1810 — Tokyo Intelligence

MATSUI CONSTRUCTION CO., LTD. 1810

松井建設株式会社 · Construction · Standard

Governance Compliance: TSE Status: Disclosed

Price

¥1,339

Market Cap

¥38.5B

Ent. Value

¥28.0B

Net Cash

¥10.5B

Shares Out.

28.7M

P / E

14.2×

EV / EBIT

8.3×

P / Book

0.76×

P / NCAV

2.66×

Div. Yield

3.58%

PRICE

⬇ Excel

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Net Sales	¥99.3B	¥97.0B	¥88.7B	¥82.5B	¥87.6B
Cost of Sales	¥91.7B	¥92.3B	¥82.1B	¥75.9B	¥80.5B
Gross Profit	¥7.5B	¥4.7B	¥6.6B	¥6.6B	¥7.0B
SG&A	¥4.1B	¥4.4B	¥4.3B	¥4.2B	¥4.1B
Operating Income	¥3.4B	¥264M	¥2.3B	¥2.4B	¥2.9B
Non-Operating Income	¥537M	¥546M	¥471M	¥396M	¥411M
Dividend Income	¥408M	¥398M	¥322M	¥284M	¥282M
Interest Income	¥12M	¥8M	¥9M	¥14M	¥9M
Non-Operating Expenses	¥76M	¥43M	¥37M	¥32M	¥62M
Interest Expense	¥47M	¥16M	¥12M	¥12M	¥33M
Ordinary Income	¥3.8B	¥767M	¥2.7B	¥2.8B	¥3.3B
Pre-tax Income	¥3.9B	¥1.7B	¥2.6B	¥2.7B	¥3.2B
Income Taxes	¥1.2B	¥535M	¥862M	¥954M	¥997M
Current Tax	¥913M	¥696M	¥877M	¥736M	¥1.1B
Deferred Tax	¥263M	¥-160M	¥-14M	¥218M	¥-123M
Net Income (owners)	¥2.7B	¥1.2B	¥1.7B	¥1.8B	¥2.3B
Comprehensive Income	¥4.0B	¥4.6B	¥2.2B	¥1.7B	¥4.2B
EBITDA	¥3.9B	¥762M	¥2.8B	¥3.0B	¥3.5B
EPS	¥94.32	¥39.85	¥57.50	¥58.93	¥73.79
Shares Outstanding	28.7M	29.0M	29.5M	29.6M	30.5M
Shares Issued (total)	30.6M	30.6M	30.6M	30.6M	30.6M
Treasury Shares	1.8M	1.6M	1.1M	1.0M	0.1M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Total Assets	¥80.9B	¥77.6B	¥71.0B	¥68.4B	¥74.4B
Current Assets	¥44.8B	¥43.5B	¥41.8B	¥40.6B	¥48.4B
Cash & Deposits	¥13.5B	¥9.3B	¥19.8B	¥13.3B	¥16.6B
Non-Current Assets	¥36.1B	¥34.1B	¥29.2B	¥27.8B	¥26.0B
PP&E	¥16.8B	¥16.8B	¥16.5B	¥16.4B	¥14.5B
Intangible Assets	¥324M	¥213M	¥153M	¥192M	¥222M
Investment Securities	¥14.7B	¥13.5B	¥10.0B	¥9.4B	¥9.8B
Total Liabilities	¥30.3B	¥29.9B	¥26.9B	¥25.5B	¥31.9B
Current Liabilities	¥25.0B	¥25.6B	¥23.6B	¥22.7B	¥27.2B
ST Debt	¥3.0B	¥5.0B	¥0M	¥0M	¥0M
Taxes Payable	¥606M	¥350M	¥537M	¥229M	¥705M
Non-Current Liabilities	¥5.2B	¥4.4B	¥3.3B	¥2.8B	¥4.7B
Total LT Borrowings	—	—	¥0M	¥0M	¥0M
Pension Obligations	¥1.7B	¥1.8B	¥2.0B	¥1.7B	¥3.6B
Deferred Tax Liab.	¥2.9B	¥1.9B	¥545M	¥350M	¥163M
Total Equity	¥50.6B	¥47.6B	¥44.2B	¥42.9B	¥42.5B
Capital Stock	¥4.0B	¥4.0B	¥4.0B	¥4.0B	¥4.0B
Capital Surplus	¥333M	¥333M	¥333M	¥333M	¥334M
Retained Earnings	¥39.4B	¥37.4B	¥37.1B	¥36.2B	¥35.1B
Treasury Stock	¥-1.4B	¥-1.1B	¥-794M	¥-692M	¥-27M
AOCI	¥8.3B	¥7.0B	¥3.5B	¥3.1B	¥3.2B
Equity (owners)	¥42.3B	¥40.6B	¥40.6B	¥39.8B	¥39.4B

Total Interest-Bearing Debt ⓘ	¥3.0B	¥5.0B	¥0M	¥0M	¥0M
Net Cash ⓘ	¥10.5B	¥4.3B	¥19.8B	¥13.3B	¥16.6B
NCAV ⓘ	¥14.5B	¥13.6B	¥15.0B	¥15.1B	¥16.5B
NCAV/Share	¥504	¥468	¥509	¥509	¥541
BV/Share	¥1,472	¥1,401	¥1,379	¥1,344	¥1,290

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Operating CF	¥7.6B	¥-16.2B	¥7.2B	¥-20M	¥7.1B
Interest Paid	¥-47M	¥-16M	¥-12M	¥-12M	¥-33M
Interest Received	¥357M	¥344M	¥282M	¥253M	¥248M
D&A	¥493M	¥498M	¥502M	¥589M	¥536M
Investing CF	¥-177M	¥-18M	¥-543M	¥-2.3B	¥-984M
CapEx	¥633M	¥640M	¥566M	¥2.6B	¥777M
Financing CF	¥-3.1B	¥3.8B	¥-923M	¥-1.4B	¥-798M
Dividends Paid	¥-810M	¥-805M	¥-784M	¥-701M	¥-763M
Free Cash Flow	¥7.0B	¥-16.8B	¥6.6B	¥-2.7B	¥6.3B
Net Change in Cash	¥4.4B	¥-12.4B	¥5.7B	¥-3.8B	¥5.3B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Profitability Ratios
Return on Equity (ROE) ⓘ	5.5%	2.5%	3.9%	4.2%	5.3%
Return on Assets (ROA) ⓘ	3.4%	1.6%	2.4%	2.5%	3.0%
Gross Margin ⓘ	7.6%	4.9%	7.4%	8.0%	8.0%
Operating Margin ⓘ	3.4%	0.3%	2.6%	2.9%	3.4%
Net Margin ⓘ	2.7%	1.2%	1.9%	2.2%	2.6%
Liquidity Ratios
Current Ratio ⓘ	1.79x	1.70x	1.77x	1.79x	1.78x
Quick Ratio ⓘ	1.79x	1.70x	1.77x	1.79x	1.78x
Per Share Metrics
Revenue / Share ⓘ	¥3,452	¥3,344	¥3,009	¥2,784	¥2,869
BV/Share ⓘ	¥1,472	¥1,401	¥1,379	¥1,344	¥1,290
NCAV/Share ⓘ	¥504	¥468	¥509	¥509	¥541
EPS ⓘ	¥94.32	¥39.85	¥57.50	¥58.93	¥73.79
DPS ⓘ	¥48.00	¥26.00	¥25.00	¥24.00	¥23.00
Payout Ratio ⓘ	50.9%	65.2%	43.5%	40.7%	31.2%
FCF/Share ⓘ	¥243.14	¥-580.45	¥224.46	¥-89.80	¥206.52

Market Valuation

Avg daily close price for calendar year × most recently reported EPS / DPS

Metric	CY2023	CY2024	CY2025
Avg P/E ⓘ	11.6× EPS from 2023-03	19.0× EPS from 2024-03	11.9× EPS from 2025-03
Avg Div Yield ⓘ	3.76% DPS from 2023-03	3.43% DPS from 2024-03	4.27% DPS from 2025-03
Avg Daily Close	¥665	¥758	¥1,125

Growth Rates (CAGR)

Metric	3yr CAGR (FY2021–2024)	5yr CAGR
Stock Price	+30.0%	—
Sales	+6.4%	—
FCF/Share	—	—
EPS	+17.0%	—
DPS	+26.0%	—
BV/Share	+3.1%	—
NCAV/Share	-0.3%	—

🇯🇵 Disclosure Information in Accordance with “Action to Implement Management that is Conscious of Cost of Capital and Stock Price”

Market Segment: Standard Last Updated: 2025-05-13 Status: Disclosed

[Measures toward Realizing Management with Awareness of Cost of Capital and Stock Price] For measures toward realizing management with awareness of cost of capital and stock price, please refer to 'Medium-Term Management Plan <2025-2027>' posted on the Company's website. (Medium-Term Management Plan: https://www.matsui-ken.co.jp/investor/midterm)

EVENT TIMELINE

S Shareholder A Capital Signal

No capital allocation signals recorded for this company.

#	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（信託口）	2,237	7.8%
2	HIKARI TSUSHIN,INC. 光通信株式会社	2,157	7.5%
3	Mizuho Bank 株式会社みずほ銀行	1,303	4.5%
4	株式会社北陸銀行	1,303	4.5%
5	Business Partner Stock Ownership Plan 松井建設取引先持株会	1,238	4.3%
6	The Ogaki Kyoritsu Bank, Ltd. 株式会社大垣共立銀行	1,229	4.3%
7	Employee Stock Ownership Plan 松井建設従業員持株会	1,179	4.1%
8	株式会社松井興産	935	3.2%
9	公益財団法人松井角平記念財団	850	3.0%
10	Mizuho Trust & Banking みずほ信託銀行株式会社	764	2.7%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

10.4%

+0.6% 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

35.5%

+3.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2022	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		9.80%	7.94%	7.24%	7.78% +0.54%
HIKARI TSUSHIN,INC. 光通信		—	2.96%	4.50%	7.50% +3.00%
Mizuho Bank みずほ銀行		4.40%	4.42%	4.49%	4.53% +0.04%
式会社北陸銀行		4.40%	4.42%	4.49%	4.53% +0.04%
Business Partner Stock Ownership Plan 松井建設取引先持株会		3.04%	3.68%	4.01%	4.31% +0.30%
The Ogaki Kyoritsu Bank, Ltd. 式会社大垣共立銀行		4.15%	4.17%	4.24%	4.27% +0.03%
Employee Stock Ownership Plan 松井建設従業員持株会		3.55%	3.78%	4.07%	4.10% +0.03%
式会社松井興産		3.16%	3.17%	3.22%	3.25% +0.03%
公益財団法人松井角平記念財団		2.87%	2.88%	2.93%	2.96% +0.03%
Mizuho Trust & Banking みずほ信託銀行		2.58%	2.59%	2.63%	2.66% +0.03%
Custody Bank of Japan, Ltd. (Trust Account) 日本カストディ銀行 last seen 2022	Exited Top 10	2.72%	—	—	—
Concentration (HHI) ⓘ		206	181	189	238

4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥10,934M

Holdings 24

Held Company	FY2025 ¥10,934M total
	Book Val ¥M	Shares
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	2,059	359,000
Hulic Co.,Ltd. ヒューリック㈱	1,996	1,389,580	M
Tokyo Tatemono Co., Ltd. 東京建物㈱	976	386,500	M
KYORITSU MAINTENANCE CO.,LTD. ㈱共立メンテナンス	808	259,776	M
RAITO KOGYO CO., LTD. ライト工業㈱	724	294,444	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	610	150,695
YAMATO CORPORATION ㈱ヤマト	586	396,000	M
The Ogaki Kyoritsu Bank, Ltd. ㈱大垣共立銀行	559	235,500	M
Nippon Hume Corporation 日本ヒューム㈱	502	251,370	M
Hokuhoku Financial Group, Inc. ㈱ほくほくフィナンシャルグループ	483	188,300
TSUZUKI DENKI CO., LTD. 都築電気㈱	296	131,000	M
Shochiku Co;Ltd. 松竹㈱	246	20,000	M
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱	183	40,500
The 77Bank,Ltd. ㈱七十七銀行	170	35,800	M
㈱カーリット	152	143,800	M
FUJI KYUKO CO., LTD. 富士急行㈱	113	50,500	M
ASAHI KOGYOSHA CO.,LTD. ㈱朝日工業社	108	56,000	M
NAKAMURAYA CO.,LTD. ㈱中村屋	106	34,000	M
AVANTIA CO., LTD. ㈱ＡＶＡＮＴＩＡ	78	101,800	M
KITAZAWASANGYOco.,ltd. 北沢産業㈱	69	198,000	M
TOHBU NETWORK CO.,LTD. 東部ネットワーク㈱	60	70,000	M
Toell Co.,Ltd. ㈱トーエル	50	62,000	M
Tokyo Theatres Company, Incorporated 東京テアトル㈱	—		M
TOKYO ENERGY & SYSTEMS INC. ㈱東京エネシス	—		M
Portfolio total	10,934

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding · Only one fiscal year available

Date	Shareholder	Stake	Event	Flag	Demands	Source
2025-09-26	Hikari Tsushin K.K.	7.46% +0.44%	change	Passive	—
2025-03-18	Hikari Tsushin K.K.	7.02% +1.0%	change	Passive	—
2024-11-22	Hikari Tsushin K.K.	6.02% +1.02%	change	Passive	—
2024-07-31	Hikari Tsushin K.K.	5.0%	initial_5pct	Passive	—