# YAMAURA 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67期(2025/04/01－2026/03/31) (S100YK4B)
> Page: https://vizora.meequs.com/en/company/yamaura
> Retrieved: 2026-09-30T21:10:03.620Z

## Company

Yamaura, founded in 1960, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 458 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAURA CORPORATION |
| Ticker | 1780 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1780.T) |
| Listing | TSE Prime |
| Head office | 長野県駒ヶ根市北町22番1号 |
| Representative (per filing) | 代表取締役社長 山浦正貴 |
| Founded | Aug 1960 |
| Share capital | ¥2.89B |
| Employees (consolidated) | 458 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.yamaura.co.jp (https://www.yamaura.co.jp/) |
| Corporate number | 6100001021418 |
| EDINET | E00268 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YK4B, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 84 |
| Profitability | 84.2 | 92 |
| Cash conversion | 19.2 | 91 |
| Efficiency | 71.2 | 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 88% of Yamaura's sales come from Construction business, with Engineering business and Development business and other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +13.8% from the prior year, operating profit +9.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥40.5B |  |
| Operating income | ¥4.26B | Margin 10.5% |
| Net income | ¥3.17B | Margin 7.8% |
| Free cash flow | -¥2.56B |  |
| Largest business | Construction business | of segment revenue 87.5% |
| Employees (consolidated) | 458 |  |
| EPS | ¥167.22 |  |
| Book value per share | ¥1378.6 |  |
| Equity ratio | 72.7% |  |
| Shares outstanding | 21,103,000 |  |
| Treasury shares | 1,876,200 |  |
| Shareholders | 44,844 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 19.0% |
| Vs. industry median margin | +3.7 pp | General Contractors |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24829358000 | ¥40526520000 | +63.2% |
| Operating income | ¥1387598000 | ¥4259049000 | +206.9% |
| Operating margin | 5.6% | 10.5% | +4.9 pp |
| Employees | 374 people | 458 people | +22.5% |
| Cash and equivalents | ¥1934360000 | ¥7699813000 | +298.1% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 81.8% |
| エンジニアリング事業 → エンジニアリング事業 | 7.6% |
| エンジニアリング事業 → 事業再編・廃止 | 3.6% |
| 開発事業等 → 開発事業等 | 4.9% |
| 開発事業等 → 事業再編・廃止 | 2.1% |
| 新設・再編 → 建設事業 | 5.7% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction business | 5 years | +11.8% | ¥35471200000 | 14.5% | 1 |
| Engineering business | 5 years | +2.0% | ¥3069332000 | 17.9% | 1 |
| Development business and other | 5 years | +2.7% | ¥1985987000 | 3.0% | 1 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,527 | 100.0% | S100YK4B |
| Cost of revenue | 33,030 | 81.5% | S100YK4B |
| Gross profit | 7,496 | 18.5% | S100YK4B |
| SG&A | 3,237 | 8.0% | S100YK4B |
| Operating income | 4,259 | 10.5% | S100YK4B |
| Ordinary income | 4,566 | 11.3% | S100YK4B |
| Pretax income | 4,566 | 11.3% | S100YK4B |
| Income tax | 1,401 | 3.5% | S100YK4B |
| Net income | 3,165 | 7.8% | S100YK4B |
| Net income attributable to owners | 3,165 | 7.8% | S100YK4B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 8 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 18.5% → Operating margin 10.5% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.8%; Core profit growth: +9.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.68×
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 | 35,614 | 40,527 | 4,913 | +13.8% |
| Gross profit | 7,079 | 7,496 | 418 | +5.9% |
| Operating income | 3,892 | 4,259 | 367 | +9.4% |
| Net income attributable to owners | 3,002 | 3,165 | 163 | +5.4% |
| Operating cash flow | 80 | -1,607 | -1,687 | -2116.6% |
| Free cash flow | -378 | -2,556 | -2,178 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,769 | 1,400 | 5.9% | 954 | 859 | 683 | S100LQRO |
| FY ending Mar 2021 | 24,829 | 1,388 | 5.6% | 1,142 | -5 | -224 | S100OBKG |
| FY ending Mar 2022 | 27,946 | 2,208 | 7.9% | 775 | 2,973 | 2,755 | S100RUZ1 |
| FY ending Mar 2023 | 31,382 | 3,077 | 9.8% | 745 | 6,230 | 6,044 | S100TY43 |
| FY ending Mar 2024 | 37,547 | 4,328 | 11.5% | 2,976 | 4,885 | 4,227 | S100W7O4 |
| FY ending Mar 2025 | 35,614 | 3,892 | 10.9% | 3,002 | 80 | -378 | S100YK4B |
| FY ending Mar 2026 | 40,527 | 4,259 | 10.5% | 3,165 | -1,607 | -2,556 | S100YK4B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.5M |
| Operating income per employee (consolidated) | ¥9.3M |
| Net income per employee (consolidated) | ¥6.9M |

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) | 378 | 388 | 416 | 449 | 458 |
| Average salary (parent company) | — | — | ¥7.7M | ¥8M | ¥8.2M |
| Average age (parent company) | 44.4 years | 44.4 years | 44.0 years | 42.9 years | 43.1 years |
| Average tenure (parent company) | 13.4 years | 13.4 years | 12.9 years | 12.0 years | 12.4 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +13.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 35,471 | 87.5% | 5,145 | 14.5% |
| Engineering business | 3,069 | 7.6% | 548 | 17.9% |
| Development business and other | 1,986 | 4.9% | 59 | 3.0% |

### 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 business | 87.5% | 89.4% | 1.9 | 14.5% |
| Engineering business | 7.6% | 9.5% | 2.0 | 17.9% |
| Development business and other | 4.9% | 1.0% | -3.9 | 3.0% |

Segment → industry: Development business and other → Real Estate Development & Leasing / Engineering business → General Contractors / Construction business → 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 | -1,607 | -4.0% | S100YK4B |
| Capital expenditure | 949 | 2.3% | S100YK4B |
| Free cash flow | -2,556 | -6.3% | 算出 |
| Investing cash flow | -2,286 | -5.6% | S100YK4B |
| Financing cash flow | -558 | -1.4% | S100YK4B |
| Dividends paid | 558 | 1.4% | S100YK4B |
| Share buyback | 463 | 1.1% | S100YK4B |
| Change in cash | -4,451 | -11.0% | S100YK4B |
| Cash and equivalents | 7,700 | 19.0% | S100YK4B |

## 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 | 2,917 | 8,809 | 12,961 | 12,151 | 7,700 | S100TY43, S100W7O4, S100YK4B |
| Total assets | 23,248 | 25,867 | 31,982 | 30,836 | 36,008 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Net assets | 16,511 | 17,245 | 20,477 | 23,269 | 26,181 | S100TY43, S100W7O4, S100YK4B |
| Share capital | 2,888 | 2,888 | 2,888 | 2,888 | 2,888 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Property, plant and equipment | 3,203 | 3,103 | 3,326 | 3,604 | 4,177 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Intangible assets excluding goodwill | 285 | 177 | 88 | 70 | 65 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Investment securities | 1,430 | 1,586 | 2,035 | 2,209 | 2,607 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Current assets | 17,511 | 20,540 | 26,156 | 24,482 | 28,209 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Current liabilities | 6,507 | 8,445 | 11,372 | 7,466 | 9,740 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Total liabilities | 6,736 | 8,622 | 11,504 | 7,567 | 9,827 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Equity attributable to owners of parent | 15,993 | 16,643 | 19,524 | 22,243 | 24,849 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Retained earnings | 11,939 | 12,590 | 15,471 | 18,190 | 20,796 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |
| Treasury stock | -831 | -831 | -831 | -831 | -1,180 | S100RUZ1, S100TY43, S100W7O4, S100YK4B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YK4B |
| Property, plant and equipment | 12% | S100YK4B |
| Intangibles and goodwill | 0% | S100YK4B |
| Investment securities | 7% | S100YK4B |
| Other assets | 60% | S100YK4B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YK4B |
| Equity | 73% | S100YK4B |
| Other liabilities | 0% | S100YK4B |

### 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 | 23,248 | 25,867 | 31,982 | 30,836 | 36,008 |
| Equity | 16,511 | 17,245 | 20,477 | 23,269 | 26,181 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,917 | 8,809 | 12,961 | 12,151 | 7,700 |

## 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) | 10.3% | S100YK4B |
| Fixed assets ÷ total assets | 11.6% | S100YK4B |
| Goodwill ÷ parent equity | — | —, S100YK4B |

### 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) | 21.4% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -37.7% |
| Cash vs. profit gap | -4,772 JPY mn (of net income -150.8%) |
| Shareholder returns / net income | 32.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.8% | 1.20× | 3.3% | 1.45× | 4.8% | S100RUZ1 |
| 2023 | 2.4% | 1.28× | 3.0% | 1.50× | 4.6% | S100TY43 |
| 2024 | 7.9% | 1.30× | 10.3% | 1.60× | 16.5% | S100W7O4 |
| 2025 | 8.4% | 1.13× | 9.6% | 1.50× | 14.4% | S100YK4B |
| 2026 | 7.8% | 1.21× | 9.5% | 1.42× | 13.4% | S100YK4B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱信州エンタープライズ | Major shareholder | 18.9% | 2026-03-31 |
| ヤマウラ従業員持株会 | Major shareholder | 9.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 6.7% | 2026-03-31 |
| ㈱八十二長野銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 山浦正貴 | Major shareholder | 2.3% | 2026-03-31 |
| 綿半ホールディングス㈱ | Major shareholder | 2.2% | 2026-03-31 |
| 極東開発工業㈱ | Major shareholder | 1.0% | 2026-03-31 |
| 山浦泰子 | Major shareholder | 0.9% | 2026-03-31 |
| タカノ㈱ | Major shareholder | 0.9% | 2026-03-31 |
| 伊那食品工業㈱ | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YK4B | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK4B,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W7O4 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7O4,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TY43 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY43,, |
| 訂正有価証券報告書－第64期(2022/04/01－2023/03/31) | S100RUZ1 | 2023-09-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RUZ1,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OBKG | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBKG,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LQRO | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQRO,, |

## 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).