# New Constructor's Network 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31期(2025/04/01－2026/03/31) (S100YCPU)
> Page: https://vizora.meequs.com/en/company/ncn-se
> Retrieved: 2026-09-30T21:00:41.594Z

## Company

New Constructor's Network, founded in 2025, is a company in Homebuilders listed on TSE Standard. It has 144 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | New Constructor's Network Co., Ltd. |
| Ticker | 7057 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7057.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区永田町二丁目13番5号 |
| Representative (per filing) | 代表取締役社長執行役員 田鎖 郁夫 |
| Founded | May 2025 |
| Share capital | ¥391.5M |
| Employees (consolidated) | 144 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.ncn-se.co.jp (https://www.ncn-se.co.jp/) |
| Corporate number | 6200001017075 |
| EDINET | E34716 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100YCPU, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.7 | 23 |
| Profitability | 17.3 | 26 |
| Cash conversion | 93.8 | 24 |
| Efficiency | 71.2 | 26 |

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)

- New Constructor's Network brought in ¥8.41B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit -14.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8414212000 → ¥167563000
- Net income → operating cash flow: ¥167563000 → ¥378908000（difference ¥211345000）
- Main uses of operating cash flow: CapEx ¥94787000 / dividends ¥86223000 / buybacks —
- Change in cash: ¥310287000
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 | ¥8.41B |  |
| Operating income | ¥152.4M | Margin 1.8% |
| Net income | ¥144.9M | Margin 1.7% |
| Free cash flow | ¥284.1M |  |
| Employees (consolidated) | 144 |  |
| EPS | ¥51.54 |  |
| Diluted EPS | ¥51.47 |  |
| Book value per share | ¥626.98 |  |
| Equity ratio | 35.0% |  |
| Shares outstanding | 3,223,000 |  |
| Treasury shares | 240,000 |  |
| Shareholders | 981 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 47.5% | Cash ÷ revenue 34.2% |
| Vs. industry median margin | -3.6 pp | Homebuilders |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6431487000 | ¥8414212000 | +30.8% |
| Operating income | ¥282898000 | ¥152390000 | -46.1% |
| Operating margin | 4.4% | 1.8% | -2.6 pp |
| Employees | 101 people | 144 people | +42.6% |
| Cash and equivalents | ¥2905808000 | ¥2878087000 | -1.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,414 | 100.0% | S100YCPU |
| Cost of revenue | 6,135 | 72.9% | S100YCPU |
| Gross profit | 2,280 | 27.1% | S100YCPU |
| SG&A | 2,127 | 25.3% | S100YCPU |
| Operating income | 152 | 1.8% | S100YCPU |
| Ordinary income | 187 | 2.2% | S100YCPU |
| Pretax income | 206 | 2.4% | S100YCPU |
| Income tax | 38 | 0.5% | S100YCPU |
| Net income | 168 | 2.0% | S100YCPU |
| Net income attributable to owners | 145 | 1.7% | S100YCPU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 25 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.1% → Operating margin 1.8% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.6%; Core profit growth: -14.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.10×
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 | 8,124 | 8,414 | 290 | +3.6% |
| Gross profit | 2,164 | 2,280 | 116 | +5.4% |
| Operating income | 179 | 152 | -26 | -14.6% |
| Net income attributable to owners | 194 | 145 | -49 | -25.2% |
| Operating cash flow | 686 | 379 | -307 | -44.7% |
| Free cash flow | 527 | 284 | -243 | -46.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,610 | 229 | 3.5% | 182 | 74 | 3 | S100M9UH |
| FY ending Mar 2021 | 6,431 | 283 | 4.4% | 225 | 471 | 383 | S100OILF |
| FY ending Mar 2022 | 8,572 | 396 | 4.6% | 305 | 997 | 755 | S100R8CY |
| FY ending Mar 2023 | 9,240 | 422 | 4.6% | 302 | 61 | -115 | S100TVZ4 |
| FY ending Mar 2024 | 7,998 | 83 | 1.0% | 0 | -144 | -325 | S100W5ZH |
| FY ending Mar 2025 | 8,124 | 179 | 2.2% | 194 | 686 | 527 | S100YCPU |
| FY ending Mar 2026 | 8,414 | 152 | 1.8% | 145 | 379 | 284 | S100YCPU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥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) | 115 | 133 | 138 | 145 | 144 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥6.3M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 40.6 years | 40.5 years | 41.0 years | 39.5 years | 40.5 years |
| Average tenure (parent company) | 8.3 years | 8.5 years | 9.0 years | 8.4 years | 8.8 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +3.6%

## 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 | 379 | 4.5% | S100YCPU |
| Capital expenditure | 95 | 1.1% | S100YCPU |
| Free cash flow | 284 | 3.4% | 算出 |
| Investing cash flow | 82 | 1.0% | S100YCPU |
| Financing cash flow | -159 | -1.9% | S100YCPU |
| Dividends paid | 86 | 1.0% | S100YCPU |
| Change in cash | 310 | 3.7% | S100YCPU |
| Cash and equivalents | 2,878 | 34.2% | S100YCPU |

## 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 | 3,538 | 2,851 | 2,195 | 2,568 | 2,878 | S100TVZ4, S100W5ZH, S100YCPU |
| Total assets | 6,824 | 6,849 | 5,723 | 5,781 | 6,058 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Net assets | 2,189 | 2,263 | 2,144 | 2,325 | 2,397 | S100TVZ4, S100W5ZH, S100YCPU |
| Share capital | 391 | 391 | 391 | 391 | 392 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Property, plant and equipment | 119 | 457 | 446 | 382 | 347 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Intangible assets excluding goodwill | 366 | 380 | 353 | 391 | 330 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Investment securities | 369 | 425 | 476 | 573 | 416 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Current assets | 5,798 | 5,319 | 4,212 | 4,194 | 4,709 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Current liabilities | 3,872 | 3,493 | 2,543 | 2,433 | 2,688 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Short-term borrowings | 10 | 13 | — | — | — | S100R8CY, S100TVZ4 |
| Long-term borrowings | — | 180 | 92 | 52 | 18 | S100TVZ4, S100W5ZH, S100YCPU |
| Bonds | — | 4 | — | — | — | S100TVZ4 |
| Interest-bearing debt | — | 197 | — | — | — | 算出 |
| Total liabilities | 4,634 | 4,586 | 3,579 | 3,457 | 3,661 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Non-controlling interests | 29 | 222 | 220 | 267 | 277 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Equity attributable to owners of parent | 2,179 | 2,037 | 1,919 | 2,061 | 2,120 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Retained earnings | 1,524 | 1,707 | 1,589 | 1,717 | 1,776 | S100R8CY, S100TVZ4, S100W5ZH, S100YCPU |
| Treasury stock | — | -316 | -316 | -304 | -304 | S100TVZ4, S100W5ZH, S100YCPU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100YCPU |
| Property, plant and equipment | 6% | S100YCPU |
| Intangibles and goodwill | 5% | S100YCPU |
| Investment securities | 7% | S100YCPU |
| Other assets | 34% | S100YCPU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YCPU |
| Equity | 40% | S100YCPU |

### 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 | 6,824 | 6,849 | 5,723 | 5,781 | 6,058 |
| Equity | 2,189 | 2,263 | 2,144 | 2,325 | 2,397 |
| Interest-bearing debt | — | 197 | — | — | — |
| Cash | 3,538 | 2,851 | 2,195 | 2,568 | 2,878 |

## 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) | 4.1% | S100YCPU |
| Fixed assets ÷ total assets | 5.7% | S100YCPU |
| Goodwill ÷ parent equity | — | —, S100YCPU |

### 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) | 47.5% |
| Cash ÷ revenue | 34.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 248.6% |
| Cash vs. profit gap | 234 JPY mn (of net income 161.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.5% |
| Shareholder payments — dividends / FCF | 30.3% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 21.8% |

## 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 | 3.6% | 1.26× | 4.5% | 3.13× | 14.0% | S100R8CY |
| 2023 | 3.3% | 1.35× | 4.4% | 3.24× | 14.3% | S100TVZ4 |
| 2024 | 0.0% | 1.27× | 0.0% | 3.18× | 0.0% | S100W5ZH |
| 2025 | 2.4% | 1.41× | 3.4% | 2.89× | 9.7% | S100YCPU |
| 2026 | 1.7% | 1.42× | 2.4% | 2.83× | 6.9% | S100YCPU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田杉総行株式会社 | Major shareholder | 22.1% | 2026-03-31 |
| 田鎖 郁夫 | Major shareholder | 19.5% | 2026-03-31 |
| 杉山 恒夫 | Major shareholder | 7.3% | 2026-03-31 |
| 藤井 義久 | Major shareholder | 7.0% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社 オペレーション本部長 アンドリューハーシャン） | Major shareholder | 5.3% | 2026-03-31 |
| 清板 大亮 | Major shareholder | 3.1% | 2026-03-31 |
| ＴＨＥ ＨＯＮＧＫＯＮＧ ＡＮＤ ＳＨＡＮＧＨＡＩ ＢＡＮＫＩＮＧ ＣＯＲＰＯＲＡＴＩＯＮ ＬＴＤ － ＳＩＮＧＡＰＯＲＥ ＢＲＡＮＣＨＰＲＩＶＡＴＥ ＢＡＮＫＩＮＧ ＤＩＶＩＳＩＯＮ Ａ／Ｃ ＣＬＩＥＮＴＳ(常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーション部長 角田 武士） | Major shareholder | 1.7% | 2026-03-31 |
| 中村 剛 | Major shareholder | 1.7% | 2026-03-31 |
| 茂木 亨 | Major shareholder | 1.4% | 2026-03-31 |
| 伊東 洋路 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YCPU | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCPU,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100W5ZH | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5ZH,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TVZ4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVZ4,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R8CY | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8CY,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OILF | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OILF,, |
| 訂正有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100M9UH | 2021-08-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M9UH,, |

## 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).