# K&O Energy Group Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/01/01－2025/12/31) (S100XUMN)
> Page: https://vizora.meequs.com/en/company/k-and-o-energy-group
> Retrieved: 2026-09-30T22:59:50.817Z

## Company

K&O Energy Group, founded in 2014, is a company in Oil, Gas & Mining listed on TSE Prime. It has 691 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | K&O Energy Group Inc. |
| Ticker | 1663 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1663.T) |
| Listing | TSE Prime |
| Head office | 千葉県茂原市茂原661番地 |
| Representative (per filing) | 代表取締役 社長執行役員 緑川昭夫 |
| Founded | Jan 2014 |
| Share capital | ¥8B |
| Employees (consolidated) | 691 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | www.k-and-o-energy.co.jp (https://www.k-and-o-energy.co.jp/) |
| Corporate number | 4010001157909 |
| EDINET | E30048 |
| Industries (Vizora) | Oil, Gas & Mining, Chemicals, Electric Power & Gas |

> Profile source: annual securities report (S100XUMN, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Oil, Gas & Mining (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 7 |
| Profitability | 56.3 | 8 |
| Cash conversion | 56.3 | 8 |
| Efficiency | 68.8 | 8 |

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)

- About 74% of K&O Energy Group's sales come from Gas business, with Iodine business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit +20.1%.

## Company structure

- Segment revenue mix: Gas business 74.1%、Iodine business 16.5%、Other 9.4%
- Revenue → net income: ¥91354000000 → ¥9237000000
- Net income → operating cash flow: ¥9237000000 → ¥15911000000（difference ¥6674000000）
- Main uses of operating cash flow: CapEx ¥8202000000 / dividends ¥1223000000 / buybacks —
- Change in cash: ¥1028000000
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 | ¥91.4B |  |
| Operating income | ¥10.6B | Margin 11.6% |
| Net income | ¥8.38B | Margin 9.2% |
| Free cash flow | ¥7.71B |  |
| Largest business | Gas business | of segment revenue 74.1% |
| Employees (consolidated) | 691 |  |
| EPS | ¥73.02 |  |
| Diluted EPS | ¥72.75 |  |
| Book value per share | ¥2371.23 |  |
| Equity ratio | 82.4% |  |
| Shares outstanding | 28,336,061 |  |
| Treasury shares | 1,641,700 |  |
| Shareholders | 9,841 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 23.4% | Cash ÷ revenue 32.7% |
| Vs. industry median margin | +0.1 pp | Oil, Gas & Mining |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 60% of positive segment profit
- FY2025, segment profit share differs by 44 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥58452000000 | ¥91354000000 | +56.3% |
| Operating income | ¥3625000000 | ¥10594000000 | +192.2% |
| Operating margin | 6.2% | 11.6% | +5.4 pp |
| Employees | 636 people | 691 people | +8.6% |
| Cash and equivalents | ¥21879000000 | ¥29857000000 | +36.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ガス事業 → ガス事業 | 74.1% |
| ガス事業 → 事業再編・廃止 | 7.2% |
| ヨウ素事業 → ヨウ素事業 | 8.5% |
| その他 → その他 | 9.4% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → ヨウ素事業 | 8.0% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gas business | 5 years | +7.3% | ¥67692000000 | 7.3% | 2 |
| Iodine business | 5 years | +25.0% | ¥15092000000 | 58.1% | 2 |
| Other | 5 years | +7.5% | ¥8569000000 | 9.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 91,354 | 100.0% | S100XUMN |
| Cost of revenue | 69,569 | 76.2% | S100XUMN |
| Gross profit | 21,785 | 23.8% | S100XUMN |
| SG&A | 4,718 | 5.2% | S100XUMN |
| Operating income | 10,594 | 11.6% | S100XUMN |
| Ordinary income | 11,699 | 12.8% | S100XUMN |
| Pretax income | 13,130 | 14.4% | S100XUMN |
| Income tax | 3,893 | 4.3% | S100XUMN |
| Net income | 9,237 | 10.1% | S100XUMN |
| Net income attributable to owners | 8,379 | 9.2% | S100XUMN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 5 |
| Other operating | 7 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.8% → Operating margin 11.6% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.2%; Core profit growth: +20.1%
Operating leverage (core profit growth ÷ revenue growth): -17.42×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 92,421 | 91,354 | -1,067 | -1.2% |
| Gross profit | 20,159 | 21,785 | 1,626 | +8.1% |
| Operating income | 8,820 | 10,594 | 1,774 | +20.1% |
| Net income attributable to owners | 6,167 | 8,379 | 2,212 | +35.9% |
| Operating cash flow | 13,842 | 15,911 | 2,069 | +14.9% |
| Free cash flow | 7,958 | 7,709 | -249 | -3.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 65,133 | 3,330 | 5.1% | 2,737 | 6,775 | 2,672 | S100L1YZ |
| FY ending Dec 2020 | 58,452 | 3,625 | 6.2% | 2,844 | 7,934 | 3,264 | S100NQRA |
| FY ending Dec 2021 | 66,070 | 3,937 | 6.0% | 2,846 | 6,441 | 1,232 | S100QHCE |
| FY ending Dec 2022 | 106,200 | 7,304 | 6.9% | 4,766 | 12,172 | 6,214 | S100T4WM |
| FY ending Dec 2023 | 96,298 | 9,668 | 10.0% | 6,464 | 11,832 | 4,668 | S100VGJL |
| FY ending Dec 2024 | 92,421 | 8,820 | 9.5% | 6,167 | 13,842 | 7,958 | S100XUMN |
| FY ending Dec 2025 | 91,354 | 10,594 | 11.6% | 8,379 | 15,911 | 7,709 | S100XUMN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥132.2M |
| Operating income per employee (consolidated) | ¥15.3M |
| Net income per employee (consolidated) | ¥12.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 633 | 641 | 652 | 663 | 691 |
| Average salary (parent company) | ¥7.4M | ¥6.7M | ¥7.1M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 44.2 years | 42.6 years | 42.4 years | 42.7 years | 42.6 years |
| Average tenure (parent company) | 18.4 years | 17.3 years | 16.4 years | 16.8 years | 16.4 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) -1.2%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas business | 67,692 | 74.1% | 4,966 | 7.3% |
| Iodine business | 15,092 | 16.5% | 8,768 | 58.1% |
| Other | 8,569 | 9.4% | 789 | 9.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Gas business | 74.1% | 34.2% | -39.9 | 7.3% |
| Iodine business | 16.5% | 60.4% | 43.9 | 58.1% |
| Other | 9.4% | 5.4% | -3.9 | 9.2% |

Segment → industry: Gas business → Oil, Gas & Mining / Iodine business → Chemicals / Gas business → Electric Power & Gas

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,911 | 17.4% | S100XUMN |
| Capital expenditure | 8,202 | 9.0% | S100XUMN |
| Free cash flow | 7,709 | 8.4% | 算出 |
| Investing cash flow | -13,259 | -14.5% | S100XUMN |
| Financing cash flow | -1,623 | -1.8% | S100XUMN |
| Dividends paid | 1,223 | 1.3% | S100XUMN |
| Change in cash | 1,028 | 1.1% | S100XUMN |
| Cash and equivalents | 29,857 | 32.7% | S100XUMN |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 20,291 | 20,920 | 22,509 | 28,829 | 29,857 | S100T4WM, S100VGJL, S100XUMN |
| Total assets | 99,096 | 109,823 | 111,445 | 119,447 | 127,773 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Net assets | 82,117 | 86,385 | 92,929 | 99,406 | 108,888 | S100T4WM, S100VGJL, S100XUMN |
| Share capital | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Trade receivables | 9,463 | — | — | — | — | S100QHCE |
| Inventories | 1,537 | 1,754 | 2,273 | 2,387 | 2,478 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Property, plant and equipment | 38,716 | 40,426 | 40,851 | 41,615 | 42,997 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Intangible assets excluding goodwill | 1,548 | 1,553 | 1,620 | 1,850 | 1,762 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Goodwill | 493 | 436 | 380 | 324 | 267 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Investment securities | 10,805 | 12,282 | 12,955 | 15,837 | 20,045 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Current assets | 36,829 | 42,949 | 44,371 | 49,178 | 53,083 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Current liabilities | 10,830 | 17,639 | 12,631 | 13,728 | 12,333 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Trade payables | 6,772 | 10,233 | 6,600 | 6,867 | 5,374 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Short-term borrowings | 391 | 371 | 357 | 346 | 331 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Long-term borrowings | 609 | 582 | 569 | 567 | 546 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Total liabilities | 16,978 | 23,438 | 18,516 | 20,040 | 18,884 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Non-controlling interests | 3,504 | 2,109 | 2,566 | 2,959 | 3,445 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Equity attributable to owners of parent | 78,103 | 83,151 | 88,761 | 93,891 | 101,107 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Retained earnings | 58,434 | 62,466 | 68,025 | 73,100 | 80,252 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |
| Treasury stock | -1,253 | -1,230 | -1,208 | -1,187 | -1,166 | S100QHCE, S100T4WM, S100VGJL, S100XUMN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XUMN |
| Inventories | 2% | S100XUMN |
| Property, plant and equipment | 34% | S100XUMN |
| Intangibles and goodwill | 1% | S100XUMN |
| Investment securities | 16% | S100XUMN |
| Other assets | 24% | S100XUMN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XUMN |
| Other liabilities | 11% | S100XUMN |
| Equity | 85% | S100XUMN |
| Other liabilities | 0% | S100XUMN |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 99,096 | 109,823 | 111,445 | 119,447 | 127,773 |
| Equity | 82,117 | 86,385 | 92,929 | 99,406 | 108,888 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,291 | 20,920 | 22,509 | 28,829 | 29,857 |

## 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) | 47.1% | S100XUMN |
| Fixed assets ÷ total assets | 33.7% | S100XUMN |
| Goodwill ÷ parent equity | 0.3% | S100XUMN |

Goodwill over 4 years: 493 → 267 JPY; total investing cash flow: -45,004 JPY. This does not imply causation.

### 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) | 23.4% |
| Cash ÷ revenue | 32.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 150.2% |
| Cash vs. profit gap | 7,532 JPY mn (of net income 89.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.6% |
| Shareholder payments — dividends / FCF | 15.9% |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 83.3% |

## 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 | 4.3% | 0.67× | 2.9% | 1.27× | 3.6% | S100QHCE |
| 2022 | 4.5% | 1.02× | 4.6% | 1.30× | 5.9% | S100T4WM |
| 2023 | 6.7% | 0.87× | 5.8% | 1.29× | 7.5% | S100VGJL |
| 2024 | 6.7% | 0.80× | 5.3% | 1.26× | 6.8% | S100XUMN |
| 2025 | 9.2% | 0.74× | 6.8% | 1.27× | 8.6% | S100XUMN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱合同資源 | Major shareholder | 18.3% | 2025-12-31 |
| エア・ウォーター㈱ | Major shareholder | 17.1% | 2025-12-31 |
| 京葉瓦斯㈱ | Major shareholder | 13.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱ (信託口) | Major shareholder | 5.9% | 2025-12-31 |
| ㈱千葉銀行 | Major shareholder | 2.6% | 2025-12-31 |
| ㈱プレミアムウォーターホールディングス | Major shareholder | 2.1% | 2025-12-31 |
| 三井住友信託銀行㈱(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 1.8% | 2025-12-31 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券㈱) | Major shareholder | 1.8% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 1.3% | 2025-12-31 |
| ㈱千葉興業銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/01/01－2025/12/31) | S100XUMN | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUMN,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VGJL | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGJL,, |
| 有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T4WM | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4WM,, |
| 有価証券報告書－第9期(2022/01/01－2022/12/31) | S100QHCE | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHCE,, |
| 有価証券報告書－第8期(令和3年1月1日－令和3年12月31日) | S100NQRA | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQRA,, |
| 有価証券報告書－第7期(令和2年1月1日－令和2年12月31日) | S100L1YZ | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1YZ,, |

## 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).