# TOKYU CONSTRUCTION CO.,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23期(2025/04/01－2026/03/31) (S100YFDZ)
> Page: https://vizora.meequs.com/en/company/tokyu-construction
> Retrieved: 2026-09-30T19:07:05.557Z

## Company

Tokyu Construction, founded in 2003, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 2,911 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYU CONSTRUCTION CO., LTD. |
| Ticker | 1720 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1720.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷一丁目16番14号 |
| Representative (per filing) | 代表取締役社長 寺田光宏 |
| Founded | Apr 2003 |
| Share capital | ¥16.4B |
| Employees (consolidated) | 2,911 |
| Average salary (parent only) | ¥10.3M |
| Fiscal year end | March |
| Website | www.tokyu-cnst.co.jp (https://www.tokyu-cnst.co.jp/) |
| Corporate number | 9011001040166 |
| EDINET | E00316 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YFDZ, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.8 | 84 |
| Profitability | 23.4 | 92 |
| Cash conversion | 36.8 | 91 |
| Efficiency | 64.7 | 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 76% of Tokyu Construction's sales come from Construction (construction), with Construction (engineering) and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +16.4% from the prior year, operating profit +84.5%.

## Company structure

- Segment revenue mix: Construction (construction) 76.0%、Construction (engineering) 21.8%、Real estate 2.2%
- Revenue → net income: ¥341181000000 → ¥13579000000
- Net income → operating cash flow: ¥13579000000 → ¥6910000000（difference ¥-6669000000）
- Main uses of operating cash flow: CapEx ¥3970000000 / dividends ¥4040000000 / buybacks —
- Change in cash: ¥9921000000
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 | ¥341.2B |  |
| Operating income | ¥16.3B | Margin 4.8% |
| Net income | ¥13.4B | Margin 3.9% |
| Free cash flow | ¥2.94B |  |
| Largest business | Construction (construction) | of segment revenue 76.0% |
| Employees (consolidated) | 2,911 |  |
| EPS | ¥109.04 |  |
| Book value per share | ¥822.56 |  |
| Equity ratio | 35.9% |  |
| Shares outstanding | 106,761,000 |  |
| Treasury shares | 420,900 |  |
| Shareholders | 31,679 |  |
| Average salary (parent only) | ¥10.3M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | -2.1 pp | General Contractors |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +40% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥231483000000 | ¥341181000000 | +47.4% |
| Operating income | ¥3549000000 | ¥16306000000 | +359.5% |
| Operating margin | 1.5% | 4.8% | +3.2 pp |
| Employees | 3,010 people | 2,911 people | -3.3% |
| Cash and equivalents | ¥34173000000 | ¥49587000000 | +45.1% |

### 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(建築) → 建設事業(建築) | 66.2% |
| 建設事業(土木) → 建設事業(土木) | 21.8% |
| 建設事業(土木) → 事業再編・廃止 | 10.9% |
| 不動産事業等 → 不動産事業等 | 1.1% |
| 新設・再編 → 建設事業(建築) | 9.8% |
| 新設・再編 → 不動産事業等 | 1.2% |

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 (construction) | 5 years | +11.1% | ¥259236000000 | 6.0% | 2 |
| Construction (engineering) | 5 years | -0.4% | ¥74350000000 | 13.1% | 2 |
| Real estate | 5 years | +25.2% | ¥7593000000 | 14.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 341,181 | 100.0% | S100YFDZ |
| Cost of revenue | 303,538 | 89.0% | S100YFDZ |
| Gross profit | 37,643 | 11.0% | S100YFDZ |
| SG&A | 21,336 | 6.3% | S100YFDZ |
| Operating income | 16,306 | 4.8% | S100YFDZ |
| Ordinary income | 17,552 | 5.1% | S100YFDZ |
| Pretax income | 19,258 | 5.6% | S100YFDZ |
| Income tax | 5,679 | 1.7% | S100YFDZ |
| Net income | 13,579 | 4.0% | S100YFDZ |
| Net income attributable to owners | 13,390 | 3.9% | S100YFDZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 6 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 11.0% → Operating margin 4.8% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.4%; Core profit growth: +84.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.15×
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 | 293,139 | 341,181 | 48,042 | +16.4% |
| Gross profit | 28,716 | 37,643 | 8,927 | +31.1% |
| Operating income | 8,839 | 16,306 | 7,467 | +84.5% |
| Net income attributable to owners | 6,631 | 13,390 | 6,759 | +101.9% |
| Operating cash flow | 41,203 | 6,910 | -34,293 | -83.2% |
| Free cash flow | 38,528 | 2,940 | -35,588 | -92.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 322,170 | 20,315 | 6.3% | 14,903 | -33,439 | -41,315 | S100LOJH |
| FY ending Mar 2021 | 231,483 | 3,549 | 1.5% | 2,647 | 11,629 | 8,278 | S100OFLQ |
| FY ending Mar 2022 | 258,083 | -6,078 | -2.4% | -7,459 | 12,201 | 10,243 | S100R6UJ |
| FY ending Mar 2023 | 288,867 | 5,107 | 1.8% | 5,245 | 20,392 | 19,727 | S100TUHH |
| FY ending Mar 2024 | 285,681 | 8,155 | 2.9% | 7,266 | -54,023 | -55,693 | S100W0EF |
| FY ending Mar 2025 | 293,139 | 8,839 | 3.0% | 6,631 | 41,203 | 38,528 | S100YFDZ |
| FY ending Mar 2026 | 341,181 | 16,306 | 4.8% | 13,390 | 6,910 | 2,940 | S100YFDZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥117.2M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 3,012 | 3,041 | 2,877 | 2,845 | 2,911 |
| Average salary (parent company) | ¥7.3M | ¥7.6M | ¥8.4M | ¥8.9M | ¥10.3M |
| Average age (parent company) | 45.1 years | 45.2 years | 43.9 years | 44.1 years | 43.5 years |
| Average tenure (parent company) | 19.7 years | 19.6 years | 18.7 years | 18.7 years | 18.0 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +16.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction (construction) | 259,236 | 76.0% | 15,499 | 6.0% |
| Construction (engineering) | 74,350 | 21.8% | 9,731 | 13.1% |
| Real estate | 7,593 | 2.2% | 1,080 | 14.2% |

### 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 (construction) | 76.0% | 58.9% | -17.1 | 6.0% |
| Construction (engineering) | 21.8% | 37.0% | 15.2 | 13.1% |
| Real estate | 2.2% | 4.1% | 1.9 | 14.2% |

Segment → industry: Real estate → Real Estate Development & Leasing / Construction (engineering) → General Contractors / Construction (construction) → 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 | 6,910 | 2.0% | S100YFDZ |
| Capital expenditure | 3,970 | 1.2% | S100YFDZ |
| Free cash flow | 2,940 | 0.9% | 算出 |
| Investing cash flow | -2,451 | -0.7% | S100YFDZ |
| Financing cash flow | 5,387 | 1.6% | S100YFDZ |
| Dividends paid | 4,040 | 1.2% | S100YFDZ |
| Change in cash | 9,921 | 2.9% | S100YFDZ |
| Cash and equivalents | 49,587 | 14.5% | S100YFDZ |

## 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 | 38,648 | 58,714 | 31,942 | 39,666 | 49,587 | S100TUHH, S100W0EF, S100YFDZ |
| Total assets | 237,811 | 249,164 | 264,525 | 274,315 | 310,849 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Net assets | 93,064 | 96,020 | 100,789 | 102,667 | 112,676 | S100TUHH, S100W0EF, S100YFDZ |
| Share capital | 16,354 | 16,354 | 16,354 | 16,354 | 16,354 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Property, plant and equipment | 29,675 | 27,220 | 22,478 | 23,641 | 20,315 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Intangible assets excluding goodwill | 1,390 | 1,480 | 1,460 | 1,221 | 1,715 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Goodwill | 356 | 342 | 315 | — | — | S100R6UJ, S100TUHH, S100W0EF |
| Investment securities | 30,171 | 28,837 | 30,040 | 27,902 | 28,600 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Current assets | 173,963 | 187,892 | 206,541 | 216,723 | 253,716 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Current liabilities | 115,004 | 144,743 | 137,388 | 147,299 | 193,637 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Short-term borrowings | 97 | 20,083 | 33,207 | 5,580 | 35,081 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Long-term borrowings | 22,334 | 1,887 | 21,521 | 21,130 | 985 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Total liabilities | 144,747 | 153,144 | 163,735 | 171,648 | 198,173 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Non-controlling interests | 574 | 771 | 823 | 1,032 | 1,229 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Equity attributable to owners of parent | 86,471 | 89,541 | 92,672 | 95,551 | 105,124 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Retained earnings | 67,309 | 70,112 | 73,553 | 76,145 | 85,496 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |
| Treasury stock | -1,282 | -1,019 | -769 | -492 | -284 | S100R6UJ, S100TUHH, S100W0EF, S100YFDZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFDZ |
| Property, plant and equipment | 6% | S100YFDZ |
| Intangibles and goodwill | 1% | S100YFDZ |
| Investment securities | 9% | S100YFDZ |
| Other assets | 68% | S100YFDZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100YFDZ |
| Equity | 36% | S100YFDZ |

### 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 | 237,811 | 249,164 | 264,525 | 274,315 | 310,849 |
| Equity | 93,064 | 96,020 | 100,789 | 102,667 | 112,676 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,648 | 58,714 | 31,942 | 39,666 | 49,587 |

## 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) | 6.0% | S100YFDZ |
| Fixed assets ÷ total assets | 6.5% | S100YFDZ |
| Goodwill ÷ parent equity | — | —, S100YFDZ |

### 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) | 16.0% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.4% |
| Cash vs. profit gap | -6,480 JPY mn (of net income -48.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.2% |
| Shareholder payments — dividends / FCF | 137.4% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 35.5% |

## 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% | —× | — | S100R6UJ |
| 2023 | 1.8% | 1.19× | 2.2% | 2.77× | 6.0% | S100TUHH |
| 2024 | 2.5% | 1.11× | 2.8% | 2.82× | 8.0% | S100W0EF |
| 2025 | 2.3% | 1.09× | 2.5% | 2.86× | 7.0% | S100YFDZ |
| 2026 | 3.9% | 1.17× | 4.6% | 2.92× | 13.3% | S100YFDZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東急株式会社 | Major shareholder | 14.4% | 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 | 11.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・東急株式会社退職給付信託口）※ | Major shareholder | 3.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 大成建設口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 東急建設従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社きんでん | Major shareholder | 1.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・東急株式会社口）※ | Major shareholder | 1.7% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥341.2B, up 16.4% from ¥293.1B a year earlier.
- Operating income climbed 84.5% from ¥8.84B to ¥16.3B, and net income attributable to owners rose 101.9% from ¥6.63B to ¥13.4B.
- Cash was a different story: operating cash flow fell 83.2%, from ¥41.2B to ¥6.91B.

### Drivers

- Overseas work shrank, but more domestic private and public projects lifted completed work in both building and civil engineering.
- The main reason gross profit grew was additional design changes the company secured on domestic civil engineering projects.
- A gain on selling investment securities, booked as extraordinary income, also boosted net income.
- Operating cash flow was held down by growing receivables from clients and higher inventories.

### Risks

- Sudden swings in material and labor costs, including effects of the Middle East situation, could squeeze project margins.
- Fewer skilled workers and the cap on overtime hours may limit how much work the company can take on.
- A serious construction defect could bring large repair costs and cost the company future orders.

Cited: Annual Securities Report (23rd fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (23rd fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YFDZ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFDZ,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W0EF | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0EF,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TUHH | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUHH,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R6UJ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6UJ,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OFLQ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFLQ,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LOJH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOJH,, |

## 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).