# Kanadevia 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129期(2025/04/01－2026/03/31) (S100YGOR)
> Page: https://vizora.meequs.com/en/company/kanadevia
> Retrieved: 2026-09-30T19:38:51.984Z

## Company

Kanadevia, founded in 1881, is a company in Electrical Equipment listed on TSE Prime. It has 12,666 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kanadevia Corporation |
| Ticker | 7004 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7004.T) |
| Listing | TSE Prime |
| Head office | 大阪市住之江区南港北一丁目7番89号 |
| Representative (per filing) | 取締役社長 桑原 道 |
| Founded | Apr 1881 |
| Share capital | ¥45.4B |
| Employees (consolidated) | 12,666 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.kanadevia.com (https://www.kanadevia.com/) |
| Corporate number | 3120001031541 |
| EDINET | E02124 |
| Industries (Vizora) | Electrical Equipment, Plant Engineering & Building Services, General Contractors, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YGOR, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.1 | 72 |
| Profitability | 3.3 | 76 |
| Cash conversion | 64.2 | 74 |
| Efficiency | 46.7 | 76 |

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 79% of Kanadevia's sales come from Environmental systems, with element and Machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit -54.8%.

## Company structure

- Segment revenue mix: Environmental systems 78.6%、element 10.8%、Machinery 10.6%
- Revenue → net income: ¥645222000000 → ¥11364000000
- Net income → operating cash flow: ¥11364000000 → ¥11647000000（difference ¥283000000）
- Main uses of operating cash flow: CapEx ¥25273000000 / dividends ¥4212000000 / buybacks —
- Change in cash: ¥8597000000
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 | ¥645.2B |  |
| Operating income | ¥12.2B | Margin 1.9% |
| Net income | ¥11.1B | Margin 1.7% |
| Free cash flow | -¥13.6B |  |
| Largest business | Environmental systems | of segment revenue 78.6% |
| Employees (consolidated) | 12,666 |  |
| EPS | ¥59.57 |  |
| Book value per share | ¥639.01 |  |
| Equity ratio | 27.4% |  |
| Shares outstanding | 170,214,000 |  |
| Treasury shares | 1,713,200 |  |
| Shareholders | 58,701 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 10.8% | Cash ÷ revenue 12.0% |
| Vs. industry median margin | -7.2 pp | Plant Engineering & Building Services |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +22% over five years
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥408592000000 | ¥645222000000 | +57.9% |
| Operating income | ¥15396000000 | ¥12192000000 | -20.8% |
| Operating margin | 3.8% | 1.9% | -1.9 pp |
| Employees | 11,089 people | 12,666 people | +14.2% |
| Cash and equivalents | ¥45812000000 | ¥77304000000 | +68.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 環境・プラント → 事業再編・廃止 | 38.6% |
| 環境 → 環境 | 38.6% |
| 機械・インフラ → 機械・インフラ | 10.6% |
| 機械・インフラ → 事業再編・廃止 | 8.1% |
| インフラ → 事業再編・廃止 | 4.2% |
| 新設・再編 → 環境 | 40.0% |
| 新設・再編 → 脱炭素化 | 10.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environmental systems | 5 years | +13.4% | ¥505230000000 | 3.3% | 2 |
| element | 4 years | +14.8% | ¥69238000000 | -3.6% | 2 |
| Machinery | 5 years | -12.1% | ¥68468000000 | -3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 645,222 | 100.0% | S100YGOR |
| Cost of revenue | 536,156 | 83.1% | S100YGOR |
| Gross profit | 109,066 | 16.9% | S100YGOR |
| SG&A | 96,874 | 15.0% | S100YGOR |
| Operating income | 12,192 | 1.9% | S100YGOR |
| Ordinary income | 13,621 | 2.1% | S100YGOR |
| Pretax income | 11,038 | 1.7% | S100YGOR |
| Income tax | -325 | -0.1% | S100YGOR |
| Net income | 11,364 | 1.8% | S100YGOR |
| Net income attributable to owners | 11,137 | 1.7% | S100YGOR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.9% → Operating margin 1.9% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.7%; Core profit growth: -54.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.63×
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 | 610,523 | 645,222 | 34,699 | +5.7% |
| Gross profit | 114,184 | 109,066 | -5,118 | -4.5% |
| Operating income | 26,946 | 12,192 | -14,754 | -54.8% |
| Net income attributable to owners | 22,103 | 11,137 | -10,966 | -49.6% |
| Operating cash flow | 24,769 | 11,647 | -13,122 | -53.0% |
| Free cash flow | -3,665 | -13,626 | -9,961 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 402,450 | 13,891 | 3.5% | 2,197 | 32,808 | 21,338 | S100LNOI |
| FY ending Mar 2021 | 408,592 | 15,396 | 3.8% | 4,258 | 22,680 | 10,749 | S100ODYL |
| FY ending Mar 2022 | 441,797 | 15,541 | 3.5% | 7,899 | 26,858 | 17,626 | S100R1O5 |
| FY ending Mar 2023 | 492,692 | 20,056 | 4.1% | 15,577 | 28,008 | 19,367 | S100UGYO |
| FY ending Mar 2024 | 555,844 | 24,323 | 4.4% | 18,999 | 478 | -11,623 | S100WTLG |
| FY ending Mar 2025 | 610,523 | 26,946 | 4.4% | 22,103 | 24,769 | -3,665 | S100YGOR |
| FY ending Mar 2026 | 645,222 | 12,192 | 1.9% | 11,137 | 11,647 | -13,626 | S100YGOR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.9M |
| Operating income per employee (consolidated) | ¥962.6K |
| Net income per employee (consolidated) | ¥879.3K |

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) | 11,540 | 11,400 | 12,148 | 12,964 | 12,666 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥7M | ¥7.9M | ¥8.3M |
| Average age (parent company) | 42.6 years | 42.9 years | 43.6 years | 43.6 years | 43.9 years |
| Average tenure (parent company) | 16.1 years | 16.2 years | 16.3 years | 16.0 years | 15.8 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environmental systems | 505,230 | 78.6% | 16,707 | 3.3% |
| Machinery | 68,468 | 10.6% | -2,416 | -3.5% |
| element | 69,238 | 10.8% | -2,467 | -3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Environmental systems | 78.6% | 100.0% | 21.4 | 3.3% |
| Machinery | 10.6% | — | — | -3.5% |
| element | 10.8% | — | — | -3.6% |

Loss-making segment (excluded from profit shares): Machinery -2,416 JPY mn

Loss-making segment (excluded from profit shares): element -2,467 JPY mn

Segment → industry: element → Electrical Equipment / Environmental systems → Plant Engineering & Building Services / Machinery → General Contractors / Environmental systems → Waste Management & Recycling / element → Industrial Machinery / Machinery → Industrial Machinery

## 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 | 11,647 | 1.8% | S100YGOR |
| Capital expenditure | 25,273 | 3.9% | S100YGOR |
| Free cash flow | -13,626 | -2.1% | 算出 |
| Investing cash flow | -48,035 | -7.4% | S100YGOR |
| Financing cash flow | 41,544 | 6.4% | S100YGOR |
| Dividends paid | 4,212 | 0.7% | S100YGOR |
| Change in cash | 8,597 | 1.3% | S100YGOR |
| Cash and equivalents | 77,304 | 12.0% | S100YGOR |

## 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 | 65,956 | 84,874 | 69,774 | 68,707 | 77,304 | S100UGYO, S100WTLG, S100YGOR |
| Total assets | 461,161 | 479,682 | 533,593 | 609,666 | 718,640 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Net assets | 132,926 | 141,311 | 168,946 | 197,895 | 203,400 | S100UGYO, S100WTLG, S100YGOR |
| Share capital | 45,442 | 45,442 | 45,442 | 45,442 | 45,442 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Property, plant and equipment | 110,539 | 98,253 | 104,478 | 136,060 | 143,642 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Intangible assets excluding goodwill | 11,451 | 11,127 | 19,258 | 41,218 | 62,940 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Goodwill | 1,486 | 1,079 | 4,259 | 14,060 | 31,105 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Investment securities | 16,868 | 20,246 | 23,611 | 27,571 | 37,166 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Current assets | 292,241 | 318,853 | 347,076 | 357,114 | 423,152 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Current liabilities | 238,015 | 240,811 | 273,682 | 294,283 | 378,551 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Trade payables | 51,607 | 50,623 | 48,945 | 56,913 | 60,721 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Short-term borrowings | 26,715 | 16,618 | 19,588 | 36,396 | 66,197 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Long-term borrowings | 31,177 | 35,876 | 34,443 | 70,132 | 96,461 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Bonds | 30,000 | 30,000 | 20,000 | 10,000 | — | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Interest-bearing debt | 87,892 | 82,494 | 74,031 | 116,528 | — | 算出 |
| Total liabilities | 328,234 | 338,370 | 364,647 | 411,771 | 515,239 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Non-controlling interests | 1,626 | 1,691 | 6,288 | 8,530 | 6,588 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Equity attributable to owners of parent | 124,110 | 137,274 | 152,865 | 170,780 | 177,740 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Retained earnings | 71,163 | 84,685 | 100,651 | 118,870 | 125,794 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |
| Treasury stock | -1,026 | -1,029 | -1,034 | -1,334 | -1,298 | S100R1O5, S100UGYO, S100WTLG, S100YGOR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YGOR |
| Property, plant and equipment | 20% | S100YGOR |
| Intangibles and goodwill | 13% | S100YGOR |
| Investment securities | 5% | S100YGOR |
| Other assets | 51% | S100YGOR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YGOR |
| Other liabilities | 63% | S100YGOR |
| Equity | 28% | S100YGOR |
| Other liabilities | 0% | S100YGOR |

### 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 | 461,161 | 479,682 | 533,593 | 609,666 | 718,640 |
| Equity | 132,926 | 141,311 | 168,946 | 197,895 | 203,400 |
| Interest-bearing debt | 87,892 | 82,494 | 74,031 | 116,528 | — |
| Cash | 65,956 | 84,874 | 69,774 | 68,707 | 77,304 |

## 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) | 22.3% | S100YGOR |
| Fixed assets ÷ total assets | 20.0% | S100YGOR |
| Goodwill ÷ parent equity | 17.5% | S100YGOR |

Goodwill over 4 years: 1,486 → 31,105 JPY; total investing cash flow: -127,618 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) | 10.8% |
| Cash ÷ revenue | 12.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.5% |
| Cash vs. profit gap | 510 JPY mn (of net income 4.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 412.4% |

## 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% | 0.96× | 1.7% | 3.72× | 6.4% | S100R1O5 |
| 2023 | 3.2% | 1.05× | 3.3% | 3.60× | 11.9% | S100UGYO |
| 2024 | 3.4% | 1.10× | 3.8% | 3.49× | 13.1% | S100WTLG |
| 2025 | 3.6% | 1.07× | 3.9% | 3.53× | 13.7% | S100YGOR |
| 2026 | 1.7% | 0.97× | 1.7% | 3.81× | 6.4% | S100YGOR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 17.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| HSBC－FUND SERVICES HSBC － 006 MF EFM （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| HSBC BANK PLC A/C M AND G（ACS）VALUE PARTNERS CHINA EQUITY FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| カナデビア職員持株会 | Major shareholder | 1.6% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥645.2B, up +5.7% from ¥610.5B.
- Operating income dropped -54.8% from ¥26.9B to ¥12.2B, and net income fell -49.6% from ¥22.1B to ¥11.1B.
- Operating cash flow fell -53.0% to ¥11.6B, and free cash flow was -¥13.6B, a deeper deficit than the year before.

### Drivers

- Higher sales came mainly from the environmental business, driven by growth at overseas subsidiaries
- Environmental profit fell because fewer high-margin projects were booked and an overseas subsidiary had to deal with technical problems
- The machinery and infrastructure business shrank after selling its press-machine unit and slipped to a loss as infrastructure projects got less profitable

### Risks

- Supply risk: the group uses a lot of LNG and steel, so shortages or price spikes could delay projects and raise costs
- Wider effects from the Middle East or US trade policy could hurt its targets, and the company has not built these into its outlook
- Much of its work comes from public tenders, so any legal violation could lead to bans from bidding

Cited: Annual Securities Report (129th 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 (129th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第129期(2025/04/01－2026/03/31) | S100YGOR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGOR,, |
| 訂正有価証券報告書－第128期(2024/04/01－2025/03/31) | S100WTLG | 2025-10-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WTLG,, |
| 訂正有価証券報告書－第127期(2023/04/01－2024/03/31) | S100UGYO | 2024-10-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGYO,, |
| 有価証券報告書－第126期(2022/04/01－2023/03/31) | S100R1O5 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1O5,, |
| 有価証券報告書－第125期(令和3年4月1日－令和4年3月31日) | S100ODYL | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODYL,, |
| 有価証券報告書－第124期(令和2年4月1日－令和3年3月31日) | S100LNOI | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNOI,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Everllence SE | Co-development | B&W型ディーゼル機関の技術受入契約（実施権・製造販売権の許諾） | S100YGOR |
| 今治造船㈱ | Joint venture | 舶用原動機の日立造船マリンエンジン㈱を共同出資で運営 | S100YGOR |

## 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).