# TAIHEI DENGYO KAISHA,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第86期(2025/04/01－2026/03/31) (S100YPZ0)
> Page: https://vizora.meequs.com/en/company/taihei-dengyo-kaisha
> Retrieved: 2026-09-30T22:03:12.692Z

## Company

Taihei Dengyo Kaisha, founded in 1947, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 1,878 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIHEI DENGYO KAISHA,LTD. |
| Ticker | 1968 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1968.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田神保町二丁目4番地 |
| Representative (per filing) | 代表取締役社長執行役員 伊藤浩明 |
| Founded | Mar 1947 |
| Share capital | ¥7.07B |
| Employees (consolidated) | 1,878 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Corporate number | 4010001008748 |
| EDINET | E00113 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YPZ0, filed 2026-07-10). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.8 | 72 |
| Profitability | 59.9 | 76 |
| Cash conversion | 7.4 | 74 |
| Efficiency | 27 | 76 |

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 69% of Taihei Dengyo Kaisha's sales come from Maintenance work department, with Construction work department making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +12.7% from the prior year, operating profit +13.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥141.7B |  |
| Operating income | ¥14.8B | Margin 10.5% |
| Net income | ¥11.9B | Margin 8.4% |
| Free cash flow | -¥6.79B |  |
| Largest business | Maintenance work department | of segment revenue 68.6% |
| Employees (consolidated) | 1,878 |  |
| EPS | ¥182.62 |  |
| Diluted EPS | ¥182.61 |  |
| Book value per share | ¥1941.42 |  |
| Equity ratio | 72.1% |  |
| Shares outstanding | 65,195,000 |  |
| Treasury shares | 1,860,000 |  |
| Shareholders | 3,914 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | +1.4 pp | Plant Engineering & Building Services |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, employees -1% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥127779000000 | ¥141657000000 | +10.9% |
| Operating income | ¥7400000000 | ¥14839000000 | +100.5% |
| Operating margin | 5.8% | 10.5% | +4.7 pp |
| Employees | 1,979 people | 1,878 people | -5.1% |
| Cash and equivalents | ¥30941000000 | ¥35169000000 | +13.7% |

### 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 |
| --- | ---: |
| 建設工事部門 → 建設工事部門 | 31.4% |
| 建設工事部門 → 事業再編・廃止 | 13.6% |
| 補修工事部門 → 補修工事部門 | 55.0% |
| 新設・再編 → 補修工事部門 | 13.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 141,657 | 100.0% | S100YPZ0 |
| Cost of revenue | 116,085 | 81.9% | S100YPZ0 |
| Gross profit | 25,572 | 18.1% | S100YPZ0 |
| SG&A | 10,732 | 7.6% | S100YPZ0 |
| Operating income | 14,839 | 10.5% | S100YPZ0 |
| Ordinary income | 16,246 | 11.5% | S100YPZ0 |
| Pretax income | 17,596 | 12.4% | S100YPZ0 |
| Income tax | 5,537 | 3.9% | S100YPZ0 |
| Net income | 12,058 | 8.5% | S100YPZ0 |
| Net income attributable to owners | 11,902 | 8.4% | S100YPZ0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 8 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 18.1% → Operating margin 10.5% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.7%; Core profit growth: +13.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.09×
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 | 125,670 | 141,657 | 15,987 | +12.7% |
| Gross profit | 23,344 | 25,572 | 2,228 | +9.5% |
| Operating income | 13,037 | 14,839 | 1,802 | +13.8% |
| Net income attributable to owners | 9,753 | 11,902 | 2,149 | +22.0% |
| Operating cash flow | -2,525 | -5,817 | -3,292 | — |
| Free cash flow | -3,340 | -6,787 | -3,447 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 119,459 | 9,450 | 7.9% | 6,190 | -3,587 | -7,759 | S100LU1C |
| FY ending Mar 2021 | 127,779 | 7,400 | 5.8% | 5,613 | 19,576 | 17,935 | S100ONNK |
| FY ending Mar 2022 | 126,908 | 10,457 | 8.2% | 8,406 | 613 | -7,765 | S100R9LQ |
| FY ending Mar 2023 | 125,774 | 14,345 | 11.4% | 10,619 | 32,501 | 31,455 | S100TU63 |
| FY ending Mar 2024 | 129,363 | 10,049 | 7.8% | 8,395 | -4,639 | -5,491 | S100W75I |
| FY ending Mar 2025 | 125,670 | 13,037 | 10.4% | 9,753 | -2,525 | -3,340 | S100YPZ0 |
| FY ending Mar 2026 | 141,657 | 14,839 | 10.5% | 11,902 | -5,817 | -6,787 | S100YPZ0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.4M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥6.3M |

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) | 1,970 | 1,899 | 1,878 | 1,903 | 1,878 |
| Average salary (parent company) | ¥7.1M | ¥7.5M | ¥7.6M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 41.3 years | 42.1 years | 42.6 years | 42.7 years | 43.0 years |
| Average tenure (parent company) | 15.0 years | 15.6 years | 16.1 years | 16.1 years | 16.7 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +12.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction work department | 44,531 | 31.4% | 2,966 | 6.7% |
| Maintenance work department | 97,125 | 68.6% | 16,113 | 16.6% |

### 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 work department | 31.4% | 15.5% | -15.9 | 6.7% |
| Maintenance work department | 68.6% | 84.5% | 15.9 | 16.6% |

Segment → industry: Maintenance work department → Plant Engineering & Building Services / Construction work department → Plant Engineering & Building Services

## 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 | -5,817 | -4.1% | S100YPZ0 |
| Capital expenditure | 970 | 0.7% | S100YPZ0 |
| Free cash flow | -6,787 | -4.8% | 算出 |
| Investing cash flow | 746 | 0.5% | S100YPZ0 |
| Financing cash flow | -1,983 | -1.4% | S100YPZ0 |
| Dividends paid | 3,647 | 2.6% | S100YPZ0 |
| Share buyback | 1 | 0.0% | S100YPZ0 |
| Change in cash | -6,935 | -4.9% | S100YPZ0 |
| Cash and equivalents | 35,169 | 24.8% | S100YPZ0 |

## 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 | 19,397 | 48,689 | 41,919 | 42,104 | 35,169 | S100TU63, S100W75I, S100YPZ0 |
| Total assets | 131,738 | 147,039 | 153,023 | 155,076 | 175,365 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Net assets | 80,423 | 89,533 | 100,592 | 115,057 | 127,939 | S100TU63, S100W75I, S100YPZ0 |
| Share capital | 4,000 | 4,000 | 4,000 | 6,657 | 7,070 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Property, plant and equipment | 21,137 | 21,275 | 20,892 | 20,207 | 19,895 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Intangible assets excluding goodwill | 340 | 272 | 236 | 225 | 263 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Goodwill | 24 | — | — | — | — | S100R9LQ |
| Investment securities | 10,092 | 11,499 | 16,676 | 17,635 | 23,060 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Current assets | 89,631 | 104,316 | 106,832 | 108,609 | 123,185 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Current liabilities | 33,875 | 38,750 | 39,116 | 23,491 | 27,321 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Long-term borrowings | 8,143 | 9,255 | 8,631 | 6,726 | 8,858 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Bonds | 5,000 | 5,000 | — | 5,000 | 5,000 | S100R9LQ, S100TU63, S100YPZ0 |
| Total liabilities | 51,314 | 57,506 | 52,430 | 40,018 | 47,426 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Non-controlling interests | 1,256 | 1,308 | 1,361 | 1,396 | 1,520 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Equity attributable to owners of parent | 77,216 | 85,997 | 93,530 | 107,046 | 116,109 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Retained earnings | 70,456 | 79,166 | 85,270 | 92,394 | 100,633 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |
| Treasury stock | -2,157 | -2,087 | -1,621 | -1,195 | -1,196 | S100R9LQ, S100TU63, S100W75I, S100YPZ0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YPZ0 |
| Property, plant and equipment | 12% | S100YPZ0 |
| Intangibles and goodwill | 0% | S100YPZ0 |
| Investment securities | 13% | S100YPZ0 |
| Other assets | 55% | S100YPZ0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YPZ0 |
| Equity | 73% | S100YPZ0 |

### 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 | 131,738 | 147,039 | 153,023 | 155,076 | 175,365 |
| Equity | 80,423 | 89,533 | 100,592 | 115,057 | 127,939 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,397 | 48,689 | 41,919 | 42,104 | 35,169 |

## 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% | S100YPZ0 |
| Fixed assets ÷ total assets | 11.3% | S100YPZ0 |
| Goodwill ÷ parent equity | — | —, S100YPZ0 |

### 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) | 20.1% |
| Cash ÷ revenue | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -39.2% |
| Cash vs. profit gap | -17,719 JPY mn (of net income -148.9%) |
| Shareholder returns / net income | 30.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | — |

## 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 | 6.6% | 0.96× | 6.4% | 1.71× | 10.9% | S100R9LQ |
| 2023 | 8.4% | 0.90× | 7.6% | 1.71× | 13.0% | S100TU63 |
| 2024 | 6.5% | 0.86× | 5.6% | 1.67× | 9.4% | S100W75I |
| 2025 | 7.8% | 0.82× | 6.3% | 1.54× | 9.7% | S100YPZ0 |
| 2026 | 8.4% | 0.86× | 7.2% | 1.48× | 10.7% | S100YPZ0 |

## 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 | 9.5% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 6.8% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | 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 | 5.1% | 2026-03-31 |
| 第一生命保険株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.7% | 2026-03-31 |
| 太平電業社員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ＵＨＰａｒｔｎｅｒｓ３ | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社東京エネシス | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YPZ0 | 2026-07-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YPZ0,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W75I | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W75I,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TU63 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU63,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R9LQ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9LQ,, |
| 訂正有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100ONNK | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONNK,, |
| 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) | S100LU1C | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU1C,, |

## 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).