# taisei oncho co.,ltd.: 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75期(2025/04/01－2026/03/31) (S100YIC7)
> Page: https://vizora.meequs.com/en/company/taisei-oncho
> Retrieved: 2026-09-30T18:27:00.846Z

## Company

taisei oncho, founded in 1952, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 783 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAISEI ONCHO CO., LTD. |
| Ticker | 1904 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1904.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区大井一丁目49番10号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長執行役員 水谷 憲一 |
| Founded | Dec 1952 |
| Share capital | ¥5.2B |
| Employees (consolidated) | 783 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.taisei-oncho.co.jp (https://www.taisei-oncho.co.jp/) |
| Corporate number | 3010701005946 |
| EDINET | E00233 |
| Industries (Vizora) | Plant Engineering & Building Services, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YIC7, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.8 | 72 |
| Profitability | 24.3 | 76 |
| Cash conversion | 98 | 74 |
| Efficiency | 86.2 | 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 77% of taisei oncho's sales come from Japan, with U.S.A. and China making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.3% from the prior year, operating profit +27.8%.

## Company structure

- Segment revenue mix: Japan 77.0%、U.S.A. 20.0%、China 2.9%、Australia 0.1%
- Revenue → net income: ¥61719065000 → ¥3549061000
- Net income → operating cash flow: ¥3549061000 → ¥9716099000（difference ¥6167038000）
- Main uses of operating cash flow: CapEx ¥588578000 / dividends ¥947153000 / buybacks ¥179819000
- Change in cash: ¥5825889000
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 | ¥61.7B |  |
| Operating income | ¥3.98B | Margin 6.4% |
| Net income | ¥3.55B | Margin 5.8% |
| Free cash flow | ¥9.13B |  |
| Largest business | Japan | of segment revenue 77.0% |
| Employees (consolidated) | 783 |  |
| EPS | ¥393.48 |  |
| Book value per share | ¥4163.41 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 6,882,487 |  |
| Treasury shares | 601,300 |  |
| Shareholders | 5,788 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 35.6% | Cash ÷ revenue 29.9% |
| Vs. industry median margin | -2.6 pp | Plant Engineering & Building Services |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, employees 0% while operating income rose 28%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48633913000 | ¥61719065000 | +26.9% |
| Operating income | ¥1302724000 | ¥3980629000 | +205.6% |
| Operating margin | 2.7% | 6.4% | +3.8 pp |
| Employees | 747 people | 783 people | +4.8% |
| Cash and equivalents | ¥12983881000 | ¥18448628000 | +42.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 77.0% |
| 日本 → 事業再編・廃止 | 2.0% |
| 米国 → 米国 | 12.8% |
| 中国 → 中国 | 2.9% |
| 中国 → 事業再編・廃止 | 5.3% |
| オーストラリア → オーストラリア | 0.1% |
| 新設・再編 → 米国 | 7.2% |
| 新設・再編 → オーストラリア | 0.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.4% | ¥47526867000 | 7.3% | 2 |
| U.S.A. | 5 years | +14.7% | ¥12350787000 | 6.1% | 2 |
| China | 5 years | -14.7% | ¥1793442000 | -13.7% | 2 |
| Australia | 5 years | +8.0% | ¥47967000 | 39.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,719 | 100.0% | S100YIC7 |
| Cost of revenue | 50,813 | 82.3% | S100YIC7 |
| Gross profit | 10,906 | 17.7% | S100YIC7 |
| SG&A | 6,926 | 11.2% | S100YIC7 |
| Operating income | 3,981 | 6.4% | S100YIC7 |
| Ordinary income | 4,598 | 7.4% | S100YIC7 |
| Pretax income | 4,827 | 7.8% | S100YIC7 |
| Income tax | 1,278 | 2.1% | S100YIC7 |
| Net income | 3,549 | 5.8% | S100YIC7 |
| Net income attributable to owners | 3,549 | 5.8% | S100YIC7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.7% → Operating margin 6.4% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.3%; Core profit growth: +27.8%
Operating leverage (core profit growth ÷ revenue growth): -22.17×
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 | 62,502 | 61,719 | -783 | -1.3% |
| Gross profit | 9,095 | 10,906 | 1,812 | +19.9% |
| Operating income | 3,115 | 3,981 | 865 | +27.8% |
| Net income attributable to owners | 2,487 | 3,549 | 1,062 | +42.7% |
| Operating cash flow | 561 | 9,716 | 9,155 | +1632.6% |
| Free cash flow | -305 | 9,128 | 9,433 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 58,074 | 1,879 | 3.2% | 1,477 | -564 | -603 | S100M45C |
| FY ending Mar 2021 | 48,634 | 1,303 | 2.7% | 1,140 | 7,501 | 5,149 | S100OFMP |
| FY ending Mar 2022 | 49,154 | 1,256 | 2.6% | 974 | -533 | -607 | S100R855 |
| FY ending Mar 2023 | 46,460 | 1,733 | 3.7% | 1,469 | 720 | 488 | S100TR8D |
| FY ending Mar 2024 | 61,056 | 3,015 | 4.9% | 1,963 | 3,006 | 2,735 | S100W2F0 |
| FY ending Mar 2025 | 62,502 | 3,115 | 5.0% | 2,487 | 561 | -305 | S100YIC7 |
| FY ending Mar 2026 | 61,719 | 3,981 | 6.4% | 3,549 | 9,716 | 9,128 | S100YIC7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.8M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 744 | 743 | 792 | 784 | 783 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥6.9M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 43.0 years | 42.8 years | 42.1 years | 42.6 years | 43.4 years |
| Average tenure (parent company) | 18.2 years | 17.9 years | 16.9 years | 17.4 years | 17.9 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) -1.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 47,527 | 77.0% | 3,457 | 7.3% |
| U.S.A. | 12,351 | 20.0% | 749 | 6.1% |
| China | 1,793 | 2.9% | -246 | -13.7% |
| Australia | 48 | 0.1% | 19 | 39.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 77.0% | 81.8% | 4.8 | 7.3% |
| U.S.A. | 20.0% | 17.7% | -2.3 | 6.1% |
| China | 2.9% | — | — | -13.7% |
| Australia | 0.1% | 0.5% | 0.4 | 39.8% |

Loss-making segment (excluded from profit shares): China -246 JPY mn

Segment → industry: China → Plant Engineering & Building Services / U.S.A. → Plant Engineering & Building Services / Japan → Plant Engineering & Building Services / Australia → Real Estate Development & Leasing / China → 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 | 9,716 | 15.7% | S100YIC7 |
| Capital expenditure | 589 | 1.0% | S100YIC7 |
| Free cash flow | 9,128 | 14.8% | 算出 |
| Investing cash flow | -548 | -0.9% | S100YIC7 |
| Financing cash flow | -3,408 | -5.5% | S100YIC7 |
| Dividends paid | 947 | 1.5% | S100YIC7 |
| Share buyback | 180 | 0.3% | S100YIC7 |
| Change in cash | 5,826 | 9.4% | S100YIC7 |
| Cash and equivalents | 18,449 | 29.9% | S100YIC7 |

## 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 | 12,067 | 11,454 | 10,661 | 12,623 | 18,449 | S100TR8D, S100W2F0, S100YIC7 |
| Total assets | 40,229 | 41,176 | 45,771 | 46,411 | 51,893 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Net assets | 24,697 | 25,256 | 25,715 | 27,629 | 30,732 | S100TR8D, S100W2F0, S100YIC7 |
| Share capital | 5,195 | 5,195 | 5,195 | 5,195 | 5,195 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Property, plant and equipment | 6,025 | 6,524 | 6,791 | 7,210 | 6,710 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Intangible assets excluding goodwill | 396 | 276 | 2,313 | 2,549 | 2,467 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Goodwill | — | — | 1,261 | 1,159 | 1,056 | S100W2F0, S100YIC7 |
| Investment securities | 4,306 | 4,134 | 3,356 | 3,879 | 4,709 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Current assets | 27,664 | 28,587 | 31,863 | 30,614 | 35,645 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Current liabilities | 15,357 | 15,742 | 19,652 | 18,244 | 20,634 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Short-term borrowings | — | — | — | 2,700 | — | S100YIC7 |
| Total liabilities | 15,532 | 15,920 | 20,056 | 18,782 | 21,161 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Equity attributable to owners of parent | 23,853 | 23,911 | 23,535 | 24,481 | 27,430 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Retained earnings | 14,160 | 15,087 | 16,566 | 17,458 | 19,817 | S100R855, S100TR8D, S100W2F0, S100YIC7 |
| Treasury stock | -634 | -1,504 | -3,768 | -3,259 | -2,668 | S100R855, S100TR8D, S100W2F0, S100YIC7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YIC7 |
| Property, plant and equipment | 13% | S100YIC7 |
| Intangibles and goodwill | 7% | S100YIC7 |
| Investment securities | 9% | S100YIC7 |
| Other assets | 36% | S100YIC7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YIC7 |
| Equity | 59% | S100YIC7 |

### 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 | 40,229 | 41,176 | 45,771 | 46,411 | 51,893 |
| Equity | 24,697 | 25,256 | 25,715 | 27,629 | 30,732 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,067 | 11,454 | 10,661 | 12,623 | 18,449 |

## 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) | 10.9% | S100YIC7 |
| Fixed assets ÷ total assets | 12.9% | S100YIC7 |
| Goodwill ÷ parent equity | 3.9% | S100YIC7 |

### 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) | 35.6% |
| Cash ÷ revenue | 29.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 244.1% |
| Cash vs. profit gap | 6,167 JPY mn (of net income 173.8%) |
| Shareholder returns / net income | 31.8% |
| Shareholder returns / FCF | 12.3% |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | 10.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 5.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.0% | 1.22× | 2.4% | 1.69× | 4.1% | S100R855 |
| 2023 | 3.2% | 1.14× | 3.6% | 1.70× | 6.2% | S100TR8D |
| 2024 | 3.2% | 1.40× | 4.5% | 1.83× | 8.3% | S100W2F0 |
| 2025 | 4.0% | 1.36× | 5.4% | 1.92× | 10.4% | S100YIC7 |
| 2026 | 5.8% | 1.26× | 7.2% | 1.89× | 13.7% | S100YIC7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アクアウェッジ株式会社 | Major shareholder | 15.8% | 2026-03-31 |
| 大成温調取引先持株会 | Major shareholder | 8.4% | 2026-03-31 |
| 一般財団法人大成温調奨学財団 | Major shareholder | 5.6% | 2026-03-31 |
| 大成温調従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 水谷 日出夫 | Major shareholder | 1.8% | 2026-03-31 |
| 河村 和平 | Major shareholder | 1.4% | 2026-03-31 |
| 東テク株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2026-03-31 |
| 河村 昌平 | Major shareholder | 0.9% | 2026-03-31 |
| 和田 ふみ子 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社オーテック | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YIC7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIC7,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W2F0 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2F0,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TR8D | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR8D,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R855 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R855,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OFMP | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFMP,, |
| 訂正有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100M45C | 2021-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M45C,, |

## 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).