# tenox 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56期(2025/04/01－2026/03/31) (S100YJFD)
> Page: https://vizora.meequs.com/en/company/tenox
> Retrieved: 2026-09-30T18:48:03.426Z

## Company

tenox, founded in 1970, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 384 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TENOX CORPORATION |
| Ticker | 1905 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1905.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝五丁目25番11号 |
| Representative (per filing) | 代表取締役社長 若尾 直 |
| Founded | Jul 1970 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 384 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 7010401018815 |
| EDINET | E00232 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance, General Contractors |

> Profile source: annual securities report (S100YJFD, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.9 | 35 |
| Profitability | 28.8 | 40 |
| Cash conversion | 72.4 | 38 |
| Efficiency | 53.8 | 40 |

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 tenox's sales come from Construction business, with Civil engineering and construction consulting business and Other business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -11.1% from the prior year, operating profit +15.6%.

## Company structure

- Segment revenue mix: Construction business 97.1%、Civil engineering and construction consulting business 2.8%、Other business 0.1%
- Revenue → net income: ¥21093483000 → ¥947827000
- Net income → operating cash flow: ¥947827000 → ¥1417321000（difference ¥469494000）
- Main uses of operating cash flow: CapEx ¥722446000 / dividends ¥375942000 / buybacks —
- Change in cash: ¥-2357032000
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 | ¥21.1B |  |
| Operating income | ¥1.29B | Margin 6.1% |
| Net income | ¥939.4M | Margin 4.5% |
| Free cash flow | ¥694.9M |  |
| Largest business | Construction business | of segment revenue 97.1% |
| Employees (consolidated) | 384 |  |
| EPS | ¥129.86 |  |
| Diluted EPS | ¥128.39 |  |
| Book value per share | ¥1976.06 |  |
| Equity ratio | 63.7% |  |
| Shares outstanding | 7,347,000 |  |
| Treasury shares | 470,000 |  |
| Shareholders | 1,375 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 36.8% | Cash ÷ revenue 37.2% |
| Vs. industry median margin | -2.6 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15906872000 | ¥21093483000 | +32.6% |
| Operating income | ¥308910000 | ¥1289470000 | +317.4% |
| Operating margin | 1.9% | 6.1% | +4.2 pp |
| Employees | 312 people | 384 people | +23.1% |
| Cash and equivalents | ¥8402414000 | ¥7841146000 | -6.7% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 96.4% |
| 土木建築コンサルティング全般等事業 → 土木建築コンサルティング全般等事業 | 2.8% |
| 土木建築コンサルティング全般等事業 → 事業再編・廃止 | 0.6% |
| その他の事業 → その他の事業 | 0.1% |
| その他の事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建設事業 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction business | 5 years | +6.0% | ¥20477733000 | 6.2% | 2 |
| Civil engineering and construction consulting business | 5 years | +1.6% | ¥592591000 | 2.4% | 2 |
| Other business | 5 years | +0.0% | ¥23158000 | 34.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,093 | 100.0% | S100YJFD |
| Cost of revenue | 17,094 | 81.0% | S100YJFD |
| Gross profit | 3,999 | 19.0% | S100YJFD |
| SG&A | 2,710 | 12.8% | S100YJFD |
| Operating income | 1,289 | 6.1% | S100YJFD |
| Ordinary income | 1,332 | 6.3% | S100YJFD |
| Pretax income | 1,348 | 6.4% | S100YJFD |
| Income tax | 400 | 1.9% | S100YJFD |
| Net income | 948 | 4.5% | S100YJFD |
| Net income attributable to owners | 939 | 4.5% | S100YJFD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 13 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.0% → Operating margin 6.1% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -11.1%; Core profit growth: +15.6%
Operating leverage (core profit growth ÷ revenue growth): -1.41×
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 | 23,717 | 21,093 | -2,624 | -11.1% |
| Gross profit | 3,623 | 3,999 | 376 | +10.4% |
| Operating income | 1,115 | 1,289 | 174 | +15.6% |
| Net income attributable to owners | 749 | 939 | 190 | +25.4% |
| Operating cash flow | 3,047 | 1,417 | -1,630 | -53.5% |
| Free cash flow | 2,163 | 695 | -1,468 | -67.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,583 | 1,139 | 6.1% | 769 | 2,448 | 1,897 | S100LSVU |
| FY ending Mar 2021 | 15,907 | 309 | 1.9% | 173 | -6 | -442 | S100OHY7 |
| FY ending Mar 2022 | 14,817 | 467 | 3.1% | 358 | 1,795 | 1,608 | S100R60E |
| FY ending Mar 2023 | 18,318 | 653 | 3.6% | 483 | 956 | 616 | S100TRZS |
| FY ending Mar 2024 | 20,207 | 521 | 2.6% | 388 | 143 | -632 | S100W5NI |
| FY ending Mar 2025 | 23,717 | 1,115 | 4.7% | 749 | 3,047 | 2,163 | S100YJFD |
| FY ending Mar 2026 | 21,093 | 1,289 | 6.1% | 939 | 1,417 | 695 | S100YJFD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.9M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 323 | 319 | 335 | 369 | 384 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥7.5M | ¥7.6M | ¥7.5M |
| Average age (parent company) | 43.3 years | 43.8 years | 43.6 years | 44.5 years | 44.7 years |
| Average tenure (parent company) | 14.1 years | 14.3 years | 14.1 years | 14.2 years | 14.4 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) -11.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 20,478 | 97.1% | 1,267 | 6.2% |
| Civil engineering and construction consulting business | 593 | 2.8% | 14 | 2.4% |
| Other business | 23 | 0.1% | 8 | 34.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 97.1% | 98.3% | 1.2 | 6.2% |
| Civil engineering and construction consulting business | 2.8% | 1.1% | -1.7 | 2.4% |
| Other business | 0.1% | 0.6% | 0.5 | 34.3% |

Segment → industry: Civil engineering and construction consulting business → Disaster Prevention & Infrastructure Maintenance / Construction business → Disaster Prevention & Infrastructure Maintenance / Construction business → 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 | 1,417 | 6.7% | S100YJFD |
| Capital expenditure | 722 | 3.4% | S100YJFD |
| Free cash flow | 695 | 3.3% | 算出 |
| Investing cash flow | -3,286 | -15.6% | S100YJFD |
| Financing cash flow | -421 | -2.0% | S100YJFD |
| Dividends paid | 376 | 1.8% | S100YJFD |
| Change in cash | -2,357 | -11.2% | S100YJFD |
| Cash and equivalents | 7,841 | 37.2% | S100YJFD |

## 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 | 9,581 | 9,515 | 8,342 | 10,198 | 7,841 | S100TRZS, S100W5NI, S100YJFD |
| Total assets | 17,681 | 18,771 | 19,067 | 21,073 | 21,307 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Net assets | 12,300 | 12,467 | 12,690 | 13,291 | 13,937 | S100TRZS, S100W5NI, S100YJFD |
| Share capital | 1,711 | 1,711 | 1,711 | 1,711 | 1,711 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Property, plant and equipment | 2,309 | 2,219 | 2,588 | 2,893 | 2,853 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Intangible assets excluding goodwill | 40 | 57 | 104 | 195 | 298 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Goodwill | 21 | 16 | 12 | 8 | 3 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Investment securities | 280 | 315 | 632 | 573 | 3,250 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Current assets | 14,850 | 15,643 | 15,285 | 16,957 | 14,257 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Current liabilities | 4,695 | 5,680 | 5,743 | 6,967 | 6,500 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Long-term borrowings | 20 | 10 | — | — | — | S100R60E, S100TRZS |
| Total liabilities | 5,381 | 6,303 | 6,377 | 7,782 | 7,370 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Non-controlling interests | 290 | 294 | 297 | 300 | 307 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Equity attributable to owners of parent | 11,908 | 12,066 | 12,196 | 12,741 | 13,333 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Retained earnings | 8,380 | 8,582 | 8,686 | 9,162 | 9,724 | S100R60E, S100TRZS, S100W5NI, S100YJFD |
| Treasury stock | -630 | -557 | -541 | -486 | -469 | S100R60E, S100TRZS, S100W5NI, S100YJFD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YJFD |
| Property, plant and equipment | 13% | S100YJFD |
| Intangibles and goodwill | 2% | S100YJFD |
| Investment securities | 15% | S100YJFD |
| Other assets | 33% | S100YJFD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YJFD |
| Equity | 65% | S100YJFD |

### 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 | 17,681 | 18,771 | 19,067 | 21,073 | 21,307 |
| Equity | 12,300 | 12,467 | 12,690 | 13,291 | 13,937 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,581 | 9,515 | 8,342 | 10,198 | 7,841 |

## 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) | 13.5% | S100YJFD |
| Fixed assets ÷ total assets | 13.4% | S100YJFD |
| Goodwill ÷ parent equity | 0.0% | S100YJFD |

Goodwill over 4 years: 21 → 3 JPY; total investing cash flow: -5,756 JPY. This does not imply causation.

### 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) | 36.8% |
| Cash ÷ revenue | 37.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.9% |
| Cash vs. profit gap | 478 JPY mn (of net income 50.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.0% |
| Shareholder payments — dividends / FCF | 54.1% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 231.9% |

## 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 | 2.4% | 0.84× | 2.0% | 1.48× | 3.0% | S100R60E |
| 2023 | 2.6% | 1.01× | 2.6% | 1.52× | 4.0% | S100TRZS |
| 2024 | 1.9% | 1.07× | 2.1% | 1.56× | 3.2% | S100W5NI |
| 2025 | 3.2% | 1.18× | 3.7% | 1.61× | 6.0% | S100YJFD |
| 2026 | 4.5% | 1.00× | 4.4% | 1.63× | 7.2% | S100YJFD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| 住商セメント株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| MUCC商事株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 樗沢 佐江子 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YJFD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJFD,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W5NI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5NI,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TRZS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRZS,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R60E | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R60E,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OHY7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHY7,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LSVU | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSVU,, |

## 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).