# K.R.S.Corporation: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第60期(2024/12/01－2025/11/30) (S100XMO8)
> Page: https://vizora.meequs.com/en/company/k-r-s
> Retrieved: 2026-09-30T21:37:51.251Z

## Company

K.R.S., founded in 1966, is a company in Trucking & Parcel Delivery listed on TSE Standard. It has 7,971 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | K.R.S.Corporation |
| Ticker | 9369 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9369.T) |
| Listing | TSE Standard |
| Head office | 東京都調布市調布ケ丘三丁目50番地1 |
| Representative (per filing) | 代表取締役社長 富田 仁一 |
| Founded | Feb 1966 |
| Share capital | ¥4.06B |
| Employees (consolidated) | 7,971 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | November |
| Website | www.krs.co.jp (https://www.krs.co.jp/) |
| Corporate number | 7012401007541 |
| EDINET | E04213 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100XMO8, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.3 | 37 |
| Profitability | 16.7 | 39 |
| Cash conversion | 72.4 | 38 |
| Efficiency | 85.9 | 39 |

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 68% of K.R.S.'s sales come from Common logistics business, with Customized logistics business and Associate business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +1.5%.

## Company structure

- Segment revenue mix: Common logistics business 67.7%、Customized logistics business 19.7%、Associate business 12.6%
- Revenue → net income: ¥202602000000 → ¥3199000000
- Net income → operating cash flow: ¥3199000000 → ¥9571000000（difference ¥6372000000）
- Main uses of operating cash flow: CapEx ¥12512000000 / dividends ¥634000000 / buybacks —
- Change in cash: ¥-941000000
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 | ¥202.6B |  |
| Operating income | ¥5.64B | Margin 2.8% |
| Net income | ¥2.65B | Margin 1.3% |
| Free cash flow | -¥2.94B |  |
| Largest business | Common logistics business | of segment revenue 67.7% |
| Employees (consolidated) | 7,971 |  |
| EPS | ¥64.58 |  |
| Book value per share | ¥983.41 |  |
| Equity ratio | 33.2% |  |
| Shares outstanding | 25,355,800 |  |
| Treasury shares | 499,200 |  |
| Shareholders | 11,793 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 3.3% | Cash ÷ revenue 2.2% |
| Vs. industry median margin | -2 pp | Trucking & Parcel Delivery |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.6× net income
- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥171171000000 | ¥202602000000 | +18.4% |
| Operating income | ¥2601000000 | ¥5644000000 | +117.0% |
| Operating margin | 1.5% | 2.8% | +1.3 pp |
| Employees | 6,342 people | 7,971 people | +25.7% |
| Cash and equivalents | ¥9309000000 | ¥4529000000 | -51.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 共同物流事業 → 共同物流事業 | 67.7% |
| 共同物流事業 → 事業再編・廃止 | 7.1% |
| 専用物流事業 → 専用物流事業 | 19.7% |
| 専用物流事業 → 事業再編・廃止 | 1.9% |
| 関連事業 → 関連事業 | 3.7% |
| 新設・再編 → 関連事業 | 9.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Common logistics business | 5 years | +1.4% | ¥137082000000 | 2.2% | 2 |
| Customized logistics business | 5 years | +1.6% | ¥39902000000 | 3.6% | 2 |
| Associate business | 5 years | +32.4% | ¥25617000000 | 4.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 202,602 | 100.0% | S100XMO8 |
| SG&A | 6,696 | 3.3% | S100XMO8 |
| Operating income | 5,644 | 2.8% | S100XMO8 |
| Ordinary income | 4,820 | 2.4% | S100XMO8 |
| Pretax income | 4,755 | 2.3% | S100XMO8 |
| Income tax | 1,556 | 0.8% | S100XMO8 |
| Net income | 3,199 | 1.6% | S100XMO8 |
| Net income attributable to owners | 2,648 | 1.3% | S100XMO8 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 97 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Operating margin 2.8% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +1.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.39×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 195,192 | 202,602 | 7,410 | +3.8% |
| Operating income | 5,562 | 5,644 | 82 | +1.5% |
| Net income attributable to owners | 2,660 | 2,648 | -12 | -0.5% |
| Operating cash flow | 12,325 | 9,571 | -2,754 | -22.3% |
| Free cash flow | -436 | -2,941 | -2,505 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 172,185 | 4,133 | 2.4% | 1,835 | 5,806 | -2,154 | S100KULJ |
| FY ending Nov 2020 | 171,171 | 2,601 | 1.5% | 1,187 | 5,365 | -2,070 | S100NJKY |
| FY ending Nov 2021 | 175,967 | 3,638 | 2.1% | 1,561 | 7,568 | -4,314 | S100Q9NC |
| FY ending Nov 2022 | 179,649 | 3,695 | 2.1% | 1,458 | 8,116 | 734 | S100SY4C |
| FY ending Nov 2023 | 184,617 | 4,030 | 2.2% | -1,334 | 9,093 | 701 | S100VB04 |
| FY ending Nov 2024 | 195,192 | 5,562 | 2.8% | 2,660 | 12,325 | -436 | S100XMO8 |
| FY ending Nov 2025 | 202,602 | 5,644 | 2.8% | 2,648 | 9,571 | -2,941 | S100XMO8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.4M |
| Operating income per employee (consolidated) | ¥708.1K |
| Net income per employee (consolidated) | ¥332.2K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,568 | 6,913 | 6,938 | 7,523 | 7,971 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.6M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 37.4 years | 39.1 years | 39.6 years | 40.0 years | 40.1 years |
| Average tenure (parent company) | 12.6 years | 14.2 years | 14.7 years | 15.3 years | 15.1 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Common logistics business | 137,082 | 67.7% | 2,964 | 2.2% |
| Customized logistics business | 39,902 | 19.7% | 1,446 | 3.6% |
| Associate business | 25,617 | 12.6% | 1,198 | 4.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Common logistics business | 67.7% | 52.9% | -14.8 | 2.2% |
| Customized logistics business | 19.7% | 25.8% | 6.1 | 3.6% |
| Associate business | 12.6% | 21.4% | 8.7 | 4.7% |

Segment → industry: Common logistics business → Trucking & Parcel Delivery / Associate business → Warehouses & Logistics Facilities / Customized logistics business → Warehouses & Logistics Facilities / Common logistics business → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,571 | 4.7% | S100XMO8 |
| Capital expenditure | 12,512 | 6.2% | S100XMO8 |
| Free cash flow | -2,941 | -1.5% | 算出 |
| Investing cash flow | -12,597 | -6.2% | S100XMO8 |
| Financing cash flow | 2,109 | 1.0% | S100XMO8 |
| Dividends paid | 634 | 0.3% | S100XMO8 |
| Change in cash | -941 | -0.5% | S100XMO8 |
| Cash and equivalents | 4,529 | 2.2% | S100XMO8 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,800 | 4,986 | 3,857 | 5,471 | 4,529 | S100SY4C, S100VB04, S100XMO8 |
| Total assets | 110,836 | 118,976 | 118,874 | 130,635 | 136,573 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Net assets | 47,872 | 52,155 | 51,455 | 54,653 | 57,162 | S100SY4C, S100VB04, S100XMO8 |
| Share capital | 4,063 | 4,063 | 4,063 | 4,063 | 4,063 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Property, plant and equipment | 69,072 | 73,764 | 73,176 | 77,768 | 81,803 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Intangible assets excluding goodwill | 5,125 | 5,594 | 5,752 | 6,369 | 6,772 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Goodwill | 1,935 | 2,095 | 1,853 | 1,555 | 1,227 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Investment securities | 1,802 | 2,343 | 2,710 | 4,107 | 4,481 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Current assets | 27,507 | 29,338 | 28,047 | 32,365 | 32,379 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Current liabilities | 34,611 | 37,356 | 37,589 | 44,450 | 45,039 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Short-term borrowings | 9,624 | 12,102 | 12,047 | 14,494 | 15,314 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Long-term borrowings | 23,147 | 23,730 | 24,292 | 25,782 | 28,226 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Total liabilities | 62,964 | 66,821 | 67,419 | 75,982 | 79,410 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Non-controlling interests | 9,396 | 10,765 | 11,262 | 11,751 | 11,871 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Equity attributable to owners of parent | 38,292 | 39,178 | 37,262 | 39,351 | 41,365 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Retained earnings | 30,381 | 31,268 | 29,362 | 31,450 | 33,465 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |
| Treasury stock | -361 | -361 | -361 | -361 | -361 | S100Q9NC, S100SY4C, S100VB04, S100XMO8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XMO8 |
| Property, plant and equipment | 60% | S100XMO8 |
| Intangibles and goodwill | 6% | S100XMO8 |
| Investment securities | 3% | S100XMO8 |
| Other assets | 28% | S100XMO8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100XMO8 |
| Equity | 42% | S100XMO8 |
| Other liabilities | 0% | S100XMO8 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 110,836 | 118,976 | 118,874 | 130,635 | 136,573 |
| Equity | 47,872 | 52,155 | 51,455 | 54,653 | 57,162 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,800 | 4,986 | 3,857 | 5,471 | 4,529 |

## 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) | 40.4% | S100XMO8 |
| Fixed assets ÷ total assets | 59.9% | S100XMO8 |
| Goodwill ÷ parent equity | 3.0% | S100XMO8 |

Goodwill over 4 years: 1,935 → 1,227 JPY; total investing cash flow: -52,566 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) | 3.3% |
| Cash ÷ revenue | 2.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 169.6% |
| Cash vs. profit gap | 6,923 JPY mn (of net income 261.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| Investing CF relative to operating CF | 131.6% |

## 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 | 0.9% | 1.59× | 1.4% | 2.89× | 4.1% | S100Q9NC |
| 2022 | 0.8% | 1.56× | 1.3% | 2.97× | 3.8% | S100SY4C |
| 2023 | — | —× | -1.1% | —× | — | S100VB04 |
| 2024 | 1.4% | 1.56× | 2.1% | 3.26× | 6.9% | S100XMO8 |
| 2025 | 1.3% | 1.52× | 2.0% | 3.31× | 6.6% | S100XMO8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| キユーピー株式会社 | Major shareholder | 43.3% | 2025-11-30 |
| 株式会社中島董商店 | Major shareholder | 5.9% | 2025-11-30 |
| 三菱倉庫株式会社 | Major shareholder | 5.1% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 5.0% | 2025-11-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 4.0% | 2025-11-30 |
| キユーソー持株会 | Major shareholder | 2.7% | 2025-11-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.1% | 2025-11-30 |
| 株式会社日本カストディ銀行 | Major shareholder | 2.1% | 2025-11-30 |
| 野村證券株式会社 | Major shareholder | 1.5% | 2025-11-30 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＵＢＳＡＧ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＥＱＣＯ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.0% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2024/12/01－2025/11/30) | S100XMO8 | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMO8,, |
| 有価証券報告書－第59期(2023/12/01－2024/11/30) | S100VB04 | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB04,, |
| 有価証券報告書－第58期(2022/12/01－2023/11/30) | S100SY4C | 2024-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY4C,, |
| 有価証券報告書－第57期(2021/12/01－2022/11/30) | S100Q9NC | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9NC,, |
| 有価証券報告書－第56期(令和2年12月1日－令和3年11月30日) | S100NJKY | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJKY,, |
| 有価証券報告書－第55期(令和1年12月1日－令和2年11月30日) | S100KULJ | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KULJ,, |

## 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).