# UNICON Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2024/07/01－2025/06/30) (S100WS54)
> Page: https://vizora.meequs.com/en/company/unicon-holdings
> Retrieved: 2026-09-30T20:32:37.166Z

## Company

UNICON Holdings, founded in 1957, is a company in General Contractors listed on TSE Standard. It has 360 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNICON Holdings Co., Ltd. |
| Ticker | 407A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/407A.T) |
| Listing | TSE Standard |
| Head office | 宮城県仙台市宮城野区榴岡二丁目5番30号仙台イーストフロントビル5階 |
| Representative (per filing) | 代表取締役社長 小山 剛 |
| Founded | Aug 1957 |
| Share capital | ¥172.2M |
| Employees (consolidated) | 360 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | June |
| Website | unicon-holdings.co.jp (https://unicon-holdings.co.jp/) |
| Corporate number | 5010001200089 |
| EDINET | E40865 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100WS54, filed 2025-09-30). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.4 | 84 |
| Profitability | 82.1 | 92 |
| Cash conversion | 14.8 | 91 |
| Efficiency | 86.4 | 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)

- UNICON Holdings brought in ¥17.6B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +12.9% from the prior year, operating profit +49.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.6B |  |
| Operating income | ¥1.71B | Margin 9.7% |
| Net income | ¥1.12B | Margin 6.3% |
| Free cash flow | -¥1.33B |  |
| Employees (consolidated) | 360 |  |
| EPS | ¥113.23 |  |
| Diluted EPS | ¥113.06 |  |
| Book value per share | ¥538.22 |  |
| Equity ratio | 30.2% | Derived from disclosed figures |
| Shares outstanding | 9,894,900 |  |
| Shareholders | 17 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 19.5% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | +2.9 pp | General Contractors |
| ROE | 25.8% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## What changed in 2 years

| Metric | FY ending Jun 2023 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16129963000 | ¥17620881000 | +9.2% |
| Employees | 323 people | 360 people | +11.5% |
| Cash and equivalents | ¥4296852000 | ¥2426460000 | -43.5% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jun 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,621 | 100.0% | S100WS54 |
| Cost of revenue | 14,487 | 82.2% | S100WS54 |
| Gross profit | 3,134 | 17.8% | S100WS54 |
| SG&A | 1,455 | 8.3% | S100WS54 |
| Operating income | 1,711 | 9.7% | S100WS54 |
| Pretax income | 1,676 | 9.5% | S100WS54 |
| Income tax | 559 | 3.2% | S100WS54 |
| Net income | 1,117 | 6.3% | S100WS54 |
| Net income attributable to owners | 1,117 | 6.3% | S100WS54 |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 8 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.8% → Operating margin 9.7% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.9%; Core profit growth: +49.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.81×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,611 | 17,621 | 2,009 | +12.9% |
| Gross profit | 2,688 | 3,134 | 445 | +16.6% |
| Operating income | 1,147 | 1,711 | 563 | +49.1% |
| Net income attributable to owners | 726 | 1,117 | 391 | +53.9% |
| Operating cash flow | 2,161 | -1,158 | -3,319 | -153.6% |
| Free cash flow | 2,024 | -1,326 | -3,351 | -165.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 16,130 | — | — | 987 | 37 | — | S100WS54 |
| FY ending Jun 2024 | 15,611 | 1,147 | 7.4% | 726 | 2,161 | 2,024 | S100WS54 |
| FY ending Jun 2025 | 17,621 | 1,711 | 9.7% | 1,117 | -1,158 | -1,326 | S100WS54 |

## People and productivity（FY ending Jun 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.9M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 323 | 338 | 360 |
| Average salary (parent company) | — | — | ¥7.3M |
| Average age (parent company) | — | — | 48.3 years |
| Average tenure (parent company) | — | — | 1.6 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) +12.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,158 | -6.6% | S100WS54 |
| Capital expenditure | 168 | 1.0% | S100WS54 |
| Free cash flow | -1,326 | -7.5% | 算出 |
| Investing cash flow | -151 | -0.9% | S100WS54 |
| Financing cash flow | 148 | 0.8% | S100WS54 |
| Dividends paid | 2,237 | 12.7% | S100WS54 |
| Share buyback | 244 | 1.4% | S100WS54 |
| Change in cash | -1,162 | -6.6% | S100WS54 |
| Cash and equivalents | 2,426 | 13.8% | S100WS54 |

## 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 Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,297 | 3,588 | 2,426 | S100WS54 |
| Total assets | 13,397 | 11,296 | 12,463 | S100WS54 |
| Net assets | 7,162 | 4,889 | 3,769 | S100WS54 |
| Share capital | — | 50 | 172 | S100WS54 |
| Property, plant and equipment | — | 1,295 | 1,258 | S100WS54 |
| Goodwill | — | 1,797 | 1,797 | S100WS54 |
| Current assets | — | 7,565 | 8,802 | S100WS54 |
| Total liabilities | — | 6,408 | 8,694 | S100WS54 |
| Equity attributable to owners of parent | — | 4,889 | 3,769 | S100WS54 |
| Retained earnings | — | -258 | 859 | S100WS54 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100WS54 |
| Property, plant and equipment | 10% | S100WS54 |
| Intangibles and goodwill | 14% | — |
| Other assets | 56% | S100WS54 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100WS54 |
| Equity | 30% | S100WS54 |
| Other liabilities | 0% | S100WS54 |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 13,397 | 11,296 | 12,463 |
| Equity | 7,162 | 4,889 | 3,769 |
| Interest-bearing debt | — | — | — |
| Cash | 4,297 | 3,588 | 2,426 |

## 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) | 7.1% | S100WS54 |
| Fixed assets ÷ total assets | 10.1% | S100WS54 |
| Goodwill ÷ parent equity | 47.7% | S100WS54 |

### 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) | 19.5% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -67.7% |
| Cash vs. profit gap | -2,275 JPY mn (of net income -203.7%) |
| Shareholder returns / net income | 222.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 200.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 6.1% | 1.20× | 7.4% | 1.87× | 13.8% | S100WS54 |
| 2024 | 4.6% | 1.26× | 5.9% | 2.53× | 14.8% | S100WS54 |
| 2025 | 6.3% | 1.48× | 9.4% | 2.74× | 25.8% | S100WS54 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エンデバー・ユナイテッド2号投資事業有限責任組合 | Major shareholder | 94.9% | 2025-06-30 |
| 小山 和夫 | Major shareholder | 3.1% | 2025-06-30 |
| 小山 剛 | Major shareholder | 1.6% | 2025-06-30 |
| 小野 貞人 | Major shareholder | 0.1% | 2025-06-30 |
| 植村 賢二 | Major shareholder | 0.1% | 2025-06-30 |
| 井上 孝 | Major shareholder | 0.0% | 2025-06-30 |
| 黒沼 理 | Major shareholder | 0.0% | 2025-06-30 |
| 植村 卓馬 | Major shareholder | 0.0% | 2025-06-30 |
| 飯塚 信 | Major shareholder | 0.0% | 2025-06-30 |
| 大浦 和久 | Major shareholder | 0.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/07/01－2025/06/30) | S100WS54 | 2025-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS54,, |

## 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).