# SPACE CO.,LTD.: 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54期(2025/01/01－2025/12/31) (S100XT9C)
> Page: https://vizora.meequs.com/en/company/space
> Retrieved: 2026-09-30T19:48:38.109Z

## Company

Space, founded in 1948, is a company in General Contractors listed on TSE Prime. It has 990 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SPACE CO.,LTD. |
| Ticker | 9622 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9622.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋人形町三丁目9番4号 |
| Representative (per filing) | 代表取締役社長 庄村香史 |
| Founded | Jul 1948 |
| Share capital | ¥3.4B |
| Employees (consolidated) | 990 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | December |
| Corporate number | 7010001047784 |
| EDINET | E04902 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100XT9C, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.1 | 84 |
| Profitability | 49.5 | 92 |
| Cash conversion | 46.7 | 91 |
| Efficiency | 92.9 | 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)

- Space brought in ¥71.5B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +39.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥71511451000 → ¥3781444000
- Net income → operating cash flow: ¥3781444000 → ¥2907603000（difference ¥-873841000）
- Main uses of operating cash flow: CapEx ¥607321000 / dividends ¥1493898000 / buybacks —
- Change in cash: ¥84530000
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 | ¥71.5B |  |
| Operating income | ¥4.83B | Margin 6.8% |
| Net income | ¥3.77B | Margin 5.3% |
| Free cash flow | ¥2.3B |  |
| Employees (consolidated) | 990 |  |
| EPS | ¥153.31 |  |
| Book value per share | ¥1399 |  |
| Equity ratio | 77.2% |  |
| Shares outstanding | 26,600,319 |  |
| Treasury shares | 2,066,500 |  |
| Shareholders | 6,247 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 30.0% | Cash ÷ revenue 18.9% |
| Vs. industry median margin | -0.1 pp | General Contractors |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +44% over five years
- FY2025, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40028088000 | ¥71511451000 | +78.7% |
| Operating income | ¥1343648000 | ¥4830872000 | +259.5% |
| Operating margin | 3.4% | 6.8% | +3.4 pp |
| Employees | 957 people | 990 people | +3.4% |
| Cash and equivalents | ¥13335921000 | ¥13544980000 | +1.6% |

### 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 | 71,511 | 100.0% | S100XT9C |
| Cost of revenue | 63,243 | 88.4% | S100XT9C |
| Gross profit | 8,269 | 11.6% | S100XT9C |
| SG&A | 3,438 | 4.8% | S100XT9C |
| Operating income | 4,831 | 6.8% | S100XT9C |
| Ordinary income | 4,879 | 6.8% | S100XT9C |
| Pretax income | 5,052 | 7.1% | S100XT9C |
| Income tax | 1,271 | 1.8% | S100XT9C |
| Net income | 3,781 | 5.3% | S100XT9C |
| Net income attributable to owners | 3,770 | 5.3% | S100XT9C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 5 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 11.6% → Operating margin 6.8% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +39.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.46×
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 | 64,190 | 71,511 | 7,322 | +11.4% |
| Gross profit | 7,064 | 8,269 | 1,205 | +17.1% |
| Operating income | 3,465 | 4,831 | 1,366 | +39.4% |
| Net income attributable to owners | 2,546 | 3,770 | 1,225 | +48.1% |
| Operating cash flow | 2,054 | 2,908 | 853 | +41.5% |
| Free cash flow | 1,697 | 2,300 | 604 | +35.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 50,151 | 3,145 | 6.3% | 1,929 | 836 | -16 | S100L2XC |
| FY ending Dec 2020 | 40,028 | 1,344 | 3.4% | 1,105 | 3,825 | 3,502 | S100NR00 |
| FY ending Dec 2021 | 42,408 | 2,228 | 5.3% | 1,514 | 2,283 | 2,253 | S100QFPG |
| FY ending Dec 2022 | 46,707 | 2,096 | 4.5% | 1,394 | -30 | -104 | S100T3N2 |
| FY ending Dec 2023 | 52,793 | 2,574 | 4.9% | 1,685 | 2,134 | 738 | S100VHBD |
| FY ending Dec 2024 | 64,190 | 3,465 | 5.4% | 2,546 | 2,054 | 1,697 | S100XT9C |
| FY ending Dec 2025 | 71,511 | 4,831 | 6.8% | 3,770 | 2,908 | 2,300 | S100XT9C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.2M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 892 | 851 | 852 | 910 | 990 |
| Average salary (parent company) | ¥6.4M | ¥6.7M | ¥7.4M | ¥8.9M | ¥9.2M |
| Average age (parent company) | 38.5 years | 39.3 years | 39.1 years | 38.8 years | 38.2 years |
| Average tenure (parent company) | 13.4 years | 14.0 years | 13.7 years | 13.1 years | 12.5 years |

Year over year: Employees (consolidated) +8.8% · Revenue (consolidated) +11.4%

## 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 | 2,908 | 4.1% | S100XT9C |
| Capital expenditure | 607 | 0.8% | S100XT9C |
| Free cash flow | 2,300 | 3.2% | 算出 |
| Investing cash flow | -1,327 | -1.9% | S100XT9C |
| Financing cash flow | -1,500 | -2.1% | S100XT9C |
| Dividends paid | 1,494 | 2.1% | S100XT9C |
| Change in cash | 85 | 0.1% | S100XT9C |
| Cash and equivalents | 13,545 | 18.9% | S100XT9C |

## 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 | 14,791 | 13,681 | 11,771 | 13,460 | 13,545 | S100T3N2, S100VHBD, S100XT9C |
| Total assets | 34,615 | 35,404 | 37,626 | 40,969 | 45,133 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Net assets | 29,298 | 29,597 | 30,753 | 32,705 | 34,917 | S100T3N2, S100VHBD, S100XT9C |
| Share capital | 3,396 | 3,396 | 3,396 | 3,396 | 3,396 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Property, plant and equipment | 8,813 | 8,697 | 9,822 | 9,886 | 10,032 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Intangible assets excluding goodwill | 683 | 494 | 310 | 194 | 300 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Investment securities | 760 | 826 | 819 | 927 | 1,058 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Current assets | 23,382 | 24,525 | 24,718 | 27,680 | 31,202 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Current liabilities | 4,742 | 5,106 | 6,139 | 7,593 | 9,555 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Long-term borrowings | 60 | 60 | 60 | 53 | 47 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Total liabilities | 5,317 | 5,807 | 6,872 | 8,264 | 10,217 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Non-controlling interests | 19 | 34 | 51 | 61 | 72 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Equity attributable to owners of parent | 28,973 | 29,479 | 30,293 | 31,857 | 34,169 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Retained earnings | 23,313 | 23,938 | 24,740 | 26,292 | 28,567 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |
| Treasury stock | -1,341 | -1,461 | -1,453 | -1,445 | -1,421 | S100QFPG, S100T3N2, S100VHBD, S100XT9C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XT9C |
| Property, plant and equipment | 22% | S100XT9C |
| Intangibles and goodwill | 1% | S100XT9C |
| Investment securities | 2% | S100XT9C |
| Other assets | 45% | S100XT9C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XT9C |
| Equity | 77% | S100XT9C |
| Other liabilities | 0% | S100XT9C |

### 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 | 34,615 | 35,404 | 37,626 | 40,969 | 45,133 |
| Equity | 29,298 | 29,597 | 30,753 | 32,705 | 34,917 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,791 | 13,681 | 11,771 | 13,460 | 13,545 |

## 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) | 14.0% | S100XT9C |
| Fixed assets ÷ total assets | 22.2% | S100XT9C |
| Goodwill ÷ parent equity | — | —, S100XT9C |

### 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) | 30.0% |
| Cash ÷ revenue | 18.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.2% |
| Cash vs. profit gap | -863 JPY mn (of net income -22.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.6% |
| Shareholder payments — dividends / FCF | 64.9% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 45.6% |

## 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 | 3.6% | 1.23× | 4.4% | 1.19× | 5.2% | S100QFPG |
| 2022 | 3.0% | 1.33× | 4.0% | 1.20× | 4.8% | S100T3N2 |
| 2023 | 3.2% | 1.45× | 4.6% | 1.22× | 5.6% | S100VHBD |
| 2024 | 4.0% | 1.63× | 6.5% | 1.26× | 8.2% | S100XT9C |
| 2025 | 5.3% | 1.66× | 8.8% | 1.30× | 11.4% | S100XT9C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| スペ－ス従業員持株会 | Major shareholder | 12.3% | 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 | 7.7% | 2025-12-31 |
| スペース取引先持株会 | Major shareholder | 7.0% | 2025-12-31 |
| 加藤 千寿夫 | Major shareholder | 5.5% | 2025-12-31 |
| 若林 弘之 | Major shareholder | 4.7% | 2025-12-31 |
| 高津 伸生 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社名古屋銀行 | Major shareholder | 1.6% | 2025-12-31 |
| 後藤 廣高 | Major shareholder | 1.4% | 2025-12-31 |
| 若林 幸子 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/01/01－2025/12/31) | S100XT9C | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT9C,, |
| 訂正有価証券報告書－第53期(2024/01/01－2024/12/31) | S100VHBD | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHBD,, |
| 有価証券報告書－第52期(2023/01/01－2023/12/31) | S100T3N2 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3N2,, |
| 有価証券報告書－第51期(2022/01/01－2022/12/31) | S100QFPG | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFPG,, |
| 有価証券報告書－第50期(令和3年1月1日－令和3年12月31日) | S100NR00 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR00,, |
| 有価証券報告書－第49期(令和2年1月1日－令和2年12月31日) | S100L2XC | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2XC,, |

## 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).