# TEKKEN 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85期(2025/04/01－2026/03/31) (S100YGCF)
> Page: https://vizora.meequs.com/en/company/tekken
> Retrieved: 2026-09-30T18:55:15.068Z

## Company

Tekken, founded in 1944, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 1,837 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEKKEN CORPORATION |
| Ticker | 1815 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1815.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田三崎町二丁目5番3号 |
| Representative (per filing) | 代表取締役社長 今井 政人 |
| Founded | Feb 1944 |
| Share capital | ¥18.3B |
| Employees (consolidated) | 1,837 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.tekken.co.jp (https://www.tekken.co.jp/) |
| Corporate number | 2010001008709 |
| EDINET | E00065 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YGCF, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.1 | 84 |
| Profitability | 9.2 | 92 |
| Cash conversion | 4.9 | 91 |
| Efficiency | 24.5 | 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 51% of Tekken's sales come from Civil engineering, with Architectural construction and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.9% from the prior year, operating profit +62.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥179.8B |  |
| Operating income | ¥5.62B | Margin 3.1% |
| Net income | ¥5.03B | Margin 2.8% |
| Free cash flow | -¥14.7B |  |
| Largest business | Civil engineering | of segment revenue 50.7% |
| Employees (consolidated) | 1,837 |  |
| EPS | ¥307.92 |  |
| Book value per share | ¥5381.14 |  |
| Equity ratio | 30.6% |  |
| Shares outstanding | 14,973,000 |  |
| Treasury shares | 1,064,600 |  |
| Shareholders | 12,151 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | -3.7 pp | General Contractors |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 63%
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by -28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥182020000000 | ¥179825000000 | -1.2% |
| Operating income | ¥6245000000 | ¥5622000000 | -10.0% |
| Operating margin | 3.4% | 3.1% | -0.3 pp |
| Employees | 1,983 people | 1,837 people | -7.4% |
| Cash and equivalents | ¥17947000000 | ¥24769000000 | +38.0% |

### 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 |
| --- | ---: |
| 土木工事 → 土木工事 | 50.7% |
| 土木工事 → 事業再編・廃止 | 2.4% |
| 建築工事 → 建築工事 | 45.2% |
| 不動産事業 → 不動産事業 | 0.7% |
| 付帯事業 → 付帯事業 | 0.1% |
| 付帯事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 建築工事 | 1.0% |
| 新設・再編 → 不動産事業 | 2.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Civil engineering | 5 years | -1.1% | ¥91165000000 | 3.9% | 2 |
| Architectural construction | 5 years | +0.2% | ¥83229000000 | 1.2% | 2 |
| Real estate | 5 years | +30.4% | ¥5002000000 | 14.1% | 2 |
| Incidental business | 5 years | -30.2% | ¥232000000 | 61.2% | 2 |
| Other | 5 years | -12.1% | ¥195000000 | 97.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 179,825 | 100.0% | S100YGCF |
| Cost of revenue | 162,344 | 90.3% | S100YGCF |
| Gross profit | 17,480 | 9.7% | S100YGCF |
| SG&A | 11,858 | 6.6% | S100YGCF |
| Operating income | 5,622 | 3.1% | S100YGCF |
| Ordinary income | 5,873 | 3.3% | S100YGCF |
| Pretax income | 7,482 | 4.2% | S100YGCF |
| Income tax | 2,432 | 1.4% | S100YGCF |
| Net income | 5,050 | 2.8% | S100YGCF |
| Net income attributable to owners | 5,029 | 2.8% | S100YGCF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 7 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 9.7% → Operating margin 3.1% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.9%; Core profit growth: +62.5%
Operating leverage (core profit growth ÷ revenue growth): -21.89×
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 | 185,114 | 179,825 | -5,289 | -2.9% |
| Gross profit | 14,864 | 17,480 | 2,616 | +17.6% |
| Operating income | 3,459 | 5,622 | 2,163 | +62.5% |
| Net income attributable to owners | 3,429 | 5,029 | 1,600 | +46.7% |
| Operating cash flow | -20,285 | -13,889 | 6,396 | — |
| Free cash flow | -21,227 | -14,741 | 6,486 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 192,842 | 5,815 | 3.0% | 4,960 | 2,692 | -149 | S100LS0N |
| FY ending Mar 2021 | 182,020 | 6,245 | 3.4% | 4,387 | 4,230 | 2,727 | S100OJES |
| FY ending Mar 2022 | 151,551 | 5,247 | 3.5% | 4,706 | 5,273 | 4,248 | S100R8IC |
| FY ending Mar 2023 | 160,743 | 1,233 | 0.8% | 2,360 | -219 | -8,224 | S100TV7H |
| FY ending Mar 2024 | 183,586 | 958 | 0.5% | 4,260 | 3,973 | -5,261 | S100W4NN |
| FY ending Mar 2025 | 185,114 | 3,459 | 1.9% | 3,429 | -20,285 | -21,227 | S100YGCF |
| FY ending Mar 2026 | 179,825 | 5,622 | 3.1% | 5,029 | -13,889 | -14,741 | S100YGCF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.9M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 1,972 | 1,963 | 1,909 | 1,871 | 1,837 |
| Average salary (parent company) | ¥8.2M | ¥8.2M | ¥8.6M | ¥9.2M | ¥9.5M |
| Average age (parent company) | 41.2 years | 41.5 years | 41.6 years | 41.9 years | 41.5 years |
| Average tenure (parent company) | 15.5 years | 15.7 years | 16.0 years | 16.4 years | 16.3 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) -2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 91,165 | 50.7% | 3,583 | 3.9% |
| Architectural construction | 83,229 | 46.3% | 1,030 | 1.2% |
| Real estate | 5,002 | 2.8% | 706 | 14.1% |
| Incidental business | 232 | 0.1% | 142 | 61.2% |
| Other | 195 | 0.1% | 190 | 97.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 50.7% | 63.4% | 12.7 | 3.9% |
| Architectural construction | 46.3% | 18.2% | -28.1 | 1.2% |
| Real estate | 2.8% | 12.5% | 9.7 | 14.1% |
| Incidental business | 0.1% | 2.5% | 2.4 | 61.2% |
| Other | 0.1% | 3.4% | 3.3 | 97.4% |

Segment → industry: Real estate → Real Estate Development & Leasing / Architectural construction → General Contractors / Civil engineering → General Contractors

## 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 | -13,889 | -7.7% | S100YGCF |
| Capital expenditure | 852 | 0.5% | S100YGCF |
| Free cash flow | -14,741 | -8.2% | 算出 |
| Investing cash flow | 3,825 | 2.1% | S100YGCF |
| Financing cash flow | 18,013 | 10.0% | S100YGCF |
| Dividends paid | 1,705 | 0.9% | S100YGCF |
| Change in cash | 8,240 | 4.6% | S100YGCF |
| Cash and equivalents | 24,769 | 13.8% | S100YGCF |

## 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 | 19,304 | 17,189 | 18,606 | 16,529 | 24,769 | S100TV7H, S100W4NN, S100YGCF |
| Total assets | 173,079 | 183,396 | 211,271 | 225,102 | 255,907 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Net assets | 63,931 | 65,543 | 72,131 | 70,116 | 78,746 | S100TV7H, S100W4NN, S100YGCF |
| Share capital | 18,293 | 18,293 | 18,293 | 18,293 | 18,293 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Property, plant and equipment | 26,149 | 32,763 | 38,848 | 37,279 | 35,468 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Intangible assets excluding goodwill | 414 | 810 | 1,778 | 1,859 | 1,886 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Investment securities | 29,222 | 19,750 | 24,756 | 23,020 | 26,701 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Current assets | 114,146 | 116,166 | 129,300 | 145,960 | 172,110 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Current liabilities | 94,855 | 101,810 | 117,735 | 127,524 | 141,320 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Short-term borrowings | 23,252 | 22,918 | 24,918 | 39,845 | 53,353 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Long-term borrowings | 5,723 | 7,115 | 9,336 | 16,082 | 22,326 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Total liabilities | 109,147 | 117,852 | 139,140 | 154,986 | 177,161 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Non-controlling interests | 461 | 466 | 302 | 306 | 325 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Equity attributable to owners of parent | 51,474 | 53,939 | 55,854 | 55,532 | 58,843 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Retained earnings | 28,901 | 30,563 | 34,102 | 34,365 | 37,676 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |
| Treasury stock | -1,050 | -246 | -1,872 | -2,458 | -2,458 | S100R8IC, S100TV7H, S100W4NN, S100YGCF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGCF |
| Property, plant and equipment | 14% | S100YGCF |
| Intangibles and goodwill | 1% | S100YGCF |
| Investment securities | 10% | S100YGCF |
| Other assets | 65% | S100YGCF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100YGCF |
| Equity | 31% | S100YGCF |

### 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 | 173,079 | 183,396 | 211,271 | 225,102 | 255,907 |
| Equity | 63,931 | 65,543 | 72,131 | 70,116 | 78,746 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,304 | 17,189 | 18,606 | 16,529 | 24,769 |

## 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) | 19.7% | S100YGCF |
| Fixed assets ÷ total assets | 13.9% | S100YGCF |
| Goodwill ÷ parent equity | — | —, S100YGCF |

### 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) | 9.7% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -247.0% |
| Cash vs. profit gap | -18,918 JPY mn (of net income -376.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 | 3.1% | 0.88× | 2.7% | 3.36× | 9.1% | S100R8IC |
| 2023 | 1.5% | 0.90× | 1.3% | 3.38× | 4.5% | S100TV7H |
| 2024 | 2.3% | 0.93× | 2.2% | 3.59× | 7.8% | S100W4NN |
| 2025 | 1.9% | 0.85× | 1.6% | 3.92× | 6.2% | S100YGCF |
| 2026 | 2.8% | 0.75× | 2.1% | 4.21× | 8.8% | S100YGCF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東日本旅客鉄道株式会社 | Major shareholder | 19.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| 鹿島建設株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 鉄建職員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 鉄建取引先持株会 | Major shareholder | 1.6% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| 東海旅客鉄道株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YGCF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGCF,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W4NN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4NN,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TV7H | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV7H,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R8IC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8IC,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OJES | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJES,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LS0N | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS0N,, |

## 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).