Obayashi - Company History

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Financial history 1959–2026 — revenue, cost structure, balance sheet, cash flow and key ratios, year by year →

Founded 1892
Founder Obayashi Yoshigoro
Founding location 大阪市西区
Core business at founding Civil engineering and building contracting, built on public works in Osaka
Listed 1958
President & CEO Sato Toshimi President & CEO since 2025 (age 66, as of 2026)
Current priority M&A · Overseas expansion North American M&A, and building earnings outside domestic construction
Founding
In January 1892 Obayashi Yoshigoro (大林芳五郎), the twenty-seven-year-old third son of Daitoku (大徳), a dried-goods wholesaler in Osaka, set up as a civil engineering and building contractor at Awaza in Nishi ward, Osaka. Working from the credit and connections of a merchant house, he won the harbour works for the city of Osaka in 1898 and took seven years to complete them, and in 1903 he took on most of the facilities work for the Fifth National Industrial Exhibition. From the outset the firm ran building and civil engineering side by side and cut neither. A Tokyo branch followed in 1906 and reorganisation as a limited partnership in July 1909, and in 1914 the firm completed in a single year both Tokyo Central Station, designed by Tatsuno Kingo (辰野金吾), and the Ikoma Tunnel, whose construction cost was greater than the capital of the client that ordered it. In 1918 it was reorganised as the joint-stock company Obayashi-gumi.
The Decision
Once the founding family was out of the presidency, this became a company that argued with its shareholders over the use of its capital. In June 1989, as successor to Obayashi Yoshiro, who had served as president for forty-five years from 1943, the company put Tsumuro Takao (津室隆夫), who had no blood tie to the Obayashi family, in as its fourth president. A graduate of the architecture department of Kyoto University who had come up through the sites and the technical departments, he laid down a new corporate philosophy and company emblem the following year, in 1990. The shareholding was dispersed, and in 2023 Silchester of Britain, holding about 4 per cent, called for a special dividend of $0 (¥12) a share, which was voted down on the opposition of the board. The company saw the proposal off by pointing to the $4.6B (¥600bn) of growth investment over five years in its Medium-Term Business Plan 2022 and a dividend on equity ratio of 3 per cent, but Sato Toshimi, who took office in April 2025, himself set out maintaining equity of $6.7B (¥1tn) and buying back $668.2M (¥100bn) of the company’s own shares. Moving of its own accord, two years later, towards the same return of capital it had turned down is what shifted the use of capital from a judgement made inside the company to a negotiation with shareholders.
Today
In a year in which revenue fell, operating profit reached a record high. Consolidated revenue for the year to March 2026 was $16.4B (¥2.59tn), down $213.7M (¥34bn) on the previous year, while operating profit rose 36 per cent, from $906.7M (¥143bn) to $1.2B (¥195bn). Domestic building cut revenue by 15 per cent to $7.2B (¥1.14tn) and lifted profit from $396.4M (¥63bn) to $655M (¥104bn), the work it selected raising the margin. Domestic civil engineering had revenue of $2.7B (¥427bn) and profit of $256.7M (¥41bn); overseas building earned $72.1M (¥11bn) on revenue of $3.2B (¥508bn), a margin of 2.2 per cent. Real estate, at $675.3M (¥107bn), was 4.1 per cent of the total yet produced $125.8M (¥20bn) of profit, and its margin of 18.7 per cent was the highest of the five businesses. Even after declaring that it would not call contracting its core business, the company still takes 96 per cent of its revenue from contracting.
Competition
While its peers piled up development assets at home, Obayashi bought companies abroad. It acquired MWH of the United States in 2023, and Sato Toshimi, who took office in April 2025, took M&A centred on North America in earnest, bringing GCON, a data-centre builder, and Multiplex of Australia into the group one after the other. Overseas revenue in the year to March 2026 reached $3.2B (¥508bn) in building and $2.1B (¥336bn) in civil engineering, 32.6 per cent of the total, but the profit of the two businesses came to $168.2M (¥27bn), only 14 per cent of the five businesses combined. Over the same period Kajima built up development assets at home and abroad to about $7.6B (¥1.2tn), against which the revenue of Obayashi’s real estate business was $675.3M (¥107bn). The overseas business grown by acquisition has gathered in building, where the margin is 2.2 per cent, and the expansion of scale and the fall in margin are happening at once.

Timeline

1892–1935A dried-goods merchant’s third son, and a name made on the hardest works east and west

  1. 1892Obayashi Yoshigoro opens a contracting business in Awaza, Osaka
  2. 1898Wins the Port of Osaka construction works
  3. 1903Wins most of the works for the Fifth National Industrial Exhibition
  4. 1905The Port of Osaka works are completed after seven years
  5. 1906Tokyo branch opened; takes on Tokyo Central Station
  6. 1909Reorganised as a limited partnership
  7. 1914Tokyo Central Station and the Ikoma Tunnel completed in the same year
  8. 1916The founder dies; Obayashi Yoshio becomes second president
  9. 1918Obayashi-gumi Co. incorporated with capital of ¥500,000
  10. 1923Buildings survive the Great Kanto Earthquake, lifting its reputation
  11. 1927Completes Japan’s first subway works, Manseibashi to Ueno
  12. 1933Toyo Hoso, later Obayashi Road, established for road paving

1936–1972From the Dai-ni Obayashi reorganisation to a listing and the first permanent office abroad

  1. 1936Dai-ni Obayashi-gumi established with capital of ¥100,000
  2. 1937The new company absorbs Obayashi-gumi and takes its name
  3. 1943Obayashi Yoshio dies; Obayashi Yoshiro becomes third president
  4. 1955Naniwa Tochi established
  5. 1957Shares offered on the Osaka over-the-counter market
  6. 1958Takamatsu branch opened; listing on the Osaka Stock Exchange in December
  7. 1960Listing on the Tokyo Stock Exchange
  8. 1963Toyo Building Service established for building management
  9. 1964First permanent office in the industry opened in Bangkok
  10. 1965Technical research institute built at Kiyose; Kobe branch opened
  11. 1967Toyo Hoso renamed Obayashi Road
  12. 1970The Tokyo branch becomes the Tokyo head office
  13. 1971Obayashi Road lists on the second section of the Tokyo Stock Exchange
  14. 1972Jaya Obayashi established in Indonesia

1973–2009The order book remade after the oil shock, the move out of family rule, and a first operating loss

  1. 1974Thai Obayashi established
  2. 1975Kanazawa branch opened
  3. 1979First US public works contract won by a Japanese contractor
  4. 1987The Fukuoka branch becomes the Kyushu branch
  5. 1989Tsumuro Takao becomes fourth president, the first from outside the family
  6. 1990Corporate identity programme; Taiwan Obayashi and Obayashi Singapore established
  7. 1994Executives arrested over alleged bribery of the mayor of Sendai
  8. 1997Mukasa Shinji succeeds Tsumuro as president
  9. 2002Net loss of $591.5M (¥74bn) for the year to March; Obayashi USA established
  10. 2003Oak Setsubi Kogyo acquired in full
  11. 2005Obayashi Facilities established
  12. 2006Obayashi Vietnam established
  13. 2007Hirakata bid-rigging case; five directors resign, Shiraishi Toru made president
  14. 2008Overseas branch opened

2010–2026Out of dependence on contracting: non-construction business and acquisitions abroad

  1. 2010First consolidated operating loss and net loss, for the year to March
  2. 2011Shinseiwa Real Estate acquired in full, giving a base in property development
  3. 2012Obayashi Clean Energy established
  4. 2014Passes Kajima on revenue to lead the industry
  5. 2017Obayashi Road made a wholly owned subsidiary; maglev bid-rigging suspicion surfaces
  6. 2018Shiraishi resigns, Hasuwa Kenji becomes president, and the company is indicted
  7. 2019Asia branch in Singapore and North America branch in the United States opened
  8. 2021Business Innovation Promotion Office set up with forty staff
  9. 2023Silchester’s special-dividend proposal voted down; MWH acquired in North America
  10. 2024Entry into the data-centre business announced
  11. 2025Sato Toshimi becomes ninth president; GCON acquired in the United States
  12. 2026Multiplex, operating in Australia, the UK and Canada, made a subsidiary

Founding Story

1892–1935A dried-goods merchant’s third son, and a name made on the hardest works east and west

Obayashi began in January 1892 as one man’s contracting business in Osaka, backed by nothing more technical than a merchant family’s credit, and within twenty-two years it was finishing the capital’s central station and the longest tunnel in the East in the same twelve months. The habit set in those years — take building and civil work in parallel, and win the job before the capability is proven — is the one the company never lost.

Founded on a merchant house’s credit, and seven years on the Port of Osaka

In January 1892 Obayashi Yoshigoro (大林芳五郎), third son of Daitoku (大徳), a dried-goods wholesaler in Osaka[1], opened a civil-engineering and building contracting business in his own name[2] at Awaza in Nishi-ku, Osaka[3]. Raised in a merchant house with no connection to construction, he took the approach of drawing work in on the credit and the connections built up in trade rather than on any accumulated engineering[4]. On 18 January he won the tender for the new Abe Paper Mill (阿部製紙所) at Nishino-shinden, Kawakita village, Nishinari district — now Nishi-Kujo in Konohana-ku[5] — and the company dates its founding to 25 January, seven days after he set up on his own[6]. Shop and residence stood at 62, 4-chome Utsubo Minami-dori, Nishi-ku, Osaka (now 2-5-24 Nishi-Honmachi, Nishi-ku)[7]. The policy of contracting for building and civil engineering in parallel, cutting off neither, dates from this starting point[8].

In 1898, its sixth year, Obayashi won the Port of Osaka construction works and took seven years over them, finishing in 1905[9]. Dredging out the mouth of the Aji river, the harbour scheme was how Osaka — a municipality since 1889[10] — was to acquire a modern port[11], and it was not on a scale a sole proprietorship would normally contract for. In 1903 the firm followed it by winning most of the works for the facilities of the Fifth National Industrial Exhibition[12], so that within about ten years of its founding it stood alongside the large Kansai contractors[13]. In 1906 it opened a Tokyo branch[14] and took on Tokyo Central Station — the Marunouchi building of Tokyo Station — designed by Tatsuno Kingo (辰野金吾)[15], stepping into government work in the capital. In July 1909 it was reorganised as a limited partnership[16], moving from contracting in an individual’s name to management through a company.

Tokyo Station and the Ikoma Tunnel — building and civil engineering standing together in 1914

In 1914 Obayashi completed two great works at opposite ends of the country in the same year[17]. One was Tokyo Central Station; the other the Ikoma Tunnel for the Osaka Electric Tramway[18], driven 3,388 metres — the longest in the East at the time[19]. The year before completion, in 1913, a roof fall in the Ikoma Tunnel killed twenty workers[20], and the drive was plagued throughout by water inflow and collapse. The client, Osaka Electric Tramway, was capitalised at ¥3 million and Obayashi at the same ¥3 million[21]; against a combined capital of ¥6 million, some ¥8.2 million was sunk into the work[22]. Payment, moreover, came entirely in promissory notes, and because those notes could not readily be turned into cash Obayashi struggled to fund the job[23].

Both Tokyo Central Station and the Ikoma Tunnel had been won in 1911[24]. Two years after they were finished, in 1916, the founder Obayashi Yoshigoro died[25] and his heir Obayashi Yoshio (大林義雄) became the second president[26]. The boom of the First World War lifted the volume of work year on year[27]; in December 1918 Obayashi-gumi Co. was incorporated with capital of ¥500,000[28], and in March 1919 it absorbed the limited partnership and raised capital to ¥2 million[29]. Alongside modernising the business organisation, President Yoshio began sending engineers to Europe and America[30], building an internal channel for bringing construction methods back from outside. New technology and expanded plant followed[31], and in this period Obayashi came to be treated as a construction company of national scale.

Credit after the Great Kanto Earthquake, and enclosing the trades in affiliated companies

In the Great Kanto Earthquake of 1923 several buildings put up by Obayashi escaped collapse, among them the Industrial Bank of Japan’s building, and the firm’s standing in reinforced-concrete construction rose. In 1927 it completed the Manseibashi–Ueno portion of the Ueno–Asakusa line, Japan’s first subway works[32], adding a record in urban civil engineering. Around the time of the earthquake it also carried out the construction of the imperial mausolea at Fushimi-Momoyama, Fushimi-Momoyama-Higashi, Tama and Tama-Higashi[33], giving it clients in both the public and the private market. In a little over thirty years from its founding, Obayashi had turned from one Kansai contractor into a company handling government work across the country[34].

In parallel with the growth of the main company it set up firms to carry the surrounding trades: Naigai Mokuzai Kogei (内外木材工芸) in October 1931 for joinery and interior fitting-out[35], and Toyo Hoso (東洋鋪装) in August 1933 for road paving[36]. Naigai Mokuzai Kogei handled furniture-making and high-grade fitting work[37], providing the means to finish a building down to its interior within the group. Toyo Hoso changed its name to Obayashi Road (大林道路) in February 1967[38] and listed on the second section of the Tokyo Stock Exchange in April 1971[39]. Building finishes and road paving both meet the main company’s contracting work in the programme of a job[40], and every trade brought in from subcontract widened the range of work Obayashi could take on.

1936–1972From the Dai-ni Obayashi reorganisation to a listing and the first permanent office abroad

Between 1936 and 1972 Obayashi rebuilt itself twice: once on paper, through a reorganisation that made a ¥100,000 shell the surviving company, and once from the wreckage of defeat, branch by branch. The listing that followed in 1958 gave a closed contractor outside capital for the first time, and it spent that capital on a research institute of its own and on the construction industry’s first permanent office overseas.

A capital reorganisation through Dai-ni Obayashi, and a wartime succession

On 24 December 1936 Obayashi established Dai-ni Obayashi-gumi (第二大林組) with capital of ¥100,000[41]. In March 1937 this new company absorbed Obayashi-gumi Co., capitalised at ¥5 million, raised its capital to ¥10.1 million and changed its name to Obayashi-gumi Co.[42] That reorganisation is why the present company gives December 1936 as its legal date of incorporation[43]. The added capital showed in the order book: over the five years from 1936 to 1940 Obayashi ranked first in the industry by average annual construction volume[44]. Building work for banks and trading houses, and still more for factories and warehouses, grew sharply, while civil works for power stations, roads and bridges were busy as well[45] — the expansion of domestic industry flowed straight through into orders.

In April 1943 Obayashi raised its capital to ¥15 million[46]. In the same year President Obayashi Yoshio died and his heir Obayashi Yoshiro (大林芳郎) became the third president[47]. Yoshiro was ordered to take the post while on military service[48], a sign of how far wartime conditions constrained the company even in matters of personnel. The rise in orders that had run from before the war continued to about 1940[49], but in the disorder of war and defeat the firm lost its first place in construction volume. A climb that had taken the founder some fifty years — from one Osaka builder’s shop to the head of the industry[50] — was back at the start within a few years.

Rebuilding the branch network, and from the Osaka over-the-counter market to two listings

After the war Obayashi began its rebuilding with repair work on bombed roads, factories and housing, and with work for the Occupation forces[51]. In June 1946 it raised the Sendai sub-office to a branch and opened a Yokohama branch[52], then Sapporo that November, Hiroshima in March 1947 and Okayama in October 1948[53], reassembling its national sales network by promoting sub-offices to branches. Helped by the boom that came with the Korean War from 1950, from 1951 it won large volumes of work from public and private clients alike and returned to its pre-war standing[54]. The 1950 works for the US forces in Okinawa were carried out in co-operation with Kajima and Takenaka[55], and the airfield work that followed at Naha was done by four firms, Kajima, Takenaka and Taisei together with Obayashi[56]. By 1955 it had 3,000 staff and annual construction volume of about $55.6M (¥20bn)[57], with jobs including the new NHK building, the Tokyo Railway Kaikan, the Sanwa Bank head office and Kansai Electric Power’s Himeji thermal power station[58].

General contractors’ shares had long been unlisted, and the firms retained the closed character of owner-managed businesses[59]. Taisei broke that pattern by going to the Tokyo over-the-counter market in September 1956[60], and Obayashi followed on the Osaka over-the-counter market in December 1957[61]. Demand for working capital as construction volume grew, and rising investment in mechanisation, were forcing them to thicken their equity[62]. Obayashi listed on the Osaka Stock Exchange in December 1958[63] and on the Tokyo Stock Exchange in November 1960[64]. At listing its capital stood at $6.7M (¥2bn) and its workforce at 5,110[65]; completed construction for the year to March 1960 was $61.9M (¥22bn)[66], split 84 per cent building and 16 per cent civil engineering, with about 70 per cent of orders negotiated rather than tendered[67].

A permanent office in Bangkok, and a technical research institute of its own at Kiyose

At the start of the 1950s the annual completed construction of the five big contractors — Shimizu, Taisei, Kajima, Obayashi and Takenaka — was approaching $55.6M (¥20bn)[68], and the industry entered roughly a decade of growth from that point[69]. With the listing opening a route to capital, Obayashi put resources into overseas work and into technology: in 1964, anticipating demand for local plants built for Japanese companies, it became the first firm in the construction industry to place a permanent office in Bangkok[70]. In December 1965 it built a technical research institute at Kiyose in Tokyo[71], and used it as the base for developing the OWS-Soletanche method — the continuous diaphragm wall — and the techniques behind high-rise building[72]. Major civil works such as the Sakuma Dam and Kurobe No. 4 had brought machinery into civil engineering in earnest[73], and on dam and power-development sites construction techniques others did not have were the condition of winning the job.

In December 1970 Obayashi renamed its Tokyo branch the Tokyo head office[74]. In January 1972 it established Jaya Obayashi in Indonesia[75], moving its overseas presence on from a permanent office in Bangkok to a local subsidiary. At home it added branches and affiliates too, setting up Toyo Building Service for building management in October 1963[76] and opening a Kobe branch in July 1965[77]. Revenue rose two and a half times in seven years, from $321.1M (¥116bn) in the year to March 1965 to $930.2M (¥287bn) in the year to March 1972[78], and over the same period operating profit grew from $18.9M (¥7bn) to $52.6M (¥16bn)[79].

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Notes

  1. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  2. Obayashi Corporation, annual securities report, corporate history section↩
  3. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  4. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  5. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  6. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  7. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  8. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  9. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  10. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  11. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  12. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  13. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  14. Obayashi Corporation, annual securities report, corporate history section↩
  15. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  16. Obayashi Corporation, annual securities report, corporate history section↩
  17. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  18. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  19. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  20. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  21. 回顧70年 : 大林組とともに (Seventy Years in Retrospect: With Obayashi-gumi, Obayashi Corporation, 1968)↩
  22. 回顧70年 : 大林組とともに (Seventy Years in Retrospect: With Obayashi-gumi, Obayashi Corporation, 1968)↩
  23. 回顧70年 : 大林組とともに (Seventy Years in Retrospect: With Obayashi-gumi, Obayashi Corporation, 1968)↩
  24. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  25. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  26. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  27. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  28. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  29. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  30. Compendium of Japanese Corporate Histories 1995, Toyo Keizai Inc., 1995↩
  31. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  32. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  33. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  34. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  35. Obayashi Corporation, annual securities report, corporate history section↩
  36. Obayashi Corporation, annual securities report, corporate history section↩
  37. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  38. Obayashi Corporation, annual securities report, corporate history section↩
  39. Obayashi Corporation, annual securities report, corporate history section↩
  40. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  41. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  42. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  43. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  44. Compendium of Japanese Corporate Histories 1995, Toyo Keizai Inc., 1995↩
  45. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  46. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  47. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  48. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  49. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  50. Compendium of Japanese Corporate Histories 1995, Toyo Keizai Inc., 1995↩
  51. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  52. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  53. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  54. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  55. 私の履歴書 (My Personal History), Business Leaders vol. 7, ‘Kajima Morinosuke’, Nihon Keizai Shimbun, 1980↩
  56. 私の履歴書 (My Personal History), Business Leaders vol. 7, ‘Kajima Morinosuke’, Nihon Keizai Shimbun, 1980↩
  57. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  58. 会社銀行八十年史 (Eighty Years of Companies and Banks, Toyo Keizai Shinposha, 1955), the Obayashi-gumi entry↩
  59. 日本産業史 (A History of Japanese Industry, Nikkei Bunko, Nihon Keizai Shimbun, 1994), vol. 2, ‘Construction — Taking on the Giant Works’↩
  60. 日本産業史 (A History of Japanese Industry, Nikkei Bunko, Nihon Keizai Shimbun, 1994), vol. 2, ‘Construction — Taking on the Giant Works’↩
  61. 日本産業史 (A History of Japanese Industry, Nikkei Bunko, Nihon Keizai Shimbun, 1994), vol. 2, ‘Construction — Taking on the Giant Works’↩
  62. 日本産業史 (A History of Japanese Industry, Nikkei Bunko, Nihon Keizai Shimbun, 1994), vol. 2, ‘Construction — Taking on the Giant Works’↩
  63. Obayashi Corporation, annual securities report, corporate history section↩
  64. Obayashi Corporation, annual securities report, corporate history section↩
  65. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  66. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  67. 証券 (Shoken), November 1960, ‘New listings: Obayashi-gumi Co.’↩
  68. 日本産業史 (A History of Japanese Industry, Nikkei Bunko, Nihon Keizai Shimbun, 1994), vol. 2, ‘Construction — Taking on the Giant Works’↩
  69. 日本産業史 (A History of Japanese Industry, Nikkei Bunko, Nihon Keizai Shimbun, 1994), vol. 2, ‘Construction — Taking on the Giant Works’↩
  70. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  71. Obayashi Corporation, annual securities report, corporate history section↩
  72. Obayashi Corporation, annual securities report, corporate history section↩
  73. 日本産業史 (A History of Japanese Industry, Nikkei Bunko, Nihon Keizai Shimbun, 1994), vol. 2, ‘Construction — Taking on the Giant Works’↩
  74. Obayashi Corporation, annual securities report, corporate history section↩
  75. Obayashi Corporation, annual securities report, corporate history section↩
  76. Obayashi Corporation, annual securities report, corporate history section↩
  77. Obayashi Corporation, annual securities report, corporate history section↩
  78. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩
  79. 大林組百年史 (A Hundred Years of Obayashi-gumi, Obayashi Corporation, 1993)↩

References & sources

  1. Compendium of Japanese Corporate Histories 1995, Toyo Keizai Inc., 1995.
  2. Obayashi Corporation (A Hundred Years of Obayashi-gumi), the source of the pre-2005 financial series.
  3. Obayashi Corporation (annual securities reports), the source of the consolidated figures from the mid-2000s onward.

Yen amounts are converted at the average rate of each figure’s own year — not today’s rate; revenue charts are shown in yen. Exchange rates & sources — the full ¥/US$ table →

Data API

Obayashi’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/1802/company.json ·/api/1802/history.json ·/api/1802/ceo.json ·/api/1802/financials.json ·/api/1802/financials/segment.json ·/api/1802/financials/pl.json ·/api/1802/financials/cf.json ·/api/1802/financials/bs.json ·/api/1802/financials/employee.json ·/api/1802/financials/stock.json ·/api/1802/financials.csv ·/api/1802/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json