# PS 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78期(2025/04/01－2026/03/31) (S100YEO8)
> Page: https://vizora.meequs.com/en/company/ps-construction
> Retrieved: 2026-09-30T18:55:08.916Z

## Company

PS Construction, founded in 1952, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 1,624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PS Construction Co., Ltd. |
| Ticker | 1871 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1871.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 櫻林 美津雄 |
| Founded | Mar 1952 |
| Share capital | ¥4.22B |
| Employees (consolidated) | 1,624 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | www.psc.co.jp (https://www.psc.co.jp/) |
| Corporate number | 1010001008742 |
| EDINET | E01161 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YEO8, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.5 | 84 |
| Profitability | 78.8 | 92 |
| Cash conversion | 7.1 | 91 |
| Efficiency | 51.6 | 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 51% of PS Construction's sales come from Civil engineering and construction business, with Building and construction business and Subsidiaries and Affiliates making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +5.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥149.4B |  |
| Operating income | ¥12.9B | Margin 8.7% |
| Net income | ¥9.33B | Margin 6.2% |
| Free cash flow | -¥18.7B |  |
| Largest business | Civil engineering and construction business | of segment revenue 50.8% |
| Employees (consolidated) | 1,624 |  |
| EPS | ¥181.51 |  |
| Book value per share | ¥1173.17 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 47,486,000 |  |
| Treasury shares | 92,000 |  |
| Shareholders | 13,796 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 6.6% | Cash ÷ revenue 6.3% |
| Vs. industry median margin | +1.8 pp | General Contractors |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥117219000000 | ¥149370000000 | +27.4% |
| Operating income | ¥8396000000 | ¥12932000000 | +54.0% |
| Operating margin | 7.2% | 8.7% | +1.5 pp |
| Employees | 1,701 people | 1,624 people | -4.5% |
| Cash and equivalents | ¥10456000000 | ¥9343000000 | -10.6% |

### 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 | 50.8% |
| 土木事業 → 事業再編・廃止 | 12.3% |
| 建築事業 → 建築事業 | 35.0% |
| 製造事業 → 事業再編・廃止 | 1.3% |
| その他事業 → その他事業 | 0.3% |
| その他事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 建築事業 | 7.1% |
| 新設・再編 → 関係会社事業 | 6.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Civil engineering and construction business | 5 years | +0.5% | ¥75814000000 | — | 2 |
| Building and construction business | 5 years | +8.9% | ¥62905000000 | — | 2 |
| Subsidiaries and Affiliates | — | — | ¥10244000000 | — | 2 |
| Other Businesses | 5 years | -12.0% | ¥406000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 149,370 | 100.0% | S100YEO8 |
| Cost of revenue | 124,616 | 83.4% | S100YEO8 |
| Gross profit | 24,754 | 16.6% | S100YEO8 |
| SG&A | 11,822 | 7.9% | S100YEO8 |
| Operating income | 12,932 | 8.7% | S100YEO8 |
| Ordinary income | 12,717 | 8.5% | S100YEO8 |
| Pretax income | 12,821 | 8.6% | S100YEO8 |
| Income tax | 3,493 | 2.3% | S100YEO8 |
| Net income | 9,328 | 6.2% | S100YEO8 |
| Net income attributable to owners | 9,328 | 6.2% | S100YEO8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 8 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 16.6% → Operating margin 8.7% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +5.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.49×
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 | 135,627 | 149,370 | 13,743 | +10.1% |
| Gross profit | 23,032 | 24,754 | 1,722 | +7.5% |
| Operating income | 12,315 | 12,932 | 617 | +5.0% |
| Net income attributable to owners | 8,217 | 9,328 | 1,111 | +13.5% |
| Operating cash flow | 15,952 | -17,473 | -33,425 | -209.5% |
| Free cash flow | 14,949 | -18,676 | -33,625 | -224.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 105,744 | 4,881 | 4.6% | 3,214 | 4,630 | 2,568 | S100LL88 |
| FY ending Mar 2021 | 117,219 | 8,396 | 7.2% | 5,592 | -3,684 | -4,406 | S100OY9D |
| FY ending Mar 2022 | 109,639 | 6,618 | 6.0% | 4,539 | 2,599 | 1,314 | S100R150 |
| FY ending Mar 2023 | 109,327 | 5,715 | 5.2% | 3,790 | -16,708 | -18,314 | S100TOW4 |
| FY ending Mar 2024 | 129,294 | 7,827 | 6.1% | 5,054 | 15,944 | 13,834 | S100W82T |
| FY ending Mar 2025 | 135,627 | 12,315 | 9.1% | 8,217 | 15,952 | 14,949 | S100YEO8 |
| FY ending Mar 2026 | 149,370 | 12,932 | 8.7% | 9,328 | -17,473 | -18,676 | S100YEO8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92M |
| Operating income per employee (consolidated) | ¥8M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 1,684 | 1,653 | 1,687 | 1,615 | 1,624 |
| Average salary (parent company) | ¥8.1M | ¥9.1M | ¥8.9M | ¥9.1M | ¥9.8M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 18.0 years | 18.0 years | 19.0 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering and construction business | 75,814 | 50.8% | — | — |
| Building and construction business | 62,905 | 42.1% | — | — |
| Subsidiaries and Affiliates | 10,244 | 6.9% | — | — |
| Other Businesses | 406 | 0.3% | — | — |

### 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 |
| --- | ---: |
| Civil engineering and construction business | 50.8% |
| Building and construction business | 42.1% |
| Subsidiaries and Affiliates | 6.9% |
| Other Businesses | 0.3% |

Segment → industry: Other Businesses → Real Estate Development & Leasing / Building and construction business → General Contractors / Civil engineering and 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 | -17,473 | -11.7% | S100YEO8 |
| Capital expenditure | 1,203 | 0.8% | S100YEO8 |
| Free cash flow | -18,676 | -12.5% | 算出 |
| Investing cash flow | -506 | -0.3% | S100YEO8 |
| Financing cash flow | 5,243 | 3.5% | S100YEO8 |
| Dividends paid | 4,265 | 2.9% | S100YEO8 |
| Share buyback | 1 | 0.0% | S100YEO8 |
| Change in cash | -12,756 | -8.5% | S100YEO8 |
| Cash and equivalents | 9,343 | 6.3% | S100YEO8 |

## 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 | 9,947 | 9,347 | 11,163 | 22,100 | 9,343 | S100TOW4, S100W82T, S100YEO8 |
| Total assets | 93,100 | 116,082 | 122,118 | 130,836 | 142,464 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Net assets | 45,533 | 47,872 | 52,170 | 57,880 | 65,486 | S100TOW4, S100W82T, S100YEO8 |
| Share capital | 4,218 | 4,218 | 4,218 | 4,218 | 4,218 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Inventories | 1,362 | 1,626 | 1,616 | 1,032 | 766 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Property, plant and equipment | 14,929 | 16,294 | 16,642 | 16,718 | 16,548 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Intangible assets excluding goodwill | 119 | 99 | 188 | 59 | 39 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Goodwill | 85 | 66 | 46 | 26 | 6 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Investment securities | 2,721 | 2,887 | 4,241 | 3,749 | 5,881 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Current assets | 70,746 | 91,643 | 95,503 | 104,616 | 113,648 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Current liabilities | 37,369 | 58,118 | 54,293 | 61,742 | 60,586 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Short-term borrowings | 6,008 | 25,893 | 10,818 | 9,500 | 15,100 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Long-term borrowings | 4,000 | 3,400 | 9,060 | 4,700 | 9,940 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Total liabilities | 47,567 | 68,210 | 69,947 | 72,955 | 76,978 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Equity attributable to owners of parent | 42,938 | 45,096 | 47,974 | 53,890 | 58,667 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Retained earnings | 31,004 | 33,368 | 36,137 | 41,992 | 46,813 | S100R150, S100TOW4, S100W82T, S100YEO8 |
| Treasury stock | -395 | -601 | -491 | -431 | -475 | S100R150, S100TOW4, S100W82T, S100YEO8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YEO8 |
| Inventories | 0% | S100YEO8 |
| Property, plant and equipment | 12% | S100YEO8 |
| Intangibles and goodwill | 0% | S100YEO8 |
| Investment securities | 4% | S100YEO8 |
| Other assets | 77% | S100YEO8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YEO8 |
| Equity | 46% | S100YEO8 |

### 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 | 93,100 | 116,082 | 122,118 | 130,836 | 142,464 |
| Equity | 45,533 | 47,872 | 52,170 | 57,880 | 65,486 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,947 | 9,347 | 11,163 | 22,100 | 9,343 |

## 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) | 11.1% | S100YEO8 |
| Fixed assets ÷ total assets | 11.6% | S100YEO8 |
| Goodwill ÷ parent equity | 0.0% | S100YEO8 |

Goodwill over 4 years: 85 → 6 JPY; total investing cash flow: -6,337 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) | 6.6% |
| Cash ÷ revenue | 6.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -135.1% |
| Cash vs. profit gap | -26,801 JPY mn (of net income -287.3%) |
| Shareholder returns / net income | 45.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 | 4.1% | 1.18× | 4.9% | 2.17× | 10.6% | S100R150 |
| 2023 | 3.5% | 1.05× | 3.6% | 2.38× | 8.6% | S100TOW4 |
| 2024 | 3.9% | 1.09× | 4.2% | 2.56× | 10.9% | S100W82T |
| 2025 | 6.1% | 1.07× | 6.5% | 2.48× | 16.1% | S100YEO8 |
| 2026 | 6.2% | 1.09× | 6.8% | 2.43× | 16.6% | S100YEO8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大成建設株式会社 | Major shareholder | 50.2% | 2026-03-31 |
| ＵＢＥ三菱セメント株式会社 | Major shareholder | 9.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）（注）３ | Major shareholder | 4.5% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 太平洋セメント口 再信託受託者 株式会社日本カストディ銀行（注）４ | Major shareholder | 2.9% | 2026-03-31 |
| 岡山県 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口）（注）３ | Major shareholder | 1.7% | 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 |
| 日本マスタートラスト信託銀行株式会社（役員報酬ＢＩＰ信託口・７５９４９口）（注）５ | Major shareholder | 1.2% | 2026-03-31 |
| ピーエス・コンストラクション取引先持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 住友電気工業株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YEO8 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEO8,, |
| 訂正有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W82T | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W82T,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TOW4 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOW4,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R150 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R150,, |
| 訂正有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OY9D | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OY9D,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LL88 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL88,, |

## 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).