# SAITA CORPORATION: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第70期(2024/07/01－2025/06/30) (S100WN39)
> Page: https://vizora.meequs.com/en/company/saita
> Retrieved: 2026-09-30T18:59:05.221Z

## Company

Saita, founded in 1955, is a company in Cement & Concrete listed on Fukuoka. It has 262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAITA CORPORATION |
| Ticker | 1999 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1999.T) |
| Listing | Fukuoka |
| Head office | 福岡県朝倉市下渕472番地 |
| Representative (per filing) | 代表取締役社長 才田 善之 |
| Founded | Dec 1955 |
| Share capital | ¥943M |
| Employees (consolidated) | 262 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | June |
| Website | www.saita-hd.co.jp (https://www.saita-hd.co.jp/) |
| Corporate number | 5290001044368 |
| EDINET | E00248 |
| Industries (Vizora) | Cement & Concrete, Alcoholic Beverages, General Contractors |

> Profile source: annual securities report (S100WN39, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.9 | 16 |
| Profitability | 78.1 | 16 |
| Cash conversion | 59.4 | 16 |
| Efficiency | 65.6 | 16 |

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 50% of Saita's sales come from Building material business, with Construction business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +67.7% from the prior year, operating profit +405.2%.

## Company structure

- Segment revenue mix: Building material business 50.2%、Construction business 41.7%、Other 4.4%、Liquor business 3.7%
- Revenue → net income: ¥7841913000 → ¥582654000
- Net income → operating cash flow: ¥582654000 → ¥1238908000（difference ¥656254000）
- Main uses of operating cash flow: CapEx ¥153573000 / dividends ¥37885000 / buybacks ¥5000
- Change in cash: ¥587247000
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 | ¥7.84B |  |
| Operating income | ¥986M | Margin 12.6% |
| Net income | ¥488.2M | Margin 6.2% |
| Free cash flow | ¥1.09B |  |
| Largest business | Building material business | of segment revenue 50.2% |
| Employees (consolidated) | 262 |  |
| EPS | ¥206.58 |  |
| Book value per share | ¥3960.3 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 661,000 |  |
| Treasury shares | 30,500 |  |
| Shareholders | 300 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 35.5% | Cash ÷ revenue 42.3% |
| Vs. industry median margin | +4.4 pp | Cement & Concrete |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -2% while operating income rose 405%
- FY2025, operating cash flow is 2.5× net income
- FY2025, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7608692000 | ¥7841913000 | +3.1% |
| Operating income | ¥713349000 | ¥986004000 | +38.2% |
| Operating margin | 9.4% | 12.6% | +3.2 pp |
| Employees | 247 people | 262 people | +6.1% |
| Cash and equivalents | ¥1886556000 | ¥3315842000 | +75.8% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. 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 | 41.7% |
| 建設事業 → 事業再編・廃止 | 19.3% |
| 砕石事業 → 事業再編・廃止 | 31.2% |
| 酒類事業 → 酒類事業 | 2.9% |
| その他 → その他 | 4.4% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 建材事業 | 50.2% |
| 新設・再編 → 酒類事業 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building material business | 2 years | +25.1% | ¥3934463000 | 21.5% | 2 |
| Construction business | 5 years | -6.8% | ¥3271645000 | 12.1% | 2 |
| Other | 5 years | -1.5% | ¥343034000 | 9.7% | 2 |
| Liquor business | 5 years | +5.6% | ¥292768000 | -13.9% | 2 |

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,842 | 100.0% | S100WN39 |
| Cost of revenue | 5,390 | 68.7% | S100WN39 |
| Gross profit | 2,452 | 31.3% | S100WN39 |
| SG&A | 1,466 | 18.7% | S100WN39 |
| Operating income | 986 | 12.6% | S100WN39 |
| Ordinary income | 965 | 12.3% | S100WN39 |
| Pretax income | 968 | 12.3% | S100WN39 |
| Income tax | 386 | 4.9% | S100WN39 |
| Net income | 583 | 7.4% | S100WN39 |
| Net income attributable to owners | 488 | 6.2% | S100WN39 |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 19 |
| Operating income | 12 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 31.3% → Operating margin 12.6% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +67.7%; Core profit growth: +405.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.99×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,676 | 7,842 | 3,166 | +67.7% |
| Gross profit | 1,099 | 2,452 | 1,352 | +123.0% |
| Operating income | 195 | 986 | 791 | +405.2% |
| Net income attributable to owners | 714 | 488 | -225 | -31.6% |
| Operating cash flow | 493 | 1,239 | 746 | +151.1% |
| Free cash flow | 168 | 1,085 | 917 | +544.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 6,725 | 833 | 12.4% | 537 | 677 | 314 | S100JPUT |
| FY ending Jun 2020 | 7,609 | 713 | 9.4% | 525 | 417 | 93 | S100MH9Q |
| FY ending Jun 2021 | 6,432 | 678 | 10.5% | 546 | 773 | 473 | S100P4KN |
| FY ending Jun 2022 | 5,955 | 580 | 9.7% | 510 | 29 | -70 | S100RVVB |
| FY ending Jun 2023 | 5,817 | 489 | 8.4% | 371 | 423 | 140 | S100U56P |
| FY ending Jun 2024 | 4,676 | 195 | 4.2% | 714 | 493 | 168 | S100WN39 |
| FY ending Jun 2025 | 7,842 | 986 | 12.6% | 488 | 1,239 | 1,085 | S100WN39 |

## People and productivity（FY ending Jun 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥1.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 238 | 240 | 229 | 267 | 262 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥4.8M | ¥4.8M | ¥5M |
| Average age (parent company) | 55.5 years | 55.1 years | 51.8 years | 52.2 years | 51.5 years |
| Average tenure (parent company) | 18.5 years | 19.2 years | 14.9 years | 13.6 years | 12.9 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +67.7%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 3,272 | 41.7% | 394 | 12.1% |
| Building material business | 3,934 | 50.2% | 847 | 21.5% |
| Liquor business | 293 | 3.7% | -41 | -13.9% |
| Other | 343 | 4.4% | 33 | 9.7% |

### 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 | 41.7% | 30.9% | -10.8 | 12.1% |
| Building material business | 50.2% | 66.4% | 16.3 | 21.5% |
| Liquor business | 3.7% | — | — | -13.9% |
| Other | 4.4% | 2.6% | -1.8 | 9.7% |

Loss-making segment (excluded from profit shares): Liquor business -41 JPY mn

Segment → industry: Building material business → Cement & Concrete / Liquor business → Alcoholic Beverages / Construction business → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,239 | 15.8% | S100WN39 |
| Capital expenditure | 154 | 2.0% | S100WN39 |
| Free cash flow | 1,085 | 13.8% | 算出 |
| Investing cash flow | -294 | -3.8% | S100WN39 |
| Financing cash flow | -355 | -4.5% | S100WN39 |
| Dividends paid | 38 | 0.5% | S100WN39 |
| Share buyback | 0 | 0.0% | S100WN39 |
| Change in cash | 587 | 7.5% | S100WN39 |
| Cash and equivalents | 3,316 | 42.3% | S100WN39 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,315 | 2,031 | 1,822 | 2,729 | 3,316 | S100RVVB, S100U56P, S100WN39 |
| Total assets | 7,082 | 7,142 | 7,178 | 8,667 | 9,344 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Net assets | 3,882 | 4,270 | 4,596 | 5,833 | 6,442 | S100RVVB, S100U56P, S100WN39 |
| Share capital | 943 | 943 | 943 | 943 | 943 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Inventories | 221 | 218 | 217 | 249 | 196 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Property, plant and equipment | 1,838 | 1,717 | 1,818 | 2,085 | 1,887 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Intangible assets excluding goodwill | 15 | 14 | 12 | 13 | 11 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Investment securities | 340 | 387 | 429 | 190 | 182 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Current assets | 4,096 | 4,199 | 4,066 | 5,902 | 6,768 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Current liabilities | 2,663 | 2,431 | 2,248 | 2,270 | 2,449 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Short-term borrowings | 1,605 | 1,503 | 1,323 | 1,291 | 1,077 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Long-term borrowings | 331 | 231 | 108 | 285 | 186 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Total liabilities | 3,200 | 2,872 | 2,581 | 2,834 | 2,902 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Non-controlling interests | — | — | — | 548 | 641 | S100WN39 |
| Equity attributable to owners of parent | 3,922 | 4,394 | 4,727 | 5,397 | 5,847 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Retained earnings | 2,420 | 2,892 | 3,226 | 3,895 | 4,345 | S100P4KN, S100RVVB, S100U56P, S100WN39 |
| Treasury stock | -36 | -36 | -36 | -36 | -36 | S100P4KN, S100RVVB, S100U56P, S100WN39 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100WN39 |
| Inventories | 2% | S100WN39 |
| Property, plant and equipment | 20% | S100WN39 |
| Intangibles and goodwill | 0% | S100WN39 |
| Investment securities | 2% | S100WN39 |
| Other assets | 40% | S100WN39 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100WN39 |
| Equity | 69% | S100WN39 |
| Other liabilities | 0% | S100WN39 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,082 | 7,142 | 7,178 | 8,667 | 9,344 |
| Equity | 3,882 | 4,270 | 4,596 | 5,833 | 6,442 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,315 | 2,031 | 1,822 | 2,729 | 3,316 |

## 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) | 24.1% | S100WN39 |
| Fixed assets ÷ total assets | 20.2% | S100WN39 |
| Goodwill ÷ parent equity | — | —, S100WN39 |

### 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) | 35.5% |
| Cash ÷ revenue | 42.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.6% |
| Cash vs. profit gap | 751 JPY mn (of net income 153.8%) |
| Shareholder returns / net income | 7.8% |
| Shareholder returns / FCF | 3.5% |
| Shareholder payments — dividends / net income | 7.8% |
| Shareholder payments — dividends / FCF | 3.5% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 23.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.5% | 0.91× | 7.7% | 1.81× | 13.9% | S100P4KN |
| 2022 | 8.6% | 0.84× | 7.2% | 1.71× | 12.3% | S100RVVB |
| 2023 | 6.4% | 0.81× | 5.2% | 1.57× | 8.1% | S100U56P |
| 2024 | 15.3% | 0.59× | 9.0% | 1.57× | 14.1% | S100WN39 |
| 2025 | 6.2% | 0.87× | 5.4% | 1.60× | 8.7% | S100WN39 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 賀和興産株式会社 | Major shareholder | 27.6% | 2025-06-30 |
| 株式会社ワイエスリー | Major shareholder | 25.5% | 2025-06-30 |
| 米田 秀之 | Major shareholder | 4.3% | 2025-06-30 |
| 株式会社福岡銀行 | Major shareholder | 3.9% | 2025-06-30 |
| 内藤 征吾 | Major shareholder | 3.1% | 2025-06-30 |
| キャタピラー九州株式会社 | Major shareholder | 3.0% | 2025-06-30 |
| 才田組従業員持株会 | Major shareholder | 2.9% | 2025-06-30 |
| 株式会社アーステクニカ | Major shareholder | 1.6% | 2025-06-30 |
| 才田 善之 | Major shareholder | 1.5% | 2025-06-30 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.4% | 2025-06-30 |
| 株式会社筑邦銀行 | Major shareholder | 1.4% | 2025-06-30 |
| 才田 善郎 | Major shareholder | 1.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2024/07/01－2025/06/30) | S100WN39 | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WN39,, |
| 有価証券報告書－第69期(2023/07/01－2024/06/30) | S100U56P | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U56P,, |
| 有価証券報告書－第68期(2022/07/01－2023/06/30) | S100RVVB | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVVB,, |
| 有価証券報告書－第67期(令和3年7月1日－令和4年6月30日) | S100P4KN | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P4KN,, |
| 有価証券報告書－第66期(令和2年7月1日－令和3年6月30日) | S100MH9Q | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MH9Q,, |
| 有価証券報告書－第65期(令和1年7月1日－令和2年6月30日) | S100JPUT | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JPUT,, |

## 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).