# Sata 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77期(2025/04/01－2026/03/31) (S100YILD)
> Page: https://vizora.meequs.com/en/company/sata-construction
> Retrieved: 2026-09-30T17:54:00.636Z

## Company

Sata Construction, founded in 1949, is a company in General Contractors listed on TSE Standard. It has 463 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sata Construction Co., Ltd. |
| Ticker | 1826 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1826.T) |
| Listing | TSE Standard |
| Head office | 群馬県前橋市元総社町一丁目1番地の7 |
| Representative (per filing) | 代表取締役社長 星野 克行 |
| Founded | Oct 1949 |
| Share capital | ¥1.89B |
| Employees (consolidated) | 463 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.sata.co.jp (https://www.sata.co.jp/) |
| Corporate number | 9070001001420 |
| EDINET | E00121 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YILD, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.1 | 84 |
| Profitability | 24.5 | 92 |
| Cash conversion | 17 | 91 |
| Efficiency | 81 | 92 |
| Financial strength | 96.7 | 15 |

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 68% of Sata Construction's sales come from Construction related, with Engineering related and Side line business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit +84.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.8B |  |
| Operating income | ¥1.77B | Margin 4.8% |
| Net income | ¥964M | Margin 2.6% |
| Free cash flow | -¥834M |  |
| Largest business | Construction related | of segment revenue 68.3% |
| Employees (consolidated) | 463 |  |
| EPS | ¥56.88 |  |
| Book value per share | ¥718.27 |  |
| Equity ratio | 44.8% |  |
| Shares outstanding | 13,386,000 |  |
| Treasury shares | 1,340,200 |  |
| Shareholders | 4,237 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 34.1% | Net cash ¥6.42B · Cash ÷ revenue 23.5% |
| Vs. industry median margin | -2 pp | General Contractors |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 4.6× dividends
- FY2026, parent-company salary changed +22% over five years
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31689000000 | ¥36769000000 | +16.0% |
| Operating income | ¥1006000000 | ¥1772000000 | +76.1% |
| Operating margin | 3.2% | 4.8% | +1.6 pp |
| Employees | 475 people | 463 people | -2.5% |
| Cash and equivalents | ¥9524000000 | ¥8641000000 | -9.3% |

### 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 |
| --- | ---: |
| 土木関連 → 土木関連 | 30.5% |
| 土木関連 → 事業再編・廃止 | 12.8% |
| 建築関連 → 建築関連 | 55.6% |
| 兼業事業 → 兼業事業 | 1.1% |
| 新設・再編 → 建築関連 | 12.8% |
| 新設・再編 → 兼業事業 | 0.0% |

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 related | 5 years | +7.4% | ¥25125000000 | — | 2 |
| Engineering related | 5 years | -4.0% | ¥11213000000 | — | 2 |
| Side line business | 5 years | +3.8% | ¥431000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,769 | 100.0% | S100YILD |
| Cost of revenue | 32,856 | 89.4% | S100YILD |
| Gross profit | 3,912 | 10.6% | S100YILD |
| SG&A | 2,140 | 5.8% | S100YILD |
| Operating income | 1,772 | 4.8% | S100YILD |
| Ordinary income | 1,717 | 4.7% | S100YILD |
| Pretax income | 1,511 | 4.1% | S100YILD |
| Income tax | 546 | 1.5% | S100YILD |
| Net income | 964 | 2.6% | S100YILD |
| Net income attributable to owners | 964 | 2.6% | S100YILD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 6 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.6% → Operating margin 4.8% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.0%; Core profit growth: +84.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.06×
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 | 32,264 | 36,769 | 4,505 | +14.0% |
| Gross profit | 2,980 | 3,912 | 932 | +31.3% |
| Operating income | 960 | 1,772 | 812 | +84.6% |
| Net income attributable to owners | 611 | 964 | 353 | +57.8% |
| Operating cash flow | 900 | -701 | -1,601 | -177.9% |
| Free cash flow | 565 | -834 | -1,399 | -247.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,494 | 1,538 | 4.2% | 1,123 | 347 | 32 | S100NX9M |
| FY ending Mar 2021 | 31,689 | 1,006 | 3.2% | 651 | 194 | 185 | S100OEAW |
| FY ending Mar 2022 | 26,660 | 741 | 2.8% | 355 | 1,319 | 909 | S100R1RX |
| FY ending Mar 2023 | 30,121 | 1,823 | 6.1% | 1,325 | 2,907 | 2,717 | S100TU9V |
| FY ending Mar 2024 | 26,083 | 200 | 0.8% | 75 | 2,007 | 1,972 | S100W2PG |
| FY ending Mar 2025 | 32,264 | 960 | 3.0% | 611 | 900 | 565 | S100YILD |
| FY ending Mar 2026 | 36,769 | 1,772 | 4.8% | 964 | -701 | -834 | S100YILD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.4M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 477 | 450 | 460 | 454 | 463 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥6.4M | ¥6M | ¥6.6M |
| Average age (parent company) | 45.7 years | 46.0 years | 46.1 years | 46.2 years | 45.1 years |
| Average tenure (parent company) | 23.1 years | 23.5 years | 21.9 years | 21.9 years | 21.5 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +14.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering related | 11,213 | 30.5% | — | — |
| Construction related | 25,125 | 68.3% | — | — |
| Side line business | 431 | 1.2% | — | — |

### 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 |
| --- | ---: |
| Engineering related | 30.5% |
| Construction related | 68.3% |
| Side line business | 1.2% |

Segment → industry: Side line business → General Contractors / Construction related → General Contractors / Engineering related → 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 | -701 | -1.9% | S100YILD |
| Capital expenditure | 133 | 0.4% | S100YILD |
| Free cash flow | -834 | -2.3% | 算出 |
| Investing cash flow | -399 | -1.1% | S100YILD |
| Financing cash flow | -4,281 | -11.6% | S100YILD |
| Dividends paid | 919 | 2.5% | S100YILD |
| Share buyback | 4,246 | 11.5% | S100YILD |
| Change in cash | -5,381 | -14.6% | S100YILD |
| Cash and equivalents | 8,641 | 23.5% | S100YILD |

## 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 | 10,029 | 12,314 | 13,856 | 14,023 | 8,641 | S100TU9V, S100W2PG, S100YILD |
| Total assets | 25,837 | 26,781 | 26,297 | 27,489 | 25,352 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Net assets | 14,554 | 15,573 | 15,245 | 15,522 | 11,351 | S100TU9V, S100W2PG, S100YILD |
| Share capital | 1,886 | 1,886 | 1,886 | 1,886 | 1,886 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Property, plant and equipment | 4,168 | 4,051 | 3,968 | 4,173 | 3,910 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Intangible assets excluding goodwill | 332 | 312 | 295 | 278 | 255 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Investment securities | 417 | 429 | 415 | 415 | 673 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Current assets | 20,661 | 21,581 | 21,255 | 22,255 | 20,179 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Current liabilities | 10,100 | 9,689 | 10,039 | 10,578 | 12,518 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Short-term borrowings | 232 | 250 | 282 | 302 | 1,306 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Long-term borrowings | 20 | 260 | 278 | 326 | 220 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Bonds | 560 | 730 | 200 | 500 | 700 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Interest-bearing debt | 812 | 1,240 | 760 | 1,128 | 2,226 | 算出 |
| Total liabilities | 11,282 | 11,207 | 11,051 | 11,966 | 14,001 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Equity attributable to owners of parent | 13,583 | 14,725 | 14,407 | 14,687 | 10,498 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Retained earnings | 9,651 | 10,891 | 10,568 | 10,773 | 8,283 | S100R1RX, S100TU9V, S100W2PG, S100YILD |
| Treasury stock | -2 | -100 | -95 | -55 | -1,653 | S100R1RX, S100TU9V, S100W2PG, S100YILD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YILD |
| Property, plant and equipment | 15% | S100YILD |
| Intangibles and goodwill | 1% | S100YILD |
| Investment securities | 3% | S100YILD |
| Other assets | 47% | S100YILD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 46% | S100YILD |
| Equity | 45% | S100YILD |

### 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 | 25,837 | 26,781 | 26,297 | 27,489 | 25,352 |
| Equity | 14,554 | 15,573 | 15,245 | 15,522 | 11,351 |
| Interest-bearing debt | 812 | 1,240 | 760 | 1,128 | 2,226 |
| Cash | 10,029 | 12,314 | 13,856 | 14,023 | 8,641 |

## 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) | 10.6% | S100YILD |
| Fixed assets ÷ total assets | 15.4% | S100YILD |
| Goodwill ÷ parent equity | — | —, S100YILD |

### 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) | 34.1% |
| Cash ÷ revenue | 23.5% |
| Net cash (cash − interest-bearing debt) | ¥6.42B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -39.6% |
| Cash vs. profit gap | -1,665 JPY mn (of net income -172.7%) |
| Shareholder returns / net income | 535.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 95.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 | 1.3% | 1.03× | 1.4% | 1.90× | 2.6% | S100R1RX |
| 2023 | 4.4% | 1.14× | 5.0% | 1.86× | 9.4% | S100TU9V |
| 2024 | 0.3% | 0.98× | 0.3% | 1.82× | 0.5% | S100W2PG |
| 2025 | 1.9% | 1.20× | 2.3% | 1.85× | 4.2% | S100YILD |
| 2026 | 2.6% | 1.39× | 3.6% | 2.10× | 7.7% | S100YILD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スノーボールキャピタル | Major shareholder | 9.4% | 2026-03-31 |
| 佐田建設従業員持株会 | Major shareholder | 8.3% | 2026-03-31 |
| 佐田建設伸佐会持株会 | Major shareholder | 6.6% | 2026-03-31 |
| 斉丸千代 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社群馬銀行（常任代理人株式会社日本カストディ銀行） | Major shareholder | 4.4% | 2026-03-31 |
| 齊丸興業株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社ヤマト | Major shareholder | 2.7% | 2026-03-31 |
| 東京石灰工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社斉丸ビジネスカンパニー | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社斉丸不動産 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YILD | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YILD,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W2PG | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2PG,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TU9V | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU9V,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R1RX | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1RX,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OEAW | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEAW,, |
| 訂正有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100NX9M | 2022-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NX9M,, |

## 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).