# KANEMITSU 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43期(2025/04/01－2026/03/31) (S100YE6U)
> Page: https://vizora.meequs.com/en/company/kanemitsu
> Retrieved: 2026-09-30T18:28:25.309Z

## Company

Kanemitsu, founded in 1947, is a company in Auto Parts listed on TSE Standard. It has 569 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANEMITSU CORPORATION |
| Ticker | 7208 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7208.T) |
| Listing | TSE Standard |
| Head office | 兵庫県明石市大蔵本町20番26号 |
| Representative (per filing) | 代表取締役社長 金光 俊明 |
| Founded | Jan 1947 |
| Share capital | ¥556.1M |
| Employees (consolidated) | 569 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | kanemitsu.co.jp (https://kanemitsu.co.jp/) |
| Corporate number | 8140001034728 |
| EDINET | E02248 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YE6U, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.7 | 110 |
| Profitability | 86 | 111 |
| Cash conversion | 75.5 | 108 |
| Efficiency | 12.2 | 111 |

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 74% of Kanemitsu's sales come from Japan, with Southeast asia and China making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -0.7% from the prior year, operating profit +16.5%.

## Company structure

- Segment revenue mix: Japan 73.6%、Southeast asia 18.9%、China 7.4%
- Revenue → net income: ¥11039822000 → ¥753130000
- Net income → operating cash flow: ¥753130000 → ¥2116694000（difference ¥1363564000）
- Main uses of operating cash flow: CapEx ¥486977000 / dividends ¥155638000 / buybacks ¥14964000
- Change in cash: ¥578488000
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 | ¥11B |  |
| Operating income | ¥879.6M | Margin 8.0% |
| Net income | ¥742.6M | Margin 6.7% |
| Free cash flow | ¥1.63B |  |
| Largest business | Japan | of segment revenue 73.6% |
| Employees (consolidated) | 569 |  |
| EPS | ¥119.56 |  |
| Book value per share | ¥1557.9 |  |
| Equity ratio | 77.2% |  |
| Shares outstanding | 5,129,577 |  |
| Treasury shares | 16,300 |  |
| Shareholders | 9,398 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 33.1% |
| Vs. industry median margin | +3.2 pp | Auto Parts |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, parent-company salary changed +32% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7034151000 | ¥11039822000 | +56.9% |
| Operating income | ¥-398795000 | ¥879630000 | — |
| Operating margin | -5.7% | 8.0% | +13.6 pp |
| Employees | 616 people | 569 people | -7.6% |
| Cash and equivalents | ¥2676903000 | ¥3651943000 | +36.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 69.3% |
| 東南アジア → 東南アジア | 18.9% |
| 東南アジア → 事業再編・廃止 | 0.8% |
| 中国 → 中国 | 7.4% |
| 中国 → 事業再編・廃止 | 3.6% |
| 新設・再編 → 日本 | 4.4% |

Segment revenue source references: 6 (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 | +10.8% | ¥8130396000 | 8.2% | 2 |
| Southeast asia | 5 years | +8.6% | ¥2087193000 | 6.5% | 2 |
| China | 5 years | +1.1% | ¥822232000 | 6.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,040 | 100.0% | S100YE6U |
| Cost of revenue | 8,356 | 75.7% | S100YE6U |
| Gross profit | 2,684 | 24.3% | S100YE6U |
| SG&A | 1,804 | 16.3% | S100YE6U |
| Operating income | 880 | 8.0% | S100YE6U |
| Ordinary income | 941 | 8.5% | S100YE6U |
| Pretax income | 1,071 | 9.7% | S100YE6U |
| Income tax | 318 | 2.9% | S100YE6U |
| Net income | 753 | 6.8% | S100YE6U |
| Net income attributable to owners | 743 | 6.7% | S100YE6U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 24.3% → Operating margin 8.0% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.7%; Core profit growth: +16.5%
Operating leverage (core profit growth ÷ revenue growth): -23.69×
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 | 11,117 | 11,040 | -77 | -0.7% |
| Gross profit | 2,498 | 2,684 | 186 | +7.4% |
| Operating income | 755 | 880 | 125 | +16.5% |
| Net income attributable to owners | 541 | 743 | 202 | +37.4% |
| Operating cash flow | 1,651 | 2,117 | 465 | +28.2% |
| Free cash flow | 1,186 | 1,630 | 444 | +37.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,154 | 113 | 1.4% | 71 | 805 | -167 | S100LNP8 |
| FY ending Mar 2021 | 7,034 | -399 | -5.7% | -110 | 564 | -189 | S100OD2N |
| FY ending Mar 2022 | 8,762 | 201 | 2.3% | 164 | 1,090 | 583 | S100R8LV |
| FY ending Mar 2023 | 10,024 | 426 | 4.2% | 538 | 904 | 281 | S100TSP9 |
| FY ending Mar 2024 | 11,091 | 577 | 5.2% | 632 | 1,417 | 430 | S100W58B |
| FY ending Mar 2025 | 11,117 | 755 | 6.8% | 541 | 1,651 | 1,186 | S100YE6U |
| FY ending Mar 2026 | 11,040 | 880 | 8.0% | 743 | 2,117 | 1,630 | S100YE6U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.4M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 613 | 607 | 596 | 577 | 569 |
| Average salary (parent company) | ¥4.9M | ¥5.5M | ¥5.9M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 40.1 years | 40.6 years | 41.5 years | 41.6 years | 42.8 years |
| Average tenure (parent company) | 13.9 years | 15.4 years | 16.1 years | 17.1 years | 18.0 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) -0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 8,130 | 73.6% | 665 | 8.2% |
| Southeast asia | 2,087 | 18.9% | 135 | 6.5% |
| China | 822 | 7.4% | 55 | 6.7% |

### 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 | 73.6% | 77.7% | 4.1 | 8.2% |
| Southeast asia | 18.9% | 15.8% | -3.1 | 6.5% |
| China | 7.4% | 6.4% | -1.0 | 6.7% |

Segment → industry: China → Auto Parts / Southeast asia → Auto Parts / Japan → Auto Parts

## 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 | 2,117 | 19.2% | S100YE6U |
| Capital expenditure | 487 | 4.4% | S100YE6U |
| Free cash flow | 1,630 | 14.8% | 算出 |
| Investing cash flow | -608 | -5.5% | S100YE6U |
| Financing cash flow | -975 | -8.8% | S100YE6U |
| Dividends paid | 156 | 1.4% | S100YE6U |
| Share buyback | 15 | 0.1% | S100YE6U |
| Change in cash | 578 | 5.2% | S100YE6U |
| Cash and equivalents | 3,652 | 33.1% | S100YE6U |

## 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 | 2,944 | 3,358 | 3,161 | 3,073 | 3,652 | S100TSP9, S100W58B, S100YE6U |
| Total assets | 14,372 | 15,407 | 16,106 | 16,101 | 16,206 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Net assets | 9,267 | 9,958 | 10,963 | 11,671 | 12,724 | S100TSP9, S100W58B, S100YE6U |
| Share capital | 556 | 556 | 556 | 556 | 556 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Property, plant and equipment | 6,591 | 6,578 | 6,781 | 6,627 | 6,488 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Intangible assets excluding goodwill | 130 | 119 | 117 | 121 | 141 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Goodwill | 6 | 3 | — | — | — | S100R8LV, S100TSP9 |
| Investment securities | 854 | 875 | 1,244 | 1,123 | 1,455 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Current assets | 6,643 | 7,663 | 7,796 | 8,035 | 7,952 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Current liabilities | 3,012 | 3,484 | 3,655 | 3,228 | 2,201 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Trade payables | 655 | 986 | 690 | 576 | 439 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Short-term borrowings | 505 | 508 | 466 | 429 | 60 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Long-term borrowings | 1,089 | 1,004 | 570 | 253 | 116 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Total liabilities | 5,104 | 5,449 | 5,143 | 4,430 | 3,483 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Non-controlling interests | 164 | 168 | 184 | 197 | 210 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Equity attributable to owners of parent | 8,536 | 8,933 | 9,417 | 9,804 | 10,391 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Retained earnings | 7,489 | 7,886 | 8,370 | 8,758 | 9,344 | S100R8LV, S100TSP9, S100W58B, S100YE6U |
| Treasury stock | -16 | -16 | -16 | -16 | -18 | S100R8LV, S100TSP9, S100W58B, S100YE6U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YE6U |
| Property, plant and equipment | 40% | S100YE6U |
| Intangibles and goodwill | 1% | S100YE6U |
| Investment securities | 9% | S100YE6U |
| Other assets | 28% | S100YE6U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YE6U |
| Other liabilities | 19% | S100YE6U |
| Equity | 78% | S100YE6U |

### 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 | 14,372 | 15,407 | 16,106 | 16,101 | 16,206 |
| Equity | 9,267 | 9,958 | 10,963 | 11,671 | 12,724 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,944 | 3,358 | 3,161 | 3,073 | 3,652 |

## 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) | 58.8% | S100YE6U |
| Fixed assets ÷ total assets | 40.0% | S100YE6U |
| Goodwill ÷ parent equity | — | —, S100YE6U |

### 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) | 22.5% |
| Cash ÷ revenue | 33.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 240.6% |
| Cash vs. profit gap | 1,374 JPY mn (of net income 185.1%) |
| Shareholder returns / net income | 23.0% |
| Shareholder returns / FCF | 10.5% |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 9.6% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 28.7% |

## 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% | 0.61× | 1.1% | 1.68× | 1.9% | S100R8LV |
| 2023 | 5.4% | 0.67× | 3.6% | 1.70× | 6.2% | S100TSP9 |
| 2024 | 5.7% | 0.70× | 4.0% | 1.72× | 6.9% | S100W58B |
| 2025 | 4.9% | 0.69× | 3.4% | 1.68× | 5.6% | S100YE6U |
| 2026 | 6.7% | 0.68× | 4.6% | 1.60× | 7.4% | S100YE6U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 金光 俊明 | Major shareholder | 9.3% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| カネミツ従業員持株会 | Major shareholder | 6.6% | 2026-03-31 |
| 金光 秀治 | Major shareholder | 2.9% | 2026-03-31 |
| バンドー化学株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 山田 勇作 | Major shareholder | 2.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 金光 充子 | Major shareholder | 2.6% | 2026-03-31 |
| 中西電機工業株式会社 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YE6U | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE6U,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W58B | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W58B,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TSP9 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSP9,, |
| 有価証券報告書－第40期(2022/04/01－2023/03/31) | S100R8LV | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8LV,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OD2N | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD2N,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LNP8 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNP8,, |

## 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).