# Mori-Gumi Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/04/01－2026/03/31) (S100YJ3W)
> Page: https://vizora.meequs.com/en/company/mori-gumi
> Retrieved: 2026-09-30T21:40:42.317Z

## Company

Mori-Gumi, founded in 1934, is a company in Cement & Concrete listed on TSE Standard. It has 311 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mori-Gumi Co., Ltd. |
| Ticker | 1853 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1853.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区道修町4丁目5番17号 |
| Representative (per filing) | 代表取締役社長 内山 浩二 |
| Founded | Feb 1934 |
| Share capital | ¥1.64B |
| Employees (consolidated) | 311 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.morigumi.co.jp (https://www.morigumi.co.jp/) |
| Corporate number | 4120001077567 |
| EDINET | E00130 |
| Industries (Vizora) | Cement & Concrete, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YJ3W, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.9 | 84 |
| Profitability | 21.2 | 92 |
| Cash conversion | 86.3 | 91 |
| Efficiency | 54.9 | 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 Mori-Gumi's sales come from construction business, with crushed stone business and real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -4.8% from the prior year, operating profit +23.5%.

## Company structure

- Segment revenue mix: construction business 98.8%、crushed stone business 1.1%、real estate business 0.1%
- Revenue → net income: ¥28040000000 → ¥926000000
- Net income → operating cash flow: ¥926000000 → ¥2636000000（difference ¥1710000000）
- Main uses of operating cash flow: CapEx ¥304000000 / dividends ¥456000000 / buybacks —
- Change in cash: ¥1922000000
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 | ¥28B |  |
| Operating income | ¥1.33B | Margin 4.8% |
| Net income | ¥926M | Margin 3.3% |
| Free cash flow | ¥2.33B |  |
| Largest business | construction business | of segment revenue 98.8% |
| Employees (consolidated) | 311 |  |
| EPS | ¥28.29 |  |
| Book value per share | ¥472.39 |  |
| Equity ratio | 61.5% |  |
| Shares outstanding | 32,800,000 |  |
| Treasury shares | 50,300 |  |
| Shareholders | 9,240 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 25.4% | Cash ÷ revenue 22.8% |
| Vs. industry median margin | -2.1 pp | General Contractors |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, employees -5% while operating income rose 23%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28579000000 | ¥28040000000 | -1.9% |
| Operating income | ¥1961000000 | ¥1335000000 | -31.9% |
| Operating margin | 6.9% | 4.8% | -2.1 pp |
| Employees | 352 people | 311 people | -11.6% |
| Cash and equivalents | ¥7727000000 | ¥6394000000 | -17.3% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 96.9% |
| 不動産事業 → 不動産事業 | 0.1% |
| 砕石事業 → 砕石事業 | 1.1% |
| 砕石事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → 建設事業 | 1.9% |
| 新設・再編 → 不動産事業 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| construction business | 5 years | +0.0% | ¥27707000000 | 9.6% | 2 |
| crushed stone business | 5 years | -19.0% | ¥299000000 | -29.1% | 2 |
| real estate business | 5 years | +0.6% | ¥33000000 | 33.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,040 | 100.0% | S100YJ3W |
| Cost of revenue | 25,092 | 89.5% | S100YJ3W |
| Gross profit | 2,947 | 10.5% | S100YJ3W |
| SG&A | 1,611 | 5.7% | S100YJ3W |
| Operating income | 1,335 | 4.8% | S100YJ3W |
| Ordinary income | 1,314 | 4.7% | S100YJ3W |
| Pretax income | 1,356 | 4.8% | S100YJ3W |
| Income tax | 430 | 1.5% | S100YJ3W |
| Net income | 926 | 3.3% | S100YJ3W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 6 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.5% → Operating margin 4.8% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.8%; Core profit growth: +23.5%
Operating leverage (core profit growth ÷ revenue growth): -4.89×
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 | 29,454 | 28,040 | -1,414 | -4.8% |
| Gross profit | 2,585 | 2,947 | 362 | +14.0% |
| Operating income | 1,081 | 1,335 | 254 | +23.5% |
| Operating cash flow | -4,229 | 2,636 | 6,865 | — |
| Free cash flow | -4,616 | 2,332 | 6,948 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,695 | 1,368 | 5.1% | 931 | -550 | -702 | S100LMNA |
| FY ending Mar 2021 | 28,579 | 1,961 | 6.9% | 1,316 | -228 | -325 | S100OD6I |
| FY ending Mar 2022 | 31,319 | 1,902 | 6.1% | 1,255 | 2,103 | 2,023 | S100R0JV |
| FY ending Mar 2023 | 24,620 | 833 | 3.4% | 523 | 799 | 711 | S100TOAF |
| FY ending Mar 2024 | 27,582 | 1,072 | 3.9% | 685 | 680 | 617 | S100W07M |
| FY ending Mar 2025 | 29,454 | 1,081 | 3.7% | 921 | -4,229 | -4,616 | S100YJ3W |
| FY ending Mar 2026 | 28,040 | 1,335 | 4.8% | 926 | 2,636 | 2,332 | S100YJ3W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥90.2M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

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) | 344 | 337 | 325 | 328 | 311 |
| Average salary (parent company) | ¥7.6M | ¥7.5M | ¥7.4M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 42.5 years | 43.2 years | 44.2 years | 44.5 years | 44.5 years |
| Average tenure (parent company) | 17.1 years | 17.8 years | 18.7 years | 19.1 years | 18.9 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) -4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| construction business | 27,707 | 98.8% | 2,651 | 9.6% |
| real estate business | 33 | 0.1% | 11 | 33.3% |
| crushed stone business | 299 | 1.1% | -87 | -29.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| construction business | 98.8% | 99.6% | 0.8 | 9.6% |
| real estate business | 0.1% | 0.4% | 0.3 | 33.3% |
| crushed stone business | 1.1% | — | — | -29.1% |

Loss-making segment (excluded from profit shares): crushed stone business -87 JPY mn

Segment → industry: crushed stone business → Cement & Concrete / real estate business → Real Estate Development & Leasing / construction business → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,636 | 9.4% | S100YJ3W |
| Capital expenditure | 304 | 1.1% | S100YJ3W |
| Free cash flow | 2,332 | 8.3% | 算出 |
| Investing cash flow | 552 | 2.0% | S100YJ3W |
| Financing cash flow | -1,266 | -4.5% | S100YJ3W |
| Dividends paid | 456 | 1.6% | S100YJ3W |
| Change in cash | 1,922 | 6.9% | S100YJ3W |
| Cash and equivalents | 6,394 | 22.8% | S100YJ3W |

## 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 | 9,183 | 9,433 | 9,574 | 4,472 | 6,394 | S100TOAF, S100W07M, S100YJ3W |
| Total assets | 25,413 | 23,777 | 27,393 | 25,301 | 25,158 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Net assets | 13,966 | 14,060 | 14,361 | 14,901 | 15,470 | S100TOAF, S100W07M, S100YJ3W |
| Share capital | 1,640 | 1,640 | 1,640 | 1,640 | 1,640 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Property, plant and equipment | 1,660 | 1,633 | 1,577 | 1,718 | 1,025 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Intangible assets excluding goodwill | 54 | 44 | 45 | 200 | 302 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Investment securities | 343 | 382 | 498 | 623 | 771 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Current assets | 22,560 | 20,947 | 24,528 | 21,906 | 22,280 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Current liabilities | 11,319 | 9,563 | 12,913 | 10,373 | 9,404 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Short-term borrowings | 800 | 800 | 800 | 800 | — | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Total liabilities | 11,446 | 9,717 | 13,032 | 10,399 | 9,688 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Equity attributable to owners of parent | 13,936 | 14,001 | 14,228 | 14,691 | 15,159 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Retained earnings | 12,099 | 12,163 | 12,391 | 12,853 | 13,321 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100R0JV, S100TOAF, S100W07M, S100YJ3W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YJ3W |
| Property, plant and equipment | 4% | S100YJ3W |
| Intangibles and goodwill | 1% | S100YJ3W |
| Investment securities | 3% | S100YJ3W |
| Other assets | 66% | S100YJ3W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YJ3W |
| Equity | 61% | S100YJ3W |

### 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 | 25,413 | 23,777 | 27,393 | 25,301 | 25,158 |
| Equity | 13,966 | 14,060 | 14,361 | 14,901 | 15,470 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,183 | 9,433 | 9,574 | 4,472 | 6,394 |

## 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) | 3.7% | S100YJ3W |
| Fixed assets ÷ total assets | 4.1% | S100YJ3W |
| Goodwill ÷ parent equity | — | —, S100YJ3W |

### 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) | 25.4% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 197.5% |
| Cash vs. profit gap | 1,710 JPY mn (of net income 184.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.2% |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 20.9% |

## 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 | 4.0% | 1.23× | 4.9% | 1.82× | 9.0% | S100R0JV |
| 2023 | 2.1% | 1.00× | 2.1% | 1.76× | 3.7% | S100TOAF |
| 2024 | 2.5% | 1.08× | 2.7% | 1.81× | 4.9% | S100W07M |
| 2025 | 3.1% | 1.12× | 3.5% | 1.82× | 6.4% | S100YJ3W |
| 2026 | 3.3% | 1.11× | 3.7% | 1.69× | 6.2% | S100YJ3W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 旭化成ホームズ㈱ | Major shareholder | 30.3% | 2026-03-31 |
| ㈱長谷工コーポレーション | Major shareholder | 8.0% | 2026-03-31 |
| 森組取引先持株会 | Major shareholder | 7.8% | 2026-03-31 |
| ㈱りそな銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 森 一成 | Major shareholder | 1.8% | 2026-03-31 |
| 森組従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 1.1% | 2026-03-31 |
| 大阪商工信用金庫 | Major shareholder | 0.9% | 2026-03-31 |
| 吉木 伸彦 | Major shareholder | 0.9% | 2026-03-31 |
| 日本生命保険（相） （常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YJ3W | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ3W,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W07M | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W07M,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TOAF | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOAF,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R0JV | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0JV,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OD6I | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD6I,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LMNA | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMNA,, |

## 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).