1807
WATANABE SATO CO., LTD.
株式会社佐藤渡辺
Construction
Watanabe Sato Co., Ltd. engages in contracting for paving works, civil engineering works, and related businesses in Japan. The company is involved in construction, such as concrete pavement, asphalt pavement, wooden pavement, resin-based pavement, block-based, repair and maintenance methods, water jet method, turf, vegetation blocks, and sports courts, as well as rainwater storage and infiltration, runoff control method. It also manufactures and sells products, including mortar composites. The company was founded in 1923 and is headquartered in Tokyo, Japan.
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⚠ TSE Capital Mandate
P / Book
0.48×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥33.7B
¥40.4B
¥38.4B
¥34.7B
¥37.5B
Cost of Sales
¥30.2B
¥36.9B
¥34.3B
¥31.9B
¥32.9B
Gross Profit
¥3.5B
¥3.5B
¥4.1B
¥2.8B
¥4.6B
SG&A
¥2.5B
¥2.4B
¥2.4B
¥2.1B
¥2.1B
Operating Income
¥1.1B
¥1.2B
¥1.7B
¥616M
¥2.5B
Non-Operating Income
¥343M
¥177M
¥129M
¥104M
¥100M
Dividend Income
—
¥73M
¥40M
¥39M
¥29M
Interest Income
—
¥2M
¥1M
¥1M
¥1M
Non-Operating Expenses
—
¥25M
¥15M
¥11M
¥20M
Interest Expense
—
¥16M
¥10M
¥7M
¥11M
Ordinary Income
¥1.4B
¥1.3B
¥1.8B
¥709M
¥2.6B
Pre-tax Income
¥1.4B
¥1.3B
¥1.8B
¥730M
¥2.5B
Income Taxes
¥456M
¥425M
¥574M
¥282M
¥802M
Current Tax
—
¥353M
¥520M
¥257M
¥787M
Deferred Tax
—
¥72M
¥54M
¥25M
¥15M
Net Income (owners)
¥883M
¥892M
¥1.2B
¥447M
¥1.7B
Minority Interest
—
¥4M
¥2M
¥2M
¥3M
Comprehensive Income
—
¥976M
¥1.9B
¥584M
¥1.7B
EBITDA
¥1.6B
¥1.8B
¥2.3B
¥1.2B
¥3.1B
EPS
¥141.58
¥143.20
¥195.52
¥146.69
¥594.21
Shares Outstanding
—
6.2M
3.1M
3.0M
3.0M
Shares Issued (total)
—
6.4M
3.2M
3.2M
3.2M
Treasury Shares
—
0.2M
0.1M
0.1M
0.2M
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥32.7B
¥35.4B
¥35.1B
¥32.3B
¥32.6B
Current Assets
¥17.8B
¥21.0B
¥20.9B
¥18.3B
¥19.3B
Cash & Deposits
¥6.4B
¥5.0B
¥7.6B
¥4.8B
¥6.0B
Non-Current Assets
¥14.9B
¥14.4B
¥14.2B
¥14.0B
¥13.3B
PP&E
¥9.5B
¥9.8B
¥9.8B
¥10.0B
¥10.0B
Goodwill
—
¥115M
¥154M
¥192M
—
Intangible Assets
—
¥272M
¥347M
¥431M
¥83M
Investment Securities
¥5.1B
¥3.9B
¥3.5B
¥2.7B
¥2.4B
Deferred Tax Assets
—
¥290M
¥430M
¥780M
¥817M
Total Liabilities
¥9.8B
¥14.0B
¥14.0B
¥12.9B
¥13.5B
Current Liabilities
¥7.0B
¥10.7B
¥10.6B
¥9.2B
¥10.0B
ST Debt
—
¥2.8B
¥41M
¥49M
¥49M
Taxes Payable
—
¥115M
¥416M
¥256M
¥352M
Non-Current Liabilities
¥2.8B
¥3.3B
¥3.4B
¥3.8B
¥3.5B
Total LT Borrowings
—
—
—
¥41M
¥90M
Pension Obligations
—
¥2.1B
¥2.2B
¥2.6B
¥2.3B
Total Equity
¥22.9B
¥21.4B
¥21.1B
¥19.4B
¥19.1B
Capital Stock
—
¥1.8B
¥1.8B
¥1.8B
¥1.8B
Capital Surplus
—
¥920M
¥914M
¥936M
¥940M
Retained Earnings
¥16.5B
¥16.1B
¥15.9B
¥15.0B
¥14.9B
Treasury Stock
—
¥-229M
¥-249M
¥-424M
¥-456M
AOCI
—
¥2.8B
¥2.7B
¥2.0B
¥1.9B
Equity (owners)
¥19.0B
¥18.6B
¥18.4B
¥17.3B
¥17.2B
Minority Interests
—
¥84M
¥80M
¥79M
¥77M
Total Interest-Bearing Debt ⓘ
—
¥2.8B
¥41M
¥90M
¥139M
Net Cash ⓘ
¥6.4B
¥2.2B
¥7.6B
¥4.7B
¥5.9B
NCAV ⓘ
¥8.1B
¥7.0B
¥6.9B
¥5.3B
¥5.8B
NCAV/Share
—
¥1,131
¥2,234
¥1,748
¥1,904
BV/Share
—
¥2,979
¥5,905
¥5,665
¥5,649
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥5.1B
¥-4.0B
¥3.5B
¥188M
¥3.3B
Interest Paid
—
¥-16M
¥-10M
¥-7M
¥-11M
Interest Received
—
¥75M
¥41M
¥40M
¥30M
D&A
¥548M
¥608M
¥624M
¥569M
¥560M
Investing CF
¥-394M
¥-626M
¥-438M
¥-930M
¥-800M
CapEx
¥306M
¥517M
¥374M
¥370M
¥639M
Purchase Investments
—
¥-100M
—
—
¥-150M
Financing CF
¥-3.3B
¥2.0B
¥-412M
¥-456M
¥-680M
Dividends Paid
—
¥-714M
¥-304M
¥-364M
¥-310M
Share Buybacks
—
—
¥-0M
¥-0M
¥-1.2B
LT Debt Repaid
—
¥-41M
¥-49M
¥-49M
¥-74M
Free Cash Flow
¥4.8B
¥-4.5B
¥3.1B
¥-182M
¥2.6B
Net Change in Cash
—
¥-2.6B
¥2.6B
¥-1.2B
¥1.8B
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
4.0%
4.2%
6.0%
2.3%
9.4%
ROA
2.6%
2.5%
3.6%
1.4%
5.3%
EPS
¥141.58
¥143.20
¥195.52
¥146.69
¥594.21
DPS
¥40.00
¥80.00
¥150.00
¥100.00
¥120.00
BPS
¥3,654.41
¥3,425.96
¥3,387.37
¥6,323.17
¥6,265.44
FCF/Share
—
¥-719
¥1,000
¥-60
¥871
NCAV/Share
—
¥1,131
¥2,234
¥1,748
¥1,904
Payout Ratio
28.3%
55.9%
76.7%
68.2%
20.2%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 2
Date Activist Stake Event Flag Demands Source
2024-07-16
SATO KOGYO CO.,LTD.
20.34%
change
Passive
—
2024-07-16
Watanabe Tadayasu
0.95%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 10
#
Shareholder
Shares (thou.)
% of Total
1
Sato Construction Co.
佐藤工業株式会社
1,300
20.87%
2
有限会社創翔
662
10.63%
3
TOA ROAD CORPORATION
東亜道路工業株式会社
482
7.74%
4
ASKA CORPORATION
株式会社アスカ
392
6.29%
5
UBE三菱セメント株式会社
322
5.17%
6
Employee Stock Ownership Plan
佐藤渡辺従業員持株会
239
3.84%
7
常盤工業株式会社
210
3.37%
8
内藤征吾
187
3.01%
9
TOA CORPORATION
東亜建設工業株式会社
125
2.02%
10
佐藤鉄工株式会社
113
1.82%
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
64.8%
+1.0% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
Sato Construction Co.
佐藤工業
9.51%
9.33%
20.87%
+11.54%
限会社創翔
10.86%
10.65%
10.63%
-0.02%
TOA ROAD CORPORATION
東亜道路工業
7.91%
7.76%
7.74%
-0.02%
ASKA CORPORATION
式会社アスカ
6.43%
6.30%
6.29%
-0.01%
UBE三菱セメント
5.28%
5.18%
5.17%
-0.01%
Employee Stock Ownership Plan
佐藤渡辺従業員持株会
2.41%
3.65%
3.84%
+0.19%
常盤工業
3.44%
3.38%
3.37%
-0.01%
内藤征吾
NEW ENTRY
—
—
—
3.01%
NEW
TOA CORPORATION
東亜建設工業
2.06%
2.02%
2.02%
佐藤鉄工
NEW ENTRY
—
—
—
1.82%
NEW
渡 邉 忠 泰
last seen 2024
Exited Top 10
12.80%
12.55%
—
内 藤 征 吾
last seen 2024
Exited Top 10
3.05%
2.93%
—
Concentration (HHI)
ⓘ
535
522
717
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥2,423M
+97% since 2023
Holdings
10
+1 new
Trend
2 building
vs 2023
Held Company
FY2025
¥2,423M total
FY2023
¥1,228M total
Book Val ¥M
Shares
Book Val ¥M
Shares
TOA ROAD CORPORATION
東亜道路工業㈱
1,434
+400.0%
↑
1,000,000
750
200,000
M
TOA CORPORATION
東亜建設工業㈱
386
+300.0%
↑
298,000
198
74,500
M
東京ガス㈱
184
38,600
96
38,600
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
118
29,174
55
29,174
NICHIREKI GROUP CO., LTD.
ニチレキグループ㈱
96
NEW
New
44,000
—
M
Nomura Holdings Inc.
野村ホールディングス㈱
68
75,000
38
75,000
Nikko Co., Ltd.
日工㈱
53
77,000
49
77,000
M
Resona Holdings, Inc.
㈱りそなホールディングス
50
39,000
25
39,000
第一生命ホールディングス㈱
30
6,700
16
6,700
Hokuhoku Financial Group, Inc.
㈱ほくほくフィナンシャルグループ
3
1,000
1
1,000
Portfolio total
2,423
1,228
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding