# CANOX CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第98期(2025/04/01－2026/03/31) (S100YAX9)
> Page: https://vizora.meequs.com/en/company/canox
> Retrieved: 2026-09-30T18:10:42.623Z

## Company

Canox, founded in 1919, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 349 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CANOX CORPORATION |
| Ticker | 8076 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8076.T) |
| Listing | TSE Standard |
| Head office | 名古屋市西区那古野一丁目1番12号 |
| Representative (per filing) | 代表取締役社長 小河 正直 |
| Founded | Dec 1919 |
| Share capital | ¥2.31B |
| Employees (consolidated) | 349 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.canox.co.jp (https://www.canox.co.jp/) |
| Corporate number | 7180001025105 |
| EDINET | E02561 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YAX9, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74 | 179 |
| Profitability | 25.7 | 185 |
| Cash conversion | 94.1 | 179 |
| Efficiency | 65.1 | 185 |
| Financial strength | 17.5 | 20 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Canox brought in ¥158.8B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -8.2% from the prior year, operating profit -0.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥158751490000 → ¥2104979000
- Net income → operating cash flow: ¥2104979000 → ¥7485485000（difference ¥5380506000）
- Main uses of operating cash flow: CapEx ¥697666000 / dividends ¥1001500000 / buybacks ¥291000
- Change in cash: ¥3252129000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥158.8B |  |
| Operating income | ¥2.51B | Margin 1.6% |
| Net income | ¥2.1B | Margin 1.3% |
| Free cash flow | ¥6.79B |  |
| Employees (consolidated) | 349 |  |
| EPS | ¥222.66 |  |
| Book value per share | ¥3300.47 |  |
| Equity ratio | 39.9% |  |
| Shares outstanding | 11,103,000 |  |
| Treasury shares | 1,298,400 |  |
| Shareholders | 7,802 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 10.2% | Net cash -¥20B · Cash ÷ revenue 5.4% |
| Vs. industry median margin | -1.3 pp | Specialty Trading & Wholesale |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥105718346000 | ¥158751490000 | +50.2% |
| Operating income | ¥832401000 | ¥2509849000 | +201.5% |
| Operating margin | 0.8% | 1.6% | +0.8 pp |
| Employees | 284 people | 349 people | +22.9% |
| Cash and equivalents | ¥6939842000 | ¥8542926000 | +23.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 158,751 | 100.0% | S100YAX9 |
| Cost of revenue | 149,953 | 94.5% | S100YAX9 |
| Gross profit | 8,798 | 5.5% | S100YAX9 |
| SG&A | 6,288 | 4.0% | S100YAX9 |
| Operating income | 2,510 | 1.6% | S100YAX9 |
| Ordinary income | 2,965 | 1.9% | S100YAX9 |
| Pretax income | 3,036 | 1.9% | S100YAX9 |
| Income tax | 931 | 0.6% | S100YAX9 |
| Net income | 2,105 | 1.3% | S100YAX9 |
| Net income attributable to owners | 2,105 | 1.3% | S100YAX9 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 4 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 5.5% → Operating margin 1.6% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.2%; Core profit growth: -0.1%
Operating leverage (core profit growth ÷ revenue growth): 0.01×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 173,014 | 158,751 | -14,262 | -8.2% |
| Gross profit | 8,284 | 8,798 | 514 | +6.2% |
| Operating income | 2,512 | 2,510 | -2 | -0.1% |
| Net income attributable to owners | 1,988 | 2,105 | 117 | +5.9% |
| Operating cash flow | 4,666 | 7,485 | 2,820 | +60.4% |
| Free cash flow | 4,603 | 6,788 | 2,185 | +47.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 124,177 | 1,526 | 1.2% | 1,128 | -5,576 | -7,287 | S100LNBM |
| FY ending Mar 2021 | 105,718 | 832 | 0.8% | 627 | 4,208 | 3,668 | S100OB6X |
| FY ending Mar 2022 | 116,521 | 2,483 | 2.1% | 1,887 | -11,378 | -11,586 | S100R2U0 |
| FY ending Mar 2023 | 151,674 | 2,362 | 1.6% | 1,778 | -6,479 | -6,565 | S100TOU8 |
| FY ending Mar 2024 | 172,485 | 2,530 | 1.5% | 1,952 | 4,964 | 4,877 | S100VZF7 |
| FY ending Mar 2025 | 173,014 | 2,512 | 1.5% | 1,988 | 4,666 | 4,603 | S100YAX9 |
| FY ending Mar 2026 | 158,751 | 2,510 | 1.6% | 2,105 | 7,485 | 6,788 | S100YAX9 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥454.9M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 296 | 290 | 296 | 303 | 349 |
| Average salary (parent company) | ¥7M | ¥7.4M | ¥7.6M | ¥7.4M | ¥7.6M |
| Average age (parent company) | 40.0 years | 41.0 years | 40.0 years | 40.0 years | 42.0 years |
| Average tenure (parent company) | 15.0 years | 16.0 years | 15.0 years | 15.0 years | 11.0 years |

Year over year: Employees (consolidated) +15.2% · Revenue (consolidated) -8.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,485 | 4.7% | S100YAX9 |
| Capital expenditure | 698 | 0.4% | S100YAX9 |
| Free cash flow | 6,788 | 4.3% | 算出 |
| Investing cash flow | -1,161 | -0.7% | S100YAX9 |
| Financing cash flow | -3,073 | -1.9% | S100YAX9 |
| Dividends paid | 1,002 | 0.6% | S100YAX9 |
| Share buyback | 0 | 0.0% | S100YAX9 |
| Change in cash | 3,252 | 2.0% | S100YAX9 |
| Cash and equivalents | 8,543 | 5.4% | S100YAX9 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,887 | 2,953 | 3,084 | 5,291 | 8,543 | S100TOU8, S100VZF7, S100YAX9 |
| Total assets | 75,097 | 88,541 | 91,411 | 87,729 | 83,642 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Net assets | 25,769 | 26,503 | 29,571 | 31,695 | 33,393 | S100TOU8, S100VZF7, S100YAX9 |
| Share capital | 2,310 | 2,310 | 2,310 | 2,310 | 2,310 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Property, plant and equipment | 6,629 | 6,398 | 6,170 | 5,933 | 6,378 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Intangible assets excluding goodwill | 40 | 27 | 17 | 33 | 32 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Investment securities | 6,041 | 5,966 | 11,052 | 12,038 | 11,355 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Current assets | 61,650 | 75,534 | 72,506 | 68,501 | 64,144 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Current liabilities | 43,188 | 51,817 | 49,551 | 45,223 | 39,067 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Trade payables | 13,899 | 17,913 | 15,132 | — | — | S100R2U0, S100TOU8 |
| Short-term borrowings | 20,600 | 25,700 | 24,200 | 22,900 | 21,200 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Long-term borrowings | 3,113 | 7,287 | 7,521 | 5,800 | 6,300 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Bonds | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Interest-bearing debt | 24,713 | 33,987 | 32,721 | 29,700 | 28,500 | 算出 |
| Total liabilities | 49,327 | 62,039 | 61,840 | 56,034 | 50,249 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Equity attributable to owners of parent | 21,327 | 22,274 | 21,136 | 23,080 | 24,881 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Retained earnings | 18,271 | 19,218 | 20,190 | 21,009 | 21,805 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |
| Treasury stock | -1,057 | -1,057 | -3,167 | -2,042 | -1,036 | S100R2U0, S100TOU8, S100VZF7, S100YAX9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YAX9 |
| Property, plant and equipment | 8% | S100YAX9 |
| Intangibles and goodwill | 0% | S100YAX9 |
| Investment securities | 14% | S100YAX9 |
| Other assets | 68% | S100YAX9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 34% | 算出 |
| Other liabilities | 26% | S100YAX9 |
| Equity | 40% | S100YAX9 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 75,097 | 88,541 | 91,411 | 87,729 | 83,642 |
| Equity | 25,769 | 26,503 | 29,571 | 31,695 | 33,393 |
| Interest-bearing debt | 24,713 | 33,987 | 32,721 | 29,700 | 28,500 |
| Cash | 2,887 | 2,953 | 3,084 | 5,291 | 8,543 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 4.0% | S100YAX9 |
| Fixed assets ÷ total assets | 7.6% | S100YAX9 |
| Goodwill ÷ parent equity | — | —, S100YAX9 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 10.2% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | -¥20B |
| Net debt ÷ operating cash flow | 2.67× |
| Cash conversion (operating CF ÷ operating income) | 298.2% |
| Cash vs. profit gap | 5,381 JPY mn (of net income 255.6%) |
| Shareholder returns / net income | 47.6% |
| Shareholder returns / FCF | 14.8% |
| Shareholder payments — dividends / net income | 47.6% |
| Shareholder payments — dividends / FCF | 14.8% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 15.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.6% | 1.55× | 2.5% | 3.52× | 8.8% | S100R2U0 |
| 2023 | 1.2% | 1.85× | 2.2% | 3.75× | 8.2% | S100TOU8 |
| 2024 | 1.1% | 1.92× | 2.2% | 4.15× | 9.0% | S100VZF7 |
| 2025 | 1.1% | 1.93× | 2.2% | 4.05× | 9.0% | S100YAX9 |
| 2026 | 1.3% | 1.85× | 2.5% | 3.57× | 8.8% | S100YAX9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社メタルワン | Major shareholder | 34.5% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社岡島パイプ製作所 | Major shareholder | 3.4% | 2026-03-31 |
| 加納光太郎 | Major shareholder | 2.2% | 2026-03-31 |
| モリ工業株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 双日マシナリー株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社田窪工業所 | Major shareholder | 1.0% | 2026-03-31 |
| 加納勝彦 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社久津ホールディングス | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YAX9 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAX9,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100VZF7 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZF7,, |
| 有価証券報告書－第96期(2023/04/01－2024/03/31) | S100TOU8 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOU8,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R2U0 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2U0,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100OB6X | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB6X,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LNBM | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNBM,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).