Operative builders company · M0 · FY ends Mar · Revenue ¥20.65B · 6.50% margin · ¥767M FCF
Operating margin is thin at 6.50%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 46.2%, still solid.
ROIC dropped from 7.06% to 4.66%, capital efficiency is deteriorating. Net debt of ¥15.05B represents 19.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
¥20.65B
▲ +46.2% YoY
Net Income (TTM)
¥754M
▲ +132.9% YoY
Op. Margin
6.50%
▼ -0.1pp YoY
ROIC
4.66%
▼ -2.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
¥767M
▲ +136.1% YoY
Op. Cash Flow (TTM)
¥805M
▲ +138.6% YoY
Net Debt
¥15.05B
Cash & Equiv.
¥2.30B
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