# NIPPON DENSETSU KOGYO 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84期(2025/04/01－2026/03/31) (S100YGLL)
> Page: https://vizora.meequs.com/en/company/nippon-densetsu-kogyo
> Retrieved: 2026-09-30T22:01:37.441Z

## Company

Nippon Densetsu Kogyo, founded in 1942, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 4,645 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON DENSETSU KOGYO CO., LTD. |
| Ticker | 1950 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1950.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区池之端一丁目2番23号 |
| Representative (per filing) | 代表取締役社長 安田 一成 |
| Founded | Dec 1942 |
| Share capital | ¥8.49B |
| Employees (consolidated) | 4,645 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.densetsuko.co.jp (https://www.densetsuko.co.jp/) |
| Corporate number | 6010501016240 |
| EDINET | E00115 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YGLL, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.5 | 72 |
| Profitability | 58.6 | 76 |
| Cash conversion | 27.7 | 74 |
| Efficiency | 11.2 | 76 |

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)

- Nippon Densetsu Kogyo brought in ¥229.2B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +31.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥229207000000 → ¥18846000000
- Net income → operating cash flow: ¥18846000000 → ¥10521000000（difference ¥-8325000000）
- Main uses of operating cash flow: CapEx ¥6416000000 / dividends ¥5406000000 / buybacks ¥640000000
- Change in cash: ¥7760000000
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 | ¥229.2B |  |
| Operating income | ¥23.6B | Margin 10.3% |
| Net income | ¥18.1B | Margin 7.9% |
| Free cash flow | ¥4.11B |  |
| Employees (consolidated) | 4,645 |  |
| EPS | ¥294.44 |  |
| Book value per share | ¥2975.15 |  |
| Equity ratio | 64.6% |  |
| Shares outstanding | 61,537,000 |  |
| Treasury shares | 2,134,400 |  |
| Shareholders | 4,759 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | +1.2 pp | Plant Engineering & Building Services |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 31%
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥195695000000 | ¥229207000000 | +17.1% |
| Operating income | ¥14188000000 | ¥23560000000 | +66.1% |
| Operating margin | 7.3% | 10.3% | +3 pp |
| Employees | 4,682 people | 4,645 people | -0.8% |
| Cash and equivalents | ¥42041000000 | ¥33710000000 | -19.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 229,207 | 100.0% | S100YGLL |
| Cost of revenue | 188,284 | 82.1% | S100YGLL |
| Gross profit | 40,923 | 17.9% | S100YGLL |
| SG&A | 17,362 | 7.6% | S100YGLL |
| Operating income | 23,560 | 10.3% | S100YGLL |
| Ordinary income | 25,278 | 11.0% | S100YGLL |
| Pretax income | 27,086 | 11.8% | S100YGLL |
| Income tax | 8,240 | 3.6% | S100YGLL |
| Net income | 18,846 | 8.2% | S100YGLL |
| Net income attributable to owners | 18,060 | 7.9% | S100YGLL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 8 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 17.9% → Operating margin 10.3% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +31.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.54×
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 | 216,922 | 229,207 | 12,285 | +5.7% |
| Gross profit | 34,309 | 40,923 | 6,614 | +19.3% |
| Operating income | 17,934 | 23,560 | 5,626 | +31.4% |
| Net income attributable to owners | 13,192 | 18,060 | 4,868 | +36.9% |
| Operating cash flow | -4,341 | 10,521 | 14,862 | — |
| Free cash flow | -9,853 | 4,105 | 13,958 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 198,244 | 16,495 | 8.3% | 11,274 | 4,364 | -1,973 | S100LLBA |
| FY ending Mar 2021 | 195,695 | 14,188 | 7.3% | 9,546 | 19,570 | 12,568 | S100OAVO |
| FY ending Mar 2022 | 173,569 | 7,454 | 4.3% | 5,222 | 9,514 | 4,540 | S100QZQL |
| FY ending Mar 2023 | 172,100 | 9,658 | 5.6% | 7,171 | 13,234 | -2,549 | S100TNII |
| FY ending Mar 2024 | 194,031 | 13,448 | 6.9% | 10,042 | 7,383 | 1,583 | S100VYY8 |
| FY ending Mar 2025 | 216,922 | 17,934 | 8.3% | 13,192 | -4,341 | -9,853 | S100YGLL |
| FY ending Mar 2026 | 229,207 | 23,560 | 10.3% | 18,060 | 10,521 | 4,105 | S100YGLL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.3M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 4,706 | 4,738 | 4,744 | 4,676 | 4,645 |
| Average salary (parent company) | ¥7.1M | ¥7.8M | ¥8.1M | ¥8.5M | ¥9M |
| Average age (parent company) | 42.2 years | 42.4 years | 42.6 years | 42.6 years | 42.8 years |
| Average tenure (parent company) | 14.2 years | 14.6 years | 15.0 years | 15.4 years | 16.7 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +5.7%

## 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 | 10,521 | 4.6% | S100YGLL |
| Capital expenditure | 6,416 | 2.8% | S100YGLL |
| Free cash flow | 4,105 | 1.8% | 算出 |
| Investing cash flow | -4,696 | -2.0% | S100YGLL |
| Financing cash flow | 1,936 | 0.8% | S100YGLL |
| Dividends paid | 5,406 | 2.4% | S100YGLL |
| Share buyback | 640 | 0.3% | S100YGLL |
| Change in cash | 7,760 | 3.4% | S100YGLL |
| Cash and equivalents | 33,710 | 14.7% | S100YGLL |

## 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 | 42,173 | 40,624 | 35,896 | 25,949 | 33,710 | S100TNII, S100VYY8, S100YGLL |
| Total assets | 257,700 | 261,371 | 282,597 | 296,388 | 333,793 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Net assets | 185,192 | 190,234 | 199,115 | 209,649 | 230,726 | S100TNII, S100VYY8, S100YGLL |
| Share capital | 8,494 | 8,494 | 8,494 | 8,494 | 8,494 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Property, plant and equipment | 47,163 | 56,919 | 58,378 | 61,592 | 62,823 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Intangible assets excluding goodwill | 4,881 | 6,523 | 7,085 | 6,254 | 5,020 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Investment securities | 36,751 | 35,309 | 42,375 | 41,318 | 51,853 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Current assets | 162,657 | 156,419 | 167,161 | 177,804 | 202,513 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Current liabilities | 60,563 | 58,267 | 68,971 | 73,157 | 87,225 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Short-term borrowings | 100 | 100 | 100 | 4,100 | 12,200 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Total liabilities | 72,507 | 71,136 | 83,482 | 86,739 | 103,067 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Non-controlling interests | 12,823 | 13,000 | 13,321 | 13,933 | 14,978 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Equity attributable to owners of parent | 161,669 | 166,934 | 169,485 | 179,259 | 191,248 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Retained earnings | 145,409 | 150,674 | 158,440 | 168,859 | 181,303 | S100QZQL, S100TNII, S100VYY8, S100YGLL |
| Treasury stock | -26 | -26 | -5,241 | -5,689 | -6,329 | S100QZQL, S100TNII, S100VYY8, S100YGLL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGLL |
| Property, plant and equipment | 19% | S100YGLL |
| Intangibles and goodwill | 1% | S100YGLL |
| Investment securities | 16% | S100YGLL |
| Other assets | 54% | S100YGLL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YGLL |
| Equity | 69% | S100YGLL |

### 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 | 257,700 | 261,371 | 282,597 | 296,388 | 333,793 |
| Equity | 185,192 | 190,234 | 199,115 | 209,649 | 230,726 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 42,173 | 40,624 | 35,896 | 25,949 | 33,710 |

## 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) | 27.4% | S100YGLL |
| Fixed assets ÷ total assets | 18.8% | S100YGLL |
| Goodwill ÷ parent equity | — | —, S100YGLL |

### 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) | 10.1% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 44.7% |
| Cash vs. profit gap | -7,539 JPY mn (of net income -41.7%) |
| Shareholder returns / net income | 33.5% |
| Shareholder returns / FCF | 147.3% |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 131.7% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 44.6% |

## 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 | 3.0% | 0.67× | 2.0% | 1.59× | 3.2% | S100QZQL |
| 2023 | 4.2% | 0.66× | 2.8% | 1.58× | 4.4% | S100TNII |
| 2024 | 5.2% | 0.71× | 3.7% | 1.62× | 6.0% | S100VYY8 |
| 2025 | 6.1% | 0.75× | 4.6% | 1.66× | 7.6% | S100YGLL |
| 2026 | 7.9% | 0.73× | 5.7% | 1.70× | 9.7% | S100YGLL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東日本旅客鉄道株式会社 | Major shareholder | 19.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2026-03-31 |
| 日本電設工業共済会 | Major shareholder | 5.1% | 2026-03-31 |
| 日本コンクリート工業株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| ＮＤＫグループ従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・日本コンクリート工業株式会社口） | Major shareholder | 1.7% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| 新日本空調株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YGLL | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGLL,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100VYY8 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYY8,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TNII | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNII,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100QZQL | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZQL,, |
| 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) | S100OAVO | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAVO,, |
| 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) | S100LLBA | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLBA,, |

## 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).