# Sekisui Jushi Corporation: 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92期(2025/04/01－2026/03/31) (S100YIY2)
> Page: https://vizora.meequs.com/en/company/sekisui-jushi
> Retrieved: 2026-09-30T21:44:00.604Z

## Company

Sekisui Jushi, founded in 1961, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 1,621 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sekisui Jushi Corporation |
| Ticker | 4212 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4212.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区西天満二丁目4番4号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 馬場 浩志 |
| Founded | Nov 1961 |
| Share capital | ¥12.3B |
| Employees (consolidated) | 1,621 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.sekisuijushi.co.jp (https://www.sekisuijushi.co.jp/) |
| Corporate number | 9120001059651 |
| EDINET | E01008 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YIY2, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.1 | 35 |
| Profitability | 38.8 | 40 |
| Cash conversion | 90.8 | 38 |
| Efficiency | 3.8 | 40 |
| Financial strength | 37.5 | 4 |

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 53% of Sekisui Jushi's sales come from Public Sector Business, with Private Sector Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +13.5%.

## Company structure

- Segment revenue mix: Public Sector Business 53.2%、Private Sector Business 46.8%
- Revenue → net income: ¥78163000000 → ¥4087000000
- Net income → operating cash flow: ¥4087000000 → ¥7994000000（difference ¥3907000000）
- Main uses of operating cash flow: CapEx ¥5301000000 / dividends ¥2185000000 / buybacks ¥2091000000
- Change in cash: ¥-540000000
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 | ¥78.2B |  |
| Operating income | ¥5.68B | Margin 7.3% |
| Net income | ¥3.98B | Margin 5.1% |
| Free cash flow | ¥2.69B |  |
| Largest business | Public Sector Business | of segment revenue 53.2% |
| Employees (consolidated) | 1,621 |  |
| EPS | ¥98.31 |  |
| Book value per share | ¥2440.44 |  |
| Equity ratio | 69.6% |  |
| Shares outstanding | 31,813,000 |  |
| Treasury shares | 1,764,500 |  |
| Shareholders | 4,708 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 10.7% | Net cash ¥1.23B · Cash ÷ revenue 19.6% |
| Vs. industry median margin | -1.5 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64735000000 | ¥78163000000 | +20.7% |
| Operating income | ¥10669000000 | ¥5685000000 | -46.7% |
| Operating margin | 16.5% | 7.3% | -9.2 pp |
| Employees | 1,309 people | 1,621 people | +23.8% |
| Cash and equivalents | ¥47286000000 | ¥15302000000 | -67.6% |

### 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 |
| --- | ---: |
| 公共分野 → 公共分野 | 51.6% |
| 民間分野 → 民間分野 | 46.8% |
| 民間分野 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 公共分野 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 78,163 | 100.0% | S100YIY2 |
| Cost of revenue | 53,823 | 68.9% | S100YIY2 |
| Gross profit | 24,339 | 31.1% | S100YIY2 |
| SG&A | 18,654 | 23.9% | S100YIY2 |
| Operating income | 5,685 | 7.3% | S100YIY2 |
| Ordinary income | 6,261 | 8.0% | S100YIY2 |
| Pretax income | 6,395 | 8.2% | S100YIY2 |
| Income tax | 2,308 | 3.0% | S100YIY2 |
| Net income | 4,087 | 5.2% | S100YIY2 |
| Net income attributable to owners | 3,975 | 5.1% | S100YIY2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.1% → Operating margin 7.3% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +13.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.54×
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 | 74,231 | 78,163 | 3,932 | +5.3% |
| Gross profit | 22,313 | 24,339 | 2,026 | +9.1% |
| Operating income | 5,011 | 5,685 | 674 | +13.5% |
| Net income attributable to owners | 3,544 | 3,975 | 431 | +12.2% |
| Operating cash flow | 6,211 | 7,994 | 1,783 | +28.7% |
| Free cash flow | 2,965 | 2,693 | -272 | -9.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 67,727 | 10,353 | 15.3% | 7,167 | 9,622 | 8,516 | S100LS9U |
| FY ending Mar 2021 | 64,735 | 10,669 | 16.5% | 7,546 | 9,286 | 8,545 | S100OH64 |
| FY ending Mar 2022 | 65,903 | 10,883 | 16.5% | 7,662 | 8,792 | 7,714 | S100R78N |
| FY ending Mar 2023 | 65,897 | 9,007 | 13.7% | 6,653 | 4,946 | 3,724 | S100TRKV |
| FY ending Mar 2024 | 62,790 | 6,298 | 10.0% | 4,671 | 1,104 | -774 | S100W6ZH |
| FY ending Mar 2025 | 74,231 | 5,011 | 6.8% | 3,544 | 6,211 | 2,965 | S100YIY2 |
| FY ending Mar 2026 | 78,163 | 5,685 | 7.3% | 3,975 | 7,994 | 2,693 | S100YIY2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.2M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 1,295 | 1,282 | 1,514 | 1,609 | 1,621 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.9M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 44.1 years | 44.9 years | 45.2 years | 44.4 years | 44.0 years |
| Average tenure (parent company) | 18.8 years | 18.5 years | 17.6 years | 17.8 years | 17.4 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Public Sector Business | 41,589 | 53.2% | 2,728 | 6.6% |
| Private Sector Business | 36,573 | 46.8% | 3,883 | 10.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Public Sector Business | 53.2% | 41.3% | -11.9 | 6.6% |
| Private Sector Business | 46.8% | 58.7% | 11.9 | 10.6% |

Segment → industry: Public Sector Business → Disaster Prevention & Infrastructure Maintenance / Private Sector Business → Housing Equipment & Building Materials

## 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 | 7,994 | 10.2% | S100YIY2 |
| Capital expenditure | 5,301 | 6.8% | S100YIY2 |
| Free cash flow | 2,693 | 3.4% | 算出 |
| Investing cash flow | -4,326 | -5.5% | S100YIY2 |
| Financing cash flow | -4,634 | -5.9% | S100YIY2 |
| Dividends paid | 2,185 | 2.8% | S100YIY2 |
| Share buyback | 2,091 | 2.7% | S100YIY2 |
| Change in cash | -540 | -0.7% | S100YIY2 |
| Cash and equivalents | 15,302 | 19.6% | S100YIY2 |

## 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 | 47,031 | 44,905 | 15,167 | 15,842 | 15,302 | S100TRKV, S100W6ZH, S100YIY2 |
| Total assets | 135,606 | 139,366 | 135,018 | 139,583 | 142,568 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Net assets | 108,387 | 111,589 | 98,829 | 97,441 | 101,103 | S100TRKV, S100W6ZH, S100YIY2 |
| Share capital | 12,334 | 12,334 | 12,334 | 12,334 | 12,334 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Property, plant and equipment | 14,094 | 14,271 | 18,651 | 21,430 | 22,455 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Intangible assets excluding goodwill | 249 | 254 | 17,916 | 19,019 | 19,759 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Goodwill | — | — | 12,641 | 12,556 | 12,290 | S100W6ZH, S100YIY2 |
| Investment securities | 17,276 | 16,375 | 17,528 | 16,062 | 17,290 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Current assets | 79,540 | 81,062 | 53,371 | 54,941 | 57,479 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Current liabilities | 23,139 | 24,038 | 30,061 | 34,035 | 26,240 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Trade payables | 8,234 | 8,592 | 7,924 | 8,703 | 7,875 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Short-term borrowings | 1,000 | 900 | 9,963 | 12,284 | 5,900 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Long-term borrowings | — | — | 139 | 1,734 | 3,474 | S100W6ZH, S100YIY2 |
| Bonds | — | — | — | — | 4,700 | S100YIY2 |
| Interest-bearing debt | — | — | — | — | 14,074 | 算出 |
| Total liabilities | 27,218 | 27,776 | 36,189 | 42,141 | 41,464 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Non-controlling interests | 1,569 | 1,580 | 1,657 | 1,771 | 1,856 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Equity attributable to owners of parent | 102,610 | 105,213 | 90,818 | 88,057 | 87,790 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Retained earnings | 81,741 | 85,738 | 66,481 | 64,366 | 66,149 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |
| Treasury stock | -4,619 | -6,011 | -1,149 | -1,796 | -3,845 | S100R78N, S100TRKV, S100W6ZH, S100YIY2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YIY2 |
| Property, plant and equipment | 16% | S100YIY2 |
| Intangibles and goodwill | 22% | S100YIY2 |
| Investment securities | 12% | S100YIY2 |
| Other assets | 39% | S100YIY2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YIY2 |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 14% | S100YIY2 |
| Equity | 71% | S100YIY2 |
| Other liabilities | 0% | S100YIY2 |

### 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 | 135,606 | 139,366 | 135,018 | 139,583 | 142,568 |
| Equity | 108,387 | 111,589 | 98,829 | 97,441 | 101,103 |
| Interest-bearing debt | — | — | — | — | 14,074 |
| Cash | 47,031 | 44,905 | 15,167 | 15,842 | 15,302 |

## 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) | 28.7% | S100YIY2 |
| Fixed assets ÷ total assets | 15.8% | S100YIY2 |
| Goodwill ÷ parent equity | 14.0% | S100YIY2 |

### 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) | 10.7% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | ¥1.23B |
| Net debt ÷ operating cash flow | -0.15× |
| Cash conversion (operating CF ÷ operating income) | 140.6% |
| Cash vs. profit gap | 4,019 JPY mn (of net income 101.1%) |
| Shareholder returns / net income | 107.6% |
| Shareholder returns / FCF | 158.8% |
| Shareholder payments — dividends / net income | 55.0% |
| Shareholder payments — dividends / FCF | 81.1% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 54.1% |

## 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 | 11.6% | 0.49× | 5.7% | 1.32× | 7.5% | S100R78N |
| 2023 | 10.1% | 0.48× | 4.8% | 1.32× | 6.4% | S100TRKV |
| 2024 | 7.4% | 0.46× | 3.4% | 1.40× | 4.8% | S100W6ZH |
| 2025 | 4.8% | 0.54× | 2.6% | 1.54× | 4.0% | S100YIY2 |
| 2026 | 5.1% | 0.55× | 2.8% | 1.60× | 4.5% | S100YIY2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(投資信託口) | Major shareholder | 6.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(その他信託口) | Major shareholder | 5.7% | 2026-03-31 |
| 積水化学工業株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| NIPPON ACTIVE VALUE FUND PLC (常任代理人 香港上海銀行東京支店) | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（投資信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 積水ハウス株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 積水化成品工業株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| 樹栄会持株会 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YIY2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIY2,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W6ZH | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6ZH,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TRKV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRKV,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R78N | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R78N,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OH64 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH64,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LS9U | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS9U,, |

## 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).