# Shinwa Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/04/01－2026/03/31) (S100YJZ0)
> Page: https://vizora.meequs.com/en/company/shinwa-3447
> Retrieved: 2026-09-30T22:27:52.161Z

## Company

Shinwa, founded in 1979, is a company in General Contractors listed on TSE Standard. It has 358 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shinwa Co., Ltd. |
| Ticker | 3447 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3447.T) |
| Listing | TSE Standard |
| Head office | 岐阜県海津市平田町仏師川字村中30番7 |
| Representative (per filing) | 代表取締役社長 則武 栗夫 |
| Founded | Aug 1979 |
| Share capital | ¥153.6M |
| Employees (consolidated) | 358 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | ir.shinwa-jp.com (https://ir.shinwa-jp.com/) |
| Corporate number | 9010001162433 |
| EDINET | E33834 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YJZ0, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72 | 84 |
| Profitability | 90.8 | 92 |
| Cash conversion | 64.3 | 91 |
| Efficiency | 13.6 | 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)

- Shinwa brought in ¥20.1B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +15.1% from the prior year, operating profit +53.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20138628000 → ¥1715680000
- Net income → operating cash flow: ¥1715680000 → ¥2319062000（difference ¥603382000）
- Main uses of operating cash flow: CapEx ¥1146432000 / dividends ¥439894000 / buybacks ¥299971000
- Change in cash: ¥48507000
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 | ¥20.1B |  |
| Operating income | ¥2.49B | Margin 12.4% |
| Net income | ¥1.72B | Margin 8.5% |
| Free cash flow | ¥1.17B |  |
| Employees (consolidated) | 358 |  |
| EPS | ¥126.24 |  |
| Book value per share | ¥732.14 |  |
| Equity ratio | 52.9% | Derived from disclosed figures |
| Shares outstanding | 14,103,000 |  |
| Treasury shares | 544,100 |  |
| Shareholders | 12,376 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | +5.5 pp | General Contractors |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13885758000 | ¥20138628000 | +45.0% |
| Operating income | ¥1853029000 | ¥2488194000 | +34.3% |
| Operating margin | 13.3% | 12.4% | -1 pp |
| Employees | 148 people | 358 people | +141.9% |
| Cash and equivalents | ¥4738197000 | ¥2957164000 | -37.6% |

### 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.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,139 | 100.0% | S100YJZ0 |
| Cost of revenue | 14,705 | 73.0% | S100YJZ0 |
| Gross profit | 5,434 | 27.0% | S100YJZ0 |
| SG&A | 3,217 | 16.0% | S100YJZ0 |
| Operating income | 2,488 | 12.4% | S100YJZ0 |
| Pretax income | 2,313 | 11.5% | S100YJZ0 |
| Income tax | 598 | 3.0% | S100YJZ0 |
| Net income | 1,716 | 8.5% | S100YJZ0 |
| Net income attributable to owners | 1,718 | 8.5% | S100YJZ0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 16 |
| Other operating | -1 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 27.0% → Operating margin 12.4% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.1%; Core profit growth: +53.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.54×
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 | 17,503 | 20,139 | 2,636 | +15.1% |
| Gross profit | 4,418 | 5,434 | 1,016 | +23.0% |
| Operating income | 1,622 | 2,488 | 866 | +53.4% |
| Net income attributable to owners | 975 | 1,718 | 743 | +76.2% |
| Operating cash flow | 849 | 2,319 | 1,470 | +173.2% |
| Free cash flow | -820 | 1,173 | 1,993 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 15,194 | — | — | 1,681 | 1,757 | — | S100LRBF |
| FY ending Mar 2018 | 16,586 | — | — | 1,460 | 1,390 | — | S100ODXE |
| FY ending Mar 2019 | 17,512 | — | — | 1,331 | 1,767 | — | S100R1YT |
| FY ending Mar 2020 | 17,082 | 2,210 | 12.9% | 1,467 | 3,122 | 2,545 | S100LRBF |
| FY ending Mar 2021 | 13,886 | 1,853 | 13.3% | 1,232 | 2,892 | 2,664 | S100ODXE |
| FY ending Mar 2022 | 16,064 | 2,136 | 13.3% | 1,453 | 836 | 23 | S100R1YT |
| FY ending Mar 2023 | 14,757 | 1,502 | 10.2% | 1,008 | 686 | 33 | S100TSWL |
| FY ending Mar 2024 | 12,679 | 700 | 5.5% | 410 | 1,974 | 1,347 | S100W3UZ |
| FY ending Mar 2025 | 17,503 | 1,622 | 9.3% | 975 | 849 | -820 | S100YJZ0 |
| FY ending Mar 2026 | 20,139 | 2,488 | 12.4% | 1,718 | 2,319 | 1,173 | S100YJZ0 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.3M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 144 | 149 | 144 | 259 | 358 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.6M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 40.3 years | 40.5 years | 41.0 years | 41.5 years | 42.2 years |
| Average tenure (parent company) | 8.6 years | 9.1 years | 9.5 years | 9.4 years | 10.2 years |

Year over year: Employees (consolidated) +38.2% · Revenue (consolidated) +15.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,319 | 11.5% | S100YJZ0 |
| Capital expenditure | 1,146 | 5.7% | S100YJZ0 |
| Free cash flow | 1,173 | 5.8% | 算出 |
| Investing cash flow | -1,156 | -5.7% | S100YJZ0 |
| Financing cash flow | -1,115 | -5.5% | S100YJZ0 |
| Dividends paid | 440 | 2.2% | S100YJZ0 |
| Share buyback | 300 | 1.5% | S100YJZ0 |
| Change in cash | 49 | 0.2% | S100YJZ0 |
| Cash and equivalents | 2,957 | 14.7% | S100YJZ0 |

## 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 | 3,461 | 2,064 | 1,843 | 2,909 | 2,957 | S100TSWL, S100W3UZ, S100YJZ0 |
| Total assets | 22,516 | 21,295 | 20,676 | 29,968 | 31,984 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Net assets | 15,159 | 15,552 | 15,318 | 15,847 | 16,911 | S100TSWL, S100W3UZ, S100YJZ0 |
| Share capital | 154 | 154 | 154 | 154 | 154 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Property, plant and equipment | 2,451 | 2,404 | 2,488 | 5,163 | 6,607 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Goodwill | 9,222 | 9,222 | 9,222 | 12,265 | 12,284 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Current assets | 9,081 | 7,962 | 7,291 | 9,877 | 9,725 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Total liabilities | 7,357 | 5,743 | 5,357 | 14,121 | 15,074 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Equity attributable to owners of parent | 15,131 | 15,546 | 15,310 | 15,842 | 16,911 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Retained earnings | 8,211 | 8,622 | 8,364 | 8,885 | 10,176 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |
| Treasury stock | -163 | -152 | -148 | -138 | -412 | S100R1YT, S100TSWL, S100W3UZ, S100YJZ0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YJZ0 |
| Property, plant and equipment | 21% | S100YJZ0 |
| Intangibles and goodwill | 38% | — |
| Other assets | 32% | S100YJZ0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YJZ0 |
| Equity | 53% | S100YJZ0 |
| Other liabilities | 0% | S100YJZ0 |

### 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 | 22,516 | 21,295 | 20,676 | 29,968 | 31,984 |
| Equity | 15,159 | 15,552 | 15,318 | 15,847 | 16,911 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,461 | 2,064 | 1,843 | 2,909 | 2,957 |

## 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) | 32.8% | S100YJZ0 |
| Fixed assets ÷ total assets | 20.7% | S100YJZ0 |
| Goodwill ÷ parent equity | 72.6% | S100YJZ0 |

Goodwill over 4 years: 9,222 → 12,284 JPY; total investing cash flow: -7,579 JPY. This does not imply causation.

### 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) | 9.2% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.2% |
| Cash vs. profit gap | 601 JPY mn (of net income 35.0%) |
| Shareholder returns / net income | 43.1% |
| Shareholder returns / FCF | 63.1% |
| Shareholder payments — dividends / net income | 25.6% |
| Shareholder payments — dividends / FCF | 37.5% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 49.9% |

## 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 | 9.0% | 0.71× | 6.5% | 1.49× | 9.6% | S100R1YT |
| 2023 | 6.8% | 0.67× | 4.6% | 1.43× | 6.6% | S100TSWL |
| 2024 | 3.2% | 0.60× | 2.0% | 1.36× | 2.7% | S100W3UZ |
| 2025 | 5.6% | 0.69× | 3.9% | 1.63× | 6.3% | S100YJZ0 |
| 2026 | 8.5% | 0.65× | 5.5% | 1.89× | 10.5% | S100YJZ0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アルインコ株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 阪和興業株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 鬼頭 和也 | Major shareholder | 1.9% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 中山通商株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.9% | 2026-03-31 |
| 新海 秀治 | Major shareholder | 0.9% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 平野 真一 | Major shareholder | 0.8% | 2026-03-31 |
| 則武 栗夫 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YJZ0 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJZ0,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100W3UZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3UZ,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TSWL | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSWL,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100R1YT | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1YT,, |
| 有価証券報告書－第8期(令和3年4月1日－令和4年3月31日) | S100ODXE | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODXE,, |
| 有価証券報告書－第7期(令和2年4月1日－令和3年3月31日) | S100LRBF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRBF,, |

## 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).