1904

taisei oncho co.,ltd.

大成温調株式会社

Construction

Taisei Oncho Co., Ltd. engages in the design and construction management of air conditioning, water supply and drainage sanitation, and electrical equipment and general building construction businesses in Japan. It offers repair, maintenance, and renovation services. Taisei Oncho Co., Ltd. was founded in 1941 and is headquartered in Shinagawa, Japan.

← Companies

Price

¥5,170

Market Cap

¥31.6B

Ent. Value

¥12.6B

Net Cash est

¥19.0B

Shares Out.

6.1M

P / E

9.0×

EV / EBIT

3.2×

P / Book

1.05×

P / NCAV

2.18×

Div. Yield

1.68%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥61.7B	¥62.5B	¥61.1B	¥46.5B	¥49.2B
Cost of Sales	¥50.8B	¥53.4B	¥52.8B	¥39.9B	¥43.5B
Gross Profit	¥10.9B	¥9.1B	¥8.3B	¥6.5B	¥5.7B
SG&A	¥6.9B	¥6.0B	¥5.3B	¥4.8B	¥4.4B
Operating Income	¥4.0B	¥3.1B	¥3.0B	¥1.7B	¥1.3B
Non-Operating Income	¥740M	¥536M	¥366M	¥492M	¥513M
Non-Operating Expenses	—	¥167M	¥295M	¥227M	¥68M
Interest Expense	—	¥13M	¥6M	¥1M	¥7M
Ordinary Income	¥4.6B	¥3.5B	¥3.1B	¥2.0B	¥1.7B
Pre-tax Income	¥4.8B	¥3.4B	¥2.8B	¥1.9B	¥1.3B
Income Taxes	¥1.3B	¥903M	¥849M	¥452M	¥338M
Current Tax	—	¥1.1B	¥622M	¥203M	¥375M
Deferred Tax	—	¥-153M	¥227M	¥249M	¥-83M
Net Income (owners)	¥3.5B	¥2.5B	¥2.0B	¥1.5B	¥974M
Comprehensive Income	—	¥3.5B	¥2.8B	¥2.0B	¥1.6B
EBITDA	¥4.6B	¥3.6B	¥3.5B	¥2.1B	¥1.6B
Goodwill Amort. (J-GAAP)	—	¥102M	¥68M	—	—
EPS	¥573.67	¥408.47	¥335.66	¥246.01	¥151.99
Shares Outstanding	—	6.1M	5.9M	5.9M	6.4M
Shares Issued (total)	—	6.9M	6.9M	6.9M	6.9M
Treasury Shares	—	0.8M	0.9M	1.0M	0.5M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥51.9B	¥46.4B	¥45.8B	¥41.2B	¥40.2B
Current Assets	¥35.6B	¥30.6B	¥31.9B	¥28.6B	¥27.7B
Cash & Deposits	¥19.0B	¥12.8B	¥11.0B	¥11.7B	¥12.4B
Inventories	—	¥17M	¥15M	¥24M	¥21M
Non-Current Assets	¥16.2B	¥15.8B	¥13.9B	¥12.6B	¥12.6B
PP&E	¥6.7B	¥7.2B	¥6.8B	¥6.5B	¥6.0B
Goodwill	—	¥1.2B	¥1.3B	—	—
Intangible Assets	—	¥2.5B	¥2.3B	¥276M	¥396M
Investment Securities	¥4.7B	¥3.9B	¥3.4B	¥4.1B	¥4.3B
Deferred Tax Assets	—	¥64M	¥31M	¥533M	¥720M
Total Liabilities	¥21.2B	¥18.8B	¥20.1B	¥15.9B	¥15.5B
Current Liabilities	¥20.6B	¥18.2B	¥19.7B	¥15.7B	¥15.4B
ST Debt	—	¥2.7B	—	—	—
Taxes Payable	—	¥801M	¥413M	¥45M	¥149M
Non-Current Liabilities	¥527M	¥538M	¥405M	¥177M	¥175M
Deferred Tax Liab.	—	¥326M	—	—	—
Total Equity	¥30.7B	¥27.6B	¥25.7B	¥25.3B	¥24.7B
Capital Stock	—	¥5.2B	¥5.2B	¥5.2B	¥5.2B
Capital Surplus	—	¥5.1B	¥5.5B	¥5.1B	¥5.1B
Retained Earnings	¥19.8B	¥17.5B	¥16.6B	¥15.1B	¥14.2B
Treasury Stock	—	¥-3.3B	¥-3.8B	¥-1.5B	¥-634M
AOCI	—	¥3.1B	¥2.2B	¥1.3B	¥832M
Equity (owners)	¥27.4B	¥24.5B	¥23.5B	¥23.9B	¥23.9B

Total Interest-Bearing Debt ⓘ	—	¥2.7B	—	—	—
Net Cash ⓘ	¥19.0B	¥10.1B	¥11.0B	¥11.7B	¥12.4B
NCAV ⓘ	¥14.5B	¥11.8B	¥11.8B	¥12.7B	¥12.1B
NCAV/Share	—	¥1,937	¥1,989	¥2,148	¥1,904
BV/Share	—	¥4,009	¥3,965	¥4,055	¥3,743

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥9.7B	¥561M	¥3.0B	¥720M	¥-533M
Interest Paid	—	¥-13M	¥-6M	¥-1M	¥-7M
Interest Received	—	¥196M	¥128M	¥63M	¥73M
D&A	¥584M	¥426M	¥422M	¥365M	¥352M
Goodwill Amort.	—	¥102M	¥68M	—	—
Investing CF	¥-548M	¥-114M	¥-768M	¥-241M	¥43M
CapEx	¥188M	¥473M	¥152M	¥231M	¥73M
Purchase Investments	—	¥-314M	¥-16M	¥-16M	¥-188M
Proceeds from Invest.	—	—	—	—	¥352M
Financing CF	¥-3.4B	¥1.1B	¥-3.2B	¥-1.4B	¥-878M
Dividends Paid	—	¥-1.2B	¥-485M	¥-482M	¥-472M
Share Buybacks	—	¥-1.5B	¥-3.2B	¥-869M	¥-377M
Free Cash Flow	¥9.5B	¥88M	¥2.9B	¥488M	¥-607M
Net Change in Cash	—	¥2.0B	¥-793M	¥-613M	¥-917M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	12.2%	9.3%	7.7%	5.9%	4.0%
ROA	7.2%	5.4%	4.5%	3.6%	2.4%
EPS	¥573.67	¥408.47	¥335.66	¥246.01	¥151.99
DPS	¥87.00	¥132.00	¥128.00	¥82.00	¥76.00
BPS	¥4,943.44	¥4,565.98	¥4,359.43	¥4,309.72	¥3,897.53
FCF/Share	—	¥14	¥481	¥83	¥-95
NCAV/Share	—	¥1,937	¥1,989	¥2,148	¥1,904
Payout Ratio	15.2%	32.3%	38.1%	33.3%	50.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 11

Date	Activist	Stake	Event	Flag	Demands
2024-12-23	MIZUTANI HIDEO	6.45%	change	Passive	—
2024-12-23	MIZUTANI HIDEO	2.27% -4.18%	change	Passive	—
2024-09-30	Hiroshi Takahashi	7.46% -1.19%	change	Passive	—
2024-06-06	APIP, Inc.	1.88% -3.56%	change	Passive	—
2024-06-04	APIP, Inc.	5.44% -3.57%	change	Passive	—
2024-05-27	APIP, Inc.	9.01% +0.37%	change	Passive	—
2024-04-03	APIP, Inc.	8.64% -1.03%	change	Passive	—
2024-03-14	APIP, Inc.	9.67% -7.14%	change	Passive	—
2024-02-28	APIP, Inc.	16.81%	change	Passive	—
2023-12-22	Hiroshi Takahashi	8.65% -1.02%	change	Passive	—
2023-08-25	Hiroshi Takahashi	9.67%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 15:30	Div Increase	¥577M ¥92.0/sh +39%	Taisei Oncho (1904) announced a dividend increase of 92 yen per share for FY2026 (ended March 31, 2026), up 5 yen from t…
Summary Taisei Oncho (1904) announced a dividend increase of 92 yen per share for FY2026 (ended March 31, 2026), up 5 yen from the prior forecast of 87 yen and up 39.4% YoY from 66 yen in FY2025. Total dividend payout is 577 million yen, with an effective date of June 26, 2026, subject to shareholder approval at the AGM on June 25, 2026. The company targets stable DOE (consolidated net asset dividend ratio) of approximately 3.8% as its capital allocation policy. Deadline: 2026-06-26 YoY: +39% Source (JP) 普通株式１株につき配当金を92円とすることといたしました。前回発表の配当予想から5円増額し、DOE（連結純資産配当率）3.8％を目処とする安定した配当を継続的に実施する基本方針を定めております。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	アクアウェッジ株式会社	993	16.26%
2	大成温調取引先持株会	508	8.32%
3	一般財団法人大成温調奨学財団	334	5.48%
4	大成温調従業員持株会	157	2.58%
5	水谷日出夫	111	1.82%
6	河村和平	89	1.46%
7	東テク株式会社	70	1.16%
8	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	60	1.00%
9	河村昌平	59	1.00%
10	和田ふみ子	50	0.82%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

1.0%

+1.0% 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

38.9%

-9.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
アクアウェッジ		16.84%	16.73%	16.26% -0.47%
大成温調取引先持株会		11.30%	8.65%	8.32% -0.33%
一般財団法人大成温調奨学財団		—	5.28%	5.48% +0.20%
大成温調従業員持株会		4.31%	2.82%	2.58% -0.24%
水谷日出夫		9.43%	9.37%	1.82% -7.55%
河村和平		1.52%	1.51%	1.46% -0.05%
東テク		1.20%	1.19%	1.16% -0.03%
河村昌平		—	0.99%	1.00% +0.01%
日本カストディ銀行 NEW ENTRY	—	—	—	1.00% NEW
和田ふみ子		1.22%	0.91%	0.82% -0.09%
式会社オーテック last seen 2024	Exited Top 10	—	0.84%	—
一般財団法人ぺんぎん奨学財団 last seen 2023	Exited Top 10	5.94%	—	—
光通信 last seen 2023	Exited Top 10	1.54%	—	—
青木錠衛 last seen 2023	Exited Top 10	1.02%	—	—
Concentration (HHI) ⓘ		563	485	380

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

Portfolio Book Value ¥2,737M +17% since 2023

Holdings 10 +2 new 12 exited

Trend 3 building vs 2023

Held Company	FY2025 ¥2,737M total		FY2023 ¥2,330M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Morinaga&Co.,Ltd. 森永製菓㈱	1,002	+100.0% ↑ 400,000	751	200,000
TOPPAN Holdings Inc. TOPPANホールディングス㈱	550	NEW New 135,639	—
ISOTEAM LTD.	536	62,500,000	528	62,500,000
Shochiku Co;Ltd. 松竹㈱	246	20,000	229	20,000
TOKYO GAS CO.,LTD. 東京瓦斯㈱	104	21,800	54	21,800
HASEKO Corporation ㈱長谷工コーポレーション	86	+11.2% ↑ 43,847	61	39,438
LINTEC Corporation リンテック㈱	85	31,000	67	31,000
Hitachi, Ltd. ㈱日立製作所	69	+400.0% ↑ 20,000	29	4,000
Blue innovation Co., Ltd. ブルーイノベーション㈱	58	NEW New 50,000	—
第一生命ホールディングス㈱	—		—
繧､繝ｳ繧ｿ繝ｼ繝ｩ繧､繝輔�帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ譬ｪ蠑丈ｼ夂､ｾインターライフホールディングス㈱	—	−100% Exit —	14	80,826
ZEON CORPORATION 日本ゼオン㈱	—	−100% Exit —	7	4,902
凸版印刷㈱	—	−100% Exit —	347	130,352
㈱白洋舎	—	−100% Exit —	71	40,000
Shizuoka Financial Group, Inc. ㈱しずおかフィナンシャルグループ	—	−100% Exit —	37	39,000
NISSAN MOTOR CO., LTD. 日産自動車㈱	—	−100% Exit —	35	70,000
FUJITA KANKO INC. 藤田観光㈱	—	−100% Exit —	33	10,000
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	23	5,000
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	—	−100% Exit —	20	10,500
Nissan Tokyo Sales Holdings Co., Ltd. 日産東京販売ホールディングス㈱	—	−100% Exit —	12	35,000
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	—	−100% Exit —	12	13,600
Sumitomo Mitsui Construction Co.,Ltd. 三井住友建設㈱	—	−100% Exit —	1	2,600
Portfolio total	2,737		2,330

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