# taisei corporation: 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166期(2025/04/01－2026/03/31) (S100YDJC)
> Page: https://vizora.meequs.com/en/company/taisei
> Retrieved: 2026-09-30T19:07:26.827Z

## Company

taisei, founded in 1873, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 18,503 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAISEI CORPORATION |
| Ticker | 1801 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1801.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿一丁目25番1号 |
| Representative (per filing) | 代表取締役社長 相川善郎 |
| Founded | Oct 1873 |
| Share capital | ¥122.7B |
| Employees (consolidated) | 18,503 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | March |
| Website | www.taisei.co.jp (https://www.taisei.co.jp/) |
| Corporate number | 4011101011880 |
| EDINET | E00052 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YDJC, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.3 | 84 |
| Profitability | 79.9 | 92 |
| Cash conversion | 55.5 | 91 |
| Efficiency | 29.9 | 92 |
| Financial strength | 56.7 | 15 |

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 60% of taisei's sales come from Building construction, with Civil engineering and Real estate development making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -3.0% from the prior year, operating profit +56.4%.

## Company structure

- Segment revenue mix: Building construction 59.8%、Civil engineering 32.5%、Real estate development 6.9%、Other 0.8%
- Revenue → net income: ¥2089091000000 → ¥174824000000
- Net income → operating cash flow: ¥174824000000 → ¥147287000000（difference ¥-27537000000）
- Main uses of operating cash flow: CapEx ¥77579000000 / dividends ¥45502000000 / buybacks ¥77968000000
- Change in cash: ¥-22988000000
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 | ¥2.09T |  |
| Operating income | ¥188B | Margin 9.0% |
| Net income | ¥170B | Margin 8.1% |
| Free cash flow | ¥69.7B |  |
| Largest business | Building construction | of segment revenue 59.8% |
| Employees (consolidated) | 18,503 |  |
| EPS | ¥877.09 |  |
| Book value per share | ¥3855.46 |  |
| Equity ratio | 34.9% |  |
| Shares outstanding | 163,185,872 |  |
| Treasury shares | 198,400 |  |
| Shareholders | 45,405 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 10.1% | Net cash -¥134.4B · Cash ÷ revenue 13.1% |
| Vs. industry median margin | +2.1 pp | General Contractors |
| ROE | 22.6% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends
- FY2026, parent-company salary changed +24% over five years
- FY2026, segment profit share differs by -21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1480141000000 | ¥2089091000000 | +41.1% |
| Operating income | ¥130516000000 | ¥187973000000 | +44.0% |
| Operating margin | 8.8% | 9.0% | +0.2 pp |
| Employees | 14,620 people | 18,503 people | +26.6% |
| Cash and equivalents | ¥494274000000 | ¥272974000000 | -44.8% |

### 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 |
| --- | ---: |
| 土木 → 土木 | 28.4% |
| 建築 → 建築 | 59.8% |
| 建築 → 事業再編・廃止 | 2.5% |
| 開発 → 開発 | 6.9% |
| 開発 → 事業再編・廃止 | 1.7% |
| その他 → その他 | 0.7% |
| 新設・再編 → 土木 | 4.1% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building construction | 5 years | +6.2% | ¥1248588000000 | 6.3% | 2 |
| Civil engineering | 5 years | +10.1% | ¥679740000000 | 14.1% | 2 |
| Real estate development | 5 years | +2.6% | ¥144174000000 | 16.6% | 2 |
| Other | 5 years | +9.4% | ¥16588000000 | 14.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,089,091 | 100.0% | S100YDJC |
| Cost of revenue | 1,759,035 | 84.2% | S100YDJC |
| Gross profit | 330,055 | 15.8% | S100YDJC |
| SG&A | 142,081 | 6.8% | S100YDJC |
| Operating income | 187,973 | 9.0% | S100YDJC |
| Ordinary income | 195,777 | 9.4% | S100YDJC |
| Pretax income | 246,417 | 11.8% | S100YDJC |
| Income tax | 71,592 | 3.4% | S100YDJC |
| Net income | 174,824 | 8.4% | S100YDJC |
| Net income attributable to owners | 170,004 | 8.1% | S100YDJC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 7 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 15.8% → Operating margin 9.0% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.0%; Core profit growth: +56.4%
Operating leverage (core profit growth ÷ revenue growth): -18.67×
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 | 2,154,223 | 2,089,091 | -65,132 | -3.0% |
| Gross profit | 231,139 | 330,055 | 98,916 | +42.8% |
| Operating income | 120,160 | 187,973 | 67,813 | +56.4% |
| Net income attributable to owners | 123,824 | 170,004 | 46,180 | +37.3% |
| Operating cash flow | -13,841 | 147,287 | 161,128 | — |
| Free cash flow | -45,780 | 69,708 | 115,488 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,751,330 | 167,755 | 9.6% | 122,087 | 77,475 | 64,484 | S100LMW1 |
| FY ending Mar 2021 | 1,480,141 | 130,516 | 8.8% | 92,554 | 67,494 | 54,769 | S100OB6L |
| FY ending Mar 2022 | 1,543,240 | 96,077 | 6.2% | 71,436 | 80,507 | 67,277 | S100R0RE |
| FY ending Mar 2023 | 1,642,712 | 54,740 | 3.3% | 47,124 | 30,101 | 13,938 | S100TL7V |
| FY ending Mar 2024 | 1,765,023 | 26,480 | 1.5% | 40,272 | 40,611 | -81,697 | S100VY00 |
| FY ending Mar 2025 | 2,154,223 | 120,160 | 5.6% | 123,824 | -13,841 | -45,780 | S100YDJC |
| FY ending Mar 2026 | 2,089,091 | 187,973 | 9.0% | 170,004 | 147,287 | 69,708 | S100YDJC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥112.9M |
| Operating income per employee (consolidated) | ¥10.2M |
| Net income per employee (consolidated) | ¥9.2M |

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) | 14,518 | 14,466 | 16,285 | 16,382 | 18,503 |
| Average salary (parent company) | ¥9.6M | ¥9.9M | ¥10.2M | ¥10.6M | ¥11.9M |
| Average age (parent company) | 42.9 years | 43.0 years | 42.9 years | 42.4 years | 42.3 years |
| Average tenure (parent company) | 18.2 years | 18.1 years | 17.9 years | 17.2 years | 17.0 years |

Year over year: Employees (consolidated) +12.9% · Revenue (consolidated) -3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 679,740 | 32.5% | 95,557 | 14.1% |
| Building construction | 1,248,588 | 59.8% | 78,370 | 6.3% |
| Real estate development | 144,174 | 6.9% | 23,952 | 16.6% |
| Other | 16,588 | 0.8% | 2,360 | 14.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 32.5% | 47.7% | 15.2 | 14.1% |
| Building construction | 59.8% | 39.1% | -20.6 | 6.3% |
| Real estate development | 6.9% | 12.0% | 5.1 | 16.6% |
| Other | 0.8% | 1.2% | 0.4 | 14.2% |

Segment → industry: Real estate development → Real Estate Development & Leasing / Building construction → General Contractors / Civil engineering → 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 | 147,287 | 7.1% | S100YDJC |
| Capital expenditure | 77,579 | 3.7% | S100YDJC |
| Free cash flow | 69,708 | 3.3% | 算出 |
| Investing cash flow | -195,895 | -9.4% | S100YDJC |
| Financing cash flow | 24,397 | 1.2% | S100YDJC |
| Dividends paid | 45,502 | 2.2% | S100YDJC |
| Share buyback | 77,968 | 3.7% | S100YDJC |
| Change in cash | -22,988 | -1.1% | S100YDJC |
| Cash and equivalents | 272,974 | 13.1% | S100YDJC |

## 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 | 496,760 | 415,863 | 430,754 | 295,963 | 272,974 | S100TL7V, S100VY00, S100YDJC |
| Total assets | 1,956,200 | 2,016,717 | 2,583,641 | 2,428,837 | 2,714,550 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Net assets | 872,835 | 833,944 | 961,000 | 900,699 | 989,931 | S100TL7V, S100VY00, S100YDJC |
| Share capital | 122,742 | 122,742 | 122,742 | 122,742 | 122,742 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Property, plant and equipment | 207,435 | 213,349 | 332,715 | 246,745 | 347,811 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Intangible assets excluding goodwill | 16,016 | 17,581 | 27,151 | 27,538 | 116,200 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Goodwill | — | — | — | 8,054 | 75,945 | S100YDJC |
| Investment securities | 380,271 | 386,906 | 478,191 | 428,326 | 466,292 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Current assets | 1,296,356 | 1,353,485 | 1,631,175 | 1,599,698 | 1,637,711 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Current liabilities | 926,363 | 1,022,652 | 1,302,713 | 1,292,924 | 1,379,747 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Short-term borrowings | 97,901 | 81,965 | 110,530 | 115,212 | 161,986 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Long-term borrowings | 66,279 | 79,606 | 142,787 | 127,799 | 205,428 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Bonds | 40,000 | 40,000 | 50,000 | 50,000 | 40,000 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Interest-bearing debt | 204,180 | 201,571 | 303,317 | 293,011 | 407,414 | 算出 |
| Total liabilities | 1,083,365 | 1,182,773 | 1,622,641 | 1,528,137 | 1,724,619 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Non-controlling interests | 3,948 | 4,756 | 31,666 | 34,511 | 41,855 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Equity attributable to owners of parent | 743,609 | 714,992 | 710,947 | 729,234 | 777,806 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Retained earnings | 591,383 | 562,774 | 558,721 | 649,200 | 625,553 | S100R0RE, S100TL7V, S100VY00, S100YDJC |
| Treasury stock | -898 | -906 | -898 | -73,168 | -927 | S100R0RE, S100TL7V, S100VY00, S100YDJC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YDJC |
| Property, plant and equipment | 13% | S100YDJC |
| Intangibles and goodwill | 7% | S100YDJC |
| Investment securities | 17% | S100YDJC |
| Other assets | 53% | S100YDJC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 49% | S100YDJC |
| Equity | 36% | S100YDJC |

### 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 | 1,956,200 | 2,016,717 | 2,583,641 | 2,428,837 | 2,714,550 |
| Equity | 872,835 | 833,944 | 961,000 | 900,699 | 989,931 |
| Interest-bearing debt | 204,180 | 201,571 | 303,317 | 293,011 | 407,414 |
| Cash | 496,760 | 415,863 | 430,754 | 295,963 | 272,974 |

## 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) | 16.6% | S100YDJC |
| Fixed assets ÷ total assets | 12.8% | S100YDJC |
| Goodwill ÷ parent equity | 9.8% | S100YDJC |

### 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) | 10.1% |
| Cash ÷ revenue | 13.1% |
| Net cash (cash − interest-bearing debt) | -¥134.4B |
| Net debt ÷ operating cash flow | 0.91× |
| Cash conversion (operating CF ÷ operating income) | 78.4% |
| Cash vs. profit gap | -22,717 JPY mn (of net income -13.4%) |
| Shareholder returns / net income | 72.6% |
| Shareholder returns / FCF | 177.1% |
| Shareholder payments — dividends / net income | 26.8% |
| Shareholder payments — dividends / FCF | 65.3% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 133.0% |

## 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 | 4.6% | 0.79× | 3.7% | 2.63× | 9.6% | S100R0RE |
| 2023 | 2.9% | 0.83× | 2.4% | 2.72× | 6.5% | S100TL7V |
| 2024 | 2.3% | 0.77× | 1.8% | 3.23× | 5.6% | S100VY00 |
| 2025 | 5.7% | 0.86× | 4.9% | 3.48× | 17.2% | S100YDJC |
| 2026 | 8.1% | 0.81× | 6.6% | 3.41× | 22.6% | S100YDJC |

## 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 | 15.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.0% | 2026-03-31 |
| 大成建設取引先持株会 | Major shareholder | 3.8% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドン エス エルオムニバス アカウント （常任代理人：株式会社みずほ 銀行） | Major shareholder | 3.1% | 2026-03-31 |
| ステート ストリート バンクアンド トラスト カンパニー５０５００１（常任代理人 株式会社みずほ 銀行） | Major shareholder | 2.7% | 2026-03-31 |
| ステート ストリート バンクアンド トラスト カンパニー５０５２２３（常任代理人 株式会社みずほ 銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 大成建設社員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| ジェーピー モルガン チェースバンク ３８５７８１（常任代理人 株式会社みずほ 銀行） | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue fell 3.0% to ¥2.09T. Big domestic building jobs were mostly at an early stage, so less of that work turned into sales.
- Operating income still rose 56.4% to ¥188B. Taisei had fewer money-losing building projects this year.
- Operating cash flow went from -¥13.8B a year earlier to ¥147.3B.

### Drivers

- Many large domestic building projects were still in early stages, which held back building revenue.
- Better margins in civil and building work, with far fewer loss-making building projects.
- Toyo Construction became a consolidated subsidiary, adding civil engineering revenue; gains on selling investment securities lifted net income.

### Risks

- If Japan's construction market shrinks quickly or competition gets tougher, orders and profit could fall.
- Material prices that can't be passed on to clients hurt project profits; the company points to material and energy costs tied to the Middle East.
- Aging site workers and few young recruits could lead to delays and higher costs.

Cited: Amended Annual Securities Report, 166th fiscal term (Management's analysis of financial position, operating results and cash flows); Amended Annual Securities Report, 166th fiscal term (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第166期(2025/04/01－2026/03/31) | S100YDJC | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDJC,, |
| 有価証券報告書－第165期(2024/04/01－2025/03/31) | S100VY00 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY00,, |
| 有価証券報告書－第164期(2023/04/01－2024/03/31) | S100TL7V | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TL7V,, |
| 有価証券報告書－第163期(2022/04/01－2023/03/31) | S100R0RE | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0RE,, |
| 有価証券報告書－第162期(令和3年4月1日－令和4年3月31日) | S100OB6L | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB6L,, |
| 有価証券報告書－第161期(令和2年4月1日－令和3年3月31日) | S100LMW1 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMW1,, |

## 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).