# TAKADAKIKO(Steel Construction)CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第97期(2025/04/01－2026/03/31) (S100YI9L)
> Page: https://vizora.meequs.com/en/company/takadakiko-steel-construction
> Retrieved: 2026-09-30T19:16:24.794Z

## Company

TAKADAKIKO(Steel Construction), founded in 1932, is a company in General Contractors listed on TSE Standard. It has 347 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKADAKIKO (Steel Construction) CO.,LTD. |
| Ticker | 5923 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5923.T) |
| Listing | TSE Standard |
| Head office | 大阪市浪速区難波中2丁目10番70号 |
| Representative (per filing) | 取締役社長 中村 達郎 |
| Founded | Mar 1932 |
| Share capital | ¥5.18B |
| Employees (consolidated) | 347 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.takadakiko.com (https://www.takadakiko.com/) |
| Corporate number | 8120001038994 |
| EDINET | E01373 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YI9L, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.7 | 84 |
| Profitability | 0.5 | 92 |
| Efficiency | 3.8 | 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)

- About 74% of TAKADAKIKO(Steel Construction)'s sales come from Steel Bridge, with Steel Frame making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -22.5% from the prior year, operating profit -287.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.3B |  |
| Operating income | -¥441M | Margin -3.1% |
| Net income | -¥535.3M | Margin -3.7% |
| Free cash flow | ¥2.88B |  |
| Largest business | Steel Bridge | of segment revenue 74.2% |
| Employees (consolidated) | 347 |  |
| EPS | ¥-92.47 |  |
| Book value per share | ¥3591.62 |  |
| Equity ratio | 72.5% |  |
| Shares outstanding | 6,712,000 |  |
| Treasury shares | 884,700 |  |
| Shareholders | 3,943 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 8.3% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | -9.9 pp | General Contractors |
| ROA | -1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 74 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15223703000 | ¥14306842000 | -6.0% |
| Operating income | ¥858980000 | ¥-440953000 | -151.3% |
| Operating margin | 5.6% | -3.1% | -8.7 pp |
| Employees | 291 people | 347 people | +19.2% |
| Cash and equivalents | ¥3706834000 | ¥2385920000 | -35.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 橋梁事業 → 橋梁事業 | 74.2% |
| 橋梁事業 → 事業再編・廃止 | 15.5% |
| 鉄構事業 → 鉄構事業 | 10.3% |
| 新設・再編 → 鉄構事業 | 15.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,307 | 100.0% | S100YI9L |
| Cost of revenue | 12,997 | 90.8% | S100YI9L |
| Gross profit | 1,310 | 9.2% | S100YI9L |
| SG&A | 1,751 | 12.2% | S100YI9L |
| Operating income | -441 | -3.1% | S100YI9L |
| Ordinary income | -301 | -2.1% | S100YI9L |
| Pretax income | -301 | -2.1% | S100YI9L |
| Income tax | 234 | 1.6% | S100YI9L |
| Net income | -535 | -3.7% | S100YI9L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 12 |
| Operating income | -3 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 9.2% → Operating margin -3.1% → Net margin -3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 18,455 | 14,307 | -4,148 | -22.5% |
| Gross profit | 1,927 | 1,310 | -616 | -32.0% |
| Operating income | 235 | -441 | -676 | -287.4% |
| Operating cash flow | -547 | 3,588 | 4,135 | — |
| Free cash flow | -1,162 | 2,881 | 4,043 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,646 | 1,025 | 5.8% | 772 | 2,843 | 2,777 | S100LMRD |
| FY ending Mar 2021 | 15,224 | 859 | 5.6% | 490 | -1,830 | -2,130 | S100OE6D |
| FY ending Mar 2022 | 15,670 | 764 | 4.9% | 748 | 1,430 | 551 | S100R57F |
| FY ending Mar 2023 | 15,979 | 375 | 2.3% | 341 | -2,130 | -3,234 | S100TT3K |
| FY ending Mar 2024 | 19,695 | 1,348 | 6.8% | 898 | -66 | -388 | S100W4OF |
| FY ending Mar 2025 | 18,455 | 235 | 1.3% | 344 | -547 | -1,162 | S100YI9L |
| FY ending Mar 2026 | 14,307 | -441 | -3.1% | -535 | 3,588 | 2,881 | S100YI9L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.2M |
| Operating income per employee (consolidated) | -¥1.3M |
| Net income per employee (consolidated) | -¥1.5M |

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) | 309 | 314 | 325 | 338 | 347 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.5M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 46.0 years | 46.0 years | 46.0 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 18.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -22.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel Bridge | 10,619 | 74.2% | -451 | -4.2% |
| Steel Frame | 3,688 | 25.8% | 10 | 0.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel Bridge | 74.2% | — | — | -4.2% |
| Steel Frame | 25.8% | 100.0% | 74.2 | 0.3% |

Loss-making segment (excluded from profit shares): Steel Bridge -451 JPY mn

Segment → industry: Steel Frame → General Contractors / Steel Bridge → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,588 | 25.1% | S100YI9L |
| Capital expenditure | 707 | 4.9% | S100YI9L |
| Free cash flow | 2,881 | 20.1% | 算出 |
| Investing cash flow | -702 | -4.9% | S100YI9L |
| Financing cash flow | -2,789 | -19.5% | S100YI9L |
| Dividends paid | 289 | 2.0% | S100YI9L |
| Share buyback | 0 | 0.0% | S100YI9L |
| Change in cash | 97 | 0.7% | S100YI9L |
| Cash and equivalents | 2,386 | 16.7% | S100YI9L |

## 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 | 3,668 | 2,886 | 2,142 | 2,289 | 2,386 | S100TT3K, S100W4OF, S100YI9L |
| Total assets | 24,546 | 27,278 | 30,000 | 31,129 | 28,872 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Net assets | 19,037 | 19,083 | 20,908 | 20,482 | 20,932 | S100TT3K, S100W4OF, S100YI9L |
| Share capital | 5,179 | 5,179 | 5,179 | 5,179 | 5,179 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Property, plant and equipment | 7,174 | 7,768 | 7,673 | 7,866 | 7,801 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Intangible assets excluding goodwill | 22 | 19 | 20 | 114 | 497 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Investment securities | 3,672 | 3,808 | 4,944 | 4,816 | 6,571 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Current assets | 12,960 | 14,885 | 16,532 | 17,468 | 13,044 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Current liabilities | 5,385 | 8,065 | 8,588 | 7,068 | 3,598 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Short-term borrowings | 2,000 | 4,900 | 4,600 | 3,400 | 900 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Long-term borrowings | — | — | — | 3,000 | 3,000 | S100YI9L |
| Total liabilities | 5,510 | 8,196 | 9,092 | 10,647 | 7,940 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Equity attributable to owners of parent | 18,281 | 18,190 | 18,894 | 18,550 | 17,795 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Retained earnings | 8,885 | 8,993 | 9,689 | 9,677 | 8,852 | S100R57F, S100TT3K, S100W4OF, S100YI9L |
| Treasury stock | -391 | -591 | -582 | -920 | -859 | S100R57F, S100TT3K, S100W4OF, S100YI9L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YI9L |
| Property, plant and equipment | 27% | S100YI9L |
| Intangibles and goodwill | 2% | S100YI9L |
| Investment securities | 23% | S100YI9L |
| Other assets | 40% | S100YI9L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YI9L |
| Equity | 72% | S100YI9L |

### 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 | 24,546 | 27,278 | 30,000 | 31,129 | 28,872 |
| Equity | 19,037 | 19,083 | 20,908 | 20,482 | 20,932 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,668 | 2,886 | 2,142 | 2,289 | 2,386 |

## 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) | 54.5% | S100YI9L |
| Fixed assets ÷ total assets | 27.0% | S100YI9L |
| Goodwill ÷ parent equity | — | —, S100YI9L |

### 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) | 8.3% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 4,123 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 10.0% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 10.0% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 19.6% |

## 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 | 4.8% | 0.64× | 3.0% | 1.34× | 4.1% | S100R57F |
| 2023 | 2.1% | 0.62× | 1.3% | 1.42× | 1.9% | S100TT3K |
| 2024 | 4.6% | 0.69× | 3.1% | 1.54× | 4.8% | S100W4OF |
| 2025 | 1.9% | 0.60× | 1.1% | 1.63× | 1.8% | S100YI9L |
| 2026 | — | —× | -1.8% | —× | — | S100YI9L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本生命保険相互会社 | Major shareholder | 5.9% | 2026-03-31 |
| 神吉利郎 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社奥村組 | Major shareholder | 4.6% | 2026-03-31 |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 内藤征吾 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社紀陽銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 伊藤忠丸紅住商テクノスチール株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 東海鋼材工業株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 高田機工グループ社員持株会 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YI9L | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI9L,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W4OF | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4OF,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TT3K | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT3K,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R57F | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R57F,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OE6D | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE6D,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LMRD | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMRD,, |

## 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).