# KANEFUSA 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78期(2025/04/01－2026/03/31) (S100YEZU)
> Page: https://vizora.meequs.com/en/company/kanefusa
> Retrieved: 2026-09-30T20:18:12.645Z

## Company

Kanefusa, founded in 1948, is a company in Machine Tools listed on TSE Standard. It has 1,135 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANEFUSA CORPORATION |
| Ticker | 5984 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5984.T) |
| Listing | TSE Standard |
| Head office | 愛知県丹羽郡大口町中小口一丁目1番地 |
| Representative (per filing) | 代表取締役 社長執行役員 磯谷 岳摩 |
| Founded | Nov 1948 |
| Share capital | ¥2.14B |
| Employees (consolidated) | 1,135 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.kanefusa.co.jp (https://www.kanefusa.co.jp/) |
| Corporate number | 6180001080984 |
| EDINET | E01437 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YEZU, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.6 | 34 |
| Profitability | 33.8 | 34 |
| Cash conversion | 27.4 | 31 |
| Efficiency | 39.7 | 34 |

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 51% of Kanefusa's sales come from JAPAN, with UNITED STATES and INDONESIA making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +45.9%.

## Company structure

- Segment revenue mix: JAPAN 51.4%、UNITED STATES 11.8%、INDONESIA 11.4%、EUROPE 10.9%、Other 5.6%
- Revenue → net income: ¥20947572000 → ¥1031960000
- Net income → operating cash flow: ¥1031960000 → ¥1094903000（difference ¥62943000）
- Main uses of operating cash flow: CapEx ¥1074472000 / dividends ¥347500000 / buybacks ¥54000
- Change in cash: ¥-175411000
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 | ¥20.9B |  |
| Operating income | ¥1.09B | Margin 5.2% |
| Net income | ¥1.03B | Margin 4.9% |
| Free cash flow | ¥20.4M |  |
| Largest business | JAPAN | of segment revenue 51.4% |
| Employees (consolidated) | 1,135 |  |
| EPS | ¥49.9 |  |
| Book value per share | ¥1803.16 |  |
| Equity ratio | 81.6% |  |
| Shares outstanding | 14,310,000 |  |
| Treasury shares | 410,000 |  |
| Shareholders | 2,523 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 37.6% |
| Vs. industry median margin | -1.9 pp | Machine Tools |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 46%
- FY2026, segment profit share differs by 31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16032015000 | ¥20947572000 | +30.7% |
| Operating income | ¥465610000 | ¥1090822000 | +134.3% |
| Operating margin | 2.9% | 5.2% | +2.3 pp |
| Employees | 1,200 people | 1,135 people | -5.4% |
| Cash and equivalents | ¥4923103000 | ¥7885619000 | +60.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 51.4% |
| 日本 → 事業再編・廃止 | 10.8% |
| インドネシア → インドネシア | 9.9% |
| 米国 → 米国 | 6.8% |
| 欧州 → 欧州 | 10.3% |
| 中国 → 中国 | 4.5% |
| 中国 → 事業再編・廃止 | 1.1% |
| ベトナム → ベトナム | 0.7% |
| ベトナム → 事業再編・廃止 | 0.0% |
| その他 → その他 | 4.4% |
| 新設・再編 → インドネシア | 1.4% |
| 新設・再編 → 米国 | 5.0% |
| 新設・再編 → 欧州 | 0.6% |
| 新設・再編 → ブラジル | 3.8% |
| 新設・再編 → その他 | 1.1% |

Segment revenue source references: 15 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JAPAN | 5 years | +1.5% | ¥10777420000 | 2.9% | 2 |
| UNITED STATES | 5 years | +17.8% | ¥2462312000 | 3.3% | 2 |
| INDONESIA | 5 years | +8.3% | ¥2378769000 | 16.8% | 2 |
| EUROPE | 5 years | +6.7% | ¥2288874000 | 1.8% | 2 |
| Other | 5 years | +10.5% | ¥1166577000 | 1.0% | 2 |
| CHINA | 5 years | +1.1% | ¥933978000 | 0.7% | 2 |
| BRAZIL | 3 years | +7.9% | ¥785698000 | -2.8% | 2 |
| VIETNAM | 5 years | +4.6% | ¥153940000 | 62.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,948 | 100.0% | S100YEZU |
| Cost of revenue | 14,676 | 70.1% | S100YEZU |
| Gross profit | 6,272 | 29.9% | S100YEZU |
| SG&A | 5,181 | 24.7% | S100YEZU |
| Operating income | 1,091 | 5.2% | S100YEZU |
| Ordinary income | 1,344 | 6.4% | S100YEZU |
| Pretax income | 1,466 | 7.0% | S100YEZU |
| Income tax | 434 | 2.1% | S100YEZU |
| Net income | 1,032 | 4.9% | S100YEZU |
| Net income attributable to owners | 1,032 | 4.9% | S100YEZU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 25 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.9% → Operating margin 5.2% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +45.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.97×
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 | 20,232 | 20,948 | 716 | +3.5% |
| Gross profit | 5,951 | 6,272 | 321 | +5.4% |
| Operating income | 748 | 1,091 | 343 | +45.9% |
| Net income attributable to owners | 984 | 1,032 | 48 | +4.8% |
| Operating cash flow | 2,638 | 1,095 | -1,543 | -58.5% |
| Free cash flow | -100 | 20 | 120 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,984 | 1,391 | 7.3% | 780 | 2,244 | -714 | S100MC60 |
| FY ending Mar 2021 | 16,032 | 466 | 2.9% | 449 | 2,737 | 1,953 | S100OFMS |
| FY ending Mar 2022 | 19,669 | 1,776 | 9.0% | 1,346 | 1,907 | 1,167 | S100R5UT |
| FY ending Mar 2023 | 21,119 | 1,441 | 6.8% | 1,277 | 2,223 | -461 | S100V018 |
| FY ending Mar 2024 | 20,081 | 1,054 | 5.3% | 886 | 1,430 | -1,060 | S100W4CS |
| FY ending Mar 2025 | 20,232 | 748 | 3.7% | 984 | 2,638 | -100 | S100YEZU |
| FY ending Mar 2026 | 20,948 | 1,091 | 5.2% | 1,032 | 1,095 | 20 | S100YEZU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | ¥961.1K |
| Net income per employee (consolidated) | ¥909.2K |

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) | 1,232 | 1,248 | 1,235 | 1,167 | 1,135 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥5.6M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 39.1 years | 39.7 years | 39.9 years | 40.0 years | 41.0 years |
| Average tenure (parent company) | 17.3 years | 16.9 years | 17.1 years | 17.0 years | 17.8 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 10,777 | 51.4% | 311 | 2.9% |
| INDONESIA | 2,379 | 11.4% | 399 | 16.8% |
| UNITED STATES | 2,462 | 11.8% | 82 | 3.3% |
| EUROPE | 2,289 | 10.9% | 41 | 1.8% |
| CHINA | 934 | 4.5% | 6 | 0.7% |
| BRAZIL | 786 | 3.8% | -22 | -2.8% |
| VIETNAM | 154 | 0.7% | 96 | 62.3% |
| Other | 1,167 | 5.6% | 11 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 51.4% | 32.8% | -18.6 | 2.9% |
| INDONESIA | 11.4% | 42.2% | 30.8 | 16.8% |
| UNITED STATES | 11.8% | 8.7% | -3.1 | 3.3% |
| EUROPE | 10.9% | 4.3% | -6.6 | 1.8% |
| CHINA | 4.5% | 0.7% | -3.8 | 0.7% |
| BRAZIL | 3.8% | — | — | -2.8% |
| VIETNAM | 0.7% | 10.1% | 9.4 | 62.3% |
| Other | 5.6% | 1.2% | -4.4 | 1.0% |

Loss-making segment (excluded from profit shares): BRAZIL -22 JPY mn

Segment → industry: JAPAN → Machine Tools / INDONESIA → Machine Tools / UNITED STATES → Machine Tools / EUROPE → Machine Tools / CHINA → Machine Tools / BRAZIL → Machine Tools / VIETNAM → Machine Tools / Other → Machine Tools

## 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 | 1,095 | 5.2% | S100YEZU |
| Capital expenditure | 1,074 | 5.1% | S100YEZU |
| Free cash flow | 20 | 0.1% | 算出 |
| Investing cash flow | -936 | -4.5% | S100YEZU |
| Financing cash flow | -610 | -2.9% | S100YEZU |
| Dividends paid | 348 | 1.7% | S100YEZU |
| Share buyback | 0 | 0.0% | S100YEZU |
| Change in cash | -175 | -0.8% | S100YEZU |
| Cash and equivalents | 7,886 | 37.6% | S100YEZU |

## 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 | 7,164 | 6,836 | 5,543 | 8,061 | 7,886 | S100V018, S100W4CS, S100YEZU |
| Total assets | 31,613 | 33,865 | 34,770 | 38,469 | 38,403 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Net assets | 25,542 | 27,399 | 28,432 | 30,556 | 31,339 | S100V018, S100W4CS, S100YEZU |
| Share capital | 2,143 | 2,143 | 2,143 | 2,143 | 2,143 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Property, plant and equipment | 11,655 | 13,402 | 14,680 | 16,167 | 15,224 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Intangible assets excluding goodwill | 798 | 861 | 904 | 974 | 927 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Investment securities | 632 | 495 | 575 | 658 | 705 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Current assets | 18,237 | 18,793 | 18,255 | 20,233 | 20,634 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Current liabilities | 4,159 | 4,613 | 4,357 | 3,837 | 2,953 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Trade payables | 1,697 | 1,552 | 1,597 | — | — | S100R5UT, S100V018 |
| Long-term borrowings | 1,224 | 1,246 | 1,211 | 2,997 | 2,853 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Total liabilities | 6,071 | 6,466 | 6,338 | 7,913 | 7,064 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Equity attributable to owners of parent | 24,763 | 25,636 | 26,133 | 26,805 | 27,489 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Retained earnings | 20,661 | 21,535 | 22,032 | 22,704 | 23,388 | S100R5UT, S100V018, S100W4CS, S100YEZU |
| Treasury stock | -209 | -209 | -209 | -209 | -209 | S100R5UT, S100V018, S100W4CS, S100YEZU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YEZU |
| Property, plant and equipment | 40% | S100YEZU |
| Intangibles and goodwill | 2% | S100YEZU |
| Investment securities | 2% | S100YEZU |
| Other assets | 36% | S100YEZU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YEZU |
| Equity | 82% | S100YEZU |

### 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 | 31,613 | 33,865 | 34,770 | 38,469 | 38,403 |
| Equity | 25,542 | 27,399 | 28,432 | 30,556 | 31,339 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,164 | 6,836 | 5,543 | 8,061 | 7,886 |

## 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) | 72.7% | S100YEZU |
| Fixed assets ÷ total assets | 39.6% | S100YEZU |
| Goodwill ÷ parent equity | — | —, S100YEZU |

### 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) | 20.5% |
| Cash ÷ revenue | 37.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.4% |
| Cash vs. profit gap | 63 JPY mn (of net income 6.1%) |
| Shareholder returns / net income | 33.7% |
| Shareholder returns / FCF | 1701.1% |
| Shareholder payments — dividends / net income | 33.7% |
| Shareholder payments — dividends / FCF | 1700.8% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 85.5% |

## 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 | 6.8% | 0.62× | 4.3% | 1.28× | 5.4% | S100R5UT |
| 2023 | 6.0% | 0.65× | 3.9% | 1.30× | 5.1% | S100V018 |
| 2024 | 4.4% | 0.59× | 2.6% | 1.33× | 3.4% | S100W4CS |
| 2025 | 4.9% | 0.55× | 2.7% | 1.38× | 3.7% | S100YEZU |
| 2026 | 4.9% | 0.54× | 2.7% | 1.42× | 3.8% | S100YEZU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大口興産株式会社 | Major shareholder | 16.6% | 2026-03-31 |
| 渡邉 裕子 | Major shareholder | 9.8% | 2026-03-31 |
| 太田 万佐子 | Major shareholder | 9.6% | 2026-03-31 |
| 兼房従業員持株会 | Major shareholder | 5.4% | 2026-03-31 |
| 渡邉 久修 | Major shareholder | 4.6% | 2026-03-31 |
| 信太 万希子 | Major shareholder | 4.3% | 2026-03-31 |
| 太田 正志 | Major shareholder | 2.9% | 2026-03-31 |
| 渡邉 將人 | Major shareholder | 2.9% | 2026-03-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 渡邉 美奈子 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YEZU | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEZU,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W4CS | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4CS,, |
| 訂正有価証券報告書－第76期(2023/04/01－2024/03/31) | S100V018 | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V018,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R5UT | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UT,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OFMS | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFMS,, |
| 訂正有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100MC60 | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC60,, |

## 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).