# KANSEKI  CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/03/01－2026/02/28) (S100Y67I)
> Page: https://vizora.meequs.com/en/company/kanseki
> Retrieved: 2026-09-30T21:35:06.440Z

## Company

Kanseki, founded in 1969, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 280 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANSEKI CO., LTD. |
| Ticker | 9903 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9903.T) |
| Listing | TSE Standard |
| Head office | 栃木県宇都宮市西川田本町三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 大田垣 一郎 |
| Founded | Dec 1969 |
| Share capital | ¥1.93B |
| Employees (consolidated) | 280 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Website | www.kanseki.co.jp (https://www.kanseki.co.jp/) |
| Corporate number | 8060001001208 |
| EDINET | E03179 |
| Industries (Vizora) | Real Estate Development & Leasing, Home Centers, Outdoor & Sporting Goods Stores |

> Profile source: annual securities report (S100Y67I, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 25 | 10 |
| Cash conversion | 75 | 10 |
| Efficiency | 95 | 10 |

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 42% of Kanseki's sales come from Home center, with Specialty store and WILD-1 making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -3.0% from the prior year, operating profit -1.8%.

## Company structure

- Segment revenue mix: Home center 41.5%、Specialty store 33.9%、WILD-1 23.6%、Store development 1.0%、Other 0.0%
- Revenue → net income: ¥35470795000 → ¥307585000
- Net income → operating cash flow: ¥307585000 → ¥783067000（difference ¥475482000）
- Main uses of operating cash flow: CapEx ¥961945000 / dividends ¥74948000 / buybacks —
- Change in cash: ¥179443000
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 | ¥35.5B |  |
| Operating income | ¥529.1M | Margin 1.5% |
| Net income | ¥307.6M | Margin 0.9% |
| Free cash flow | -¥178.9M |  |
| Largest business | Home center | of segment revenue 41.5% |
| Employees (consolidated) | 280 |  |
| EPS | ¥41.25 |  |
| Diluted EPS | ¥40.88 |  |
| Book value per share | ¥901.07 |  |
| Equity ratio | 26.9% |  |
| Shares outstanding | 8,050,000 |  |
| Treasury shares | 593,900 |  |
| Shareholders | 3,320 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 4.0% | Cash ÷ revenue 2.8% |
| Vs. industry median margin | -1.8 pp | Home Centers |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, segment profit share differs by 28 points

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2022 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40831894000 | ¥35470795000 | — |
| Operating income | ¥2363997000 | ¥529140000 | — |
| Operating margin | 5.8% | 1.5% | -4.3 pp |
| Employees | 336 people | 280 people | — |
| Cash and equivalents | ¥2174334000 | ¥989888000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2022 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ホームセンター | 41.5% |
| 新設・再編 → WILD-１ | 23.6% |
| 新設・再編 → 専門店 | 33.9% |
| 新設・再編 → 店舗開発 | 1.0% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Home center | — | — | ¥14936238000 | 2.3% | 2 |
| Specialty store | — | — | ¥12198488000 | 7.3% | 2 |
| WILD-1 | — | — | ¥8488363000 | 0.8% | 2 |
| Store development | — | — | ¥347898000 | 36.7% | 2 |
| Other | — | — | ¥6877000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,471 | 100.0% | S100Y67I |
| Cost of revenue | 25,942 | 73.1% | 算出 |
| Gross profit | 9,529 | 26.9% | S100Y67I |
| SG&A | 9,507 | 26.8% | S100Y67I |
| Operating income | 529 | 1.5% | S100Y67I |
| Ordinary income | 345 | 1.0% | S100Y67I |
| Pretax income | 322 | 0.9% | S100Y67I |
| Income tax | 14 | 0.0% | S100Y67I |
| Net income | 308 | 0.9% | S100Y67I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 27 |
| Other operating | -1 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 26.9% → Operating margin 1.5% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.0%; Core profit growth: -1.8%
Operating leverage (core profit growth ÷ revenue growth): 0.61×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,552 | 35,471 | -1,081 | -3.0% |
| Gross profit | 9,762 | 9,529 | -233 | -2.4% |
| Operating income | 539 | 529 | -10 | -1.8% |
| Operating cash flow | 2,205 | 783 | -1,422 | -64.5% |
| Free cash flow | 1,497 | -179 | -1,676 | -111.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 36,305 | 1,745 | 4.8% | 1,016 | 1,205 | 641 | S100LEXS |
| FY ending Feb 2021 | 41,593 | 3,154 | 7.6% | 1,796 | 3,592 | 3,146 | S100O3SC |
| FY ending Feb 2022 | 40,832 | 2,364 | 5.8% | -178 | 578 | — | S100QV0G |
| FY ending Feb 2022 | 40,851 | 2,379 | 5.8% | -178 | 578 | 116 | S100O3SC |
| FY ending Feb 2023 | 38,069 | 1,298 | 3.4% | 694 | -1,376 | -1,910 | S100TIGG |
| FY ending Feb 2024 | 36,354 | -1,469 | -4.0% | -5,219 | -316 | -1,028 | S100VTST |
| FY ending Feb 2025 | 36,552 | 539 | 1.5% | 518 | 2,205 | 1,497 | S100Y67I |
| FY ending Feb 2026 | 35,471 | 529 | 1.5% | 308 | 783 | -179 | S100Y67I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥126.7M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 336 | 332 | 322 | 306 | 280 |
| Average salary (parent company) | ¥5.3M | ¥5.2M | ¥5.1M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 46.2 years | 45.6 years | 45.2 years | 44.9 years | 45.5 years |
| Average tenure (parent company) | 21.4 years | 20.8 years | 20.2 years | 19.8 years | 20.2 years |

Year over year: Employees (consolidated) -8.5% · Revenue (consolidated) -3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home center | 14,936 | 41.5% | 350 | 2.3% |
| WILD-1 | 8,488 | 23.6% | 66 | 0.8% |
| Specialty store | 12,198 | 33.9% | 890 | 7.3% |
| Store development | 348 | 1.0% | 128 | 36.7% |
| Other | 7 | 0.0% | 7 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home center | 41.5% | 24.3% | -17.2 | 2.3% |
| WILD-1 | 23.6% | 4.6% | -19.0 | 0.8% |
| Specialty store | 33.9% | 61.8% | 27.9 | 7.3% |
| Store development | 1.0% | 8.9% | 7.9 | 36.7% |
| Other | 0.0% | 0.5% | 0.5 | 100.0% |

Segment → industry: Store development → Real Estate Development & Leasing / Home center → Home Centers / WILD-1 → Outdoor & Sporting Goods Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 783 | 2.2% | S100Y67I |
| Capital expenditure | 962 | 2.7% | S100Y67I |
| Free cash flow | -179 | -0.5% | 算出 |
| Investing cash flow | -396 | -1.1% | S100Y67I |
| Financing cash flow | -209 | -0.6% | S100Y67I |
| Dividends paid | 75 | 0.2% | S100Y67I |
| Change in cash | 179 | 0.5% | S100Y67I |
| Cash and equivalents | 990 | 2.8% | S100Y67I |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,240 | 1,114 | 746 | 810 | 990 | S100O3SC, S100VTST, S100Y67I |
| Total assets | 27,553 | 29,583 | 25,495 | 24,277 | 24,977 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Net assets | 9,783 | 11,155 | 6,146 | 6,164 | 6,798 | S100O3SC, S100VTST, S100Y67I |
| Share capital | 1,926 | 1,926 | 1,926 | 1,926 | 1,926 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Property, plant and equipment | 13,662 | 13,737 | 10,582 | 10,485 | 11,055 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Intangible assets excluding goodwill | 548 | 509 | 441 | 412 | 505 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Investment securities | 1,929 | 2,786 | 3,201 | 2,566 | 3,154 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Current assets | 9,655 | 10,606 | 9,372 | 8,960 | 8,556 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Current liabilities | 9,248 | 11,258 | 10,474 | 14,742 | 11,395 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Trade payables | 2,875 | — | — | — | — | S100O3SC |
| Short-term borrowings | 1,500 | 3,900 | 3,930 | 4,250 | 4,430 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Long-term borrowings | 6,390 | 5,741 | 6,810 | 1,605 | 5,446 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Bonds | 800 | 200 | 600 | 500 | — | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Interest-bearing debt | 8,690 | 9,841 | 11,340 | 6,355 | — | 算出 |
| Total liabilities | 17,770 | 18,427 | 19,349 | 18,113 | 18,179 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Equity attributable to owners of parent | 8,577 | 9,904 | 4,596 | 5,040 | 5,273 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Retained earnings | 5,506 | 5,919 | 610 | 1,054 | 1,287 | S100O3SC, S100TIGG, S100VTST, S100Y67I |
| Treasury stock | -721 | -389 | -389 | -389 | -389 | S100O3SC, S100TIGG, S100VTST, S100Y67I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y67I |
| Property, plant and equipment | 44% | S100Y67I |
| Intangibles and goodwill | 2% | S100Y67I |
| Investment securities | 13% | S100Y67I |
| Other assets | 37% | S100Y67I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100Y67I |
| Equity | 27% | S100Y67I |
| Other liabilities | 0% | S100Y67I |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,553 | 29,583 | 25,495 | 24,277 | 24,977 |
| Equity | 9,783 | 11,155 | 6,146 | 6,164 | 6,798 |
| Interest-bearing debt | 8,690 | 9,841 | 11,340 | 6,355 | — |
| Cash | 2,240 | 1,114 | 746 | 810 | 990 |

## 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) | 31.2% | S100Y67I |
| Fixed assets ÷ total assets | 44.3% | S100Y67I |
| Goodwill ÷ parent equity | — | —, S100Y67I |

### 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) | 4.0% |
| Cash ÷ revenue | 2.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.0% |
| Cash vs. profit gap | 475 JPY mn (of net income 154.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 50.5% |

## 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 | — | —× | -0.6% | —× | — | S100O3SC |
| 2023 | 1.8% | 1.29× | 2.3% | 2.99× | 7.0% | S100TIGG |
| 2024 | — | —× | -19.0% | —× | — | S100VTST |
| 2025 | 1.4% | 1.47× | 2.1% | 5.17× | 10.8% | S100Y67I |
| 2026 | 0.9% | 1.44× | 1.2% | 4.78× | 6.0% | S100Y67I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 服部商会株式会社 | Major shareholder | 29.2% | 2026-02-28 |
| 服 部 京 子 | Major shareholder | 19.6% | 2026-02-28 |
| ＤＣＭ株式会社 | Major shareholder | 9.8% | 2026-02-28 |
| 千 葉 ゆきえ | Major shareholder | 6.2% | 2026-02-28 |
| 服 部 正 吉 | Major shareholder | 3.8% | 2026-02-28 |
| 服 部 良 江 | Major shareholder | 3.5% | 2026-02-28 |
| 株式会社足利銀行 | Major shareholder | 1.6% | 2026-02-28 |
| 株式会社栃木銀行 | Major shareholder | 1.6% | 2026-02-28 |
| カンセキ社員持株会 | Major shareholder | 1.2% | 2026-02-28 |
| カンセキ取引先持株会 | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/03/01－2026/02/28) | S100Y67I | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y67I,, |
| 有価証券報告書－第51期(2024/03/01－2025/02/28) | S100VTST | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTST,, |
| 有価証券報告書－第50期(2023/03/01－2024/02/29) | S100TIGG | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIGG,, |
| 訂正有価証券報告書－第49期(2022/03/01－2023/02/28) | S100QV0G | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV0G,, |
| 有価証券報告書－第48期(令和3年3月1日－令和4年2月28日) | S100O3SC | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3SC,, |
| 有価証券報告書－第47期(令和2年3月1日－令和3年2月28日) | S100LEXS | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEXS,, |

## 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).