# KASAI KOGYO CO .,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第95期(2025/04/01－2026/03/31) (S100YWM7), 有価証券報告書－第95期(2025/04/01－2026/03/31) (S100YNJP)
> Page: https://vizora.meequs.com/en/company/kasai-kogyo-co
> Retrieved: 2026-09-30T22:56:35.948Z

## Company

Kasai Kogyo Co ., founded in 1912, is a company in Auto Parts listed on TSE Standard. It has 7,358 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KASAI KOGYO CO., LTD. |
| Ticker | 7256 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7256.T) |
| Listing | TSE Standard |
| Head office | 神奈川県高座郡寒川町宮山3316番地 |
| Representative (per filing) | 代表取締役社長 社長役員 古川 幸二 |
| Founded | Jan 1912 |
| Share capital | ¥5.82B |
| Employees (consolidated) | 7,358 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.kasai.co.jp (https://www.kasai.co.jp/) |
| Corporate number | 5021001006269 |
| EDINET | E02174 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YWM7, filed 2026-08-14). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.6 | 110 |
| Profitability | 32 | 111 |
| Cash conversion | 37.5 | 108 |
| Efficiency | 92.3 | 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 55% of Kasai Kogyo Co .'s sales come from North America, with Japan and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -10.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: North America 55.5%、Japan 26.4%、Asia 10.8%、Europe 7.3%
- Revenue → net income: ¥196189000000 → ¥4132000000
- Net income → operating cash flow: ¥4132000000 → ¥9611000000（difference ¥5479000000）
- Main uses of operating cash flow: CapEx ¥6103000000 / dividends — / buybacks —
- Change in cash: ¥-3171000000
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 | ¥196.2B |  |
| Operating income | ¥6.58B | Margin 3.4% |
| Net income | ¥4.05B | Margin 2.1% |
| Free cash flow | ¥3.51B |  |
| Largest business | North America | of segment revenue 55.5% |
| Employees (consolidated) | 7,358 |  |
| EPS | ¥14.25 |  |
| Diluted EPS | ¥14.25 |  |
| Book value per share | ¥-1038.31 |  |
| Equity ratio | 11.5% |  |
| Shares outstanding | 39,511,728 |  |
| Treasury shares | 663,300 |  |
| Shareholders | 15,548 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 12.0% |
| Vs. industry median margin | -1.4 pp | Auto Parts |
| ROE | 69.0% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by 41 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥152824000000 | ¥196189000000 | +28.4% |
| Operating income | ¥-12969000000 | ¥6576000000 | — |
| Operating margin | -8.5% | 3.4% | +11.8 pp |
| Employees | 8,981 people | 7,358 people | -18.1% |
| Cash and equivalents | ¥19493000000 | ¥23559000000 | +20.9% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 26.4% |
| 日本 → 事業再編・廃止 | 6.1% |
| 北米 → 北米 | 35.0% |
| 欧州 → 欧州 | 7.3% |
| 欧州 → 事業再編・廃止 | 6.5% |
| アジア → アジア | 10.8% |
| アジア → 事業再編・廃止 | 7.8% |
| 新設・再編 → 北米 | 20.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North America | 5 years | +15.3% | ¥108823000000 | -0.4% | 2 |
| Japan | 5 years | +0.8% | ¥51697000000 | 9.0% | 2 |
| Asia | 5 years | -5.7% | ¥21251000000 | 8.5% | 2 |
| Europe | 5 years | -7.4% | ¥14417000000 | 3.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 196,189 | 100.0% | S100YWM7 |
| Cost of revenue | 167,777 | 85.5% | S100YWM7 |
| Gross profit | 28,411 | 14.5% | S100YWM7 |
| SG&A | 21,835 | 11.1% | S100YWM7 |
| Operating income | 6,576 | 3.4% | S100YWM7 |
| Ordinary income | 5,702 | 2.9% | S100YWM7 |
| Pretax income | 4,794 | 2.4% | S100YWM7 |
| Income tax | 661 | 0.3% | S100YWM7 |
| Net income | 4,132 | 2.1% | S100YWM7 |
| Net income attributable to owners | 4,052 | 2.1% | S100YWM7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.5% → Operating margin 3.4% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 218,801 | 196,189 | -22,612 | -10.3% |
| Gross profit | 20,784 | 28,411 | 7,627 | +36.7% |
| Operating income | -289 | 6,576 | 6,865 | — |
| Net income attributable to owners | -9,182 | 4,052 | 13,234 | — |
| Operating cash flow | 911 | 9,611 | 8,700 | +955.0% |
| Free cash flow | -4,804 | 3,508 | 8,312 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 204,632 | 4,033 | 2.0% | -2,017 | 6,877 | -6,215 | S100LOY8 |
| FY ending Mar 2021 | 152,824 | -12,969 | -8.5% | -17,082 | -4,224 | -14,293 | S100ODLX |
| FY ending Mar 2022 | 147,474 | -12,185 | -8.3% | -19,032 | 2,070 | -3,713 | S100RACY |
| FY ending Mar 2023 | 175,440 | -13,804 | -7.9% | -13,133 | -1,898 | -5,397 | S100UFVY |
| FY ending Mar 2024 | 214,239 | 1,653 | 0.8% | -1,559 | -547 | -4,262 | S100X19P |
| FY ending Mar 2025 | 218,801 | -289 | -0.1% | -9,182 | 911 | -4,804 | S100YWM7 |
| FY ending Mar 2026 | 196,189 | 6,576 | 3.4% | 4,052 | 9,611 | 3,508 | S100YWM7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | ¥893.7K |
| Net income per employee (consolidated) | ¥550.7K |

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) | 8,581 | 7,865 | 8,147 | 8,030 | 7,358 |
| Average salary (parent company) | ¥5.4M | ¥6M | ¥6M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 38.4 years | 39.8 years | 41.2 years | 42.4 years | 42.8 years |
| Average tenure (parent company) | 10.4 years | 11.8 years | 12.8 years | 13.7 years | 13.6 years |

Year over year: Employees (consolidated) -8.4% · Revenue (consolidated) -10.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 51,697 | 26.4% | 4,659 | 9.0% |
| North America | 108,823 | 55.5% | -475 | -0.4% |
| Europe | 14,417 | 7.3% | 457 | 3.2% |
| Asia | 21,251 | 10.8% | 1,808 | 8.5% |

### 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 | 26.4% | 67.3% | 40.9 | 9.0% |
| North America | 55.5% | — | — | -0.4% |
| Europe | 7.3% | 6.6% | -0.7 | 3.2% |
| Asia | 10.8% | 26.1% | 15.3 | 8.5% |

Loss-making segment (excluded from profit shares): North America -475 JPY mn

Segment → industry: Asia → Auto Parts / Europe → Auto Parts / North America → 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 | 9,611 | 4.9% | S100YWM7 |
| Capital expenditure | 6,103 | 3.1% | S100YWM7 |
| Free cash flow | 3,508 | 1.8% | 算出 |
| Investing cash flow | -7,823 | -4.0% | S100YWM7 |
| Financing cash flow | -4,921 | -2.5% | S100YWM7 |
| Change in cash | -3,171 | -1.6% | S100YWM7 |
| Cash and equivalents | 23,559 | 12.0% | S100YWM7 |

## 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 | 26,045 | 30,685 | 21,899 | 26,730 | 23,559 | S100UFVY, S100X19P, S100YWM7 |
| Total assets | 142,926 | 148,315 | 142,738 | 144,831 | 145,329 | S100RACY, S100UFVY, S100X19P, S100YWM7 |
| Net assets | 31,095 | 19,874 | 20,245 | 22,909 | 26,793 | S100UFVY, S100X19P, S100YWM7 |
| Share capital | 5,821 | 5,821 | 5,821 | 5,821 | 5,821 | S100RACY, S100UFVY, S100X19P, S100YWM7 |
| Trade receivables | 25,241 | — | 32,115 | 32,482 | 31,129 | S100RACY, S100X19P, S100YWM7 |
| Property, plant and equipment | 50,990 | — | 45,453 | 43,805 | 42,513 | S100RACY, S100X19P, S100YWM7 |
| Intangible assets excluding goodwill | 401 | — | 277 | 393 | 381 | S100RACY, S100X19P, S100YWM7 |
| Goodwill | 82 | — | — | — | — | S100RACY |
| Investment securities | 4,806 | — | 2,730 | 2,875 | 2,998 | S100RACY, S100X19P, S100YWM7 |
| Current assets | 80,824 | — | 83,630 | 86,110 | 85,242 | S100RACY, S100X19P, S100YWM7 |
| Current liabilities | 82,915 | — | 111,640 | 45,557 | 44,934 | S100RACY, S100X19P, S100YWM7 |
| Trade payables | 22,500 | — | 24,923 | 22,870 | 20,522 | S100RACY, S100X19P, S100YWM7 |
| Short-term borrowings | 45,350 | — | 66,370 | 4,730 | 4,232 | S100RACY, S100X19P, S100YWM7 |
| Long-term borrowings | 23,172 | — | 3,654 | 68,791 | 66,678 | S100RACY, S100X19P, S100YWM7 |
| Total liabilities | 111,129 | — | 122,493 | 121,922 | 118,535 | S100RACY, S100X19P, S100YWM7 |
| Non-controlling interests | 9,463 | — | 10,066 | 10,454 | 10,069 | S100RACY, S100X19P, S100YWM7 |
| Equity attributable to owners of parent | 23,150 | — | 7,031 | 3,848 | 7,901 | S100RACY, S100X19P, S100YWM7 |
| Retained earnings | 12,211 | — | -3,906 | -7,089 | -3,037 | S100RACY, S100X19P, S100YWM7 |
| Treasury stock | -535 | — | -535 | -535 | -535 | S100RACY, S100X19P, S100YWM7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YWM7 |
| Receivables | 22% | S100YWM7 |
| Property, plant and equipment | 29% | S100YWM7 |
| Intangibles and goodwill | 0% | S100YWM7 |
| Investment securities | 2% | S100YWM7 |
| Other assets | 31% | S100YWM7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YWM7 |
| Other liabilities | 68% | S100YWM7 |
| Equity | 18% | S100YWM7 |
| Other liabilities | 0% | S100YWM7 |

### 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 | 142,926 | 148,315 | 142,738 | 144,831 | 145,329 |
| Equity | 31,095 | 19,874 | 20,245 | 22,909 | 26,793 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,045 | 30,685 | 21,899 | 26,730 | 23,559 |

## 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) | 21.7% | S100YWM7 |
| Fixed assets ÷ total assets | 29.3% | S100YWM7 |
| Goodwill ÷ parent equity | — | —, S100YWM7 |

### 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) | 16.2% |
| Cash ÷ revenue | 12.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.2% |
| Cash vs. profit gap | 5,559 JPY mn (of net income 137.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 81.4% |

## 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 | — | —× | -13.3% | —× | — | S100RACY |
| 2023 | — | —× | -9.0% | —× | — | S100UFVY, S100X19P |
| 2024 | — | —× | -1.1% | —× | — | S100X19P |
| 2025 | — | —× | -6.4% | —× | — | S100YWM7 |
| 2026 | 2.1% | 1.35× | 2.8% | 24.70× | 69.0% | S100YWM7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日産自動車株式会社 | Major shareholder | 13.0% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 12.1% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社証券ジャパン | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社イクヨ | Major shareholder | 3.4% | 2026-03-31 |
| 河西工業取引先持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 横浜銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.9% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YWM7 | 2026-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YWM7,, |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YNJP | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNJP,, |
| 訂正有価証券報告書－第94期(2024/04/01－2025/03/31) | S100X19P | 2025-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X19P,, |
| 訂正有価証券報告書－第93期(2023/04/01－2024/03/31) | S100UFVY | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFVY,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100RACY | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RACY,, |
| 有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100ODLX | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODLX,, |
| 有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LOY8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOY8,, |

## 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).