# kaihan co.,Ltd.: 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23期(2025/04/01－2026/03/31) (S100YPJM)
> Page: https://vizora.meequs.com/en/company/kaihan
> Retrieved: 2026-09-30T18:28:24.429Z

## Company

kaihan, founded in 2003, is a company in Electric Power & Gas listed on TSE Growth. It has 83 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | kaihan co.,Ltd. |
| Ticker | 3133 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3133.T) |
| Listing | TSE Growth |
| Head office | 名古屋市中村区名駅四丁目15番15号 名古屋綜合市場ビル |
| Representative (per filing) | 代表取締役社長 守田 直貴 |
| Founded | May 2003 |
| Share capital | ¥2.61B |
| Employees (consolidated) | 83 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | March |
| Website | www.kaihan.co.jp (https://www.kaihan.co.jp/) |
| Corporate number | 2180001059198 |
| EDINET | E31367 |
| Industries (Vizora) | Electric Power & Gas, Restaurants & Pubs |

> Profile source: annual securities report (S100YPJM, filed 2026-07-08). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.8 | 56 |
| Profitability | 0.8 | 66 |
| Efficiency | 5.3 | 66 |
| Financial strength | 12.5 | 4 |

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 78% of kaihan's sales come from Restaurant segment, with Medical segment and Renewable energy segment making up much of the rest.
- It lost about ¥46 for every ¥100 of sales at the operating level.
- Revenue changed +13.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.15B |  |
| Operating income | -¥1.44B | Margin -45.6% |
| Net income | -¥5.14B | Margin -162.9% |
| Free cash flow | -¥1.93B |  |
| Largest business | Restaurant segment | of segment revenue 78.0% |
| Employees (consolidated) | 83 |  |
| EPS | ¥-88.82 |  |
| Book value per share | ¥6.61 |  |
| Equity ratio | 4.9% |  |
| Shares outstanding | 58,355,783 |  |
| Shareholders | 29,038 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 4.2% | Net cash -¥2.19B · Cash ÷ revenue 6.6% |
| Vs. industry median margin | -49.6 pp | Restaurants & Pubs |
| ROA | -107.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 46 per ¥100 of revenue
- FY2026, cash is 4% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥861147000 | ¥3152892000 | — |
| Operating income | ¥-933790000 | ¥-1438401000 | — |
| Operating margin | -108.4% | -45.6% | +62.8 pp |
| Employees | 72 people | 83 people | — |
| Cash and equivalents | ¥44796000 | ¥208286000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 飲食事業 | 78.0% |
| 新設・再編 → 再生可能エネルギー事業 | 6.2% |
| 新設・再編 → メディカル事業 | 15.8% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Restaurant segment | 3 years | +5.6% | ¥2460783000 | -0.6% | 2 |
| Medical segment | — | — | ¥497617000 | -42.7% | 2 |
| Renewable energy segment | 2 years | +603.8% | ¥194315000 | -95.8% | 2 |
| Other | — | — | ¥175000 | -146353.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,153 | 100.0% | S100YPJM |
| Cost of revenue | 900 | 28.5% | S100YPJM |
| Gross profit | 2,253 | 71.5% | S100YPJM |
| SG&A | 3,692 | 117.1% | S100YPJM |
| Operating income | -1,438 | -45.6% | S100YPJM |
| Ordinary income | -1,591 | -50.5% | S100YPJM |
| Pretax income | -5,063 | -160.6% | S100YPJM |
| Income tax | 79 | 2.5% | S100YPJM |
| Net income | -5,142 | -163.1% | S100YPJM |
| Net income attributable to owners | -5,135 | -162.9% | S100YPJM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 117 |
| Operating income | -46 |
| (Ref.) Net income | -163 |

### Margin funnel

Gross margin 71.5% → Operating margin -45.6% → Net margin -162.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,791 | 3,153 | 362 | +13.0% |
| Gross profit | 1,994 | 2,253 | 259 | +13.0% |
| Operating income | -462 | -1,438 | -976 | — |
| Net income attributable to owners | -738 | -5,135 | -4,397 | — |
| Operating cash flow | -294 | -1,105 | -811 | — |
| Free cash flow | -615 | -1,934 | -1,319 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,978 | -465 | -11.7% | -696 | -224 | -427 | S100NLIW |
| FY ending Mar 2021 | 861 | -934 | -108.4% | -1,066 | -1,033 | -1,055 | S100OG62 |
| FY ending Mar 2022 | 777 | -703 | -90.5% | -454 | -179 | -183 | S100OG62 |
| FY ending Mar 2023 | 2,087 | -602 | -28.8% | -1,135 | -579 | -1,255 | S100TR8J |
| FY ending Mar 2024 | 2,443 | -588 | -24.1% | -713 | -632 | -1,485 | S100X8L5 |
| FY ending Mar 2025 | 2,791 | -462 | -16.6% | -738 | -294 | -615 | S100YPJM |
| FY ending Mar 2026 | 3,153 | -1,438 | -45.6% | -5,135 | -1,105 | -1,934 | S100YPJM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38M |
| Operating income per employee (consolidated) | -¥17.3M |
| Net income per employee (consolidated) | -¥61.9M |

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) | 61 | 62 | 73 | 88 | 83 |
| Average salary (parent company) | ¥3.7M | ¥4.8M | ¥4.2M | ¥3.9M | ¥4M |
| Average age (parent company) | 38.1 years | 41.3 years | 42.8 years | 39.4 years | 38.9 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.0 years | 3.0 years | 3.0 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) +13.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant segment | 2,461 | 78.0% | -14 | -0.6% |
| Renewable energy segment | 194 | 6.2% | -186 | -95.8% |
| Medical segment | 498 | 15.8% | -212 | -42.7% |
| Other | 0 | 0.0% | -256 | -146353.1% |

### 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 | Margin |
| --- | ---: | ---: |
| Restaurant segment | 78.0% | -0.6% |
| Renewable energy segment | 6.2% | -95.8% |
| Medical segment | 15.8% | -42.7% |
| Other | 0.0% | -146353.1% |

Loss-making segment (excluded from profit shares): Restaurant segment -14 JPY mn

Loss-making segment (excluded from profit shares): Renewable energy segment -186 JPY mn

Loss-making segment (excluded from profit shares): Medical segment -212 JPY mn

Loss-making segment (excluded from profit shares): Other -256 JPY mn

Segment → industry: Renewable energy segment → Electric Power & Gas / Restaurant segment → Restaurants & Pubs

## 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 | -1,105 | -35.0% | S100YPJM |
| Capital expenditure | 829 | 26.3% | S100YPJM |
| Free cash flow | -1,934 | -61.3% | 算出 |
| Investing cash flow | -1,306 | -41.4% | S100YPJM |
| Financing cash flow | 2,409 | 76.4% | S100YPJM |
| Change in cash | -6 | -0.2% | S100YPJM |
| Cash and equivalents | 208 | 6.6% | S100YPJM |

## 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 | 1,507 | 260 | 577 | 209 | 208 | S100OG62, S100X8L5, S100YPJM |
| Total assets | 2,124 | 2,660 | 3,617 | 4,576 | 5,017 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Net assets | 450 | 291 | 891 | 1,482 | 494 | S100OG62, S100X8L5, S100YPJM |
| Share capital | 1,406 | 1,010 | 1,684 | 1,689 | 2,607 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Property, plant and equipment | 269 | 797 | 1,544 | 1,522 | 2,264 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Intangible assets excluding goodwill | 6 | 378 | 352 | 1,640 | 311 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Goodwill | 3 | 364 | 306 | 1,589 | 232 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Current assets | 1,706 | 1,175 | 1,183 | 771 | 1,622 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Current liabilities | 1,017 | 1,333 | 2,012 | 1,935 | 2,906 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Short-term borrowings | 80 | 2 | 750 | 735 | 841 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Long-term borrowings | 412 | 702 | 513 | 1,042 | 816 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Bonds | — | — | — | — | 738 | S100YPJM |
| Interest-bearing debt | — | — | — | — | 2,395 | 算出 |
| Total liabilities | 1,675 | 2,370 | 2,726 | 3,094 | 4,523 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Non-controlling interests | — | — | — | — | 20 | S100YPJM |
| Equity attributable to owners of parent | 388 | 255 | 891 | 1,407 | 249 | S100OG62, S100TR8J, S100X8L5, S100YPJM |
| Retained earnings | -2,410 | -1,135 | -1,848 | -2,586 | -7,721 | S100OG62, S100TR8J, S100X8L5, S100YPJM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YPJM |
| Property, plant and equipment | 45% | S100YPJM |
| Intangibles and goodwill | 11% | S100YPJM |
| Other assets | 40% | S100YPJM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 48% | 算出 |
| Other liabilities | 42% | S100YPJM |
| Equity | 10% | S100YPJM |
| Other liabilities | 0% | S100YPJM |

### 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 | 2,124 | 2,660 | 3,617 | 4,576 | 5,017 |
| Equity | 450 | 291 | 891 | 1,482 | 494 |
| Interest-bearing debt | — | — | — | — | 2,395 |
| Cash | 1,507 | 260 | 577 | 209 | 208 |

## 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) | 71.8% | S100YPJM |
| Fixed assets ÷ total assets | 45.1% | S100YPJM |
| Goodwill ÷ parent equity | 93.2% | S100YPJM |

### 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) | 4.2% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | -¥2.19B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 4,031 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 26.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -21.4% | —× | — | S100OG62 |
| 2023 | — | —× | -42.7% | —× | — | S100TR8J |
| 2024 | — | —× | -22.7% | —× | — | S100X8L5 |
| 2025 | — | —× | -18.0% | —× | — | S100YPJM |
| 2026 | — | —× | -107.1% | —× | — | S100YPJM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉川 元宏 | Major shareholder | 17.1% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 水嶋 亨 | Major shareholder | 0.7% | 2026-03-31 |
| 水口 雅之 | Major shareholder | 0.5% | 2026-03-31 |
| 高原 克弥 | Major shareholder | 0.4% | 2026-03-31 |
| 吉田 徹也 | Major shareholder | 0.4% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.3% | 2026-03-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴＳ Ｍ ＬＳＣＢ ＲＤ (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 0.3% | 2026-03-31 |
| 亀井 信一郎 | Major shareholder | 0.3% | 2026-03-31 |
| 山口 烈慶 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YPJM | 2026-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YPJM,, |
| 訂正有価証券報告書－第22期(2024/04/01－2025/03/31) | S100X8L5 | 2025-12-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X8L5,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TR8J | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR8J,, |
| 訂正有価証券報告書－第20期(2022/04/01－2023/03/31) | S100T9ZP | 2024-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T9ZP,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OG62 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG62,, |
| 訂正有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100NLIW | 2022-03-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NLIW,, |

## 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).