Overview
Construction

First-corporation Inc.

First Corporation is a general contractor specializing in the construction of condominium (分譲マンション) buildings, primarily operating in the Greater Tokyo Area (Tokyo, Kanagawa, Saitama, Chiba) and Kyushu and surrounding regions. The company employs a proprietary 'Zōchū method' (造注方式) business model, in which it identifies and secures land, develops integrated project proposals, and presents them to multiple condominium developers, thereby securing construction contracts on a sole-source basis alongside its real estate business. Quality assurance is a core competitive strength, with double-check inspections on structural elements (piles, reinforcement, concrete) conducted by its internal Safety and Quality Management Office.

Market Cap
¥13.8B
US$87.7M
EV
¥28.3B
US$181M
Stock¥1,092▼-0.27%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.6
x
LTM EV/EBIT
9.6
x
LTM PER
7.4
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-5.9%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 15, 26Full-year FY2026/05 earnings announced
MC → EV Bridge
13.8BUS$87.7MMarket Cap20.3BUS$129M+ Debt5.68BUS$36.2M− Cash0.03BUS$0.20M− Inv. Sec.28.3BUS$181MEV
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Performance & Balance
Revenue 5Y (¥B)
30.2US$192M'22/525.5US$163M'23/528.5US$182M'24/543.2US$275M'25/536.4US$232M'26/5
EBITDA 5Y (¥B)
1.93US$12.3M'22/52.00US$12.7M'23/51.47US$9.38M'24/52.59US$16.5M'25/52.91US$18.6M'26/5
Net Income 5Y (¥B)
1.27US$8.09M'22/51.36US$8.70M'23/50.94US$6.02M'24/51.67US$10.6M'25/51.88US$12.0M'26/5
Capital Structure
36%
64%
EquityD/E 1.78xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
4.92US$31.4M2.96US$18.9M'22/55.09US$32.5M3.94US$25.1M'23/54.15US$26.5M5.10US$32.5M'24/55.43US$34.6M4.72US$30.1M'25/52.66US$16.9M12.4US$79.4M'26/5
Shareholders
Top 10 hold 51.4%
1
Toshiaki NAKAMURA
16.27%
2
Kazuki IIDA
10.51%
3
Nakamura Co., Ltd.
8.66%
4
Custody Bank of Japan, Ltd. (Trust Account E)
5.61%
5
Misao SAITO
4.01%
6
Risa NAKAMURA
1.54%
7
Kenji NAKAMURA
1.54%
8
Tadami HORIGUCHI
1.54%
9
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)
1.08%
10
Kazuo YOKOYAMA
0.63%
Management
9 officers
Toshiaki NAKAMURA
Representative Director, President and Executive Officer; General Manager, Development Business Headquarters
May 1979: Joined Nakamura Bisou Co., Ltd. (Limited Company), Director Oct 1982: Established Nakawa Kogyo Co., Ltd. (now First Caldea Co., Ltd.), Representative Director, President Feb 1990: Landworks Co., Ltd., Representative Director, President May 2007: Established Nakamura Co., Ltd., Founding Representative Director, President (current) Jun 2011: Established the Company, Representative Director, President Nov 2020: First Evolution Co., Ltd., Director Apr 2021: The Company, Representative Director, President and General Manager, Development Business Headquarters Oct 2021: First Evolution Co., Ltd., Representative Director Aug 2023: First Evolution Co., Ltd., Director May 2024: First Evolution Co., Ltd., Representative Director, President (current) Jun 2026: The Company, Representative Director, President and Executive Officer; General Manager, Development Business Headquarters (current)
1950-11-21
Yutaka SAIGA
Senior Managing Director and Executive Officer; General Manager, Construction Business Headquarters; in charge of Redevelopment Business
Apr 1979: Joined Tokai Kogyo Co., Ltd. May 2009: Construction Manager, Tokyo Head Office, Tokai Kogyo Co., Ltd. Nov 2010: Executive Officer, Deputy Head of Tokyo Head Office, Tokai Kogyo Co., Ltd. Nov 2012: Executive Officer, General Manager, Construction Business Headquarters, Tokai Kogyo Co., Ltd. Mar 2016: Joined the Company, Head of Sales Technical Support Group, Construction Department Jun 2018: The Company, General Manager, Construction Business Headquarters Aug 2018: The Company, Director, General Manager, Construction Business Headquarters Aug 2019: The Company, Managing Director, General Manager, Construction Business Headquarters Jun 2021: The Company, Managing Director, General Manager, Construction Business Headquarters and General Manager, Redevelopment Business Department Jun 2022: The Company, Managing Director, General Manager, Construction Business Headquarters and in charge of Redevelopment Business Jun 2024: The Company, Senior Managing Director, General Manager, Construction Business Headquarters, in charge of Redevelopment Business and in charge of Administration Headquarters Jun 2026: The Company, Senior Managing Director and Executive Officer, General Manager, Construction Business Headquarters, in charge of Redevelopment Business (current)
1956-02-06
Ryo OTO
Director and Executive Officer; General Manager, Construction Department, Construction Business Headquarters
Apr 1992: Joined U.D.K. Co., Ltd. Jul 2007: Joined First Caldea Co., Ltd., Construction Section Manager Feb 2012: Joined the Company, Construction Group Leader, Construction Department Jun 2018: The Company, General Manager, Construction Department, Construction Business Headquarters Jun 2022: The Company, Executive Officer, General Manager, Construction Department, Construction Business Headquarters Aug 2024: The Company, Director, General Manager, Construction Department, Construction Business Headquarters Jun 2026: The Company, Director and Executive Officer, General Manager, Construction Department, Construction Business Headquarters (current)
1971-10-21
Satoshi FUJIMOTO
Director
Apr 1980: Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Jul 1994: Senior Investigator, Legal Affairs Department, Fuji Bank, Ltd. Apr 2002: Deputy General Manager, Otemachi Sales Department No. 7, Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.) May 2004: General Manager, Corporate Department No. 1 and Corporate Department No. 3, Mizuho Corporate Bank, Ltd. Apr 2008: Executive Officer, General Manager, Sales Department No. 2, Mizuho Corporate Bank, Ltd. Apr 2010: Managing Executive Officer, in charge of Sales, Mizuho Corporate Bank, Ltd. Mar 2012: Managing Director, Tokyo Tatemono Co., Ltd. Mar 2013: Executive Officer, Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.) Jun 2013: Director, Managing Executive Officer, Sharp Corporation Jun 2015: Outside Audit & Supervisory Board Member, Fuyo Auto Lease Co., Ltd. Aug 2015: The Company, Director (current) Jun 2017: Outside Audit & Supervisory Board Member, Yasuda Warehouse Co., Ltd. (current) Outside Audit & Supervisory Board Member, Nakamuraya Co., Ltd. Jun 2022: Outside Director, Nakamuraya Co., Ltd. (current)
1957-07-28
Hisao SHIBAYAMA
Director
Apr 1977: Joined Tokai Kogyo Co., Ltd. Oct 1987: Joined Tokyo Tatemono Co., Ltd. Mar 2005: Director, Urban Regeneration Project Promotion Department, Tokyo Tatemono Co., Ltd. Jun 2008: Managing Director, Residential Business Headquarters, Tokyo Tatemono Co., Ltd. Jun 2010: Managing Director, Overseas Business Headquarters and General Manager, Residential Business Headquarters, Tokyo Tatemono Co., Ltd. Mar 2012: Managing Director, General Manager, Residential Business Headquarters, Tokyo Tatemono Co., Ltd. Mar 2013: Director, Senior Managing Executive Officer, General Manager, Residential Business Headquarters, Tokyo Tatemono Co., Ltd. Mar 2015: Representative Director, Senior Managing Executive Officer, General Manager, Residential Business Headquarters, Tokyo Tatemono Co., Ltd. Dec 2018: Director, Tokyo Tatemono Co., Ltd. Aug 2023: Director of the Company (current)
1953-06-02
Takaki ONO
Director
Apr 1988: Joined Sumitomo Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Apr 2009: General Manager, Kanazawa Branch and General Manager, Kanazawa Corporate Business Department, Sumitomo Bank, Ltd. Apr 2015: General Manager, Shinjuku Corporate Business Department No. 1, Sumitomo Mitsui Banking Corporation Apr 2016: Executive Officer, General Manager, Shinjuku Corporate Business Department No. 1, Sumitomo Mitsui Banking Corporation Apr 2017: Executive Officer, General Manager, Wholesale Division, Sumitomo Mitsui Banking Corporation; Executive Officer, General Manager, Wholesale Planning Department, Sumitomo Mitsui Financial Group, Inc. Apr 2018: Managing Executive Officer, General Manager, Wholesale Division, Sumitomo Mitsui Banking Corporation; Managing Executive Officer, Assistant to the General Manager, Wholesale Business Unit, Sumitomo Mitsui Financial Group, Inc. Apr 2019: Managing Executive Officer, Deputy Responsible Officer, Wholesale Division (in charge of Western Japan), Sumitomo Mitsui Banking Corporation; Managing Executive Officer, Assistant to the General Manager, Wholesale Business Unit, Sumitomo Mitsui Financial Group, Inc. Apr 2021: Managing Executive Officer, Deputy Responsible Officer, Wholesale Division and General Manager, Corporate Banking Headquarters, Sumitomo Mitsui Banking Corporation; Managing Executive Officer, Deputy General Manager, Wholesale Business Unit, Sumitomo Mitsui Financial Group, Inc. Apr 2022: Managing Executive Officer, in charge of Private Advisory Headquarters and Transaction Business Headquarters, Sumitomo Mitsui Banking Corporation; Managing Executive Officer, in charge of Payment Planning Department, Sumitomo Mitsui Financial Group, Inc. Apr 2024: Advisor, Sumitomo Mitsui Banking Corporation Aug 2024: Director of the Company (current) Sep 2024: Outside Director (Audit and Supervisory Committee Member), Pan Pacific International Holdings Corporation (current)
1965-04-09
Takaaki MOROHASHI
Director (Audit and Supervisory Committee Member)
Oct 2003: Passed the bar examination Apr 2004: Entered the Legal Training and Research Institute of the Supreme Court of Japan Oct 2005: Registered as attorney-at-law; joined Shimizu Sunao Law Office May 2013: Outside Audit & Supervisory Board Member, the Company Jun 2014: Outside Director, RVH Co., Ltd. Oct 2015: Opened Rising Law Office, Representative Partner (current) Aug 2021: The Company, Director (Audit and Supervisory Committee Member) (current) Jun 2023: Outside Director (Audit and Supervisory Committee Member), Polaris Holdings Co., Ltd. (current) Oct 2025: Outside Director, Yoshida Co., Ltd. (current)
1975-07-06
Kazuhiro UENO
Director (Audit and Supervisory Committee Member)
Oct 2001: Joined Shin Nihon & Co. (now EY ShinNihon LLC) Jan 2006: Joined Fuji Television Network, Inc. Sep 2009: Joined Shin Nihon LLC (now EY ShinNihon LLC) Apr 2019: Opened Kazuhiro Ueno Certified Public Accountant Office, Office Head (current) Jul 2019: Opened Kazuhiro Ueno Certified Tax Accountant Office, Office Head (current) Mar 2020: Outside Audit & Supervisory Board Member, Gifty Inc. (current) Jul 2020: ES Next Audit Corporation (now ES Next LLC), Representative Partner Oct 2020: Established Leagress Co., Ltd., Representative Director (current) Aug 2021: The Company, Director (Audit and Supervisory Committee Member) (current) Feb 2022: ES Next Audit Corporation (now ES Next LLC), Partner Mar 2022: Outside Director, KIYO Learning Co., Ltd. (current) Oct 2024: Outside Director (Audit and Supervisory Committee Member), Will Plus Holdings Co., Ltd. (current)
1977-03-08
Manabu ADACHI
Temporary Director (Audit and Supervisory Committee Member)
Oct 2004: Registered as attorney-at-law; joined Tokyo Fuji Law Office Apr 2012: Partner Attorney, Tokyo Fuji Law Office (current) Apr 2019: Standing Councillor, Japan Association of Turnaround Professionals (current) May 2026: The Company, Temporary Director (Audit and Supervisory Committee Member) (current)
1977-03-10
Large Shareholding Reports
Mizuho Trust & Banking Co., Ltd.
2026-09-25
5.66%→2.52%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Q1 Earnings Flash
FY ending May 2027
EDINET
2026-09-25
Large Shareholding Report
EDINET
2026-08-24
Annual Securities Report
Period: Jun 2025 – May 2026
TDnet
2026-08-03
株主総会招集通知
EDINET
2026-07-22
Securities Registration Statement
TDnet
2026-07-15
Full-Year Earnings Flash
FY ending May 2026
TDnet
2026-04-14
Q3 Earnings Flash
FY ending May 2026
EDINET
2026-01-14
Semi-Annual Securities Report
Period: Jun 2025 – May 2026
TDnet
2025-10-14
Q1 Earnings Flash
FY ending May 2026
EDINET
2025-08-27
Annual Securities Report
Period: Jun 2024 – May 2025
TDnet
2025-04-14
Q3 Earnings Flash
FY ending May 2025
EDINET
2025-01-14
Semi-Annual Securities Report
Period: Jun 2024 – May 2025
EDINET
2025-01-14
Securities Registration Statement
TDnet
2024-10-15
Q1 Earnings Flash
FY ending May 2025
EDINET
2024-08-26
Annual Securities Report
Period: Jun 2023 – May 2024
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-01-12
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-08-28
Annual Securities Report
Period: Jun 2022 – May 2023
EDINET
2023-04-07
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-01-10
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
TDnet
2023-01-06
Q2 Earnings Flash
FY ending May 2023
EDINET
2022-10-07
Quarterly Securities Report
EDINET
2022-08-29
Annual Securities Report
EDINET
2022-04-08
Quarterly Securities Report
EDINET
2022-01-07
Quarterly Securities Report
EDINET
2021-10-08
Quarterly Securities Report
EDINET
2021-08-27
Annual Securities Report
EDINET
2021-04-09
Quarterly Securities Report
EDINET
2021-01-12
Quarterly Securities Report
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