# UEKI  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79期(2025/04/01－2026/03/31) (S100YIPR)
> Page: https://vizora.meequs.com/en/company/ueki
> Retrieved: 2026-09-30T20:59:33.304Z

## Company

Ueki, founded in 1948, is a company in Cement & Concrete listed on TSE Standard. It has 1,005 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UEKI CORPORATION |
| Ticker | 1867 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1867.T) |
| Listing | TSE Standard |
| Head office | 新潟県柏崎市駅前1丁目5番45号 |
| Representative (per filing) | 取締役社長 日下部 久夫 |
| Founded | Jul 1948 |
| Share capital | ¥5.32B |
| Employees (consolidated) | 1,005 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.uekigumi.co.jp (https://www.uekigumi.co.jp/) |
| Corporate number | 8110001017149 |
| EDINET | E00179 |
| Industries (Vizora) | Cement & Concrete, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YIPR, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.1 | 84 |
| Profitability | 37.5 | 92 |
| Cash conversion | 9.3 | 91 |
| Efficiency | 66.8 | 92 |
| Financial strength | 50 | 15 |

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 90% of Ueki's sales come from construction business, with Other and real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +24.8% from the prior year, operating profit +30.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥63.3B |  |
| Operating income | ¥3.72B | Margin 5.9% |
| Net income | ¥2.41B | Margin 3.8% |
| Free cash flow | -¥5.2B |  |
| Largest business | construction business | of segment revenue 90.1% |
| Employees (consolidated) | 1,005 |  |
| EPS | ¥335.74 |  |
| Book value per share | ¥4141.09 |  |
| Equity ratio | 56.3% |  |
| Shares outstanding | 6,873,528 |  |
| Treasury shares | 298,300 |  |
| Shareholders | 5,916 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 6.3% | Net cash -¥3.32B · Cash ÷ revenue 5.6% |
| Vs. industry median margin | -1 pp | General Contractors |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48847474000 | ¥63290000000 | +29.6% |
| Operating income | ¥2545443000 | ¥3721103000 | +46.2% |
| Operating margin | 5.2% | 5.9% | +0.7 pp |
| Employees | 973 people | 1,005 people | +3.3% |
| Cash and equivalents | ¥6057825000 | ¥3523070000 | -41.8% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 90.1% |
| 建設事業 → 事業再編・廃止 | 0.6% |
| 不動産事業 → 不動産事業 | 2.8% |
| 建材製造販売事業 → 建材製造販売事業 | 1.1% |
| 建材製造販売事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 4.9% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 不動産事業 | 1.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| construction business | 5 years | +5.2% | ¥57049374000 | 5.7% | 2 |
| Other | 5 years | +4.2% | ¥3132850000 | 7.8% | 2 |
| real estate business | 5 years | +12.2% | ¥2426374000 | 9.4% | 2 |
| a business that manufactures and sells construction material | 5 years | +2.4% | ¥681401000 | 17.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 63,290 | 100.0% | S100YIPR |
| Cost of revenue | 55,764 | 88.1% | S100YIPR |
| Gross profit | 7,526 | 11.9% | S100YIPR |
| SG&A | 3,805 | 6.0% | S100YIPR |
| Operating income | 3,721 | 5.9% | S100YIPR |
| Ordinary income | 3,815 | 6.0% | S100YIPR |
| Pretax income | 3,628 | 5.7% | S100YIPR |
| Income tax | 1,201 | 1.9% | S100YIPR |
| Net income | 2,427 | 3.8% | S100YIPR |
| Net income attributable to owners | 2,407 | 3.8% | S100YIPR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 6 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 11.9% → Operating margin 5.9% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.8%; Core profit growth: +30.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.22×
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 | 50,704 | 63,290 | 12,586 | +24.8% |
| Gross profit | 6,259 | 7,526 | 1,267 | +20.2% |
| Operating income | 2,854 | 3,721 | 867 | +30.4% |
| Net income attributable to owners | 1,935 | 2,407 | 473 | +24.4% |
| Operating cash flow | 2,650 | -3,790 | -6,440 | -243.1% |
| Free cash flow | 1,541 | -5,203 | -6,744 | -437.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,939 | 2,361 | 4.5% | 1,434 | 1,543 | 403 | S100LQA0 |
| FY ending Mar 2021 | 48,847 | 2,545 | 5.2% | 1,700 | 1,012 | -265 | S100OJCO |
| FY ending Mar 2022 | 47,678 | 2,293 | 4.8% | 1,441 | 1,927 | 945 | S100R73Z |
| FY ending Mar 2023 | 48,936 | 2,042 | 4.2% | 1,351 | 578 | 251 | S100TWMP |
| FY ending Mar 2024 | 55,910 | 2,595 | 4.6% | 1,877 | -671 | -1,180 | S100W5CW |
| FY ending Mar 2025 | 50,704 | 2,854 | 5.6% | 1,935 | 2,650 | 1,541 | S100YIPR |
| FY ending Mar 2026 | 63,290 | 3,721 | 5.9% | 2,407 | -3,790 | -5,203 | S100YIPR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63M |
| Operating income per employee (consolidated) | ¥3.7M |
| 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) | 982 | 998 | 1,015 | 993 | 1,005 |
| Average salary (parent company) | ¥6.7M | ¥6.1M | ¥6.4M | ¥6.8M | ¥7M |
| Average age (parent company) | 44.7 years | 44.5 years | 44.7 years | 44.7 years | 44.4 years |
| Average tenure (parent company) | 18.9 years | 18.6 years | 18.7 years | 18.7 years | 18.6 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +24.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| construction business | 57,049 | 90.1% | 3,258 | 5.7% |
| real estate business | 2,426 | 3.8% | 227 | 9.4% |
| a business that manufactures and sells construction material | 681 | 1.1% | 120 | 17.6% |
| Other | 3,133 | 4.9% | 244 | 7.8% |

### 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 | 90.1% | 84.6% | -5.5 | 5.7% |
| real estate business | 3.8% | 5.9% | 2.1 | 9.4% |
| a business that manufactures and sells construction material | 1.1% | 3.1% | 2.0 | 17.6% |
| Other | 4.9% | 6.3% | 1.4 | 7.8% |

Segment → industry: a business that manufactures and sells construction material → Cement & Concrete / real estate business → Real Estate Development & Leasing / 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 | -3,790 | -6.0% | S100YIPR |
| Capital expenditure | 1,412 | 2.2% | S100YIPR |
| Free cash flow | -5,203 | -8.2% | 算出 |
| Investing cash flow | -1,384 | -2.2% | S100YIPR |
| Financing cash flow | 2,482 | 3.9% | S100YIPR |
| Dividends paid | 590 | 0.9% | S100YIPR |
| Share buyback | 0 | 0.0% | S100YIPR |
| Change in cash | -2,692 | -4.3% | S100YIPR |
| Cash and equivalents | 3,523 | 5.6% | S100YIPR |

## 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 | 6,033 | 5,682 | 3,855 | 6,215 | 3,523 | S100TWMP, S100W5CW, S100YIPR |
| Total assets | 43,633 | 46,976 | 50,300 | 50,898 | 56,339 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Net assets | 24,177 | 25,102 | 27,296 | 29,062 | 31,814 | S100TWMP, S100W5CW, S100YIPR |
| Share capital | 5,316 | 5,316 | 5,316 | 5,316 | 5,316 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Property, plant and equipment | 14,351 | 14,027 | 13,798 | 14,270 | 14,356 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Intangible assets excluding goodwill | 256 | 282 | 260 | 377 | 474 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Investment securities | 1,217 | 1,518 | 2,206 | 2,512 | 3,797 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Current assets | 26,716 | 30,146 | 32,942 | 32,701 | 36,751 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Current liabilities | 15,944 | 18,403 | 19,710 | 17,083 | 20,114 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Short-term borrowings | 2,172 | 2,269 | 2,111 | 1,874 | 5,466 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Long-term borrowings | 351 | 396 | 263 | 1,830 | 1,364 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Bonds | — | 63 | 53 | 19 | 12 | S100TWMP, S100W5CW, S100YIPR |
| Interest-bearing debt | — | 2,729 | 2,426 | 3,723 | 6,841 | 算出 |
| Total liabilities | 19,456 | 21,874 | 23,004 | 21,836 | 24,525 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Non-controlling interests | 54 | 53 | 58 | 63 | 79 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Equity attributable to owners of parent | 24,220 | 25,031 | 26,584 | 28,123 | 29,970 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Retained earnings | 13,711 | 14,698 | 16,230 | 17,672 | 19,489 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |
| Treasury stock | -166 | -353 | -340 | -282 | -268 | S100R73Z, S100TWMP, S100W5CW, S100YIPR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YIPR |
| Property, plant and equipment | 25% | S100YIPR |
| Intangibles and goodwill | 1% | S100YIPR |
| Investment securities | 7% | S100YIPR |
| Other assets | 61% | S100YIPR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 31% | S100YIPR |
| Equity | 57% | S100YIPR |
| Other liabilities | 0% | S100YIPR |

### 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 | 43,633 | 46,976 | 50,300 | 50,898 | 56,339 |
| Equity | 24,177 | 25,102 | 27,296 | 29,062 | 31,814 |
| Interest-bearing debt | — | 2,729 | 2,426 | 3,723 | 6,841 |
| Cash | 6,033 | 5,682 | 3,855 | 6,215 | 3,523 |

## 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) | 22.7% | S100YIPR |
| Fixed assets ÷ total assets | 25.5% | S100YIPR |
| Goodwill ÷ parent equity | — | —, S100YIPR |

### 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) | 6.3% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | -¥3.32B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -101.9% |
| Cash vs. profit gap | -6,198 JPY mn (of net income -257.5%) |
| Shareholder returns / net income | 24.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| 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 | 3.0% | 1.09× | 3.3% | 1.80× | 5.9% | S100R73Z |
| 2023 | 2.8% | 1.08× | 3.0% | 1.84× | 5.5% | S100TWMP |
| 2024 | 3.4% | 1.15× | 3.9% | 1.88× | 7.3% | S100W5CW |
| 2025 | 3.8% | 1.00× | 3.8% | 1.85× | 7.1% | S100YIPR |
| 2026 | 3.8% | 1.18× | 4.5% | 1.85× | 8.3% | S100YIPR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ウエキエージェンシー | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 植木組共栄会 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社アキバ | Major shareholder | 4.0% | 2026-03-31 |
| 植木組社員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 第四ジェーシービーカード株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 植木 義明 | Major shareholder | 3.1% | 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 | 2.4% | 2026-03-31 |
| 株式会社大光銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 住友生命相互会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YIPR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIPR,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W5CW | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5CW,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TWMP | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWMP,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R73Z | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R73Z,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OJCO | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJCO,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LQA0 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQA0,, |

## 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).