# YAMATO 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81期(2025/03/21－2026/03/20) (S100YBIH)
> Page: https://vizora.meequs.com/en/company/yamato
> Retrieved: 2026-09-30T20:25:36.732Z

## Company

Yamato, founded in 1946, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 1,161 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMATO CORPORATION |
| Ticker | 1967 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1967.T) |
| Listing | TSE Standard |
| Head office | 群馬県前橋市古市町118番地 |
| Representative (per filing) | 代表取締役社長執行役員CEO 町田豊 |
| Founded | Jul 1946 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,161 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.yamato-se.co.jp (https://www.yamato-se.co.jp/) |
| Corporate number | 5070001001977 |
| EDINET | E00138 |
| Industries (Vizora) | Plant Engineering & Building Services, General Contractors |

> Profile source: annual securities report (S100YBIH, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 72 |
| Profitability | 57.2 | 76 |
| Cash conversion | 18.2 | 74 |
| Efficiency | 36.2 | 76 |

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 99% of Yamato's sales come from Construction work, with Commercial facility management business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +12.6%.

## Company structure

- Segment revenue mix: Construction work 98.9%、Commercial facility management business 1.1%
- Revenue → net income: ¥54327010000 → ¥4628635000
- Net income → operating cash flow: ¥4628635000 → ¥1387044000（difference ¥-3241591000）
- Main uses of operating cash flow: CapEx ¥4176857000 / dividends ¥1116196000 / buybacks ¥4398339000
- Change in cash: ¥-3214735000
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 | ¥54.3B |  |
| Operating income | ¥5.4B | Margin 9.9% |
| Net income | ¥4.59B | Margin 8.4% |
| Free cash flow | -¥2.79B |  |
| Largest business | Construction work | of segment revenue 98.9% |
| Employees (consolidated) | 1,161 |  |
| EPS | ¥164.18 |  |
| Book value per share | ¥1627.06 |  |
| Equity ratio | 69.2% |  |
| Shares outstanding | 24,127,652 |  |
| Treasury shares | 1,741,300 |  |
| Shareholders | 6,836 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 13.1% | Cash ÷ revenue 14.9% |
| Vs. industry median margin | +0.9 pp | Plant Engineering & Building Services |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.9× dividends
- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43767111000 | ¥54327010000 | +24.1% |
| Operating income | ¥3081887000 | ¥5401134000 | +75.3% |
| Operating margin | 7.0% | 9.9% | +2.9 pp |
| Employees | 926 people | 1,161 people | +25.4% |
| Cash and equivalents | ¥6974416000 | ¥8117000000 | +16.4% |

### 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 |
| --- | ---: |
| 新設・再編 → 建設工事業 | 98.9% |
| 新設・再編 → 商業施設運営業 | 1.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,327 | 100.0% | S100YBIH |
| Cost of revenue | 45,656 | 84.0% | S100YBIH |
| Gross profit | 8,671 | 16.0% | S100YBIH |
| SG&A | 3,270 | 6.0% | S100YBIH |
| Operating income | 5,401 | 9.9% | S100YBIH |
| Ordinary income | 6,120 | 11.3% | S100YBIH |
| Pretax income | 6,763 | 12.4% | S100YBIH |
| Income tax | 2,134 | 3.9% | S100YBIH |
| Net income | 4,629 | 8.5% | S100YBIH |
| Net income attributable to owners | 4,589 | 8.4% | S100YBIH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 6 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 16.0% → Operating margin 9.9% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +12.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.78×
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 | 53,169 | 54,327 | 1,158 | +2.2% |
| Gross profit | 7,858 | 8,671 | 814 | +10.4% |
| Operating income | 4,797 | 5,401 | 604 | +12.6% |
| Net income attributable to owners | 3,933 | 4,589 | 656 | +16.7% |
| Operating cash flow | 4,534 | 1,387 | -3,147 | -69.4% |
| Free cash flow | 3,697 | -2,790 | -6,487 | -175.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,464 | 3,639 | 7.1% | 2,398 | -949 | -1,384 | S100LJ71 |
| FY ending Mar 2021 | 43,767 | 3,082 | 7.0% | 2,289 | 5,426 | 4,384 | S100O9L1 |
| FY ending Mar 2022 | 45,576 | 3,678 | 8.1% | 2,757 | 2,895 | 1,941 | S100QZ6C |
| FY ending Mar 2023 | 44,500 | 2,034 | 4.6% | 1,867 | -1,580 | -2,645 | S100TNRH |
| FY ending Mar 2024 | 48,296 | 1,808 | 3.7% | 1,479 | 3,916 | 2,379 | S100WAYA |
| FY ending Mar 2025 | 53,169 | 4,797 | 9.0% | 3,933 | 4,534 | 3,697 | S100YBIH |
| FY ending Mar 2026 | 54,327 | 5,401 | 9.9% | 4,589 | 1,387 | -2,790 | S100YBIH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.8M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥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) | 1,103 | 1,106 | 1,125 | 1,146 | 1,161 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6M | ¥6.5M | ¥7M |
| Average age (parent company) | 43.2 years | 43.4 years | 43.8 years | 44.9 years | 45.0 years |
| Average tenure (parent company) | 15.3 years | 15.2 years | 15.5 years | 15.7 years | 15.5 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction work | 53,741 | 98.9% | 5,287 | 9.8% |
| Commercial facility management business | 586 | 1.1% | 133 | 22.7% |

### 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 work | 98.9% | 97.5% | -1.4 | 9.8% |
| Commercial facility management business | 1.1% | 2.5% | 1.4 | 22.7% |

Segment → industry: Construction work → Plant Engineering & Building Services / Construction work → 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 | 1,387 | 2.6% | S100YBIH |
| Capital expenditure | 4,177 | 7.7% | S100YBIH |
| Free cash flow | -2,790 | -5.1% | 算出 |
| Investing cash flow | -2,033 | -3.7% | S100YBIH |
| Financing cash flow | -2,569 | -4.7% | S100YBIH |
| Dividends paid | 1,116 | 2.1% | S100YBIH |
| Share buyback | 4,398 | 8.1% | S100YBIH |
| Change in cash | -3,215 | -5.9% | S100YBIH |
| Cash and equivalents | 8,117 | 14.9% | S100YBIH |

## 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 | 8,789 | 6,377 | 8,606 | 11,332 | 8,117 | S100TNRH, S100WAYA, S100YBIH |
| Total assets | 45,876 | 47,703 | 52,889 | 58,847 | 61,766 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Net assets | 33,369 | 34,361 | 37,335 | 41,236 | 42,855 | S100TNRH, S100WAYA, S100YBIH |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Inventories | 2,715 | 1,973 | 1,763 | 2,226 | 2,284 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Property, plant and equipment | 6,975 | 6,830 | 7,817 | 8,060 | 11,722 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Intangible assets excluding goodwill | 1,669 | 2,125 | 1,844 | 1,577 | 1,569 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Goodwill | 895 | 679 | 472 | 191 | 57 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Investment securities | 8,683 | 8,626 | 11,361 | 12,256 | 14,734 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Current assets | 27,148 | 28,661 | 30,359 | 34,739 | 31,112 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Current liabilities | 10,978 | 12,098 | 13,353 | 14,951 | 15,262 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Short-term borrowings | 300 | 900 | 600 | 680 | 3,450 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Long-term borrowings | 655 | 580 | 540 | 499 | 442 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Total liabilities | 12,507 | 13,342 | 15,554 | 17,611 | 18,911 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Non-controlling interests | 33 | 23 | 59 | 84 | 124 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Equity attributable to owners of parent | 31,340 | 32,595 | 33,321 | 36,123 | 35,412 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Retained earnings | 22,198 | 23,684 | 24,530 | 27,782 | 28,096 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |
| Treasury stock | -589 | -820 | -939 | -1,389 | -2,184 | S100QZ6C, S100TNRH, S100WAYA, S100YBIH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YBIH |
| Inventories | 4% | S100YBIH |
| Property, plant and equipment | 19% | S100YBIH |
| Intangibles and goodwill | 2% | S100YBIH |
| Investment securities | 24% | S100YBIH |
| Other assets | 38% | S100YBIH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YBIH |
| Equity | 69% | S100YBIH |

### 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 | 45,876 | 47,703 | 52,889 | 58,847 | 61,766 |
| Equity | 33,369 | 34,361 | 37,335 | 41,236 | 42,855 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,789 | 6,377 | 8,606 | 11,332 | 8,117 |

## 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) | 21.6% | S100YBIH |
| Fixed assets ÷ total assets | 19.0% | S100YBIH |
| Goodwill ÷ parent equity | 0.2% | S100YBIH |

Goodwill over 4 years: 895 → 57 JPY; total investing cash flow: -4,406 JPY. This does not imply causation.

### 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) | 13.1% |
| Cash ÷ revenue | 14.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 25.7% |
| Cash vs. profit gap | -3,202 JPY mn (of net income -69.8%) |
| Shareholder returns / net income | 120.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 146.6% |

## 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 | 6.0% | 0.99× | 6.0% | 1.46× | 8.8% | S100QZ6C |
| 2023 | 4.2% | 0.95× | 4.0% | 1.46× | 5.8% | S100TNRH |
| 2024 | 3.1% | 0.96× | 2.9% | 1.53× | 4.5% | S100WAYA |
| 2025 | 7.4% | 0.95× | 7.0% | 1.61× | 11.3% | S100YBIH |
| 2026 | 8.4% | 0.90× | 7.6% | 1.69× | 12.8% | S100YBIH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヤマト社員持株会 | Major shareholder | 6.5% | 2026-03-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2026-03-20 |
| 株式会社群馬銀行 | Major shareholder | 4.9% | 2026-03-20 |
| 株式会社東和銀行 | Major shareholder | 4.8% | 2026-03-20 |
| 株式会社三晃空調 | Major shareholder | 4.5% | 2026-03-20 |
| みどり共栄会 | Major shareholder | 4.4% | 2026-03-20 |
| 株式会社第四北越銀行 | Major shareholder | 3.9% | 2026-03-20 |
| 日本管材センター株式会社 | Major shareholder | 3.0% | 2026-03-20 |
| 株式会社横浜銀行 | Major shareholder | 2.6% | 2026-03-20 |
| 岩瀬産業株式会社 | Major shareholder | 2.3% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/03/21－2026/03/20) | S100YBIH | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBIH,, |
| 訂正有価証券報告書－第80期(2024/03/21－2025/03/20) | S100WAYA | 2025-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAYA,, |
| 有価証券報告書－第79期(2023/03/21－2024/03/20) | S100TNRH | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNRH,, |
| 有価証券報告書－第78期(2022/03/21－2023/03/20) | S100QZ6C | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ6C,, |
| 有価証券報告書－第77期(令和3年3月21日－令和4年3月20日) | S100O9L1 | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9L1,, |
| 有価証券報告書－第76期(令和2年3月21日－令和3年3月20日) | S100LJ71 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ71,, |

## 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).