# NAKANO 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84期(2025/04/01－2026/03/31) (S100YHMT)
> Page: https://vizora.meequs.com/en/company/nakano
> Retrieved: 2026-09-30T21:34:42.243Z

## Company

Nakano, founded in 2016, is a company in Electric Power & Gas listed on TSE Standard. It has 1,394 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKANO CORPORATION |
| Ticker | 1827 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1827.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区九段北四丁目2番28号 |
| Representative (per filing) | 代表取締役社長 飯塚隆 |
| Founded | Mar 2016 |
| Share capital | ¥5.06B |
| Employees (consolidated) | 1,394 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.wave-nakano.co.jp (https://www.wave-nakano.co.jp/) |
| Corporate number | 4010001008731 |
| EDINET | E00105 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YHMT, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.9 | 84 |
| Profitability | 14.7 | 92 |
| Cash conversion | 84.1 | 91 |
| Efficiency | 89.7 | 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 49% of Nakano's sales come from Construction, with Japan and Southeast Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +24.9% from the prior year, operating profit +63.9%.

## Company structure

- Segment revenue mix: Construction 49.5%、Japan 27.4%、Southeast Asia 22.1%、Real estate 0.5%、Japan 0.5%
- Revenue → net income: ¥138071000000 → ¥4375000000
- Net income → operating cash flow: ¥4375000000 → ¥10419000000（difference ¥6044000000）
- Main uses of operating cash flow: CapEx ¥295000000 / dividends ¥753000000 / buybacks —
- Change in cash: ¥10756000000
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 | ¥138.1B |  |
| Operating income | ¥5.38B | Margin 3.9% |
| Net income | ¥4.38B | Margin 3.2% |
| Free cash flow | ¥10.1B |  |
| Largest business | Construction | of segment revenue 49.5% |
| Employees (consolidated) | 1,394 |  |
| EPS | ¥57.3 |  |
| Book value per share | ¥969.69 |  |
| Equity ratio | 49.4% |  |
| Shares outstanding | 34,498,097 |  |
| Treasury shares | 134,100 |  |
| Shareholders | 2,814 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 30.6% | Cash ÷ revenue 22.3% |
| Vs. industry median margin | -3 pp | General Contractors |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥115994000000 | ¥138071000000 | +19.0% |
| Operating income | ¥1555000000 | ¥5375000000 | +245.7% |
| Operating margin | 1.3% | 3.9% | +2.6 pp |
| Employees | 1,336 people | 1,394 people | +4.3% |
| Cash and equivalents | ¥21874000000 | ¥30803000000 | +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 |
| --- | ---: |
| 日本 → 日本 | 27.4% |
| 日本 → 事業再編・廃止 | 6.5% |
| 東南アジア → 東南アジア | 15.6% |
| 建設事業 → 建設事業 | 49.5% |
| 日本 → 日本 | 0.5% |
| 日本 → 事業再編・廃止 | 0.0% |
| 東南アジア → 東南アジア | 0.0% |
| 東南アジア → 事業再編・廃止 | 0.0% |
| 不動産事業 → 不動産事業 | 0.5% |
| 不動産事業 → 事業再編・廃止 | 0.0% |
| その他 → その他 | 0.0% |
| 新設・再編 → 東南アジア | 6.5% |
| 新設・再編 → 建設事業 | 0.0% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 14 (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 | 5 years | +3.5% | ¥136555000000 | 3.4% | 2 |
| Japan | 5 years | -0.8% | ¥75500000000 | 2.9% | 2 |
| Southeast Asia | 5 years | +11.1% | ¥61054000000 | 4.0% | 2 |
| Real estate | 5 years | +2.8% | ¥1368000000 | 49.4% | 2 |
| Japan | 5 years | +3.1% | ¥1364000000 | 49.5% | 2 |
| Other | 5 years | +8.7% | ¥147000000 | 34.0% | 2 |
| Southeast Asia | 5 years | -25.1% | ¥4000000 | 0.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 138,071 | 100.0% | S100YHMT |
| Cost of revenue | 123,624 | 89.5% | S100YHMT |
| Gross profit | 14,446 | 10.5% | S100YHMT |
| SG&A | 9,070 | 6.6% | S100YHMT |
| Operating income | 5,375 | 3.9% | S100YHMT |
| Ordinary income | 5,996 | 4.3% | S100YHMT |
| Pretax income | 5,892 | 4.3% | S100YHMT |
| Income tax | 1,516 | 1.1% | S100YHMT |
| Net income | 4,375 | 3.2% | S100YHMT |
| Net income attributable to owners | 4,385 | 3.2% | S100YHMT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 7 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.5% → Operating margin 3.9% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.9%; Core profit growth: +63.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.56×
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 | 110,538 | 138,071 | 27,533 | +24.9% |
| Gross profit | 10,769 | 14,446 | 3,677 | +34.1% |
| Operating income | 3,280 | 5,375 | 2,095 | +63.9% |
| Net income attributable to owners | 2,904 | 4,385 | 1,481 | +51.0% |
| Operating cash flow | -4,375 | 10,419 | 14,794 | — |
| Free cash flow | -4,729 | 10,124 | 14,853 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 116,977 | 4,104 | 3.5% | 2,932 | -6,797 | -7,125 | S100LV4U |
| FY ending Mar 2021 | 115,994 | 1,555 | 1.3% | 335 | -4,549 | -4,947 | S100OWO6 |
| FY ending Mar 2022 | 96,470 | -840 | -0.9% | -1,594 | 11,515 | 9,874 | S100R9JL |
| FY ending Mar 2023 | 114,459 | 2,859 | 2.5% | 1,914 | 2,170 | 1,817 | S100TWBK |
| FY ending Mar 2024 | 107,415 | 3,185 | 3.0% | 2,645 | -2,086 | -2,427 | S100W82M |
| FY ending Mar 2025 | 110,538 | 3,280 | 3.0% | 2,904 | -4,375 | -4,729 | S100YHMT |
| FY ending Mar 2026 | 138,071 | 5,375 | 3.9% | 4,385 | 10,419 | 10,124 | S100YHMT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 1,278 | 1,315 | 1,331 | 1,357 | 1,394 |
| Average salary (parent company) | ¥6.9M | ¥7M | ¥7.3M | ¥7.6M | ¥8.1M |
| Average age (parent company) | 46.5 years | 46.2 years | 46.1 years | 45.6 years | 45.1 years |
| Average tenure (parent company) | 17.8 years | 17.5 years | 17.2 years | 16.7 years | 16.1 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +24.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 75,500 | 27.4% | 2,202 | 2.9% |
| Southeast Asia | 61,054 | 22.1% | 2,447 | 4.0% |
| Construction | 136,555 | 49.5% | 4,649 | 3.4% |
| Japan | 1,364 | 0.5% | 675 | 49.5% |
| Southeast Asia | 4 | 0.0% | 0 | 0.0% |
| Real estate | 1,368 | 0.5% | 676 | 49.4% |
| Other | 147 | 0.1% | 50 | 34.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 27.4% | 20.6% | -6.8 | 2.9% |
| Southeast Asia | 22.1% | 22.9% | 0.7 | 4.0% |
| Construction | 49.5% | 43.5% | -6.0 | 3.4% |
| Japan | 0.5% | 6.3% | 5.8 | 49.5% |
| Southeast Asia | 0.0% | 0.0% | -0.0 | 0.0% |
| Real estate | 0.5% | 6.3% | 5.8 | 49.4% |
| Other | 0.1% | 0.5% | 0.4 | 34.0% |

Segment → industry: Other → Electric Power & Gas / Real estate → Real Estate Development & Leasing / Southeast Asia → Real Estate Development & Leasing / Japan → Real Estate Development & Leasing / Construction → General Contractors / Southeast Asia → General Contractors / Japan → 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 | 10,419 | 7.5% | S100YHMT |
| Capital expenditure | 295 | 0.2% | S100YHMT |
| Free cash flow | 10,124 | 7.3% | 算出 |
| Investing cash flow | 548 | 0.4% | S100YHMT |
| Financing cash flow | -1,922 | -1.4% | S100YHMT |
| Dividends paid | 753 | 0.5% | S100YHMT |
| Change in cash | 10,756 | 7.8% | S100YHMT |
| Cash and equivalents | 30,803 | 22.3% | S100YHMT |

## 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 | 25,632 | 27,426 | 25,570 | 20,046 | 30,803 | S100TWBK, S100W82M, S100YHMT |
| Total assets | 82,190 | 79,673 | 80,616 | 80,669 | 100,783 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Net assets | 35,576 | 37,839 | 42,159 | 44,458 | 51,392 | S100TWBK, S100W82M, S100YHMT |
| Share capital | 5,061 | 5,061 | 5,061 | 5,061 | 5,061 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Property, plant and equipment | 18,372 | 18,691 | 18,269 | 18,088 | 18,017 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Intangible assets excluding goodwill | 1,143 | 1,717 | 1,751 | 1,702 | 1,704 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Goodwill | — | 461 | 369 | 277 | 184 | S100TWBK, S100W82M, S100YHMT |
| Investment securities | 3,323 | 3,649 | 4,476 | 4,402 | 5,978 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Current assets | 58,048 | 54,320 | 53,984 | 54,430 | 72,099 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Current liabilities | 44,803 | 39,694 | 35,786 | 33,855 | 46,611 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Short-term borrowings | 480 | 618 | 618 | 624 | 50 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Long-term borrowings | 200 | 353 | 204 | 50 | — | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Total liabilities | 46,613 | 41,834 | 38,457 | 36,210 | 49,391 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Non-controlling interests | 1,149 | 1,283 | 1,502 | 1,622 | 1,646 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Equity attributable to owners of parent | 33,057 | 34,627 | 36,826 | 39,180 | 42,808 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Retained earnings | 26,630 | 28,201 | 30,400 | 32,754 | 36,383 | S100R9JL, S100TWBK, S100W82M, S100YHMT |
| Treasury stock | -35 | -35 | -35 | -36 | -37 | S100R9JL, S100TWBK, S100W82M, S100YHMT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YHMT |
| Property, plant and equipment | 18% | S100YHMT |
| Intangibles and goodwill | 2% | S100YHMT |
| Investment securities | 6% | S100YHMT |
| Other assets | 44% | S100YHMT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YHMT |
| Equity | 51% | S100YHMT |

### 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 | 82,190 | 79,673 | 80,616 | 80,669 | 100,783 |
| Equity | 35,576 | 37,839 | 42,159 | 44,458 | 51,392 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,632 | 27,426 | 25,570 | 20,046 | 30,803 |

## 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) | 13.0% | S100YHMT |
| Fixed assets ÷ total assets | 17.9% | S100YHMT |
| Goodwill ÷ parent equity | 0.4% | S100YHMT |

### 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) | 30.6% |
| Cash ÷ revenue | 22.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.8% |
| Cash vs. profit gap | 6,034 JPY mn (of net income 137.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.2% |
| Shareholder payments — dividends / FCF | 7.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 5.3% |

## 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 | — | —× | -1.9% | —× | — | S100R9JL |
| 2023 | 1.7% | 1.41× | 2.4% | 2.39× | 5.7% | S100TWBK |
| 2024 | 2.5% | 1.34× | 3.3% | 2.24× | 7.4% | S100W82M |
| 2025 | 2.6% | 1.37× | 3.6% | 2.12× | 7.6% | S100YHMT |
| 2026 | 3.2% | 1.52× | 4.8% | 2.21× | 10.7% | S100YHMT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人大島育英会 | Major shareholder | 20.8% | 2026-03-31 |
| 関東興業株式会社 | Major shareholder | 12.7% | 2026-03-31 |
| 大 島 義 和 | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社マリンドリーム | Major shareholder | 6.1% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社ＭＢサービス | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| LIM JAPAN EVENT MASTER FUND (常任代理人 立花証券株式会社) | Major shareholder | 3.0% | 2026-03-31 |
| ナカノ友愛会投資会 | Major shareholder | 2.6% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YHMT | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHMT,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W82M | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W82M,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TWBK | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWBK,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R9JL | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9JL,, |
| 訂正有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OWO6 | 2022-08-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OWO6,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LV4U | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV4U,, |

## 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).