# Nankai Tatsumura 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83期(2025/04/01－2026/03/31) (S100Y9NL)
> Page: https://vizora.meequs.com/en/company/nankai-tatsumura-construction
> Retrieved: 2026-09-30T18:29:09.497Z

## Company

Nankai Tatsumura Construction, founded in 1944, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 511 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nankai Tatsumura Construction Co., Ltd. |
| Ticker | 1850 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1850.T) |
| Listing | TSE Standard |
| Head office | 大阪市浪速区難波中三丁目5番19号 |
| Representative (per filing) | 取締役社長 浦地紅陽 |
| Founded | Jun 1944 |
| Share capital | ¥2B |
| Employees (consolidated) | 511 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.nantatsu.co.jp (https://www.nantatsu.co.jp/) |
| Corporate number | 3120001039386 |
| EDINET | E00118 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100Y9NL, filed 2026-06-15). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 84 |
| Profitability | 42.9 | 92 |
| Cash conversion | 95.1 | 91 |
| Efficiency | 65.8 | 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 100% of Nankai Tatsumura Construction's sales come from Construction, with Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -13.5% from the prior year, operating profit +19.4%.

## Company structure

- Segment revenue mix: Construction 99.6%、Real estate 0.4%
- Revenue → net income: ¥45797000000 → ¥2093000000
- Net income → operating cash flow: ¥2093000000 → ¥8447000000（difference ¥6354000000）
- Main uses of operating cash flow: CapEx ¥44000000 / dividends ¥172000000 / buybacks —
- Change in cash: ¥2756000000
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 | ¥45.8B |  |
| Operating income | ¥2.84B | Margin 6.2% |
| Net income | ¥2.09B | Margin 4.6% |
| Free cash flow | ¥8.4B |  |
| Largest business | Construction | of segment revenue 99.6% |
| Employees (consolidated) | 511 |  |
| EPS | ¥68.33 |  |
| Book value per share | ¥629.39 |  |
| Equity ratio | 56.2% |  |
| Shares outstanding | 28,835,000 |  |
| Treasury shares | 8,100 |  |
| Shareholders | 4,146 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 19.1% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | -0.6 pp | General Contractors |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44819000000 | ¥45797000000 | +2.2% |
| Operating income | ¥1710000000 | ¥2842000000 | +66.2% |
| Operating margin | 3.8% | 6.2% | +2.4 pp |
| Employees | 519 people | 511 people | -1.5% |
| Cash and equivalents | ¥4404000000 | ¥6688000000 | +51.9% |

### 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 | 99.4% |
| 不動産事業 → 不動産事業 | 0.4% |
| 不動産事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 建設事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,797 | 100.0% | S100Y9NL |
| Cost of revenue | 40,601 | 88.7% | S100Y9NL |
| Gross profit | 5,195 | 11.3% | S100Y9NL |
| SG&A | 2,353 | 5.1% | S100Y9NL |
| Operating income | 2,842 | 6.2% | S100Y9NL |
| Ordinary income | 2,856 | 6.2% | S100Y9NL |
| Pretax income | 2,856 | 6.2% | S100Y9NL |
| Income tax | 763 | 1.7% | S100Y9NL |
| Net income | 2,093 | 4.6% | S100Y9NL |
| Net income attributable to owners | 2,093 | 4.6% | S100Y9NL |

## 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 6.2% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -13.5%; Core profit growth: +19.4%
Operating leverage (core profit growth ÷ revenue growth): -1.43×
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 | 52,945 | 45,797 | -7,148 | -13.5% |
| Gross profit | 4,822 | 5,195 | 373 | +7.7% |
| Operating income | 2,381 | 2,842 | 461 | +19.4% |
| Net income attributable to owners | 1,714 | 2,093 | 379 | +22.1% |
| Operating cash flow | -6,133 | 8,447 | 14,580 | — |
| Free cash flow | -6,309 | 8,403 | 14,712 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,155 | 2,263 | 5.6% | 493 | -2,094 | -2,142 | S100LMW6 |
| FY ending Mar 2021 | 44,819 | 1,710 | 3.8% | 693 | 2,281 | 2,260 | S100OA23 |
| FY ending Mar 2022 | 37,189 | 1,931 | 5.2% | 1,310 | 1,600 | 1,566 | S100QY5V |
| FY ending Mar 2023 | 42,401 | 1,844 | 4.3% | 1,896 | 1,824 | 1,803 | S100TNEK |
| FY ending Mar 2024 | 43,626 | 1,686 | 3.9% | 1,100 | 1,522 | 1,494 | S100VXI9 |
| FY ending Mar 2025 | 52,945 | 2,381 | 4.5% | 1,714 | -6,133 | -6,309 | S100Y9NL |
| FY ending Mar 2026 | 45,797 | 2,842 | 6.2% | 2,093 | 8,447 | 8,403 | S100Y9NL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.6M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 516 | 500 | 484 | 502 | 511 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥6.8M | ¥6.8M | ¥7.5M |
| Average age (parent company) | 45.3 years | 46.0 years | 46.2 years | 45.0 years | 44.7 years |
| Average tenure (parent company) | 17.9 years | 19.3 years | 19.5 years | 18.4 years | 17.9 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -13.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 45,612 | 99.6% | 2,837 | 6.2% |
| Real estate | 184 | 0.4% | 31 | 16.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction | 99.6% | 98.9% | -0.7 | 6.2% |
| Real estate | 0.4% | 1.1% | 0.7 | 16.8% |

Segment → industry: Real estate → 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 | 8,447 | 18.4% | S100Y9NL |
| Capital expenditure | 44 | 0.1% | S100Y9NL |
| Free cash flow | 8,403 | 18.3% | 算出 |
| Investing cash flow | -305 | -0.7% | S100Y9NL |
| Financing cash flow | -5,384 | -11.8% | S100Y9NL |
| Dividends paid | 172 | 0.4% | S100Y9NL |
| Change in cash | 2,756 | 6.0% | S100Y9NL |
| Cash and equivalents | 6,688 | 14.6% | S100Y9NL |

## 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 | 5,419 | 7,829 | 6,269 | 3,932 | 6,688 | S100TNEK, S100VXI9, S100Y9NL |
| Total assets | 32,445 | 34,856 | 30,335 | 42,867 | 35,079 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Net assets | 12,670 | 14,453 | 15,773 | 17,290 | 19,703 | S100TNEK, S100VXI9, S100Y9NL |
| Share capital | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Property, plant and equipment | 3,257 | 657 | 644 | 732 | 667 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Intangible assets excluding goodwill | 117 | 110 | 91 | 92 | 112 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Investment securities | 230 | 248 | 812 | 866 | 1,315 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Current assets | 27,085 | 32,047 | 26,986 | 39,496 | 31,013 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Current liabilities | 17,882 | 18,742 | 13,112 | 24,057 | 14,066 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Short-term borrowings | 3,834 | 4,084 | 1,848 | 5,880 | 734 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Long-term borrowings | 613 | 329 | 80 | 100 | 36 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Total liabilities | 19,774 | 20,402 | 14,562 | 25,577 | 15,375 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Equity attributable to owners of parent | 12,429 | 14,239 | 15,253 | 16,852 | 18,772 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Retained earnings | 8,729 | 10,540 | 11,553 | 13,153 | 15,073 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |
| Treasury stock | -3 | -3 | -3 | -4 | -4 | S100QY5V, S100TNEK, S100VXI9, S100Y9NL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y9NL |
| Property, plant and equipment | 2% | S100Y9NL |
| Intangibles and goodwill | 0% | S100Y9NL |
| Investment securities | 4% | S100Y9NL |
| Other assets | 75% | S100Y9NL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100Y9NL |
| Equity | 56% | S100Y9NL |
| Other liabilities | 0% | S100Y9NL |

### 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 | 32,445 | 34,856 | 30,335 | 42,867 | 35,079 |
| Equity | 12,670 | 14,453 | 15,773 | 17,290 | 19,703 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,419 | 7,829 | 6,269 | 3,932 | 6,688 |

## 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) | 1.5% | S100Y9NL |
| Fixed assets ÷ total assets | 1.9% | S100Y9NL |
| Goodwill ÷ parent equity | — | —, S100Y9NL |

### 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) | 19.1% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 297.2% |
| Cash vs. profit gap | 6,354 JPY mn (of net income 303.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.2% |
| Shareholder payments — dividends / FCF | 2.0% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 3.6% |

## 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 | 3.5% | 1.15× | 4.0% | 2.61× | 10.5% | S100QY5V |
| 2023 | 4.5% | 1.26× | 5.6% | 2.52× | 14.2% | S100TNEK |
| 2024 | 2.5% | 1.34× | 3.4% | 2.21× | 7.5% | S100VXI9 |
| 2025 | 3.2% | 1.45× | 4.7% | 2.28× | 10.7% | S100Y9NL |
| 2026 | 4.6% | 1.18× | 5.4% | 2.19× | 11.8% | S100Y9NL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 南海電気鉄道株式会社 | Major shareholder | 57.7% | 2026-03-31 |
| 住之江興業株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社奥村組 | Major shareholder | 2.8% | 2026-03-31 |
| 前田建設工業株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 南海辰村建設大阪取引先持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社大林組 | Major shareholder | 1.9% | 2026-03-31 |
| 南海ビルサービス株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| 高石 文夫 | Major shareholder | 1.1% | 2026-03-31 |
| 南海辰村建設東京取引先持株会 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100Y9NL | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9NL,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100VXI9 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXI9,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TNEK | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNEK,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100QY5V | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY5V,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OA23 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA23,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LMW6 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMW6,, |

## 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).