WAKACHIKU CONSTRUCTION CO.,LTD.

若築建設株式会社

Construction

← Companies

Price

¥3,400

Market Cap

¥43.6B

Ent. Value

¥45.5B

Net Debt

−¥1.8B

Shares Out.

12.8M

P / E

9.9×

EV / EBIT

6.8×

P / Book

0.80×

P / NCAV

1.43×

Div. Yield

—

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥104.7B	¥86.5B	¥94.9B	¥84.0B	¥89.2B
Cost of Sales	¥90.1B	¥73.7B	¥80.8B	¥71.3B	¥76.2B
Gross Profit	¥14.6B	¥12.7B	¥14.1B	¥12.7B	¥13.0B
SG&A	¥8.0B	¥7.5B	¥7.1B	¥6.5B	¥6.1B
Operating Income	¥6.6B	¥5.2B	¥7.0B	¥6.2B	¥6.8B
Non-Operating Income	¥275M	¥237M	¥973M	¥558M	¥199M
Dividend Income	—	¥95M	¥77M	¥65M	¥65M
Interest Income	—	¥67M	¥161M	¥21M	¥14M
Non-Operating Expenses	—	¥228M	¥250M	¥248M	¥252M
Interest Expense	—	¥148M	¥137M	¥159M	¥151M
Ordinary Income	¥6.4B	¥5.2B	¥7.7B	¥6.5B	¥6.8B
Pre-tax Income	¥6.5B	¥5.2B	¥7.7B	¥6.5B	¥6.7B
Income Taxes	¥2.0B	¥1.5B	¥2.5B	¥984M	¥1.9B
Current Tax	—	¥1.1B	¥2.5B	¥1.9B	¥2.3B
Deferred Tax	—	¥341M	¥-12M	¥-899M	¥-370M
Net Income (owners)	¥4.4B	¥3.7B	¥5.1B	¥5.4B	¥4.7B
Minority Interest	—	¥84M	¥84M	¥114M	¥111M
Comprehensive Income	—	¥4.2B	¥6.0B	¥5.4B	¥5.2B
EBITDA	¥7.5B	¥6.1B	¥7.8B	¥7.0B	¥7.5B
EPS	¥343.44	¥289.96	¥399.25	¥426.78	¥371.47
Shares Outstanding	—	12.8M	12.8M	12.8M	12.8M
Shares Issued (total)	—	13.0M	13.0M	13.0M	13.0M
Treasury Shares	—	0.1M	0.1M	0.1M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥122.4B	¥91.9B	¥90.8B	¥88.3B	¥81.5B
Current Assets	¥98.2B	¥70.3B	¥70.4B	¥71.5B	¥66.2B
Cash & Deposits	¥19.6B	¥13.2B	¥18.9B	¥27.3B	¥16.4B
Trade Receivables	—	¥1.1B	¥353M	¥642M	—
Non-Current Assets	¥24.2B	¥21.6B	¥20.4B	¥16.8B	¥15.3B
PP&E	¥11.0B	¥11.3B	¥11.0B	¥10.4B	¥10.0B
Intangible Assets	—	¥512M	¥389M	¥366M	¥306M
Investment Securities	¥8.4B	¥6.7B	¥5.6B	¥3.4B	¥2.8B
Deferred Tax Assets	—	¥947M	¥1.5B	¥1.9B	¥1.4B
Total Liabilities	¥67.7B	¥42.0B	¥43.4B	¥45.6B	¥43.1B
Current Liabilities	¥58.7B	¥37.8B	¥38.2B	¥39.1B	¥34.7B
ST Debt	¥16.1B	¥12.2B	¥2.9B	¥1.6B	¥2.4B
Taxes Payable	—	¥231M	¥1.8B	¥919M	¥1.9B
Non-Current Liabilities	¥8.9B	¥4.2B	¥5.2B	¥6.6B	¥8.4B
Total LT Borrowings	¥5.4B	¥378M	¥1.4B	¥2.8B	¥3.8B
Pension Obligations	—	¥2.7B	¥2.7B	¥2.8B	¥2.7B
Total Equity	¥54.8B	¥49.9B	¥47.4B	¥42.7B	¥38.4B
Capital Stock	—	¥11.4B	¥11.4B	¥11.4B	¥11.4B
Capital Surplus	—	¥2.9B	¥2.9B	¥2.9B	¥2.9B
Retained Earnings	¥32.9B	¥30.2B	¥28.0B	¥24.2B	¥19.8B
Treasury Stock	—	¥-518M	¥-329M	¥-337M	¥-337M
AOCI	—	¥4.3B	¥3.9B	¥3.1B	¥3.3B
Equity (owners)	¥47.6B	¥44.0B	¥42.0B	¥38.2B	¥33.8B
Minority Interests	—	¥1.5B	¥1.5B	¥1.4B	¥1.3B

Total Interest-Bearing Debt ⓘ	¥21.5B	¥12.6B	¥4.3B	¥4.3B	¥6.2B
Net Cash ⓘ	¥-1.8B	¥649M	¥14.5B	¥23.0B	¥10.2B
NCAV ⓘ	¥30.5B	¥28.2B	¥27.0B	¥25.9B	¥23.1B
NCAV/Share	—	¥2,198	¥2,101	¥2,017	¥1,799
BV/Share	—	¥3,427	¥3,275	¥2,977	¥2,633

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥477M	¥-10.2B	¥-4.0B	¥15.1B	¥16.0B
Interest Paid	—	¥-150M	¥-146M	¥-153M	¥-145M
Interest Received	—	¥162M	¥238M	¥86M	¥79M
D&A	¥842M	¥844M	¥847M	¥721M	¥677M
Investing CF	¥-1.2B	¥-1.9B	¥-3.6B	¥-1.3B	¥-1.5B
CapEx	¥571M	¥1.1B	¥1.5B	¥901M	¥1.3B
Purchase Investments	—	¥-545M	¥-2.0B	¥-295M	¥-1M
Financing CF	¥7.1B	¥6.4B	¥-1.4B	¥-3.0B	¥-12.7B
Dividends Paid	—	¥-1.5B	¥-1.3B	¥-1.0B	¥-698M
Share Buybacks	—	¥-193M	¥0M	¥0M	¥-150M
LT Debt Repaid	—	¥-1.8B	¥-1.6B	¥-1.3B	¥-1.6B
Free Cash Flow	¥-94M	¥-11.3B	¥-5.4B	¥14.2B	¥14.8B
Net Change in Cash	—	¥-5.7B	¥-8.4B	¥10.9B	¥2.0B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.3%	7.8%	11.7%	13.9%	13.6%
ROA	4.1%	4.0%	5.7%	6.4%	5.8%
EPS	¥343.44	¥289.96	¥399.25	¥426.78	¥371.47
DPS	¥0.00	¥126.00	¥120.00	¥100.00	¥80.00
BPS	¥4,242.52	¥3,802.84	¥3,600.65	¥3,240.62	¥2,909.00
FCF/Share	—	¥-880	¥-423	¥1,109	¥1,149
NCAV/Share	—	¥2,198	¥2,101	¥2,017	¥1,799
Payout Ratio	0.0%	43.5%	30.1%	23.4%	21.5%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 15

Date	Activist	Stake	Event	Flag	Demands
2026-03-19	Sumitomo Mitsui Trust Bank,Limited	2.42% -3.44%	change	Passive	—
2026-03-18	Aso Corporation	50.1% +8.26%	change	Passive	—
2026-02-19	Aso Corporation	41.84%	change	Passive	—
2025-08-20	ASO CORPORATION	40.93% +1.04%	change	Passive	—
2025-08-07	ASO CORPORATION	39.89% +1.06%	change	Passive	—
2025-04-21	Sumitomo Mitsui Trust Bank,Limited	5.86% -1.0%	change	Passive	—
2025-04-15	ASO CORPORATION	38.83% +1.05%	change	Passive	—
2024-12-06	ASO CORPORATION	37.78% +1.0%	change	Passive	—
2024-09-20	ASO CORPORATION	36.78% +1.01%	change	Passive	—
2024-08-09	ASO CORPORATION	35.77% +1.01%	change	Passive	—
2024-06-20	Sumitomo Mitsui Trust Bank,Limited	6.86%	change	Passive	—
2024-05-08	ASO CORPORATION	34.76% +1.04%	change	Passive	—
2023-10-03	ASO CORPORATION	33.72%	change	Passive	—
2023-09-01	Tokunaga Akihiko	—	exit	Passive	—
2023-09-01	Ueno Yoshihumi	7.62%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-14 16:00	Div Increase	¥135.0/sh +7%	Wakatsuki Construction (code 1888, TSE Prime) revised upward its FY2026 March dividend forecast by ¥3 per share from ¥13…
Summary Wakatsuki Construction (code 1888, TSE Prime) revised upward its FY2026 March dividend forecast by ¥3 per share from ¥132 to ¥135, representing a 2.3% increase from the prior year (¥126). The increase aligns with the company's mid-term capital allocation policy targeting a minimum pure asset dividend ratio (DOE) of 3.6% and dividend payout ratio of 40%+, with the revised forecast achieving a DOE of 3.6% and payout ratio of 40.4%. Deadline: 2026-05-26 YoY: +7% Source (JP) 2026年3月期の期末配当予想につきましては1株当たり普通配当132円としておりましたが、本日公表の2026年3月期業績および今後の事業環境等を総合的に勘案しまして、1株当たり3円増配し普通配当135円に修正させていただきます。配当予想の修正(増配)に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	株式会社麻生	4,971,900	38.73%
2	Stock Ownership Plan 若築建設協力会社持株会	1,035,944	8.07%
3	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）	805,200	6.27%
4	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社	527,600	4.11%
5	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	315,025	2.45%
6	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	294,400	2.29%
7	The Chiba Bank, Ltd. 株式会社千葉銀行	292,242	2.28%
8	TAIHEI DENGYO KAISHA,LTD. 太平電業株式会社	290,700	2.26%
9	Employee Stock Ownership Plan 若築建設従業員持株会	270,699	2.11%
10	公益財団法人石橋奨学会	206,050	1.61%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

12.7%

-0.2% 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

57.5%

+4.2% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
式会社麻生	31.35%	35.01%	38.73% +3.72%
Stock Ownership Plan 若築建設協力会社持株会	7.45%	7.71%	8.07% +0.36%
Japan Master Trust Bank 日本マスタートラスト信託銀行	8.19%	6.43%	6.27% -0.16%
Sumitomo Mitsui Trust Bank 三井住友信託銀行	4.11%	4.11%	4.11%
Sumitomo Mitsui Banking Corporation 三井住友銀行	2.45%	2.45%	2.45%
Japan Custody Bank 日本カストディ銀行	2.69%	2.28%	2.29% +0.01%
The Chiba Bank, Ltd. 式会社千葉銀行	2.28%	2.28%	2.28%
TAIHEI DENGYO KAISHA,LTD. 太平電業	2.26%	2.26%	2.26%
Employee Stock Ownership Plan 若築建設従業員持株会	2.27%	2.03%	2.11% +0.08%
公益財団法人石橋奨学会	1.61%	1.61%	1.61%
Concentration (HHI) ⓘ	1154	1372	1650

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

Portfolio Book Value ¥2,979M +37% since 2023

Holdings 10

Trend 1 building vs 2023

Held Company	FY2025 ¥2,979M total		FY2023 ¥2,170M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TAIHEI DENGYO KAISHA,LTD. 太平電業㈱	1,075	225,000	912	225,000	M
TOMOE CORPORATION ㈱巴コーポレーション	950	795,000	343	795,000	M
AuBEX CORPORATION オーベクス㈱	594	423,209	435	423,209	M
eREX Co.,Ltd. イーレックス㈱	165	205,200	375	205,200	M
Namura Shipbuilding Co.,Ltd. ㈱名村造船所	81	35,840	12	35,840
Fukuoka Financial Group, Inc. ㈱ふくおかフィナンシャルグループ	62	16,000	40	16,000
Star Flyer Inc. ㈱スターフライヤー	25	10,000	25	10,000
Nishi-Nippon Railroad Co.,Ltd. 西日本鉄道㈱	22	+11.1% ↑ 10,462	22	9,419
Mazda Motor Corporation マツダ㈱	3	4,000	4	4,000
Tokyo Electric Power Company Holdings, Incorporated 東京電力ホールディングス㈱	2	5,400	2	5,400
Portfolio total	2,979		2,170

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