# Vertex Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第8期(2025/04/01－2026/03/31) (S100YXM1)
> Page: https://vizora.meequs.com/en/company/vertex-grp
> Retrieved: 2026-09-30T20:48:38.699Z

## Company

Vertex, founded in 2018, is a company in Cement & Concrete listed on TSE Standard. It has 1,167 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Vertex Corporation |
| Ticker | 5290 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5290.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町五丁目1番地(2025年10月6日から本店所在地 東京都千代田区麹町五丁目7番地2が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 山本 譲 |
| Founded | Oct 2018 |
| Share capital | ¥3B |
| Employees (consolidated) | 1,167 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.vertex-grp.co.jp (https://www.vertex-grp.co.jp/) |
| Corporate number | 4010001195330 |
| EDINET | E34137 |
| Industries (Vizora) | Cement & Concrete, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YXM1, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.4 | 16 |
| Profitability | 84.4 | 16 |
| Cash conversion | 46.9 | 16 |
| Efficiency | 59.4 | 16 |

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 65% of Vertex's sales come from Concrete business, with Segment and Slope Disaster prevention making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +19.5% from the prior year, operating profit +12.3%.

## Company structure

- Segment revenue mix: Concrete business 64.6%、Segment 12.1%、Slope Disaster prevention 10.0%、Other 7.3%、Concrete pile 6.1%
- Revenue → net income: ¥46519866000 → ¥10315114000
- Net income → operating cash flow: ¥10315114000 → ¥5351316000（difference ¥-4963798000）
- Main uses of operating cash flow: CapEx ¥1961537000 / dividends ¥1527589000 / buybacks ¥1264401000
- Change in cash: ¥678169000
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 | ¥46.5B |  |
| Operating income | ¥7.06B | Margin 15.2% |
| Net income | ¥10.3B | Margin 22.2% |
| Free cash flow | ¥3.39B |  |
| Largest business | Concrete business | of segment revenue 64.6% |
| Employees (consolidated) | 1,167 |  |
| EPS | ¥89.04 |  |
| Diluted EPS | ¥87.86 |  |
| Book value per share | ¥194.31 |  |
| Equity ratio | 66.8% |  |
| Shares outstanding | 57,706,700 |  |
| Treasury shares | 7,656,200 |  |
| Shareholders | 4,971 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 27.2% | Cash ÷ revenue 38.7% |
| Vs. industry median margin | +7 pp | Cement & Concrete |
| ROE | 27.0% | Derived from disclosed figures |
| ROA | 17.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37763068000 | ¥46519866000 | +23.2% |
| Operating income | ¥5290645000 | ¥7058094000 | +33.4% |
| Operating margin | 14.0% | 15.2% | +1.2 pp |
| Employees | 1,118 people | 1,167 people | +4.4% |
| Cash and equivalents | ¥10893928000 | ¥17981301000 | +65.1% |

### 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 |
| --- | ---: |
| コンクリート事業 → コンクリート事業 | 64.6% |
| コンクリート事業 → 事業再編・廃止 | 11.0% |
| パイル事業 → パイル事業 | 6.1% |
| パイル事業 → 事業再編・廃止 | 1.6% |
| 防災事業 → 事業再編・廃止 | 11.0% |
| その他 → その他 | 5.7% |
| 新設・再編 → 斜面防災事業 | 10.0% |
| 新設・再編 → セグメント事業 | 12.1% |
| 新設・再編 → その他 | 1.6% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Concrete business | 5 years | +1.0% | ¥30028852000 | 21.1% | 2 |
| Segment | — | — | ¥5623679000 | 5.1% | 2 |
| Slope Disaster prevention | 2 years | -1.4% | ¥4635313000 | 34.4% | 2 |
| Other | 5 years | +9.5% | ¥3403163000 | 26.3% | 2 |
| Concrete pile | 5 years | -0.4% | ¥2828858000 | 2.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,520 | 100.0% | S100YXM1 |
| Cost of revenue | 31,573 | 67.9% | S100YXM1 |
| Gross profit | 14,946 | 32.1% | S100YXM1 |
| SG&A | 7,888 | 17.0% | S100YXM1 |
| Operating income | 7,058 | 15.2% | S100YXM1 |
| Ordinary income | 7,110 | 15.3% | S100YXM1 |
| Pretax income | 13,079 | 28.1% | S100YXM1 |
| Income tax | 2,764 | 5.9% | S100YXM1 |
| Net income | 10,315 | 22.2% | S100YXM1 |
| Net income attributable to owners | 10,315 | 22.2% | S100YXM1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 17 |
| Operating income | 15 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 32.1% → Operating margin 15.2% → Net margin 22.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.5%; Core profit growth: +12.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.63×
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 | 38,918 | 46,520 | 7,602 | +19.5% |
| Gross profit | 13,237 | 14,946 | 1,710 | +12.9% |
| Operating income | 6,286 | 7,058 | 772 | +12.3% |
| Net income attributable to owners | 4,826 | 10,315 | 5,489 | +113.7% |
| Operating cash flow | 6,377 | 5,351 | -1,025 | -16.1% |
| Free cash flow | 5,252 | 3,390 | -1,862 | -35.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,014 | 3,789 | 9.7% | 2,336 | 2,943 | 1,809 | S100LQHO |
| FY ending Mar 2021 | 37,763 | 5,291 | 14.0% | 3,759 | 4,223 | 3,158 | S100OARF |
| FY ending Mar 2022 | 37,515 | 6,144 | 16.4% | 4,242 | 4,995 | 3,295 | S100R6TA |
| FY ending Mar 2023 | 39,095 | 5,561 | 14.2% | 3,742 | 3,860 | 2,436 | S100TSB3 |
| FY ending Mar 2024 | 36,834 | 5,727 | 15.5% | 3,729 | 5,593 | 4,437 | S100W2MW |
| FY ending Mar 2025 | 38,918 | 6,286 | 16.2% | 4,826 | 6,377 | 5,252 | S100YXM1 |
| FY ending Mar 2026 | 46,520 | 7,058 | 15.2% | 10,315 | 5,351 | 3,390 | S100YXM1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.9M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥8.8M |

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) | 1,069 | 1,085 | 1,077 | 1,031 | 1,167 |
| Average salary (parent company) | ¥6.9M | ¥6.2M | ¥7.1M | ¥6.7M | ¥7M |
| Average age (parent company) | 53.9 years | 50.8 years | 51.9 years | 52.4 years | 50.8 years |
| Average tenure (parent company) | 2.1 years | 2.2 years | 2.6 years | 2.3 years | 1.9 years |

Year over year: Employees (consolidated) +13.2% · Revenue (consolidated) +19.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Concrete business | 30,029 | 64.6% | 6,342 | 21.1% |
| Concrete pile | 2,829 | 6.1% | 71 | 2.5% |
| Slope Disaster prevention | 4,635 | 10.0% | 1,596 | 34.4% |
| Segment | 5,624 | 12.1% | 287 | 5.1% |
| Other | 3,403 | 7.3% | 894 | 26.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Concrete business | 64.6% | 69.0% | 4.5 | 21.1% |
| Concrete pile | 6.1% | 0.8% | -5.3 | 2.5% |
| Slope Disaster prevention | 10.0% | 17.4% | 7.4 | 34.4% |
| Segment | 12.1% | 3.1% | -9.0 | 5.1% |
| Other | 7.3% | 9.7% | 2.4 | 26.3% |

Segment → industry: Segment → Cement & Concrete / Concrete pile → Cement & Concrete / Concrete business → Cement & Concrete / Slope Disaster prevention → Disaster Prevention & Infrastructure Maintenance

## 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 | 5,351 | 11.5% | S100YXM1 |
| Capital expenditure | 1,962 | 4.2% | S100YXM1 |
| Free cash flow | 3,390 | 7.3% | 算出 |
| Investing cash flow | -3,147 | -6.8% | S100YXM1 |
| Financing cash flow | -1,527 | -3.3% | S100YXM1 |
| Dividends paid | 1,528 | 3.3% | S100YXM1 |
| Share buyback | 1,264 | 2.7% | S100YXM1 |
| Change in cash | 678 | 1.5% | S100YXM1 |
| Cash and equivalents | 17,981 | 38.7% | S100YXM1 |

## 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 | 12,130 | 10,983 | 13,897 | 17,303 | 17,981 | S100TSB3, S100W2MW, S100YXM1 |
| Total assets | 47,420 | 49,843 | 52,025 | 51,867 | 66,033 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Net assets | 29,196 | 31,585 | 33,860 | 36,535 | 44,432 | S100TSB3, S100W2MW, S100YXM1 |
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Property, plant and equipment | 12,396 | 12,597 | 12,539 | 11,297 | 15,463 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Intangible assets excluding goodwill | 360 | 4,106 | 3,784 | 3,424 | 3,043 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Goodwill | — | 3,603 | 3,326 | 3,049 | 2,772 | S100TSB3, S100W2MW, S100YXM1 |
| Investment securities | 1,147 | 1,200 | 1,462 | 1,540 | 2,189 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Current assets | 31,143 | 29,977 | 32,803 | 34,690 | 44,322 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Current liabilities | 13,172 | 12,902 | 13,817 | 11,960 | 16,625 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Trade payables | 2,984 | 2,794 | 2,680 | 2,356 | 3,287 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Short-term borrowings | 2,450 | 3,150 | 3,040 | 2,540 | 4,340 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Long-term borrowings | 837 | 1,713 | 1,458 | 844 | 648 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Total liabilities | 18,224 | 18,259 | 18,165 | 15,332 | 21,600 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Equity attributable to owners of parent | 27,694 | 29,947 | 31,862 | 34,457 | 42,017 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Retained earnings | 25,161 | 28,184 | 31,111 | 34,895 | 43,679 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |
| Treasury stock | -2,003 | -2,947 | -3,963 | -3,781 | -5,009 | S100R6TA, S100TSB3, S100W2MW, S100YXM1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YXM1 |
| Property, plant and equipment | 24% | S100YXM1 |
| Intangibles and goodwill | 9% | S100YXM1 |
| Investment securities | 3% | S100YXM1 |
| Other assets | 37% | S100YXM1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YXM1 |
| Other liabilities | 28% | S100YXM1 |
| Equity | 67% | S100YXM1 |

### 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 | 47,420 | 49,843 | 52,025 | 51,867 | 66,033 |
| Equity | 29,196 | 31,585 | 33,860 | 36,535 | 44,432 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,130 | 10,983 | 13,897 | 17,303 | 17,981 |

## 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) | 33.2% | S100YXM1 |
| Fixed assets ÷ total assets | 23.4% | S100YXM1 |
| Goodwill ÷ parent equity | 6.6% | S100YXM1 |

### 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) | 27.2% |
| Cash ÷ revenue | 38.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.8% |
| Cash vs. profit gap | -4,964 JPY mn (of net income -48.1%) |
| Shareholder returns / net income | 27.1% |
| Shareholder returns / FCF | 82.4% |
| Shareholder payments — dividends / net income | 14.8% |
| Shareholder payments — dividends / FCF | 45.1% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 58.8% |

## 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 | 11.3% | 0.79× | 8.9% | 1.71× | 15.3% | S100R6TA |
| 2023 | 9.6% | 0.80× | 7.7% | 1.69× | 13.0% | S100TSB3 |
| 2024 | 10.1% | 0.72× | 7.3% | 1.65× | 12.1% | S100W2MW |
| 2025 | 12.4% | 0.75× | 9.3% | 1.57× | 14.6% | S100YXM1 |
| 2026 | 22.2% | 0.79× | 17.5% | 1.54× | 27.0% | S100YXM1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平洋セメント株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| GOLDMAN SACHS & CO. REG（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 5.9% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 5.0% | 2026-03-31 |
| 一般財団法人ベルテクスグリーン財団 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社岩崎清七商店 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.8% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT（常任代理人香港上海銀行東京支店 カストディ業務部） | Major shareholder | 2.8% | 2026-03-31 |
| 重田康光 | Major shareholder | 2.4% | 2026-03-31 |
| 仙波昌 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YXM1 | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXM1,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W2MW | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2MW,, |
| 有価証券報告書－第6期(2023/04/01－2024/03/31) | S100TSB3 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSB3,, |
| 有価証券報告書－第5期(2022/04/01－2023/03/31) | S100R6TA | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6TA,, |
| 有価証券報告書－第4期(令和3年4月1日－令和4年3月31日) | S100OARF | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OARF,, |
| 有価証券報告書－第3期(令和2年4月1日－令和3年3月31日) | S100LQHO | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQHO,, |

## 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).