# The Takigami Steel Construction 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89期(2025/04/01－2026/03/31) (S100YJYC)
> Page: https://vizora.meequs.com/en/company/takigami-steel-construction
> Retrieved: 2026-09-30T21:50:46.015Z

## Company

The Takigami Steel Construction, founded in 1937, is a company in Machine Tools listed on TSE Standard. It has 488 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Takigami Steel Construction Co.,Ltd. |
| Ticker | 5918 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5918.T) |
| Listing | TSE Standard |
| Head office | 愛知県半田市神明町一丁目1番地 |
| Representative (per filing) | 代表取締役社長 瀧上晶義 |
| Founded | Jan 1937 |
| Share capital | ¥1.36B |
| Employees (consolidated) | 488 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.takigami.co.jp (https://www.takigami.co.jp/) |
| Corporate number | 1180001089667 |
| EDINET | E01364 |
| Industries (Vizora) | Machine Tools, Steel, Electric Power & Gas, Real Estate Development & Leasing, General Contractors, Specialty Trading & Wholesale, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YJYC, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 84 |
| Profitability | 3.8 | 92 |
| Cash conversion | 37.9 | 91 |
| Efficiency | 1.6 | 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 88% of The Takigami Steel Construction's sales come from Steel structure production business, with Materials sale business and Real estate lease business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Steel structure production business 88.3%、Materials sale business 6.2%、Real estate lease business 4.5%、Transport business 0.6%、Machine manufacturing business 0.3%
- Revenue → net income: ¥23434000000 → ¥953000000
- Net income → operating cash flow: ¥953000000 → ¥210000000（difference ¥-743000000）
- Main uses of operating cash flow: CapEx ¥99000000 / dividends ¥210000000 / buybacks ¥5000000
- Change in cash: ¥160000000
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 | ¥23.4B |  |
| Operating income | ¥482M | Margin 2.1% |
| Net income | ¥953M | Margin 4.1% |
| Free cash flow | ¥111M |  |
| Largest business | Steel structure production business | of segment revenue 88.3% |
| Employees (consolidated) | 488 |  |
| EPS | ¥621.35 |  |
| Book value per share | ¥21398.98 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 2,697,600 |  |
| Treasury shares | 588,800 |  |
| Shareholders | 647 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 9.5% | Cash ÷ revenue 29.6% |
| Vs. industry median margin | -1.4 pp | Steel |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 55 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16181000000 | ¥23434000000 | +44.8% |
| Operating income | ¥870000000 | ¥482000000 | -44.6% |
| Operating margin | 5.4% | 2.1% | -3.3 pp |
| Employees | 390 people | 488 people | +25.1% |
| Cash and equivalents | ¥9745000000 | ¥6940000000 | -28.8% |

### 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 |
| --- | ---: |
| 鋼構造物製造事業 → 鋼構造物製造事業 | 80.9% |
| 不動産賃貸事業 → 不動産賃貸事業 | 4.5% |
| 不動産賃貸事業 → 事業再編・廃止 | 1.2% |
| 材料販売事業 → 材料販売事業 | 6.2% |
| 材料販売事業 → 事業再編・廃止 | 4.5% |
| 運送事業 → 運送事業 | 0.6% |
| 運送事業 → 事業再編・廃止 | 1.0% |
| 工作機械製造事業 → 工作機械製造事業 | 0.3% |
| 工作機械製造事業 → 事業再編・廃止 | 0.7% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 鋼構造物製造事業 | 7.5% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel structure production business | 5 years | +9.6% | ¥20697000000 | 1.5% | 2 |
| Materials sale business | 5 years | -3.5% | ¥1449000000 | -6.8% | 2 |
| Real estate lease business | 5 years | +2.8% | ¥1044000000 | 53.0% | 2 |
| Transport business | 5 years | -11.1% | ¥148000000 | 31.1% | 2 |
| Machine manufacturing business | 5 years | -17.0% | ¥62000000 | -12.9% | 2 |
| Other | 5 years | -0.6% | ¥32000000 | 56.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,434 | 100.0% | S100YJYC |
| Cost of revenue | 20,857 | 89.0% | S100YJYC |
| Gross profit | 2,577 | 11.0% | S100YJYC |
| SG&A | 2,095 | 8.9% | S100YJYC |
| Operating income | 482 | 2.1% | S100YJYC |
| Ordinary income | 1,409 | 6.0% | S100YJYC |
| Pretax income | 1,448 | 6.2% | S100YJYC |
| Income tax | 494 | 2.1% | S100YJYC |
| Net income | 953 | 4.1% | S100YJYC |
| Net income attributable to owners | 953 | 4.1% | S100YJYC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 11.0% → Operating margin 2.1% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 23,840 | 23,434 | -406 | -1.7% |
| Gross profit | 1,740 | 2,577 | 837 | +48.1% |
| Operating income | -389 | 482 | 871 | — |
| Net income attributable to owners | 200 | 953 | 753 | +376.5% |
| Operating cash flow | 3,620 | 210 | -3,410 | -94.2% |
| Free cash flow | 1,296 | 111 | -1,185 | -91.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,318 | 129 | 0.8% | 103 | 1,731 | 1,034 | S100LU4F |
| FY ending Mar 2021 | 16,181 | 870 | 5.4% | 932 | -1,005 | -1,786 | S100OIWY |
| FY ending Mar 2022 | 14,678 | -197 | -1.3% | 138 | 1,747 | 497 | S100R9ET |
| FY ending Mar 2023 | 18,617 | 363 | 1.9% | 1,017 | -1,818 | -3,739 | S100TX7L |
| FY ending Mar 2024 | 23,328 | 625 | 2.7% | 986 | -4,382 | -6,218 | S100W67V |
| FY ending Mar 2025 | 23,840 | -389 | -1.6% | 200 | 3,620 | 1,296 | S100YJYC |
| FY ending Mar 2026 | 23,434 | 482 | 2.1% | 953 | 210 | 111 | S100YJYC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48M |
| Operating income per employee (consolidated) | ¥987.7K |
| Net income per employee (consolidated) | ¥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) | 402 | 462 | 454 | 509 | 488 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥6.1M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 46.2 years | 46.7 years | 46.8 years | 46.9 years | 46.2 years |
| Average tenure (parent company) | 15.8 years | 15.5 years | 15.5 years | 15.0 years | 15.2 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel structure production business | 20,697 | 88.3% | 320 | 1.5% |
| Real estate lease business | 1,044 | 4.5% | 553 | 53.0% |
| Materials sale business | 1,449 | 6.2% | -99 | -6.8% |
| Transport business | 148 | 0.6% | 46 | 31.1% |
| Machine manufacturing business | 62 | 0.3% | -8 | -12.9% |
| Other | 32 | 0.1% | 18 | 56.3% |

### 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 structure production business | 88.3% | 34.2% | -54.2 | 1.5% |
| Real estate lease business | 4.5% | 59.0% | 54.6 | 53.0% |
| Materials sale business | 6.2% | — | — | -6.8% |
| Transport business | 0.6% | 4.9% | 4.3 | 31.1% |
| Machine manufacturing business | 0.3% | — | — | -12.9% |
| Other | 0.1% | 1.9% | 1.8 | 56.3% |

Loss-making segment (excluded from profit shares): Materials sale business -99 JPY mn

Loss-making segment (excluded from profit shares): Machine manufacturing business -8 JPY mn

Segment → industry: Machine manufacturing business → Machine Tools / Steel structure production business → Steel / Other → Electric Power & Gas / Real estate lease business → Real Estate Development & Leasing / Steel structure production business → General Contractors / Materials sale business → Specialty Trading & Wholesale / Transport business → Trucking & Parcel Delivery

## 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 | 210 | 0.9% | S100YJYC |
| Capital expenditure | 99 | 0.4% | S100YJYC |
| Free cash flow | 111 | 0.5% | 算出 |
| Investing cash flow | 861 | 3.7% | S100YJYC |
| Financing cash flow | -890 | -3.8% | S100YJYC |
| Dividends paid | 210 | 0.9% | S100YJYC |
| Share buyback | 5 | 0.0% | S100YJYC |
| Change in cash | 160 | 0.7% | S100YJYC |
| Cash and equivalents | 6,940 | 29.6% | S100YJYC |

## 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 | 10,544 | 8,114 | 3,054 | 6,780 | 6,940 | S100TX7L, S100W67V, S100YJYC |
| Total assets | 48,814 | 50,419 | 58,519 | 64,177 | 72,944 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Net assets | 37,103 | 38,288 | 44,580 | 43,265 | 50,275 | S100TX7L, S100W67V, S100YJYC |
| Share capital | 1,361 | 1,361 | 1,361 | 1,361 | 1,361 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Property, plant and equipment | 14,328 | 13,593 | 14,769 | 16,783 | 16,217 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Intangible assets excluding goodwill | 62 | 79 | 63 | 64 | 81 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Investment securities | 11,645 | 13,286 | 21,116 | 21,228 | 30,133 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Current assets | 22,478 | 23,067 | 22,170 | 25,693 | 26,119 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Current liabilities | 6,759 | 7,055 | 6,435 | 12,374 | 11,260 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Short-term borrowings | — | — | — | 3,000 | 2,500 | S100YJYC |
| Long-term borrowings | 666 | 711 | 672 | 1,665 | 1,566 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Total liabilities | 11,710 | 12,131 | 13,939 | 20,911 | 22,668 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Equity attributable to owners of parent | 32,409 | 33,232 | 34,029 | 32,789 | 33,558 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Retained earnings | 33,368 | 34,165 | 34,929 | 34,905 | 35,648 | S100R9ET, S100TX7L, S100W67V, S100YJYC |
| Treasury stock | -2,716 | -2,698 | -2,726 | -3,947 | -3,927 | S100R9ET, S100TX7L, S100W67V, S100YJYC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YJYC |
| Property, plant and equipment | 22% | S100YJYC |
| Intangibles and goodwill | 0% | S100YJYC |
| Investment securities | 41% | S100YJYC |
| Other assets | 27% | S100YJYC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YJYC |
| Equity | 69% | S100YJYC |
| Other liabilities | 0% | S100YJYC |

### 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 | 48,814 | 50,419 | 58,519 | 64,177 | 72,944 |
| Equity | 37,103 | 38,288 | 44,580 | 43,265 | 50,275 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,544 | 8,114 | 3,054 | 6,780 | 6,940 |

## 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) | 69.2% | S100YJYC |
| Fixed assets ÷ total assets | 22.2% | S100YJYC |
| Goodwill ÷ parent equity | — | —, S100YJYC |

### 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) | 9.5% |
| Cash ÷ revenue | 29.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 43.6% |
| Cash vs. profit gap | -743 JPY mn (of net income -78.0%) |
| Shareholder returns / net income | 22.6% |
| Shareholder returns / FCF | 193.7% |
| Shareholder payments — dividends / net income | 22.0% |
| Shareholder payments — dividends / FCF | 189.2% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 410.0% |

## 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 | 0.9% | 0.30× | 0.3% | 1.51× | 0.4% | S100R9ET |
| 2023 | 5.5% | 0.38× | 2.0% | 1.51× | 3.1% | S100TX7L |
| 2024 | 4.2% | 0.43× | 1.8% | 1.62× | 2.9% | S100W67V |
| 2025 | 0.8% | 0.39× | 0.3% | 1.84× | 0.6% | S100YJYC |
| 2026 | 4.1% | 0.34× | 1.4% | 2.07× | 2.9% | S100YJYC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 瀧上精機工業株式会社 | Major shareholder | 19.3% | 2026-03-31 |
| 万年青投資事業有限責任組合 | Major shareholder | 9.9% | 2026-03-31 |
| 株式会社ジーグ | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 瀧上 茂 | Major shareholder | 4.4% | 2026-03-31 |
| エムエム建材株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 瀧上晶義 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ミック | Major shareholder | 2.2% | 2026-03-31 |
| 徳倉建設株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YJYC | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJYC,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W67V | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W67V,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TX7L | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX7L,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R9ET | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9ET,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OIWY | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIWY,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LU4F | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU4F,, |

## 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).