# SHIGEMATSU WORKS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/04/01－2026/03/31) (S100YKGZ)
> Page: https://vizora.meequs.com/en/company/shigematsu-works
> Retrieved: 2026-09-30T23:27:09.382Z

## Company

Shigematsu Works is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 399 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIGEMATSU WORKS CO.,LTD. |
| Ticker | 7980 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7980.T) |
| Listing | TSE Standard |
| Head office | 東京都北区西ケ原一丁目26番1号 |
| Representative (per filing) | 取締役社長 重松宣雄 |
| Share capital | ¥570M |
| Employees (consolidated) | 399 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.sts-japan.com (https://www.sts-japan.com/) |
| Corporate number | 6011501017030 |
| EDINET | E02383 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YKGZ, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.9 | 35 |
| Profitability | 33.8 | 40 |
| Cash conversion | 80.3 | 38 |
| Efficiency | 36.3 | 40 |

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)

- Shigematsu Works brought in ¥15.6B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.5% from the prior year, operating profit -1.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15593485000 → ¥702195000
- Net income → operating cash flow: ¥702195000 → ¥1214519000（difference ¥512324000）
- Main uses of operating cash flow: CapEx ¥2733271000 / dividends ¥106482000 / buybacks —
- Change in cash: ¥970094000
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 | ¥15.6B |  |
| Operating income | ¥1.05B | Margin 6.8% |
| Net income | ¥702.2M | Margin 4.5% |
| Free cash flow | -¥1.52B |  |
| Employees (consolidated) | 399 |  |
| EPS | ¥98.74 |  |
| Book value per share | ¥1326.95 |  |
| Equity ratio | 43.7% |  |
| Shares outstanding | 7,200,000 |  |
| Treasury shares | 88,600 |  |
| Shareholders | 4,650 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 9.8% |
| Vs. industry median margin | -2 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12699996000 | ¥15593485000 | +22.8% |
| Operating income | ¥823078000 | ¥1054837000 | +28.2% |
| Operating margin | 6.5% | 6.8% | +0.3 pp |
| Employees | 382 people | 399 people | +4.5% |
| Cash and equivalents | ¥716442000 | ¥1535771000 | +114.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,593 | 100.0% | S100YKGZ |
| Cost of revenue | 10,984 | 70.4% | S100YKGZ |
| Gross profit | 4,610 | 29.6% | S100YKGZ |
| SG&A | 3,555 | 22.8% | S100YKGZ |
| Operating income | 1,055 | 6.8% | S100YKGZ |
| Ordinary income | 933 | 6.0% | S100YKGZ |
| Pretax income | 911 | 5.8% | S100YKGZ |
| Income tax | 208 | 1.3% | S100YKGZ |
| Net income | 702 | 4.5% | S100YKGZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 23 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.6% → Operating margin 6.8% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.5%; Core profit growth: -1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.13×
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 | 14,113 | 15,593 | 1,481 | +10.5% |
| Gross profit | 4,431 | 4,610 | 179 | +4.0% |
| Operating income | 1,069 | 1,055 | -14 | -1.4% |
| Operating cash flow | 228 | 1,215 | 986 | +432.3% |
| Free cash flow | -1,982 | -1,519 | 463 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,597 | 307 | 2.7% | 266 | 978 | 379 | S100LU7H |
| FY ending Mar 2021 | 12,700 | 823 | 6.5% | 651 | 763 | -349 | S100OKKF |
| FY ending Mar 2022 | 11,919 | 605 | 5.1% | 589 | 491 | -8 | S100R1C0 |
| FY ending Mar 2023 | 12,876 | 965 | 7.5% | 748 | 1,124 | 574 | S100TQM3 |
| FY ending Mar 2024 | 12,995 | 785 | 6.0% | 584 | 966 | 126 | S100W6SJ |
| FY ending Mar 2025 | 14,113 | 1,069 | 7.6% | 781 | 228 | -1,982 | S100YKGZ |
| FY ending Mar 2026 | 15,593 | 1,055 | 6.8% | 702 | 1,215 | -1,519 | S100YKGZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 387 | 384 | 386 | 390 | 399 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥5.7M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 39.8 years | 41.5 years | 41.7 years | 41.8 years | 42.3 years |
| Average tenure (parent company) | 15.0 years | 16.5 years | 16.7 years | 16.8 years | 16.9 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +10.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,215 | 7.8% | S100YKGZ |
| Capital expenditure | 2,733 | 17.5% | S100YKGZ |
| Free cash flow | -1,519 | -9.7% | 算出 |
| Investing cash flow | -2,732 | -17.5% | S100YKGZ |
| Financing cash flow | 2,488 | 16.0% | S100YKGZ |
| Dividends paid | 106 | 0.7% | S100YKGZ |
| Change in cash | 970 | 6.2% | S100YKGZ |
| Cash and equivalents | 1,536 | 9.8% | S100YKGZ |

## 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 | 537 | 717 | 719 | 566 | 1,536 | S100TQM3, S100W6SJ, S100YKGZ |
| Total assets | 14,322 | 15,202 | 16,097 | 18,046 | 21,589 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Net assets | 6,497 | 7,348 | 8,283 | 8,565 | 9,436 | S100TQM3, S100W6SJ, S100YKGZ |
| Share capital | 570 | 570 | 570 | 570 | 570 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Property, plant and equipment | 3,956 | 3,820 | 3,843 | 4,943 | 6,986 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Intangible assets excluding goodwill | 92 | 145 | 375 | 604 | 477 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Investment securities | 1,590 | 1,840 | 2,499 | 1,932 | 2,334 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Current assets | 8,627 | 9,342 | 9,311 | 10,434 | 11,553 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Current liabilities | 5,156 | 5,125 | 4,776 | 7,320 | 6,330 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Short-term borrowings | 600 | 400 | 200 | 3,000 | 2,100 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Long-term borrowings | 1,925 | 1,910 | 2,030 | 1,290 | 4,808 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Total liabilities | 7,825 | 7,854 | 7,813 | 9,481 | 12,153 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Equity attributable to owners of parent | 5,492 | 6,169 | 6,647 | 7,338 | 7,934 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Retained earnings | 4,707 | 5,384 | 5,861 | 6,553 | 7,148 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |
| Treasury stock | -57 | -57 | -57 | -57 | -57 | S100R1C0, S100TQM3, S100W6SJ, S100YKGZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YKGZ |
| Property, plant and equipment | 32% | S100YKGZ |
| Intangibles and goodwill | 2% | S100YKGZ |
| Investment securities | 11% | S100YKGZ |
| Other assets | 48% | S100YKGZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YKGZ |
| Equity | 44% | S100YKGZ |

### 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 | 14,322 | 15,202 | 16,097 | 18,046 | 21,589 |
| Equity | 6,497 | 7,348 | 8,283 | 8,565 | 9,436 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 537 | 717 | 719 | 566 | 1,536 |

## 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) | 44.8% | S100YKGZ |
| Fixed assets ÷ total assets | 32.4% | S100YKGZ |
| Goodwill ÷ parent equity | — | —, S100YKGZ |

### 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) | 7.1% |
| Cash ÷ revenue | 9.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.1% |
| Cash vs. profit gap | 512 JPY mn (of net income 73.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.5% |
| Investing CF relative to operating CF | 225.0% |

## 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 | 4.9% | 0.83× | 4.1% | 2.61× | 10.7% | S100R1C0 |
| 2023 | 5.8% | 0.87× | 5.1% | 2.53× | 12.8% | S100TQM3 |
| 2024 | 4.5% | 0.83× | 3.7% | 2.44× | 9.1% | S100W6SJ |
| 2025 | 5.5% | 0.83× | 4.6% | 2.44× | 11.2% | S100YKGZ |
| 2026 | 4.5% | 0.79× | 3.5% | 2.60× | 9.2% | S100YKGZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エア・ウォーター防災株式会社 | Major shareholder | 10.3% | 2026-03-31 |
| 株式会社千代田テクノル | Major shareholder | 9.9% | 2026-03-31 |
| 重松宣雄 | Major shareholder | 6.3% | 2026-03-31 |
| シマツ株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 理研計器株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 鈴木祐人 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社重松製作所従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 藤倉航装株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YKGZ | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKGZ,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W6SJ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6SJ,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TQM3 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQM3,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R1C0 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1C0,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OKKF | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKKF,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LU7H | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU7H,, |

## 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).