# OKUMURA CORPORATION: 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89期(2025/04/01－2026/03/31) (S100Y95Z)
> Page: https://vizora.meequs.com/en/company/okumura
> Retrieved: 2026-09-30T21:09:34.158Z

## Company

Okumura is a company in Electric Power & Gas listed on TSE Prime. It has 2,586 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKUMURA CORPORATION |
| Ticker | 1833 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1833.T) |
| Listing | TSE Prime |
| Head office | 大阪市阿倍野区松崎町二丁目2番2号 |
| Representative (per filing) | 代表取締役社長 奥村 太加典 |
| Share capital | ¥19.8B |
| Employees (consolidated) | 2,586 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | www.okumuragumi.co.jp (https://www.okumuragumi.co.jp/) |
| Corporate number | 7120001004931 |
| EDINET | E00083 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100Y95Z, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.9 | 84 |
| Profitability | 31 | 92 |
| Cash conversion | 40.1 | 91 |
| Efficiency | 22.3 | 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 59% of Okumura's sales come from Construction, with Engineering and Real estate investment and development making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +63.7%.

## Company structure

- Segment revenue mix: Construction 58.6%、Engineering 37.5%、Real estate investment and development 2.3%、Other 1.5%
- Revenue → net income: ¥307202000000 → ¥20505000000
- Net income → operating cash flow: ¥20505000000 → ¥7616000000（difference ¥-12889000000）
- Main uses of operating cash flow: CapEx ¥13589000000 / dividends ¥7678000000 / buybacks ¥1607000000
- Change in cash: ¥-11764000000
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 | ¥307.2B |  |
| Operating income | ¥15.9B | Margin 5.2% |
| Net income | ¥18.4B | Margin 6.0% |
| Free cash flow | -¥5.97B |  |
| Largest business | Construction | of segment revenue 58.6% |
| Employees (consolidated) | 2,586 |  |
| EPS | ¥436.47 |  |
| Book value per share | ¥5204.21 |  |
| Equity ratio | 44.7% |  |
| Shares outstanding | 38,665,000 |  |
| Treasury shares | 2,526,300 |  |
| Shareholders | 21,945 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 3.6% | Cash ÷ revenue 5.1% |
| Vs. industry median margin | -1.7 pp | General Contractors |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, segment profit share differs by 23 points
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥220712000000 | ¥307202000000 | +39.2% |
| Operating income | ¥12880000000 | ¥15928000000 | +23.7% |
| Operating margin | 5.8% | 5.2% | -0.7 pp |
| Employees | 2,138 people | 2,586 people | +21.0% |
| Cash and equivalents | ¥20129000000 | ¥15676000000 | -22.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 土木事業 → 土木事業 | 37.5% |
| 土木事業 → 事業再編・廃止 | 9.9% |
| 建築事業 → 建築事業 | 47.6% |
| 投資開発事業 → 投資開発事業 | 2.3% |
| その他 → その他 | 1.5% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 建築事業 | 11.0% |
| 新設・再編 → 投資開発事業 | 0.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction | 5 years | +11.4% | ¥180142000000 | 3.4% | 2 |
| Engineering | 5 years | +1.9% | ¥115248000000 | 8.8% | 2 |
| Real estate investment and development | 5 years | +7.1% | ¥7206000000 | -10.1% | 2 |
| Other | 5 years | -4.5% | ¥4604000000 | 10.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 307,202 | 100.0% | S100Y95Z |
| Cost of revenue | 268,533 | 87.4% | S100Y95Z |
| Gross profit | 38,669 | 12.6% | S100Y95Z |
| SG&A | 22,740 | 7.4% | S100Y95Z |
| Operating income | 15,928 | 5.2% | S100Y95Z |
| Ordinary income | 25,313 | 8.2% | S100Y95Z |
| Pretax income | 26,668 | 8.7% | S100Y95Z |
| Income tax | 6,163 | 2.0% | S100Y95Z |
| Net income | 20,505 | 6.7% | S100Y95Z |
| Net income attributable to owners | 18,360 | 6.0% | S100Y95Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 12.6% → Operating margin 5.2% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +63.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 21.15×
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 | 298,222 | 307,202 | 8,980 | +3.0% |
| Gross profit | 31,688 | 38,669 | 6,981 | +22.0% |
| Operating income | 9,731 | 15,928 | 6,197 | +63.7% |
| Net income attributable to owners | 2,722 | 18,360 | 15,638 | +574.5% |
| Operating cash flow | -11,828 | 7,616 | 19,444 | — |
| Free cash flow | -18,463 | -5,973 | 12,490 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 226,371 | 11,516 | 5.1% | 9,795 | -11,745 | -23,355 | S100LHA0 |
| FY ending Mar 2021 | 220,712 | 12,880 | 5.8% | 10,285 | 23 | -10,483 | S100O7D8 |
| FY ending Mar 2022 | 242,458 | 12,647 | 5.2% | 12,541 | 18,289 | 10,377 | S100QZIS |
| FY ending Mar 2023 | 249,442 | 11,847 | 4.7% | 11,261 | 17,900 | 13,786 | S100TKYY |
| FY ending Mar 2024 | 288,146 | 13,708 | 4.8% | 12,493 | -17,139 | -20,131 | S100VWHS |
| FY ending Mar 2025 | 298,222 | 9,731 | 3.3% | 2,722 | -11,828 | -18,463 | S100Y95Z |
| FY ending Mar 2026 | 307,202 | 15,928 | 5.2% | 18,360 | 7,616 | -5,973 | S100Y95Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥118.8M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥7.1M |

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) | 2,194 | 2,281 | 2,344 | 2,505 | 2,586 |
| Average salary (parent company) | ¥9.2M | ¥9.4M | ¥9.5M | ¥9.7M | ¥10.1M |
| Average age (parent company) | 42.5 years | 42.5 years | 42.4 years | 43.0 years | 42.6 years |
| Average tenure (parent company) | 16.3 years | 16.2 years | 15.8 years | 15.5 years | 15.1 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 115,248 | 37.5% | 10,103 | 8.8% |
| Construction | 180,142 | 58.6% | 6,076 | 3.4% |
| Real estate investment and development | 7,206 | 2.3% | -730 | -10.1% |
| Other | 4,604 | 1.5% | 503 | 10.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 37.5% | 60.6% | 23.0 | 8.8% |
| Construction | 58.6% | 36.4% | -22.2 | 3.4% |
| Real estate investment and development | 2.3% | — | — | -10.1% |
| Other | 1.5% | 3.0% | 1.5 | 10.9% |

Loss-making segment (excluded from profit shares): Real estate investment and development -730 JPY mn

Segment → industry: Real estate investment and development → Electric Power & Gas / Real estate investment and development → Real Estate Development & Leasing / Construction → General Contractors / Engineering → 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 | 7,616 | 2.5% | S100Y95Z |
| Capital expenditure | 13,589 | 4.4% | S100Y95Z |
| Free cash flow | -5,973 | -1.9% | 算出 |
| Investing cash flow | -9,959 | -3.2% | S100Y95Z |
| Financing cash flow | -9,731 | -3.2% | S100Y95Z |
| Dividends paid | 7,678 | 2.5% | S100Y95Z |
| Share buyback | 1,607 | 0.5% | S100Y95Z |
| Change in cash | -11,764 | -3.8% | S100Y95Z |
| Cash and equivalents | 15,676 | 5.1% | S100Y95Z |

## 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 | 31,622 | 48,792 | 28,917 | 27,440 | 15,676 | S100TKYY, S100VWHS, S100Y95Z |
| Total assets | 332,348 | 343,727 | 384,750 | 393,466 | 440,889 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Net assets | 167,425 | 173,215 | 191,573 | 172,455 | 193,964 | S100TKYY, S100VWHS, S100Y95Z |
| Share capital | 19,838 | 19,838 | 19,838 | 19,838 | 19,838 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Property, plant and equipment | 73,376 | 77,122 | 75,476 | 65,164 | 72,483 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Intangible assets excluding goodwill | 1,132 | 1,683 | 1,806 | 1,544 | 1,474 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Goodwill | 408 | 378 | 348 | — | — | S100QZIS, S100TKYY, S100VWHS |
| Investment securities | 56,629 | 54,913 | 68,732 | 60,397 | 75,207 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Current assets | 192,014 | 198,855 | 220,418 | 241,135 | 259,572 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Current liabilities | 126,810 | 129,048 | 146,367 | 174,967 | 179,012 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Short-term borrowings | 9,480 | 10,708 | 16,701 | 43,801 | 25,504 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Long-term borrowings | 5,112 | 3,110 | 5,108 | 5,006 | 25,004 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Total liabilities | 164,923 | 170,511 | 193,176 | 221,010 | 246,924 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Non-controlling interests | 467 | 1,201 | 2,882 | -4,829 | -2,943 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Equity attributable to owners of parent | 139,727 | 144,720 | 148,673 | 138,653 | 147,788 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Retained earnings | 101,710 | 103,827 | 107,684 | 100,276 | 110,902 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |
| Treasury stock | -8,061 | -5,185 | -5,316 | -7,972 | -9,486 | S100QZIS, S100TKYY, S100VWHS, S100Y95Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y95Z |
| Property, plant and equipment | 16% | S100Y95Z |
| Intangibles and goodwill | 0% | S100Y95Z |
| Investment securities | 17% | S100Y95Z |
| Other assets | 63% | S100Y95Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Y95Z |
| Equity | 44% | S100Y95Z |
| Other liabilities | 0% | S100Y95Z |

### 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 | 332,348 | 343,727 | 384,750 | 393,466 | 440,889 |
| Equity | 167,425 | 173,215 | 191,573 | 172,455 | 193,964 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 31,622 | 48,792 | 28,917 | 27,440 | 15,676 |

## 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) | 23.6% | S100Y95Z |
| Fixed assets ÷ total assets | 16.4% | S100Y95Z |
| Goodwill ÷ parent equity | — | —, S100Y95Z |

### 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) | 3.6% |
| Cash ÷ revenue | 5.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 47.8% |
| Cash vs. profit gap | -10,744 JPY mn (of net income -58.5%) |
| Shareholder returns / net income | 50.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 130.8% |

## 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 | 5.2% | 0.73× | 3.8% | 2.38× | 9.0% | S100QZIS |
| 2023 | 4.5% | 0.74× | 3.3% | 2.38× | 7.9% | S100TKYY |
| 2024 | 4.3% | 0.79× | 3.4% | 2.48× | 8.5% | S100VWHS |
| 2025 | 0.9% | 0.77× | 0.7% | 2.71× | 1.9% | S100Y95Z |
| 2026 | 6.0% | 0.74× | 4.4% | 2.91× | 12.8% | S100Y95Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.6% | 2026-03-31 |
| 奥村組従業員持株会 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(金銭信託課税口) | Major shareholder | 3.4% | 2026-03-31 |
| STATE STREET BANK ANDTRUST COMPANY 505001(常任代理人株式会社みずほ銀行) | Major shareholder | 2.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| 奥村 太加典 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| THE BANK OF NEW YORK,TREATY JASDEC ACCOUNT(常任代理人株式会社三菱UFJ銀行) | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥307.2B, up 3.0% from ¥298.2B.
- Operating income grew much faster, rising 63.7% from ¥9.73B to ¥15.9B.
- Net income attributable to owners climbed from ¥2.72B to ¥18.4B.
- Operating cash flow turned positive at ¥7.62B, but capital expenditure of ¥13.6B left free cash flow at -¥5.97B.

### Drivers

- In civil works, projects carried over from the prior year became more profitable thanks to extra work orders and lower costs.
- Building work saw lower sales, and its operating income also fell.
- A valuation gain on currency forward contracts at the subsidiary Ishikari Bio Energy lifted non-operating income.
- The prior year included an impairment loss at the same subsidiary, so the absence of that loss pushed net income sharply higher.

### Risks

- If material and labor costs rise and cannot be passed on in contract prices, profits could be squeezed.
- Cuts in public spending or weaker private capital investment could make it harder to win orders.
- If hiring falls short of plan or more staff leave, the company may struggle to grow its business.

Cited: Annual Securities Report (89th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (89th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100Y95Z | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y95Z,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100VWHS | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWHS,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TKYY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKYY,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100QZIS | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZIS,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100O7D8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7D8,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LHA0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LHA0,, |

## 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).