# TAKADA 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79期(2025/04/01－2026/03/31) (S100YGU2)
> Page: https://vizora.meequs.com/en/company/takada
> Retrieved: 2026-09-30T20:24:40.297Z

## Company

Takada is a company in Plant Engineering & Building Services listed on TSE Standard. It has 1,666 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKADA CORPORATION |
| Ticker | 1966 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1966.T) |
| Listing | TSE Standard |
| Head office | 北九州市八幡西区築地町1番1号 |
| Representative (per filing) | 代表取締役社長 髙田 寿一郎 |
| Share capital | ¥3.72B |
| Employees (consolidated) | 1,666 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.takada.co.jp (https://www.takada.co.jp/) |
| Corporate number | 4290801010231 |
| EDINET | E00209 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YGU2, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16 | 72 |
| Profitability | 7.2 | 76 |
| Cash conversion | 4.7 | 74 |
| Efficiency | 73 | 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)

- Takada brought in ¥53.7B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -7.5% from the prior year, operating profit -39.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥53.7B |  |
| Operating income | ¥1.78B | Margin 3.3% |
| Net income | ¥1.25B | Margin 2.3% |
| Free cash flow | -¥2.62B |  |
| Employees (consolidated) | 1,666 |  |
| EPS | ¥186.19 |  |
| Book value per share | ¥2308.98 |  |
| Equity ratio | 45.5% |  |
| Shares outstanding | 7,334,000 |  |
| Treasury shares | 9,900 |  |
| Shareholders | 3,356 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 8.4% |
| Vs. industry median margin | -5.8 pp | Plant Engineering & Building Services |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47794803000 | ¥53693589000 | +12.3% |
| Operating income | ¥2036525000 | ¥1778990000 | -12.6% |
| Operating margin | 4.3% | 3.3% | -0.9 pp |
| Employees | 1,656 people | 1,666 people | +0.6% |
| Cash and equivalents | ¥2548991000 | ¥4502385000 | +76.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,694 | 100.0% | S100YGU2 |
| Cost of revenue | 47,591 | 88.6% | S100YGU2 |
| Gross profit | 6,103 | 11.4% | S100YGU2 |
| SG&A | 4,324 | 8.1% | S100YGU2 |
| Operating income | 1,779 | 3.3% | S100YGU2 |
| Ordinary income | 1,692 | 3.2% | S100YGU2 |
| Pretax income | 1,753 | 3.3% | S100YGU2 |
| Income tax | 516 | 1.0% | S100YGU2 |
| Net income | 1,237 | 2.3% | S100YGU2 |
| Net income attributable to owners | 1,255 | 2.3% | S100YGU2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.4% → Operating margin 3.3% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.5%; Core profit growth: -39.4%
Operating leverage (core profit growth ÷ revenue growth): 5.23×
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 | 58,067 | 53,694 | -4,374 | -7.5% |
| Gross profit | 7,141 | 6,103 | -1,038 | -14.5% |
| Operating income | 2,934 | 1,779 | -1,155 | -39.4% |
| Net income attributable to owners | 2,309 | 1,255 | -1,054 | -45.7% |
| Operating cash flow | -645 | -1,147 | -502 | — |
| Free cash flow | -3,655 | -2,619 | 1,036 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 49,710 | 2,303 | 4.6% | 1,427 | 1,958 | 1,282 | S100LKBD |
| FY ending Mar 2021 | 47,795 | 2,037 | 4.3% | 1,054 | 2,065 | 1,365 | S100OH0S |
| FY ending Mar 2022 | 47,244 | 1,200 | 2.5% | 788 | 1,669 | 689 | S100R3F4 |
| FY ending Mar 2023 | 57,882 | 2,680 | 4.6% | 1,646 | -507 | -1,120 | S100TR3E |
| FY ending Mar 2024 | 52,257 | 2,400 | 4.6% | 1,668 | 1,744 | 49 | S100W4O2 |
| FY ending Mar 2025 | 58,067 | 2,934 | 5.1% | 2,309 | -645 | -3,655 | S100YGU2 |
| FY ending Mar 2026 | 53,694 | 1,779 | 3.3% | 1,255 | -1,147 | -2,619 | S100YGU2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.2M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥753.2K |

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) | 1,709 | 1,726 | 1,718 | 1,694 | 1,666 |
| Average salary (parent company) | ¥5.1M | ¥5.4M | ¥5.6M | ¥5.6M | ¥6.1M |
| Average age (parent company) | 40.6 years | 40.5 years | 40.7 years | 41.1 years | 41.5 years |
| Average tenure (parent company) | 16.4 years | 16.2 years | 16.3 years | 16.4 years | 16.6 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -7.5%

## 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 | -1,147 | -2.1% | S100YGU2 |
| Capital expenditure | 1,472 | 2.7% | S100YGU2 |
| Free cash flow | -2,619 | -4.9% | 算出 |
| Investing cash flow | -1,844 | -3.4% | S100YGU2 |
| Financing cash flow | 2,310 | 4.3% | S100YGU2 |
| Dividends paid | 511 | 1.0% | S100YGU2 |
| Share buyback | 38 | 0.1% | S100YGU2 |
| Change in cash | -424 | -0.8% | S100YGU2 |
| Cash and equivalents | 4,502 | 8.4% | S100YGU2 |

## 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 | 3,128 | 4,209 | 4,002 | 4,927 | 4,502 | S100TR3E, S100W4O2, S100YGU2 |
| Total assets | 32,629 | 39,695 | 37,631 | 45,157 | 47,717 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Net assets | 13,726 | 16,073 | 16,890 | 20,564 | 22,026 | S100TR3E, S100W4O2, S100YGU2 |
| Share capital | 3,642 | 3,642 | 3,642 | 3,723 | 3,723 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Property, plant and equipment | 8,009 | 8,273 | 9,488 | 11,174 | 11,382 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Intangible assets excluding goodwill | 336 | 310 | 324 | 632 | 1,172 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Investment securities | 586 | 385 | 435 | 411 | 374 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Current assets | 22,287 | 29,309 | 26,018 | 31,101 | 32,778 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Current liabilities | 15,226 | 20,085 | 17,295 | 18,468 | 19,224 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Short-term borrowings | 2,800 | 4,800 | 6,000 | 6,500 | 9,200 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Long-term borrowings | — | 74 | 64 | 2,818 | 3,049 | S100TR3E, S100W4O2, S100YGU2 |
| Total liabilities | 18,903 | 23,622 | 20,741 | 24,593 | 25,691 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Non-controlling interests | 250 | 291 | 323 | 287 | 306 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Equity attributable to owners of parent | 14,307 | 16,010 | 16,101 | 19,079 | 19,838 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Retained earnings | 10,688 | 12,391 | 12,482 | 14,022 | 14,793 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |
| Treasury stock | -25 | -25 | -25 | -0 | -13 | S100R3F4, S100TR3E, S100W4O2, S100YGU2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGU2 |
| Property, plant and equipment | 24% | S100YGU2 |
| Intangibles and goodwill | 2% | S100YGU2 |
| Investment securities | 1% | S100YGU2 |
| Other assets | 64% | S100YGU2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YGU2 |
| Equity | 46% | S100YGU2 |

### 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 | 32,629 | 39,695 | 37,631 | 45,157 | 47,717 |
| Equity | 13,726 | 16,073 | 16,890 | 20,564 | 22,026 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,128 | 4,209 | 4,002 | 4,927 | 4,502 |

## 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) | 21.2% | S100YGU2 |
| Fixed assets ÷ total assets | 23.9% | S100YGU2 |
| Goodwill ÷ parent equity | — | —, S100YGU2 |

### 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) | 9.4% |
| Cash ÷ revenue | 8.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -64.5% |
| Cash vs. profit gap | -2,402 JPY mn (of net income -191.4%) |
| Shareholder returns / net income | 43.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| 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 | 1.7% | 1.45× | 2.4% | 2.28× | 5.5% | S100R3F4 |
| 2023 | 2.8% | 1.60× | 4.6% | 2.39× | 10.9% | S100TR3E |
| 2024 | 3.2% | 1.35× | 4.3% | 2.41× | 10.4% | S100W4O2 |
| 2025 | 4.0% | 1.40× | 5.6% | 2.35× | 13.1% | S100YGU2 |
| 2026 | 2.3% | 1.16× | 2.7% | 2.39× | 6.4% | S100YGU2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日揮株式会社 | Major shareholder | 20.0% | 2026-03-31 |
| 西日本興産株式会社 | Major shareholder | 10.7% | 2026-03-31 |
| UH Partners２投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 高田工業所社員持株会 | Major shareholder | 6.0% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社UH Partners ３ | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 佐藤 一孝 | Major shareholder | 2.0% | 2026-03-31 |
| 嶋 陽一 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YGU2 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGU2,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W4O2 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4O2,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TR3E | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR3E,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R3F4 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3F4,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OH0S | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH0S,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LKBD | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKBD,, |

## 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).