# Kanagawa Chuo Kotsu Co., Ltd.: 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152期(2025/04/01－2026/03/31) (S100YF1P)
> Page: https://vizora.meequs.com/en/company/kanagawa-chuo-kotsu
> Retrieved: 2026-09-30T21:10:33.681Z

## Company

Kanagawa Chuo Kotsu, founded in 1921, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 6,432 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kanagawa Chuo Kotsu Co., Ltd. |
| Ticker | 9081 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9081.T) |
| Listing | TSE Prime |
| Head office | 神奈川県平塚市八重咲町6番18号 |
| Representative (per filing) | 取締役社長 今井雅之 |
| Founded | Jun 1921 |
| Share capital | ¥3.16B |
| Employees (consolidated) | 6,432 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.kanachu-ir.jp (https://www.kanachu-ir.jp/) |
| Corporate number | 6021001036307 |
| EDINET | E04158 |
| Industries (Vizora) | Real Estate Development & Leasing, Car Dealers & Used Cars, Private Railways |

> Profile source: annual securities report (S100YF1P, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 18 |
| Profitability | 25 | 18 |
| Cash conversion | 55.9 | 17 |
| Efficiency | 86.1 | 18 |
| Financial strength | 81.3 | 8 |

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 46% of Kanagawa Chuo Kotsu's sales come from Passenger automobile, with Automobile sales and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit -8.3%.

## Company structure

- Segment revenue mix: Passenger automobile 45.5%、Automobile sales 31.8%、Other 17.4%、Real estate 5.3%
- Revenue → net income: ¥126773000000 → ¥4289000000
- Net income → operating cash flow: ¥4289000000 → ¥9169000000（difference ¥4880000000）
- Main uses of operating cash flow: CapEx ¥14222000000 / dividends ¥1161000000 / buybacks ¥0
- Change in cash: ¥-757000000
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 | ¥126.8B |  |
| Operating income | ¥6.78B | Margin 5.3% |
| Net income | ¥3.62B | Margin 2.9% |
| Free cash flow | -¥5.05B |  |
| Largest business | Passenger automobile | of segment revenue 45.5% |
| Employees (consolidated) | 6,432 |  |
| EPS | ¥236.58 |  |
| Book value per share | ¥3206.36 |  |
| Equity ratio | 34.2% |  |
| Shares outstanding | 12,600,000 |  |
| Treasury shares | 328,900 |  |
| Shareholders | 5,623 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 1.9% | Net cash -¥61.9B · Cash ÷ revenue 2.8% |
| Vs. industry median margin | -4.9 pp | Private Railways |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥90915000000 | ¥126773000000 | +39.4% |
| Operating income | ¥-5940000000 | ¥6776000000 | — |
| Operating margin | -6.5% | 5.3% | +11.9 pp |
| Employees | 7,007 people | 6,432 people | -8.2% |
| Cash and equivalents | ¥2614000000 | ¥3514000000 | +34.4% |

### 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 |
| --- | ---: |
| 一般旅客自動車運送事業 → 事業再編・廃止 | 44.2% |
| 不動産事業 → 不動産事業 | 5.3% |
| 不動産事業 → 事業再編・廃止 | 1.8% |
| 自動車販売事業 → 自動車販売事業 | 27.9% |
| その他 → その他 | 17.4% |
| その他 → 事業再編・廃止 | 3.4% |
| 新設・再編 → 旅客自動車事業 | 45.5% |
| 新設・再編 → 自動車販売事業 | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Passenger automobile | 3 years | +5.6% | ¥57714000000 | 3.9% | 2 |
| Automobile sales | 5 years | +9.7% | ¥40276000000 | 4.2% | 2 |
| Other | 5 years | +3.1% | ¥22049000000 | 7.3% | 2 |
| Real estate | 5 years | +0.9% | ¥6733000000 | 23.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 126,773 | 100.0% | S100YF1P |
| Cost of revenue | 105,348 | 83.1% | S100YF1P |
| Gross profit | 21,424 | 16.9% | S100YF1P |
| SG&A | 14,648 | 11.6% | S100YF1P |
| Operating income | 6,776 | 5.3% | S100YF1P |
| Ordinary income | 6,664 | 5.3% | S100YF1P |
| Pretax income | 5,801 | 4.6% | S100YF1P |
| Income tax | 1,511 | 1.2% | S100YF1P |
| Net income | 4,289 | 3.4% | S100YF1P |
| Net income attributable to owners | 3,619 | 2.9% | S100YF1P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.9% → Operating margin 5.3% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.3%; Core profit growth: -8.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.13×
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 | 118,149 | 126,773 | 8,624 | +7.3% |
| Gross profit | 21,656 | 21,424 | -232 | -1.1% |
| Operating income | 7,388 | 6,776 | -612 | -8.3% |
| Net income attributable to owners | 5,083 | 3,619 | -1,464 | -28.8% |
| Operating cash flow | 8,430 | 9,169 | 739 | +8.8% |
| Free cash flow | -5,037 | -5,053 | -16 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 112,702 | 5,329 | 4.7% | 2,044 | 9,632 | 1,364 | S100LRI3 |
| FY ending Mar 2021 | 90,915 | -5,940 | -6.5% | -8,516 | 40 | -6,170 | S100OGJ2 |
| FY ending Mar 2022 | 97,777 | 1,008 | 1.0% | 1,838 | 11,753 | 5,266 | S100R3LO |
| FY ending Mar 2023 | 103,865 | 4,323 | 4.2% | 1,149 | 4,891 | -3,036 | S100TNLZ |
| FY ending Mar 2024 | 117,067 | 7,516 | 6.4% | 3,262 | 9,671 | 3,561 | S100X7MV |
| FY ending Mar 2025 | 118,149 | 7,388 | 6.3% | 5,083 | 8,430 | -5,037 | S100YF1P |
| FY ending Mar 2026 | 126,773 | 6,776 | 5.3% | 3,619 | 9,169 | -5,053 | S100YF1P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥562.7K |

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) | 6,798 | 6,605 | 6,542 | 6,494 | 6,432 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.6M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 49.7 years | 50.1 years | 50.9 years | 51.3 years | 52.3 years |
| Average tenure (parent company) | 15.3 years | 15.8 years | 16.8 years | 16.9 years | 17.3 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +7.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Passenger automobile | 57,714 | 45.5% | 2,232 | 3.9% |
| Real estate | 6,733 | 5.3% | 1,588 | 23.6% |
| Automobile sales | 40,276 | 31.8% | 1,687 | 4.2% |
| Other | 22,049 | 17.4% | 1,602 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Passenger automobile | 45.5% | 31.4% | -14.1 | 3.9% |
| Real estate | 5.3% | 22.3% | 17.0 | 23.6% |
| Automobile sales | 31.8% | 23.7% | -8.0 | 4.2% |
| Other | 17.4% | 22.5% | 5.1 | 7.3% |

Segment → industry: Real estate → Real Estate Development & Leasing / Automobile sales → Car Dealers & Used Cars / Passenger automobile → Private Railways

## 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 | 9,169 | 7.2% | S100YF1P |
| Capital expenditure | 14,222 | 11.2% | S100YF1P |
| Free cash flow | -5,053 | -4.0% | 算出 |
| Investing cash flow | -16,912 | -13.3% | S100YF1P |
| Financing cash flow | 6,985 | 5.5% | S100YF1P |
| Dividends paid | 1,161 | 0.9% | S100YF1P |
| Share buyback | 0 | 0.0% | S100YF1P |
| Change in cash | -757 | -0.6% | S100YF1P |
| Cash and equivalents | 3,514 | 2.8% | S100YF1P |

## 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 | 3,404 | 2,621 | 3,169 | 4,272 | 3,514 | S100TNLZ, S100X7MV, S100YF1P |
| Total assets | 146,906 | 150,568 | 159,191 | 165,444 | 185,392 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Net assets | 53,160 | 52,879 | 59,706 | 63,402 | 69,661 | S100TNLZ, S100X7MV, S100YF1P |
| Share capital | 3,160 | 3,160 | 3,160 | 3,160 | 3,160 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Property, plant and equipment | 108,547 | 107,158 | 106,478 | 111,992 | 125,344 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Intangible assets excluding goodwill | 840 | 932 | 932 | 950 | 966 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Investment securities | 15,921 | 14,649 | 19,068 | 17,864 | 22,568 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Current assets | 18,431 | 25,205 | 30,075 | 31,874 | 34,213 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Current liabilities | 32,047 | 43,452 | 49,346 | 56,952 | 52,996 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Trade payables | 5,479 | 7,474 | 8,674 | 7,622 | 8,182 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Short-term borrowings | 10,220 | 18,079 | 14,776 | 20,982 | 20,883 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Long-term borrowings | 21,423 | 16,471 | 18,333 | 17,366 | 29,579 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Bonds | 20,000 | 20,000 | 15,000 | 12,000 | 15,000 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Interest-bearing debt | 51,643 | 54,550 | 48,109 | 50,348 | 65,462 | 算出 |
| Total liabilities | 93,746 | 97,689 | 99,484 | 102,042 | 115,731 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Non-controlling interests | 4,419 | 4,643 | 5,101 | 5,674 | 6,334 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Equity attributable to owners of parent | 43,717 | 44,375 | 47,580 | 51,681 | 54,135 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Retained earnings | 40,771 | 41,429 | 44,635 | 48,737 | 51,191 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |
| Treasury stock | -937 | -938 | -938 | -939 | -940 | S100R3LO, S100TNLZ, S100X7MV, S100YF1P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YF1P |
| Property, plant and equipment | 68% | S100YF1P |
| Intangibles and goodwill | 0% | S100YF1P |
| Investment securities | 12% | S100YF1P |
| Other assets | 18% | S100YF1P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YF1P |
| Interest-bearing debt | 35% | 算出 |
| Other liabilities | 23% | S100YF1P |
| Equity | 38% | S100YF1P |

### 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 | 146,906 | 150,568 | 159,191 | 165,444 | 185,392 |
| Equity | 53,160 | 52,879 | 59,706 | 63,402 | 69,661 |
| Interest-bearing debt | 51,643 | 54,550 | 48,109 | 50,348 | 65,462 |
| Cash | 3,404 | 2,621 | 3,169 | 4,272 | 3,514 |

## 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) | 98.9% | S100YF1P |
| Fixed assets ÷ total assets | 67.6% | S100YF1P |
| Goodwill ÷ parent equity | — | —, S100YF1P |

### 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) | 1.9% |
| Cash ÷ revenue | 2.8% |
| Net cash (cash − interest-bearing debt) | -¥61.9B |
| Net debt ÷ operating cash flow | 6.76× |
| Cash conversion (operating CF ÷ operating income) | 135.3% |
| Cash vs. profit gap | 5,550 JPY mn (of net income 153.4%) |
| Shareholder returns / net income | 32.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.2% |
| Investing CF relative to operating CF | 184.4% |

## 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 | 1.9% | 0.67× | 1.3% | 3.36× | 4.2% | S100R3LO |
| 2023 | 1.1% | 0.70× | 0.8% | 3.38× | 2.6% | S100TNLZ |
| 2024 | 2.8% | 0.76× | 2.1% | 3.37× | 7.1% | S100X7MV |
| 2025 | 4.3% | 0.73× | 3.1% | 3.27× | 10.2% | S100YF1P |
| 2026 | 2.9% | 0.72× | 2.1% | 3.32× | 6.8% | S100YF1P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小田急電鉄株式会社 | Major shareholder | 45.4% | 2026-03-31 |
| 株式会社横浜銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.0% | 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 | 3.2% | 2026-03-31 |
| 横浜ゴム株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.8% | 2026-03-31 |
| 朝日生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| 神奈中グループ従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 0.9% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第152期(2025/04/01－2026/03/31) | S100YF1P | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF1P,, |
| 訂正有価証券報告書－第151期(2024/04/01－2025/03/31) | S100X7MV | 2025-12-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7MV,, |
| 有価証券報告書－第150期(2023/04/01－2024/03/31) | S100TNLZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNLZ,, |
| 有価証券報告書－第149期(2022/04/01－2023/03/31) | S100R3LO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3LO,, |
| 有価証券報告書－第148期(令和3年4月1日－令和4年3月31日) | S100OGJ2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGJ2,, |
| 有価証券報告書－第147期(令和2年4月1日－令和3年3月31日) | S100LRI3 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRI3,, |

## 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).