# KANADEN 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176期(2025/04/01－2026/03/31) (S100YFEF)
> Page: https://vizora.meequs.com/en/company/kanaden
> Retrieved: 2026-09-30T20:25:23.216Z

## Company

Kanaden, founded in 1907, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 904 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANADEN CORPORATION |
| Ticker | 8081 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8081.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区晴海一丁目8番12号トリトンスクエアZ棟 |
| Representative (per filing) | 代表取締役社長 守屋太 |
| Founded | May 1907 |
| Share capital | ¥5.58B |
| Employees (consolidated) | 904 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.kanaden.co.jp (https://www.kanaden.co.jp/) |
| Corporate number | 7010401007116 |
| EDINET | E02580 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFEF, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.7 | 179 |
| Profitability | 64.6 | 185 |
| Cash conversion | 81.8 | 179 |
| Efficiency | 53.8 | 185 |

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 38% of Kanaden's sales come from Factory Automation Systems, with Infrastructure and Information and Communications Equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +15.9% from the prior year, operating profit +18.5%.

## Company structure

- Segment revenue mix: Factory Automation Systems 37.7%、Infrastructure 26.8%、Information and Communications Equipment 22.9%、Building Facilities 12.6%
- Revenue → net income: ¥145614000000 → ¥3966000000
- Net income → operating cash flow: ¥3966000000 → ¥9238000000（difference ¥5272000000）
- Main uses of operating cash flow: CapEx ¥497000000 / dividends ¥1670000000 / buybacks ¥0
- Change in cash: ¥7502000000
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 | ¥145.6B |  |
| Operating income | ¥5.33B | Margin 3.7% |
| Net income | ¥3.97B | Margin 2.7% |
| Free cash flow | ¥8.74B |  |
| Largest business | Factory Automation Systems | of segment revenue 37.7% |
| Employees (consolidated) | 904 |  |
| EPS | ¥139.39 |  |
| Book value per share | ¥2068.79 |  |
| Equity ratio | 52.0% |  |
| Shares outstanding | 22,500,000 |  |
| Treasury shares | 204,300 |  |
| Shareholders | 23,246 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 24.4% | Cash ÷ revenue 16.4% |
| Vs. industry median margin | +0.8 pp | Specialty Trading & Wholesale |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥108229000000 | ¥145614000000 | +34.5% |
| Operating income | ¥2672000000 | ¥5332000000 | +99.6% |
| Operating margin | 2.5% | 3.7% | +1.2 pp |
| Employees | 883 people | 904 people | +2.4% |
| Cash and equivalents | ¥16658000000 | ¥23926000000 | +43.6% |

### 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 |
| --- | ---: |
| ＦＡシステム事業 → ＦＡシステム事業 | 32.8% |
| ビル設備事業 → ビル設備事業 | 12.6% |
| ビル設備事業 → 事業再編・廃止 | 0.2% |
| インフラ事業 → インフラ事業 | 26.8% |
| インフラ事業 → 事業再編・廃止 | 3.4% |
| 情通・デバイス事業 → 情通・デバイス事業 | 22.9% |
| 情通・デバイス事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → ＦＡシステム事業 | 4.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Factory Automation Systems | 5 years | +9.1% | ¥54935000000 | 4.0% | 2 |
| Infrastructure | 5 years | +3.6% | ¥39070000000 | 2.0% | 2 |
| Information and Communications Equipment | 5 years | +4.9% | ¥33273000000 | 6.5% | 2 |
| Building Facilities | 5 years | +5.9% | ¥18335000000 | 1.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 145,614 | 100.0% | S100YFEF |
| Cost of revenue | 125,471 | 86.2% | S100YFEF |
| Gross profit | 20,143 | 13.8% | S100YFEF |
| SG&A | 14,811 | 10.2% | S100YFEF |
| Operating income | 5,332 | 3.7% | S100YFEF |
| Ordinary income | 5,784 | 4.0% | S100YFEF |
| Pretax income | 5,981 | 4.1% | S100YFEF |
| Income tax | 2,015 | 1.4% | S100YFEF |
| Net income | 3,966 | 2.7% | S100YFEF |
| Net income attributable to owners | 3,966 | 2.7% | S100YFEF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.8% → Operating margin 3.7% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.9%; Core profit growth: +18.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.17×
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 | 125,665 | 145,614 | 19,949 | +15.9% |
| Gross profit | 18,002 | 20,143 | 2,141 | +11.9% |
| Operating income | 4,499 | 5,332 | 833 | +18.5% |
| Net income attributable to owners | 3,942 | 3,966 | 24 | +0.6% |
| Operating cash flow | 5,114 | 9,238 | 4,124 | +80.6% |
| Free cash flow | 4,656 | 8,741 | 4,085 | +87.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 126,519 | 3,688 | 2.9% | 3,416 | 4,827 | 3,909 | S100LN3A |
| FY ending Mar 2021 | 108,229 | 2,672 | 2.5% | 2,319 | -19 | -580 | S100OBL9 |
| FY ending Mar 2022 | 100,834 | 2,846 | 2.8% | 1,922 | 3,607 | 3,154 | S100QZVQ |
| FY ending Mar 2023 | 106,419 | 3,967 | 3.7% | 2,896 | -348 | -1,091 | S100TXYV |
| FY ending Mar 2024 | 116,271 | 4,544 | 3.9% | 3,474 | 3,809 | 3,455 | S100W2KS |
| FY ending Mar 2025 | 125,665 | 4,499 | 3.6% | 3,942 | 5,114 | 4,656 | S100YFEF |
| FY ending Mar 2026 | 145,614 | 5,332 | 3.7% | 3,966 | 9,238 | 8,741 | S100YFEF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥161.1M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 876 | 813 | 880 | 901 | 904 |
| Average salary (parent company) | ¥7M | ¥7.6M | ¥7.7M | ¥8M | ¥8.3M |
| Average age (parent company) | 42.5 years | 42.9 years | 42.8 years | 42.6 years | 42.7 years |
| Average tenure (parent company) | 17.7 years | 17.8 years | 17.3 years | 17.1 years | 17.3 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +15.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Factory Automation Systems | 54,935 | 37.7% | 2,205 | 4.0% |
| Building Facilities | 18,335 | 12.6% | 307 | 1.7% |
| Infrastructure | 39,070 | 26.8% | 765 | 2.0% |
| Information and Communications Equipment | 33,273 | 22.9% | 2,150 | 6.5% |

### 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 |
| --- | ---: |
| Factory Automation Systems | 37.7% |
| Building Facilities | 12.6% |
| Infrastructure | 26.8% |
| Information and Communications Equipment | 22.9% |

Segment → industry: Information and Communications Equipment → Specialty Trading & Wholesale / Infrastructure → Specialty Trading & Wholesale / Building Facilities → Specialty Trading & Wholesale / Factory Automation Systems → Specialty Trading & Wholesale

## 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 | 9,238 | 6.3% | S100YFEF |
| Capital expenditure | 497 | 0.3% | S100YFEF |
| Free cash flow | 8,741 | 6.0% | 算出 |
| Investing cash flow | -159 | -0.1% | S100YFEF |
| Financing cash flow | -1,696 | -1.2% | S100YFEF |
| Dividends paid | 1,670 | 1.1% | S100YFEF |
| Share buyback | 0 | 0.0% | S100YFEF |
| Change in cash | 7,502 | 5.2% | S100YFEF |
| Cash and equivalents | 23,926 | 16.4% | S100YFEF |

## 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 | 18,866 | 14,635 | 16,947 | 16,423 | 23,926 | S100TXYV, S100W2KS, S100YFEF |
| Total assets | 78,548 | 83,294 | 85,596 | 89,090 | 97,962 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Net assets | 45,571 | 44,379 | 48,204 | 47,989 | 50,918 | S100TXYV, S100W2KS, S100YFEF |
| Share capital | 5,576 | 5,576 | 5,576 | 5,576 | 5,576 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Property, plant and equipment | 8,735 | 8,541 | 8,584 | 8,538 | 8,595 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Intangible assets excluding goodwill | 772 | 1,281 | 3,083 | 3,179 | 2,743 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Goodwill | — | — | 1,631 | 1,611 | 1,400 | S100W2KS, S100YFEF |
| Investment securities | 4,595 | 3,883 | 4,802 | 4,358 | 5,227 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Current assets | 63,695 | 68,815 | 68,404 | 72,011 | 80,395 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Current liabilities | 31,806 | 37,785 | 36,687 | 40,434 | 46,236 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Trade payables | 22,036 | 27,363 | 24,498 | 27,968 | 29,907 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Total liabilities | 32,976 | 38,915 | 37,392 | 41,100 | 47,044 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Non-controlling interests | — | — | 162 | — | 15 | S100W2KS, S100YFEF |
| Equity attributable to owners of parent | 43,499 | 42,039 | 44,479 | 45,308 | 47,619 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Retained earnings | 34,927 | 31,313 | 33,710 | 34,688 | 36,978 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |
| Treasury stock | -2,346 | -193 | -168 | -312 | -291 | S100QZVQ, S100TXYV, S100W2KS, S100YFEF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YFEF |
| Property, plant and equipment | 9% | S100YFEF |
| Intangibles and goodwill | 4% | S100YFEF |
| Investment securities | 5% | S100YFEF |
| Other assets | 57% | S100YFEF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 31% | S100YFEF |
| Other liabilities | 17% | S100YFEF |
| Equity | 52% | S100YFEF |

### 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 | 78,548 | 83,294 | 85,596 | 89,090 | 97,962 |
| Equity | 45,571 | 44,379 | 48,204 | 47,989 | 50,918 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,866 | 14,635 | 16,947 | 16,423 | 23,926 |

## 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) | 5.9% | S100YFEF |
| Fixed assets ÷ total assets | 8.8% | S100YFEF |
| Goodwill ÷ parent equity | 2.9% | S100YFEF |

### 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) | 24.4% |
| Cash ÷ revenue | 16.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.3% |
| Cash vs. profit gap | 5,272 JPY mn (of net income 132.9%) |
| Shareholder returns / net income | 42.1% |
| Shareholder returns / FCF | 19.1% |
| Shareholder payments — dividends / net income | 42.1% |
| Shareholder payments — dividends / FCF | 19.1% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 1.7% |

## 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 | 1.9% | 1.28× | 2.4% | 1.81× | 4.4% | S100QZVQ |
| 2023 | 2.7% | 1.32× | 3.6% | 1.89× | 6.8% | S100TXYV |
| 2024 | 3.0% | 1.38× | 4.1% | 1.95× | 8.0% | S100W2KS |
| 2025 | 3.1% | 1.44× | 4.5% | 1.95× | 8.8% | S100YFEF |
| 2026 | 2.7% | 1.56× | 4.2% | 2.01× | 8.5% | S100YFEF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱電機株式会社 | Major shareholder | 21.2% | 2026-03-31 |
| カナデン取引先持株会 | Major shareholder | 13.3% | 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 |
| カナデン従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 三菱倉庫株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社サンセイテクノス | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第176期(2025/04/01－2026/03/31) | S100YFEF | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFEF,, |
| 有価証券報告書－第175期(2024/04/01－2025/03/31) | S100W2KS | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2KS,, |
| 有価証券報告書－第174期(2023/04/01－2024/03/31) | S100TXYV | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXYV,, |
| 有価証券報告書－第173期(2022/04/01－2023/03/31) | S100QZVQ | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZVQ,, |
| 有価証券報告書－第172期(令和3年4月1日－令和4年3月31日) | S100OBL9 | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBL9,, |
| 有価証券報告書－第171期(令和2年4月1日－令和3年3月31日) | S100LN3A | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN3A,, |

## 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).