# YAHAGI CONSTRUCTION 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85期(2025/04/01－2026/03/31) (S100YEMP)
> Page: https://vizora.meequs.com/en/company/yahagi-construction
> Retrieved: 2026-09-30T19:03:16.525Z

## Company

Yahagi Construction, founded in 1949, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 1,491 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAHAGI CONSTRUCTION CO.,LTD. |
| Ticker | 1870 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1870.T) |
| Listing | TSE Prime |
| Head office | 名古屋市東区葵三丁目19番7号 |
| Representative (per filing) | 代表取締役社長 髙柳 充広 |
| Founded | May 1949 |
| Share capital | ¥6.81B |
| Employees (consolidated) | 1,491 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.yahagi.co.jp (https://www.yahagi.co.jp/) |
| Corporate number | 6180001018506 |
| EDINET | E00148 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YEMP, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.9 | 84 |
| Profitability | 73.4 | 92 |
| Cash conversion | 52.2 | 91 |
| Efficiency | 63.6 | 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 Yahagi Construction's sales come from Building Construction, with Civil Engineering and Real Estate Development and Others making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +20.4% from the prior year, operating profit +58.8%.

## Company structure

- Segment revenue mix: Building Construction 66.4%、Civil Engineering 22.7%、Real Estate Development and Others 10.9%
- Revenue → net income: ¥169399000000 → ¥8468000000
- Net income → operating cash flow: ¥8468000000 → ¥9849000000（difference ¥1381000000）
- Main uses of operating cash flow: CapEx ¥1264000000 / dividends ¥3689000000 / buybacks —
- Change in cash: ¥611000000
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 | ¥169.4B |  |
| Operating income | ¥13.7B | Margin 8.1% |
| Net income | ¥8.47B | Margin 5.0% |
| Free cash flow | ¥8.59B |  |
| Largest business | Building Construction | of segment revenue 66.4% |
| Employees (consolidated) | 1,491 |  |
| EPS | ¥198.13 |  |
| Book value per share | ¥1495.04 |  |
| Equity ratio | 51.5% |  |
| Shares outstanding | 44,607,000 |  |
| Treasury shares | 1,060,900 |  |
| Shareholders | 17,194 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 9.6% |
| Vs. industry median margin | +1.3 pp | General Contractors |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥106615000000 | ¥169399000000 | +58.9% |
| Operating income | ¥7362000000 | ¥13742000000 | +86.7% |
| Operating margin | 6.9% | 8.1% | +1.2 pp |
| Employees | 1,163 people | 1,491 people | +28.2% |
| Cash and equivalents | ¥21951000000 | ¥16230000000 | -26.1% |

### 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 |
| --- | ---: |
| 建築セグメント → 建築セグメント | 55.3% |
| 土木セグメント → 土木セグメント | 22.7% |
| 土木セグメント → 事業再編・廃止 | 9.2% |
| 不動産セグメント → 不動産セグメント | 10.9% |
| 不動産セグメント → 事業再編・廃止 | 1.9% |
| 新設・再編 → 建築セグメント | 11.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building Construction | 5 years | +13.8% | ¥112494000000 | 7.6% | 2 |
| Civil Engineering | 5 years | +2.5% | ¥38481000000 | 15.9% | 2 |
| Real Estate Development and Others | 5 years | +6.2% | ¥18424000000 | 26.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 169,399 | 100.0% | S100YEMP |
| Cost of revenue | 143,418 | 84.7% | S100YEMP |
| Gross profit | 25,980 | 15.3% | S100YEMP |
| SG&A | 12,238 | 7.2% | S100YEMP |
| Operating income | 13,742 | 8.1% | S100YEMP |
| Ordinary income | 13,698 | 8.1% | S100YEMP |
| Pretax income | 12,045 | 7.1% | S100YEMP |
| Income tax | 3,576 | 2.1% | S100YEMP |
| Net income | 8,468 | 5.0% | S100YEMP |
| Net income attributable to owners | 8,468 | 5.0% | S100YEMP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 7 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.3% → Operating margin 8.1% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.4%; Core profit growth: +58.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.88×
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 | 140,699 | 169,399 | 28,700 | +20.4% |
| Gross profit | 19,416 | 25,980 | 6,564 | +33.8% |
| Operating income | 8,654 | 13,742 | 5,088 | +58.8% |
| Net income attributable to owners | 5,643 | 8,468 | 2,825 | +50.1% |
| Operating cash flow | -17,191 | 9,849 | 27,040 | — |
| Free cash flow | -18,036 | 8,585 | 26,621 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 90,129 | 7,764 | 8.6% | 5,158 | 631 | -1,136 | S100LS1M |
| FY ending Mar 2021 | 106,615 | 7,362 | 6.9% | 3,292 | -6,757 | -7,501 | S100OJN9 |
| FY ending Mar 2022 | 93,090 | 6,169 | 6.6% | 4,842 | 15,841 | 13,241 | S100R8X8 |
| FY ending Mar 2023 | 111,110 | 7,212 | 6.5% | 4,508 | 4,152 | 1,470 | S100TW6P |
| FY ending Mar 2024 | 119,824 | 9,514 | 7.9% | 6,462 | 10,235 | 7,833 | S100W39Q |
| FY ending Mar 2025 | 140,699 | 8,654 | 6.2% | 5,643 | -17,191 | -18,036 | S100YEMP |
| FY ending Mar 2026 | 169,399 | 13,742 | 8.1% | 8,468 | 9,849 | 8,585 | S100YEMP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥113.6M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 1,174 | 1,288 | 1,324 | 1,392 | 1,491 |
| Average salary (parent company) | ¥7.3M | ¥7.9M | ¥8.1M | ¥8.1M | ¥8.5M |
| Average age (parent company) | 42.8 years | 42.5 years | 42.4 years | 41.6 years | 41.4 years |
| Average tenure (parent company) | 19.2 years | 18.8 years | 18.4 years | 17.4 years | 16.9 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +20.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building Construction | 112,494 | 66.4% | 8,535 | 7.6% |
| Civil Engineering | 38,481 | 22.7% | 6,111 | 15.9% |
| Real Estate Development and Others | 18,424 | 10.9% | 4,935 | 26.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building Construction | 66.4% | 43.6% | -22.8 | 7.6% |
| Civil Engineering | 22.7% | 31.2% | 8.5 | 15.9% |
| Real Estate Development and Others | 10.9% | 25.2% | 14.3 | 26.8% |

Segment → industry: Real Estate Development and Others → Real Estate Development & Leasing / Civil Engineering → General Contractors / Building Construction → 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 | 9,849 | 5.8% | S100YEMP |
| Capital expenditure | 1,264 | 0.7% | S100YEMP |
| Free cash flow | 8,585 | 5.1% | 算出 |
| Investing cash flow | 1,921 | 1.1% | S100YEMP |
| Financing cash flow | -11,160 | -6.6% | S100YEMP |
| Dividends paid | 3,689 | 2.2% | S100YEMP |
| Change in cash | 611 | 0.4% | S100YEMP |
| Cash and equivalents | 16,230 | 9.6% | S100YEMP |

## 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 | 21,891 | 22,721 | 19,917 | 15,619 | 16,230 | S100TW6P, S100W39Q, S100YEMP |
| Total assets | 116,423 | 129,987 | 126,000 | 144,220 | 147,662 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Net assets | 57,532 | 60,431 | 66,538 | 68,835 | 76,010 | S100TW6P, S100W39Q, S100YEMP |
| Share capital | 6,808 | 6,808 | 6,808 | 6,808 | 6,808 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Property, plant and equipment | 27,272 | 28,497 | 27,148 | 25,138 | 22,596 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Intangible assets excluding goodwill | 390 | 805 | 728 | 763 | 738 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Investment securities | 5,298 | 5,174 | 5,202 | 5,662 | 7,081 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Current assets | 80,435 | 92,223 | 87,910 | 108,192 | 114,051 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Current liabilities | 45,148 | 56,843 | 43,708 | 55,473 | 58,154 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Short-term borrowings | 25,400 | 28,100 | 14,100 | 26,600 | 23,500 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Long-term borrowings | 5,000 | 3,800 | 8,300 | 12,000 | 7,300 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Total liabilities | 58,891 | 69,556 | 59,461 | 75,384 | 71,652 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Non-controlling interests | — | — | 8 | 8 | 8 | S100W39Q, S100YEMP |
| Equity attributable to owners of parent | 62,279 | 65,062 | 69,192 | 71,802 | 76,934 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Retained earnings | 49,124 | 51,896 | 56,015 | 58,620 | 63,400 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |
| Treasury stock | -897 | -886 | -875 | -870 | -795 | S100R8X8, S100TW6P, S100W39Q, S100YEMP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YEMP |
| Property, plant and equipment | 15% | S100YEMP |
| Intangibles and goodwill | 1% | S100YEMP |
| Investment securities | 5% | S100YEMP |
| Other assets | 68% | S100YEMP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YEMP |
| Equity | 51% | S100YEMP |

### 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 | 116,423 | 129,987 | 126,000 | 144,220 | 147,662 |
| Equity | 57,532 | 60,431 | 66,538 | 68,835 | 76,010 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,891 | 22,721 | 19,917 | 15,619 | 16,230 |

## 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) | 13.3% | S100YEMP |
| Fixed assets ÷ total assets | 15.3% | S100YEMP |
| Goodwill ÷ parent equity | — | —, S100YEMP |

### 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) | 11.0% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.7% |
| Cash vs. profit gap | 1,381 JPY mn (of net income 16.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.6% |
| Shareholder payments — dividends / FCF | 43.0% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 19.5% |

## 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 | 5.2% | 0.80× | 4.2% | 1.87× | 7.8% | S100R8X8 |
| 2023 | 4.1% | 0.90× | 3.7% | 1.94× | 7.1% | S100TW6P |
| 2024 | 5.4% | 0.94× | 5.0% | 1.91× | 9.6% | S100W39Q |
| 2025 | 4.0% | 1.04× | 4.2% | 1.92× | 8.0% | S100YEMP |
| 2026 | 5.0% | 1.16× | 5.8% | 1.96× | 11.4% | S100YEMP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 名古屋鉄道株式会社 | Major shareholder | 19.0% | 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 | 10.4% | 2026-03-31 |
| 矢作建設取引先持株会 | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 矢作建設工業社員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社百十四銀行 | Major shareholder | 1.0% | 2026-03-31 |
| ＮＤＳ株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YEMP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEMP,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W39Q | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W39Q,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TW6P | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW6P,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R8X8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8X8,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OJN9 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJN9,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LS1M | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1M,, |

## 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).