Overview
Construction

TENOX CORPORATION

TENOX Corporation is a specialized foundation construction company that provides ground improvement and pile foundation engineering services, including proprietary methods such as the Tenokolumn (deep mixing), ATT Column, Pure Pile, and TN-X techniques certified by Japanese regulatory authorities. The company serves a broad range of civil engineering and building construction projects across Japan through its network of regional offices, and operates in Southeast Asia via TENOX ASIA COMPANY LIMITED in Vietnam. Its competitive strengths lie in its extensive portfolio of patented and government-certified construction methods, long-standing partnerships with major materials manufacturers such as Nippon Steel and Asahi Kasei, and a vertically integrated group structure encompassing construction, consulting, and equipment leasing.

Market Cap
¥9.59B
US$61.1M
EV
¥0.32B
US$2.01M
Stock¥1,432▼-1.78%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
0.2
x
LTM EV/EBIT
0.0
x
LTM PER
14.1
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-13.1%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 23, 26Market-wide decline adjustment
MC → EV Bridge
9.59BUS$61.1MMarket Cap0.19BUS$1.24M+ Debt6.49BUS$41.4M− Cash3.26BUS$20.8M− Inv. Sec.0.28BUS$1.80M+ NCI0.32BUS$2.01MEV
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Performance & Balance
Revenue 5Y (¥B)
14.8US$94.5M'22/318.3US$117M'23/320.2US$129M'24/323.7US$151M'25/321.1US$135M'26/3
EBITDA 5Y (¥B)
0.93US$5.94M'22/31.08US$6.91M'23/30.99US$6.34M'24/31.66US$10.6M'25/31.89US$12.0M'26/3
Net Income 5Y (¥B)
0.36US$2.28M'22/30.48US$3.07M'23/30.39US$2.47M'24/30.75US$4.78M'25/30.94US$5.99M'26/3
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
9.89US$63.1M0.04US$0.28M'22/39.86US$62.9M0.03US$0.20M'23/39.00US$57.4M0.02US$0.14M'24/310.8US$68.9M0.17US$1.11M'25/311.1US$71.0M0.19US$1.24M'26/3
Shareholders
Top 10 hold 43.9%
1
UH Partners 2 Investment Limited Partnership
7.47%
2
Hikari Tsushin K.K. Investment Limited Partnership
6.40%
3
Sumisho Cement Co., Ltd.
6.28%
4
MUCC Shoji Co., Ltd.
4.60%
5
Meiji Yasuda Life Insurance Company
3.67%
6
Sumitomo Mitsui Banking Corporation
3.20%
7
Sumitomo Mitsui Trust Bank, Limited
3.19%
8
Saeko OCHIZAWA
3.09%
9
Custody Bank of Japan, Ltd. (Trust Account E)
3.07%
10
Custody Bank of Japan, Ltd. (Trust Account)
2.94%
Management
9 officers
Tadashi WAKAO
Representative Director, President
Apr 1983 Joined Sumitomo Corporation Sep 2003 Representative Director, President, Sumisho Cement Kyushu Co., Ltd. (current: Sumisho Cement Nishi-Nihon Co., Ltd.) Apr 2011 General Manager, Construction Materials and Cement Department; Non-Executive Director, IG Kogyo Co., Ltd. Jun 2017 Representative Director, President, IG Kogyo Co., Ltd. Oct 2021 Joined the Company; Executive Officer, Deputy General Manager, Sales Division Mar 2022 Executive Officer, Deputy General Manager, Sales Division; General Manager, Tohoku Sales Office Apr 2022 Executive Officer, General Manager, Sales Division; General Manager, Civil Engineering Sales Department; General Manager, Chugoku-Shikoku Sales Office Jun 2022 Director; Executive Officer, General Manager, Sales Division; General Manager, Civil Engineering Sales Department; General Manager, Chugoku-Shikoku Sales Office Apr 2023 Director; Executive Officer, General Manager, Sales Division Apr 2024 Director; Executive Officer, Assistant to the President; General Manager, Sales Division Jun 2024 Representative Director, President; General Manager, Sales Division Jun 2025 Representative Director, President (current) Significant concurrent position: Representative Director, President, Fukugo Gijutsu Kenkyusho Co., Ltd.
1959-04-11
Naoya MATAYOSHI
Director, Executive Officer, in charge of Development
Apr 1989 Joined the Company Apr 2013 General Manager, Design Department Apr 2016 Executive Officer, Deputy General Manager, Engineering Technology Division Apr 2018 Executive Officer, Deputy General Manager, Construction Technology Division Apr 2022 Executive Officer, General Manager, Construction Division; General Manager, Operations Department Apr 2024 Executive Officer, General Manager, Construction Division Jun 2024 Director; Executive Officer, General Manager, Construction Division Jun 2025 Director; Executive Officer, in charge of Development (current) Significant concurrent position: Director, Fukugo Gijutsu Kenkyusho Co., Ltd.
1967-01-15
Atsushi TANIYAMA
Director, Executive Officer, General Manager, Administration Division
Apr 1994 Joined the Company Apr 2016 General Manager, General Affairs Department, Administration Division Apr 2018 General Manager, General Affairs Department; General Manager, Internal Audit Office Apr 2019 General Manager, General Affairs Department Apr 2020 General Manager, Internal Audit Office Jan 2022 General Manager, General Affairs Department, Administration Division Apr 2024 Executive Officer, Deputy General Manager, Administration Division; General Manager, Accounting Department Jun 2025 Director; Executive Officer, General Manager, Administration Division (current) Significant concurrent position: Audit & Supervisory Board Member, Hiroshima Gumi, Ltd.
1969-07-31
Masaya SANO
Director, Executive Officer, General Manager, Planning Department
Apr 1988 Joined Mitsubishi Corporation Oct 1999 Deputy President, ASTILLAS EXPORTACIONES LTDA. Apr 2013 General Manager, Wood Products Department, Mitsubishi Corporation Building Materials Co., Ltd. (current: MUCC Shoji Co., Ltd.) Apr 2019 Unit Manager, Internal Control, Audit and Compliance Unit, CEO Office, Food Industry Group, Mitsubishi Corporation Jul 2024 Joined the Company; Executive Officer, General Manager, Planning Department, Administration Division Jun 2025 Director; Executive Officer, General Manager, Planning Department (current)
1964-08-10
Toru KUROKAWA
Director, Executive Officer, General Manager, Pile Business Division and General Manager, Civil Engineering Sales Department
Apr 1997 Joined the Company Apr 2019 General Manager, Civil Engineering Sales Department, Sales Division Apr 2022 Executive Officer, General Manager, No. 1 Construction Department, Construction Division Apr 2024 Executive Officer, Deputy General Manager, Construction Division; General Manager, No. 1 Construction Department Jun 2025 Director; Executive Officer, General Manager, Pile Business Division and General Manager, Civil Engineering Sales Department (current) Significant concurrent position: Director, Tenox Giken Co., Ltd.
1973-09-28
Yuji HIRAYAMA
Director, Executive Officer, General Manager, Construction Technology Division and General Manager, Technology Department
Apr 1996 Joined the Company Apr 2018 General Manager, Technology Management Department Apr 2020 General Manager, Technology Department Apr 2022 Executive Officer, General Manager, Technology Division Jun 2025 Executive Officer, General Manager, Construction Technology Division and General Manager, Technology Department Jun 2026 Director; Executive Officer, General Manager, Construction Technology Division and General Manager, Technology Department (current) Significant concurrent position: Director, Fukugo Gijutsu Kenkyusho Co., Ltd.
1973-06-29
Toshiyuki MIZUI
Director (Audit and Supervisory Committee Member)
Aug 1993 Joined Cosmo Oil Co., Ltd. Jun 2012 Audit Department Manager, same company Oct 2015 Audit Department Manager, Cosmo Energy Holdings Co., Ltd. Apr 2016 General Manager, Accounting Department, same company Jun 2016 Executive Officer, General Manager, Accounting Department, same company Apr 2018 President, Eco Power Co., Ltd. (current: Cosmo Eco Power Co., Ltd.) Jun 2020 Director (full-time Audit and Supervisory Committee Member), Cosmo Energy Holdings Co., Ltd.; Outside Director (Audit and Supervisory Committee Member), Kyoei Tanker Co., Ltd. Jun 2024 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1961-02-25
Miki SUZUKI
Director (Audit and Supervisory Committee Member)
Apr 1999 Registered as attorney-at-law; joined Kowa Sogo Law Office Apr 2004 Partner Attorney, Kowa Sogo Law Office (current) Apr 2008 Member, Committee on Bidding and Contract Appropriateness, Ministry of Justice (current) Apr 2010 Part-time Lecturer, Keio University Law School (current) Oct 2016 Part-time Judge, Tokyo Family Court Jun 2021 Outside Director (Audit and Supervisory Committee Member), Lester Holdings Co., Ltd. (current: Lester Co., Ltd.) Jun 2022 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Jun 2023 Director, The Life Insurance Culture Center (current) May 2024 Outside Director (Audit and Supervisory Committee Member), Uoki Co., Ltd. (current) Jul 2024 Outside Audit & Supervisory Board Member, iimon Co., Ltd. (current) Jun 2025 Outside Director, D&D Holdings Co., Ltd. (current) Significant concurrent positions: Partner Attorney, Kowa Sogo Law Office; Director, The Life Insurance Culture Center; Outside Director (Audit and Supervisory Committee Member), Uoki Co., Ltd.; Outside Audit & Supervisory Board Member, iimon Co., Ltd.; Outside Director, D&D Holdings Co., Ltd.
1972-05-31
Tomokazu KUBO
Director (Audit and Supervisory Committee Member)
Apr 2004 Full-time Lecturer, Faculty of Education, Tokyo Gakugei University Apr 2008 Associate Professor, Faculty of Commerce, Chuo University Sep 2013 Visiting Researcher, Columbia Business School Apr 2018 Professor, Faculty of Commerce, Chuo University (current) Apr 2019 Visiting Research Professor, NYU Stern School of Business Jun 2024 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Significant concurrent position: Professor, Faculty of Commerce, Chuo University
1972-12-03
Large Shareholding Reports
UH Partners 2 Co., Ltd.
2026-04-30
7.00%→7.00%
Koutsushin Co., Ltd.
2025-11-25
7.00%→7.00%
UH Partners 2 Co., Ltd.
2025-09-26
6.87%→7.00%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-30
Large Shareholding Report
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-25
Large Shareholding Report
EDINET
2025-11-10
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-26
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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