# UPCON CORPORATION: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/02/01－2026/01/31) (S100Y0D4)
> Page: https://vizora.meequs.com/en/company/upcon
> Retrieved: 2026-09-30T18:18:13.447Z

## Company

Upcon is a company in General Contractors listed on Nagoya. It has 49 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UPCON CORPORATION |
| Ticker | 5075 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5075.T) |
| Listing | Nagoya |
| Head office | 神奈川県川崎市高津区坂戸三丁目2番1号KSP東棟611 |
| Representative (per filing) | 代表取締役社長 松藤 展和 |
| Share capital | ¥80.5M |
| Employees (consolidated) | 49 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | January |
| Website | www.upcon.co.jp (https://www.upcon.co.jp/) |
| Corporate number | 4020001076372 |
| EDINET | E36862 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100Y0D4, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97 | 84 |
| Profitability | 99.5 | 92 |
| Cash conversion | 62.1 | 91 |
| Efficiency | 16.8 | 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)

- Upcon brought in ¥1.39B in revenue.
- Out of every ¥100 of sales, about ¥30 is left as operating profit.
- Revenue changed +16.1% from the prior year, operating profit +26.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1387514000 → ¥304490000
- Net income → operating cash flow: ¥304490000 → ¥358191000（difference ¥53701000）
- Main uses of operating cash flow: CapEx ¥247492000 / dividends ¥35105000 / buybacks ¥43000
- Change in cash: ¥258051000
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 | ¥1.39B |  |
| Operating income | ¥420.6M | Margin 30.3% |
| Net income | ¥304.5M | Margin 21.9% |
| Free cash flow | ¥110.7M |  |
| Employees (consolidated) | 49 |  |
| EPS | ¥72.01 |  |
| Book value per share | ¥438.72 |  |
| Equity ratio | 80.0% |  |
| Shares outstanding | 4,237,200 |  |
| Treasury shares | 200 |  |
| Shareholders | 850 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 57.4% | Cash ÷ revenue 96.1% |
| Vs. industry median margin | +23.5 pp | General Contractors |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 14.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, cash is 57% of total assets
- FY2026, operating income keeps 30 per ¥100 of revenue

## What changed in 4 years

| Metric | FY ending Jan 2022 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥673439000 | ¥1387514000 | +106.0% |
| Operating income | ¥55251000 | ¥420606000 | +661.3% |
| Operating margin | 8.2% | 30.3% | +22.1 pp |
| Employees | 44 people | 49 people | +11.4% |
| Cash and equivalents | ¥519295000 | ¥1333788000 | +156.8% |

### Change in segment revenue mix

Span: FY ending Jan 2022 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,388 | 100.0% | S100Y0D4 |
| Cost of revenue | 476 | 34.3% | S100Y0D4 |
| Gross profit | 911 | 65.7% | S100Y0D4 |
| SG&A | 490 | 35.3% | S100Y0D4 |
| Operating income | 421 | 30.3% | S100Y0D4 |
| Ordinary income | 429 | 30.9% | S100Y0D4 |
| Pretax income | 429 | 30.9% | S100Y0D4 |
| Income tax | 124 | 9.0% | S100Y0D4 |
| Net income | 304 | 21.9% | S100Y0D4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 36 |
| Operating income | 30 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 65.7% → Operating margin 30.3% → Net margin 21.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.1%; Core profit growth: +26.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.66×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,195 | 1,388 | 193 | +16.1% |
| Gross profit | 754 | 911 | 157 | +20.8% |
| Operating income | 332 | 421 | 89 | +26.7% |
| Operating cash flow | 334 | 358 | 24 | +7.2% |
| Free cash flow | 332 | 111 | -222 | -66.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2022 | 673 | 55 | 8.2% | 38 | -171 | — | S100QN0M |
| FY ending Jan 2023 | 917 | 169 | 18.4% | 116 | 264 | 262 | S100TBHQ |
| FY ending Jan 2024 | 852 | 90 | 10.5% | 68 | -26 | -41 | S100VNZ9 |
| FY ending Jan 2025 | 1,195 | 332 | 27.8% | 245 | 334 | 332 | S100Y0D4 |
| FY ending Jan 2026 | 1,388 | 421 | 30.3% | 304 | 358 | 111 | S100Y0D4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.3M |
| Operating income per employee (consolidated) | ¥8.6M |
| Net income per employee (consolidated) | ¥6.2M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 44 | 43 | 43 | 47 | 49 |
| Average salary (parent company) | — | ¥5.3M | ¥5.4M | ¥6.9M | ¥7.6M |
| Average age (parent company) | — | 35.1 years | 37.8 years | 37.7 years | 38.2 years |
| Average tenure (parent company) | — | 7.3 years | 7.9 years | 8.1 years | 8.5 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +16.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 358 | 25.8% | S100Y0D4 |
| Capital expenditure | 247 | 17.8% | S100Y0D4 |
| Free cash flow | 111 | 8.0% | 算出 |
| Investing cash flow | -283 | -20.4% | S100Y0D4 |
| Financing cash flow | 183 | 13.2% | S100Y0D4 |
| Dividends paid | 35 | 2.5% | S100Y0D4 |
| Share buyback | 0 | 0.0% | S100Y0D4 |
| Change in cash | 258 | 18.6% | S100Y0D4 |
| Cash and equivalents | 1,334 | 96.1% | S100Y0D4 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 519 | 942 | 856 | 1,076 | 1,334 | S100TBHQ, S100VNZ9, S100Y0D4 |
| Total assets | 1,047 | 1,393 | 1,334 | 1,793 | 2,323 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Net assets | 1,003 | 1,231 | 1,289 | 1,539 | 1,859 | S100TBHQ, S100VNZ9, S100Y0D4 |
| Share capital | 43 | 102 | 73 | 73 | 80 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Property, plant and equipment | 25 | 18 | 27 | 22 | 263 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Intangible assets excluding goodwill | 1 | 1 | 0 | 0 | 0 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Investment securities | — | — | 31 | 258 | 353 | S100VNZ9, S100Y0D4 |
| Current assets | 968 | 1,319 | 1,219 | 1,443 | 1,649 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Current liabilities | 41 | 159 | 41 | 248 | 261 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Long-term borrowings | — | — | — | — | 199 | S100Y0D4 |
| Total liabilities | 44 | 162 | 45 | 254 | 464 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Equity attributable to owners of parent | 1,003 | 1,231 | 1,284 | 1,514 | 1,798 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Retained earnings | 949 | 1,058 | 1,105 | 1,335 | 1,605 | S100QN0M, S100TBHQ, S100VNZ9, S100Y0D4 |
| Treasury stock | — | — | -0 | -0 | -0 | S100VNZ9, S100Y0D4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100Y0D4 |
| Property, plant and equipment | 11% | S100Y0D4 |
| Intangibles and goodwill | 0% | S100Y0D4 |
| Investment securities | 15% | S100Y0D4 |
| Other assets | 16% | S100Y0D4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100Y0D4 |
| Equity | 80% | S100Y0D4 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,047 | 1,393 | 1,334 | 1,793 | 2,323 |
| Equity | 1,003 | 1,231 | 1,289 | 1,539 | 1,859 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 519 | 942 | 856 | 1,076 | 1,334 |

## 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) | 18.9% | S100Y0D4 |
| Fixed assets ÷ total assets | 11.3% | S100Y0D4 |
| Goodwill ÷ parent equity | — | —, S100Y0D4 |

### 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) | 57.4% |
| Cash ÷ revenue | 96.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.2% |
| Cash vs. profit gap | 54 JPY mn (of net income 17.6%) |
| Shareholder returns / net income | 11.5% |
| Shareholder returns / FCF | 31.8% |
| Shareholder payments — dividends / net income | 11.5% |
| Shareholder payments — dividends / FCF | 31.7% |
| CapEx intensity (capex ÷ revenue) | 17.8% |
| Investing CF relative to operating CF | 79.1% |

## 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 | 5.6% | 0.64× | 3.6% | 1.04× | 3.7% | S100QN0M |
| 2023 | 12.7% | 0.75× | 9.5% | 1.09× | 10.4% | S100TBHQ |
| 2024 | 7.9% | 0.63× | 5.0% | 1.08× | 5.4% | S100VNZ9 |
| 2025 | 20.5% | 0.76× | 15.6% | 1.12× | 17.5% | S100Y0D4 |
| 2026 | 21.9% | 0.67× | 14.8% | 1.24× | 18.4% | S100Y0D4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松藤展和 | Major shareholder | 50.8% | 2026-01-31 |
| アクアプレコン株式会社 | Major shareholder | 10.6% | 2026-01-31 |
| 松藤花梨 | Major shareholder | 4.2% | 2026-01-31 |
| 松藤真弓 | Major shareholder | 4.2% | 2026-01-31 |
| 松藤南輝 | Major shareholder | 4.2% | 2026-01-31 |
| 小川由晃 | Major shareholder | 2.0% | 2026-01-31 |
| 株式会社エルツ | Major shareholder | 1.7% | 2026-01-31 |
| 前山満 | Major shareholder | 1.4% | 2026-01-31 |
| 飯塚朋子 | Major shareholder | 1.1% | 2026-01-31 |
| 平井斉己 | Major shareholder | 1.0% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/02/01－2026/01/31) | S100Y0D4 | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0D4,, |
| 有価証券報告書－第22期(2024/02/01－2025/01/31) | S100VNZ9 | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNZ9,, |
| 有価証券報告書－第21期(2023/02/01－2024/01/31) | S100TBHQ | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBHQ,, |
| 有価証券報告書－第20期(2022/02/01－2023/01/31) | S100QN0M | 2023-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN0M,, |

## 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).