# TOKURA 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81期(2025/04/01－2026/03/31) (S100YKW2)
> Page: https://vizora.meequs.com/en/company/tokurakensetsu
> Retrieved: 2026-09-30T21:00:55.323Z

## Company

Tokura, founded in 1947, is a company in Real Estate Development & Leasing listed on Nagoya. It has 808 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKURA CORPORATION |
| Ticker | 1892 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1892.T) |
| Listing | Nagoya |
| Head office | 名古屋市中区錦三丁目13番5号 |
| Representative (per filing) | 代表取締役社長 徳倉 克己 |
| Founded | Apr 1947 |
| Share capital | ¥2.37B |
| Employees (consolidated) | 808 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Corporate number | 5180001038835 |
| EDINET | E00079 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YKW2, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.8 | 84 |
| Profitability | 19 | 92 |
| Cash conversion | 54.4 | 91 |
| Efficiency | 77.7 | 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 66% of Tokura's sales come from architecture, with civil engineering and real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -4.7% from the prior year, operating profit +87.1%.

## Company structure

- Segment revenue mix: architecture 65.9%、civil engineering 32.4%、real estate 0.9%、Other 0.9%
- Revenue → net income: ¥68177000000 → ¥2369000000
- Net income → operating cash flow: ¥2369000000 → ¥2271000000（difference ¥-98000000）
- Main uses of operating cash flow: CapEx ¥858000000 / dividends ¥379000000 / buybacks ¥0
- Change in cash: ¥-209000000
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 | ¥68.2B |  |
| Operating income | ¥2.9B | Margin 4.3% |
| Net income | ¥2.27B | Margin 3.3% |
| Free cash flow | ¥1.41B |  |
| Largest business | architecture | of segment revenue 65.9% |
| Employees (consolidated) | 808 |  |
| EPS | ¥608.14 |  |
| Book value per share | ¥6005.51 |  |
| Equity ratio | 42.7% |  |
| Shares outstanding | 2,207,285 |  |
| Treasury shares | 90,900 |  |
| Shareholders | 836 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | -2.6 pp | General Contractors |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54460000000 | ¥68177000000 | +25.2% |
| Operating income | ¥2558000000 | ¥2905000000 | +13.6% |
| Operating margin | 4.7% | 4.3% | -0.4 pp |
| Employees | 755 people | 808 people | +7.0% |
| Cash and equivalents | ¥11509000000 | ¥11413000000 | -0.8% |

### 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 |
| --- | ---: |
| 建築 → 建築 | 62.4% |
| 土木 → 土木 | 32.4% |
| 土木 → 事業再編・廃止 | 1.9% |
| 不動産 → 不動産 | 0.9% |
| 不動産 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 建築 | 3.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| architecture | 5 years | +5.7% | ¥44909000000 | — | 2 |
| civil engineering | 5 years | +3.4% | ¥22057000000 | — | 2 |
| real estate | 5 years | -1.6% | ¥624000000 | — | 2 |
| Other | 5 years | -12.3% | ¥585000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,177 | 100.0% | S100YKW2 |
| Cost of revenue | 60,506 | 88.7% | S100YKW2 |
| Gross profit | 7,670 | 11.3% | S100YKW2 |
| SG&A | 4,764 | 7.0% | S100YKW2 |
| Operating income | 2,905 | 4.3% | S100YKW2 |
| Ordinary income | 3,100 | 4.5% | S100YKW2 |
| Pretax income | 3,240 | 4.8% | S100YKW2 |
| Income tax | 870 | 1.3% | S100YKW2 |
| Net income | 2,369 | 3.5% | S100YKW2 |
| Net income attributable to owners | 2,265 | 3.3% | S100YKW2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 7 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.3% → Operating margin 4.3% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.7%; Core profit growth: +87.1%
Operating leverage (core profit growth ÷ revenue growth): -18.65×
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 | 71,516 | 68,177 | -3,339 | -4.7% |
| Gross profit | 5,831 | 7,670 | 1,839 | +31.5% |
| Operating income | 1,553 | 2,905 | 1,352 | +87.1% |
| Net income attributable to owners | 1,352 | 2,265 | 913 | +67.5% |
| Operating cash flow | -6,186 | 2,271 | 8,457 | — |
| Free cash flow | -6,288 | 1,413 | 7,701 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,098 | 2,296 | 4.0% | 1,321 | -763 | -940 | S100LSPA |
| FY ending Mar 2021 | 54,460 | 2,558 | 4.7% | 1,716 | 5,819 | 5,668 | S100OK3I |
| FY ending Mar 2022 | 66,965 | 2,593 | 3.9% | 1,679 | 330 | 278 | S100R84J |
| FY ending Mar 2023 | 58,523 | 609 | 1.0% | 590 | 3,607 | 3,491 | S100TUW6 |
| FY ending Mar 2024 | 63,691 | 1,616 | 2.5% | 1,163 | 3,763 | 3,508 | S100W89B |
| FY ending Mar 2025 | 71,516 | 1,553 | 2.2% | 1,352 | -6,186 | -6,288 | S100YKW2 |
| FY ending Mar 2026 | 68,177 | 2,905 | 4.3% | 2,265 | 2,271 | 1,413 | S100YKW2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.4M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 775 | 776 | 791 | 788 | 808 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7M | ¥7M | ¥8.3M |
| Average age (parent company) | 48.2 years | 47.9 years | 47.4 years | 47.0 years | 46.4 years |
| Average tenure (parent company) | 18.9 years | 18.2 years | 17.8 years | 17.6 years | 17.6 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) -4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| architecture | 44,909 | 65.9% | — | — |
| civil engineering | 22,057 | 32.4% | — | — |
| real estate | 624 | 0.9% | — | — |
| Other | 585 | 0.9% | — | — |

### 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 |
| --- | ---: |
| architecture | 65.9% |
| civil engineering | 32.4% |
| real estate | 0.9% |
| Other | 0.9% |

Segment → industry: real estate → Real Estate Development & Leasing / civil engineering → General Contractors / architecture → 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 | 2,271 | 3.3% | S100YKW2 |
| Capital expenditure | 858 | 1.3% | S100YKW2 |
| Free cash flow | 1,413 | 2.1% | 算出 |
| Investing cash flow | 325 | 0.5% | S100YKW2 |
| Financing cash flow | -2,850 | -4.2% | S100YKW2 |
| Dividends paid | 379 | 0.6% | S100YKW2 |
| Share buyback | 0 | 0.0% | S100YKW2 |
| Change in cash | -209 | -0.3% | S100YKW2 |
| Cash and equivalents | 11,413 | 16.7% | S100YKW2 |

## 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 | 10,310 | 13,420 | 14,476 | 11,623 | 11,413 | S100TUW6, S100W89B, S100YKW2 |
| Total assets | 44,502 | 44,917 | 49,827 | 53,003 | 53,271 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Net assets | 17,059 | 17,642 | 19,110 | 19,860 | 22,924 | S100TUW6, S100W89B, S100YKW2 |
| Share capital | 2,368 | 2,368 | 2,368 | 2,368 | 2,368 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Property, plant and equipment | 8,443 | 8,054 | 8,114 | 8,075 | 7,796 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Investment securities | 2,333 | 3,013 | 3,827 | 3,543 | 4,762 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Current assets | 32,916 | 33,217 | 36,919 | 40,368 | 39,543 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Current liabilities | 23,064 | 23,716 | 27,504 | 30,451 | 27,521 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Short-term borrowings | 1,584 | 1,986 | 1,336 | 4,837 | 2,800 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Long-term borrowings | 2,372 | 1,712 | 1,319 | 999 | 664 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Bonds | 500 | 286 | 80 | — | — | S100R84J, S100TUW6, S100W89B |
| Interest-bearing debt | 4,456 | 3,984 | 2,735 | — | — | 算出 |
| Total liabilities | 27,443 | 27,275 | 30,716 | 33,143 | 30,347 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Non-controlling interests | 40 | 46 | 54 | 74 | 176 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Equity attributable to owners of parent | 17,261 | 17,556 | 18,283 | 19,358 | 20,754 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Retained earnings | 11,908 | 12,181 | 13,001 | 14,039 | 15,346 | S100R84J, S100TUW6, S100W89B, S100YKW2 |
| Treasury stock | -204 | -196 | -305 | -290 | -257 | S100R84J, S100TUW6, S100W89B, S100YKW2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YKW2 |
| Property, plant and equipment | 15% | S100YKW2 |
| Investment securities | 9% | S100YKW2 |
| Other assets | 55% | S100YKW2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YKW2 |
| Equity | 43% | S100YKW2 |

### 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 | 44,502 | 44,917 | 49,827 | 53,003 | 53,271 |
| Equity | 17,059 | 17,642 | 19,110 | 19,860 | 22,924 |
| Interest-bearing debt | 4,456 | 3,984 | 2,735 | — | — |
| Cash | 10,310 | 13,420 | 14,476 | 11,623 | 11,413 |

## 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) | 11.4% | S100YKW2 |
| Fixed assets ÷ total assets | 14.6% | S100YKW2 |
| Goodwill ÷ parent equity | — | —, S100YKW2 |

### 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) | 21.4% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.2% |
| Cash vs. profit gap | 6 JPY mn (of net income 0.3%) |
| Shareholder returns / net income | 16.7% |
| Shareholder returns / FCF | 26.8% |
| Shareholder payments — dividends / net income | 16.7% |
| Shareholder payments — dividends / FCF | 26.8% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 14.3% |

## 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 | 2.5% | 1.50× | 3.8% | 2.58× | 9.7% | S100R84J |
| 2023 | 1.0% | 1.31× | 1.3% | 2.57× | 3.4% | S100TUW6 |
| 2024 | 1.8% | 1.34× | 2.5% | 2.64× | 6.5% | S100W89B |
| 2025 | 1.9% | 1.39× | 2.6% | 2.73× | 7.2% | S100YKW2 |
| 2026 | 3.3% | 1.28× | 4.3% | 2.65× | 11.3% | S100YKW2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 徳友会グループ持株会 | Major shareholder | 9.8% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.3% | 2026-03-31 |
| 三徳物産株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.7% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 大成ホールディングス株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YKW2 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKW2,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W89B | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W89B,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TUW6 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUW6,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R84J | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R84J,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OK3I | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK3I,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LSPA | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSPA,, |

## 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).