# RAITO KOGYO 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) (S100YIK2)
> Page: https://vizora.meequs.com/en/company/raito-kogyo
> Retrieved: 2026-09-30T19:03:44.133Z

## Company

Raito Kogyo, founded in 1948, is a company in General Contractors listed on TSE Prime. It has 1,399 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RAITO KOGYO CO., LTD. |
| Ticker | 1926 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1926.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区九段北四丁目2番35号 |
| Representative (per filing) | 代表取締役社長 阿久津 和浩 |
| Founded | Sep 1948 |
| Share capital | ¥6.12B |
| Employees (consolidated) | 1,399 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.raito.co.jp (https://www.raito.co.jp/) |
| Corporate number | 7010001008811 |
| EDINET | E00098 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YIK2, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.7 | 84 |
| Profitability | 91.8 | 92 |
| Cash conversion | 56.6 | 91 |
| Efficiency | 56 | 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 100% of Raito Kogyo's sales come from Construction, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +14.6% from the prior year, operating profit +34.3%.

## Company structure

- Segment revenue mix: Construction 99.9%、Other 0.1%
- Revenue → net income: ¥139216000000 → ¥12495000000
- Net income → operating cash flow: ¥12495000000 → ¥13662000000（difference ¥1167000000）
- Main uses of operating cash flow: CapEx ¥3322000000 / dividends ¥4860000000 / buybacks ¥8192000000
- Change in cash: ¥-971000000
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 | ¥139.2B |  |
| Operating income | ¥17.2B | Margin 12.4% |
| Net income | ¥12.5B | Margin 9.0% |
| Free cash flow | ¥10.3B |  |
| Largest business | Construction | of segment revenue 99.9% |
| Employees (consolidated) | 1,399 |  |
| EPS | ¥245.07 |  |
| Book value per share | ¥1647.49 |  |
| Equity ratio | 71.5% |  |
| Shares outstanding | 42,970,450 |  |
| Treasury shares | 804,600 |  |
| Shareholders | 10,990 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 21.5% |
| Vs. industry median margin | +5.5 pp | General Contractors |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 10.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥108209000000 | ¥139216000000 | +28.7% |
| Operating income | ¥11727000000 | ¥17201000000 | +46.7% |
| Operating margin | 10.8% | 12.4% | +1.5 pp |
| Employees | 1,244 people | 1,399 people | +12.5% |
| Cash and equivalents | ¥28259000000 | ¥29975000000 | +6.1% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 99.5% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 建設事業 | 0.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 139,216 | 100.0% | S100YIK2 |
| Cost of revenue | 108,890 | 78.2% | S100YIK2 |
| Gross profit | 30,326 | 21.8% | S100YIK2 |
| SG&A | 13,124 | 9.4% | S100YIK2 |
| Operating income | 17,201 | 12.4% | S100YIK2 |
| Ordinary income | 17,712 | 12.7% | S100YIK2 |
| Pretax income | 17,293 | 12.4% | S100YIK2 |
| Income tax | 4,797 | 3.4% | S100YIK2 |
| Net income | 12,495 | 9.0% | S100YIK2 |
| Net income attributable to owners | 12,487 | 9.0% | S100YIK2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 10 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.8% → Operating margin 12.4% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.6%; Core profit growth: +34.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.34×
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 | 121,457 | 139,216 | 17,759 | +14.6% |
| Gross profit | 25,097 | 30,326 | 5,229 | +20.8% |
| Operating income | 12,811 | 17,201 | 4,390 | +34.3% |
| Net income attributable to owners | 9,919 | 12,487 | 2,568 | +25.9% |
| Operating cash flow | 10,354 | 13,662 | 3,308 | +31.9% |
| Free cash flow | 5,584 | 10,340 | 4,756 | +85.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 106,210 | 9,874 | 9.3% | 7,066 | 5,478 | 1,609 | S100LTG0 |
| FY ending Mar 2021 | 108,209 | 11,727 | 10.8% | 8,640 | 15,206 | 11,965 | S100OINI |
| FY ending Mar 2022 | 109,504 | 13,236 | 12.1% | 8,930 | 8,597 | 5,582 | S100R746 |
| FY ending Mar 2023 | 114,974 | 12,785 | 11.1% | 9,489 | 4,761 | 1,728 | S100TVZL |
| FY ending Mar 2024 | 117,324 | 11,245 | 9.6% | 8,181 | 14,586 | 10,478 | S100W576 |
| FY ending Mar 2025 | 121,457 | 12,811 | 10.5% | 9,919 | 10,354 | 5,584 | S100YIK2 |
| FY ending Mar 2026 | 139,216 | 17,201 | 12.4% | 12,487 | 13,662 | 10,340 | S100YIK2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99.5M |
| Operating income per employee (consolidated) | ¥12.3M |
| Net income per employee (consolidated) | ¥8.9M |

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) | 1,290 | 1,364 | 1,374 | 1,385 | 1,399 |
| Average salary (parent company) | ¥8.7M | ¥8.8M | ¥9.2M | ¥9.5M | ¥9.4M |
| Average age (parent company) | 44.1 years | 44.3 years | 44.0 years | 44.7 years | 44.3 years |
| Average tenure (parent company) | 17.1 years | 17.3 years | 17.8 years | 17.8 years | 17.5 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +14.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 139,027 | 99.9% | 17,153 | 12.3% |
| Other | 189 | 0.1% | 46 | 24.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction | 99.9% | 99.7% | -0.1 | 12.3% |
| Other | 0.1% | 0.3% | 0.1 | 24.3% |

Segment → industry: Construction → 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 | 13,662 | 9.8% | S100YIK2 |
| Capital expenditure | 3,322 | 2.4% | S100YIK2 |
| Free cash flow | 10,340 | 7.4% | 算出 |
| Investing cash flow | -1,885 | -1.4% | S100YIK2 |
| Financing cash flow | -12,950 | -9.3% | S100YIK2 |
| Dividends paid | 4,860 | 3.5% | S100YIK2 |
| Share buyback | 8,192 | 5.9% | S100YIK2 |
| Change in cash | -971 | -0.7% | S100YIK2 |
| Cash and equivalents | 29,975 | 21.5% | S100YIK2 |

## 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 | 30,022 | 29,605 | 34,933 | 30,947 | 29,975 | S100TVZL, S100W576, S100YIK2 |
| Total assets | 115,885 | 122,925 | 124,447 | 122,209 | 125,930 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Net assets | 80,817 | 85,437 | 91,094 | 88,674 | 90,886 | S100TVZL, S100W576, S100YIK2 |
| Share capital | 6,119 | 6,119 | 6,119 | 6,119 | 6,119 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Property, plant and equipment | 23,303 | 24,647 | 25,732 | 26,722 | 26,661 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Intangible assets excluding goodwill | 257 | 703 | 732 | 644 | 625 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Goodwill | — | 447 | 426 | 360 | 331 | S100TVZL, S100W576, S100YIK2 |
| Investment securities | 7,468 | 7,152 | 8,788 | 8,313 | 10,026 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Current assets | 76,029 | 84,183 | 81,483 | 78,411 | 80,037 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Current liabilities | 33,974 | 36,105 | 32,209 | 31,721 | 33,660 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Short-term borrowings | 870 | 1,532 | 1,438 | 1,447 | 1,737 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Long-term borrowings | — | 181 | 62 | — | 7 | S100TVZL, S100W576, S100YIK2 |
| Total liabilities | 35,068 | 37,487 | 33,352 | 33,534 | 35,044 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Non-controlling interests | 77 | 933 | 905 | 841 | 880 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Equity attributable to owners of parent | 79,654 | 83,349 | 86,483 | 83,795 | 83,270 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Retained earnings | 70,588 | 75,792 | 78,867 | 73,300 | 74,270 | S100R746, S100TVZL, S100W576, S100YIK2 |
| Treasury stock | -3,411 | -5,010 | -4,951 | -2,071 | -3,567 | S100R746, S100TVZL, S100W576, S100YIK2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YIK2 |
| Property, plant and equipment | 21% | S100YIK2 |
| Intangibles and goodwill | 1% | S100YIK2 |
| Investment securities | 8% | S100YIK2 |
| Other assets | 46% | S100YIK2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YIK2 |
| Equity | 72% | S100YIK2 |

### 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 | 115,885 | 122,925 | 124,447 | 122,209 | 125,930 |
| Equity | 80,817 | 85,437 | 91,094 | 88,674 | 90,886 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,022 | 29,605 | 34,933 | 30,947 | 29,975 |

## 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) | 19.2% | S100YIK2 |
| Fixed assets ÷ total assets | 21.2% | S100YIK2 |
| Goodwill ÷ parent equity | 0.4% | S100YIK2 |

### 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) | 23.8% |
| Cash ÷ revenue | 21.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.4% |
| Cash vs. profit gap | 1,175 JPY mn (of net income 9.4%) |
| Shareholder returns / net income | 104.5% |
| Shareholder returns / FCF | 126.2% |
| Shareholder payments — dividends / net income | 38.9% |
| Shareholder payments — dividends / FCF | 47.0% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 13.8% |

## 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 | 8.2% | 0.94× | 7.7% | 1.45× | 11.2% | S100R746 |
| 2023 | 8.3% | 0.96× | 7.9% | 1.47× | 11.6% | S100TVZL |
| 2024 | 7.0% | 0.95× | 6.6% | 1.46× | 9.6% | S100W576 |
| 2025 | 8.2% | 0.98× | 8.0% | 1.45× | 11.7% | S100YIK2 |
| 2026 | 9.0% | 1.12× | 10.1% | 1.49× | 14.9% | S100YIK2 |

## 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 | 12.5% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 6.5% | 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 |
| 日本生命保険相互会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 3.0% | 2026-03-31 |
| AVI JAPAN OPPORTUNITY TRUST PLC （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | 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決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YIK2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIK2,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W576 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W576,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TVZL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVZL,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R746 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R746,, |
| 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) | S100OINI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OINI,, |
| 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) | S100LTG0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTG0,, |

## 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).