# KANESO 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49期(2025/04/01－2026/03/31) (S100YGWS)
> Page: https://vizora.meequs.com/en/company/kaneso
> Retrieved: 2026-09-30T21:35:11.726Z

## Company

Kaneso, founded in 1958, is a company in Housing Equipment & Building Materials listed on Nagoya. It has 246 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANESO Co.,LTD. |
| Ticker | 5979 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5979.T) |
| Listing | Nagoya |
| Head office | 三重県三重郡朝日町大字縄生81番地 |
| Representative (per filing) | 代表取締役社長 豊田悟志 |
| Founded | Apr 1958 |
| Share capital | ¥1.82B |
| Employees (consolidated) | 246 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | kaneso.co.jp (https://kaneso.co.jp/) |
| Corporate number | 5190001014604 |
| EDINET | E01448 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YGWS, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.5 | 56 |
| Profitability | 95.7 | 58 |
| Cash conversion | 65 | 50 |
| Efficiency | 7.8 | 58 |

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)

- Kaneso brought in ¥8.37B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -3.4% from the prior year, operating profit -18.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8373153000 → ¥624850000
- Net income → operating cash flow: ¥624850000 → ¥1344914000（difference ¥720064000）
- Main uses of operating cash flow: CapEx ¥478036000 / dividends ¥284822000 / buybacks —
- Change in cash: ¥397255000
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 | ¥8.37B |  |
| Operating income | ¥932M | Margin 11.1% |
| Net income | ¥624.9M | Margin 7.5% |
| Free cash flow | ¥866.9M |  |
| Employees (consolidated) | 246 |  |
| EPS | ¥438.94 |  |
| Book value per share | ¥10952.39 |  |
| Equity ratio | 88.0% |  |
| Shares outstanding | 1,440,000 |  |
| Treasury shares | 16,400 |  |
| Shareholders | 597 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | +6.7 pp | Housing Equipment & Building Materials |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6496808000 | ¥8373153000 | +28.9% |
| Operating income | ¥185116000 | ¥931982000 | +403.5% |
| Operating margin | 2.8% | 11.1% | +8.3 pp |
| Employees | 242 people | 246 people | +1.7% |
| Cash and equivalents | ¥729494000 | ¥1399995000 | +91.9% |

### 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 | 8,373 | 100.0% | S100YGWS |
| Cost of revenue | 5,321 | 63.5% | S100YGWS |
| Gross profit | 3,052 | 36.5% | S100YGWS |
| SG&A | 2,120 | 25.3% | S100YGWS |
| Operating income | 932 | 11.1% | S100YGWS |
| Ordinary income | 962 | 11.5% | S100YGWS |
| Pretax income | 882 | 10.5% | S100YGWS |
| Income tax | 257 | 3.1% | S100YGWS |
| Net income | 625 | 7.5% | S100YGWS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 25 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 36.5% → Operating margin 11.1% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.4%; Core profit growth: -18.6%
Operating leverage (core profit growth ÷ revenue growth): 5.45×
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 | 8,669 | 8,373 | -295 | -3.4% |
| Gross profit | 3,206 | 3,052 | -153 | -4.8% |
| Operating income | 1,144 | 932 | -212 | -18.6% |
| Operating cash flow | 1,500 | 1,345 | -155 | -10.3% |
| Free cash flow | 910 | 867 | -43 | -4.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,614 | 570 | 7.5% | 354 | 620 | 136 | S100MWTP |
| FY ending Mar 2021 | 6,497 | 185 | 2.8% | 86 | 447 | 252 | S100OHC9 |
| FY ending Mar 2022 | 6,817 | 67 | 1.0% | 39 | 363 | -111 | S100R624 |
| FY ending Mar 2023 | 8,096 | 1,012 | 12.5% | 710 | 857 | 297 | S100TVRI |
| FY ending Mar 2024 | 8,664 | 1,278 | 14.8% | 1,042 | 1,123 | -264 | S100W2G1 |
| FY ending Mar 2025 | 8,669 | 1,144 | 13.2% | 800 | 1,500 | 910 | S100YGWS |
| FY ending Mar 2026 | 8,373 | 932 | 11.1% | 625 | 1,345 | 867 | S100YGWS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 248 | 248 | 249 | 248 | 246 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5.1M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 41.3 years | 41.5 years | 42.6 years | 42.6 years | 43.5 years |
| Average tenure (parent company) | 17.8 years | 18.1 years | 19.3 years | 19.2 years | 19.7 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) -3.4%

## 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 | 1,345 | 16.1% | S100YGWS |
| Capital expenditure | 478 | 5.7% | S100YGWS |
| Free cash flow | 867 | 10.4% | 算出 |
| Investing cash flow | -643 | -7.7% | S100YGWS |
| Financing cash flow | -305 | -3.6% | S100YGWS |
| Dividends paid | 285 | 3.4% | S100YGWS |
| Change in cash | 397 | 4.7% | S100YGWS |
| Cash and equivalents | 1,400 | 16.7% | S100YGWS |

## 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 | 405 | 1,085 | 1,260 | 1,003 | 1,400 | S100TVRI, S100W2G1, S100YGWS |
| Total assets | 15,599 | 16,583 | 17,078 | 17,565 | 17,727 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Net assets | 13,497 | 14,008 | 14,727 | 15,243 | 15,591 | S100TVRI, S100W2G1, S100YGWS |
| Share capital | 1,820 | 1,820 | 1,820 | 1,820 | 1,820 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Property, plant and equipment | 3,326 | 3,588 | 4,623 | 4,682 | 4,590 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Intangible assets excluding goodwill | 51 | 42 | 27 | 14 | 16 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Investment securities | 88 | 110 | 40 | 40 | 53 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Current assets | 11,810 | 12,519 | 11,960 | 11,795 | 11,998 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Current liabilities | 640 | 1,103 | 1,083 | 1,056 | 875 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Total liabilities | 2,102 | 2,576 | 2,352 | 2,323 | 2,136 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Equity attributable to owners of parent | 13,468 | 13,965 | 14,721 | 15,236 | 15,577 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Retained earnings | 10,398 | 10,894 | 11,651 | 12,167 | 12,507 | S100R624, S100TVRI, S100W2G1, S100YGWS |
| Treasury stock | -70 | -70 | -70 | -71 | -71 | S100R624, S100TVRI, S100W2G1, S100YGWS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YGWS |
| Property, plant and equipment | 26% | S100YGWS |
| Intangibles and goodwill | 0% | S100YGWS |
| Investment securities | 0% | S100YGWS |
| Other assets | 66% | S100YGWS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100YGWS |
| Equity | 88% | S100YGWS |

### 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 | 15,599 | 16,583 | 17,078 | 17,565 | 17,727 |
| Equity | 13,497 | 14,008 | 14,727 | 15,243 | 15,591 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 405 | 1,085 | 1,260 | 1,003 | 1,400 |

## 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) | 54.8% | S100YGWS |
| Fixed assets ÷ total assets | 25.9% | S100YGWS |
| Goodwill ÷ parent equity | — | —, S100YGWS |

### 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) | 7.9% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.3% |
| Cash vs. profit gap | 720 JPY mn (of net income 115.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.6% |
| Shareholder payments — dividends / FCF | 32.9% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 47.8% |

## 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 | 0.6% | 0.44× | 0.3% | 1.16× | 0.3% | S100R624 |
| 2023 | 8.8% | 0.50× | 4.4% | 1.17× | 5.2% | S100TVRI |
| 2024 | 12.0% | 0.51× | 6.2% | 1.17× | 7.3% | S100W2G1 |
| 2025 | 9.2% | 0.50× | 4.6% | 1.16× | 5.3% | S100YGWS |
| 2026 | 7.5% | 0.47× | 3.5% | 1.15× | 4.1% | S100YGWS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小林鋳造有限会社 | Major shareholder | 26.3% | 2026-03-31 |
| 小林正和 | Major shareholder | 22.1% | 2026-03-31 |
| 小林裕和 | Major shareholder | 7.0% | 2026-03-31 |
| 小林誠子 | Major shareholder | 7.0% | 2026-03-31 |
| 小林昭三 | Major shareholder | 7.0% | 2026-03-31 |
| 榊原靜枝 | Major shareholder | 3.2% | 2026-03-31 |
| 神谷布左子 | Major shareholder | 3.2% | 2026-03-31 |
| 石川商事株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 1.1% | 2026-03-31 |
| カネソウ従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YGWS | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGWS,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100W2G1 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2G1,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TVRI | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVRI,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100R624 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R624,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OHC9 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHC9,, |
| 訂正有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100MWTP | 2021-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MWTP,, |

## 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).