# KAJI TECHNOLOGY CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/04/01－2026/03/31) (S100YJ76)
> Page: https://vizora.meequs.com/en/company/kaji-technology
> Retrieved: 2026-09-30T21:00:59.266Z

## Company

Kaji Technology, founded in 1905, is a company in Industrial Machinery listed on TSE Standard. It has 207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAJI TECHNOLOGY CORPORATION |
| Ticker | 6391 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6391.T) |
| Listing | TSE Standard |
| Head office | 大阪府堺市美原区菩提6番地 |
| Representative (per filing) | 代表取締役社長 松岡 克憲 |
| Founded | May 1905 |
| Share capital | ¥1.44B |
| Employees (consolidated) | 207 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.kajitech.com (https://www.kajitech.com/) |
| Corporate number | 2120101021427 |
| EDINET | E01529 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YJ76, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.1 | 110 |
| Profitability | 73.4 | 122 |
| Cash conversion | 51.3 | 116 |
| Efficiency | 30.7 | 122 |

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)

- Kaji Technology brought in ¥7.8B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +49.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7799533000 → ¥723661000
- Net income → operating cash flow: ¥723661000 → ¥1027001000（difference ¥303340000）
- Main uses of operating cash flow: CapEx ¥279728000 / dividends ¥66786000 / buybacks ¥674000
- Change in cash: ¥398611000
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 | ¥7.8B |  |
| Operating income | ¥925.4M | Margin 11.9% |
| Net income | ¥723.7M | Margin 9.3% |
| Free cash flow | ¥747.3M |  |
| Employees (consolidated) | 207 |  |
| EPS | ¥437.46 |  |
| Book value per share | ¥5123.55 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 1,718,000 |  |
| Treasury shares | 63,800 |  |
| Shareholders | 1,857 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 16.8% | Cash ÷ revenue 26.6% |
| Vs. industry median margin | +4.3 pp | Industrial Machinery |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5743183000 | ¥7799533000 | +35.8% |
| Operating income | ¥382990000 | ¥925437000 | +141.6% |
| Operating margin | 6.7% | 11.9% | +5.2 pp |
| Employees | 198 people | 207 people | +4.5% |
| Cash and equivalents | ¥819498000 | ¥2071073000 | +152.7% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,800 | 100.0% | S100YJ76 |
| Cost of revenue | 5,388 | 69.1% | S100YJ76 |
| Gross profit | 2,412 | 30.9% | S100YJ76 |
| SG&A | 1,486 | 19.1% | S100YJ76 |
| Operating income | 925 | 11.9% | S100YJ76 |
| Ordinary income | 978 | 12.5% | S100YJ76 |
| Pretax income | 1,016 | 13.0% | S100YJ76 |
| Income tax | 292 | 3.7% | S100YJ76 |
| Net income | 724 | 9.3% | S100YJ76 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 19 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 30.9% → Operating margin 11.9% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +49.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.34×
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 | 7,004 | 7,800 | 796 | +11.4% |
| Gross profit | 2,035 | 2,412 | 376 | +18.5% |
| Operating income | 620 | 925 | 305 | +49.2% |
| Operating cash flow | 542 | 1,027 | 485 | +89.4% |
| Free cash flow | 293 | 747 | 454 | +154.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,379 | 324 | 5.1% | 254 | 11 | -175 | S100LRJE |
| FY ending Mar 2021 | 5,743 | 383 | 6.7% | 308 | 70 | -728 | S100OH3F |
| FY ending Mar 2022 | 4,578 | 435 | 9.5% | 309 | 786 | -1,087 | S100R4XR |
| FY ending Mar 2023 | 5,976 | 237 | 4.0% | 289 | 381 | -333 | S100TTUY |
| FY ending Mar 2024 | 7,261 | 767 | 10.6% | 578 | 843 | 684 | S100W6PW |
| FY ending Mar 2025 | 7,004 | 620 | 8.9% | 579 | 542 | 293 | S100YJ76 |
| FY ending Mar 2026 | 7,800 | 925 | 11.9% | 724 | 1,027 | 747 | S100YJ76 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.7M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 199 | 198 | 199 | 205 | 207 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥6.3M | ¥6.9M | ¥7M |
| Average age (parent company) | 41.5 years | 41.7 years | 42.1 years | 42.1 years | 42.2 years |
| Average tenure (parent company) | 15.7 years | 15.9 years | 15.7 years | 15.6 years | 15.3 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +11.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,027 | 13.2% | S100YJ76 |
| Capital expenditure | 280 | 3.6% | S100YJ76 |
| Free cash flow | 747 | 9.6% | 算出 |
| Investing cash flow | -479 | -6.1% | S100YJ76 |
| Financing cash flow | -149 | -1.9% | S100YJ76 |
| Dividends paid | 67 | 0.9% | S100YJ76 |
| Share buyback | 1 | 0.0% | S100YJ76 |
| Change in cash | 399 | 5.1% | S100YJ76 |
| Cash and equivalents | 2,071 | 26.6% | S100YJ76 |

## 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 | 771 | 972 | 1,524 | 1,672 | 2,071 | S100TTUY, S100W6PW, S100YJ76 |
| Total assets | 9,684 | 10,991 | 11,810 | 11,559 | 12,301 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Net assets | 6,574 | 6,795 | 7,306 | 7,818 | 8,475 | S100TTUY, S100W6PW, S100YJ76 |
| Share capital | 1,440 | 1,440 | 1,440 | 1,440 | 1,440 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Property, plant and equipment | 3,061 | 3,487 | 3,348 | 3,439 | 3,234 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Intangible assets excluding goodwill | 104 | 126 | 158 | 213 | 221 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Current assets | 6,166 | 7,005 | 7,900 | 7,421 | 8,242 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Current liabilities | 2,538 | 2,196 | 2,603 | 1,931 | 2,135 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Short-term borrowings | 1,010 | 10 | 10 | 10 | 10 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Long-term borrowings | — | 1,434 | 1,355 | 1,276 | 1,197 | S100TTUY, S100W6PW, S100YJ76 |
| Total liabilities | 3,110 | 4,196 | 4,504 | 3,741 | 3,826 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Equity attributable to owners of parent | 6,573 | 6,795 | 7,306 | 7,818 | 8,475 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Retained earnings | 4,041 | 4,263 | 4,775 | 5,288 | 5,945 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |
| Treasury stock | -110 | -111 | -112 | -112 | -113 | S100R4XR, S100TTUY, S100W6PW, S100YJ76 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJ76 |
| Property, plant and equipment | 26% | S100YJ76 |
| Intangibles and goodwill | 2% | S100YJ76 |
| Other assets | 55% | S100YJ76 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YJ76 |
| Equity | 69% | S100YJ76 |
| Other liabilities | 0% | S100YJ76 |

### 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 | 9,684 | 10,991 | 11,810 | 11,559 | 12,301 |
| Equity | 6,574 | 6,795 | 7,306 | 7,818 | 8,475 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 771 | 972 | 1,524 | 1,672 | 2,071 |

## 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) | 41.5% | S100YJ76 |
| Fixed assets ÷ total assets | 26.3% | S100YJ76 |
| Goodwill ÷ parent equity | — | —, S100YJ76 |

### 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) | 16.8% |
| Cash ÷ revenue | 26.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.0% |
| Cash vs. profit gap | 303 JPY mn (of net income 41.9%) |
| Shareholder returns / net income | 9.3% |
| Shareholder returns / FCF | 9.0% |
| Shareholder payments — dividends / net income | 9.2% |
| Shareholder payments — dividends / FCF | 8.9% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 46.7% |

## 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 | 6.8% | 0.47× | 3.2% | 1.47× | 4.7% | S100R4XR |
| 2023 | 4.8% | 0.58× | 2.8% | 1.55× | 4.3% | S100TTUY |
| 2024 | 8.0% | 0.64× | 5.1% | 1.62× | 8.2% | S100W6PW |
| 2025 | 8.3% | 0.60× | 5.0% | 1.55× | 7.7% | S100YJ76 |
| 2026 | 9.3% | 0.65× | 6.1% | 1.46× | 8.9% | S100YJ76 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社三井E&S | Major shareholder | 51.1% | 2026-03-31 |
| 加地取引先持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 早川 直希 | Major shareholder | 0.9% | 2026-03-31 |
| 桜井 昭一 | Major shareholder | 0.9% | 2026-03-31 |
| 東京短資株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2026-03-31 |
| JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2026-03-31 |
| 曽山 邦子 | Major shareholder | 0.6% | 2026-03-31 |
| 加地テック役員持株会 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YJ76 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ76,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W6PW | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6PW,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TTUY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTUY,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R4XR | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4XR,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OH3F | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH3F,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LRJE | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRJE,, |

## 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).