# KAMEI CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第113期(2025/04/01－2026/03/31) (S100YKU0)
> Page: https://vizora.meequs.com/en/company/kamei
> Retrieved: 2026-09-30T21:18:25.207Z

## Company

Kamei, founded in 1973, is a company in Oil Refining & Fuels listed on TSE Prime. It has 5,015 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAMEI CORPORATION |
| Ticker | 8037 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8037.T) |
| Listing | TSE Prime |
| Head office | 仙台市青葉区国分町三丁目1番18号 |
| Representative (per filing) | 代表取締役社長 亀井 昭男 |
| Founded | Mar 1973 |
| Share capital | ¥8.13B |
| Employees (consolidated) | 5,015 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.kamei.co.jp (https://www.kamei.co.jp/) |
| Corporate number | 5370001003340 |
| EDINET | E02682 |
| Industries (Vizora) | Oil Refining & Fuels, Electric Power & Gas, Specialty Trading & Wholesale, Housing Equipment & Building Materials, Car Dealers & Used Cars, Pets, Drugstores & Pharmacies |

> Profile source: annual securities report (S100YKU0, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 11 |
| Profitability | 65.4 | 13 |
| Cash conversion | 59.1 | 11 |
| Efficiency | 73.1 | 13 |

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 48% of Kamei's sales come from Energy, with Overseas and trade and Automotive making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +6.7%.

## Company structure

- Segment revenue mix: Energy 48.0%、Overseas and trade 15.6%、Automotive 13.8%、Construction 8.3%、Food 6.7%
- Revenue → net income: ¥583078000000 → ¥12611000000
- Net income → operating cash flow: ¥12611000000 → ¥29690000000（difference ¥17079000000）
- Main uses of operating cash flow: CapEx ¥12051000000 / dividends ¥2905000000 / buybacks ¥0
- Change in cash: ¥2265000000
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 | ¥583.1B |  |
| Operating income | ¥17B | Margin 2.9% |
| Net income | ¥11.9B | Margin 2.0% |
| Free cash flow | ¥17.6B |  |
| Largest business | Energy | of segment revenue 48.0% |
| Employees (consolidated) | 5,015 |  |
| EPS | ¥222.94 |  |
| Book value per share | ¥3165.7 |  |
| Equity ratio | 52.4% |  |
| Shares outstanding | 32,991,000 |  |
| Treasury shares | 2,392,600 |  |
| Shareholders | 4,286 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 10.1% |
| Vs. industry median margin | +0.5 pp | Oil Refining & Fuels |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, parent-company salary changed +34% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥405332000000 | ¥583078000000 | +43.9% |
| Operating income | ¥11504000000 | ¥16975000000 | +47.6% |
| Operating margin | 2.8% | 2.9% | +0.1 pp |
| Employees | 5,213 people | 5,015 people | -3.8% |
| Cash and equivalents | ¥41812000000 | ¥58900000000 | +40.9% |

### 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 |
| --- | ---: |
| エネルギー事業 → エネルギー事業 | 45.4% |
| 食料事業 → 食料事業 | 6.7% |
| 食料事業 → 事業再編・廃止 | 2.1% |
| 建設関連事業 → 建設関連事業 | 8.3% |
| 建設関連事業 → 事業再編・廃止 | 1.0% |
| 自動車関連事業 → 自動車関連事業 | 13.8% |
| 自動車関連事業 → 事業再編・廃止 | 1.4% |
| 海外・貿易事業 → 海外・貿易事業 | 11.1% |
| ペット関連事業 → ペット関連事業 | 2.5% |
| ペット関連事業 → 事業再編・廃止 | 0.7% |
| ファーマシー事業 → ファーマシー事業 | 3.5% |
| ファーマシー事業 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → エネルギー事業 | 2.6% |
| 新設・再編 → 海外・貿易事業 | 4.5% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy | 5 years | +8.7% | ¥279608000000 | 2.7% | 2 |
| Overseas and trade | 5 years | +15.2% | ¥91164000000 | 4.6% | 2 |
| Automotive | 5 years | +5.5% | ¥80258000000 | 6.2% | 2 |
| Construction | 5 years | +5.1% | ¥48376000000 | 2.6% | 2 |
| Food | 5 years | +1.9% | ¥39141000000 | 1.7% | 2 |
| Pharmacy | 5 years | +3.4% | ¥20395000000 | -0.4% | 2 |
| Pet | 5 years | +2.4% | ¥14475000000 | 0.9% | 2 |
| Other | 5 years | -3.5% | ¥9658000000 | 15.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 583,078 | 100.0% | S100YKU0 |
| Cost of revenue | 484,343 | 83.1% | S100YKU0 |
| Gross profit | 99,877 | 17.1% | S100YKU0 |
| SG&A | 82,901 | 14.2% | S100YKU0 |
| Operating income | 16,975 | 2.9% | S100YKU0 |
| Ordinary income | 18,655 | 3.2% | S100YKU0 |
| Pretax income | 19,181 | 3.3% | S100YKU0 |
| Income tax | 6,569 | 1.1% | S100YKU0 |
| Net income | 12,611 | 2.2% | S100YKU0 |
| Net income attributable to owners | 11,900 | 2.0% | S100YKU0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.1% → Operating margin 2.9% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +6.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.36×
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 | 574,281 | 583,078 | 8,797 | +1.5% |
| Gross profit | 93,037 | 99,877 | 6,840 | +7.4% |
| Operating income | 15,912 | 16,975 | 1,063 | +6.7% |
| Net income attributable to owners | 10,690 | 11,900 | 1,210 | +11.3% |
| Operating cash flow | 38,362 | 29,690 | -8,672 | -22.6% |
| Free cash flow | 25,904 | 17,639 | -8,265 | -31.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 453,844 | 10,399 | 2.3% | 6,755 | 14,408 | 1,244 | S100LVSR |
| FY ending Mar 2021 | 405,332 | 11,504 | 2.8% | 7,848 | 21,256 | 12,084 | S100OMHH |
| FY ending Mar 2022 | 482,557 | 12,648 | 2.6% | 8,514 | 18,364 | 8,098 | S100RAS8 |
| FY ending Mar 2023 | 551,245 | 15,619 | 2.8% | 8,562 | 13,652 | 5,009 | S100TXZ8 |
| FY ending Mar 2024 | 572,233 | 15,671 | 2.7% | 10,111 | 25,035 | 15,376 | S100W79K |
| FY ending Mar 2025 | 574,281 | 15,912 | 2.8% | 10,690 | 38,362 | 25,904 | S100YKU0 |
| FY ending Mar 2026 | 583,078 | 16,975 | 2.9% | 11,900 | 29,690 | 17,639 | S100YKU0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥116.3M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 5,579 | 5,609 | 4,777 | 4,894 | 5,015 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥6.4M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 41.6 years | 41.8 years | 40.4 years | 40.5 years | 40.4 years |
| Average tenure (parent company) | 12.6 years | 12.8 years | 14.2 years | 14.1 years | 13.8 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 279,608 | 48.0% | 7,456 | 2.7% |
| Food | 39,141 | 6.7% | 671 | 1.7% |
| Construction | 48,376 | 8.3% | 1,248 | 2.6% |
| Automotive | 80,258 | 13.8% | 4,982 | 6.2% |
| Overseas and trade | 91,164 | 15.6% | 4,159 | 4.6% |
| Pet | 14,475 | 2.5% | 124 | 0.9% |
| Pharmacy | 20,395 | 3.5% | -88 | -0.4% |
| Other | 9,658 | 1.7% | 1,489 | 15.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy | 48.0% | 37.0% | -10.9 | 2.7% |
| Food | 6.7% | 3.3% | -3.4 | 1.7% |
| Construction | 8.3% | 6.2% | -2.1 | 2.6% |
| Automotive | 13.8% | 24.8% | 11.0 | 6.2% |
| Overseas and trade | 15.6% | 20.7% | 5.0 | 4.6% |
| Pet | 2.5% | 0.6% | -1.9 | 0.9% |
| Pharmacy | 3.5% | — | — | -0.4% |
| Other | 1.7% | 7.4% | 5.7 | 15.4% |

Loss-making segment (excluded from profit shares): Pharmacy -88 JPY mn

Segment → industry: Energy → Oil Refining & Fuels / Energy → Electric Power & Gas / Food → Specialty Trading & Wholesale / Construction → Specialty Trading & Wholesale / Construction → Housing Equipment & Building Materials / Automotive → Car Dealers & Used Cars / Overseas and trade → Specialty Trading & Wholesale / Pet → Pets / Pharmacy → Drugstores & Pharmacies

## 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 | 29,690 | 5.1% | S100YKU0 |
| Capital expenditure | 12,051 | 2.1% | S100YKU0 |
| Free cash flow | 17,639 | 3.0% | 算出 |
| Investing cash flow | -13,101 | -2.2% | S100YKU0 |
| Financing cash flow | -14,389 | -2.5% | S100YKU0 |
| Dividends paid | 2,905 | 0.5% | S100YKU0 |
| Share buyback | 0 | 0.0% | S100YKU0 |
| Change in cash | 2,265 | 0.4% | S100YKU0 |
| Cash and equivalents | 58,900 | 10.1% | S100YKU0 |

## 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 | 38,883 | 42,967 | 50,864 | 56,177 | 58,900 | S100TXZ8, S100W79K, S100YKU0 |
| Total assets | 285,947 | 307,556 | 324,610 | 320,710 | 331,061 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Net assets | 132,649 | 144,299 | 159,067 | 166,463 | 178,348 | S100TXZ8, S100W79K, S100YKU0 |
| Share capital | 8,132 | 8,132 | 8,132 | 8,132 | 8,132 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Property, plant and equipment | 80,514 | 90,274 | 92,689 | 98,193 | 106,227 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Intangible assets excluding goodwill | 8,985 | 6,376 | 6,159 | 5,977 | 4,870 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Goodwill | 2,046 | 1,274 | 905 | 1,071 | 1,440 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Investment securities | 16,663 | 16,949 | 21,879 | 21,859 | 24,803 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Current assets | 170,996 | 185,902 | 196,946 | 187,829 | 188,244 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Current liabilities | 126,824 | 129,799 | 132,394 | 122,319 | 116,310 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Trade payables | 56,189 | 57,871 | 58,551 | 56,843 | 54,741 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Short-term borrowings | 47,357 | 47,699 | 46,309 | 37,690 | 32,611 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Long-term borrowings | 6,835 | 8,340 | 7,183 | 5,499 | 4,384 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Total liabilities | 153,298 | 163,256 | 165,543 | 154,247 | 152,713 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Non-controlling interests | 7,187 | 7,223 | 8,060 | 8,344 | 4,803 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Equity attributable to owners of parent | 120,350 | 127,780 | 136,413 | 139,839 | 152,809 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Retained earnings | 109,197 | 116,514 | 125,147 | 127,666 | 137,238 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |
| Treasury stock | -4,227 | -4,228 | -4,228 | -3,320 | -3,321 | S100RAS8, S100TXZ8, S100W79K, S100YKU0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YKU0 |
| Property, plant and equipment | 32% | S100YKU0 |
| Intangibles and goodwill | 2% | S100YKU0 |
| Investment securities | 7% | S100YKU0 |
| Other assets | 41% | S100YKU0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100YKU0 |
| Other liabilities | 30% | S100YKU0 |
| Equity | 54% | S100YKU0 |

### 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 | 285,947 | 307,556 | 324,610 | 320,710 | 331,061 |
| Equity | 132,649 | 144,299 | 159,067 | 166,463 | 178,348 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,883 | 42,967 | 50,864 | 56,177 | 58,900 |

## 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) | 18.2% | S100YKU0 |
| Fixed assets ÷ total assets | 32.1% | S100YKU0 |
| Goodwill ÷ parent equity | 0.9% | S100YKU0 |

Goodwill over 4 years: 2,046 → 1,440 JPY; total investing cash flow: -65,941 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) | 17.8% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 174.9% |
| Cash vs. profit gap | 17,790 JPY mn (of net income 149.5%) |
| Shareholder returns / net income | 24.4% |
| Shareholder returns / FCF | 16.5% |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | 16.5% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 44.1% |

## 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 | 1.8% | 1.69× | 3.0% | 2.38× | 7.1% | S100RAS8 |
| 2023 | 1.6% | 1.86× | 2.9% | 2.39× | 6.9% | S100TXZ8 |
| 2024 | 1.8% | 1.81× | 3.2% | 2.39× | 7.7% | S100W79K |
| 2025 | 1.9% | 1.78× | 3.3% | 2.34× | 7.7% | S100YKU0 |
| 2026 | 2.0% | 1.79× | 3.7% | 2.23× | 8.1% | S100YKU0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社亀井興産 | Major shareholder | 9.8% | 2026-03-31 |
| 亀井文行 | Major shareholder | 8.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.0% | 2026-03-31 |
| 公益財団法人亀井記念財団 | Major shareholder | 5.4% | 2026-03-31 |
| カメイ不動産株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 光通信KK投資事業有限組合 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| 亀井 昭伍 | Major shareholder | 3.3% | 2026-03-31 |
| 有限会社グリーン・ウッド | Major shareholder | 3.3% | 2026-03-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 2.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥583.1B, up +1.5% from ¥574.3B.
- Profits grew faster than sales: gross profit rose +7.4%, operating income reached ¥17B (+6.7%) and net income ¥11.9B (+11.3%).
- Cash generation weakened, with operating cash flow down to ¥29.7B (-22.6%) and free cash flow down to ¥17.6B (-31.9%).

### Drivers

- In Energy, sales fell but operating income rose, helped by winning new industrial fuel and LP gas customers and selling more low-carbon products
- Automotive sold more domestic cars as demand recovered from the prior year's drop caused by a manufacturer's certification scandal
- Food sold more rice and other farm products on higher demand and passed rising purchase costs on to customers
- Operating cash flow fell mainly because collections of receivables freed up less cash than in the prior year

### Risks

- The company is concerned about a long-term decline in demand for petroleum products, its core business
- Deregulation of electricity and city gas retail and new entrants from renewable energy are intensifying competition for customers
- In the overseas business, delays in passing on higher costs from US tariffs reduced operating income

Cited: Annual securities report (113th 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); Annual securities report (113th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YKU0 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKU0,, |
| 有価証券報告書－第112期(2024/04/01－2025/03/31) | S100W79K | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W79K,, |
| 有価証券報告書－第111期(2023/04/01－2024/03/31) | S100TXZ8 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXZ8,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100RAS8 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAS8,, |
| 有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100OMHH | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMHH,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LVSR | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVSR,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ＥＮＥＯＳ株式会社 | Supply/OEM | ENEOSが石油製品等を供給し、カメイが販売・商標を使用する契約 | S100YKU0 |
| トヨタ | Supply/OEM | 連結子会社の仙台トヨペット・山形トヨペットがトヨタ製品の販売と商標使用の契約を結ぶ（トヨタが供給） | S100YKU0 |

## 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).