Matsui Construction Co., Ltd. (1810) AI Stock Analysis

• Market Cap: ¥58.29B
• Dividend Yield: 3.97%
• Average Volume (3M): 26.16K
• Price to Earnings (P/E): 11.8
• Beta (1Y): 0.84
• Revenue Growth: 2.85%
• EPS Growth: 317.62%
• Country: JP
• Employees: 767
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 58.76
• Shares Outstanding: 30,580,000
• 10 Day Avg. Volume: 27,250
• 30 Day Avg. Volume: 26,163
• PEG Ratio: 0.07
• Price to Book (P/B): 0.51
• Price to Sales (P/S): 0.26
• P/FCF Ratio: 3.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 79 Outperform
• Price Target: ¥2,238.00 ▲(48.70% Upside)
• Action: Reiterated Date: 11/13/25
• Date: Action: Reiterated 11/13/25

Matsui Construction Co., Ltd. receives a strong overall stock score driven by its solid financial performance and attractive valuation. The technical analysis supports a positive outlook, although caution is advised due to the nearing overbought RSI levels. The absence of earnings call data and corporate events does not detract from the company's robust fundamentals and growth trajectory.

Positive Factors

Strong balance sheet and low leverage

A low debt-to-equity ratio and strong equity base provide durable financial flexibility for a construction firm, supporting bidding capacity, countercyclical resilience, and access to credit during project financing needs. This structural strength reduces refinancing risk across economic cycles.

Improving operating and free cash flows

Transitioning from negative to positive operating cash flow and substantial free cash flow growth signals sustainable internal funding for capex, maintenance, dividends, or debt reduction. Durable cash generation reduces reliance on external financing and strengthens balance sheet over months.

Rising profitability and margin expansion

Consistent expansion in gross, EBIT and net margins indicates improving operational efficiency and potential pricing power on contracts. Sustained margin improvement increases earnings resilience vs. revenue swings and enhances cash conversion in the medium term.

Negative Factors

Recent revenue growth weakness

Reported slight negative revenue growth (~-1.7%) suggests demand softness or timing shifts in project execution. For construction firms, persistent revenue declines impair scale benefits and can limit the ability to allocate fixed overhead, pressuring long-term margin expansion.

Elevated total liabilities require monitoring

Despite low financial leverage metrics, relatively high total liabilities (eg. payables, advances, other obligations) can strain liquidity under revenue stress or working-capital swings. Persistent elevated liabilities could constrain bid capacity and increase counterparty risk.

Business exposed to bidding and project mix risk

Core revenue depends on contract bidding, project mix and tight cost control; variability in input costs or competitive pricing can compress margins. This structural industry exposure creates recurring execution and margin risk over the medium term.

Matsui Construction Co., Ltd. Business Overview & Revenue Model

Company Description

Matsui Construction Co., Ltd. engages in the civil engineering, architectural designing, supervising, and construction business in Japan. The company undertakes shrines, temples, and cultural property works, as well as government building, office building, education/culture, commerce/distribution/production, medical/welfare, living space, and environmental arrangement. It is also involved in the lumber and woodworking activities; manufacturing, processing, and selling of civil engineering and building materials; owing, selling, leasing, trading, and management of real estate properties; and brokerage services. In addition, the company manages sports, tourism, and leisure facilities; and engages in buying and selling of electricity and power generation business. Further, it provides building survey, maintenance, and non-life insurance agency services. The company was founded in 1586 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Matsui Construction Co., Ltd. generates revenue through multiple streams primarily focused on construction contracts for various projects. The company earns money by bidding on and securing contracts from both public and private entities for new construction, infrastructure projects, and renovations. Key revenue streams include fixed-price contracts, time and materials contracts, and unit price contracts. Additionally, Matsui may engage in joint ventures with other construction firms or government bodies for large-scale projects, further enhancing its earning potential. The company also benefits from long-term maintenance agreements and service contracts, which provide a steady income. Strong relationships with suppliers and subcontractors, along with a reputation for reliability and quality, contribute to repeat business and referrals, further solidifying its financial success.

Matsui Construction Co., Ltd. Financial Statement Overview

Summary

Matsui Construction Co., Ltd. demonstrates a sound financial health profile with solid profitability, a strong balance sheet, and improving cash flows. The company is on a positive growth trajectory, with efficient operations and prudent financial management. However, vigilance in managing liabilities and continuing to strengthen cash flow generation will be key to sustaining this momentum.

Income Statement

Matsui Construction Co., Ltd. shows strong profitability with a consistent increase in gross and net profit margins over the years. The revenue growth rate is positive, indicating a healthy expansion trajectory. Notably, EBIT and EBITDA margins have improved, highlighting enhanced operational efficiency.

Balance Sheet

The company maintains a robust financial position with a low debt-to-equity ratio, reflecting prudent leverage management. The return on equity (ROE) is satisfactory, and the equity ratio indicates a strong equity base. However, the relatively high total liabilities suggest careful monitoring of obligations is necessary.

Cash Flow

Cash flows from operations have shown significant improvement, moving from negative to positive in recent years. The free cash flow growth rate is substantial, indicating effective capital management. The operating cash flow to net income ratio is strong, underscoring solid cash generation relative to earnings.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	100.06B	99.25B	96.97B	88.66B	82.47B	87.58B
Gross Profit	8.66B	7.53B	4.71B	6.59B	6.60B	7.04B
EBITDA	5.29B	4.44B	2.21B	3.08B	3.35B	3.82B
Net Income	3.42B	2.73B	1.16B	1.70B	1.79B	2.25B
Balance Sheet
Total Assets	75.35B	80.89B	77.56B	71.02B	68.43B	74.43B
Cash, Cash Equivalents and Short-Term Investments	12.86B	13.46B	9.29B	21.50B	15.90B	19.60B
Total Debt	3.95B	3.00B	5.00B	209.00M	229.00M	242.59M
Total Liabilities	24.21B	30.27B	29.95B	26.85B	25.55B	31.90B
Stockholders Equity	51.13B	50.62B	47.62B	44.17B	42.88B	42.53B
Cash Flow
Free Cash Flow	0.00	6.99B	-16.95B	6.59B	-2.72B	6.19B
Operating Cash Flow	0.00	7.62B	-16.19B	7.18B	-20.00M	7.08B
Investing Cash Flow	0.00	-177.00M	-18.00M	-543.00M	-2.34B	-983.62M
Financing Cash Flow	0.00	-3.07B	3.80B	-923.00M	-1.40B	-797.99M

Matsui Construction Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1505.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:1810, the sentiment is Positive. The current price of 1505 is below the 20-day moving average (MA) of 1788.10, below the 50-day MA of 1636.66, and above the 200-day MA of 1392.95, indicating a bullish trend. The MACD of 92.67 indicates Negative momentum. The RSI at 69.11 is Neutral, neither overbought nor oversold. The STOCH value of 73.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:1810.

Matsui Construction Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1967	83 Outperform	¥54.54B	12.62	―	2.19%	5.45%	86.27%
1810	79 Outperform	¥58.29B	11.75	―	3.97%	2.85%	317.62%
256A	77 Outperform	¥47.90B	10.17	―	3.88%	4.11%	28.37%
1929	75 Outperform	¥59.95B	15.67	―	3.78%	11.81%	52.35%
1827	73 Outperform	¥56.05B	17.17	―	1.96%	2.55%	-14.37%
1930	70 Outperform	¥50.33B	13.93	7.09%	3.06%	-5.41%	5.68%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Matsui Construction Co., Ltd. Corporate Events

Matsui Construction Boosts Earnings and Dividend as Margins Improve Despite Lower Sales

Matsui Construction reported consolidated net sales of ¥72.39 billion for the nine months ended December 31, 2025, down 1.8% year on year, but sharply improved profitability with operating profit up 161.9% to ¥4.65 billion and profit attributable to owners of parent up 128.8% to ¥3.65 billion. The company’s equity ratio rose to 67.7% and net assets per share increased, reflecting a stronger balance sheet, while it revised its dividend forecast upward to a total of ¥75 per share for FY2026, including a commemorative dividend, and raised full-year profit forecasts despite slightly lower expected sales, signaling confidence in sustained earnings improvements and shareholder returns.

For the fiscal year ending March 31, 2026, Matsui Construction now projects full-year net sales of ¥98 billion, a modest 1.3% decline from the previous year, but expects operating profit to jump 62.6% to ¥5.5 billion and profit attributable to owners of parent to rise 50.4% to ¥4.1 billion. This guidance, together with the increased dividend and higher net assets, suggests that cost controls, project mix, or execution efficiency are driving margin expansion, enhancing the company’s financial resilience and potentially supporting its competitiveness in Japan’s construction sector.

The most recent analyst rating on (JP:1810) stock is a Buy with a Yen1766.00 price target. To see the full list of analyst forecasts on Matsui Construction Co., Ltd. stock, see the JP:1810 Stock Forecast page.