| Cash conversion | 53.3 | 91 |
| Efficiency | 28.8 | 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 99% of Meiko Construction's sales come from Construction enterprise, with Real estate and Others making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +18.6%.

## Company structure

- Segment revenue mix: Construction enterprise 98.8%、Real estate and Others 1.2%
- Revenue → net income: ¥96953000000 → ¥5984000000
- Net income → operating cash flow: ¥5984000000 → ¥5589000000（difference ¥-395000000）
- Main uses of operating cash flow: CapEx ¥5799000000 / dividends ¥1135000000 / buybacks ¥0
- Change in cash: ¥2954000000
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 | ¥97B |  |
| Operating income | ¥7.57B | Margin 7.8% |
| Net income | ¥5.97B | Margin 6.2% |
| Free cash flow | -¥210M |  |
| Largest business | Construction enterprise | of segment revenue 98.8% |
| Employees (consolidated) | 1,235 |  |
| EPS | ¥232.49 |  |
| Book value per share | ¥3210.41 |  |
| Equity ratio | 65.4% |  |
| Shares outstanding | 27,060,000 |  |
| Treasury shares | 1,915,700 |  |
| Shareholders | 2,360 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 11.4% | Cash ÷ revenue 15.4% |
| Vs. industry median margin | +1 pp | General Contractors |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, employees -1% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥88678000000 | ¥96953000000 | +9.3% |
| Operating income | ¥6297000000 | ¥7574000000 | +20.3% |
| Operating margin | 7.1% | 7.8% | +0.7 pp |
| Employees | 1,273 people | 1,235 people | -3.0% |
| Cash and equivalents | ¥22420000000 | ¥14931000000 | -33.4% |

### 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 | 98.8% |
| 建設事業 → 事業再編・廃止 | 0.1% |
| 不動産事業等 → 不動産事業等 | 1.2% |
| 新設・再編 → 不動産事業等 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 96,953 | 100.0% | S100YK2R |
| Cost of revenue | 83,354 | 86.0% | S100YK2R |
| Gross profit | 13,598 | 14.0% | S100YK2R |
| SG&A | 6,023 | 6.2% | S100YK2R |
| Operating income | 7,574 | 7.8% | S100YK2R |
| Ordinary income | 8,121 | 8.4% | S100YK2R |
| Pretax income | 8,443 | 8.7% | S100YK2R |
| Income tax | 2,459 | 2.5% | S100YK2R |
| Net income | 5,984 | 6.2% | S100YK2R |
| Net income attributable to owners | 5,969 | 6.2% | S100YK2R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 6 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 14.0% → Operating margin 7.8% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +18.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.58×
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 | 93,170 | 96,953 | 3,783 | +4.1% |
| Gross profit | 11,780 | 13,598 | 1,818 | +15.4% |
| Operating income | 6,386 | 7,574 | 1,188 | +18.6% |
| Net income attributable to owners | 5,184 | 5,969 | 785 | +15.1% |
| Operating cash flow | -1,426 | 5,589 | 7,015 | — |
| Free cash flow | -4,844 | -210 | 4,634 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 92,992 | 7,077 | 7.6% | 5,024 | 8,506 | 7,914 | S100LO2R |
| FY ending Mar 2021 | 88,678 | 6,297 | 7.1% | 4,536 | 7,214 | 6,310 | S100OCHM |
| FY ending Mar 2022 | 82,957 | 7,011 | 8.5% | 5,308 | 4,613 | 3,931 | S100R3CD |
| FY ending Mar 2023 | 84,185 | 6,331 | 7.5% | 4,657 | 4,788 | 4,496 | S100TQL5 |
| FY ending Mar 2024 | 86,218 | 5,370 | 6.2% | 4,028 | -7,064 | -8,244 | S100W3W9 |
| FY ending Mar 2025 | 93,170 | 6,386 | 6.9% | 5,184 | -1,426 | -4,844 | S100YK2R |
| FY ending Mar 2026 | 96,953 | 7,574 | 7.8% | 5,969 | 5,589 | -210 | S100YK2R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.5M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 1,255 | 1,246 | 1,248 | 1,248 | 1,235 |
| Average salary (parent company) | ¥8.4M | ¥8.4M | ¥8.5M | ¥8.7M | ¥9M |
| Average age (parent company) | 40.9 years | 40.9 years | 41.1 years | 41.0 years | 41.2 years |
| Average tenure (parent company) | 17.1 years | 18.0 years | 18.1 years | 18.1 years | 18.1 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction enterprise | 95,744 | 98.8% | 13,019 | 13.6% |
| Real estate and Others | 1,209 | 1.2% | 580 | 48.0% |

### 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 enterprise | 98.8% | 95.7% | -3.0 | 13.6% |
| Real estate and Others | 1.2% | 4.3% | 3.0 | 48.0% |

Segment → industry: Real estate and Others → Real Estate Development & Leasing / Construction enterprise → 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 | 5,589 | 5.8% | S100YK2R |
| Capital expenditure | 5,799 | 6.0% | S100YK2R |
| Free cash flow | -210 | -0.2% | 算出 |
| Investing cash flow | -5,288 | -5.5% | S100YK2R |
| Financing cash flow | 2,654 | 2.7% | S100YK2R |
| Dividends paid | 1,135 | 1.2% | S100YK2R |
| Share buyback | 0 | 0.0% | S100YK2R |
| Change in cash | 2,954 | 3.0% | S100YK2R |
| Cash and equivalents | 14,931 | 15.4% | S100YK2R |

## 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 | 24,690 | 27,226 | 17,663 | 11,976 | 14,931 | S100TQL5, S100W3W9, S100YK2R |
| Total assets | 96,159 | 103,275 | 104,037 | 109,716 | 130,915 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Net assets | 59,704 | 64,440 | 71,640 | 73,998 | 85,941 | S100TQL5, S100W3W9, S100YK2R |
| Share capital | 1,594 | 1,594 | 1,594 | 1,594 | 1,594 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Inventories | 271 | 120 | 119 | 118 | 117 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Property, plant and equipment | 11,359 | 10,905 | 10,696 | 13,653 | 18,927 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Intangible assets excluding goodwill | 242 | 419 | 581 | 462 | 985 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Investment securities | 17,293 | 19,272 | 23,746 | 20,932 | 29,672 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Current assets | 66,829 | 72,220 | 66,662 | 71,939 | 77,408 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Current liabilities | 27,947 | 31,482 | 21,542 | 27,118 | 29,498 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Short-term borrowings | 1,318 | 1,514 | 968 | 2,368 | 1,214 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Long-term borrowings | 2,014 | 1,750 | 2,832 | 1,414 | 6,400 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Bonds | 2,000 | 1,000 | 1,000 | 1,000 | — | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Interest-bearing debt | 5,332 | 4,264 | 4,800 | 4,782 | — | 算出 |
| Total liabilities | 36,454 | 38,834 | 32,397 | 35,717 | 44,974 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Non-controlling interests | 228 | 238 | 257 | 280 | 304 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Equity attributable to owners of parent | 52,247 | 56,148 | 59,267 | 63,518 | 68,351 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Retained earnings | 49,779 | 53,679 | 56,799 | 61,050 | 65,883 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |
| Treasury stock | -949 | -949 | -949 | -949 | -950 | S100R3CD, S100TQL5, S100W3W9, S100YK2R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YK2R |
| Inventories | 0% | S100YK2R |
| Property, plant and equipment | 14% | S100YK2R |
| Intangibles and goodwill | 1% | S100YK2R |
| Investment securities | 23% | S100YK2R |
| Other assets | 51% | S100YK2R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YK2R |
| Equity | 66% | S100YK2R |

### 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 | 96,159 | 103,275 | 104,037 | 109,716 | 130,915 |
| Equity | 59,704 | 64,440 | 71,640 | 73,998 | 85,941 |
| Interest-bearing debt | 5,332 | 4,264 | 4,800 | 4,782 | — |
| Cash | 24,690 | 27,226 | 17,663 | 11,976 | 14,931 |

## 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) | 19.5% | S100YK2R |
| Fixed assets ÷ total assets | 14.5% | S100YK2R |
| Goodwill ÷ parent equity | — | —, S100YK2R |

### 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) | 11.4% |
| Cash ÷ revenue | 15.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.8% |
| Cash vs. profit gap | -380 JPY mn (of net income -6.4%) |
| Shareholder returns / net income | 19.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 94.6% |

## 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 | 6.4% | 0.86× | 5.5% | 1.84× | 10.2% | S100R3CD |
| 2023 | 5.5% | 0.84× | 4.7% | 1.84× | 8.6% | S100TQL5 |
| 2024 | 4.7% | 0.83× | 3.9% | 1.80× | 7.0% | S100W3W9 |
| 2025 | 5.6% | 0.87× | 4.9% | 1.74× | 8.4% | S100YK2R |
| 2026 | 6.2% | 0.81× | 5.0% | 1.82× | 9.1% | S100YK2R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東海旅客鉄道株式会社 | Major shareholder | 8.5% | 2026-03-31 |
| 名工建設社員持株会 | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 岡谷鋼機株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 東鉄工業株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 興和株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 東邦瓦斯株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YK2R | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK2R,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W3W9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3W9,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TQL5 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQL5,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R3CD | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3CD,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OCHM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCHM,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LO2R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO2R,, |

## 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).