# KAPPA.CREATE CO.,LTD.: 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48期(2025/04/01－2026/03/31) (S100YDD5)
> Page: https://vizora.meequs.com/en/company/kappa-create
> Retrieved: 2026-09-30T20:58:26.470Z

## Company

Kappa.create, founded in 1973, is a company in Restaurants & Pubs listed on TSE Prime. It has 801 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAPPA-CREATE CO., LTD. |
| Ticker | 7421 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7421.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市西区みなとみらい二丁目2番1号 ランドマークタワー12階 |
| Representative (per filing) | 代表取締役社長 山角 豪 |
| Founded | Aug 1973 |
| Share capital | ¥100M |
| Employees (consolidated) | 801 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.kappasushi.jp (https://www.kappasushi.jp/) |
| Corporate number | 7030001001979 |
| EDINET | E03236 |
| Industries (Vizora) | Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YDD5, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.7 | 56 |
| Profitability | 22 | 66 |
| Cash conversion | 99.1 | 55 |
| Efficiency | 87.1 | 66 |

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 81% of Kappa.create's sales come from Conveyor-belt sushi business, with Delica business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.0% from the prior year, operating profit -62.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥73.2B |  |
| Operating income | ¥532M | Margin 0.7% |
| Net income | -¥394M | Margin -0.5% |
| Free cash flow | ¥664M |  |
| Largest business | Conveyor-belt sushi business | of segment revenue 80.9% |
| Employees (consolidated) | 801 |  |
| EPS | ¥-7.72 |  |
| Book value per share | ¥202.99 |  |
| Equity ratio | 35.2% |  |
| Shares outstanding | 49,414,578 |  |
| Treasury shares | 62,200 |  |
| Shareholders | 155,055 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 8.2% |
| Vs. industry median margin | -3.2 pp | Restaurants & Pubs |
| ROA | -1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64881000000 | ¥73193000000 | +12.8% |
| Operating income | ¥-1572000000 | ¥532000000 | — |
| Operating margin | -2.4% | 0.7% | +3.1 pp |
| Employees | 819 people | 801 people | -2.2% |
| Cash and equivalents | ¥7924000000 | ¥6034000000 | -23.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 回転寿司事業 → 回転寿司事業 | 80.6% |
| デリカ事業 → デリカ事業 | 19.1% |
| デリカ事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 回転寿司事業 | 0.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 73,193 | 100.0% | S100YDD5 |
| Cost of revenue | 35,412 | 48.4% | S100YDD5 |
| Gross profit | 37,780 | 51.6% | S100YDD5 |
| SG&A | 37,248 | 50.9% | S100YDD5 |
| Operating income | 532 | 0.7% | S100YDD5 |
| Ordinary income | 592 | 0.8% | S100YDD5 |
| Pretax income | -130 | -0.2% | S100YDD5 |
| Income tax | 273 | 0.4% | S100YDD5 |
| Net income | -403 | -0.6% | S100YDD5 |
| Net income attributable to owners | -394 | -0.5% | S100YDD5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 51 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 51.6% → Operating margin 0.7% → Net margin -0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.0%; Core profit growth: -62.9%
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 | 73,208 | 73,193 | -15 | -0.0% |
| Gross profit | 38,256 | 37,780 | -476 | -1.2% |
| Operating income | 1,433 | 532 | -901 | -62.9% |
| Net income attributable to owners | 1,032 | -394 | -1,426 | -138.2% |
| Operating cash flow | 3,833 | 2,481 | -1,352 | -35.3% |
| Free cash flow | 2,154 | 664 | -1,490 | -69.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 74,814 | 1,057 | 1.4% | -267 | 3,748 | 1,636 | S100MBVG |
| FY ending Mar 2021 | 64,881 | -1,572 | -2.4% | -1,149 | -538 | -1,146 | S100OCIO |
| FY ending Mar 2022 | 67,206 | -2,113 | -3.1% | 736 | 2,577 | 1,584 | S100QZJQ |
| FY ending Mar 2023 | 70,437 | -1,102 | -1.6% | -3,041 | 2,522 | 1,324 | S100TOVI |
| FY ending Mar 2024 | 72,196 | 1,693 | 2.3% | 1,396 | 3,554 | 1,071 | S100WA07 |
| FY ending Mar 2025 | 73,208 | 1,433 | 2.0% | 1,032 | 3,833 | 2,154 | S100YDD5 |
| FY ending Mar 2026 | 73,193 | 532 | 0.7% | -394 | 2,481 | 664 | S100YDD5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.4M |
| Operating income per employee (consolidated) | ¥664.2K |
| Net income per employee (consolidated) | -¥491.9K |

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) | 790 | 798 | 784 | 799 | 801 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.4M | ¥4.5M | ¥4.7M |
| Average age (parent company) | 38.9 years | 39.0 years | 39.2 years | 39.4 years | 39.8 years |
| Average tenure (parent company) | 13.0 years | 13.7 years | 14.0 years | 14.0 years | 14.5 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) -0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Conveyor-belt sushi business | 59,245 | 80.9% | 515 | 0.9% |
| Delica business | 13,948 | 19.1% | -46 | -0.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Conveyor-belt sushi business | 80.9% | 100.0% | 19.1 | 0.9% |
| Delica business | 19.1% | — | — | -0.3% |

Loss-making segment (excluded from profit shares): Delica business -46 JPY mn

Segment → industry: Conveyor-belt sushi business → Restaurants & Pubs / Delica business → Takeout & Delivery Meals

## 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 | 2,481 | 3.4% | S100YDD5 |
| Capital expenditure | 1,817 | 2.5% | S100YDD5 |
| Free cash flow | 664 | 0.9% | 算出 |
| Investing cash flow | -2,081 | -2.8% | S100YDD5 |
| Financing cash flow | -2,293 | -3.1% | S100YDD5 |
| Dividends paid | 245 | 0.3% | S100YDD5 |
| Change in cash | -1,906 | -2.6% | S100YDD5 |
| Cash and equivalents | 6,034 | 8.2% | S100YDD5 |

## 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 | 9,407 | 7,518 | 7,937 | 7,940 | 6,034 | S100TOVI, S100WA07, S100YDD5 |
| Total assets | 31,648 | 28,938 | 30,191 | 31,072 | 28,987 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Net assets | 11,727 | 8,696 | 10,108 | 10,889 | 10,244 | S100TOVI, S100WA07, S100YDD5 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Property, plant and equipment | 11,015 | 11,049 | 11,912 | 12,299 | 12,103 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Intangible assets excluding goodwill | 251 | 172 | 143 | 102 | 98 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Investment securities | 850 | 851 | 857 | 861 | 871 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Current assets | 14,685 | 12,514 | 13,204 | 13,445 | 11,846 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Current liabilities | 9,491 | 10,865 | 11,148 | 11,655 | 11,333 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Long-term borrowings | 5,550 | 4,170 | 4,890 | 4,650 | 3,950 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Bonds | 1,170 | 590 | 100 | — | — | S100QZJQ, S100TOVI, S100WA07 |
| Total liabilities | 19,921 | 20,241 | 20,083 | 20,182 | 18,743 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Non-controlling interests | 93 | 72 | 76 | 42 | 33 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Equity attributable to owners of parent | 11,678 | 8,645 | 10,050 | 10,846 | 10,211 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Retained earnings | 650 | -2,391 | 1,425 | 2,211 | 1,570 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |
| Treasury stock | -71 | -65 | -60 | -55 | -52 | S100QZJQ, S100TOVI, S100WA07, S100YDD5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YDD5 |
| Property, plant and equipment | 42% | S100YDD5 |
| Intangibles and goodwill | 0% | S100YDD5 |
| Investment securities | 3% | S100YDD5 |
| Other assets | 34% | S100YDD5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YDD5 |
| Equity | 35% | S100YDD5 |

### 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 | 31,648 | 28,938 | 30,191 | 31,072 | 28,987 |
| Equity | 11,727 | 8,696 | 10,108 | 10,889 | 10,244 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,407 | 7,518 | 7,937 | 7,940 | 6,034 |

## 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) | 16.5% | S100YDD5 |
| Fixed assets ÷ total assets | 41.8% | S100YDD5 |
| Goodwill ÷ parent equity | — | —, S100YDD5 |

### 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) | 20.8% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 466.4% |
| Cash vs. profit gap | 2,875 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 36.9% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 83.9% |

## 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 | 1.1% | 2.12× | 2.3% | 2.71× | 6.3% | S100QZJQ |
| 2023 | — | —× | -10.0% | —× | — | S100TOVI |
| 2024 | 1.9% | 2.44× | 4.7% | 3.16× | 14.9% | S100WA07 |
| 2025 | 1.4% | 2.39× | 3.4% | 2.93× | 9.9% | S100YDD5 |
| 2026 | — | —× | -1.3% | —× | — | S100YDD5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＰＣカッパ | Major shareholder | 50.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受信者 株式会社日本カストディ銀行 | Major shareholder | 0.8% | 2026-03-31 |
| カッパ・クリエイト従業員持株会 | Major shareholder | 0.5% | 2026-03-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ Ａ／Ｃ ＩＰＢ ＳＥＧＲＥＧＡＴＥＤ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2026-03-31 |
| ＪＰＭＳＬＬＣ ＣＬ ＪＰＹ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 0.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３７２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.2% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＮＥＷ ＹＯＲＫ ＢＲＡＮＣＨ － ＰＲＩＭＥ ＢＲＯＫＥＲＡＧＥ ＣＬＥＡＲＡＮＣＥ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YDD5 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDD5,, |
| 訂正有価証券報告書－第47期(2024/04/01－2025/03/31) | S100WA07 | 2025-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WA07,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TOVI | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOVI,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100QZJQ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZJQ,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OCIO | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCIO,, |
| 訂正有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100MBVG | 2021-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MBVG,, |

## 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).