Overview
Construction

HAZAMA ANDO CORPORATION

Ando Hazama is a comprehensive general contractor operating in both civil engineering and building construction segments across Japan and select overseas markets. The company undertakes large-scale infrastructure projects (tunnels, dams, bridges, and urban civil works) as well as commercial, residential, and industrial building construction. Its competitive strengths lie in deep technical expertise in large-scale civil engineering inherited from the legacy Hazama brand, combined with Ando Construction's long history in architectural works dating back to 1873.

Market Cap
¥275B
US$1.75B
EV
¥175B
US$1.11B
Stock¥1,750.5▼-0.51%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
4.6
x
LTM EV/EBIT
5.0
x
LTM PER
8.9
x
LTM PBR
1.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-19.6%pt
100
Nov 4, 25 – Oct 30, 26StockTOPIX
MC → EV Bridge
275BUS$1.75BMarket Cap27.8BUS$177M+ Debt64.5BUS$410M− Cash64.1BUS$408M− Inv. Sec.1.10BUS$6.96M+ NCI175BUS$1.11BEV
AI Briefing
Ando Hazama: Tokyo-listed general contractor spanning civil engineering and building construction, born from the 2013 Hazama-Ando merger. FY26/3 revenue ¥440B with OP margin easing to 7.6% from FY25/3's 8.3% peak, as EBITDA fwd (¥37.6B) trends slightly below LTM (¥38.4B). No tender offer in play; trades at EV/EBITDA ~4.6x with a net cash balance sheet, reflecting a mature, closely-held shareholder base led by trust banks.
Performance & Balance
Revenue 5Y (¥B)
340US$2.16B'22/3372US$2.37B'23/3394US$2.51B'24/3425US$2.70B'25/3440US$2.80B'26/3
EBITDA 5Y (¥B)
29.0US$184M'22/322.0US$140M'23/321.1US$134M'24/338.7US$246M'25/337.3US$237M'26/3
Net Income 5Y (¥B)
17.7US$112M'22/315.2US$96.6M'23/313.9US$88.3M'24/326.4US$168M'25/329.7US$189M'26/3
Capital Structure
89%
EquityD/E 0.13xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
87.0US$554M24.5US$156M'22/3101US$640M24.0US$153M'23/378.5US$499M23.6US$150M'24/385.3US$543M28.1US$179M'25/3116US$736M27.9US$177M'26/3
Shareholders
Top 10 hold 38.1%
1
The Master Trust Bank of Japan, Ltd.
17.07%
2
Custody Bank of Japan, Ltd.
5.54%
3
Business Partners' Stock Ownership Association
4.72%
4
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
1.85%
5
HSBC-FUND SERVICES HSBC - 006 MF EFM (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.75%
6
Asahi Mutual Life Insurance Company
1.63%
7
JPMorgan Securities Japan Co., Ltd.
1.48%
8
Goldman Sachs Japan Co., Ltd. BNYM
1.47%
9
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.34%
10
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.30%
Management
10 officers
Kazuhiko KUNITANI
Representative Director, President
Apr 1988: Joined Hazama Corporation (former) Apr 2016: General Manager, Civil Engineering Planning Department, Civil Engineering Division, the Company Jul 2018: General Manager, Management Planning Department, Office of the President; concurrently General Manager, Civil Engineering Planning Department, Civil Engineering Division Apr 2019: General Manager, Management Planning Department, the Company; concurrently Deputy General Manager, Construction Division Apr 2020: Executive Officer, Deputy Branch Manager, Tokyo Branch Apr 2021: Executive Officer, Branch Manager, Kanto Branch Apr 2022: Managing Executive Officer, in charge of Information; General Manager, Management Strategy Headquarters Jun 2022: Director, Managing Executive Officer, in charge of Information; General Manager, Management Strategy Headquarters Apr 2023: Representative Director, President (current)
1963-09-12
Ken KOMATSU
Director, Senior Managing Executive Officer, General Manager, Building Construction Division
Apr 1982: Joined Ando Corporation (former) Apr 2009: Construction Department Manager, Kyushu Branch, Ando Corporation Apr 2010: Deputy Branch Manager, Kyushu Branch, Ando Corporation Apr 2012: Branch Manager, Hiroshima Branch, Ando Corporation Apr 2013: Officer-level status; Deputy Branch Manager, Kyushu Branch, the Company Apr 2015: Executive Officer, Branch Manager, Kyushu Branch Apr 2018: Executive Officer, Branch Manager, Nagoya Branch Apr 2019: Executive Officer, Branch Manager, Tokyo Branch Apr 2020: Managing Executive Officer, Branch Manager, Tokyo Branch Apr 2021: Managing Executive Officer, General Manager, Sales Division Jun 2021: Director, Managing Executive Officer, General Manager, Sales Division Apr 2024: Director, Senior Managing Executive Officer, General Manager, Sales Division Apr 2025: Director, Senior Managing Executive Officer, General Manager, Building Construction Division (current)
1957-11-13
Shinichi MONJUGAWA
Director, Managing Executive Officer, in charge of Examination and Finance; General Manager, Administration Division; concurrently in charge of Disaster Prevention
Apr 1989: Joined Hazama Corporation (former) Jun 2017: General Manager, Administration Department, Kanto Civil Engineering Branch, the Company Apr 2019: General Manager, Administration Department, Tokyo Branch; concurrently General Manager, Administration Department, Kanto Branch Oct 2020: General Manager, Human Resources Department Apr 2022: Executive Officer, Deputy General Manager, Administration Division; concurrently General Manager, General Affairs Department, Administration Division Apr 2023: Executive Officer, in charge of Examination and Finance; General Manager, Administration Division; concurrently in charge of Disaster Prevention Apr 2026: Managing Executive Officer, in charge of Examination and Finance; General Manager, Administration Division; concurrently in charge of Disaster Prevention Jun 2026: Director, Managing Executive Officer, in charge of Examination and Finance; General Manager, Administration Division; concurrently in charge of Disaster Prevention (current)
1966-09-11
Masami FUJITA
Director
Apr 1980: Joined Fujitsu Limited Dec 2001: General Manager, Secretariat, Fujitsu Limited Jun 2006: Executive Officer, Fujitsu Limited Jun 2009: Managing Executive Officer, Fujitsu Limited Apr 2010: Executive Vice President, Fujitsu Limited Jun 2010: Director, Executive Vice President, Fujitsu Limited Jun 2012: Representative Director, Vice President, Fujitsu Limited Apr 2016: President and Representative Director, Fujitsu Marketing Limited (now FUJITSU Japan Limited) Jun 2017: Director, the Company (current) Apr 2019: Executive Vice President, Shinko Electric Industries Co., Ltd. Jun 2019: President and Representative Director, Shinko Electric Industries Co., Ltd. Jun 2021: Chairman and Representative Director, Shinko Electric Industries Co., Ltd. Mar 2023: Outside Director, DIC Corporation (current)
1956-09-22
Mariko KITAGAWA
Director
May 1999: Joined Tsukishima Warehouse Co., Ltd. Jul 2000: General Manager, IT Division, Tsukishima Warehouse Co., Ltd. Jun 2001: Director, Simax Corporation (current) Jun 2002: Director, Tsukishima Warehouse Co., Ltd. Apr 2003: Director, Deputy General Manager, Sales Headquarters, Tsukishima Warehouse Co., Ltd. Jun 2004: President and Representative Director, Tsukishima Warehouse Co., Ltd. (current) Jun 2007: Director, Tsukishima Logistics Service Co., Ltd. (current) Jun 2017: Director, the Company (current) Nov 2025: Director, Tsukishima Utilize Co., Ltd. (current)
1965-04-03
Mieko KUWAYAMA
Director
Apr 1970: Joined Shiseido Company, Limited Apr 2004: General Manager, CSR Department, Shiseido Company, Limited Apr 2008: Part-time Lecturer, Faculty of Economics, Komazawa University Apr 2009: Senior Researcher, Business Ethics Practice Research Center (general incorporated association) Jun 2012: Specially Appointed Professor, Graduate School of Law, Hitotsubashi University Apr 2015: Visiting Researcher, CFO Education and Research Center, Hitotsubashi University (current) Apr 2015: Visiting Researcher, Mission Management Research Institute, Meiji University Jun 2017: Outside Director, Fujitsu General Limited (now General Corporation) Apr 2018: Senior Researcher, Business Ethics Practice Research Center (current) Jun 2018: Director, the Company (current) Oct 2023: Member, Corporate Ethics Committee, Tokyo Electric Power Group, Tokyo Electric Power Holdings, Inc. (current)
1948-03-30
Shinya MIYAMORI
Director, Full-time Audit and Supervisory Committee Member
Apr 1983: Joined Hazama Corporation (former) Oct 2003: Accounting Section Manager, Administration Department, Aoyama Kanzai Co., Ltd. Aug 2006: General Manager, Administration Department, Shikoku Branch, Hazama Corporation (former) Oct 2007: General Manager, Administration Department, Tohoku Branch, Hazama Corporation (former) Jul 2009: General Manager, Finance Department, Management Planning Headquarters, Hazama Corporation (former) Oct 2009: General Manager, Finance Department, Management Planning Headquarters, Hazama Corporation (former) Apr 2013: General Manager, Finance Department, Administration Division, the Company Jan 2016: Deputy General Manager, Administration Division; concurrently General Manager, Finance Department, the Company Apr 2016: Executive Officer, General Manager, Administration Division; concurrently in charge of Disaster Prevention Jun 2017: Director, Executive Officer, General Manager, Administration Division; concurrently in charge of Disaster Prevention Apr 2018: Director, Managing Executive Officer, General Manager, Administration Division; concurrently in charge of Disaster Prevention Apr 2022: Director, Senior Managing Executive Officer, in charge of Finance; General Manager, Administration Division; concurrently in charge of Disaster Prevention Apr 2023: Director, the Company Jun 2023: Director (Audit and Supervisory Committee Member), the Company (current)
1959-03-26
Harufumi MOCHIZUKI
Director, Audit and Supervisory Committee Member
Apr 1973: Joined Ministry of International Trade and Industry (MITI) Jul 2002: Deputy Minister for Commerce and Distribution, Ministry of Economy, Trade and Industry (METI) Jul 2003: Commissioner, Small and Medium Enterprise Agency, METI Jul 2006: Commissioner, Agency for Natural Resources and Energy, METI Jul 2008: Vice-Minister of Economy, Trade and Industry, METI Jul 2010: Retired from METI Aug 2010: Councillor, Cabinet Secretariat Oct 2010: Special Advisor, Nippon Life Insurance Company Jun 2012: Outside Director, Hitachi, Ltd. Jun 2013: President and Representative Director, Tokyo Small and Medium Enterprise Investment Nurturing Co., Ltd. Jun 2014: Outside Audit & Supervisory Board Member, Itochu Corporation Jun 2017: Outside Director, Itochu Corporation Jun 2023: Special Advisor, Tokyo Small and Medium Enterprise Investment Nurturing Co., Ltd. (current) Outside Director, NEC Corporation (current) President, Center for Information on Security Trade Control (general incorporated foundation) (current) Director (Audit and Supervisory Committee Member), the Company (current) Jun 2024: Outside Director, Chateraise Holdings Co., Ltd. (current)
1949-07-26
Rie KAWAGUCHI
Director, Audit and Supervisory Committee Member
Apr 1990: Joined Murata Morihiro Certified Tax Accountant Office (now EY Tax Corporation) Sep 1995: Joined Global Online Japan Co., Ltd. Apr 1996: Registered as Certified Tax Accountant Aug 1996: Director, Fukuoka M&A Center Co., Ltd. (current) Sep 2001: Joined KVH Telecom Co., Ltd. (now Colt Technology Services Co., Ltd.) Feb 2003: Passed U.S. Certified Public Accountant examination May 2004: Director, Chikura Shobo Publishing Co., Ltd. (current) Apr 2015: Member, Kawaguchi Tax Accounting Office (current) Jun 2022: Director, the Company Jun 2023: Director (Audit and Supervisory Committee Member), the Company (current)
1965-04-10
Katsuhiko ITO
Director, Audit and Supervisory Committee Member
Oct 2000: Registered as Attorney-at-law, Tokyo Bar Association Oct 2000: Joined Takahashi Tetsuho Law Office Jun 2001: Audit & Supervisory Board Member, Nihon Itomic Co., Ltd. (current) Jul 2003: Partner, Kasumigaseki Partners Law Office Jul 2008: Auditor, Japan Taiko Drum Federation (foundation) Jan 2011: Judicial Commissioner, Tokyo Summary Court (current) Jun 2020: Auditor, Japan Taiko Foundation (current) Dec 2020: Partner, ITN Law Office Mar 2021: Outside Director (Audit and Supervisory Committee Member), ZOOM Corporation (current) Jun 2022: Substitute Audit & Supervisory Board Member, the Company Jun 2023: Director (Audit and Supervisory Committee Member), the Company (current) Apr 2025: Executive Director, Kanto Federation of Bar Associations Dec 2025: Partner, EST Partners Law Office (current)
1972-07-02
Large Shareholding Reports
BlackRock Japan Co., Ltd.
2026-08-20
2.35%→1.47%
Asset Management One Co., Ltd.
2026-07-23
4.35%→3.35%
BlackRock Japan Co., Ltd.
2025-11-18
2.35%
Oasis Management Company Ltd.
2023-10-02
6.65%→4.90%
Oasis Management Company Ltd.
2023-09-22
8.01%→6.65%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-20
Large Shareholding Report
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-23
Large Shareholding Report
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-18
Large Shareholding Report
EDINET
2025-11-07
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-07
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-08
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-10-02
Large Shareholding Report
EDINET
2023-09-22
Large Shareholding Report
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-08
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-08
Quarterly Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-05
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-10
Quarterly Securities Report
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