# YURTEC 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112期(2025/04/01－2026/03/31) (S100YHQP)
> Page: https://vizora.meequs.com/en/company/yurtec
> Retrieved: 2026-09-30T20:48:12.645Z

## Company

Yurtec, founded in 1944, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 5,818 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YURTEC CORPORATION |
| Ticker | 1934 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1934.T) |
| Listing | TSE Prime |
| Head office | 仙台市宮城野区榴岡四丁目1番1号 |
| Representative (per filing) | 取締役社長 社長執行役員 小林郁見 |
| Founded | Oct 1944 |
| Share capital | ¥7.8B |
| Employees (consolidated) | 5,818 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.yurtec.co.jp (https://www.yurtec.co.jp/) |
| Corporate number | 4370001006286 |
| EDINET | E00137 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YHQP, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.2 | 72 |
| Profitability | 37.5 | 76 |
| Cash conversion | 22.3 | 74 |
| Efficiency | 63.8 | 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 Yurtec's sales come from Equipment installation, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit +11.4%.

## Company structure

- Segment revenue mix: Equipment installation 98.7%、Other 1.3%
- Revenue → net income: ¥252262000000 → ¥10330000000
- Net income → operating cash flow: ¥10330000000 → ¥6638000000（difference ¥-3692000000）
- Main uses of operating cash flow: CapEx ¥5572000000 / dividends ¥5543000000 / buybacks ¥1000000
- Change in cash: ¥-4605000000
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 | ¥252.3B |  |
| Operating income | ¥18B | Margin 7.2% |
| Net income | ¥10.3B | Margin 4.1% |
| Free cash flow | ¥1.07B |  |
| Largest business | Equipment installation | of segment revenue 98.7% |
| Employees (consolidated) | 5,818 |  |
| EPS | ¥121.74 |  |
| Book value per share | ¥1896.76 |  |
| Equity ratio | 67.8% |  |
| Shares outstanding | 69,191,000 |  |
| Treasury shares | 504,600 |  |
| Shareholders | 8,194 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | -1.9 pp | Plant Engineering & Building Services |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, employees 0% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥197092000000 | ¥252262000000 | +28.0% |
| Operating income | ¥8484000000 | ¥18038000000 | +112.6% |
| Operating margin | 4.3% | 7.2% | +2.8 pp |
| Employees | 4,858 people | 5,818 people | +19.8% |
| Cash and equivalents | ¥40284000000 | ¥43082000000 | +6.9% |

### 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 |
| --- | ---: |
| 設備工事業 → 設備工事業 | 98.2% |
| その他 → その他 | 1.3% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 設備工事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 252,262 | 100.0% | S100YHQP |
| Cost of revenue | 209,670 | 83.1% | S100YHQP |
| Gross profit | 42,591 | 16.9% | S100YHQP |
| SG&A | 24,553 | 9.7% | S100YHQP |
| Operating income | 18,038 | 7.2% | S100YHQP |
| Ordinary income | 18,901 | 7.5% | S100YHQP |
| Pretax income | 15,837 | 6.3% | S100YHQP |
| Income tax | 5,507 | 2.2% | S100YHQP |
| Net income | 10,330 | 4.1% | S100YHQP |
| Net income attributable to owners | 10,325 | 4.1% | S100YHQP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 10 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.9% → Operating margin 7.2% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.9%; Core profit growth: +11.4%
Operating leverage (core profit growth ÷ revenue growth): -5.96×
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 | 257,204 | 252,262 | -4,942 | -1.9% |
| Gross profit | 39,549 | 42,591 | 3,042 | +7.7% |
| Operating income | 16,185 | 18,038 | 1,853 | +11.4% |
| Net income attributable to owners | 11,982 | 10,325 | -1,657 | -13.8% |
| Operating cash flow | 15,078 | 6,638 | -8,440 | -56.0% |
| Free cash flow | 9,704 | 1,066 | -8,638 | -89.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 202,760 | 6,762 | 3.3% | 4,470 | 13,202 | 8,018 | S100LODZ |
| FY ending Mar 2021 | 197,092 | 8,484 | 4.3% | 5,763 | 2,648 | -871 | S100OGWY |
| FY ending Mar 2022 | 225,317 | 9,492 | 4.2% | 6,700 | 7,930 | 2,983 | S100R4TK |
| FY ending Mar 2023 | 227,366 | 9,538 | 4.2% | 6,561 | 9,692 | 5,006 | S100TSOQ |
| FY ending Mar 2024 | 243,171 | 10,523 | 4.3% | 7,510 | 7,798 | 1,073 | S100W4GO |
| FY ending Mar 2025 | 257,204 | 16,185 | 6.3% | 11,982 | 15,078 | 9,704 | S100YHQP |
| FY ending Mar 2026 | 252,262 | 18,038 | 7.2% | 10,325 | 6,638 | 1,066 | S100YHQP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.4M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 5,611 | 5,589 | 5,809 | 5,841 | 5,818 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.1M | ¥7.3M | ¥8.1M |
| Average age (parent company) | 41.8 years | 41.9 years | 41.9 years | 42.0 years | 41.7 years |
| Average tenure (parent company) | 19.1 years | 19.1 years | 19.3 years | 19.4 years | 18.6 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 248,940 | 98.7% | 17,330 | 7.0% |
| Other | 3,321 | 1.3% | 800 | 24.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 98.7% | 95.6% | -3.1 | 7.0% |
| Other | 1.3% | 4.4% | 3.1 | 24.1% |

Segment → industry: Equipment installation → Plant Engineering & Building Services

## 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 | 6,638 | 2.6% | S100YHQP |
| Capital expenditure | 5,572 | 2.2% | S100YHQP |
| Free cash flow | 1,066 | 0.4% | 算出 |
| Investing cash flow | -5,907 | -2.3% | S100YHQP |
| Financing cash flow | -5,467 | -2.2% | S100YHQP |
| Dividends paid | 5,543 | 2.2% | S100YHQP |
| Share buyback | 1 | 0.0% | S100YHQP |
| Change in cash | -4,605 | -1.8% | S100YHQP |
| Cash and equivalents | 43,082 | 17.1% | S100YHQP |

## 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 | 37,039 | 36,334 | 45,406 | 47,688 | 43,082 | S100TSOQ, S100W4GO, S100YHQP |
| Total assets | 216,016 | 221,400 | 231,479 | 233,554 | 228,948 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Net assets | 129,546 | 134,488 | 142,406 | 147,713 | 155,356 | S100TSOQ, S100W4GO, S100YHQP |
| Share capital | 7,803 | 7,803 | 7,803 | 7,803 | 7,803 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Property, plant and equipment | 46,577 | 46,605 | 48,281 | 49,067 | 52,771 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Intangible assets excluding goodwill | 6,937 | 7,050 | 6,536 | 6,707 | 3,114 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Goodwill | 3,856 | 3,707 | 3,333 | 2,915 | 345 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Investment securities | 11,265 | 11,367 | 11,957 | 11,102 | 12,438 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Current assets | 141,045 | 144,679 | 152,886 | 154,335 | 146,772 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Current liabilities | 62,441 | 63,976 | 66,898 | 64,954 | 52,530 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Short-term borrowings | 6,268 | 3,728 | 2,431 | 3,536 | 2,870 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Long-term borrowings | 4,794 | 4,529 | 4,490 | 4,700 | 5,410 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Total liabilities | 86,469 | 86,912 | 89,073 | 85,840 | 73,592 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Non-controlling interests | 49 | 55 | 60 | 63 | 66 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Equity attributable to owners of parent | 129,690 | 134,047 | 139,648 | 143,508 | 148,342 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Retained earnings | 114,413 | 118,713 | 124,259 | 128,136 | 132,914 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |
| Treasury stock | -376 | -333 | -299 | -281 | -268 | S100R4TK, S100TSOQ, S100W4GO, S100YHQP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YHQP |
| Property, plant and equipment | 23% | S100YHQP |
| Intangibles and goodwill | 2% | S100YHQP |
| Investment securities | 5% | S100YHQP |
| Other assets | 51% | S100YHQP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YHQP |
| Equity | 68% | S100YHQP |

### 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 | 216,016 | 221,400 | 231,479 | 233,554 | 228,948 |
| Equity | 129,546 | 134,488 | 142,406 | 147,713 | 155,356 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,039 | 36,334 | 45,406 | 47,688 | 43,082 |

## 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) | 20.9% | S100YHQP |
| Fixed assets ÷ total assets | 23.0% | S100YHQP |
| Goodwill ÷ parent equity | 0.2% | S100YHQP |

Goodwill over 4 years: 3,856 → 345 JPY; total investing cash flow: -22,503 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) | 18.8% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 36.8% |
| Cash vs. profit gap | -3,687 JPY mn (of net income -35.7%) |
| Shareholder returns / net income | 53.7% |
| Shareholder returns / FCF | 520.1% |
| Shareholder payments — dividends / net income | 53.7% |
| Shareholder payments — dividends / FCF | 520.0% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 89.0% |

## 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 | 3.0% | 1.04× | 3.1% | 1.67× | 5.2% | S100R4TK |
| 2023 | 2.9% | 1.04× | 3.0% | 1.66× | 5.0% | S100TSOQ |
| 2024 | 3.1% | 1.07× | 3.3% | 1.65× | 5.5% | S100W4GO |
| 2025 | 4.7% | 1.11× | 5.2% | 1.64× | 8.5% | S100YHQP |
| 2026 | 4.1% | 1.09× | 4.5% | 1.58× | 7.1% | S100YHQP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東北電力㈱ | Major shareholder | 39.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.0% | 2026-03-31 |
| ユアテック従業員持株会 | Major shareholder | 6.9% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人日本マスタートラスト信託銀行㈱） | Major shareholder | 2.0% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |
| ㈱七十七銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YHQP | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHQP,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W4GO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4GO,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TSOQ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSOQ,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100R4TK | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4TK,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OGWY | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGWY,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LODZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LODZ,, |

## 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).