# SEIKITOKYU 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77期(2025/04/01－2026/03/31) (S100YEPV)
> Page: https://vizora.meequs.com/en/company/seikitokyu-kogyo
> Retrieved: 2026-09-30T18:27:13.519Z

## Company

Seikitokyu Kogyo, founded in 1950, is a company in Cement & Concrete listed on TSE Prime. It has 1,169 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIKITOKYU KOGYO CO., LTD. |
| Ticker | 1898 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1898.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝公園二丁目9番3号 |
| Representative (per filing) | 取締役社長 平喜一 |
| Founded | Jan 1950 |
| Share capital | ¥2B |
| Employees (consolidated) | 1,169 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.seikitokyu.co.jp (https://www.seikitokyu.co.jp/) |
| Corporate number | 1010401015438 |
| EDINET | E00176 |
| Industries (Vizora) | Cement & Concrete, General Contractors |

> Profile source: annual securities report (S100YEPV, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.5 | 84 |
| Profitability | 46.2 | 92 |
| Cash conversion | 80.8 | 91 |
| Efficiency | 60.3 | 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 78% of Seikitokyu Kogyo's sales come from Construction, with Pavement material manufacturing and sales and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -4.1% from the prior year, operating profit +9.8%.

## Company structure

- Segment revenue mix: Construction 78.4%、Pavement material manufacturing and sales 21.5%、Other 0.1%
- Revenue → net income: ¥95259000000 → ¥4666000000
- Net income → operating cash flow: ¥4666000000 → ¥11417000000（difference ¥6751000000）
- Main uses of operating cash flow: CapEx ¥1808000000 / dividends ¥2923000000 / buybacks ¥0
- Change in cash: ¥6685000000
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 | ¥95.3B |  |
| Operating income | ¥6.42B | Margin 6.7% |
| Net income | ¥4.67B | Margin 4.9% |
| Free cash flow | ¥9.61B |  |
| Largest business | Construction | of segment revenue 78.4% |
| Employees (consolidated) | 1,169 |  |
| EPS | ¥115.05 |  |
| Book value per share | ¥1018.23 |  |
| Equity ratio | 52.3% |  |
| Shares outstanding | 37,424,000 |  |
| Treasury shares | 792,300 |  |
| Shareholders | 24,421 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | -0.1 pp | General Contractors |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥90025000000 | ¥95259000000 | +5.8% |
| Operating income | ¥8470000000 | ¥6417000000 | -24.2% |
| Operating margin | 9.4% | 6.7% | -2.7 pp |
| Employees | 1,043 people | 1,169 people | +12.1% |
| Cash and equivalents | ¥14035000000 | ¥14437000000 | +2.9% |

### 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 | 78.4% |
| 建設事業 → 事業再編・廃止 | 4.2% |
| 舗装資材製造販売事業 → 舗装資材製造販売事業 | 17.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → 舗装資材製造販売事業 | 4.2% |
| 新設・再編 → その他 | 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 | 5 years | +0.1% | ¥74658000000 | 9.7% | 2 |
| Pavement material manufacturing and sales | 5 years | +5.6% | ¥20467000000 | 14.7% | 2 |
| Other | 5 years | +4.4% | ¥133000000 | 166.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 95,259 | 100.0% | S100YEPV |
| Cost of revenue | 82,419 | 86.5% | S100YEPV |
| Gross profit | 12,840 | 13.5% | S100YEPV |
| SG&A | 6,422 | 6.7% | S100YEPV |
| Operating income | 6,417 | 6.7% | S100YEPV |
| Ordinary income | 6,278 | 6.6% | S100YEPV |
| Pretax income | 6,392 | 6.7% | S100YEPV |
| Income tax | 1,725 | 1.8% | S100YEPV |
| Net income | 4,666 | 4.9% | S100YEPV |
| Net income attributable to owners | 4,666 | 4.9% | S100YEPV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 7 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 13.5% → Operating margin 6.7% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.1%; Core profit growth: +9.8%
Operating leverage (core profit growth ÷ revenue growth): -2.39×
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 | 99,358 | 95,259 | -4,099 | -4.1% |
| Gross profit | 12,033 | 12,840 | 807 | +6.7% |
| Operating income | 5,842 | 6,417 | 575 | +9.8% |
| Net income attributable to owners | 3,887 | 4,666 | 779 | +20.0% |
| Operating cash flow | -971 | 11,417 | 12,388 | — |
| Free cash flow | -2,307 | 9,609 | 11,916 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 78,631 | 5,961 | 7.6% | 6,544 | 4,461 | 973 | S100LLM8 |
| FY ending Mar 2021 | 90,025 | 8,470 | 9.4% | 5,180 | 1,138 | -2,592 | S100OB2Q |
| FY ending Mar 2022 | 85,132 | 4,418 | 5.2% | 3,304 | 4,646 | 1,130 | S100R05N |
| FY ending Mar 2023 | 92,414 | 2,669 | 2.9% | 1,127 | 2,380 | -2,667 | S100TNWD |
| FY ending Mar 2024 | 88,037 | 4,091 | 4.6% | 2,740 | 10,949 | 8,016 | S100W69L |
| FY ending Mar 2025 | 99,358 | 5,842 | 5.9% | 3,887 | -971 | -2,307 | S100YEPV |
| FY ending Mar 2026 | 95,259 | 6,417 | 6.7% | 4,666 | 11,417 | 9,609 | S100YEPV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.5M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥4M |

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) | 1,098 | 1,117 | 1,149 | 1,152 | 1,169 |
| Average salary (parent company) | ¥7.7M | ¥7.9M | ¥7.8M | ¥7.7M | ¥8.2M |
| Average age (parent company) | 41.5 years | 40.8 years | 40.5 years | 40.5 years | 40.7 years |
| Average tenure (parent company) | 16.0 years | 15.2 years | 14.7 years | 14.7 years | 14.6 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) -4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 74,658 | 78.4% | 7,252 | 9.7% |
| Pavement material manufacturing and sales | 20,467 | 21.5% | 2,999 | 14.7% |
| Other | 133 | 0.1% | 221 | 166.2% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 78.4% | 69.3% | -9.1 | 9.7% |
| Pavement material manufacturing and sales | 21.5% | 28.6% | 7.2 | 14.7% |
| Other | 0.1% | 2.1% | 2.0 | 166.2% |

Segment → industry: Pavement material manufacturing and sales → Cement & Concrete / 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 | 11,417 | 12.0% | S100YEPV |
| Capital expenditure | 1,808 | 1.9% | S100YEPV |
| Free cash flow | 9,609 | 10.1% | 算出 |
| Investing cash flow | -1,706 | -1.8% | S100YEPV |
| Financing cash flow | -3,025 | -3.2% | S100YEPV |
| Dividends paid | 2,923 | 3.1% | S100YEPV |
| Share buyback | 0 | 0.0% | S100YEPV |
| Change in cash | 6,685 | 7.0% | S100YEPV |
| Cash and equivalents | 14,437 | 15.2% | S100YEPV |

## 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 | 12,814 | 8,173 | 13,440 | 7,751 | 14,437 | S100TNWD, S100W69L, S100YEPV |
| Total assets | 78,295 | 78,762 | 76,042 | 82,556 | 84,530 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Net assets | 40,497 | 39,660 | 40,533 | 41,692 | 44,215 | S100TNWD, S100W69L, S100YEPV |
| Share capital | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Property, plant and equipment | 24,852 | 26,750 | 26,880 | 25,932 | 25,790 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Intangible assets excluding goodwill | 250 | 239 | 266 | 269 | 312 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Investment securities | 290 | 302 | 375 | 415 | 323 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Current assets | 51,489 | 49,992 | 47,153 | 51,233 | 52,540 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Current liabilities | 29,307 | 31,164 | 28,713 | 36,656 | 31,480 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Short-term borrowings | 107 | 106 | 106 | 5,106 | 105 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Long-term borrowings | 6,900 | 6,800 | 6,700 | 1,600 | 6,500 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Total liabilities | 37,797 | 39,101 | 35,509 | 40,863 | 40,314 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Equity attributable to owners of parent | 40,266 | 39,506 | 39,541 | 40,373 | 42,121 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Retained earnings | 40,248 | 37,810 | 37,816 | 38,421 | 40,135 | S100R05N, S100TNWD, S100W69L, S100YEPV |
| Treasury stock | -2,502 | -803 | -786 | -671 | -652 | S100R05N, S100TNWD, S100W69L, S100YEPV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YEPV |
| Property, plant and equipment | 31% | S100YEPV |
| Intangibles and goodwill | 0% | S100YEPV |
| Investment securities | 0% | S100YEPV |
| Other assets | 52% | S100YEPV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YEPV |
| Equity | 52% | S100YEPV |
| Other liabilities | 0% | S100YEPV |

### 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 | 78,295 | 78,762 | 76,042 | 82,556 | 84,530 |
| Equity | 40,497 | 39,660 | 40,533 | 41,692 | 44,215 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,814 | 8,173 | 13,440 | 7,751 | 14,437 |

## 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) | 27.1% | S100YEPV |
| Fixed assets ÷ total assets | 30.5% | S100YEPV |
| Goodwill ÷ parent equity | — | —, S100YEPV |

### 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) | 17.1% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 177.9% |
| Cash vs. profit gap | 6,751 JPY mn (of net income 144.7%) |
| Shareholder returns / net income | 62.6% |
| Shareholder returns / FCF | 30.4% |
| Shareholder payments — dividends / net income | 62.6% |
| Shareholder payments — dividends / FCF | 30.4% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 14.9% |

## 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 | 3.9% | 1.09× | 4.2% | 1.94× | 8.2% | S100R05N |
| 2023 | 1.2% | 1.18× | 1.4% | 1.97× | 2.8% | S100TNWD |
| 2024 | 3.1% | 1.14× | 3.5% | 1.96× | 6.9% | S100W69L |
| 2025 | 3.9% | 1.25× | 4.9% | 1.98× | 9.7% | S100YEPV |
| 2026 | 4.9% | 1.14× | 5.6% | 2.03× | 11.3% | S100YEPV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東急建設株式会社 | Major shareholder | 24.4% | 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 | 9.0% | 2026-03-31 |
| 東急株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 世紀東急工業従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社五十畑 | Major shareholder | 1.4% | 2026-03-31 |
| 斉丸 千代 | Major shareholder | 1.3% | 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 | 1.0% | 2026-03-31 |
| 世紀東急工業取引先持株会 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YEPV | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEPV,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W69L | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W69L,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TNWD | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNWD,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R05N | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R05N,, |
| 有価証券報告書 | S100OB2Q | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB2Q,, |
| 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) | S100LLM8 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLM8,, |

## 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).