# SHIMIZU 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124期(2025/04/01－2026/03/31) (S100YDXD)
> Page: https://vizora.meequs.com/en/company/shimizu
> Retrieved: 2026-09-30T19:07:33.067Z

## Company

Shimizu, founded in 1915, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 22,278 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIMIZU CORPORATION |
| Ticker | 1803 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1803.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目16番1号 |
| Representative (per filing) | 取締役社長 新村達也 |
| Founded | Oct 1915 |
| Share capital | ¥74.4B |
| Employees (consolidated) | 22,278 |
| Average salary (parent only) | ¥10.4M |
| Fiscal year end | March |
| Website | www.shimz.co.jp (https://www.shimz.co.jp/) |
| Corporate number | 1010401013565 |
| EDINET | E00053 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YDXD, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.5 | 84 |
| Profitability | 36.4 | 92 |
| Cash conversion | 33.5 | 91 |
| Efficiency | 27.7 | 92 |
| Financial strength | 43.3 | 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 72% of Shimizu's sales come from Construction business of the Corporation, with Other and Road Construction and Paving Work making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +67.1%.

## Company structure

- Segment revenue mix: Construction business of the Corporation 71.8%、Other 18.1%、Road Construction and Paving Work 7.6%、Real estate business of the Corporation 2.6%
- Revenue → net income: ¥2057802000000 → ¥129089000000
- Net income → operating cash flow: ¥129089000000 → ¥41639000000（difference ¥-87450000000）
- Main uses of operating cash flow: CapEx ¥98654000000 / dividends ¥28872000000 / buybacks ¥10014000000
- Change in cash: ¥-83651000000
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 | ¥2.06T |  |
| Operating income | ¥118.7B | Margin 5.8% |
| Net income | ¥126.6B | Margin 6.2% |
| Free cash flow | -¥57B |  |
| Largest business | Construction business of the Corporation | of segment revenue 71.8% |
| Employees (consolidated) | 22,278 |  |
| EPS | ¥196.02 |  |
| Book value per share | ¥1179.34 |  |
| Equity ratio | 36.8% |  |
| Shares outstanding | 716,689,413 |  |
| Treasury shares | 37,488,100 |  |
| Shareholders | 53,777 |  |
| Average salary (parent only) | ¥10.4M | Filing company only |
| Cash ratio | 13.4% | Net cash -¥167.8B · Cash ÷ revenue 17.2% |
| Vs. industry median margin | -1.1 pp | General Contractors |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1456473000000 | ¥2057802000000 | +41.3% |
| Operating income | ¥100151000000 | ¥118669000000 | +18.5% |
| Operating margin | 6.9% | 5.8% | -1.1 pp |
| Employees | 16,586 people | 22,278 people | +34.3% |
| Cash and equivalents | ¥276321000000 | ¥354492000000 | +28.3% |

### 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 |
| --- | ---: |
| 当社建設事業 → 当社建設事業 | 71.8% |
| 当社建設事業 → 事業再編・廃止 | 8.0% |
| 当社投資開発事業 → 当社投資開発事業 | 2.6% |
| 当社投資開発事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 17.1% |
| 新設・再編 → 道路舗装事業 | 7.6% |
| 新設・再編 → その他 | 1.0% |

Segment revenue source references: 7 (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 business of the Corporation | 5 years | +4.9% | ¥1477782000000 | 6.1% | 2 |
| Other | 5 years | +8.4% | ¥371693000000 | 8.2% | 2 |
| Road Construction and Paving Work | 3 years | +3.4% | ¥155745000000 | 6.8% | 2 |
| Real estate business of the Corporation | 5 years | +2.9% | ¥52581000000 | 31.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,057,802 | 100.0% | S100YDXD |
| Cost of revenue | 1,799,710 | 87.5% | S100YDXD |
| Gross profit | 258,091 | 12.5% | S100YDXD |
| SG&A | 139,422 | 6.8% | S100YDXD |
| Operating income | 118,669 | 5.8% | S100YDXD |
| Ordinary income | 122,324 | 5.9% | S100YDXD |
| Pretax income | 193,336 | 9.4% | S100YDXD |
| Income tax | 64,247 | 3.1% | S100YDXD |
| Net income | 129,089 | 6.3% | S100YDXD |
| Net income attributable to owners | 126,617 | 6.2% | S100YDXD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 7 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 12.5% → Operating margin 5.8% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +67.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.50×
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 | 1,944,360 | 2,057,802 | 113,442 | +5.8% |
| Gross profit | 195,454 | 258,091 | 62,637 | +32.0% |
| Operating income | 71,030 | 118,669 | 47,639 | +67.1% |
| Net income attributable to owners | 66,015 | 126,617 | 60,602 | +91.8% |
| Operating cash flow | 159,094 | 41,639 | -117,455 | -73.8% |
| Free cash flow | 125,018 | -57,015 | -182,033 | -145.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,698,292 | 133,894 | 7.9% | 98,977 | 170,557 | 46,653 | S100LSED |
| FY ending Mar 2021 | 1,456,473 | 100,151 | 6.9% | 77,176 | 80,674 | -42,218 | S100OG9M |
| FY ending Mar 2022 | 1,482,961 | 45,145 | 3.0% | 47,761 | 77,772 | -31,994 | S100R7BX |
| FY ending Mar 2023 | 1,933,814 | 54,647 | 2.8% | 49,057 | 83,842 | 15,267 | S100TSMP |
| FY ending Mar 2024 | 2,005,518 | -24,685 | -1.2% | 17,163 | -21,253 | -78,950 | S100W7C5 |
| FY ending Mar 2025 | 1,944,360 | 71,030 | 3.7% | 66,015 | 159,094 | 125,018 | S100YDXD |
| FY ending Mar 2026 | 2,057,802 | 118,669 | 5.8% | 126,617 | 41,639 | -57,015 | S100YDXD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.4M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 19,661 | 19,869 | 20,515 | 21,286 | 22,278 |
| Average salary (parent company) | ¥9.8M | ¥9.7M | ¥9.8M | ¥10.1M | ¥10.4M |
| Average age (parent company) | 43.1 years | 43.4 years | 43.6 years | 43.7 years | 43.7 years |
| Average tenure (parent company) | 15.6 years | 15.9 years | 15.9 years | 16.0 years | 16.1 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business of the Corporation | 1,477,782 | 71.8% | 90,681 | 6.1% |
| Real estate business of the Corporation | 52,581 | 2.6% | 16,734 | 31.8% |
| Road Construction and Paving Work | 155,745 | 7.6% | 10,585 | 6.8% |
| Other | 371,693 | 18.1% | 30,527 | 8.2% |

### 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 business of the Corporation | 71.8% | 61.1% | -10.8 | 6.1% |
| Real estate business of the Corporation | 2.6% | 11.3% | 8.7 | 31.8% |
| Road Construction and Paving Work | 7.6% | 7.1% | -0.4 | 6.8% |
| Other | 18.1% | 20.6% | 2.5 | 8.2% |

Segment → industry: Real estate business of the Corporation → Real Estate Development & Leasing / Road Construction and Paving Work → General Contractors / Construction business of the Corporation → 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 | 41,639 | 2.0% | S100YDXD |
| Capital expenditure | 98,654 | 4.8% | S100YDXD |
| Free cash flow | -57,015 | -2.8% | 算出 |
| Investing cash flow | -6,858 | -0.3% | S100YDXD |
| Financing cash flow | -120,591 | -5.9% | S100YDXD |
| Dividends paid | 28,872 | 1.4% | S100YDXD |
| Share buyback | 10,014 | 0.5% | S100YDXD |
| Change in cash | -83,651 | -4.1% | S100YDXD |
| Cash and equivalents | 354,492 | 17.2% | S100YDXD |

## 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 | 287,134 | 386,750 | 339,240 | 438,144 | 354,492 | S100TSMP, S100W7C5, S100YDXD |
| Total assets | 2,128,356 | 2,448,010 | 2,538,769 | 2,524,219 | 2,654,382 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Net assets | 875,172 | 907,277 | 948,059 | 923,922 | 1,001,175 | S100TSMP, S100W7C5, S100YDXD |
| Share capital | 74,365 | 74,365 | 74,365 | 74,365 | 74,365 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Property, plant and equipment | 614,625 | 635,247 | 638,582 | 629,217 | 658,797 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Intangible assets excluding goodwill | 21,069 | 21,465 | 22,215 | 33,974 | 42,020 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Investment securities | 326,835 | 312,968 | 373,014 | 299,507 | 303,343 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Current assets | 1,150,085 | 1,453,897 | 1,470,680 | 1,517,057 | 1,612,004 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Current liabilities | 848,195 | 1,086,086 | 1,188,396 | 1,208,382 | 1,240,276 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Short-term borrowings | 130,609 | 225,655 | 242,147 | 243,576 | 237,383 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Long-term borrowings | 99,945 | 134,781 | 131,890 | 132,362 | 128,930 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Bonds | 110,000 | 130,000 | 125,000 | 126,000 | 156,000 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Interest-bearing debt | 340,554 | 490,436 | 499,037 | 501,938 | 522,313 | 算出 |
| Total liabilities | 1,253,184 | 1,540,732 | 1,590,709 | 1,600,296 | 1,653,206 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Non-controlling interests | 50,675 | 54,718 | 59,520 | 63,844 | 23,198 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Equity attributable to owners of parent | 666,959 | 702,081 | 677,206 | 693,234 | 783,563 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Retained earnings | 592,199 | 625,324 | 586,761 | 612,186 | 710,527 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |
| Treasury stock | -43,282 | -41,299 | -27,506 | -36,903 | -43,821 | S100R7BX, S100TSMP, S100W7C5, S100YDXD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YDXD |
| Property, plant and equipment | 25% | S100YDXD |
| Intangibles and goodwill | 2% | S100YDXD |
| Investment securities | 11% | S100YDXD |
| Other assets | 49% | S100YDXD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 42% | S100YDXD |
| Equity | 38% | S100YDXD |
| Other liabilities | 0% | S100YDXD |

### 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 | 2,128,356 | 2,448,010 | 2,538,769 | 2,524,219 | 2,654,382 |
| Equity | 875,172 | 907,277 | 948,059 | 923,922 | 1,001,175 |
| Interest-bearing debt | 340,554 | 490,436 | 499,037 | 501,938 | 522,313 |
| Cash | 287,134 | 386,750 | 339,240 | 438,144 | 354,492 |

## 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) | 32.0% | S100YDXD |
| Fixed assets ÷ total assets | 24.8% | S100YDXD |
| Goodwill ÷ parent equity | — | —, S100YDXD |

### 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) | 13.4% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | -¥167.8B |
| Net debt ÷ operating cash flow | 4.03× |
| Cash conversion (operating CF ÷ operating income) | 35.1% |
| Cash vs. profit gap | -84,978 JPY mn (of net income -67.1%) |
| Shareholder returns / net income | 30.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 16.5% |

## 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 | 3.2% | 0.70× | 2.2% | 3.19× | 7.2% | S100R7BX |
| 2023 | 2.5% | 0.85× | 2.1% | 3.34× | 7.2% | S100TSMP |
| 2024 | 0.9% | 0.80× | 0.7% | 3.62× | 2.5% | S100W7C5 |
| 2025 | 3.4% | 0.77× | 2.6% | 3.69× | 9.6% | S100YDXD |
| 2026 | 6.2% | 0.79× | 4.9% | 3.51× | 17.1% | S100YDXD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.2% | 2026-03-31 |
| 清水地所株式会社 | Major shareholder | 12.2% | 2026-03-31 |
| 社会福祉法人清水基金 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 一般財団法人住総研 | Major shareholder | 3.5% | 2026-03-31 |
| 清水建設グループ従業員持株会 | 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 | 2.2% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（金銭信託課税口） | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥2.06T, up +5.8% from ¥1.94T.
- Profit rose much faster: operating income climbed +67.1% to ¥118.7B, and net income attributable to owners rose +91.8% to ¥126.6B.
- Cash was a different story. Operating cash flow fell from ¥159.1B to ¥41.6B, and free cash flow turned negative at -¥57B.

### Drivers

- Domestic building projects became more profitable, which raised gross profit on construction work.
- Net income also got a lift from gains on selling investment securities, booked as extraordinary income.
- Operating cash flow shrank because more money was tied up in receivables from customers.

### Risks

- If material prices or labor rates rise sharply after a contract is signed and cannot be passed on, project profits can suffer.
- The skilled construction workforce is aging, and a shortage of new workers could hold back the company's capacity to build.
- Serious accidents or quality defects on site could bring large repair costs and delays.

Cited: Annual Securities Report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100YDXD | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDXD,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100W7C5 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7C5,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TSMP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSMP,, |
| 有価証券報告書－第121期(2022/04/01－2023/03/31) | S100R7BX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7BX,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100OG9M | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG9M,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LSED | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSED,, |

## 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).