Fulltech Co Ltd

Fulltech Co Ltd maintains a strong liquidity position, with cash and equivalents amounting to ¥2.41 billion, representing 20% of total assets. The company's liquidity FPT (free cash flow to total debt) is robust, supported by a current ratio of 1.55 and a debt-to-equity ratio of 0.15, indicating a conservative capital structure.

Profitability metrics show a return on equity (ROE) of 3.1% and a return on assets (ROA) of 1.64%, both below the industry median for construction and engineering firms. The company's operating margin of 7.3% is also below the sector average, suggesting room for improvement in cost control and pricing power.

Geographically, Fulltech's revenue is concentrated in Japan, with no disclosed international operations. Segment-wise, the company operates as a single business unit, with no material diversification across product lines or geographic regions. This concentration increases exposure to domestic economic cycles and regulatory changes.

Looking ahead, Fulltech's revenue is projected to grow by 1.2% in the current fiscal year and 0.8% in the next, based on analyst estimates and historical performance. While growth is modest, the company's stable cash flow and low debt levels provide a buffer against economic volatility.

Risk factors include low liquidity and dilution risk, with no immediate filing-based flags detected. The company's low debt-to-equity ratio and strong cash reserves mitigate credit risk, but its reliance on a single geographic market and limited segment diversification pose medium-term concentration risks.

Recent filings and transcripts indicate no material changes in business strategy or capital allocation. The company continues to focus on core construction and engineering services, with no disclosed R&D initiatives or major capital expenditures in the latest reporting period.

Revenue ¥3.65B, −4,1% YoY; Operating income −50,7% YoY.

• ▍Revenue ¥3.65B, −4,1% YoY
• ▍Operating income −50,7% YoY
• ▍Net income −163,5% YoY
• ▍Net margin -0.6%

Revenue ¥3.28B, +6,5% YoY; Operating income −59,0% YoY.

• ▍Revenue ¥3.28B, +6,5% YoY
• ▍Operating income −59,0% YoY
• ▍Net income −61,5% YoY
• ▍Net margin 1.7%

Revenue ¥2.97B, −1,0% YoY; Operating income −124,8% YoY.

• ▍Revenue ¥2.97B, −1,0% YoY
• ▍Operating income −124,8% YoY
• ▍Net income −118,0% YoY
• ▍Net margin -0.4%

Revenue ¥3.66B, −6,7% YoY; Operating income +2,4% YoY.

• ▍Revenue ¥3.66B, −6,7% YoY
• ▍Operating income +2,4% YoY
• ▍Net income +13,1% YoY
• ▍Net margin 6.3%

Revenue ¥3.81B; Operating income ¥16.2M.

• ▍Revenue ¥3.81B
• ▍Operating income ¥16.2M
• ▍Net margin 0.9%

Revenue ¥3.08B; Operating income ¥213.0M.

• ▍Revenue ¥3.08B
• ▍Operating income ¥213.0M
• ▍Net margin 4.8%

Revenue ¥3.00B; Operating income ¥92.7M.

• ▍Revenue ¥3.00B
• ▍Operating income ¥92.7M
• ▍Net margin 2.4%

Revenue ¥3.93B; Operating income ¥287.7M.

• ▍Revenue ¥3.93B
• ▍Operating income ¥287.7M
• ▍Net margin 5.2%

Revenue ¥13.57B, −1,8% YoY; Operating income −39,8% YoY.

• ▍Revenue ¥13.57B, −1,8% YoY
• ▍Operating income −39,8% YoY
• ▍Net income −45,4% YoY
• ▍Free cash flow −51,3% YoY
• ▍Net margin 1.8%

Revenue ¥13.81B, +8,1% YoY; Operating income +70,3% YoY.

• ▍Revenue ¥13.81B, +8,1% YoY
• ▍Operating income +70,3% YoY
• ▍Net income +91,4% YoY
• ▍Free cash flow +1 329,7% YoY
• ▍Net margin 3.3%

Revenue ¥12.78B, +7,1% YoY; Operating income +450,9% YoY.

• ▍Revenue ¥12.78B, +7,1% YoY
• ▍Operating income +450,9% YoY
• ▍Net income +154,3% YoY
• ▍Free cash flow +74,3% YoY
• ▍Net margin 1.9%

Revenue ¥11.94B, +3,8% YoY; Operating income −89,5% YoY.

• ▍Revenue ¥11.94B, +3,8% YoY
• ▍Operating income −89,5% YoY
• ▍Net income −78,5% YoY
• ▍Free cash flow −182,0% YoY
• ▍Net margin 0.8%