# SONEC 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86期(2025/04/01－2026/03/31) (S100YEJU)
> Page: https://vizora.meequs.com/en/company/sonec
> Retrieved: 2026-09-30T20:24:07.466Z

## Company

Sonec, founded in 1944, is a company in General Contractors listed on TSE Standard. It has 133 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SONEC CORPORATION |
| Ticker | 1768 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1768.T) |
| Listing | TSE Standard |
| Head office | 兵庫県高砂市曽根町2257番地の1 |
| Representative (per filing) | 代表取締役社長 山本 貴弘 |
| Founded | Mar 1944 |
| Share capital | ¥723M |
| Employees (consolidated) | 133 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.sonec-const.co.jp (https://www.sonec-const.co.jp/) |
| Corporate number | 6140001044324 |
| EDINET | E00279 |
| Industries (Vizora) | General Contractors, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YEJU, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.1 | 84 |
| Profitability | 75.5 | 92 |
| Cash conversion | 79.7 | 91 |
| Efficiency | 90.8 | 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)

- About 99% of Sonec's sales come from Construction projects, with Transportation business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +49.7% from the prior year, operating profit +184.7%.

## Company structure

- Segment revenue mix: Construction projects 98.8%、Transportation business 1.2%
- Revenue → net income: ¥22753788000 → ¥1366954000
- Net income → operating cash flow: ¥1366954000 → ¥3319261000（difference ¥1952307000）
- Main uses of operating cash flow: CapEx ¥233427000 / dividends ¥221814000 / buybacks —
- Change in cash: ¥2750566000
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 | ¥22.8B |  |
| Operating income | ¥1.88B | Margin 8.2% |
| Net income | ¥1.37B | Margin 6.0% |
| Free cash flow | ¥3.09B |  |
| Largest business | Construction projects | of segment revenue 98.8% |
| Employees (consolidated) | 133 |  |
| EPS | ¥184.9 |  |
| Book value per share | ¥1389.19 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 7,500,000 |  |
| Treasury shares | 194,600 |  |
| Shareholders | 6,685 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 17.8% |
| Vs. industry median margin | +1.4 pp | General Contractors |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16298974000 | ¥22753788000 | +39.6% |
| Operating income | ¥1212575000 | ¥1875447000 | +54.7% |
| Operating margin | 7.4% | 8.2% | +0.8 pp |
| Employees | 119 people | 133 people | +11.8% |
| Cash and equivalents | ¥4224645000 | ¥4055963000 | -4.0% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 98.7% |
| 運輸事業 → 運輸事業 | 1.2% |
| 運輸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 建設事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,754 | 100.0% | S100YEJU |
| Cost of revenue | 19,992 | 87.9% | S100YEJU |
| Gross profit | 2,762 | 12.1% | S100YEJU |
| SG&A | 886 | 3.9% | S100YEJU |
| Operating income | 1,875 | 8.2% | S100YEJU |
| Ordinary income | 1,987 | 8.7% | S100YEJU |
| Pretax income | 1,960 | 8.6% | S100YEJU |
| Income tax | 593 | 2.6% | S100YEJU |
| Net income | 1,367 | 6.0% | S100YEJU |
| Net income attributable to owners | 1,367 | 6.0% | S100YEJU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 4 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 12.1% → Operating margin 8.2% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +49.7%; Core profit growth: +184.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.71×
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 | 15,197 | 22,754 | 7,557 | +49.7% |
| Gross profit | 1,438 | 2,762 | 1,324 | +92.0% |
| Operating income | 659 | 1,875 | 1,217 | +184.7% |
| Net income attributable to owners | 501 | 1,367 | 866 | +172.9% |
| Operating cash flow | -654 | 3,319 | 3,973 | — |
| Free cash flow | -1,072 | 3,086 | 4,157 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,857 | 806 | 5.1% | 540 | -822 | -854 | S100LMB8 |
| FY ending Mar 2021 | 16,299 | 1,213 | 7.4% | 867 | 1,534 | 1,448 | S100OAWU |
| FY ending Mar 2022 | 17,159 | 1,108 | 6.5% | 800 | 178 | -18 | S100RY68 |
| FY ending Mar 2023 | 18,040 | 940 | 5.2% | 689 | 2,136 | 1,873 | S100TLYX |
| FY ending Mar 2024 | 16,180 | 249 | 1.5% | 145 | -2,667 | -2,681 | S100VZLG |
| FY ending Mar 2025 | 15,197 | 659 | 4.3% | 501 | -654 | -1,072 | S100YEJU |
| FY ending Mar 2026 | 22,754 | 1,875 | 8.2% | 1,367 | 3,319 | 3,086 | S100YEJU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥171.1M |
| Operating income per employee (consolidated) | ¥14.1M |
| Net income per employee (consolidated) | ¥10.3M |

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) | 124 | 127 | 128 | 130 | 133 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.3M | ¥6.1M | ¥7.1M |
| Average age (parent company) | 41.4 years | 41.3 years | 41.5 years | 41.0 years | 40.5 years |
| Average tenure (parent company) | 15.0 years | 14.6 years | 14.9 years | 13.5 years | 13.1 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +49.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction projects | 22,486 | 98.8% | 1,860 | 8.3% |
| Transportation business | 268 | 1.2% | 16 | 5.9% |

### 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 projects | 98.8% | 99.2% | 0.3 | 8.3% |
| Transportation business | 1.2% | 0.8% | -0.3 | 5.9% |

Segment → industry: Construction projects → General Contractors / Transportation business → Trucking & Parcel Delivery

## 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 | 3,319 | 14.6% | S100YEJU |
| Capital expenditure | 233 | 1.0% | S100YEJU |
| Free cash flow | 3,086 | 13.6% | 算出 |
| Investing cash flow | -345 | -1.5% | S100YEJU |
| Financing cash flow | -223 | -1.0% | S100YEJU |
| Dividends paid | 222 | 1.0% | S100YEJU |
| Change in cash | 2,751 | 12.1% | S100YEJU |
| Cash and equivalents | 4,056 | 17.8% | S100YEJU |

## 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 | 3,934 | 5,581 | 2,652 | 1,305 | 4,056 | S100TLYX, S100VZLG, S100YEJU |
| Total assets | 11,291 | 11,547 | 11,618 | 12,897 | 15,715 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Net assets | 8,113 | 8,649 | 8,710 | 9,059 | 10,398 | S100TLYX, S100VZLG, S100YEJU |
| Share capital | 723 | 723 | 723 | 723 | 723 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Property, plant and equipment | 1,254 | 1,362 | 1,324 | 1,536 | 1,617 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Intangible assets excluding goodwill | 25 | 29 | 32 | 109 | 173 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Investment securities | 363 | 445 | 647 | 762 | 1,136 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Current assets | 9,429 | 9,473 | 9,353 | 10,295 | 12,637 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Current liabilities | 2,945 | 2,642 | 2,558 | 3,616 | 5,038 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Total liabilities | 3,177 | 2,897 | 2,908 | 3,838 | 5,317 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Equity attributable to owners of parent | 8,006 | 8,476 | 8,402 | 8,683 | 9,831 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Retained earnings | 6,926 | 7,395 | 7,321 | 7,603 | 8,751 | S100RY68, S100TLYX, S100VZLG, S100YEJU |
| Treasury stock | -119 | -119 | -119 | -119 | -119 | S100RY68, S100TLYX, S100VZLG, S100YEJU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YEJU |
| Property, plant and equipment | 10% | S100YEJU |
| Intangibles and goodwill | 1% | S100YEJU |
| Investment securities | 7% | S100YEJU |
| Other assets | 56% | S100YEJU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YEJU |
| Equity | 66% | S100YEJU |
| Other liabilities | 0% | S100YEJU |

### 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 | 11,291 | 11,547 | 11,618 | 12,897 | 15,715 |
| Equity | 8,113 | 8,649 | 8,710 | 9,059 | 10,398 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,934 | 5,581 | 2,652 | 1,305 | 4,056 |

## 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) | 7.1% | S100YEJU |
| Fixed assets ÷ total assets | 10.3% | S100YEJU |
| Goodwill ÷ parent equity | — | —, S100YEJU |

### 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) | 25.8% |
| Cash ÷ revenue | 17.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 177.0% |
| Cash vs. profit gap | 1,952 JPY mn (of net income 142.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.2% |
| Shareholder payments — dividends / FCF | 7.2% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 10.4% |

## 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 | 4.7% | 1.52× | 7.1% | 1.41× | 10.0% | S100RY68 |
| 2023 | 3.8% | 1.58× | 6.0% | 1.39× | 8.4% | S100TLYX |
| 2024 | 0.9% | 1.40× | 1.3% | 1.37× | 1.7% | S100VZLG |
| 2025 | 3.3% | 1.24× | 4.1% | 1.43× | 5.9% | S100YEJU |
| 2026 | 6.0% | 1.59× | 9.6% | 1.55× | 14.8% | S100YEJU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 富士京不動産株式会社 | Major shareholder | 35.8% | 2026-03-31 |
| ソネック取引先持株会 | Major shareholder | 11.3% | 2026-03-31 |
| ソネック社員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社海老名組 | Major shareholder | 1.2% | 2026-03-31 |
| 渡邊 弘 | Major shareholder | 1.2% | 2026-03-31 |
| 山本組子 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社則政組 | Major shareholder | 0.9% | 2026-03-31 |
| 栄藤電気株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YEJU | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEJU,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100VZLG | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZLG,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TLYX | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLYX,, |
| 訂正有価証券報告書－第83期(2022/04/01－2023/03/31) | S100RY68 | 2023-10-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY68,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100OAWU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAWU,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LMB8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMB8,, |

## 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).