# TECHNO RYOWA 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77期(2025/04/01－2026/03/31) (S100YF2U)
> Page: https://vizora.meequs.com/en/company/techno-ryowa
> Retrieved: 2026-09-30T19:41:57.368Z

## Company

Techno Ryowa, founded in 1949, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 981 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TECHNO RYOWA LTD. |
| Ticker | 1965 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1965.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝五丁目34番2号(2026年5月18日から本店所在地 東京都港区芝大門二丁目12番8号が 上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長執行役員 加藤雅也 |
| Founded | Dec 1949 |
| Share capital | ¥2.75B |
| Employees (consolidated) | 981 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | March |
| Website | www.techno-ryowa.co.jp (https://www.techno-ryowa.co.jp/) |
| Corporate number | 3010401018661 |
| EDINET | E00225 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YF2U, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.2 | 72 |
| Profitability | 91.4 | 76 |
| Cash conversion | 49.3 | 74 |
| Efficiency | 62.5 | 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)

- Techno Ryowa brought in ¥98.7B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +17.2% from the prior year, operating profit +63.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥98681000000 → ¥11838000000
- Net income → operating cash flow: ¥11838000000 → ¥12147000000（difference ¥309000000）
- Main uses of operating cash flow: CapEx ¥625000000 / dividends ¥2094000000 / buybacks ¥2201000000
- Change in cash: ¥6975000000
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 | ¥98.7B |  |
| Operating income | ¥15.8B | Margin 16.0% |
| Net income | ¥11.8B | Margin 12.0% |
| Free cash flow | ¥11.5B |  |
| Employees (consolidated) | 981 |  |
| EPS | ¥549.95 |  |
| Book value per share | ¥2809.59 |  |
| Equity ratio | 65.7% |  |
| Shares outstanding | 21,228,000 |  |
| Treasury shares | 547,800 |  |
| Shareholders | 7,406 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 18.3% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | +6.9 pp | Plant Engineering & Building Services |
| ROE | 23.1% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, parent-company salary changed +47% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54871000000 | ¥98681000000 | +79.8% |
| Operating income | ¥1709000000 | ¥15760000000 | +822.2% |
| Operating margin | 3.1% | 16.0% | +12.9 pp |
| Employees | 848 people | 981 people | +15.7% |
| Cash and equivalents | ¥13686000000 | ¥18508000000 | +35.2% |

### 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 | 98,681 | 100.0% | S100YF2U |
| Cost of revenue | 73,637 | 74.6% | S100YF2U |
| Gross profit | 25,043 | 25.4% | S100YF2U |
| SG&A | 9,282 | 9.4% | S100YF2U |
| Operating income | 15,760 | 16.0% | S100YF2U |
| Ordinary income | 16,493 | 16.7% | S100YF2U |
| Pretax income | 16,672 | 16.9% | S100YF2U |
| Income tax | 4,833 | 4.9% | S100YF2U |
| Net income | 11,838 | 12.0% | S100YF2U |
| Net income attributable to owners | 11,797 | 12.0% | S100YF2U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 9 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 25.4% → Operating margin 16.0% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.2%; Core profit growth: +63.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.70×
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 | 84,190 | 98,681 | 14,491 | +17.2% |
| Gross profit | 17,425 | 25,043 | 7,618 | +43.7% |
| Operating income | 9,629 | 15,760 | 6,131 | +63.7% |
| Net income attributable to owners | 7,256 | 11,797 | 4,541 | +62.6% |
| Operating cash flow | 4,651 | 12,147 | 7,496 | +161.2% |
| Free cash flow | 4,377 | 11,522 | 7,145 | +163.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 60,926 | 4,263 | 7.0% | 2,927 | 2,502 | 2,071 | S100LTA7 |
| FY ending Mar 2021 | 54,871 | 1,709 | 3.1% | 1,234 | 1,136 | 675 | S100OM5P |
| FY ending Mar 2022 | 56,905 | 3,013 | 5.3% | 2,237 | 904 | 615 | S100R4YZ |
| FY ending Mar 2023 | 61,030 | 3,175 | 5.2% | 2,339 | -157 | -359 | S100TXL0 |
| FY ending Mar 2024 | 73,688 | 5,792 | 7.9% | 4,506 | -1,453 | -1,851 | S100W7PX |
| FY ending Mar 2025 | 84,190 | 9,629 | 11.4% | 7,256 | 4,651 | 4,377 | S100YF2U |
| FY ending Mar 2026 | 98,681 | 15,760 | 16.0% | 11,797 | 12,147 | 11,522 | S100YF2U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥100.6M |
| Operating income per employee (consolidated) | ¥16.1M |
| Net income per employee (consolidated) | ¥12M |

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) | 870 | 901 | 899 | 940 | 981 |
| Average salary (parent company) | ¥7.4M | ¥7.8M | ¥8.1M | ¥9.8M | ¥10.9M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +17.2%

## 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 | 12,147 | 12.3% | S100YF2U |
| Capital expenditure | 625 | 0.6% | S100YF2U |
| Free cash flow | 11,522 | 11.7% | 算出 |
| Investing cash flow | -940 | -1.0% | S100YF2U |
| Financing cash flow | -4,252 | -4.3% | S100YF2U |
| Dividends paid | 2,094 | 2.1% | S100YF2U |
| Share buyback | 2,201 | 2.2% | S100YF2U |
| Change in cash | 6,975 | 7.1% | S100YF2U |
| Cash and equivalents | 18,508 | 18.8% | S100YF2U |

## 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 | 13,968 | 12,340 | 8,847 | 11,533 | 18,508 | S100TXL0, S100W7PX, S100YF2U |
| Total assets | 63,698 | 63,457 | 76,228 | 80,163 | 100,868 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Net assets | 42,462 | 43,375 | 49,186 | 52,948 | 66,351 | S100TXL0, S100W7PX, S100YF2U |
| Share capital | 2,746 | 2,746 | 2,746 | 2,746 | 2,746 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Property, plant and equipment | 4,294 | 4,165 | 4,105 | 4,126 | 4,471 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Intangible assets excluding goodwill | 189 | 167 | 330 | 300 | 358 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Investment securities | 9,743 | 9,452 | 11,355 | 10,231 | 14,487 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Current assets | 42,242 | 42,278 | 50,347 | 56,216 | 67,379 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Current liabilities | 18,309 | 17,404 | 23,095 | 23,863 | 28,675 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Long-term borrowings | 65 | — | 65 | 5 | 60 | S100R4YZ, S100W7PX, S100YF2U |
| Total liabilities | 21,236 | 20,082 | 27,042 | 27,215 | 34,516 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Non-controlling interests | — | — | 1 | 3 | 45 | S100W7PX, S100YF2U |
| Equity attributable to owners of parent | 37,435 | 38,990 | 41,712 | 47,235 | 54,739 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Retained earnings | 33,188 | 34,743 | 38,466 | 42,259 | 51,961 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |
| Treasury stock | -998 | -998 | -1,999 | -269 | -2,467 | S100R4YZ, S100TXL0, S100W7PX, S100YF2U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YF2U |
| Property, plant and equipment | 5% | S100YF2U |
| Intangibles and goodwill | 0% | S100YF2U |
| Investment securities | 14% | S100YF2U |
| Other assets | 63% | S100YF2U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YF2U |
| Equity | 66% | S100YF2U |
| Other liabilities | 0% | S100YF2U |

### 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 | 63,698 | 63,457 | 76,228 | 80,163 | 100,868 |
| Equity | 42,462 | 43,375 | 49,186 | 52,948 | 66,351 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,968 | 12,340 | 8,847 | 11,533 | 18,508 |

## 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) | 4.5% | S100YF2U |
| Fixed assets ÷ total assets | 4.4% | S100YF2U |
| Goodwill ÷ parent equity | — | —, S100YF2U |

### 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) | 18.3% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.1% |
| Cash vs. profit gap | 350 JPY mn (of net income 3.0%) |
| Shareholder returns / net income | 36.4% |
| Shareholder returns / FCF | 37.3% |
| Shareholder payments — dividends / net income | 17.8% |
| Shareholder payments — dividends / FCF | 18.2% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 7.7% |

## 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 | 3.9% | 0.89× | 3.5% | 1.70× | 6.0% | S100R4YZ |
| 2023 | 3.8% | 0.96× | 3.7% | 1.66× | 6.1% | S100TXL0 |
| 2024 | 6.1% | 1.06× | 6.5% | 1.73× | 11.2% | S100W7PX |
| 2025 | 8.6% | 1.08× | 9.3% | 1.76× | 16.3% | S100YF2U |
| 2026 | 12.0% | 1.09× | 13.0% | 1.78× | 23.1% | S100YF2U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| テクノ菱和取引先持株会 | Major shareholder | 10.3% | 2026-03-31 |
| 三菱重工サーマルシステムズ株式会社 | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社京葉銀行(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 3.5% | 2026-03-31 |
| 重 田 康 光 | Major shareholder | 3.1% | 2026-03-31 |
| ブルドックソース株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YF2U | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF2U,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W7PX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7PX,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TXL0 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXL0,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R4YZ | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4YZ,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OM5P | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM5P,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LTA7 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTA7,, |

## 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).