# TOTETSU KOGYO 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83期(2025/04/01－2026/03/31) (S100YA1U)
> Page: https://vizora.meequs.com/en/company/totetsu-kogyo
> Retrieved: 2026-09-30T20:26:33.306Z

## Company

Totetsu Kogyo, founded in 1943, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 1,921 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOTETSU KOGYO CO.,LTD. |
| Ticker | 1835 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1835.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区信濃町34番地 |
| Representative (per filing) | 代表取締役社長 伊勢勝巳 |
| Founded | Jul 1943 |
| Share capital | ¥2.81B |
| Employees (consolidated) | 1,921 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.totetsu.co.jp (https://www.totetsu.co.jp/) |
| Corporate number | 6011101014147 |
| EDINET | E00112 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YA1U, filed 2026-06-11). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.6 | 84 |
| Profitability | 85.3 | 92 |
| Cash conversion | 31.3 | 91 |
| Efficiency | 32.1 | 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 Totetsu Kogyo's sales come from Civil Engineering Business, with Architectural Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +13.4%.

## Company structure

- Segment revenue mix: Civil Engineering Business 66.2%、Architectural Business 28.2%、Other 5.6%
- Revenue → net income: ¥163018353000 → ¥12972230000
- Net income → operating cash flow: ¥12972230000 → ¥5241817000（difference ¥-7730413000）
- Main uses of operating cash flow: CapEx ¥3188191000 / dividends ¥5349287000 / buybacks ¥586000
- Change in cash: ¥4860022000
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 | ¥163B |  |
| Operating income | ¥17.6B | Margin 10.8% |
| Net income | ¥12.8B | Margin 7.9% |
| Free cash flow | ¥2.05B |  |
| Largest business | Civil Engineering Business | of segment revenue 66.2% |
| Employees (consolidated) | 1,921 |  |
| EPS | ¥331.9 |  |
| Book value per share | ¥3310.47 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 36,100,000 |  |
| Treasury shares | 1,573,300 |  |
| Shareholders | 5,874 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | +3.9 pp | General Contractors |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥132919794000 | ¥163018353000 | +22.6% |
| Operating income | ¥13915739000 | ¥17601513000 | +26.5% |
| Operating margin | 10.5% | 10.8% | +0.3 pp |
| Employees | 1,866 people | 1,921 people | +2.9% |
| Cash and equivalents | ¥31694569000 | ¥20574436000 | -35.1% |

### 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 |
| --- | ---: |
| 土木事業 → 土木事業 | 66.2% |
| 土木事業 → 事業再編・廃止 | 1.4% |
| 建築事業 → 建築事業 | 25.1% |
| その他 → その他 | 5.6% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 建築事業 | 3.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Civil Engineering Business | 5 years | +3.7% | ¥107980676000 | 9.1% | 2 |
| Architectural Business | 5 years | +6.6% | ¥45905312000 | 13.9% | 2 |
| Other | 5 years | -1.0% | ¥9132364000 | 15.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 163,018 | 100.0% | S100YA1U |
| Cost of revenue | 134,938 | 82.8% | S100YA1U |
| Gross profit | 28,081 | 17.2% | S100YA1U |
| SG&A | 10,479 | 6.4% | S100YA1U |
| Operating income | 17,602 | 10.8% | S100YA1U |
| Ordinary income | 18,220 | 11.2% | S100YA1U |
| Pretax income | 18,408 | 11.3% | S100YA1U |
| Income tax | 5,436 | 3.3% | S100YA1U |
| Net income | 12,972 | 8.0% | S100YA1U |
| Net income attributable to owners | 12,845 | 7.9% | S100YA1U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 6 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 17.2% → Operating margin 10.8% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +13.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.20×
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 | 160,048 | 163,018 | 2,971 | +1.9% |
| Gross profit | 24,667 | 28,081 | 3,414 | +13.8% |
| Operating income | 15,526 | 17,602 | 2,076 | +13.4% |
| Net income attributable to owners | 11,564 | 12,845 | 1,281 | +11.1% |
| Operating cash flow | 4,161 | 5,242 | 1,081 | +26.0% |
| Free cash flow | 2,301 | 2,054 | -247 | -10.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 146,035 | 14,858 | 10.2% | 10,658 | 8,060 | 3,084 | S100LKON |
| FY ending Mar 2021 | 132,920 | 13,916 | 10.5% | 9,689 | 21,116 | 16,374 | S100OE0W |
| FY ending Mar 2022 | 114,718 | 7,261 | 6.3% | 5,326 | 3,094 | -3,280 | S100R2LN |
| FY ending Mar 2023 | 124,661 | 9,071 | 7.3% | 7,906 | -8,957 | -14,496 | S100TO2S |
| FY ending Mar 2024 | 141,846 | 11,751 | 8.3% | 8,297 | 4,840 | 922 | S100W3RO |
| FY ending Mar 2025 | 160,048 | 15,526 | 9.7% | 11,564 | 4,161 | 2,301 | S100YA1U |
| FY ending Mar 2026 | 163,018 | 17,602 | 10.8% | 12,845 | 5,242 | 2,054 | S100YA1U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.9M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥6.7M |

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) | 1,856 | 1,883 | 1,853 | 1,864 | 1,921 |
| Average salary (parent company) | ¥8.2M | ¥8.4M | ¥8.6M | ¥9M | ¥9.5M |
| Average age (parent company) | 40.0 years | 40.0 years | 41.0 years | 41.0 years | 40.0 years |
| Average tenure (parent company) | 13.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil Engineering Business | 107,981 | 66.2% | 9,830 | 9.1% |
| Architectural Business | 45,905 | 28.2% | 6,368 | 13.9% |
| Other | 9,132 | 5.6% | 1,400 | 15.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil Engineering Business | 66.2% | 55.9% | -10.4 | 9.1% |
| Architectural Business | 28.2% | 36.2% | 8.0 | 13.9% |
| Other | 5.6% | 8.0% | 2.4 | 15.3% |

Segment → industry: Other → Real Estate Development & Leasing / Architectural Business → General Contractors / Civil Engineering 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 | 5,242 | 3.2% | S100YA1U |
| Capital expenditure | 3,188 | 2.0% | S100YA1U |
| Free cash flow | 2,054 | 1.3% | 算出 |
| Investing cash flow | -4,899 | -3.0% | S100YA1U |
| Financing cash flow | 4,518 | 2.8% | S100YA1U |
| Dividends paid | 5,349 | 3.3% | S100YA1U |
| Share buyback | 1 | 0.0% | S100YA1U |
| Change in cash | 4,860 | 3.0% | S100YA1U |
| Cash and equivalents | 20,574 | 12.6% | S100YA1U |

## 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 | 25,786 | 13,614 | 16,380 | 15,714 | 20,574 | S100TO2S, S100W3RO, S100YA1U |
| Total assets | 136,670 | 149,701 | 168,118 | 181,115 | 203,845 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Net assets | 98,525 | 103,490 | 111,483 | 120,777 | 133,975 | S100TO2S, S100W3RO, S100YA1U |
| Share capital | 2,810 | 2,810 | 2,810 | 2,810 | 2,810 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Property, plant and equipment | 19,501 | 22,842 | 23,691 | 22,495 | 23,008 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Intangible assets excluding goodwill | 447 | 405 | 417 | 651 | 418 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Investment securities | 11,142 | 12,222 | 14,323 | 15,046 | 22,164 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Current assets | 104,032 | 112,534 | 126,058 | 137,955 | 148,622 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Current liabilities | 35,583 | 43,383 | 52,621 | 55,484 | 62,429 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Short-term borrowings | — | 5,000 | 10,000 | 10,000 | 20,000 | S100TO2S, S100W3RO, S100YA1U |
| Total liabilities | 38,144 | 46,211 | 56,634 | 60,338 | 69,870 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Non-controlling interests | 1,400 | 1,105 | 1,054 | 1,162 | 1,310 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Equity attributable to owners of parent | 94,273 | 99,769 | 105,011 | 113,138 | 120,652 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Retained earnings | 93,007 | 97,879 | 102,930 | 111,041 | 118,535 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |
| Treasury stock | -3,895 | -3,898 | -3,895 | -3,880 | -3,859 | S100R2LN, S100TO2S, S100W3RO, S100YA1U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YA1U |
| Property, plant and equipment | 11% | S100YA1U |
| Intangibles and goodwill | 0% | S100YA1U |
| Investment securities | 11% | S100YA1U |
| Other assets | 68% | S100YA1U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YA1U |
| Equity | 66% | S100YA1U |
| Other liabilities | 0% | S100YA1U |

### 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 | 136,670 | 149,701 | 168,118 | 181,115 | 203,845 |
| Equity | 98,525 | 103,490 | 111,483 | 120,777 | 133,975 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,786 | 13,614 | 16,380 | 15,714 | 20,574 |

## 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) | 14.1% | S100YA1U |
| Fixed assets ÷ total assets | 11.3% | S100YA1U |
| Goodwill ÷ parent equity | — | —, S100YA1U |

### 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) | 10.1% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 29.8% |
| Cash vs. profit gap | -7,603 JPY mn (of net income -59.2%) |
| Shareholder returns / net income | 41.6% |
| Shareholder returns / FCF | 260.5% |
| Shareholder payments — dividends / net income | 41.6% |
| Shareholder payments — dividends / FCF | 260.5% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 93.5% |

## 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 | 4.6% | 0.84× | 3.9% | 1.45× | 5.6% | S100R2LN |
| 2023 | 6.3% | 0.87× | 5.5% | 1.48× | 8.1% | S100TO2S |
| 2024 | 5.8% | 0.89× | 5.2% | 1.55× | 8.1% | S100W3RO |
| 2025 | 7.2% | 0.92× | 6.6% | 1.60× | 10.6% | S100YA1U |
| 2026 | 7.9% | 0.85× | 6.7% | 1.65× | 11.0% | S100YA1U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東日本旅客鉄道株式会社 | Major shareholder | 22.1% | 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 | 8.3% | 2026-03-31 |
| 日本電設工業株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 東鉄工業社員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| 第一建設工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| ジェコス株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YA1U | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA1U,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W3RO | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3RO,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TO2S | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO2S,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R2LN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2LN,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OE0W | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE0W,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LKON | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKON,, |

## 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).