1719
HAZAMA ANDO CORPORATION
株式会社安藤・間
Construction
Hazama Ando Corporation engages in construction and related business in Japan and internationally. The company offers civil engineering, building, and other construction services. Its projects include offices, production and distribution facilities, medical and welfare facilities, educational and research facilities, airports, dams, water/sewer systems, tunnels, roads and land reclamation, disaster prevention, bridges, and other public works and buildings. In addition, the company provides real estate transaction services; and owns and uses real property and securities. Further, it undertakes soil survey and purification works, such as the collection, handling, and disposal of waste, as well as related consulting services; and offers planning, design, and consulting services related to area and urban development, environmental improvements, etc. Additionally, the company is involved in power generation; provision of construction supplies, machinery, and equipment; and electricity, thermal, and other energy supply activities. Furthermore, it acquires, develops, licenses, and sells software, industrial property rights, and know-how relating to the use of computers; invests in other businesses; and provides building maintenance and security services, as well as business incidental services. The company also engages in the investment in real-estate special purpose companies, including building construction contracts; purchase and sale of equity interests; and ownership and sale of trust beneficiary rights. Hazama Ando Corporation was founded in 1873 and is headquartered in Tokyo, Japan.
Price
¥1,802
Market Cap
¥288.4B
Ent. Value
¥259.0B
Net Cash
¥29.4B
Shares Out.
160.1M
P / E
10.7×
EV / EBIT
7.4×
P / Book
1.65×
P / NCAV
3.28×
Div. Yield
3.89%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥425.2B | ¥394.1B | ¥372.1B | ¥340.3B |
| Cost of Sales | ¥364.2B | ¥350.8B | ¥330.1B | ¥293.4B |
| Gross Profit | ¥61.0B | ¥43.3B | ¥42.0B | ¥46.9B |
| SG&A | ¥25.7B | ¥24.7B | ¥22.2B | ¥20.3B |
| Operating Income | ¥35.2B | ¥18.6B | ¥19.9B | ¥26.6B |
| Non-Operating Income | ¥1.4B | ¥1.2B | ¥1.0B | ¥827M |
| Dividend Income | ¥613M | ¥470M | ¥374M | ¥291M |
| Interest Income | ¥125M | ¥144M | ¥73M | ¥25M |
| Non-Operating Expenses | ¥2.6B | ¥1.3B | ¥1.2B | ¥1.6B |
| Interest Expense | ¥528M | ¥438M | ¥350M | ¥320M |
| Ordinary Income | ¥34.1B | ¥18.5B | ¥19.6B | ¥25.8B |
| Pre-tax Income | ¥38.3B | ¥18.9B | ¥22.3B | ¥25.4B |
| Income Taxes | ¥11.9B | ¥5.0B | ¥7.1B | ¥7.7B |
| Current Tax | ¥11.9B | ¥6.7B | ¥7.0B | ¥6.8B |
| Deferred Tax | ¥-33M | ¥-1.7B | ¥142M | ¥949M |
| Net Income (owners) | ¥26.4B | ¥13.9B | ¥15.2B | ¥17.7B |
| Minority Interest | ¥-18M | ¥2M | ¥-9M | ¥1M |
| Comprehensive Income | ¥27.2B | ¥21.0B | ¥17.0B | ¥16.7B |
| EBITDA | ¥38.7B | ¥21.1B | ¥22.0B | ¥29.0B |
| EPS | ¥168.75 | ¥88.64 | ¥94.02 | ¥98.84 |
| Shares Outstanding | 160.1M | 160.1M | 157.8M | 169.6M |
| Shares Issued (total) | 181.0M | 181.0M | 181.0M | 181.0M |
| Treasury Shares | 20.9M | 20.9M | 23.2M | 11.4M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥372.0B | ¥334.1B | ¥318.0B | ¥295.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥287.8B | ¥249.9B | ¥245.4B | ¥228.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥57.3B | ¥50.2B | ¥75.6B | ¥66.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥84.2B | ¥84.2B | ¥72.6B | ¥67.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥35.4B | ¥36.2B | ¥31.4B | ¥30.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥1.8B | ¥1.7B | ¥1.6B | ¥1.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥28.0B | ¥28.2B | ¥25.0B | ¥21.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥5.8B | ¥6.0B | ¥6.5B | ¥7.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥199.8B | ¥179.7B | ¥176.7B | ¥153.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥186.5B | ¥166.5B | ¥164.2B | ¥140.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥21.0B | ¥16.3B | ¥16.5B | ¥16.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥7.8B | ¥3.6B | ¥4.0B | ¥3.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥13.3B | ¥13.2B | ¥12.5B | ¥13.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥6.9B | ¥7.2B | ¥7.5B | ¥7.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥3.3B | ¥3.7B | ¥3.2B | ¥3.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥26M | ¥31M | ¥37M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥172.2B | ¥154.5B | ¥141.3B | ¥141.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥17.0B | ¥17.0B | ¥17.0B | ¥17.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥17.7B | ¥17.7B | ¥17.1B | ¥17.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥145.4B | ¥128.6B | ¥122.7B | ¥114.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-21.5B | ¥-21.6B | ¥-21.1B | ¥-10.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥12.6B | ¥11.9B | ¥4.9B | ¥3.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥158.6B | ¥141.7B | ¥135.6B | ¥137.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥976M | ¥900M | ¥839M | ¥761M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥27.9B | ¥23.6B | ¥24.0B | ¥24.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥29.4B | ¥26.6B | ¥51.6B | ¥41.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥88.0B | ¥70.3B | ¥68.7B | ¥74.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥550 | ¥439 | ¥435 | ¥439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥991 | ¥885 | ¥859 | ¥812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥11.2B | ¥-11.1B | ¥32.3B | ¥-36.1B |
| Interest Paid | ¥-547M | ¥-426M | ¥-350M | ¥-298M |
| Interest Received | ¥705M | ¥597M | ¥419M | ¥290M |
| D&A | ¥3.5B | ¥2.5B | ¥2.1B | ¥2.4B |
| Investing CF | ¥1.6B | ¥-6.1B | ¥-4.7B | ¥-4.5B |
| CapEx | ¥4.1B | ¥7.1B | ¥3.0B | ¥2.6B |
| Financing CF | ¥-5.8B | ¥-9.1B | ¥-18.4B | ¥-22.6B |
| Dividends Paid | ¥-9.6B | ¥-8.0B | ¥-6.7B | ¥-6.4B |
| Share Buybacks | — | ¥-2M | ¥-10.6B | ¥-15.3B |
| LT Debt Repaid | ¥-4.6B | ¥-4.7B | ¥-5.0B | ¥-4.6B |
| Free Cash Flow | ¥7.0B | ¥-18.2B | ¥29.3B | ¥-38.6B |
| Net Change in Cash | ¥6.9B | ¥-25.5B | ¥9.6B | ¥-63.3B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 16.3% | 9.4% | 10.8% | 12.3% |
| ROA | 7.5% | 4.3% | 5.0% | 6.0% |
| EPS | ¥168.75 | ¥88.64 | ¥94.02 | ¥98.84 |
| DPS | ¥70.00 | ¥60.00 | ¥40.00 | ¥40.00 |
| BPS | ¥1,092.12 | ¥980.49 | ¥897.84 | ¥834.00 |
| FCF/Share | ¥44 | ¥-114 | ¥186 | ¥-228 |
| NCAV/Share | ¥550 | ¥439 | ¥435 | ¥439 |
| Payout Ratio | 41.5% | 67.7% | 42.5% | 40.5% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 8
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社
|
30,801 | 19.24% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行
|
9,707 | 6.06% |
| 3 |
Business Partner Stock Ownership Plan
安藤ハザマグループ取引先持株会
|
7,452 | 4.65% |
| 4 | JPモルガン証券株式会社 | 5,048 | 3.15% |
| 5 |
BNY Mellon (Nominee)
BNYM AS AGT/CLTS 10 PERCENT(常任代理人 株式会社三菱UFJ銀行決済事業部)
|
2,729 | 1.70% |
| 6 |
Asahi Mutual Life Insurance
朝日生命保険相互会社
|
2,616 | 1.63% |
| 7 |
State Street Bank and Trust Company
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)
|
2,256 | 1.41% |
| 8 | THE NOMURA TRUST AND BANKING CO.,LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND(常任代理人 シティバンク、エヌ・エイ東京支店) | 2,220 | 1.39% |
| 9 |
STATE STREET BANK WEST CLIENT-TREATY
STATE STREET BANK WEST CLIENT-TREATY 505234(常任代理人 株式会社みずほ銀行決済営業部)
|
2,153 | 1.34% |
| 10 |
JP MORGAN CHASE BANK
JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部)
|
2,132 | 1.33% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
25.3%
+1.3% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
5.8%
-3.6% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
10.8%
+2.8% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 41.9% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 14.87% | 18.66% | 19.24% +0.58% | |
| Japan Custody Bank 日本カストディ銀行 | 4.79% | 5.30% | 6.06% +0.76% | |
| Business Partner Stock Ownership Plan 安藤ハザマグループ取引先持株会 | 4.59% | 4.58% | 4.65% +0.07% | |
| JPモルガン証券 NEW ENTRY | — | — | — | 3.15% NEW |
| State Street | 2.63% | 1.41% | 2.75% +1.34% | |
| BNY Mellon NEW ENTRY | 2.19% | — | 1.70% NEW | |
| Asahi Mutual Life Insurance 朝日生命保険相互会社 | — | 1.63% | 1.63% | |
| THE NOMURA TRUST AND BANKING CO.,LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND NEW ENTRY | — | — | — | 1.39% NEW |
| JP Morgan | — | 3.10% | 1.33% -1.77% | |
| Northern Trust last seen 2024 | Exited Top 10 | 4.80% | 4.88% | — |
| Mizuho Bank みずほ銀行 last seen 2024 | Exited Top 10 | 2.84% | 1.86% | — |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY last seen 2023 | Exited Top 10 | 3.16% | — | — |
| MSIP CLIENT SECURITIES last seen 2023 | Exited Top 10 | 4.13% | — | — |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) last seen 2023 | Exited Top 10 | 1.97% | — | — |
| Concentration (HHI) ⓘ | 339 | 439 | 455 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥20,360M
+17% since 2023
Holdings
37
+2 new
10 exited
Trend
6 unwinding
vs 2023
| Held Company | FY2025 ¥20,360M total | FY2023 ¥17,459M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Fujikura Ltd.
株式会社フジクラ
|
7,814 |
-20.0%
↓
1,447,662
|
1,697 | 1,809,562 | |
|
Imperial Hotel, Ltd.
株式会社帝国ホテル
|
1,609 |
+100.0%
↑
1,800,000
|
1,725 | 900,000 | |
|
Central Japan Railway Company
東海旅客鉄道株式会社
|
1,455 |
+400.0%
↑
510,000
|
1,612 | 102,000 | |
|
Riken Vitamin Co., Ltd.
理研ビタミン株式会社
|
1,021 |
-40.0%
↓
422,100
|
1,352 | 703,563 | M |
|
eREX Co.,Ltd.
イーレックス株式会社
|
966 |
1,200,000
|
2,197 | 1,200,000 | |
|
TOPPAN Holdings Inc.
TOPPANホールディングス株式会社
|
891 |
NEW
New
219,987
|
— | M | |
|
Keisei Electric Railway Co.
京成電鉄株式会社
|
812 |
+100.3%
↑
603,000
|
1,226 | 301,000 | |
|
The Shibusawa Warehouse Co.,Ltd.
澁澤倉庫株式会社
|
777 |
240,000
|
533 | 240,000 | M |
|
Nagoya Railway Co.
名古屋鉄道株式会社
|
693 |
398,000
|
813 | 398,000 | |
|
Dainichiseika Color & Chemicals Mfg. Co., Ltd.
大日精化工業株式会社
|
623 |
207,506
|
369 | 207,506 | M |
|
Nishi-Nippon Railroad Co.,Ltd.
西日本鉄道株式会社
|
580 |
+2.4%
↑
270,069
|
630 | 263,712 | M |
|
FUJITSU GENERAL LIMITED
株式会社富士通ゼネラル
|
415 |
150,000
|
560 | 150,000 | M |
|
SINFONIA TECHNOLOGY CO., LTD.
シンフォニアテクノロジー株式会社
|
326 |
54,606
|
86 | 54,606 | M |
|
Chubu Electric Power Company,Incorporated
中部電力株式会社
|
310 |
191,100
|
267 | 191,100 | |
|
SAIBO Co.,Ltd.
サイボー株式会社
|
248 |
525,000
|
226 | 525,000 | |
|
COMSYS Holdings Corporation
コムシスホールディングス株式会社
|
221 |
69,872
|
170 | 69,872 | M |
|
Shindengen Electric Manufacturing Co.,Ltd.
新電元工業株式会社
|
202 |
100,000
|
334 | 100,000 | M |
|
The Kansai Electric Power Company, Incorporated
関西電力株式会社
|
180 |
102,000
|
131 | 102,000 | |
|
East Japan Railway Company
東日本旅客鉄道株式会社
|
170 |
-24.8%
↓
57,800
|
564 | 76,900 | |
|
Tokyo Electric Power Company Holdings, Incorporated
東京電力ホールディングス株式会社
|
161 |
375,300
|
177 | 375,300 | |
|
BULL-DOG SAUCE CO.,LTD.
ブルドックソース株式会社
|
153 |
-50.0%
↓
90,400
|
345 | 180,800 | M |
|
Kyushu Electric Power Company, Incorporated
九州電力株式会社
|
110 |
84,700
|
64 | 84,700 | |
|
Tohoku Electric Power Company,Incorporated
東北電力株式会社
|
90 |
88,000
|
57 | 88,000 | |
|
FUJIKURA KASEI CO,.LTD.
藤倉化成株式会社
|
81 |
160,000
|
70 | 160,000 | M |
|
AIRPORT FACILITIES Co.,LTD.
空港施設株式会社
|
78 |
128,000
|
70 | 128,000 | M |
|
MATSUDA SANGYO Co.,Ltd.
松田産業株式会社
|
74 |
21,296
|
48 | 21,296 | |
|
Vital KSK Holdings Co., Ltd.
株式会社バイタルケーエスケー・ホールディングス
|
62 |
50,050
|
44 | 50,050 | |
|
Keio Corporation
京王電鉄株式会社
|
60 |
+2.6%
↑
15,837
|
71 | 15,439 | |
|
Keihan Holdings Co.,Ltd.
京阪ホールディングス株式会社
|
51 |
-50.0%
↓
15,800
|
109 | 31,600 | M |
|
Keikyu Corporation
京浜急行電鉄株式会社
|
51 |
-9.9%
↓
33,800
|
47 | 37,500 | |
|
Shikoku Electric Power Company, Incorporated
四国電力株式会社
|
32 |
28,000
|
21 | 28,000 | |
|
The Chugoku Electric Power Company, Incorporated
中国電力株式会社
|
24 |
29,000
|
19 | 29,000 | |
|
artience Co., Ltd.
artience株式会社
|
11 |
NEW
New
3,673
|
— | ||
|
The 77Bank,Ltd.
株式会社七十七銀行
|
9 |
1,995
|
4 | 1,995 | M |
|
Nissui Corporation
株式会社ニッスイ
|
— | — | |||
|
TOA CORPORATION
東亜建設工業株式会社
|
— | — | |||
| MS ADインシュアランスグループホールディングス株式会社 | — | — | M | ||
|
SEIBU HOLDINGS INC.
株式会社西武ホールディングス
|
— |
−100%
Exit
—
|
448 | 330,000 | M |
|
Sekisui Chemical Co.,Ltd.
積水化学工業株式会社
|
— |
−100%
Exit
—
|
187 | 100,000 | |
|
Hankyu Hanshin Holdings,Inc.
阪急阪神ホールディングス株式会社
|
— |
−100%
Exit
—
|
150 | 38,400 | |
|
PIOLAX,INC.
株式会社パイオラックス
|
— |
−100%
Exit
—
|
34 | 18,000 | |
| 凸版印刷株式会社 | — |
−100%
Exit
—
|
558 | 209,505 | M |
| 三井住友トラスト・ホールディングス株式会社 | — |
−100%
Exit
—
|
261 | 57,600 | M |
|
Sumitomo Mitsui Financial Group, Inc.
株式会社三井住友フィナンシャルグループ
|
— |
−100%
Exit
—
|
109 | 20,718 | M |
|
Mizuho Financial Group, Inc.
株式会社みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
52 | 28,008 | M |
|
Kuroda Precision Industries Co., Ltd.
黒田精工株式会社
|
— |
−100%
Exit
—
|
15 | 10,000 | M |
| 東洋インキSCホールディングス株式会社 | — |
−100%
Exit
—
|
7 | 3,673 | |
| Portfolio total | 20,360 | 17,459 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding