# Harima-Kyowa Co.,LTD.: 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59期(2025/04/01－2026/03/31) (S100YK4R)
> Page: https://vizora.meequs.com/en/company/harima-kyowa
> Retrieved: 2026-09-30T17:55:53.494Z

## Company

Harima-Kyowa, founded in 1951, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Harima-Kyowa Co., LTD. |
| Ticker | 7444 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7444.T) |
| Listing | TSE Standard |
| Head office | 兵庫県姫路市飾東町庄313番地 |
| Representative (per filing) | 代表取締役社長 土屋 匡輝 |
| Founded | Mar 1951 |
| Share capital | ¥719.5M |
| Employees (consolidated) | 190 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.harimakb.co.jp (https://www.harimakb.co.jp/) |
| Corporate number | 1140001060846 |
| EDINET | E02807 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YK4R, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.5 | 179 |
| Profitability | 49.5 | 185 |
| Cash conversion | 64 | 179 |
| Efficiency | 56.5 | 185 |

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)

- Harima-Kyowa brought in ¥59.8B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit -11.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥59843192000 → ¥1512796000
- Net income → operating cash flow: ¥1512796000 → ¥2019799000（difference ¥507003000）
- Main uses of operating cash flow: CapEx ¥2337589000 / dividends ¥269973000 / buybacks ¥306000
- Change in cash: ¥234360000
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 | ¥59.8B |  |
| Operating income | ¥1.69B | Margin 2.8% |
| Net income | ¥1.51B | Margin 2.5% |
| Free cash flow | -¥317.8M |  |
| Employees (consolidated) | 190 |  |
| EPS | ¥325.75 |  |
| Book value per share | ¥4579.84 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 5,441,568 |  |
| Treasury shares | 58,800 |  |
| Shareholders | 1,694 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | 0 pp | Specialty Trading & Wholesale |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54477584000 | ¥59843192000 | +9.8% |
| Operating income | ¥1558446000 | ¥1693606000 | +8.7% |
| Operating margin | 2.9% | 2.8% | 0 pp |
| Employees | 193 people | 190 people | -1.6% |
| Cash and equivalents | ¥3053620000 | ¥3658770000 | +19.8% |

### 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 | 59,843 | 100.0% | S100YK4R |
| Cost of revenue | 52,148 | 87.1% | S100YK4R |
| Gross profit | 7,696 | 12.9% | S100YK4R |
| SG&A | 6,002 | 10.0% | S100YK4R |
| Operating income | 1,694 | 2.8% | S100YK4R |
| Ordinary income | 2,084 | 3.5% | S100YK4R |
| Pretax income | 2,082 | 3.5% | S100YK4R |
| Income tax | 569 | 1.0% | S100YK4R |
| Net income | 1,513 | 2.5% | S100YK4R |
| Net income attributable to owners | 1,513 | 2.5% | S100YK4R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.9% → Operating margin 2.8% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.2%; Core profit growth: -11.4%
Operating leverage (core profit growth ÷ revenue growth): 3.56×
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 | 61,824 | 59,843 | -1,981 | -3.2% |
| Gross profit | 7,230 | 7,696 | 465 | +6.4% |
| Operating income | 1,912 | 1,694 | -218 | -11.4% |
| Net income attributable to owners | 1,289 | 1,513 | 224 | +17.4% |
| Operating cash flow | 2,465 | 2,020 | -446 | -18.1% |
| Free cash flow | -1,070 | -318 | 752 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,830 | 1,592 | 3.1% | 1,197 | 1,889 | 949 | S100LTJM |
| FY ending Mar 2021 | 54,478 | 1,558 | 2.9% | 1,163 | 1,402 | 1,206 | S100OKVZ |
| FY ending Mar 2022 | 57,781 | 1,656 | 2.9% | 1,202 | 747 | -119 | S100R9X5 |
| FY ending Mar 2023 | 60,156 | 1,777 | 3.0% | 1,391 | 1,948 | 1,526 | S100TT2G |
| FY ending Mar 2024 | 61,583 | 1,824 | 3.0% | 1,407 | 120 | -1,381 | S100W3KO |
| FY ending Mar 2025 | 61,824 | 1,912 | 3.1% | 1,289 | 2,465 | -1,070 | S100YK4R |
| FY ending Mar 2026 | 59,843 | 1,694 | 2.8% | 1,513 | 2,020 | -318 | S100YK4R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥315M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥8M |

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) | 198 | 197 | 191 | 192 | 190 |
| Average salary (parent company) | ¥4.9M | ¥5M | ¥5.1M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 40.5 years | 40.8 years | 41.2 years | 40.4 years | 40.0 years |
| Average tenure (parent company) | 15.1 years | 15.0 years | 14.9 years | 14.3 years | 14.0 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -3.2%

## 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 | 2,020 | 3.4% | S100YK4R |
| Capital expenditure | 2,338 | 3.9% | S100YK4R |
| Free cash flow | -318 | -0.5% | 算出 |
| Investing cash flow | -1,789 | -3.0% | S100YK4R |
| Financing cash flow | 3 | 0.0% | S100YK4R |
| Dividends paid | 270 | 0.5% | S100YK4R |
| Share buyback | 0 | 0.0% | S100YK4R |
| Change in cash | 234 | 0.4% | S100YK4R |
| Cash and equivalents | 3,659 | 6.1% | S100YK4R |

## 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 | 2,845 | 4,020 | 2,592 | 3,424 | 3,659 | S100TT2G, S100W3KO, S100YK4R |
| Total assets | 30,111 | 31,354 | 33,140 | 36,297 | 37,800 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Net assets | 21,012 | 22,223 | 24,159 | 24,806 | 26,254 | S100TT2G, S100W3KO, S100YK4R |
| Share capital | 720 | 720 | 720 | 720 | 720 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Trade receivables | 9,725 | 9,532 | 10,414 | 8,191 | 9,034 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Property, plant and equipment | 8,676 | 8,559 | 9,461 | 13,896 | 14,091 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Intangible assets excluding goodwill | 82 | 107 | 95 | 89 | 103 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Investment securities | 2,441 | 2,529 | 3,620 | 3,010 | 3,306 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Current assets | 17,401 | 18,614 | 18,406 | 17,735 | 19,014 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Current liabilities | 7,903 | 7,796 | 7,320 | 8,674 | 8,299 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Trade payables | 5,604 | 5,521 | 4,893 | 4,188 | 4,807 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Short-term borrowings | 360 | 190 | 320 | 770 | 590 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Long-term borrowings | — | — | — | 1,312 | 1,565 | S100YK4R |
| Total liabilities | 9,098 | 9,131 | 8,981 | 11,491 | 11,546 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Non-controlling interests | 24 | 28 | 28 | 29 | 29 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Equity attributable to owners of parent | 20,226 | 21,402 | 22,588 | 23,656 | 24,900 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Retained earnings | 18,813 | 19,990 | 21,176 | 22,223 | 23,467 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |
| Treasury stock | -58 | -58 | -58 | -50 | -51 | S100R9X5, S100TT2G, S100W3KO, S100YK4R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YK4R |
| Receivables | 24% | S100YK4R |
| Property, plant and equipment | 37% | S100YK4R |
| Intangibles and goodwill | 0% | S100YK4R |
| Investment securities | 9% | S100YK4R |
| Other assets | 20% | S100YK4R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YK4R |
| Other liabilities | 18% | S100YK4R |
| Equity | 69% | S100YK4R |
| Other liabilities | 0% | S100YK4R |

### 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 | 30,111 | 31,354 | 33,140 | 36,297 | 37,800 |
| Equity | 21,012 | 22,223 | 24,159 | 24,806 | 26,254 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,845 | 4,020 | 2,592 | 3,424 | 3,659 |

## 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) | 23.5% | S100YK4R |
| Fixed assets ÷ total assets | 37.3% | S100YK4R |
| Goodwill ÷ parent equity | — | —, S100YK4R |

### 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) | 9.7% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.3% |
| Cash vs. profit gap | 506 JPY mn (of net income 33.5%) |
| Shareholder returns / net income | 17.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 88.5% |

## 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 | 2.1% | 1.92× | 4.0% | 1.49× | 5.9% | S100R9X5 |
| 2023 | 2.3% | 1.96× | 4.5% | 1.48× | 6.7% | S100TT2G |
| 2024 | 2.3% | 1.91× | 4.4% | 1.47× | 6.4% | S100W3KO |
| 2025 | 2.1% | 1.78× | 3.7% | 1.50× | 5.6% | S100YK4R |
| 2026 | 2.5% | 1.62× | 4.1% | 1.53× | 6.2% | S100YK4R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 津田物産株式会社 | Major shareholder | 41.7% | 2026-03-31 |
| 株式会社西松屋チェーン | Major shareholder | 11.0% | 2026-03-31 |
| ハリマ持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 津田 侑紀 | Major shareholder | 1.3% | 2026-03-31 |
| 山本 真耶 | Major shareholder | 1.2% | 2026-03-31 |
| 茂理 佳弘 | Major shareholder | 1.1% | 2026-03-31 |
| 土屋 匡輝 | Major shareholder | 1.1% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YK4R | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK4R,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W3KO | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3KO,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TT2G | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT2G,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R9X5 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9X5,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OKVZ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKVZ,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LTJM | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTJM,, |

## 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).