# K-uno, CO., LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2024/10/01－2025/09/30) (S100XDKZ)
> Page: https://vizora.meequs.com/en/company/k-uno
> Retrieved: 2026-09-30T20:18:08.632Z

## Company

K-uno, founded in 1991, is a company in Watches, Jewelry & Eyewear listed on Nagoya. It has 578 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | K-uno,CO.,LTD. |
| Ticker | 259A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/259A.T) |
| Listing | Nagoya |
| Head office | 愛知県名古屋市千種区猫洞通三丁目9番地 |
| Representative (per filing) | 代表取締役CEO 青木 興一 |
| Founded | Mar 1991 |
| Share capital | ¥55M |
| Employees (consolidated) | 578 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | September |
| Website | www.k-uno.co.jp (https://www.k-uno.co.jp/) |
| Corporate number | 9180001005179 |
| EDINET | E39945 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100XDKZ, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.5 | 20 |
| Profitability | 7.5 | 20 |
| Cash conversion | 18.4 | 19 |
| Efficiency | 92.9 | 21 |

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-uno brought in ¥7B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit -60.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7B |  |
| Operating income | ¥102.8M | Margin 1.5% |
| Net income | ¥22.8M | Margin 0.3% |
| Free cash flow | -¥178.3M |  |
| Employees (consolidated) | 578 |  |
| EPS | ¥-79.32 |  |
| Diluted EPS | ¥21.13 |  |
| Book value per share | ¥1156.11 |  |
| Equity ratio | 28.0% |  |
| Shares outstanding | 1,055,200 |  |
| Shareholders | 1,154 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | -5.2 pp | Watches, Jewelry & Eyewear |
| ROE | 2.0% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## What changed in 2 years

| Metric | FY ending Sep 2023 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6170243000 | ¥7004176000 | +13.5% |
| Operating income | ¥177091000 | ¥102807000 | -41.9% |
| Operating margin | 2.9% | 1.5% | -1.4 pp |
| Employees | 492 people | 578 people | +17.5% |
| Cash and equivalents | ¥978538000 | ¥1021288000 | +4.4% |

### Change in segment revenue mix

Span: FY ending Sep 2023 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,004 | 100.0% | S100XDKZ |
| Cost of revenue | 2,946 | 42.1% | S100XDKZ |
| Gross profit | 4,059 | 57.9% | S100XDKZ |
| SG&A | 3,956 | 56.5% | S100XDKZ |
| Operating income | 103 | 1.5% | S100XDKZ |
| Ordinary income | 76 | 1.1% | S100XDKZ |
| Pretax income | 62 | 0.9% | S100XDKZ |
| Income tax | 40 | 0.6% | S100XDKZ |
| Net income | 23 | 0.3% | S100XDKZ |
| Net income attributable to owners | 23 | 0.3% | S100XDKZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 57 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 57.9% → Operating margin 1.5% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.2%; Core profit growth: -60.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -11.65×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,657 | 7,004 | 348 | +5.2% |
| Gross profit | 3,899 | 4,059 | 159 | +4.1% |
| Operating income | 262 | 103 | -160 | -60.8% |
| Net income attributable to owners | 166 | 23 | -143 | -86.3% |
| Operating cash flow | 351 | -44 | -395 | -112.5% |
| Free cash flow | 275 | -178 | -453 | -164.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2023 | 6,170 | 177 | 2.9% | 80 | 37 | 0 | S100V0XS |
| FY ending Sep 2024 | 6,657 | 262 | 3.9% | 166 | 351 | 275 | S100XDKZ |
| FY ending Sep 2025 | 7,004 | 103 | 1.5% | 23 | -44 | -178 | S100XDKZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.1M |
| Operating income per employee (consolidated) | ¥177.9K |
| Net income per employee (consolidated) | ¥39.5K |

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

| History | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 492 | 547 | 578 |
| Average salary (parent company) | — | ¥3.9M | ¥4M |
| Average age (parent company) | — | 32.4 years | 32.8 years |
| Average tenure (parent company) | — | 9.1 years | 9.5 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +5.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -44 | -0.6% | S100XDKZ |
| Capital expenditure | 134 | 1.9% | S100XDKZ |
| Free cash flow | -178 | -2.5% | 算出 |
| Investing cash flow | -140 | -2.0% | S100XDKZ |
| Financing cash flow | 192 | 2.7% | S100XDKZ |
| Change in cash | 6 | 0.1% | S100XDKZ |
| Cash and equivalents | 1,021 | 14.6% | S100XDKZ |

## 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 Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 979 | 1,016 | 1,021 | S100XDKZ |
| Total assets | 4,332 | 4,404 | 4,542 | S100V0XS, S100XDKZ |
| Net assets | 866 | 1,021 | 1,270 | S100XDKZ |
| Share capital | 30 | 30 | 55 | S100V0XS, S100XDKZ |
| Property, plant and equipment | 522 | 533 | 531 | S100V0XS, S100XDKZ |
| Intangible assets excluding goodwill | 78 | 71 | 85 | S100V0XS, S100XDKZ |
| Current assets | 3,185 | 3,267 | 3,403 | S100V0XS, S100XDKZ |
| Current liabilities | 2,595 | 2,370 | 2,300 | S100V0XS, S100XDKZ |
| Short-term borrowings | 800 | 440 | 440 | S100V0XS, S100XDKZ |
| Long-term borrowings | 576 | 728 | 690 | S100V0XS, S100XDKZ |
| Total liabilities | 3,467 | 3,384 | 3,272 | S100V0XS, S100XDKZ |
| Equity attributable to owners of parent | 840 | 1,007 | 1,253 | S100V0XS, S100XDKZ |
| Retained earnings | 658 | 824 | 847 | S100V0XS, S100XDKZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XDKZ |
| Property, plant and equipment | 12% | S100XDKZ |
| Intangibles and goodwill | 2% | S100XDKZ |
| Other assets | 64% | S100XDKZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100XDKZ |
| Equity | 28% | S100XDKZ |

### Balance sheet history

| Metric | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 4,332 | 4,404 | 4,542 |
| Equity | 866 | 1,021 | 1,270 |
| Interest-bearing debt | — | — | — |
| Cash | 979 | 1,016 | 1,021 |

## 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) | 7.6% | S100XDKZ |
| Fixed assets ÷ total assets | 11.7% | S100XDKZ |
| Goodwill ÷ parent equity | — | —, S100XDKZ |

### 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) | 22.5% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -42.9% |
| Cash vs. profit gap | -67 JPY mn (of net income -293.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.3% | 1.42× | 1.9% | 5.16× | 9.5% | S100V0XS |
| 2024 | 2.5% | 1.52× | 3.8% | 4.73× | 18.0% | S100XDKZ |
| 2025 | 0.3% | 1.57× | 0.5% | 3.96× | 2.0% | S100XDKZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社秀吉 | Major shareholder | 37.9% | 2025-09-30 |
| 久野新太郎 | Major shareholder | 11.0% | 2025-09-30 |
| 久野栄太 | Major shareholder | 10.7% | 2025-09-30 |
| ケイ・ウノ社員持株会 | Major shareholder | 9.7% | 2025-09-30 |
| 渡沼和則 | Major shareholder | 4.1% | 2025-09-30 |
| 青木興一 | Major shareholder | 4.1% | 2025-09-30 |
| 伊藤崇史 | Major shareholder | 4.1% | 2025-09-30 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 0.3% | 2025-09-30 |
| 株式会社安藤塾 | Major shareholder | 0.3% | 2025-09-30 |
| 阿部博紀 | Major shareholder | 0.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2024/10/01－2025/09/30) | S100XDKZ | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDKZ,, |
| 有価証券報告書－第34期(2023/10/01－2024/09/30) | S100V0XS | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0XS,, |

## 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).