# HKS CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2024/09/01－2025/08/31) (S100X6JZ)
> Page: https://vizora.meequs.com/en/company/hks
> Retrieved: 2026-09-30T17:49:14.825Z

## Company

HKS, founded in 1973, is a company in Auto Parts listed on TSE Standard. It has 383 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HKS CO., LTD. |
| Ticker | 7219 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7219.T) |
| Listing | TSE Standard |
| Head office | 静岡県富士宮市上井出2266番地 |
| Representative (per filing) | 代表取締役社長 水口 大輔 |
| Founded | Oct 1973 |
| Share capital | ¥878.8M |
| Employees (consolidated) | 383 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | August |
| Website | www.hks-global.com (https://www.hks-global.com/) |
| Corporate number | 7080101011279 |
| EDINET | E02238 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100X6JZ, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.3 | 110 |
| Profitability | 43.7 | 111 |
| Cash conversion | 79.2 | 108 |
| Efficiency | 10.4 | 111 |

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)

- HKS brought in ¥8.98B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit -5.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8976620000 → ¥361443000
- Net income → operating cash flow: ¥361443000 → ¥991389000（difference ¥629946000）
- Main uses of operating cash flow: CapEx ¥686613000 / dividends ¥92024000 / buybacks —
- Change in cash: ¥59160000
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 | ¥8.98B |  |
| Operating income | ¥394.8M | Margin 4.4% |
| Net income | ¥361.4M | Margin 4.0% |
| Free cash flow | ¥304.8M |  |
| Employees (consolidated) | 383 |  |
| EPS | ¥186.27 |  |
| Book value per share | ¥6711.99 |  |
| Equity ratio | 80.5% |  |
| Shares outstanding | 1,600,000 |  |
| Treasury shares | 185,100 |  |
| Shareholders | 760 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 12.0% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -0.4 pp | Auto Parts |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7226385000 | ¥8976620000 | +24.2% |
| Operating income | ¥97659000 | ¥394807000 | +304.3% |
| Operating margin | 1.4% | 4.4% | +3 pp |
| Employees | 345 people | 383 people | +11.0% |
| Cash and equivalents | ¥1607890000 | ¥1581622000 | -1.6% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,977 | 100.0% | S100X6JZ |
| Cost of revenue | 5,359 | 59.7% | S100X6JZ |
| Gross profit | 3,617 | 40.3% | S100X6JZ |
| SG&A | 3,222 | 35.9% | S100X6JZ |
| Operating income | 395 | 4.4% | S100X6JZ |
| Ordinary income | 458 | 5.1% | S100X6JZ |
| Pretax income | 510 | 5.7% | S100X6JZ |
| Income tax | 149 | 1.7% | S100X6JZ |
| Net income | 361 | 4.0% | S100X6JZ |
| Net income attributable to owners | 361 | 4.0% | S100X6JZ |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 36 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 40.3% → Operating margin 4.4% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -5.5%
Operating leverage (core profit growth ÷ revenue growth): 18.03×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,004 | 8,977 | -28 | -0.3% |
| Gross profit | 3,652 | 3,617 | -34 | -0.9% |
| Operating income | 418 | 395 | -23 | -5.5% |
| Net income attributable to owners | 348 | 361 | 14 | +3.9% |
| Operating cash flow | 381 | 991 | 610 | +160.2% |
| Free cash flow | -245 | 305 | 549 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 7,546 | 199 | 2.6% | 106 | 1,118 | 498 | S100K9F0 |
| FY ending Aug 2020 | 7,226 | 98 | 1.4% | 148 | 395 | -22 | S100MXT2 |
| FY ending Aug 2021 | 7,971 | 373 | 4.7% | 352 | 1,212 | 974 | S100PPL2 |
| FY ending Aug 2022 | 8,630 | 533 | 6.2% | 496 | 659 | 204 | S100SCUL |
| FY ending Aug 2023 | 9,241 | 638 | 6.9% | 451 | 694 | -40 | S100UUTA |
| FY ending Aug 2024 | 9,004 | 418 | 4.6% | 348 | 381 | -245 | S100X6JZ |
| FY ending Aug 2025 | 8,977 | 395 | 4.4% | 361 | 991 | 305 | S100X6JZ |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.4M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥943.7K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 356 | 367 | 383 | 384 | 383 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥5.8M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 41.2 years | 41.2 years | 41.9 years | 42.1 years | 42.6 years |
| Average tenure (parent company) | 17.3 years | 17.5 years | 17.9 years | 18.0 years | 18.2 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) -0.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 991 | 11.0% | S100X6JZ |
| Capital expenditure | 687 | 7.6% | S100X6JZ |
| Free cash flow | 305 | 3.4% | 算出 |
| Investing cash flow | -612 | -6.8% | S100X6JZ |
| Financing cash flow | -319 | -3.6% | S100X6JZ |
| Dividends paid | 92 | 1.0% | S100X6JZ |
| Change in cash | 59 | 0.7% | S100X6JZ |
| Cash and equivalents | 1,582 | 17.6% | S100X6JZ |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,255 | 1,849 | 1,395 | 1,522 | 1,582 | S100SCUL, S100UUTA, S100X6JZ |
| Total assets | 12,484 | 13,091 | 13,346 | 13,341 | 13,234 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Net assets | 8,978 | 9,520 | 9,990 | 10,318 | 10,651 | S100SCUL, S100UUTA, S100X6JZ |
| Share capital | 879 | 879 | 879 | 879 | 879 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Trade receivables | 1,209 | — | — | — | — | S100PPL2 |
| Property, plant and equipment | 5,176 | 5,003 | 5,168 | 5,283 | 5,114 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Intangible assets excluding goodwill | 134 | 157 | 153 | 109 | 107 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Investment securities | 435 | 1,267 | 1,337 | 670 | 671 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Current assets | 6,419 | 6,290 | 6,297 | 6,912 | 6,986 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Current liabilities | 2,600 | 2,510 | 2,444 | 2,085 | 1,845 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Trade payables | 405 | 372 | 312 | 211 | 289 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Short-term borrowings | 809 | 567 | 481 | 348 | 367 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Long-term borrowings | 420 | 553 | 387 | 411 | 169 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Total liabilities | 3,506 | 3,571 | 3,355 | 3,022 | 2,583 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Non-controlling interests | — | 15 | 29 | — | — | S100SCUL, S100UUTA |
| Equity attributable to owners of parent | 8,961 | 9,372 | 9,752 | 10,017 | 10,286 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Retained earnings | 7,470 | 7,881 | 8,261 | 8,496 | 8,765 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |
| Treasury stock | -351 | -351 | -351 | -351 | -351 | S100PPL2, S100SCUL, S100UUTA, S100X6JZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100X6JZ |
| Property, plant and equipment | 39% | S100X6JZ |
| Intangibles and goodwill | 1% | S100X6JZ |
| Investment securities | 5% | S100X6JZ |
| Other assets | 43% | S100X6JZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100X6JZ |
| Other liabilities | 17% | S100X6JZ |
| Equity | 81% | S100X6JZ |
| Other liabilities | 0% | S100X6JZ |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,484 | 13,091 | 13,346 | 13,341 | 13,234 |
| Equity | 8,978 | 9,520 | 9,990 | 10,318 | 10,651 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,255 | 1,849 | 1,395 | 1,522 | 1,582 |

## 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) | 57.0% | S100X6JZ |
| Fixed assets ÷ total assets | 38.6% | S100X6JZ |
| Goodwill ÷ parent equity | — | —, S100X6JZ |

### 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) | 12.0% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 251.1% |
| Cash vs. profit gap | 630 JPY mn (of net income 174.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.5% |
| Shareholder payments — dividends / FCF | 30.2% |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 61.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.4% | 0.64× | 2.8% | 1.39× | 3.9% | S100PPL2 |
| 2022 | 5.7% | 0.67× | 3.9% | 1.40× | 5.4% | S100SCUL |
| 2023 | 4.9% | 0.70× | 3.4% | 1.38× | 4.7% | S100UUTA |
| 2024 | 3.9% | 0.67× | 2.6% | 1.35× | 3.5% | S100X6JZ |
| 2025 | 4.0% | 0.68× | 2.7% | 1.31× | 3.6% | S100X6JZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アポロ | Major shareholder | 44.9% | 2025-08-31 |
| 株式会社静岡銀行(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 4.8% | 2025-08-31 |
| 服部 勝也 | Major shareholder | 4.6% | 2025-08-31 |
| 山本 衛 | Major shareholder | 2.6% | 2025-08-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.5% | 2025-08-31 |
| 株式会社山梨中央銀行 | Major shareholder | 1.8% | 2025-08-31 |
| 静岡キャピタル株式会社 | Major shareholder | 1.8% | 2025-08-31 |
| ＨＫＳ従業員持株会 | Major shareholder | 1.8% | 2025-08-31 |
| 柿澤 宏平 | Major shareholder | 1.5% | 2025-08-31 |
| 長谷川 和代 | Major shareholder | 1.3% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2024/09/01－2025/08/31) | S100X6JZ | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6JZ,, |
| 有価証券報告書－第51期(2023/09/01－2024/08/31) | S100UUTA | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUTA,, |
| 有価証券報告書－第50期(2022/09/01－2023/08/31) | S100SCUL | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCUL,, |
| 有価証券報告書－第49期(令和3年9月1日－令和4年8月31日) | S100PPL2 | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPL2,, |
| 有価証券報告書－第48期(令和2年9月1日－令和3年8月31日) | S100MXT2 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXT2,, |
| 有価証券報告書－第47期(令和1年9月1日－令和2年8月31日) | S100K9F0 | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9F0,, |

## 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).