# NITTOC 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79期(2025/04/01－2026/03/31) (S100YIDU)
> Page: https://vizora.meequs.com/en/company/nittoc-construction
> Retrieved: 2026-09-30T21:00:54.782Z

## Company

Nittoc Construction, founded in 1953, is a company in General Contractors listed on TSE Prime. It has 1,206 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTOC CONSTRUCTION CO., LTD. |
| Ticker | 1929 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1929.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区東日本橋3丁目10番6号 |
| Representative (per filing) | 代表取締役社長 上 直人 |
| Founded | Apr 1953 |
| Share capital | ¥6.09B |
| Employees (consolidated) | 1,206 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.nittoc.co.jp (https://www.nittoc.co.jp/) |
| Corporate number | 7010001053304 |
| EDINET | E00142 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YIDU, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.8 | 84 |
| Profitability | 50.5 | 92 |
| Cash conversion | 45.6 | 91 |
| Efficiency | 83.2 | 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)

- Nittoc Construction brought in ¥83.8B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +24.7% from the prior year, operating profit +58.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥83797000000 → ¥4227000000
- Net income → operating cash flow: ¥4227000000 → ¥3471000000（difference ¥-756000000）
- Main uses of operating cash flow: CapEx ¥1303000000 / dividends ¥2004000000 / buybacks ¥1000000
- Change in cash: ¥-452000000
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 | ¥83.8B |  |
| Operating income | ¥5.83B | Margin 7.0% |
| Net income | ¥4.17B | Margin 5.0% |
| Free cash flow | ¥2.17B |  |
| Employees (consolidated) | 1,206 |  |
| EPS | ¥90.81 |  |
| Book value per share | ¥869.17 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 41,774,000 |  |
| Treasury shares | 5,600 |  |
| Shareholders | 15,530 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 28.4% | Cash ÷ revenue 21.1% |
| Vs. industry median margin | +0.1 pp | General Contractors |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥67955000000 | ¥83797000000 | +23.3% |
| Operating income | ¥5358000000 | ¥5827000000 | +8.8% |
| Operating margin | 7.9% | 7.0% | -0.9 pp |
| Employees | 995 people | 1,206 people | +21.2% |
| Cash and equivalents | ¥17722000000 | ¥17699000000 | -0.1% |

### 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 | 83,797 | 100.0% | S100YIDU |
| Cost of revenue | 67,945 | 81.1% | S100YIDU |
| Gross profit | 15,852 | 18.9% | S100YIDU |
| SG&A | 10,024 | 12.0% | S100YIDU |
| Operating income | 5,827 | 7.0% | S100YIDU |
| Ordinary income | 6,035 | 7.2% | S100YIDU |
| Pretax income | 5,965 | 7.1% | S100YIDU |
| Income tax | 1,737 | 2.1% | S100YIDU |
| Net income | 4,227 | 5.0% | S100YIDU |
| Net income attributable to owners | 4,165 | 5.0% | S100YIDU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 18.9% → Operating margin 7.0% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.7%; Core profit growth: +58.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.37×
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 | 67,216 | 83,797 | 16,581 | +24.7% |
| Gross profit | 12,562 | 15,852 | 3,290 | +26.2% |
| Operating income | 3,679 | 5,827 | 2,148 | +58.4% |
| Net income attributable to owners | 2,408 | 4,165 | 1,757 | +73.0% |
| Operating cash flow | 4,513 | 3,471 | -1,042 | -23.1% |
| Free cash flow | 3,146 | 2,168 | -978 | -31.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 65,516 | 4,903 | 7.5% | 3,258 | 7,357 | 7,092 | S100LRHG |
| FY ending Mar 2021 | 67,955 | 5,358 | 7.9% | 3,500 | 1,426 | 695 | S100OHZD |
| FY ending Mar 2022 | 66,076 | 4,523 | 6.8% | 3,329 | 4,750 | 3,850 | S100R4ZD |
| FY ending Mar 2023 | 72,918 | 5,451 | 7.5% | 3,526 | 2,659 | 1,467 | S100TRAE |
| FY ending Mar 2024 | 71,880 | 4,356 | 6.1% | 3,066 | 4,421 | 3,338 | S100W1KJ |
| FY ending Mar 2025 | 67,216 | 3,679 | 5.5% | 2,408 | 4,513 | 3,146 | S100YIDU |
| FY ending Mar 2026 | 83,797 | 5,827 | 7.0% | 4,165 | 3,471 | 2,168 | S100YIDU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.5M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 1,054 | 1,074 | 1,097 | 1,196 | 1,206 |
| Average salary (parent company) | ¥7.8M | ¥7.8M | ¥8M | ¥8M | ¥8.5M |
| Average age (parent company) | 45.0 years | 44.4 years | 45.1 years | 45.5 years | 46.0 years |
| Average tenure (parent company) | 18.0 years | 17.4 years | 17.9 years | 18.2 years | 18.5 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +24.7%

## 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 | 3,471 | 4.1% | S100YIDU |
| Capital expenditure | 1,303 | 1.6% | S100YIDU |
| Free cash flow | 2,168 | 2.6% | 算出 |
| Investing cash flow | -1,766 | -2.1% | S100YIDU |
| Financing cash flow | -2,192 | -2.6% | S100YIDU |
| Dividends paid | 2,004 | 2.4% | S100YIDU |
| Share buyback | 1 | 0.0% | S100YIDU |
| Change in cash | -452 | -0.5% | S100YIDU |
| Cash and equivalents | 17,699 | 21.1% | S100YIDU |

## 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 | 20,723 | 19,457 | 19,644 | 18,151 | 17,699 | S100TRAE, S100W1KJ, S100YIDU |
| Total assets | 51,712 | 52,809 | 54,425 | 56,946 | 62,395 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Net assets | 30,610 | 32,127 | 34,037 | 34,567 | 37,961 | S100TRAE, S100W1KJ, S100YIDU |
| Share capital | 6,052 | 6,052 | 6,064 | 6,076 | 6,088 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Property, plant and equipment | 5,787 | 6,430 | 6,598 | 9,879 | 10,425 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Intangible assets excluding goodwill | 607 | 578 | 557 | 476 | 370 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Investment securities | 417 | 1,040 | 3,119 | 4,288 | 5,976 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Current assets | 42,526 | 42,431 | 42,222 | 40,342 | 43,984 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Current liabilities | 16,790 | 16,559 | 16,422 | 17,547 | 19,847 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Long-term borrowings | — | — | — | 519 | 351 | S100YIDU |
| Total liabilities | 21,101 | 20,681 | 20,387 | 22,378 | 24,434 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Non-controlling interests | 188 | 278 | 179 | 196 | 266 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Equity attributable to owners of parent | 30,365 | 31,722 | 32,850 | 33,321 | 35,504 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Retained earnings | 22,560 | 23,918 | 25,024 | 25,471 | 27,632 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |
| Treasury stock | 0 | -2 | -3 | -4 | -5 | S100R4ZD, S100TRAE, S100W1KJ, S100YIDU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YIDU |
| Property, plant and equipment | 17% | S100YIDU |
| Intangibles and goodwill | 1% | S100YIDU |
| Investment securities | 9% | S100YIDU |
| Other assets | 45% | S100YIDU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YIDU |
| Equity | 61% | S100YIDU |

### 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 | 51,712 | 52,809 | 54,425 | 56,946 | 62,395 |
| Equity | 30,610 | 32,127 | 34,037 | 34,567 | 37,961 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,723 | 19,457 | 19,644 | 18,151 | 17,699 |

## 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) | 12.4% | S100YIDU |
| Fixed assets ÷ total assets | 16.7% | S100YIDU |
| Goodwill ÷ parent equity | — | —, S100YIDU |

### 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) | 28.4% |
| Cash ÷ revenue | 21.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.6% |
| Cash vs. profit gap | -694 JPY mn (of net income -16.7%) |
| Shareholder returns / net income | 48.1% |
| Shareholder returns / FCF | 92.5% |
| Shareholder payments — dividends / net income | 48.1% |
| Shareholder payments — dividends / FCF | 92.4% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 50.9% |

## 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 | 5.0% | 1.28× | 6.4% | 1.70× | 11.0% | S100R4ZD |
| 2023 | 4.8% | 1.40× | 6.7% | 1.68× | 11.4% | S100TRAE |
| 2024 | 4.3% | 1.34× | 5.7% | 1.66× | 9.5% | S100W1KJ |
| 2025 | 3.6% | 1.21× | 4.3% | 1.68× | 7.3% | S100YIDU |
| 2026 | 5.0% | 1.40× | 7.0% | 1.73× | 12.1% | S100YIDU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エーエヌホールディングス | Major shareholder | 57.8% | 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 | 5.8% | 2026-03-31 |
| 日特建設社員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| 日特建設持株協力会 | Major shareholder | 1.3% | 2026-03-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| 竹内理人 | Major shareholder | 0.4% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （株式会社三菱UFJ銀行） | Major shareholder | 0.4% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH － PRIME BROKERAGE CLEARANCE ACCOUNT （香港上海銀行東京支店） | Major shareholder | 0.3% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YIDU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIDU,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W1KJ | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KJ,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TRAE | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRAE,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R4ZD | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4ZD,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OHZD | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHZD,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LRHG | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRHG,, |

## 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).