# KANAME KOGYO 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54期(2025/04/01－2026/03/31) (S100YFRW)
> Page: https://vizora.meequs.com/en/company/kaname-kogyo
> Retrieved: 2026-09-30T22:18:03.451Z

## Company

Kaname Kogyo, founded in 1973, is a company in Waste Management & Recycling listed on TSE Standard. It has 467 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANAME KOGYO CO.,LTD. |
| Ticker | 6566 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6566.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区池袋二丁目14番8号池袋エヌエスビル |
| Representative (per filing) | 代表取締役社長 木納 孝 |
| Founded | Apr 1973 |
| Share capital | ¥827.7M |
| Employees (consolidated) | 467 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.kaname-k.co.jp (https://www.kaname-k.co.jp/) |
| Corporate number | 7013301003168 |
| EDINET | E33633 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100YFRW, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 24 |
| Profitability | 78 | 25 |
| Cash conversion | 50 | 25 |
| Efficiency | 14 | 25 |

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)

- Kaname Kogyo brought in ¥14.9B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +0.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14949076000 → ¥1579645000
- Net income → operating cash flow: ¥1579645000 → ¥2050721000（difference ¥471076000）
- Main uses of operating cash flow: CapEx ¥964370000 / dividends ¥444287000 / buybacks —
- Change in cash: ¥1152585000
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 | ¥14.9B |  |
| Operating income | ¥2.11B | Margin 14.1% |
| Net income | ¥1.58B | Margin 10.6% |
| Free cash flow | ¥1.09B |  |
| Employees (consolidated) | 467 |  |
| EPS | ¥94.9 |  |
| Book value per share | ¥1283.2 |  |
| Equity ratio | 80.9% |  |
| Shares outstanding | 15,871,400 |  |
| Shareholders | 1,801 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 39.0% |
| Vs. industry median margin | +7 pp | Waste Management & Recycling |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11002265000 | ¥14949076000 | +35.9% |
| Operating income | ¥896312000 | ¥2113538000 | +135.8% |
| Operating margin | 8.1% | 14.1% | +6 pp |
| Employees | 449 people | 467 people | +4.0% |
| Cash and equivalents | ¥3521928000 | ¥5825713000 | +65.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,949 | 100.0% | S100YFRW |
| Cost of revenue | 11,498 | 76.9% | S100YFRW |
| Gross profit | 3,451 | 23.1% | S100YFRW |
| SG&A | 1,338 | 8.9% | S100YFRW |
| Operating income | 2,114 | 14.1% | S100YFRW |
| Ordinary income | 2,264 | 15.1% | S100YFRW |
| Pretax income | 2,301 | 15.4% | S100YFRW |
| Income tax | 722 | 4.8% | S100YFRW |
| Net income | 1,580 | 10.6% | S100YFRW |
| Net income attributable to owners | 1,580 | 10.6% | S100YFRW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 9 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 23.1% → Operating margin 14.1% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +0.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.08×
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 | 14,507 | 14,949 | 442 | +3.0% |
| Gross profit | 3,373 | 3,451 | 79 | +2.3% |
| Operating income | 2,109 | 2,114 | 5 | +0.2% |
| Net income attributable to owners | 1,514 | 1,580 | 66 | +4.3% |
| Operating cash flow | 2,134 | 2,051 | -83 | -3.9% |
| Free cash flow | 1,010 | 1,086 | 76 | +7.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,490 | 807 | 7.0% | 570 | 872 | 176 | S100LONJ |
| FY ending Mar 2021 | 11,002 | 896 | 8.1% | 618 | 1,549 | 1,106 | S100OCGF |
| FY ending Mar 2022 | 11,935 | 1,288 | 10.8% | 873 | 1,379 | 796 | S100R49M |
| FY ending Mar 2023 | 13,029 | 1,740 | 13.4% | 1,260 | 1,934 | 1,548 | S100TNOA |
| FY ending Mar 2024 | 13,503 | 1,763 | 13.1% | 1,286 | 1,806 | 1,226 | S100W1QP |
| FY ending Mar 2025 | 14,507 | 2,109 | 14.5% | 1,514 | 2,134 | 1,010 | S100YFRW |
| FY ending Mar 2026 | 14,949 | 2,114 | 14.1% | 1,580 | 2,051 | 1,086 | S100YFRW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 458 | 468 | 462 | 454 | 467 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥6M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 45.3 years | 45.9 years | 46.7 years | 47.2 years | 47.4 years |
| Average tenure (parent company) | 11.0 years | 11.4 years | 11.9 years | 12.1 years | 12.1 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +3.0%

## 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 | 2,051 | 13.7% | S100YFRW |
| Capital expenditure | 964 | 6.5% | S100YFRW |
| Free cash flow | 1,086 | 7.3% | 算出 |
| Investing cash flow | -572 | -3.8% | S100YFRW |
| Financing cash flow | -326 | -2.2% | S100YFRW |
| Dividends paid | 444 | 3.0% | S100YFRW |
| Change in cash | 1,153 | 7.7% | S100YFRW |
| Cash and equivalents | 5,826 | 39.0% | S100YFRW |

## 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 | 3,759 | 4,470 | 4,822 | 4,673 | 5,826 | S100TNOA, S100W1QP, S100YFRW |
| Total assets | 21,453 | 22,427 | 23,580 | 24,127 | 25,747 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Net assets | 16,441 | 17,430 | 18,459 | 19,575 | 20,837 | S100TNOA, S100W1QP, S100YFRW |
| Share capital | 828 | 828 | 828 | 828 | 828 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Property, plant and equipment | 12,056 | 12,099 | 12,651 | 13,049 | 13,459 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Intangible assets excluding goodwill | 49 | 34 | 29 | 99 | 156 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Investment securities | 758 | 851 | 1,017 | 1,009 | 1,198 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Current assets | 6,257 | 6,993 | 7,393 | 7,328 | 8,599 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Current liabilities | 2,056 | 2,281 | 2,557 | 2,192 | 2,208 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Short-term borrowings | 166 | 202 | 221 | 98 | 104 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Long-term borrowings | 858 | 570 | 284 | 179 | 555 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Total liabilities | 5,012 | 4,997 | 5,122 | 4,552 | 4,909 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Equity attributable to owners of parent | 16,255 | 17,246 | 18,167 | 19,300 | 20,435 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Retained earnings | 14,027 | 15,018 | 15,939 | 17,072 | 18,207 | S100R49M, S100TNOA, S100W1QP, S100YFRW |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R49M, S100TNOA, S100W1QP, S100YFRW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YFRW |
| Property, plant and equipment | 52% | S100YFRW |
| Intangibles and goodwill | 0% | S100YFRW |
| Investment securities | 5% | S100YFRW |
| Other assets | 20% | S100YFRW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YFRW |
| Equity | 81% | S100YFRW |

### 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 | 21,453 | 22,427 | 23,580 | 24,127 | 25,747 |
| Equity | 16,441 | 17,430 | 18,459 | 19,575 | 20,837 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,759 | 4,470 | 4,822 | 4,673 | 5,826 |

## 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) | 90.0% | S100YFRW |
| Fixed assets ÷ total assets | 52.3% | S100YFRW |
| Goodwill ÷ parent equity | — | —, S100YFRW |

### 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) | 22.6% |
| Cash ÷ revenue | 39.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.0% |
| Cash vs. profit gap | 471 JPY mn (of net income 29.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | 40.9% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 27.9% |

## 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 | 7.3% | 0.56× | 4.1% | 1.32× | 5.4% | S100R49M |
| 2023 | 9.7% | 0.59× | 5.7% | 1.31× | 7.5% | S100TNOA |
| 2024 | 9.5% | 0.59× | 5.6% | 1.30× | 7.3% | S100W1QP |
| 2025 | 10.4% | 0.61× | 6.3% | 1.27× | 8.1% | S100YFRW |
| 2026 | 10.6% | 0.60× | 6.3% | 1.26× | 8.0% | S100YFRW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大栄環境株式会社 | Major shareholder | 27.8% | 2026-03-31 |
| 藤居秀三 | Major shareholder | 15.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.3% | 2026-03-31 |
| 大星ビル管理株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 大星ビルメンテナンス株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 要興業社員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 藤居幸弥 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 坂原謙二 | Major shareholder | 1.8% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YFRW | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFRW,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W1QP | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1QP,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TNOA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNOA,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R49M | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R49M,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OCGF | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCGF,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LONJ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LONJ,, |

## 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).