# THE ZENITAKA 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95期(2025/04/01－2026/03/31) (S100YJ24)
> Page: https://vizora.meequs.com/en/company/zenitaka
> Retrieved: 2026-09-30T21:33:30.361Z

## Company

THE Zenitaka, founded in 1705, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 885 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE ZENITAKA CORPORATION |
| Ticker | 1811 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1811.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区西本町二丁目2番4号 |
| Representative (per filing) | 代表取締役社長 銭高 久善 |
| Founded | Sep 1705 |
| Share capital | ¥3.69B |
| Employees (consolidated) | 885 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.zenitaka.co.jp (https://www.zenitaka.co.jp/) |
| Corporate number | 5120001049004 |
| EDINET | E00069 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YJ24, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.7 | 84 |
| Profitability | 12.5 | 92 |
| Cash conversion | 97.3 | 91 |
| Efficiency | 7.1 | 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 98% of THE Zenitaka's sales come from Construction business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit +26.8%.

## Company structure

- Segment revenue mix: Construction business 97.9%、Real estate business 2.1%
- Revenue → net income: ¥125497000000 → ¥4254000000
- Net income → operating cash flow: ¥4254000000 → ¥18753000000（difference ¥14499000000）
- Main uses of operating cash flow: CapEx ¥1421000000 / dividends ¥850000000 / buybacks ¥1000000
- Change in cash: ¥12866000000
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 | ¥125.5B |  |
| Operating income | ¥4.71B | Margin 3.8% |
| Net income | ¥4.25B | Margin 3.4% |
| Free cash flow | ¥17.3B |  |
| Largest business | Construction business | of segment revenue 97.9% |
| Employees (consolidated) | 885 |  |
| EPS | ¥591.56 |  |
| Book value per share | ¥15739.12 |  |
| Equity ratio | 53.0% |  |
| Shares outstanding | 7,353,000 |  |
| Treasury shares | 191,600 |  |
| Shareholders | 2,062 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 11.7% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | -3.1 pp | General Contractors |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income
- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, employees -2% while operating income rose 27%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥105792000000 | ¥125497000000 | +18.6% |
| Operating income | ¥4603000000 | ¥4708000000 | +2.3% |
| Operating margin | 4.4% | 3.8% | -0.6 pp |
| Employees | 945 people | 885 people | -6.3% |
| Cash and equivalents | ¥48818000000 | ¥25404000000 | -48.0% |

### 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 | 97.1% |
| 不動産事業 → 不動産事業 | 2.1% |
| 不動産事業 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 建設事業 | 0.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 125,497 | 100.0% | S100YJ24 |
| Cost of revenue | 112,863 | 89.9% | S100YJ24 |
| Gross profit | 12,634 | 10.1% | S100YJ24 |
| SG&A | 7,925 | 6.3% | S100YJ24 |
| Operating income | 4,708 | 3.8% | S100YJ24 |
| Ordinary income | 6,413 | 5.1% | S100YJ24 |
| Pretax income | 6,080 | 4.8% | S100YJ24 |
| Income tax | 1,826 | 1.5% | S100YJ24 |
| Net income | 4,254 | 3.4% | S100YJ24 |
| Net income attributable to owners | 4,254 | 3.4% | S100YJ24 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 6 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.1% → Operating margin 3.8% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.0%; Core profit growth: +26.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.69×
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 | 120,660 | 125,497 | 4,837 | +4.0% |
| Gross profit | 10,210 | 12,634 | 2,424 | +23.7% |
| Operating income | 3,712 | 4,708 | 996 | +26.8% |
| Net income attributable to owners | 3,504 | 4,254 | 750 | +21.4% |
| Operating cash flow | -7,727 | 18,753 | 26,480 | — |
| Free cash flow | -8,070 | 17,332 | 25,402 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 132,957 | 5,951 | 4.5% | 4,462 | -3,501 | -4,017 | S100LP24 |
| FY ending Mar 2021 | 105,792 | 4,603 | 4.4% | 3,219 | 21,261 | 20,503 | S100OYRX |
| FY ending Mar 2022 | 101,903 | 2,247 | 2.2% | 1,812 | -13,717 | -14,242 | S100R5E4 |
| FY ending Mar 2023 | 107,635 | 1,526 | 1.4% | 2,245 | -2,912 | -16,252 | S100U23O |
| FY ending Mar 2024 | 120,977 | 3,321 | 2.7% | 2,737 | -22,389 | -22,968 | S100W3SK |
| FY ending Mar 2025 | 120,660 | 3,712 | 3.1% | 3,504 | -7,727 | -8,070 | S100YJ24 |
| FY ending Mar 2026 | 125,497 | 4,708 | 3.8% | 4,254 | 18,753 | 17,332 | S100YJ24 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥141.8M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 906 | 911 | 920 | 907 | 885 |
| Average salary (parent company) | ¥8M | ¥8.1M | ¥8.3M | ¥8.6M | ¥9.5M |
| Average age (parent company) | 38.7 years | 39.4 years | 39.7 years | 39.6 years | 40.0 years |
| Average tenure (parent company) | 14.1 years | 14.1 years | 14.2 years | 13.7 years | 13.9 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) +4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 122,803 | 97.9% | 4,199 | 3.4% |
| Real estate business | 2,694 | 2.1% | 1,532 | 56.9% |

### 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 | 97.9% | 73.3% | -24.6 | 3.4% |
| Real estate business | 2.1% | 26.7% | 24.6 | 56.9% |

Segment → industry: Real estate business → Real Estate Development & Leasing / 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 | 18,753 | 14.9% | S100YJ24 |
| Capital expenditure | 1,421 | 1.1% | S100YJ24 |
| Free cash flow | 17,332 | 13.8% | 算出 |
| Investing cash flow | -1,344 | -1.1% | S100YJ24 |
| Financing cash flow | -4,480 | -3.6% | S100YJ24 |
| Dividends paid | 850 | 0.7% | S100YJ24 |
| Share buyback | 1 | 0.0% | S100YJ24 |
| Change in cash | 12,866 | 10.3% | S100YJ24 |
| Cash and equivalents | 25,404 | 20.2% | S100YJ24 |

## 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 | 33,699 | 17,577 | 17,490 | 12,538 | 25,404 | S100U23O, S100W3SK, S100YJ24 |
| Total assets | 155,098 | 155,749 | 203,611 | 206,761 | 217,459 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Net assets | 74,303 | 79,222 | 92,929 | 96,867 | 115,244 | S100U23O, S100W3SK, S100YJ24 |
| Share capital | 3,695 | 3,695 | 3,695 | 3,695 | 3,695 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Property, plant and equipment | 17,128 | 29,842 | 25,251 | 24,860 | 25,460 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Intangible assets excluding goodwill | 421 | 356 | 286 | 189 | 81 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Investment securities | 44,592 | 49,506 | 65,721 | 68,058 | 89,618 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Current assets | 92,337 | 75,436 | 111,374 | 112,486 | 101,124 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Current liabilities | 62,328 | 57,001 | 76,258 | 74,562 | 73,864 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Short-term borrowings | 8,050 | 8,050 | 18,550 | 22,050 | 18,550 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Long-term borrowings | 5,500 | 4,900 | 14,800 | 14,700 | — | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Total liabilities | 80,795 | 76,526 | 110,682 | 109,893 | 102,214 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Equity attributable to owners of parent | 54,291 | 55,963 | 58,127 | 60,916 | 64,309 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Retained earnings | 50,590 | 52,262 | 54,427 | 57,216 | 60,611 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |
| Treasury stock | -516 | -517 | -518 | -518 | -519 | S100R5E4, S100U23O, S100W3SK, S100YJ24 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YJ24 |
| Property, plant and equipment | 12% | S100YJ24 |
| Intangibles and goodwill | 0% | S100YJ24 |
| Investment securities | 41% | S100YJ24 |
| Other assets | 35% | S100YJ24 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YJ24 |
| Equity | 53% | S100YJ24 |
| Other liabilities | 0% | S100YJ24 |

### 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 | 155,098 | 155,749 | 203,611 | 206,761 | 217,459 |
| Equity | 74,303 | 79,222 | 92,929 | 96,867 | 115,244 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,699 | 17,577 | 17,490 | 12,538 | 25,404 |

## 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) | 20.3% | S100YJ24 |
| Fixed assets ÷ total assets | 11.7% | S100YJ24 |
| Goodwill ÷ parent equity | — | —, S100YJ24 |

### 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) | 11.7% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 398.3% |
| Cash vs. profit gap | 14,499 JPY mn (of net income 340.8%) |
| Shareholder returns / net income | 20.0% |
| Shareholder returns / FCF | 4.9% |
| Shareholder payments — dividends / net income | 20.0% |
| Shareholder payments — dividends / FCF | 4.9% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 7.2% |

## 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 | 1.8% | 0.66× | 1.2% | 2.86× | 3.3% | S100R5E4 |
| 2023 | 2.1% | 0.69× | 1.4% | 2.82× | 4.1% | S100U23O |
| 2024 | 2.3% | 0.67× | 1.5% | 3.15× | 4.8% | S100W3SK |
| 2025 | 2.9% | 0.59× | 1.7% | 3.45× | 5.9% | S100YJ24 |
| 2026 | 3.4% | 0.59× | 2.0% | 3.39× | 6.8% | S100YJ24 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 泉株式会社 | Major shareholder | 35.5% | 2026-03-31 |
| 大泉商事株式会社 | Major shareholder | 13.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.8% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 2.5% | 2026-03-31 |
| 高德会 | Major shareholder | 2.3% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社ＦＵＪＩ | Major shareholder | 2.1% | 2026-03-31 |
| 泉エンジニヤリング株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YJ24 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ24,, |
| 有価証券報告書－第94期(2024/04/01－2025/03/31) | S100W3SK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3SK,, |
| 訂正有価証券報告書－第93期(2023/04/01－2024/03/31) | S100U23O | 2024-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U23O,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100R5E4 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5E4,, |
| 訂正有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100OYRX | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OYRX,, |
| 有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LP24 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP24,, |

## 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).