# K'S HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YSC3)
> Page: https://vizora.meequs.com/en/company/k-s-holdings
> Retrieved: 2026-09-30T21:18:34.506Z

## Company

K'S Holdings, founded in 1955, is a company in Electronics Retailers listed on TSE Prime. It has 7,307 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | K'S HOLDINGS CORPORATION |
| Ticker | 8282 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8282.T) |
| Listing | TSE Prime |
| Head office | 茨城県水戸市城南二丁目7番5号 |
| Representative (per filing) | 代表取締役社長執行役員 吉原 祐二 |
| Founded | Oct 1955 |
| Share capital | ¥18.1B |
| Employees (consolidated) | 7,307 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.ksdenki.co.jp (https://www.ksdenki.co.jp/) |
| Corporate number | 6050001000897 |
| EDINET | E03128 |
| Industries (Vizora) | Electronics Retailers |

> Profile source: annual securities report (S100YSC3, filed 2026-07-27). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.2 | 13 |
| Profitability | 53.6 | 14 |
| Cash conversion | 75 | 14 |
| Efficiency | 60.7 | 14 |

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)

- K'S Holdings brought in ¥759.7B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +23.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥759710000000 → ¥14317000000
- Net income → operating cash flow: ¥14317000000 → ¥37521000000（difference ¥23204000000）
- Main uses of operating cash flow: CapEx ¥9205000000 / dividends ¥6995000000 / buybacks ¥10031000000
- Change in cash: ¥1525000000
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 | ¥759.7B |  |
| Operating income | ¥26.8B | Margin 3.5% |
| Net income | ¥14.3B | Margin 1.9% |
| Free cash flow | ¥28.3B |  |
| Employees (consolidated) | 7,307 |  |
| EPS | ¥57.86 |  |
| Diluted EPS | ¥57.79 |  |
| Book value per share | ¥776.7 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 168,000,000 |  |
| Treasury shares | 13,083,900 |  |
| Shareholders | 66,753 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 2.6% | Cash ÷ revenue 1.4% |
| Vs. industry median margin | +0.1 pp | Electronics Retailers |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, buybacks were 1.4× dividends
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥792542000000 | ¥759710000000 | -4.1% |
| Operating income | ¥51737000000 | ¥26799000000 | -48.2% |
| Operating margin | 6.5% | 3.5% | -3 pp |
| Employees | 6,894 people | 7,307 people | +6.0% |
| Cash and equivalents | ¥27995000000 | ¥10858000000 | -61.2% |

### 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 | 759,710 | 100.0% | S100YSC3 |
| Cost of revenue | 549,496 | 72.3% | S100YSC3 |
| Gross profit | 210,213 | 27.7% | S100YSC3 |
| SG&A | 183,414 | 24.1% | S100YSC3 |
| Operating income | 26,799 | 3.5% | S100YSC3 |
| Ordinary income | 30,579 | 4.0% | S100YSC3 |
| Pretax income | 19,972 | 2.6% | S100YSC3 |
| Income tax | 5,654 | 0.7% | S100YSC3 |
| Net income | 14,317 | 1.9% | S100YSC3 |
| Net income attributable to owners | 14,317 | 1.9% | S100YSC3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 24 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.7% → Operating margin 3.5% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +23.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.84×
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 | 738,019 | 759,710 | 21,691 | +2.9% |
| Gross profit | 204,323 | 210,213 | 5,890 | +2.9% |
| Operating income | 21,781 | 26,799 | 5,018 | +23.0% |
| Net income attributable to owners | 9,525 | 14,317 | 4,792 | +50.3% |
| Operating cash flow | 36,172 | 37,521 | 1,349 | +3.7% |
| Free cash flow | 25,333 | 28,316 | 2,983 | +11.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 708,222 | 32,989 | 4.7% | 21,525 | 60,016 | 47,754 | S100LTKO |
| FY ending Mar 2021 | 792,542 | 51,737 | 6.5% | 38,734 | 56,589 | 36,798 | S100OHYG |
| FY ending Mar 2022 | 747,219 | 41,755 | 5.6% | 28,547 | 24,226 | 15,152 | S100R63T |
| FY ending Mar 2023 | 737,320 | 30,129 | 4.1% | 21,120 | -2,177 | -21,592 | S100TTOT |
| FY ending Mar 2024 | 718,369 | 18,724 | 2.6% | 7,380 | 48,831 | 31,370 | S100X781 |
| FY ending Mar 2025 | 738,019 | 21,781 | 3.0% | 9,525 | 36,172 | 25,333 | S100YSC3 |
| FY ending Mar 2026 | 759,710 | 26,799 | 3.5% | 14,317 | 37,521 | 28,316 | S100YSC3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥104M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2M |

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) | 7,030 | 7,154 | 7,307 | 7,232 | 7,307 |
| Average salary (parent company) | ¥5.5M | ¥5.4M | ¥5.5M | ¥5.8M | ¥6M |
| Average age (parent company) | 40.7 years | 41.3 years | 41.8 years | 42.4 years | 43.2 years |
| Average tenure (parent company) | 14.7 years | 15.5 years | 16.1 years | 17.4 years | 17.5 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +2.9%

## 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 | 37,521 | 4.9% | S100YSC3 |
| Capital expenditure | 9,205 | 1.2% | S100YSC3 |
| Free cash flow | 28,316 | 3.7% | 算出 |
| Investing cash flow | -11,166 | -1.5% | S100YSC3 |
| Financing cash flow | -24,829 | -3.3% | S100YSC3 |
| Dividends paid | 6,995 | 0.9% | S100YSC3 |
| Share buyback | 10,031 | 1.3% | S100YSC3 |
| Change in cash | 1,525 | 0.2% | S100YSC3 |
| Cash and equivalents | 10,858 | 1.4% | S100YSC3 |

## 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 | 29,938 | 10,689 | 16,295 | 9,333 | 10,858 | S100TTOT, S100X781, S100YSC3 |
| Total assets | 442,053 | 453,692 | 438,199 | 422,682 | 422,482 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Net assets | 276,627 | 280,252 | 269,158 | 251,258 | 248,875 | S100TTOT, S100X781, S100YSC3 |
| Share capital | 18,125 | 18,125 | 18,125 | 18,125 | 18,125 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Property, plant and equipment | 140,739 | 145,269 | 141,061 | 127,831 | 114,207 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Intangible assets excluding goodwill | 3,783 | 3,606 | 3,816 | 3,960 | 5,107 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Goodwill | 56 | 50 | 45 | 39 | 33 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Investment securities | 893 | 846 | 1,021 | 1,044 | 1,292 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Current assets | 222,138 | 234,947 | 226,646 | 224,686 | 235,626 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Current liabilities | 138,647 | 146,475 | 144,184 | 148,565 | 111,959 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Short-term borrowings | 28,400 | 50,100 | 44,800 | 47,800 | 2,500 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Long-term borrowings | — | — | — | — | 40,000 | S100YSC3 |
| Total liabilities | 165,426 | 173,440 | 169,041 | 171,423 | 173,607 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Equity attributable to owners of parent | 276,108 | 279,813 | 268,658 | 250,740 | 248,160 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Retained earnings | 249,953 | 232,301 | 219,425 | 201,197 | 198,757 | S100R63T, S100TTOT, S100X781, S100YSC3 |
| Treasury stock | -42,167 | -20,683 | -18,962 | -18,652 | -18,792 | S100R63T, S100TTOT, S100X781, S100YSC3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YSC3 |
| Property, plant and equipment | 27% | S100YSC3 |
| Intangibles and goodwill | 1% | S100YSC3 |
| Investment securities | 0% | S100YSC3 |
| Other assets | 69% | S100YSC3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YSC3 |
| Equity | 59% | S100YSC3 |

### 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 | 442,053 | 453,692 | 438,199 | 422,682 | 422,482 |
| Equity | 276,627 | 280,252 | 269,158 | 251,258 | 248,875 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,938 | 10,689 | 16,295 | 9,333 | 10,858 |

## 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) | 15.0% | S100YSC3 |
| Fixed assets ÷ total assets | 27.0% | S100YSC3 |
| Goodwill ÷ parent equity | 0.0% | S100YSC3 |

Goodwill over 4 years: 56 → 33 JPY; total investing cash flow: -71,464 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) | 2.6% |
| Cash ÷ revenue | 1.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.0% |
| Cash vs. profit gap | 23,204 JPY mn (of net income 162.1%) |
| Shareholder returns / net income | 118.9% |
| Shareholder returns / FCF | 60.1% |
| Shareholder payments — dividends / net income | 48.9% |
| Shareholder payments — dividends / FCF | 24.7% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 29.8% |

## 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 | 3.8% | 1.69× | 6.5% | 1.60× | 10.3% | S100R63T |
| 2023 | 2.9% | 1.65× | 4.7% | 1.61× | 7.6% | S100TTOT |
| 2024 | 1.0% | 1.61× | 1.7% | 1.63× | 2.7% | S100X781 |
| 2025 | 1.3% | 1.71× | 2.2% | 1.66× | 3.7% | S100YSC3 |
| 2026 | 1.9% | 1.80× | 3.4% | 1.69× | 5.7% | S100YSC3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.4% | 2026-03-31 |
| ケーズデンキ従業員持株会 | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社ケーズマネジメント | Major shareholder | 2.6% | 2026-03-31 |
| 加藤 新次郎 | Major shareholder | 2.6% | 2026-03-31 |
| 佐藤商事株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社加藤馨経営研究所 | Major shareholder | 1.3% | 2026-03-31 |
| 加藤 修一 | Major shareholder | 1.3% | 2026-03-31 |
| 加藤 幸男 | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥759.7B, up +2.9% from ¥738B.
- Gross profit also rose +2.9% to ¥210.2B, but selling and admin costs grew only slightly, so operating income jumped +23.0% from ¥21.8B to ¥26.8B.
- Net income attributable to owners rose +50.3% from ¥9.53B to ¥14.3B.
- Operating cash flow was ¥37.5B (+3.7%) and free cash flow ¥28.3B (+11.8%).

### Drivers

- PC sales stayed strong after the end of support for an older version of Windows, and phone sales rose as customers on residual-value contracts reached their upgrade timing.
- Air conditioners sold well thanks to a record hot summer, bigger Tokyo subsidies for energy-saving appliances, and buying ahead of tighter energy-efficiency standards.
- Wage increases pushed staff costs up, but selling and admin costs grew more slowly than sales, which lifted operating income.

### Risks

- Seasonal products such as air conditioners and heaters depend heavily on summer and winter weather.
- Changes in the trade area around a store can push results below plan and lead to impairment losses, as happened again this year.
- Tougher competition from other retailers and online sellers could hurt results.

Cited: Amended Annual Securities Report (46th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Amended Annual Securities Report (46th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YSC3 | 2026-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSC3,, |
| 訂正有価証券報告書－第45期(2024/04/01－2025/03/31) | S100X781 | 2025-12-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X781,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TTOT | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTOT,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R63T | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63T,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OHYG | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHYG,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LTKO | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTKO,, |

## 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).