# Yokogawa Bridge Holdings Corp.: 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162期(2025/04/01－2026/03/31) (S100YH06)
> Page: https://vizora.meequs.com/en/company/yokogawa-bridge-holdings
> Retrieved: 2026-09-30T18:29:08.933Z

## Company

Yokogawa Bridge Holdings, founded in 1963, is a company in Semiconductor Equipment listed on TSE Prime. It has 2,769 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yokogawa Bridge Holdings Corp. |
| Ticker | 5911 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5911.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦四丁目4番44号 |
| Representative (per filing) | 代表取締役社長執行役員 中村 譲 |
| Founded | Apr 1963 |
| Share capital | ¥9.44B |
| Employees (consolidated) | 2,769 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.ybhd.co.jp (https://www.ybhd.co.jp/) |
| Corporate number | 9010401030578 |
| EDINET | E01355 |
| Industries (Vizora) | Semiconductor Equipment, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YH06, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.3 | 84 |
| Profitability | 81 | 92 |
| Cash conversion | 96.2 | 91 |
| Efficiency | 8.2 | 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 54% of Yokogawa Bridge Holdings's sales come from Bridge Business, with Engineered Structure System Business and Engineering Business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -9.7% from the prior year, operating profit -19.1%.

## Company structure

- Segment revenue mix: Bridge Business 54.3%、Engineered Structure System Business 30.1%、Engineering Business 12.3%、Advanced Technology Business 3.0%、Other Business 0.3%
- Revenue → net income: ¥143877000000 → ¥8682000000
- Net income → operating cash flow: ¥8682000000 → ¥42992000000（difference ¥34310000000）
- Main uses of operating cash flow: CapEx ¥5182000000 / dividends ¥4620000000 / buybacks ¥2000000000
- Change in cash: ¥27655000000
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 | ¥143.9B |  |
| Operating income | ¥13.5B | Margin 9.4% |
| Net income | ¥8.68B | Margin 6.0% |
| Free cash flow | ¥37.8B |  |
| Largest business | Bridge Business | of segment revenue 54.3% |
| Employees (consolidated) | 2,769 |  |
| EPS | ¥107.93 |  |
| Book value per share | ¥1218.74 |  |
| Equity ratio | 52.9% |  |
| Shares outstanding | 43,164,000 |  |
| Treasury shares | 3,406,600 |  |
| Shareholders | 17,623 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | +2.5 pp | General Contractors |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.0× net income
- FY2026, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥136091000000 | ¥143877000000 | +5.7% |
| Operating income | ¥15966000000 | ¥13500000000 | -15.4% |
| Operating margin | 11.7% | 9.4% | -2.3 pp |
| Employees | 1,891 people | 2,769 people | +46.4% |
| Cash and equivalents | ¥19592000000 | ¥44488000000 | +127.1% |

### 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 |
| --- | ---: |
| 橋梁事業 → 橋梁事業 | 54.3% |
| 橋梁事業 → 事業再編・廃止 | 6.3% |
| エンジニアリング関連事業 → 事業再編・廃止 | 35.5% |
| 先端技術事業 → 先端技術事業 | 3.0% |
| 先端技術事業 → 事業再編・廃止 | 0.5% |
| 不動産事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → システム建築事業 | 30.1% |
| 新設・再編 → エンジニアリング事業 | 12.3% |
| 新設・再編 → その他事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Bridge Business | 5 years | -1.1% | ¥78110000000 | 12.9% | 2 |
| Engineered Structure System Business | — | — | ¥43365000000 | 9.4% | 2 |
| Engineering Business | — | — | ¥17625000000 | 7.5% | 2 |
| Advanced Technology Business | 5 years | -1.7% | ¥4284000000 | 10.2% | 2 |
| Other Business | — | — | ¥490000000 | 51.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 143,877 | 100.0% | S100YH06 |
| Cost of revenue | 117,770 | 81.9% | S100YH06 |
| Gross profit | 26,107 | 18.1% | S100YH06 |
| SG&A | 12,606 | 8.8% | S100YH06 |
| Operating income | 13,500 | 9.4% | S100YH06 |
| Ordinary income | 13,610 | 9.5% | S100YH06 |
| Pretax income | 12,940 | 9.0% | S100YH06 |
| Income tax | 4,258 | 3.0% | S100YH06 |
| Net income | 8,682 | 6.0% | S100YH06 |
| Net income attributable to owners | 8,682 | 6.0% | S100YH06 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 9 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 18.1% → Operating margin 9.4% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.7%; Core profit growth: -19.1%
Operating leverage (core profit growth ÷ revenue growth): 1.96×
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 | 159,368 | 143,877 | -15,491 | -9.7% |
| Gross profit | 28,349 | 26,107 | -2,242 | -7.9% |
| Operating income | 16,677 | 13,500 | -3,177 | -19.1% |
| Net income attributable to owners | 12,859 | 8,682 | -4,177 | -32.5% |
| Operating cash flow | -2,171 | 42,992 | 45,163 | — |
| Free cash flow | -7,485 | 37,810 | 45,295 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 138,144 | 12,883 | 9.3% | 9,004 | 9,168 | -97 | S100LN5Y |
| FY ending Mar 2021 | 136,091 | 15,966 | 11.7% | 11,289 | 195 | -6,261 | S100OHH9 |
| FY ending Mar 2022 | 136,931 | 14,752 | 10.8% | 11,043 | 17,074 | 12,166 | S100R4FV |
| FY ending Mar 2023 | 164,968 | 15,218 | 9.2% | 11,243 | -4,350 | -8,128 | S100TSZB |
| FY ending Mar 2024 | 164,076 | 15,946 | 9.7% | 11,854 | -1,637 | -5,987 | S100W6LF |
| FY ending Mar 2025 | 159,368 | 16,677 | 10.5% | 12,859 | -2,171 | -7,485 | S100YH06 |
| FY ending Mar 2026 | 143,877 | 13,500 | 9.4% | 8,682 | 42,992 | 37,810 | S100YH06 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 1,940 | 1,996 | 2,043 | 2,095 | 2,769 |
| Average salary (parent company) | ¥7.7M | ¥7.6M | ¥8.1M | ¥8.6M | ¥8.6M |
| Average age (parent company) | 40.3 years | 38.9 years | 40.5 years | 42.9 years | 42.9 years |
| Average tenure (parent company) | 14.6 years | 14.8 years | 16.4 years | 16.7 years | 17.3 years |

Year over year: Employees (consolidated) +32.2% · Revenue (consolidated) -9.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bridge Business | 78,110 | 54.3% | 10,082 | 12.9% |
| Engineered Structure System Business | 43,365 | 30.1% | 4,081 | 9.4% |
| Engineering Business | 17,625 | 12.3% | 1,316 | 7.5% |
| Advanced Technology Business | 4,284 | 3.0% | 436 | 10.2% |
| Other Business | 490 | 0.3% | 254 | 51.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bridge Business | 54.3% | 62.4% | 8.1 | 12.9% |
| Engineered Structure System Business | 30.1% | 25.2% | -4.9 | 9.4% |
| Engineering Business | 12.3% | 8.1% | -4.1 | 7.5% |
| Advanced Technology Business | 3.0% | 2.7% | -0.3 | 10.2% |
| Other Business | 0.3% | 1.6% | 1.2 | 51.8% |

Segment → industry: Advanced Technology Business → Semiconductor Equipment / Other Business → Real Estate Development & Leasing / Engineering Business → General Contractors / Engineered Structure System Business → General Contractors / Bridge 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 | 42,992 | 29.9% | S100YH06 |
| Capital expenditure | 5,182 | 3.6% | S100YH06 |
| Free cash flow | 37,810 | 26.3% | 算出 |
| Investing cash flow | -22,060 | -15.3% | S100YH06 |
| Financing cash flow | 6,659 | 4.6% | S100YH06 |
| Dividends paid | 4,620 | 3.2% | S100YH06 |
| Share buyback | 2,000 | 1.4% | S100YH06 |
| Change in cash | 27,655 | 19.2% | S100YH06 |
| Cash and equivalents | 44,488 | 30.9% | S100YH06 |

## 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 | 23,458 | 25,143 | 24,988 | 16,832 | 44,488 | S100TSZB, S100W6LF, S100YH06 |
| Total assets | 172,549 | 194,456 | 210,846 | 216,179 | 254,572 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Net assets | 110,791 | 117,653 | 128,023 | 129,091 | 138,068 | S100TSZB, S100W6LF, S100YH06 |
| Share capital | 9,435 | 9,435 | 9,435 | 9,435 | 9,435 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Inventories | 3,562 | 3,745 | 3,287 | 3,445 | 5,209 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Property, plant and equipment | 39,456 | 38,607 | 38,830 | 39,205 | 44,635 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Intangible assets excluding goodwill | 2,145 | 2,454 | 3,335 | 4,405 | 10,582 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Goodwill | — | — | — | — | 5,867 | S100YH06 |
| Investment securities | 14,505 | 12,771 | 14,867 | 10,468 | 15,865 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Current assets | 109,363 | 133,354 | 146,255 | 154,494 | 175,624 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Current liabilities | 45,914 | 50,660 | 38,297 | 55,497 | 88,052 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Short-term borrowings | — | 9,141 | — | 6,000 | 27,100 | S100TSZB, S100YH06 |
| Long-term borrowings | 619 | 8,400 | 24,400 | 16,000 | 12,915 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Bonds | 300 | 3,100 | 4,100 | 1,000 | — | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Interest-bearing debt | — | 20,641 | — | 23,000 | — | 算出 |
| Total liabilities | 61,758 | 76,803 | 82,822 | 87,088 | 116,503 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Non-controlling interests | 3,007 | 3,352 | 3,618 | — | 3,481 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Equity attributable to owners of parent | 103,351 | 110,491 | 118,062 | 124,858 | 127,082 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Retained earnings | 87,488 | 94,371 | 102,534 | 111,095 | 115,139 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |
| Treasury stock | -3,872 | -2,465 | -3,263 | -5,583 | -7,403 | S100R4FV, S100TSZB, S100W6LF, S100YH06 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YH06 |
| Inventories | 2% | S100YH06 |
| Property, plant and equipment | 18% | S100YH06 |
| Intangibles and goodwill | 6% | S100YH06 |
| Investment securities | 6% | S100YH06 |
| Other assets | 50% | S100YH06 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YH06 |
| Equity | 54% | S100YH06 |
| Other liabilities | 0% | S100YH06 |

### 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 | 172,549 | 194,456 | 210,846 | 216,179 | 254,572 |
| Equity | 110,791 | 117,653 | 128,023 | 129,091 | 138,068 |
| Interest-bearing debt | — | 20,641 | — | 23,000 | — |
| Cash | 23,458 | 25,143 | 24,988 | 16,832 | 44,488 |

## 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) | 31.0% | S100YH06 |
| Fixed assets ÷ total assets | 17.5% | S100YH06 |
| Goodwill ÷ parent equity | 4.6% | S100YH06 |

### 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) | 17.5% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 318.5% |
| Cash vs. profit gap | 34,310 JPY mn (of net income 395.2%) |
| Shareholder returns / net income | 76.2% |
| Shareholder returns / FCF | 17.5% |
| Shareholder payments — dividends / net income | 53.2% |
| Shareholder payments — dividends / FCF | 12.2% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 51.3% |

## 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 | 8.1% | 0.79× | 6.4% | 1.67× | 10.7% | S100R4FV |
| 2023 | 6.8% | 0.90× | 6.1% | 1.72× | 10.5% | S100TSZB |
| 2024 | 7.2% | 0.81× | 5.8% | 1.77× | 10.4% | S100W6LF |
| 2025 | 8.1% | 0.75× | 6.0% | 1.76× | 10.6% | S100YH06 |
| 2026 | 6.0% | 0.61× | 3.7% | 1.87× | 6.9% | S100YH06 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.7% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 横河電機株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 横河ブリッジホールディングス 従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀 行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |
| RE FUND 107-CLIENT AC （常任代理人 シティバンク、 エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YH06 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH06,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100W6LF | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6LF,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TSZB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSZB,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R4FV | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4FV,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OHH9 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHH9,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LN5Y | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN5Y,, |

## 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).