[Obayashi] Financial Data — Operating Profit ¥194.6bn, ROE 14.4%, Five-Year Track

Note: This article is a factual summary based on Obayashi Corporation’s published IR material (Investors’ Guide, June 2026 edition). It is not a recommendation to buy or sell any security. Figures are as of the publication of the source material. Investment decisions are your own responsibility.

Three pages near the end of the Investors’ Guide 2026 function as Obayashi’s financial appendix: five years of headline results and targets (p.34), a year-over-year breakdown of what moved in FY2025 (p.35), and a snapshot of the consolidated balance sheet as of March 2026 (p.39). Together they are the most data-dense pages in the guide, and the ones the rest of the series repeatedly points back to. Where other articles in this guide describe strategy, capital policy, or business segments, these three pages are where the actual reported numbers behind those discussions live.

Five-year track record: eight key indicators

The guide tracks eight indicators across FY2022–FY2025 actuals plus the FY2026 forecast, each measured against a target from the Addendum to the Medium-Term Business Plan 2022 where one is given. The FY2022–FY2025 columns are reported results; the FY2026 column is the company’s own forward guidance, not an actual:

Indicator	FY2022	FY2023	FY2024	FY2025	FY2026 (Forecast)	MTP2022 addendum target
Net sales (¥bn)	1,983.8	2,325.1	2,590.7	2,586.2	2,945.0	Mid-¥2tn range
Operating profit (¥bn)	93.8	79.3	142.4	194.6	180.0	¥100.0bn or more
Profit attributable to owners of parent (¥bn)	77.6	75.0	145.3	173.7	157.0	Around ¥100.0bn
Orders received (¥bn)	2,222.2	2,513.0	3,316.6	3,009.0	3,100.0	—
Equity (¥bn)	997.1	1,151.6	1,158.2	1,258.4	1,290.0	¥1tn level
Interest-bearing debt and nonrecourse loans (¥bn)	337.9	323.8	362.7	344.0	330.0	—
ROIC — return on invested capital (%)	4.9	3.8	6.4	8.4	7.4	5%+ (medium-term)
ROE — return on equity (%)	8.0	7.0	12.6	14.4	12.3	10%+

Note: FY2024 figures reflect the retrospective application of a change in the foreign currency translation method, per the guide’s footnote on this page.

What moved in FY2025

The guide also breaks out FY2025 against FY2024 for the same eight indicators, with a short explanation of the driver behind each change:

Indicator	FY2024	FY2025	Change	What drove it, per the guide
Net sales	¥2,590.7bn	¥2,586.2bn	-¥4.5bn	Broadly flat: continued progress on in-hand overseas building and civil engineering work offset a decline in domestic building versus FY2024, a year that had benefited from large projects.
Operating profit	¥142.4bn	¥194.6bn	+¥52.2bn	Additional approved claims and change orders, a bigger contribution from highly profitable domestic building projects, and steady progress on in-hand overseas civil engineering work.
Profit attributable to owners of parent	¥145.3bn	¥173.7bn	+¥28.4bn	Tracked the rise in operating profit, mainly in domestic building and overseas civil engineering.
Orders received	¥3,316.6bn	¥3,009.0bn	-¥307.5bn	Domestic building and civil engineering orders declined against a strong FY2024 comparison that included large projects, and new orders were taken selectively in line with current construction capacity; new large overseas building orders partly offset the decline.
Equity	¥1,158.2bn	¥1,258.4bn	+¥110.1bn	Higher retained earnings from solid profit, a larger valuation gain on available-for-sale securities as share prices rose, and a bigger foreign-currency translation adjustment from yen depreciation, despite the purchase of treasury shares.
Interest-bearing debt and nonrecourse loans	¥362.7bn	¥344.0bn	-¥18.6bn	Completion of large projects together with improved collection of outstanding construction receivables.
ROIC	6.4%	8.4%	+200 bps	Higher operating profit, mainly in domestic building.
ROE	12.6%	14.4%	+180 bps	Higher profit attributable to owners of parent, with continued focus on capital efficiency.

Multi-year earnings in brief

Looking further back, the year-by-year pattern behind the five-year table is distinct for each year. FY2022 sales grew on yen depreciation and a large real estate sale, while profit benefited from the absence of the construction-loss provisions that had weighed on the prior year. FY2023 sales grew sharply again, but profit fell as the company booked a loss from a large construction-project accident alongside a real-estate-related reversal. FY2024 sales grew further on steady progress on in-hand work and the consolidation of MWH, profit rose on project portfolio turnover and additional contract sums, and net profit was further helped by cross-shareholding sales proceeding faster than the planned pace (see our cross-shareholdings article).

Balance sheet snapshot (March 31, 2026)

The consolidated balance sheet totaled ¥3,143.4bn in assets:

Balance sheet item	¥bn
Total assets	3,143.4
Current assets	1,778.5
(of which cash and deposits)	430.8
Non-current assets	1,364.9
(of which cross-shareholdings)	288.8
Current liabilities	1,429.5
Non-current liabilities	379.4
(of which interest-bearing debt and nonrecourse loans)	344.0
Net assets (capital)	1,316.4
(of which equity)	1,258.4

The guide also charts how the equity ratio and debt-equity ratio have moved over the same five years:

Ratio	FY2022	FY2023	FY2024	FY2025
Equity ratio (%)	38.2	38.1	38.1	40.0
Debt-equity ratio (x)	0.34	0.28	0.31	0.27

Both ratios stayed within a narrow band across the period shown — the equity ratio in the high-30s to 40% range, and the debt-equity ratio no higher than 0.34x — with the FY2025 equity ratio of 40.0% the highest point in the five-year window.

What this means for investors

These three pages are the evidentiary backbone for claims made elsewhere in the guide. FY2025 operating profit of ¥194.6bn and ROE of 14.4% are the same figures used to judge progress against the medium-term plan’s targets (see our MTP2022 KPI article) and to size the company’s capital-return policy (see our capital policy article). The ¥288.8bn of cross-shareholdings still on the balance sheet as of March 2026 is the starting point for the reduction program covered in our cross-shareholdings article, and the ¥1,258.4bn equity base is what the company’s 10%+ ROE target and ¥1 trillion equity target are measured against.

This article is part of our complete breakdown of the Obayashi Investors’ Guide 2026. See the hub article for the full series.

Note: This article is a factual summary based on Obayashi Corporation’s published IR material (Investors’ Guide, June 2026 edition). It is not a recommendation to buy or sell any security. Figures are as of the publication of the source material. Investment decisions are your own responsibility.