Shimizu - Company History

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Financial history 1957–2026 — revenue, cost structure, balance sheet, cash flow and key ratios, year by year →

Founded 1804
Founder Shimizu Kisuke
Founding location 江戸神田鍛冶町
Core business at founding Carpentry for townhouses and merchant premises in Edo
Listed 1961
President Shinmura Tatsuya President since 2025 (age 64, as of 2026)
Current priority M&A · Earnings recovery Acquisitions towards a three-tenths non-construction share, and restoring margins on contract work
Founding
Shimizu Kisuke, a temple and shrine carpenter from Etchu Toyama, was twenty-two in 1804 when he took a back-alley room behind a print shop in Kanda Kajicho in Edo and began a carpentry business on three bu of silver. Work on townhouses and merchant premises earned him a name, and he moved out to Kanda Shinkokucho on the main street, took the shop name Shimizuya and raised apprentices under it. When Yokohama opened to foreign trade in 1859 the second Kisuke opened a Yokohama branch, and building the foreign trading houses taught him brickwork and truss construction on site. In 1872, at the instruction of Minomura Rizaemon, chief manager of the Mitsui house, the firm built the First National Bank. In July 1886 it brought in university-trained engineers and created the post of chief engineer, and in 1887, after the sudden death of the third head of the shop, Shibusawa Eiichi came in as adviser and fixed the firm's policy as building work for private clients. The sole proprietorship ran for more than 110 years, until the limited partnership Shimizu-gumi was formed in October 1915; it became Shimizu-gumi Co., Ltd. in August 1937 and took the name Shimizu Construction in February 1948.
The Decision
Twice in forty years the company set itself the target of earning more than three-tenths of its income outside construction. The first was the Shimizu Spring Plan of May 1985, which envisaged lifting the non-core share from 5 per cent to 35 per cent over ten years. The move to engineering and construction decided in July 1978 had already taken the firm into work running from planning through to maintenance, and Shimizu Realty and Shimizu Reform were set up one after another. Then the bubble collapsed and the premise went with it: the new long-term vision SHIMZ-21 of February 1991 demoted development, engineering, overseas and new businesses to a position supporting the core. The second attempt, SHIMZ VISION 2030, puts non-construction at 35 per cent of consolidated income in the 2030 financial year, and this time it is being pursued by acquisition rather than by building businesses in-house. In March 2022 the road paving company Nippon Road was made a subsidiary through a tender offer, and in 2026 the marine civil engineering contractor Aomi Construction was bought for about $158.1M (¥25bn).
Today
Net profit came out above operating profit because gains on the sale of assets the company held had piled up. In the year to March 2026 consolidated revenue was $13.0B (¥2.06tn) and operating profit $750.5M (¥119bn), while extraordinary gains of $609.5M (¥96bn) carried net profit to $800.5M (¥127bn). By segment, the parent company's construction business earned $573.5M (¥91bn) on revenue of $9.3B (¥1.48tn), a margin of 6.1 per cent; the parent's investment and development business $105.6M (¥17bn) on $332.6M (¥53bn), or 31.8 per cent; and the road paving business added in 2022 $67M (¥11bn) on $984.4M (¥156bn). By region, Japan accounted for $11.7B (¥1.85tn) against $1.0B (¥165bn) in Asia and $285.8M (¥45bn) elsewhere, leaving overseas at a little over a tenth. In the year to March 2024 higher material and labour costs produced a consolidated operating loss of $163M (¥25bn), the first since listing, but as the unprofitable contracts worked their way through, margins on contract work recovered in the year to March 2026.
Competition
Even among the largest contractors, Shimizu is the one that carries the private building cycle straight through to its profit and loss. The private-client policy Shibusawa Eiichi laid down in 1887 met the urban building boom and produced a triple crown of revenue, orders and recurring profit in the year to March 1990; but on private work, where escalation clauses are not written in, the company absorbs rising material costs itself. In the Kansai region its share of orders was still in the 13 per cent range in 1991, short of the 35 per cent held by Takenaka Corporation and the 32 per cent held by Obayashi, and a Kinki regional headquarters was set up to rebuild the position. Kajima Corporation, which turned to railway work early and equipped itself for publicly funded civil engineering, and Taisei Corporation, which lost its founding family in the dissolution of the zaibatsu and became a company owned by its employees, have a different customer mix altogether. Buying Nippon Road in 2022 and Aomi Construction in 2026 is the remedy for that swing, applied outside contract work.

Timeline

1804–1914From a back-alley carpentry shop in Kanda to the private-building policy Shibusawa Eiichi laid down

  1. 1804Shimizu Kisuke opens a carpentry business in Kanda Kajicho, Edo
  2. 1859A Yokohama shop opens with the port; work on foreign trading houses
  3. 1872The First National Bank is built at Minomura Rizaemon’s instruction
  4. 1886A chief-engineer system ties draughtsmen to the site, ahead of rivals
  5. 1887Shibusawa Eiichi becomes adviser and sets the policy: private building work
  6. 1887Hara Rinnosuke, aged twenty-nine, is promoted to manager

1915–1965From 110 years as a family trade, through partnership and company, to a general contractor with civil engineering

  1. 1915Shimizu-gumi incorporated as a limited partnership with ¥1m capital
  2. 1928The Shibaura ironworks is separated as Tokyo Tekkotsu Kyoryo Seisakusho
  3. 1937Incorporated as a joint-stock company; Nagoya, Osaka and Kyushu branches open
  4. 1945Business resumes three days after the surrender, with about 3,500 employees
  5. 1946A research laboratory is set up, the origin of the Institute of Technology
  6. 1948Renamed Shimizu Construction; outside capital brought in for the first time
  7. 1954The civil engineering division is expanded and Shinsei Doboku absorbed
  8. 1961Shares floated on the Tokyo over-the-counter market; capital raised to ¥3bn
  9. 1962Moves up to the first section of the Tokyo Stock Exchange

1966–1991Out of the founding family’s hands: overseas, engineering construction, diversification, and the top of the industry in the bubble

  1. 1966Yoshikawa Seiichi becomes the first president from outside the family
  2. 1966The Sagami plant begins volume production of precast concrete housing
  3. 1971Real-estate transactions added to the corporate purposes
  4. 1973A Brazilian subsidiary opens the move overseas in earnest
  5. 1978The company decides to become an engineering constructor
  6. 1979Total quality control introduced in earnest
  7. 1985The Shimizu Spring Plan targets 35 per cent of business outside the core
  8. 1987First unsecured convertible bonds, ¥50bn, exceed the company’s capital
  9. 1990Top of the industry in sales, orders and recurring profit — the triple crown
  10. 1991SHIMZ-21 puts construction back at the centre as the core business

1992–2026Two spells of losses, a return to margin discipline in the core business, and a non-construction pillar bought in

  1. 1992Tokyo branch and Tokyo civil engineering branch open
  2. 1993Chairman Yoshino Shozo is arrested in the general-contractor corruption scandal
  3. 1998A ¥150bn extraordinary loss clears the bad assets in one go
  4. 2007Reinforcing-bar strength shortfall found at a 45-storey block of flats in Ichikawa
  5. 2008The Committee for Strengthening Monozukuri is set up under the president
  6. 2010First consolidated net loss since the founding, ¥6.85bn
  7. 2012Head office moves from Minato-ku back to Chuo-ku, Tokyo
  8. 2020Shimizu North America established to head the North American business
  9. 2022Nippo Corporation taken over; the SEP vessel BLUE WIND completed
  10. 2023NOVARE opens at Shiomi, with Shibusawa Eiichi’s former residence restored
  11. 2024First operating loss since listing, ¥24.7bn
  12. 2025Shinmura Tatsuya becomes the tenth president
  13. 2026Aomi Construction bought for about ¥25bn to fill out civil engineering

Founding Story

1804–1914From a back-alley carpentry shop in Kanda to the private-building policy Shibusawa Eiichi laid down

Shimizu begins in 1804 with a temple carpenter from Toyama, three bu of silver and a rented room behind a print-seller’s shop in Kanda, and it grows by taking work directly from townspeople, merchants and — after Yokohama opened in 1859 — the foreign traders of the settlement. By the time Shibusawa Eiichi came in as adviser in 1887 and wrote “private building work” into the business policy, the habit of facing the client rather than the state had already been formed on site.

Three bu of silver, and Western methods learned in the Yokohama settlement

In 1804 Shimizu Kisuke (清水喜助), a temple-and-shrine carpenter from Toyama in Etchu province, settled at the age of twenty-two[1] in a rented back room behind a print-seller’s shop in Kanda Kajicho, Edo, and opened a carpentry business on a capital of three bu of silver[2]. In the period just after opening he was called out by day to work for the shops around Nihonbashi, and by night made and sold everyday furniture to earn his daily keep[3]. Once contracts for townhouses and merchant houses had won him a reputation he left the back alley, took a shop and workshop on the main street at Kanda Shinkokucho, adopted the trade name Shimizuya and kept a large number of apprentices[4]. In the later Edo period townspeople were accumulating wealth and demand for merchant houses and townhouses was spreading[5], which left room for a craftsman with nothing but his skill to take building work directly from private clients. Kanda Kajicho was an artisans’ quarter of carpenters, smiths and sawyers[6] — a district where a master carpenter up from the provinces could take in private work.

For the opening of Yokohama in 1859, Shimizu Kisuke II (2代清水喜助), who had taken over the family business, opened a Yokohama shop[7]. Through the good offices of a long-standing client, Chief Minister Ii Naosuke, the firm took sole charge of the preparations for the opening of the port and was entrusted with building both the shogunate’s facilities and the foreign trading houses of the settlement[8]. The apprentices in Edo went with him in the move: the older craftsmen handed their Tokyo customers to the other carpenters who served them and went to Yokohama[9]. The trading houses of the settlement differed from traditional practice in scale, in structure and in materials, and the master carpenters learned brick construction and truss framing on site while reading the drawings of foreign engineers[10]. What the treaty port produced in quantity was not the standing that came with official patronage, but work in which the builder dealt face to face with private clients — foreign merchants[11].

After Shimizu Kisuke II built the Tsukiji Hoterukan (築地ホテル館)[12], in 1872 he took on the First National Bank (第一国立銀行) at the instruction of Minomura Rizaemon (三野村利左衛門), chief clerk of the Mitsui-gumi[13]. Having never seen a bank building, he designed it himself, and the result showed the firm’s technique to the country as a representative example of early-Meiji pseudo-Western architecture[14]. The First National Bank was also known as Mitsui-gumi House[15], and was famous as one of the buildings that defined Tokyo in the early Meiji years. By the middle of the Meiji period buildings were growing larger and more complex in structure, and a master carpenter’s experience alone no longer held the quality of design and construction together[16]. In July 1886 Shimizu-gumi brought in a graduate engineer and established a chief-engineer system[17], putting in place ahead of its rivals a structure that tied the men who drew the plans to the men on site.

“Private building work”: the policy Shibusawa Eiichi set for the business

In 1887, following the sudden death of the third head of the house, Shibusawa Eiichi took the post of adviser[18]. The Shimizu shop at that time was in difficulty: heavy outlays on sewer works in Yokohama had coincided with the previous head’s sudden death. Shibusawa set the business policy as “private building work”[19] and promoted Hara Rinnosuke (原林之助), a nephew of the late head, to manager at the age of twenty-nine. Shibusawa, president of the First National Bank, was a man involved in the founding of some 500 companies that grew up after the Meiji Restoration, and he was involved in the running of the Shimizu shop for more than thirty years thereafter[20]. The companies in whose founding he had a hand include, besides the First National Bank, the Industrial Bank of Japan, Nippon Yusen and Oji Paper.

Hara Rinnosuke took Shibusawa’s collection of talks on management, The Analects and the Abacus (論語と算盤), as his teaching, and set out not to put money-making first but to hold to the honesty and kindness that belong to the samurai code, and to the customer above all. What he worked on was the modernisation of personnel systems: drawing up trading rules, putting construction manuals in order, training the staff. On the strength of these the sales network spread nationwide and the rebuilding of the business moved quickly. The construction manuals and the training and study arrangements Hara laid down were expanded over many years afterwards. The organisation of exclusive trade partners and the reform of the shop itself also went forward under Shibusawa’s guidance[21], putting in order a construction structure that included subcontractors. Through these reforms Shimizu-gumi took shape as an organised contractor in both civil engineering and building[22].

The policy of putting private clients — offices, factories, banks and trading companies — at the centre of the business took hold as the foundation of the firm from the late Meiji years into the Taisho period[23]. Here the customer base parted from that of rivals who depended on public-sector work[24]. Private demand is more exposed to the swings of the business cycle than public demand is[25], and concentration on a single customer base has the property of producing opposite results in boom and in slump. The sole proprietorship lasted more than 110 years, until incorporation in 1915[26], and through that time the business was run by the Shimizu family and its managers. As late as 1995 Shimizu was known as the largest general contractor in the industry, on the strength of conservative management and private building work[27]; the line Shibusawa laid down was carried on a century later.

1915–1965From 110 years as a family trade, through partnership and company, to a general contractor with civil engineering

Between 1915 and 1965 the family trade became a company and then a listed one: a limited partnership in 1915, a joint-stock company in 1937 with branches opened across the country at a stroke, a change of name to Shimizu Construction in 1948 that brought in outside capital for the first time, and flotation in 1961. The same span added the two things a firm built on private buildings had lacked — a research institute and a civil-engineering division — and turned a builder into a general contractor.

Incorporation as a partnership, and the nationwide branch network laid down at a stroke in 1937

In October 1915 the Shimizu family established Shimizu-gumi as a limited partnership with capital of ¥1 million[28], converting into a company the sole proprietorship that had continued for more than 110 years since 1804[29]. As the scale of orders grew and construction machinery came in, a trade in which an individual bore unlimited liability could no longer carry the business[30]. By the middle of Meiji the firm’s structure as a modern contractor had settled[31], and the change to a company form followed from it. The head office was placed in Kyobashi ward, Tokyo City[32], and the business was run from there thereafter. In February 1928 the head office’s Shibaura ironworks was separated out and established as the limited partnership Tokyo Tekkotsu Kyoryo Seisakusho (東京鐵骨橋梁製作所)[33]. That company is the present Nippon Fabtec[34], an affiliate making steel frames and bridges.

In August 1937 Shimizu-gumi was established as a joint-stock company with capital of ¥12 million[35]. In November of the same year it absorbed the limited partnership and simultaneously opened branches in Nagoya, Osaka and Kyushu[36], widening a sales base centred on the Kanto region to the whole country. The merger ended the parallel existence of a partnership and a joint-stock company[37]. Because the consolidation of the legal entities and the building of a nationwide branch network went forward together, the firm was equipped to answer work in the provinces from its own bases[38]. As the war with China widened, military-related construction increased, and the company opened a Hokkaido branch in May 1939 and a Hiroshima branch in May 1945[39]. During the war it was mobilised for the construction of military facilities, and many of its engineers were posted to military works overseas[40].

Three days after the war ended on 15 August 1945, Shimizu-gumi resumed business in a head-office building that had escaped war damage[41]. It had about 3,500 employees when it did so[42]. In 1946 it opened a Sendai branch in April and Hokuriku and Shikoku branches in July[43], filling back in the bases needed for postwar reconstruction demand[44]. In August of the same year it established Maruki Sangyo as a sales company for construction materials and the like, using it to take up surplus staff[45]. Maruki Sangyo is the present Milx[46], which handles the procurement of construction materials. In March 1947 it established Daiichi Setsubi Kogyo as an integrated building-services company[47], adding the capacity to carry out mechanical and electrical installation work itself. Having kept a head-office building that escaped the bombing was what made the early resumption of business possible[48].

The first outside capital, and a research arm holding 49 patents and utility models

In February 1948, under a corporate reconstruction and reorganisation plan, the company changed its name to Shimizu Construction Co., Ltd. (清水建設株式会社)[49]. It wrote off the losses from the loss of overseas assets and the ending of wartime compensation, and in a capital increase the same year raised capital to ¥70 million, bringing in capital from outside the Shimizu family for the first time[50]. In terms of capital, the colour of the individual shop that had lasted more than 140 years faded[51]. Through this reconstruction Shimizu moved to a shareholding structure beyond the frame of the family[52]. After the war, delays in payment on government-ordered work and inflation had worsened its cash position[53], and the capital increase was also a condition of the rebuilding. In the same period, when measures for surplus staff and the accumulation of technique were being pursued together, a research laboratory was set up in February 1946, and it became the later Institute of Technology[54].

By 1963 the institute had a research staff of about ninety[55], working on construction technology across materials, soil mechanics, structural mechanics, construction methods and machinery[56]. Its 32 registered patents and 17 utility models were the most in the industry[57], and it had imported three foreign technologies — the Prepakt method, the HW method and the Colcrete method[58]. Those three amounted to 20 per cent of the fifteen imported by all contractors together[59]. In construction methods for high-rise buildings it had begun research earliest in the industry and had already completed several implementation plans[60]. In the 1960 reorganisation of the management structure a technical department was placed at head office as staff[61], charged with carrying the institute’s results across into construction and with auditing work in progress from the technical side[62].

Investment in mechanisation thickened in the same period: mechanisation investment in fiscal 1961 came to $8.6M (¥3bn), about six times the $1.5M (¥550m) of fiscal 1956[63]. During fiscal 1963 the company planned to build the Sagamihara heavy-machinery pool on a 4,200-tsubo site and to finish recruiting and training about 250 operators[64]. It also set out a policy of instructing its subcontractors in mechanisation in order to raise their capacity and precision on site[65]. Experiments with artificial lightweight aggregate had been completed, and a material as strong as concrete but 30 per cent lighter was about to be put to practical use[66]. Shimizu took as its motto that it was a company that sold technology[67], holding that a client’s technical confidence was the precondition of winning work[68].

Flotation and “planned order-taking” — arriving as a general contractor

Since its founding Shimizu had made building its main business[69]. Taking in the infrastructure investment that accelerated with postwar high growth required a capacity in civil engineering, and in 1954 the company reorganised and expanded its civil engineering division and absorbed its subsidiary Shinsei Doboku (新清土木)[70]. It won public work in roads, dams, tunnels and harbours and accumulated technique, and by the 1960s civil engineering accounted for about 20 per cent of total sales[71]. Completed civil engineering work of $32.5M (¥12bn) in fiscal 1961 ranked seventh in the industry[72] — a figure that showed a civil-engineering capability that tended to be underrated because it was hidden behind the volume of private building[73]. Civil works are large in scale per job but long in duration and low in turnover[74], so for continuous stability of earnings, executive vice-president Yoshikawa Seiichi (吉川清一) explained, contractors centred on building were superior[75].

In April 1961 the company raised its capital to $8.3M (¥3bn) and floated its shares on the Tokyo over-the-counter market[76]. In October of the same year it listed on the second section of the Tokyo Stock Exchange, and in February 1962 it moved to the first section[77]. In October 1962 it also listed on the first sections of the Nagoya and Osaka stock exchanges[78]. Flotation raised its ability to fund the capital investment of the high-growth years, increasing the resources it could put into winning work, expanding the branch network and research and development[79]. In fiscal 1961 it set up an IBM centre ahead of the industry, concentrating at head office the numerical management of profit and loss on work in progress at head office and branches[80]. 1963 was the 160th year since the founding, and Yoshikawa said he meant to hold a 22 per cent dividend as a stable line and to add 2 or 3 points as a commemorative dividend[81].

The basic policy on orders was “planned order-taking”[82]. In the construction boom from fiscal 1959 to fiscal 1961 the company turned to taking work aggressively, and orders grew at an annual rate of 41 per cent, more than 10 points above the national average[83]. In the 1962 downturn it switched to selective order-taking, a change made possible by holding a year’s worth of order backlog[84]. Private work made up 80 to 85 per cent of all orders taken, and of that, 70 to 80 per cent was negotiated rather than tendered[85]. Shimizu was the only contractor in the industry whose receipts on work in progress always ran ahead of payments[86]. It further announced a new consultancy division[87], which would advise on land, on financing, on tenants and on the operation and maintenance of a completed building[88], setting out a policy of developing construction investment itself rather than waiting for orders[89].

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Notes

  1. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  2. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  3. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  4. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  5. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  6. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  7. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  8. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  9. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  10. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  11. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  12. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  13. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  14. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  15. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  16. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  17. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  18. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  19. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  20. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  21. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  22. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  23. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  24. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  25. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  26. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  27. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  28. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  29. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  30. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  31. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  32. 清水建設百五十年 (One Hundred and Fifty Years of Shimizu, 1956)↩
  33. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  34. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  35. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  36. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  37. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  38. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  39. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  40. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  41. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  42. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  43. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  44. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  45. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  46. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  47. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  48. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  49. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  50. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  51. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  52. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  53. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  54. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  55. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  56. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  57. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  58. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  59. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  60. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  61. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  62. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  63. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  64. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  65. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  66. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  67. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  68. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  69. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  70. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  71. 日本会社史総覧 (A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc., 1995)↩
  72. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  73. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  74. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  75. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  76. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  77. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  78. Shimizu Corporation, annual securities report (有価証券報告書), Corporate History↩
  79. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  80. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  81. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  82. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  83. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  84. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  85. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  86. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  87. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  88. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩
  89. 証券アナリストジャーナル (Securities Analysts Journal), vol. 1 no. 1, 1963 — “The outlook for the construction industry and Shimizu Construction”↩

References & sources

  1. Shimizu Corporation (One Hundred and Fifty Years of Shimizu, 1956).
  2. A Conspectus of Japanese Corporate Histories, Toyo Keizai Inc. (1995).

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

Shimizu’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/1803/company.json ·/api/1803/history.json ·/api/1803/ceo.json ·/api/1803/financials.json ·/api/1803/financials/segment.json ·/api/1803/financials/pl.json ·/api/1803/financials/cf.json ·/api/1803/financials/bs.json ·/api/1803/financials/employee.json ·/api/1803/financials/stock.json ·/api/1803/financials.csv ·/api/1803/financials_history.csv

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