# NOVAC CO., LTD.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/05/01－2026/04/30) (S100YSTZ)
> Page: https://vizora.meequs.com/en/company/novac
> Retrieved: 2026-09-30T19:02:01.007Z

## Company

Novac, founded in 1965, is a company in General Contractors listed on TSE Standard. It has 302 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOVAC CO., LTD. |
| Ticker | 5079 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5079.T) |
| Listing | TSE Standard |
| Head office | 兵庫県姫路市北条一丁目92番地 |
| Representative (per filing) | 代表取締役社長 大谷 敏博 |
| Founded | Apr 1965 |
| Share capital | ¥1.23B |
| Employees (consolidated) | 302 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | April |
| Website | www.novac-cnst.co.jp (https://www.novac-cnst.co.jp/) |
| Corporate number | 4140001058111 |
| EDINET | E37468 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YSTZ, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 33.2 | 92 |
| Cash conversion | 2.7 | 91 |
| Efficiency | 72.3 | 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 69% of Novac's sales come from Building construction work, with Civil engineering work and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +28.5% from the prior year, operating profit +118.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥35.4B |  |
| Operating income | ¥1.88B | Margin 5.3% |
| Net income | ¥1.18B | Margin 3.3% |
| Free cash flow | -¥6.21B |  |
| Largest business | Building construction work | of segment revenue 69.4% |
| Employees (consolidated) | 302 |  |
| EPS | ¥221.86 |  |
| Book value per share | ¥3640.27 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 5,202,800 |  |
| Treasury shares | 48,300 |  |
| Shareholders | 5,802 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 14.2% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | -1.5 pp | General Contractors |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30551846000 | ¥35363237000 | — |
| Operating income | ¥2673990000 | ¥1878096000 | — |
| Operating margin | 8.8% | 5.3% | -3.4 pp |
| Employees | 290 people | 302 people | — |
| Cash and equivalents | ¥9072337000 | ¥4578931000 | — |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 土木工事事業 → 土木工事事業 | 30.6% |
| 土木工事事業 → 事業再編・廃止 | 11.8% |
| 建築工事事業 → 建築工事事業 | 57.6% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建築工事事業 | 11.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building construction work | — | — | ¥24533711000 | 3.9% | 2 |
| Civil engineering work | — | — | ¥10816406000 | 8.4% | 2 |
| Other | — | — | ¥13118000 | 55.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,363 | 100.0% | S100YSTZ |
| Cost of revenue | 31,667 | 89.5% | S100YSTZ |
| Gross profit | 3,696 | 10.5% | S100YSTZ |
| SG&A | 1,818 | 5.1% | S100YSTZ |
| Operating income | 1,878 | 5.3% | S100YSTZ |
| Ordinary income | 1,694 | 4.8% | S100YSTZ |
| Pretax income | 1,694 | 4.8% | S100YSTZ |
| Income tax | 518 | 1.5% | S100YSTZ |
| Net income | 1,177 | 3.3% | S100YSTZ |
| Net income attributable to owners | 1,177 | 3.3% | S100YSTZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 5 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.5% → Operating margin 5.3% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.5%; Core profit growth: +118.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.15×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,512 | 35,363 | 7,851 | +28.5% |
| Gross profit | 2,416 | 3,696 | 1,280 | +53.0% |
| Operating income | 860 | 1,878 | 1,018 | +118.4% |
| Net income attributable to owners | 573 | 1,177 | 603 | +105.2% |
| Operating cash flow | 4,347 | -5,839 | -10,186 | -234.3% |
| Free cash flow | 4,297 | -6,215 | -10,512 | -244.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2021 | 30,552 | 2,674 | 8.8% | 1,713 | 5,724 | 5,638 | S100OSHL |
| FY ending Apr 2022 | 35,370 | 2,953 | 8.3% | 2,107 | 894 | 886 | S100RH5M |
| FY ending Apr 2023 | 31,948 | 2,608 | 8.2% | 2,055 | 5,054 | 3,036 | S100U4HK |
| FY ending Apr 2024 | 34,431 | 811 | 2.4% | 287 | -9,963 | -10,049 | S100U4HK |
| FY ending Apr 2025 | 27,512 | 860 | 3.1% | 573 | 4,347 | 4,297 | S100YSTZ |
| FY ending Apr 2026 | 35,363 | 1,878 | 5.3% | 1,177 | -5,839 | -6,215 | S100YSTZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥117.1M |
| Operating income per employee (consolidated) | ¥6.2M |
| 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 284 | 288 | 274 | 291 | 302 |
| Average salary (parent company) | ¥6.9M | ¥7.2M | ¥7.3M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 45.2 years | 44.0 years | 44.3 years | 44.4 years | 44.2 years |
| Average tenure (parent company) | 15.4 years | 15.1 years | 15.8 years | 15.7 years | 15.2 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +28.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering work | 10,816 | 30.6% | 906 | 8.4% |
| Building construction work | 24,534 | 69.4% | 965 | 3.9% |
| Other | 13 | 0.0% | 7 | 55.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering work | 30.6% | 48.2% | 17.6 | 8.4% |
| Building construction work | 69.4% | 51.4% | -18.0 | 3.9% |
| Other | 0.0% | 0.4% | 0.3 | 55.3% |

Segment → industry: Building construction work → General Contractors / Civil engineering work → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5,839 | -16.5% | S100YSTZ |
| Capital expenditure | 376 | 1.1% | S100YSTZ |
| Free cash flow | -6,215 | -17.6% | 算出 |
| Investing cash flow | -380 | -1.1% | S100YSTZ |
| Financing cash flow | 3,317 | 9.4% | S100YSTZ |
| Dividends paid | 618 | 1.7% | S100YSTZ |
| Share buyback | 0 | 0.0% | S100YSTZ |
| Change in cash | -2,901 | -8.2% | S100YSTZ |
| Cash and equivalents | 4,579 | 12.9% | S100YSTZ |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,808 | 14,447 | 5,473 | 7,480 | 4,579 | S100U4HK, S100YSTZ |
| Total assets | 28,978 | 28,202 | 29,490 | 25,956 | 32,136 | S100RH5M, S100U4HK, S100YSTZ |
| Net assets | 17,570 | 18,809 | 18,376 | 18,190 | 18,763 | S100U4HK, S100YSTZ |
| Share capital | 1,228 | 1,228 | 1,228 | 1,228 | 1,228 | S100RH5M, S100U4HK, S100YSTZ |
| Property, plant and equipment | 483 | 2,436 | 2,441 | 2,451 | 2,776 | S100RH5M, S100U4HK, S100YSTZ |
| Intangible assets excluding goodwill | 76 | 92 | 98 | 291 | 268 | S100RH5M, S100U4HK, S100YSTZ |
| Goodwill | — | — | — | 206 | 185 | S100YSTZ |
| Investment securities | 59 | 73 | 71 | 12 | 16 | S100RH5M, S100U4HK, S100YSTZ |
| Current assets | 27,923 | 25,193 | 26,664 | 22,957 | 28,833 | S100RH5M, S100U4HK, S100YSTZ |
| Current liabilities | 11,180 | 9,213 | 10,964 | 7,279 | 12,982 | S100RH5M, S100U4HK, S100YSTZ |
| Short-term borrowings | — | — | 1,800 | — | 4,030 | S100U4HK, S100YSTZ |
| Long-term borrowings | — | — | — | 338 | 247 | S100YSTZ |
| Total liabilities | 11,409 | 9,393 | 11,114 | 7,766 | 13,373 | S100RH5M, S100U4HK, S100YSTZ |
| Equity attributable to owners of parent | 17,537 | 18,767 | 18,333 | 18,185 | 18,754 | S100RH5M, S100U4HK, S100YSTZ |
| Retained earnings | 15,551 | 16,782 | 16,348 | 16,200 | 16,759 | S100RH5M, S100U4HK, S100YSTZ |
| Treasury stock | -5 | -5 | -5 | -6 | -5 | S100RH5M, S100U4HK, S100YSTZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YSTZ |
| Property, plant and equipment | 9% | S100YSTZ |
| Intangibles and goodwill | 1% | S100YSTZ |
| Investment securities | 0% | S100YSTZ |
| Other assets | 76% | S100YSTZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YSTZ |
| Equity | 58% | S100YSTZ |
| Other liabilities | 0% | S100YSTZ |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,978 | 28,202 | 29,490 | 25,956 | 32,136 |
| Equity | 17,570 | 18,809 | 18,376 | 18,190 | 18,763 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,808 | 14,447 | 5,473 | 7,480 | 4,579 |

## 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) | 7.8% | S100YSTZ |
| Fixed assets ÷ total assets | 8.6% | S100YSTZ |
| Goodwill ÷ parent equity | 1.0% | S100YSTZ |

### 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) | 14.2% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -310.9% |
| Cash vs. profit gap | -7,016 JPY mn (of net income -596.3%) |
| Shareholder returns / net income | 52.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | — |

## 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 | 6.0% | 1.22× | 7.3% | 1.65× | 12.0% | S100RH5M |
| 2023 | 6.4% | 1.12× | 7.2% | 1.58× | 11.3% | S100U4HK |
| 2024 | 0.8% | 1.19× | 1.0% | 1.56× | 1.5% | S100U4HK |
| 2025 | 2.1% | 1.06× | 2.2% | 1.43× | 3.2% | S100YSTZ |
| 2026 | 3.3% | 1.22× | 4.1% | 1.57× | 6.4% | S100YSTZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ノバック従業員持株会 | Major shareholder | 16.7% | 2026-04-30 |
| 立花 充 | Major shareholder | 5.9% | 2026-04-30 |
| 大谷 敏博 | Major shareholder | 4.1% | 2026-04-30 |
| 東山 正人 | Major shareholder | 2.9% | 2026-04-30 |
| 山本 博和 | Major shareholder | 2.9% | 2026-04-30 |
| 大谷 博三 | Major shareholder | 2.5% | 2026-04-30 |
| 大谷 敏彦 | Major shareholder | 2.3% | 2026-04-30 |
| 牧野 久 | Major shareholder | 2.3% | 2026-04-30 |
| 中末 浩一 | Major shareholder | 2.1% | 2026-04-30 |
| 齋木 純一郎 | Major shareholder | 1.8% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/05/01－2026/04/30) | S100YSTZ | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSTZ,, |
| 有価証券報告書－第61期(2024/05/01－2025/04/30) | S100WEW1 | 2025-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEW1,, |
| 有価証券報告書－第60期(2023/05/01－2024/04/30) | S100U4HK | 2024-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4HK,, |
| 有価証券報告書－第59期(2022/05/01－2023/04/30) | S100RH5M | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH5M,, |
| 有価証券報告書－第58期(令和3年5月1日－令和4年4月30日) | S100OSHL | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSHL,, |

## 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).