# TANABE ENGINEERING 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58期(2025/04/01－2026/03/31) (S100YHGU)
> Page: https://vizora.meequs.com/en/company/tanabe-engineering
> Retrieved: 2026-09-30T22:22:22.678Z

## Company

Tanabe Engineering, founded in 1969, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 1,044 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TANABE ENGINEERING CORPORATION |
| Ticker | 1828 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1828.T) |
| Listing | TSE Standard |
| Head office | 新潟県上越市大字福田20番地 |
| Representative (per filing) | 代表取締役社長 水澤 文雄 |
| Founded | Feb 1969 |
| Share capital | ¥885.3M |
| Employees (consolidated) | 1,044 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.tanabe-ind.co.jp (https://www.tanabe-ind.co.jp/) |
| Corporate number | 5110001019890 |
| EDINET | E00242 |
| Industries (Vizora) | Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YHGU, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.4 | 72 |
| Profitability | 50.7 | 76 |
| Cash conversion | 26.4 | 74 |
| Efficiency | 65.1 | 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 97% of Tanabe Engineering's sales come from Equipment Construction Industry, with Surface Treatment Industry and Other 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 +24.3%.

## Company structure

- Segment revenue mix: Equipment Construction Industry 97.0%、Surface Treatment Industry 2.8%、Other 0.2%
- Revenue → net income: ¥52366140000 → ¥3456140000
- Net income → operating cash flow: ¥3456140000 → ¥1938756000（difference ¥-1517384000）
- Main uses of operating cash flow: CapEx ¥772764000 / dividends ¥910802000 / buybacks ¥166000
- Change in cash: ¥-248268000
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 | ¥52.4B |  |
| Operating income | ¥4.77B | Margin 9.1% |
| Net income | ¥3.45B | Margin 6.6% |
| Free cash flow | ¥1.17B |  |
| Largest business | Equipment Construction Industry | of segment revenue 97.0% |
| Employees (consolidated) | 1,044 |  |
| EPS | ¥334.19 |  |
| Book value per share | ¥2521.6 |  |
| Equity ratio | 59.3% |  |
| Shares outstanding | 10,728,000 |  |
| Treasury shares | 229,500 |  |
| Shareholders | 11,886 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | 0 pp | Plant Engineering & Building Services |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, employees -1% while operating income rose 24%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38123091000 | ¥52366140000 | +37.4% |
| Operating income | ¥2653106000 | ¥4769159000 | +79.8% |
| Operating margin | 7.0% | 9.1% | +2.1 pp |
| Employees | 1,047 people | 1,044 people | -0.3% |
| Cash and equivalents | ¥4525013000 | ¥10601343000 | +134.3% |

### 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 |
| --- | ---: |
| 設備工事事業 → 設備工事事業 | 97.0% |
| 設備工事事業 → 事業再編・廃止 | 0.3% |
| 表面処理事業 → 表面処理事業 | 2.2% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 表面処理事業 | 0.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Equipment Construction Industry | 5 years | +6.5% | ¥50786444000 | 12.7% | 2 |
| Surface Treatment Industry | 5 years | +11.9% | ¥1483624000 | 2.4% | 2 |
| Other | 5 years | -11.7% | ¥96071000 | 13.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,366 | 100.0% | S100YHGU |
| Cost of revenue | 42,189 | 80.6% | S100YHGU |
| Gross profit | 10,177 | 19.4% | S100YHGU |
| SG&A | 5,408 | 10.3% | S100YHGU |
| Operating income | 4,769 | 9.1% | S100YHGU |
| Ordinary income | 4,810 | 9.2% | S100YHGU |
| Pretax income | 4,787 | 9.1% | S100YHGU |
| Income tax | 1,331 | 2.5% | S100YHGU |
| Net income | 3,456 | 6.6% | S100YHGU |
| Net income attributable to owners | 3,453 | 6.6% | S100YHGU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 10 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 19.4% → Operating margin 9.1% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +24.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.04×
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 | 50,832 | 52,366 | 1,534 | +3.0% |
| Gross profit | 8,728 | 10,177 | 1,450 | +16.6% |
| Operating income | 3,838 | 4,769 | 932 | +24.3% |
| Net income attributable to owners | 2,593 | 3,453 | 860 | +33.2% |
| Operating cash flow | 12,926 | 1,939 | -10,987 | -85.0% |
| Free cash flow | 11,578 | 1,166 | -10,412 | -89.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,709 | 2,623 | 7.0% | 1,881 | 844 | -387 | S100LRPR |
| FY ending Mar 2021 | 38,123 | 2,653 | 7.0% | 1,754 | 1,632 | 195 | S100Q7XT |
| FY ending Mar 2022 | 42,526 | 2,814 | 6.6% | 1,873 | 3,052 | 1,751 | S100R82V |
| FY ending Mar 2023 | 42,944 | 2,733 | 6.4% | 1,656 | 1,830 | 1,204 | S100TW8D |
| FY ending Mar 2024 | 51,842 | 2,677 | 5.2% | 1,896 | -4,741 | -5,889 | S100W32Y |
| FY ending Mar 2025 | 50,832 | 3,838 | 7.5% | 2,593 | 12,926 | 11,578 | S100YHGU |
| FY ending Mar 2026 | 52,366 | 4,769 | 9.1% | 3,453 | 1,939 | 1,166 | S100YHGU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.2M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 1,057 | 1,081 | 1,061 | 1,059 | 1,044 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.5M | ¥6.9M |
| Average age (parent company) | 40.9 years | 41.0 years | 40.9 years | 40.9 years | 41.1 years |
| Average tenure (parent company) | 16.0 years | 15.7 years | 15.6 years | 15.4 years | 15.5 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment Construction Industry | 50,786 | 97.0% | 6,438 | 12.7% |
| Surface Treatment Industry | 1,484 | 2.8% | 36 | 2.4% |
| Other | 96 | 0.2% | 13 | 13.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment Construction Industry | 97.0% | 99.2% | 2.3 | 12.7% |
| Surface Treatment Industry | 2.8% | 0.6% | -2.3 | 2.4% |
| Other | 0.2% | 0.2% | 0.0 | 13.5% |

Segment → industry: Equipment Construction Industry → Plant Engineering & Building Services / Other → Industrial Machinery

## 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 | 1,939 | 3.7% | S100YHGU |
| Capital expenditure | 773 | 1.5% | S100YHGU |
| Free cash flow | 1,166 | 2.2% | 算出 |
| Investing cash flow | -875 | -1.7% | S100YHGU |
| Financing cash flow | -1,347 | -2.6% | S100YHGU |
| Dividends paid | 911 | 1.7% | S100YHGU |
| Share buyback | 0 | 0.0% | S100YHGU |
| Change in cash | -248 | -0.5% | S100YHGU |
| Cash and equivalents | 10,601 | 20.2% | S100YHGU |

## 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 | 5,124 | 6,174 | 3,291 | 10,850 | 10,601 | S100TW8D, S100W32Y, S100YHGU |
| Total assets | 35,094 | 37,574 | 46,239 | 45,976 | 47,196 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Net assets | 19,368 | 20,968 | 22,634 | 24,988 | 27,992 | S100TW8D, S100W32Y, S100YHGU |
| Share capital | 885 | 885 | 885 | 885 | 885 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Property, plant and equipment | 8,197 | 8,417 | 8,802 | 9,514 | 9,546 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Intangible assets excluding goodwill | 372 | 276 | 206 | 184 | 171 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Investment securities | 423 | 406 | 431 | 331 | 640 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Current assets | 25,269 | 27,609 | 35,915 | 35,011 | 35,644 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Current liabilities | 13,841 | 15,052 | 22,205 | 19,092 | 17,606 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Short-term borrowings | 500 | 1,000 | 4,500 | 400 | 300 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Long-term borrowings | 600 | 300 | 475 | 975 | 675 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Total liabilities | 15,726 | 16,606 | 23,606 | 20,988 | 19,203 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Non-controlling interests | — | — | 7 | 7 | 11 | S100W32Y, S100YHGU |
| Equity attributable to owners of parent | 19,526 | 20,829 | 21,993 | 24,100 | 26,656 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Retained earnings | 17,172 | 18,475 | 19,943 | 22,013 | 24,553 | S100R82V, S100TW8D, S100W32Y, S100YHGU |
| Treasury stock | -7 | -7 | -310 | -281 | -273 | S100R82V, S100TW8D, S100W32Y, S100YHGU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YHGU |
| Property, plant and equipment | 20% | S100YHGU |
| Intangibles and goodwill | 0% | S100YHGU |
| Investment securities | 1% | S100YHGU |
| Other assets | 56% | S100YHGU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YHGU |
| Equity | 59% | S100YHGU |

### 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 | 35,094 | 37,574 | 46,239 | 45,976 | 47,196 |
| Equity | 19,368 | 20,968 | 22,634 | 24,988 | 27,992 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,124 | 6,174 | 3,291 | 10,850 | 10,601 |

## 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) | 18.2% | S100YHGU |
| Fixed assets ÷ total assets | 20.2% | S100YHGU |
| Goodwill ÷ parent equity | — | —, S100YHGU |

### 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) | 22.5% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.7% |
| Cash vs. profit gap | -1,514 JPY mn (of net income -43.8%) |
| Shareholder returns / net income | 26.4% |
| Shareholder returns / FCF | 78.1% |
| Shareholder payments — dividends / net income | 26.4% |
| Shareholder payments — dividends / FCF | 78.1% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 45.2% |

## 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 | 4.4% | 1.21× | 5.3% | 1.80× | 9.6% | S100R82V |
| 2023 | 3.9% | 1.18× | 4.6% | 1.80× | 8.2% | S100TW8D |
| 2024 | 3.7% | 1.24× | 4.5% | 1.96× | 8.9% | S100W32Y |
| 2025 | 5.1% | 1.10× | 5.6% | 2.00× | 11.3% | S100YHGU |
| 2026 | 6.6% | 1.12× | 7.4% | 1.84× | 13.6% | S100YHGU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田辺工業取引先持株会 | Major shareholder | 9.5% | 2026-03-31 |
| 有限会社ケイアンドアイ | Major shareholder | 8.2% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 四月朔日義雄 | Major shareholder | 3.1% | 2026-03-31 |
| 田辺工業従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 清原達郎 | Major shareholder | 2.9% | 2026-03-31 |
| 田辺よし江 | Major shareholder | 2.9% | 2026-03-31 |
| 田辺商事株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 出頭久美子 | Major shareholder | 2.1% | 2026-03-31 |
| 合同会社ＴＮＢ | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YHGU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHGU,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W32Y | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W32Y,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TW8D | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW8D,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R82V | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R82V,, |
| 訂正有価証券報告書－第54期(2021/04/01－2022/03/31) | S100Q7XT | 2023-02-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q7XT,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LRPR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPR,, |

## 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).