# SEMBA CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/01/01－2025/12/31) (S100XTA7)
> Page: https://vizora.meequs.com/en/company/semba1008
> Retrieved: 2026-09-30T19:00:14.683Z

## Company

Semba, founded in 1951, is a company in General Contractors listed on TSE Standard. It has 554 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEMBA CORPORATION |
| Ticker | 6540 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6540.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 小田切潤 |
| Founded | Jan 1951 |
| Share capital | ¥448.2M |
| Employees (consolidated) | 554 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.semba1008.co.jp (https://www.semba1008.co.jp/) |
| Corporate number | 4010501032297 |
| EDINET | E32796 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100XTA7, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.4 | 84 |
| Profitability | 52.7 | 92 |
| Cash conversion | 12.6 | 91 |
| Efficiency | 85.3 | 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)

- Semba brought in ¥32.8B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +13.4% from the prior year, operating profit +20.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥32.8B |  |
| Operating income | ¥2.31B | Margin 7.0% |
| Net income | ¥1.52B | Margin 4.6% |
| Free cash flow | -¥2.19B |  |
| Employees (consolidated) | 554 |  |
| EPS | ¥122.2 |  |
| Book value per share | ¥1039.86 |  |
| Equity ratio | 65.9% |  |
| Shares outstanding | 10,747,058 |  |
| Treasury shares | 76,800 |  |
| Shareholders | 3,311 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 41.3% | Cash ÷ revenue 27.9% |
| Vs. industry median margin | +0.2 pp | General Contractors |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +61% over five years
- FY2025, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21707313000 | ¥32831820000 | +51.2% |
| Operating income | ¥380755000 | ¥2305369000 | +505.5% |
| Operating margin | 1.8% | 7.0% | +5.3 pp |
| Employees | 598 people | 554 people | -7.4% |
| Cash and equivalents | ¥8218501000 | ¥9149743000 | +11.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,832 | 100.0% | S100XTA7 |
| Cost of revenue | 26,743 | 81.5% | S100XTA7 |
| Gross profit | 6,089 | 18.5% | S100XTA7 |
| SG&A | 3,784 | 11.5% | S100XTA7 |
| Operating income | 2,305 | 7.0% | S100XTA7 |
| Ordinary income | 2,350 | 7.2% | S100XTA7 |
| Pretax income | 2,406 | 7.3% | S100XTA7 |
| Income tax | 891 | 2.7% | S100XTA7 |
| Net income | 1,515 | 4.6% | S100XTA7 |
| Net income attributable to owners | 1,515 | 4.6% | S100XTA7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 18.5% → Operating margin 7.0% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.4%; Core profit growth: +20.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.51×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,957 | 32,832 | 3,875 | +13.4% |
| Gross profit | 5,756 | 6,089 | 333 | +5.8% |
| Operating income | 1,918 | 2,305 | 387 | +20.2% |
| Net income attributable to owners | 1,499 | 1,515 | 16 | +1.1% |
| Operating cash flow | 3,528 | -2,141 | -5,669 | -160.7% |
| Free cash flow | 3,389 | -2,192 | -5,581 | -164.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 28,363 | 1,272 | 4.5% | 964 | 635 | 528 | S100KZT8 |
| FY ending Dec 2020 | 21,707 | 381 | 1.8% | 357 | 447 | 281 | S100NPR6 |
| FY ending Dec 2021 | 19,271 | 463 | 2.4% | 297 | 537 | 402 | S100QFR7 |
| FY ending Dec 2022 | 22,810 | 776 | 3.4% | 452 | 1,280 | 1,132 | S100T3SK |
| FY ending Dec 2023 | 24,887 | 1,288 | 5.2% | 1,034 | -655 | -777 | S100VKEL |
| FY ending Dec 2024 | 28,957 | 1,918 | 6.6% | 1,499 | 3,528 | 3,389 | S100XTA7 |
| FY ending Dec 2025 | 32,832 | 2,305 | 7.0% | 1,515 | -2,141 | -2,192 | S100XTA7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.3M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 570 | 531 | 509 | 520 | 554 |
| Average salary (parent company) | ¥4.7M | ¥5.2M | ¥5.6M | ¥6M | ¥7.6M |
| Average age (parent company) | 40.6 years | 41.8 years | 42.3 years | 42.1 years | 40.7 years |
| Average tenure (parent company) | 16.1 years | 16.5 years | 18.2 years | 16.9 years | 14.4 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) +13.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,141 | -6.5% | S100XTA7 |
| Capital expenditure | 51 | 0.2% | S100XTA7 |
| Free cash flow | -2,192 | -6.7% | 算出 |
| Investing cash flow | 28 | 0.1% | S100XTA7 |
| Financing cash flow | -745 | -2.3% | S100XTA7 |
| Dividends paid | 744 | 2.3% | S100XTA7 |
| Share buyback | 0 | 0.0% | S100XTA7 |
| Change in cash | -2,799 | -8.5% | S100XTA7 |
| Cash and equivalents | 9,150 | 27.9% | S100XTA7 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,656 | 9,561 | 8,787 | 11,949 | 9,150 | S100T3SK, S100VKEL, S100XTA7 |
| Total assets | 16,806 | 17,349 | 19,575 | 23,320 | 22,138 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Net assets | 10,861 | 11,226 | 12,247 | 13,624 | 14,590 | S100T3SK, S100VKEL, S100XTA7 |
| Share capital | 299 | 327 | 364 | 420 | 448 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Trade receivables | 3,913 | — | — | — | — | S100QFR7 |
| Inventories | 856 | 719 | 654 | 948 | 848 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Property, plant and equipment | 609 | 621 | 557 | 621 | 591 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Intangible assets excluding goodwill | 244 | 248 | 208 | 136 | 90 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Investment securities | 341 | 362 | 393 | 265 | 197 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Current assets | 15,083 | 15,672 | 17,703 | 20,973 | 19,840 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Current liabilities | 5,436 | 5,809 | 7,149 | 9,469 | 7,110 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Trade payables | 3,091 | 2,393 | 3,364 | 3,978 | 3,251 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Total liabilities | 5,945 | 6,123 | 7,328 | 9,696 | 7,549 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Equity attributable to owners of parent | 10,640 | 10,892 | 11,660 | 12,752 | 13,579 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Retained earnings | 9,077 | 9,272 | 9,967 | 10,946 | 11,717 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QFR7, S100T3SK, S100VKEL, S100XTA7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XTA7 |
| Inventories | 4% | S100XTA7 |
| Property, plant and equipment | 3% | S100XTA7 |
| Intangibles and goodwill | 0% | S100XTA7 |
| Investment securities | 1% | S100XTA7 |
| Other assets | 51% | S100XTA7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100XTA7 |
| Other liabilities | 19% | S100XTA7 |
| Equity | 66% | S100XTA7 |
| Other liabilities | 0% | S100XTA7 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,806 | 17,349 | 19,575 | 23,320 | 22,138 |
| Equity | 10,861 | 11,226 | 12,247 | 13,624 | 14,590 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,656 | 9,561 | 8,787 | 11,949 | 9,150 |

## 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) | 1.8% | S100XTA7 |
| Fixed assets ÷ total assets | 2.7% | S100XTA7 |
| Goodwill ÷ parent equity | — | —, S100XTA7 |

### 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) | 41.3% |
| Cash ÷ revenue | 27.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -92.9% |
| Cash vs. profit gap | -3,656 JPY mn (of net income -241.3%) |
| Shareholder returns / net income | 49.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.5% | 1.15× | 1.8% | 1.58× | 2.8% | S100QFR7 |
| 2022 | 2.0% | 1.34× | 2.6% | 1.59× | 4.2% | S100T3SK |
| 2023 | 4.2% | 1.35× | 5.6% | 1.64× | 9.2% | S100VKEL |
| 2024 | 5.2% | 1.35× | 7.0% | 1.76× | 12.3% | S100XTA7 |
| 2025 | 4.6% | 1.44× | 6.7% | 1.73× | 11.5% | S100XTA7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社リヤ興産 | Major shareholder | 41.1% | 2025-12-31 |
| 栗山 浩一 | Major shareholder | 7.9% | 2025-12-31 |
| 船場従業員持株会 | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2025-12-31 |
| 栗山 茂 | Major shareholder | 3.0% | 2025-12-31 |
| 栗山 嘉子 | Major shareholder | 2.7% | 2025-12-31 |
| 永井 詳二 | Major shareholder | 2.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.7% | 2025-12-31 |
| 廣澤 敦子 | Major shareholder | 1.7% | 2025-12-31 |
| ＢＮＹＭ ＲＥ ＢＮＹＭＬＢ ＲＥ ＧＰＰ ＣＬＩＥＮＴ ＭＯＮＥＹ ＡＮＤ ＡＳＳＥＴＳ ＡＣ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/01/01－2025/12/31) | S100XTA7 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTA7,, |
| 訂正有価証券報告書－第64期(2024/01/01－2024/12/31) | S100VKEL | 2025-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VKEL,, |
| 有価証券報告書－第63期(2023/01/01－2023/12/31) | S100T3SK | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3SK,, |
| 有価証券報告書－第62期(2022/01/01－2022/12/31) | S100QFR7 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFR7,, |
| 有価証券報告書－第61期(令和3年1月1日－令和3年12月31日) | S100NPR6 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPR6,, |
| 有価証券報告書－第60期(令和2年1月1日－令和2年12月31日) | S100KZT8 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZT8,, |

## 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).