# KANEMATSU ENGINEERING CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2025/04/01－2026/03/31) (S100YD22)
> Page: https://vizora.meequs.com/en/company/kanematsu-engineering
> Retrieved: 2026-09-30T21:00:21.011Z

## Company

Kanematsu Engineering, founded in 1971, is a company in Trucks & Buses listed on TSE Standard. It has 272 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANEMATSU ENGINEERING CO., LTD. |
| Ticker | 6402 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6402.T) |
| Listing | TSE Standard |
| Head office | 高知県高知市布師田3981番地7 |
| Representative (per filing) | 代表取締役社長 山本琴一 |
| Founded | Sep 1971 |
| Share capital | ¥313.7M |
| Employees (consolidated) | 272 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.kanematsu-eng.jp (https://www.kanematsu-eng.jp/) |
| Corporate number | 5490001000318 |
| EDINET | E01721 |
| Industries (Vizora) | Trucks & Buses |

> Profile source: annual securities report (S100YD22, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Trucks & Buses (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 3 |
| Profitability | 87.5 | 4 |
| Cash conversion | 37.5 | 4 |
| Efficiency | 87.5 | 4 |

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)

- Kanematsu Engineering brought in ¥14.1B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +40.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14097938000 → ¥1041333000
- Net income → operating cash flow: ¥1041333000 → ¥802143000（difference ¥-239190000）
- Main uses of operating cash flow: CapEx ¥153131000 / dividends ¥242107000 / buybacks —
- Change in cash: ¥554984000
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 | ¥14.1B |  |
| Operating income | ¥1.34B | Margin 9.5% |
| Net income | ¥1.04B | Margin 7.4% |
| Free cash flow | ¥649M |  |
| Employees (consolidated) | 272 |  |
| EPS | ¥212.75 |  |
| Book value per share | ¥1625.34 |  |
| Equity ratio | 62.9% |  |
| Shares outstanding | 5,564,000 |  |
| Treasury shares | 667,000 |  |
| Shareholders | 2,802 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | +3.7 pp | Trucks & Buses |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11606947000 | ¥14097938000 | +21.5% |
| Operating income | ¥1081670000 | ¥1341516000 | +24.0% |
| Operating margin | 9.3% | 9.5% | +0.2 pp |
| Employees | 218 people | 272 people | +24.8% |
| Cash and equivalents | ¥917482000 | ¥1729145000 | +88.5% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,098 | 100.0% | S100YD22 |
| Cost of revenue | 10,311 | 73.1% | S100YD22 |
| Gross profit | 3,787 | 26.9% | S100YD22 |
| SG&A | 2,445 | 17.3% | S100YD22 |
| Operating income | 1,342 | 9.5% | S100YD22 |
| Ordinary income | 1,357 | 9.6% | S100YD22 |
| Pretax income | 1,386 | 9.8% | S100YD22 |
| Income tax | 345 | 2.4% | S100YD22 |
| Net income | 1,041 | 7.4% | S100YD22 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 17 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 26.9% → Operating margin 9.5% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +40.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.77×
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 | 13,301 | 14,098 | 797 | +6.0% |
| Gross profit | 3,200 | 3,787 | 587 | +18.3% |
| Operating income | 954 | 1,342 | 387 | +40.6% |
| Operating cash flow | 733 | 802 | 69 | +9.4% |
| Free cash flow | 648 | 649 | 1 | +0.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,700 | 1,014 | 8.7% | 706 | 866 | 763 | S100LKI7 |
| FY ending Mar 2021 | 11,607 | 1,082 | 9.3% | 717 | 940 | -900 | S100OBX2 |
| FY ending Mar 2022 | 11,871 | 1,026 | 8.6% | 750 | -244 | -2,335 | S100R064 |
| FY ending Mar 2023 | 11,336 | 709 | 6.3% | 754 | 2,284 | 1,946 | S100TO0S |
| FY ending Mar 2024 | 12,404 | 809 | 6.5% | 619 | -112 | -262 | S100VY7C |
| FY ending Mar 2025 | 13,301 | 954 | 7.2% | 701 | 733 | 648 | S100YD22 |
| FY ending Mar 2026 | 14,098 | 1,342 | 9.5% | 1,041 | 802 | 649 | S100YD22 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.8M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 231 | 239 | 256 | 266 | 272 |
| Average salary (parent company) | ¥7M | ¥6.6M | ¥7.1M | ¥6.5M | ¥7.9M |
| Average age (parent company) | 39.8 years | 40.1 years | 39.9 years | 39.6 years | 39.5 years |
| Average tenure (parent company) | 13.8 years | 13.9 years | 13.5 years | 13.5 years | 13.5 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +6.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 802 | 5.7% | S100YD22 |
| Capital expenditure | 153 | 1.1% | S100YD22 |
| Free cash flow | 649 | 4.6% | 算出 |
| Investing cash flow | -153 | -1.1% | S100YD22 |
| Financing cash flow | -95 | -0.7% | S100YD22 |
| Dividends paid | 242 | 1.7% | S100YD22 |
| Change in cash | 555 | 3.9% | S100YD22 |
| Cash and equivalents | 1,729 | 12.3% | S100YD22 |

## 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 | 562 | 1,971 | 1,093 | 1,174 | 1,729 | S100TO0S, S100VY7C, S100YD22 |
| Total assets | 12,812 | 13,755 | 13,383 | 12,079 | 12,663 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Net assets | 5,712 | 6,288 | 6,642 | 7,140 | 7,959 | S100TO0S, S100VY7C, S100YD22 |
| Share capital | 314 | 314 | 314 | 314 | 314 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Property, plant and equipment | 5,458 | 5,150 | 4,924 | 4,669 | 4,701 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Intangible assets excluding goodwill | 290 | 364 | 311 | 232 | 162 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Investment securities | 15 | 15 | 19 | 21 | 36 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Current assets | 6,762 | 7,855 | 7,779 | 6,706 | 7,332 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Current liabilities | 5,273 | 5,344 | 4,954 | 3,493 | 3,590 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Short-term borrowings | 700 | — | — | — | 500 | S100R064, S100YD22 |
| Long-term borrowings | 1,553 | 1,833 | 1,483 | 1,133 | 783 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Total liabilities | 7,099 | 7,467 | 6,741 | 4,939 | 4,704 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Equity attributable to owners of parent | 5,713 | 6,287 | 6,638 | 7,134 | 7,943 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Retained earnings | 5,957 | 6,446 | 6,796 | 7,282 | 8,078 | S100R064, S100TO0S, S100VY7C, S100YD22 |
| Treasury stock | -914 | -828 | -828 | -817 | -806 | S100R064, S100TO0S, S100VY7C, S100YD22 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YD22 |
| Property, plant and equipment | 37% | S100YD22 |
| Intangibles and goodwill | 1% | S100YD22 |
| Investment securities | 0% | S100YD22 |
| Other assets | 48% | S100YD22 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YD22 |
| Equity | 63% | S100YD22 |
| Other liabilities | 0% | S100YD22 |

### 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 | 12,812 | 13,755 | 13,383 | 12,079 | 12,663 |
| Equity | 5,712 | 6,288 | 6,642 | 7,140 | 7,959 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 562 | 1,971 | 1,093 | 1,174 | 1,729 |

## 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) | 33.3% | S100YD22 |
| Fixed assets ÷ total assets | 37.1% | S100YD22 |
| Goodwill ÷ parent equity | — | —, S100YD22 |

### 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) | 13.7% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.8% |
| Cash vs. profit gap | -239 JPY mn (of net income -23.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | 37.3% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 19.0% |

## 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 | 6.3% | 0.93× | 5.9% | 2.24× | 13.1% | S100R064 |
| 2023 | 6.7% | 0.85× | 5.7% | 2.21× | 12.6% | S100TO0S |
| 2024 | 5.0% | 0.91× | 4.6% | 2.10× | 9.6% | S100VY7C |
| 2025 | 5.3% | 1.04× | 5.5% | 1.85× | 10.2% | S100YD22 |
| 2026 | 7.4% | 1.14× | 8.4% | 1.64× | 13.8% | S100YD22 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 琴一 | Major shareholder | 9.8% | 2026-03-31 |
| 三谷 公男 | Major shareholder | 6.5% | 2026-03-31 |
| 兼松エンジニアリング 従業員持株会 | Major shareholder | 6.2% | 2026-03-31 |
| 山口 隆士 | Major shareholder | 5.9% | 2026-03-31 |
| 山本 吾一 | Major shareholder | 5.4% | 2026-03-31 |
| 柳川 裕司 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社四国銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 三谷 仁男 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YD22 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD22,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100VY7C | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY7C,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TO0S | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO0S,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R064 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R064,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100OBX2 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBX2,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LKI7 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKI7,, |

## 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).