# MORIYA CORPORATION: 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72期(2025/04/01－2026/03/31) (S100YDA3)
> Page: https://vizora.meequs.com/en/company/moriya
> Retrieved: 2026-09-30T17:54:21.455Z

## Company

Moriya, founded in 1955, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 445 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORIYA CORPORATION |
| Ticker | 1798 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1798.T) |
| Listing | TSE Standard |
| Head office | 長野県長野市南千歳町878番地 |
| Representative (per filing) | 代表取締役社長 伊藤 由郁紀 |
| Founded | Aug 1955 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 445 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Corporate number | 7100001003530 |
| EDINET | E00251 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YDA3, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.7 | 84 |
| Profitability | 59.2 | 92 |
| Cash conversion | 34.6 | 91 |
| Efficiency | 82.1 | 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 84% of Moriya's sales come from Building Construction, with Civil Engineering and estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +68.5%.

## Company structure

- Segment revenue mix: Building Construction 84.3%、Civil Engineering 14.9%、estate business 0.8%
- Revenue → net income: ¥50855693000 → ¥2743675000
- Net income → operating cash flow: ¥2743675000 → ¥1360081000（difference ¥-1383594000）
- Main uses of operating cash flow: CapEx ¥265865000 / dividends ¥214013000 / buybacks ¥93000
- Change in cash: ¥315112000
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 | ¥50.9B |  |
| Operating income | ¥3.86B | Margin 7.6% |
| Net income | ¥2.74B | Margin 5.4% |
| Free cash flow | ¥1.09B |  |
| Largest business | Building Construction | of segment revenue 84.3% |
| Employees (consolidated) | 445 |  |
| EPS | ¥243.75 |  |
| Book value per share | ¥1613.37 |  |
| Equity ratio | 48.9% |  |
| Shares outstanding | 2,260,000 |  |
| Treasury shares | 79,000 |  |
| Shareholders | 999 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 15.4% |
| Vs. industry median margin | +0.7 pp | General Contractors |
| ROE | 16.3% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36841183000 | ¥50855693000 | +38.0% |
| Operating income | ¥891919000 | ¥3861469000 | +332.9% |
| Operating margin | 2.4% | 7.6% | +5.2 pp |
| Employees | 404 people | 445 people | +10.1% |
| Cash and equivalents | ¥5573235000 | ¥7844825000 | +40.8% |

### 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 |
| --- | ---: |
| 建築事業 → 建築事業 | 68.2% |
| 土木事業 → 土木事業 | 14.9% |
| 土木事業 → 事業再編・廃止 | 9.8% |
| 不動産事業 → 不動産事業 | 0.8% |
| 不動産事業 → 事業再編・廃止 | 6.0% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 建築事業 | 16.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building Construction | 5 years | +11.3% | ¥42865920000 | 12.0% | 2 |
| Civil Engineering | 5 years | -3.6% | ¥7600182000 | 10.2% | 2 |
| estate business | 5 years | -31.0% | ¥389591000 | -12.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,856 | 100.0% | S100YDA3 |
| Cost of revenue | 43,966 | 86.5% | S100YDA3 |
| Gross profit | 6,889 | 13.5% | S100YDA3 |
| SG&A | 3,028 | 6.0% | S100YDA3 |
| Operating income | 3,861 | 7.6% | S100YDA3 |
| Ordinary income | 3,913 | 7.7% | S100YDA3 |
| Pretax income | 3,913 | 7.7% | S100YDA3 |
| Income tax | 1,169 | 2.3% | S100YDA3 |
| Net income | 2,744 | 5.4% | S100YDA3 |
| Net income attributable to owners | 2,744 | 5.4% | S100YDA3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 6 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 13.5% → Operating margin 7.6% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +68.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 58.50×
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 | 50,267 | 50,856 | 589 | +1.2% |
| Gross profit | 5,110 | 6,889 | 1,780 | +34.8% |
| Operating income | 2,291 | 3,861 | 1,570 | +68.5% |
| Net income attributable to owners | 1,650 | 2,744 | 1,093 | +66.2% |
| Operating cash flow | 3,076 | 1,360 | -1,716 | -55.8% |
| Free cash flow | 2,872 | 1,094 | -1,777 | -61.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,532 | 1,312 | 3.3% | 841 | -4,329 | -4,491 | S100LKNG |
| FY ending Mar 2021 | 36,841 | 892 | 2.4% | 653 | 3,189 | 2,844 | S100OFX0 |
| FY ending Mar 2022 | 38,840 | 1,609 | 4.1% | 1,574 | 1,576 | 1,500 | S100R33Y |
| FY ending Mar 2023 | 38,976 | 1,202 | 3.1% | 900 | 3,265 | 3,151 | S100TPIM |
| FY ending Mar 2024 | 43,345 | 2,223 | 5.1% | 1,607 | -1,932 | -2,100 | S100W19D |
| FY ending Mar 2025 | 50,267 | 2,291 | 4.6% | 1,650 | 3,076 | 2,872 | S100YDA3 |
| FY ending Mar 2026 | 50,856 | 3,861 | 7.6% | 2,744 | 1,360 | 1,094 | S100YDA3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥114.3M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 399 | 393 | 390 | 422 | 445 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.4M | ¥6.9M | ¥7M |
| Average age (parent company) | 42.0 years | 41.0 years | 41.1 years | 41.7 years | 40.4 years |
| Average tenure (parent company) | 17.2 years | 16.8 years | 16.5 years | 16.9 years | 15.4 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building Construction | 42,866 | 84.3% | 5,154 | 12.0% |
| Civil Engineering | 7,600 | 14.9% | 775 | 10.2% |
| estate business | 390 | 0.8% | -50 | -12.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building Construction | 84.3% | 86.9% | 2.6 | 12.0% |
| Civil Engineering | 14.9% | 13.1% | -1.9 | 10.2% |
| estate business | 0.8% | — | — | -12.8% |

Loss-making segment (excluded from profit shares): estate business -50 JPY mn

Segment → industry: estate business → Real Estate Development & Leasing / Civil Engineering → General Contractors / Building 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 | 1,360 | 2.7% | S100YDA3 |
| Capital expenditure | 266 | 0.5% | S100YDA3 |
| Free cash flow | 1,094 | 2.2% | 算出 |
| Investing cash flow | -1,769 | -3.5% | S100YDA3 |
| Financing cash flow | 724 | 1.4% | S100YDA3 |
| Dividends paid | 214 | 0.4% | S100YDA3 |
| Share buyback | 0 | 0.0% | S100YDA3 |
| Change in cash | 315 | 0.6% | S100YDA3 |
| Cash and equivalents | 7,845 | 15.4% | S100YDA3 |

## 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 | 6,116 | 8,535 | 5,030 | 7,530 | 7,845 | S100TPIM, S100W19D, S100YDA3 |
| Total assets | 27,480 | 32,398 | 30,589 | 34,145 | 38,316 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Net assets | 12,097 | 12,876 | 14,448 | 15,939 | 18,753 | S100TPIM, S100W19D, S100YDA3 |
| Share capital | 1,713 | 1,713 | 1,713 | 1,713 | 1,713 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Property, plant and equipment | 3,717 | 3,647 | 3,668 | 3,966 | 3,955 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Intangible assets excluding goodwill | 97 | 70 | 47 | 87 | 92 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Goodwill | 36 | 21 | 5 | 40 | 32 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Investment securities | 742 | 889 | 1,119 | 1,155 | 1,593 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Current assets | 20,829 | 26,229 | 23,291 | 26,529 | 29,085 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Current liabilities | 14,499 | 18,611 | 15,305 | 17,328 | 18,066 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Short-term borrowings | 1,600 | 800 | 800 | 800 | 800 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Long-term borrowings | — | — | — | 22 | 726 | S100YDA3 |
| Total liabilities | 15,383 | 19,522 | 16,141 | 18,206 | 19,563 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Equity attributable to owners of parent | 11,983 | 12,716 | 14,116 | 15,580 | 18,123 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Retained earnings | 8,966 | 9,712 | 11,166 | 12,641 | 15,167 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |
| Treasury stock | -65 | -85 | -145 | -164 | -155 | S100R33Y, S100TPIM, S100W19D, S100YDA3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YDA3 |
| Property, plant and equipment | 10% | S100YDA3 |
| Intangibles and goodwill | 0% | S100YDA3 |
| Investment securities | 4% | S100YDA3 |
| Other assets | 65% | S100YDA3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YDA3 |
| Equity | 49% | S100YDA3 |
| Other liabilities | 0% | S100YDA3 |

### 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 | 27,480 | 32,398 | 30,589 | 34,145 | 38,316 |
| Equity | 12,097 | 12,876 | 14,448 | 15,939 | 18,753 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,116 | 8,535 | 5,030 | 7,530 | 7,845 |

## 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) | 7.8% | S100YDA3 |
| Fixed assets ÷ total assets | 10.3% | S100YDA3 |
| Goodwill ÷ parent equity | 0.2% | S100YDA3 |

Goodwill over 4 years: 36 → 32 JPY; total investing cash flow: -3,430 JPY. This does not imply causation.

### 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) | 20.5% |
| Cash ÷ revenue | 15.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 35.2% |
| Cash vs. profit gap | -1,384 JPY mn (of net income -50.4%) |
| Shareholder returns / net income | 7.8% |
| Shareholder returns / FCF | 19.6% |
| Shareholder payments — dividends / net income | 7.8% |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 130.1% |

## 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 | 4.1% | 1.41× | 5.7% | 2.29× | 13.1% | S100R33Y |
| 2023 | 2.3% | 1.30× | 3.0% | 2.42× | 7.3% | S100TPIM |
| 2024 | 3.7% | 1.38× | 5.1% | 2.35× | 12.0% | S100W19D |
| 2025 | 3.3% | 1.55× | 5.1% | 2.18× | 11.1% | S100YDA3 |
| 2026 | 5.4% | 1.40× | 7.6% | 2.15× | 16.3% | S100YDA3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般財団法人守谷奨学財団 | Major shareholder | 8.8% | 2026-03-31 |
| 守谷商会従業員持株会 | Major shareholder | 8.7% | 2026-03-31 |
| 守谷商会取引先持株会 | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社八十二長野銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 5.0% | 2026-03-31 |
| 山根 敏郎 | Major shareholder | 3.7% | 2026-03-31 |
| 守谷 晶子 | Major shareholder | 3.5% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 3.0% | 2026-03-31 |
| 守谷 堯夫 | Major shareholder | 2.8% | 2026-03-31 |
| 中村 英生 | Major shareholder | 2.2% | 2026-03-31 |
| 八十二キャピタル株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YDA3 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDA3,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W19D | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W19D,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TPIM | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPIM,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R33Y | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R33Y,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OFX0 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFX0,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LKNG | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKNG,, |

## 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).