# Oriental Shiraishi 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75期(2025/04/01－2026/03/31) (S100YDUO)
> Page: https://vizora.meequs.com/en/company/oriental-shiraishi
> Retrieved: 2026-09-30T19:55:12.310Z

## Company

Oriental Shiraishi, founded in 1990, is a company in General Contractors listed on TSE Prime. It has 1,166 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Oriental Shiraishi Corporation |
| Ticker | 1786 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1786.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲五丁目6番52号 |
| Representative (per filing) | 代表取締役社長 照井満 |
| Founded | Apr 1990 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,166 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.orsc.co.jp (https://www.orsc.co.jp/) |
| Corporate number | 7010601040057 |
| EDINET | E36102 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YDUO, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.2 | 84 |
| Profitability | 63.6 | 92 |
| Cash conversion | 22.5 | 91 |
| Efficiency | 33.2 | 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)

- About 83% of Oriental Shiraishi's sales come from Construction business, with Steel structure and Port operation service making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit -1.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥68.9B |  |
| Operating income | ¥5.33B | Margin 7.7% |
| Net income | ¥3.38B | Margin 4.9% |
| Free cash flow | -¥3.4B |  |
| Largest business | Construction business | of segment revenue 82.5% |
| Employees (consolidated) | 1,166 |  |
| EPS | ¥27.98 |  |
| Book value per share | ¥372.88 |  |
| Equity ratio | 64.2% |  |
| Shares outstanding | 138,809,400 |  |
| Treasury shares | 8,663,300 |  |
| Shareholders | 24,199 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | +0.9 pp | General Contractors |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55224000000 | ¥68866000000 | +24.7% |
| Operating income | ¥5118000000 | ¥5334000000 | +4.2% |
| Operating margin | 9.3% | 7.7% | -1.5 pp |
| Employees | 821 people | 1,166 people | +42.0% |
| Cash and equivalents | ¥8035000000 | ¥15403000000 | +91.7% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 82.5% |
| 建設事業 → 事業再編・廃止 | 17.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → 鋼構造物事業 | 11.4% |
| 新設・再編 → 港湾事業 | 5.7% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction business | 5 years | +0.6% | ¥56828000000 | 8.3% | 2 |
| Steel structure | 4 years | +10.7% | ¥7861000000 | 3.9% | 2 |
| Port operation service | 4 years | -16.0% | ¥3935000000 | 6.1% | 2 |
| Other | 5 years | +26.3% | ¥241000000 | 24.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,866 | 100.0% | S100YDUO |
| Cost of revenue | 56,400 | 81.9% | S100YDUO |
| Gross profit | 12,466 | 18.1% | S100YDUO |
| SG&A | 7,131 | 10.4% | S100YDUO |
| Operating income | 5,334 | 7.7% | S100YDUO |
| Ordinary income | 5,539 | 8.0% | S100YDUO |
| Pretax income | 4,762 | 6.9% | S100YDUO |
| Income tax | 1,378 | 2.0% | S100YDUO |
| Net income | 3,383 | 4.9% | S100YDUO |
| Net income attributable to owners | 3,381 | 4.9% | S100YDUO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 10 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 18.1% → Operating margin 7.7% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.7%; Core profit growth: -1.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.28×
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 | 64,553 | 68,866 | 4,313 | +6.7% |
| Gross profit | 11,660 | 12,466 | 806 | +6.9% |
| Operating income | 5,434 | 5,334 | -100 | -1.8% |
| Net income attributable to owners | 3,746 | 3,381 | -365 | -9.7% |
| Operating cash flow | 7,803 | -132 | -7,935 | -101.7% |
| Free cash flow | 5,358 | -3,401 | -8,759 | -163.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,998 | 3,692 | 7.7% | 2,628 | -246 | -1,720 | S100LKIY |
| FY ending Mar 2021 | 55,224 | 5,118 | 9.3% | 3,763 | -2,039 | -3,268 | S100OAD8 |
| FY ending Mar 2022 | 60,726 | 5,308 | 8.7% | 3,778 | 8,694 | 7,393 | S100R0FO |
| FY ending Mar 2023 | 61,480 | 5,214 | 8.5% | 3,922 | 4,081 | 3,102 | S100TP92 |
| FY ending Mar 2024 | 67,382 | 6,533 | 9.7% | 4,632 | 5,273 | 3,720 | S100VZWH |
| FY ending Mar 2025 | 64,553 | 5,434 | 8.4% | 3,746 | 7,803 | 5,358 | S100YDUO |
| FY ending Mar 2026 | 68,866 | 5,334 | 7.7% | 3,381 | -132 | -3,401 | S100YDUO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.1M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 952 | 953 | 976 | 1,145 | 1,166 |
| Average salary (parent company) | ¥8.4M | ¥8.9M | ¥9.4M | ¥8.3M | ¥8.9M |
| Average age (parent company) | 46.0 years | 46.4 years | 46.7 years | 44.7 years | 45.3 years |
| Average tenure (parent company) | 19.8 years | 19.9 years | 20.0 years | 19.3 years | 18.7 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 56,828 | 82.5% | 4,725 | 8.3% |
| Steel structure | 7,861 | 11.4% | 307 | 3.9% |
| Port operation service | 3,935 | 5.7% | 241 | 6.1% |
| Other | 241 | 0.3% | 58 | 24.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 82.5% | 88.6% | 6.1 | 8.3% |
| Steel structure | 11.4% | 5.8% | -5.7 | 3.9% |
| Port operation service | 5.7% | 4.5% | -1.2 | 6.1% |
| Other | 0.3% | 1.1% | 0.7 | 24.1% |

Segment → industry: Port operation service → General Contractors / Steel structure → General Contractors / Construction business → 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 | -132 | -0.2% | S100YDUO |
| Capital expenditure | 3,269 | 4.7% | S100YDUO |
| Free cash flow | -3,401 | -4.9% | 算出 |
| Investing cash flow | -2,863 | -4.2% | S100YDUO |
| Financing cash flow | -1,478 | -2.1% | S100YDUO |
| Dividends paid | 1,900 | 2.8% | S100YDUO |
| Share buyback | 1,000 | 1.5% | S100YDUO |
| Change in cash | -4,474 | -6.5% | S100YDUO |
| Cash and equivalents | 15,403 | 22.4% | S100YDUO |

## 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 | 13,312 | 13,903 | 20,180 | 19,877 | 15,403 | S100TP92, S100VZWH, S100YDUO |
| Total assets | 60,952 | 66,787 | 72,923 | 76,808 | 82,772 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Net assets | 38,989 | 41,617 | 49,962 | 51,299 | 53,191 | S100TP92, S100VZWH, S100YDUO |
| Share capital | 1,000 | 1,000 | 5,000 | 5,000 | 5,000 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Property, plant and equipment | 9,771 | 9,604 | 10,314 | 12,424 | 13,858 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Intangible assets excluding goodwill | 2,343 | 1,841 | 1,340 | 3,175 | 3,346 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Goodwill | 1,274 | 1,132 | 991 | 2,904 | 2,799 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Investment securities | 2,806 | 3,069 | 3,666 | 3,955 | 4,290 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Current assets | 45,645 | 51,579 | 57,029 | 55,740 | 55,845 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Current liabilities | 15,901 | 19,589 | 17,326 | 18,648 | 22,123 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Short-term borrowings | 1,200 | 900 | 600 | — | 2,080 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Long-term borrowings | 3,199 | 2,611 | 2,538 | 2,824 | 2,617 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Total liabilities | 21,962 | 25,170 | 22,960 | 25,508 | 29,580 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Non-controlling interests | — | — | — | — | 63 | S100YDUO |
| Equity attributable to owners of parent | 38,713 | 41,352 | 48,901 | 50,147 | 50,653 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Retained earnings | 37,718 | 40,354 | 42,538 | 44,271 | 45,745 | S100R0FO, S100TP92, S100VZWH, S100YDUO |
| Treasury stock | -458 | -456 | -709 | -1,197 | -2,165 | S100R0FO, S100TP92, S100VZWH, S100YDUO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YDUO |
| Property, plant and equipment | 17% | S100YDUO |
| Intangibles and goodwill | 7% | S100YDUO |
| Investment securities | 5% | S100YDUO |
| Other assets | 52% | S100YDUO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YDUO |
| Equity | 64% | S100YDUO |
| Other liabilities | 0% | S100YDUO |

### 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 | 60,952 | 66,787 | 72,923 | 76,808 | 82,772 |
| Equity | 38,989 | 41,617 | 49,962 | 51,299 | 53,191 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,312 | 13,903 | 20,180 | 19,877 | 15,403 |

## 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) | 20.1% | S100YDUO |
| Fixed assets ÷ total assets | 16.7% | S100YDUO |
| Goodwill ÷ parent equity | 5.5% | S100YDUO |

Goodwill over 4 years: 1,274 → 2,799 JPY; total investing cash flow: -12,243 JPY. This does not imply causation.

### 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) | 18.6% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -2.5% |
| Cash vs. profit gap | -3,513 JPY mn (of net income -103.9%) |
| Shareholder returns / net income | 85.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 56.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| 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 | 6.2% | 1.00× | 6.2% | 1.57× | 9.8% | S100R0FO |
| 2023 | 6.4% | 0.96× | 6.1% | 1.60× | 9.8% | S100TP92 |
| 2024 | 6.9% | 0.96× | 6.6% | 1.55× | 10.3% | S100VZWH |
| 2025 | 5.8% | 0.86× | 5.0% | 1.51× | 7.6% | S100YDUO |
| 2026 | 4.9% | 0.86× | 4.2% | 1.58× | 6.7% | S100YDUO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 19.2% | 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 | 12.4% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.0% | 2026-03-31 |
| ＨＳＢＣ－ＦＵＮＤ ＳＥＲＶＩＣＥＳ ＨＳＢＣ － ００６ ＭＦ ＥＦＭ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.1% | 2026-03-31 |
| ＭＬＩ ＦＯＲ ＳＥＧＲＥＧＡＴＥＤ ＰＢ ＣＬＩＥＮＴ(常任代理人 ＢＯＦＡ証券株式会社) | Major shareholder | 1.7% | 2026-03-31 |
| ＪＰＭＳＰＬＣ ＣＬＩＥＮＴ ＡＳＳＥＴＳ ＳＫ ＪＰＹ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| オリエンタル白石社員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 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) | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YDUO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDUO,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100VZWH | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZWH,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TP92 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP92,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R0FO | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0FO,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OAD8 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAD8,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LKIY | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKIY,, |

## 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).