# Katakura & Co-op Agri 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111期(2025/04/01－2026/03/31) (S100YFRR)
> Page: https://vizora.meequs.com/en/company/katakura-and-co-op-agri
> Retrieved: 2026-09-30T20:38:24.338Z

## Company

Katakura & Co-op Agri, founded in 1920, is a company in Chemicals listed on TSE Standard. It has 797 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Katakura & Co-op Agri Corporation |
| Ticker | 4031 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4031.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区九段北一丁目8番10号 |
| Representative (per filing) | 代表取締役社長 二井 英一 |
| Founded | Mar 1920 |
| Share capital | ¥4.21B |
| Employees (consolidated) | 797 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.katakuraco-op.com (https://www.katakuraco-op.com/) |
| Corporate number | 4010001008665 |
| EDINET | E00789 |
| Industries (Vizora) | Chemicals, Livestock, Feed & Fertilizer, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YFRR, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Livestock, Feed & Fertilizer (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 5 |
| Profitability | 8.3 | 6 |
| Cash conversion | 91.7 | 6 |
| Efficiency | 8.3 | 6 |

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 82% of Katakura & Co-op Agri's sales come from Fertilizer, with Chemical products and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit -22.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥42.7B |  |
| Operating income | ¥504M | Margin 1.2% |
| Net income | -¥1.23B | Margin -2.9% |
| Free cash flow | ¥1.43B |  |
| Largest business | Fertilizer | of segment revenue 82.2% |
| Employees (consolidated) | 797 |  |
| EPS | ¥-131.75 |  |
| Book value per share | ¥2393.47 |  |
| Equity ratio | 46.8% |  |
| Shares outstanding | 10,161,000 |  |
| Treasury shares | 1,145,800 |  |
| Shareholders | 4,873 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 5.3% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | -1.8 pp | Livestock, Feed & Fertilizer |
| ROA | -2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -81 points
- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35444000000 | ¥42651000000 | +20.3% |
| Operating income | ¥1242000000 | ¥504000000 | -59.4% |
| Operating margin | 3.5% | 1.2% | -2.3 pp |
| Employees | 831 people | 797 people | -4.1% |
| Cash and equivalents | ¥2754000000 | ¥2601000000 | -5.6% |

### 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 |
| --- | ---: |
| 肥料 → 肥料 | 80.2% |
| 化学品 → 化学品 | 12.8% |
| 不動産 → 不動産 | 1.3% |
| 不動産 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 4.6% |
| 新設・再編 → 肥料 | 2.1% |
| 新設・再編 → 化学品 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fertilizer | 5 years | +4.3% | ¥35079000000 | 0.0% | 2 |
| Chemical products | 5 years | +7.9% | ¥6635000000 | 5.6% | 2 |
| Real estate | 5 years | +1.0% | ¥560000000 | 32.9% | 2 |
| Other | 5 years | -28.0% | ¥376000000 | 5.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,651 | 100.0% | S100YFRR |
| Cost of revenue | 36,147 | 84.8% | S100YFRR |
| Gross profit | 6,504 | 15.2% | S100YFRR |
| SG&A | 5,999 | 14.1% | S100YFRR |
| Operating income | 504 | 1.2% | S100YFRR |
| Ordinary income | 371 | 0.9% | S100YFRR |
| Pretax income | -1,719 | -4.0% | S100YFRR |
| Income tax | -493 | -1.2% | S100YFRR |
| Net income | -1,226 | -2.9% | S100YFRR |
| Net income attributable to owners | -1,227 | -2.9% | S100YFRR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 14 |
| Operating income | 1 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 15.2% → Operating margin 1.2% → Net margin -2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.1%; Core profit growth: -22.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.25×
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 | 41,369 | 42,651 | 1,282 | +3.1% |
| Gross profit | 6,213 | 6,504 | 291 | +4.7% |
| Operating income | 650 | 504 | -146 | -22.5% |
| Net income attributable to owners | 350 | -1,227 | -1,577 | -450.6% |
| Operating cash flow | 152 | 5,274 | 5,122 | +3369.7% |
| Free cash flow | -2,309 | 1,429 | 3,738 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,561 | 1,409 | 3.8% | 877 | 1,698 | 565 | S100LQ3U |
| FY ending Mar 2021 | 35,444 | 1,242 | 3.5% | 829 | 2,717 | 1,000 | S100OEW9 |
| FY ending Mar 2022 | 38,960 | 1,123 | 2.9% | 1,022 | 341 | -785 | S100R4YN |
| FY ending Mar 2023 | 51,031 | 3,557 | 7.0% | 2,172 | -1,209 | -2,127 | S100TQWJ |
| FY ending Mar 2024 | 41,233 | -852 | -2.1% | -630 | 1,516 | -944 | S100WBRG |
| FY ending Mar 2025 | 41,369 | 650 | 1.6% | 350 | 152 | -2,309 | S100YFRR |
| FY ending Mar 2026 | 42,651 | 504 | 1.2% | -1,227 | 5,274 | 1,429 | S100YFRR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.5M |
| Operating income per employee (consolidated) | ¥632.4K |
| Net income per employee (consolidated) | -¥1.5M |

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) | 839 | 846 | 827 | 821 | 797 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥6.2M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 46.3 years | 46.4 years | 46.5 years | 46.6 years | 46.6 years |
| Average tenure (parent company) | 19.4 years | 19.1 years | 19.2 years | 19.4 years | 18.7 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fertilizer | 35,079 | 82.2% | 6 | 0.0% |
| Chemical products | 6,635 | 15.6% | 369 | 5.6% |
| Real estate | 560 | 1.3% | 184 | 32.9% |
| Other | 376 | 0.9% | 21 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fertilizer | 82.2% | 1.0% | -81.2 | 0.0% |
| Chemical products | 15.6% | 63.6% | 48.1 | 5.6% |
| Real estate | 1.3% | 31.7% | 30.4 | 32.9% |
| Other | 0.9% | 3.6% | 2.7 | 5.6% |

Segment → industry: Chemical products → Chemicals / Fertilizer → Livestock, Feed & Fertilizer / Real estate → Real Estate Development & Leasing

## 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 | 5,274 | 12.4% | S100YFRR |
| Capital expenditure | 3,845 | 9.0% | S100YFRR |
| Free cash flow | 1,429 | 3.4% | 算出 |
| Investing cash flow | -3,847 | -9.0% | S100YFRR |
| Financing cash flow | -876 | -2.1% | S100YFRR |
| Dividends paid | 179 | 0.4% | S100YFRR |
| Share buyback | 18 | 0.0% | S100YFRR |
| Change in cash | 550 | 1.3% | S100YFRR |
| Cash and equivalents | 2,601 | 6.1% | S100YFRR |

## 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 | 1,941 | 1,844 | 2,276 | 2,051 | 2,601 | S100TQWJ, S100WBRG, S100YFRR |
| Total assets | 43,066 | 49,393 | 48,646 | 50,094 | 48,938 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Net assets | 23,018 | 24,832 | 23,553 | 23,865 | 22,966 | S100TQWJ, S100WBRG, S100YFRR |
| Share capital | 4,214 | 4,214 | 4,214 | 4,214 | 4,214 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Trade receivables | 10,573 | 12,580 | 11,237 | 10,812 | 7,944 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Property, plant and equipment | 15,786 | 15,614 | 16,150 | 17,129 | 18,962 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Intangible assets excluding goodwill | 114 | 127 | 357 | 891 | 1,077 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Investment securities | 876 | 849 | 975 | 1,100 | 1,421 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Current assets | 25,045 | 31,714 | 30,119 | 29,878 | 26,135 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Current liabilities | 16,313 | 21,315 | 20,599 | 21,949 | 18,821 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Trade payables | 7,049 | 7,747 | 8,386 | 6,947 | 6,319 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Short-term borrowings | 6,545 | 9,555 | 9,890 | 12,310 | 9,000 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Long-term borrowings | 200 | 200 | 2,200 | 2,200 | 4,560 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Total liabilities | 20,047 | 24,561 | 25,093 | 26,229 | 25,971 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Non-controlling interests | 49 | 49 | 49 | 49 | 50 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Equity attributable to owners of parent | 22,900 | 24,569 | 22,856 | 23,022 | 21,614 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Retained earnings | 10,198 | 11,858 | 10,139 | 10,309 | 8,902 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |
| Treasury stock | -1,419 | -1,410 | -1,403 | -1,407 | -1,404 | S100R4YN, S100TQWJ, S100WBRG, S100YFRR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YFRR |
| Receivables | 16% | S100YFRR |
| Property, plant and equipment | 39% | S100YFRR |
| Intangibles and goodwill | 2% | S100YFRR |
| Investment securities | 3% | S100YFRR |
| Other assets | 35% | S100YFRR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YFRR |
| Other liabilities | 40% | S100YFRR |
| Equity | 47% | S100YFRR |
| Other liabilities | 0% | S100YFRR |

### 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 | 43,066 | 49,393 | 48,646 | 50,094 | 48,938 |
| Equity | 23,018 | 24,832 | 23,553 | 23,865 | 22,966 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,941 | 1,844 | 2,276 | 2,051 | 2,601 |

## 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) | 44.5% | S100YFRR |
| Fixed assets ÷ total assets | 38.7% | S100YFRR |
| Goodwill ÷ parent equity | — | —, S100YFRR |

### 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) | 5.3% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1046.4% |
| Cash vs. profit gap | 6,501 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 13.8% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 12.5% |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 72.9% |

## 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 | 2.6% | 0.90× | 2.4% | 1.88× | 4.5% | S100R4YN |
| 2023 | 4.3% | 1.10× | 4.7% | 1.95× | 9.2% | S100TQWJ |
| 2024 | — | —× | -1.3% | —× | — | S100WBRG |
| 2025 | 0.8% | 0.84× | 0.7% | 2.15× | 1.5% | S100YFRR |
| 2026 | — | —× | -2.5% | —× | — | S100YFRR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 全国農業協同組合連合会 | Major shareholder | 23.5% | 2026-03-31 |
| 丸紅株式会社 | Major shareholder | 22.6% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 3.8% | 2026-03-31 |
| ラサ工業株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 大久保敬一 | Major shareholder | 2.2% | 2026-03-31 |
| 篠川宏明 | Major shareholder | 1.8% | 2026-03-31 |
| 片倉コープアグリ従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第111期(2025/04/01－2026/03/31) | S100YFRR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFRR,, |
| 訂正有価証券報告書－第110期(2024/04/01－2025/03/31) | S100WBRG | 2025-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WBRG,, |
| 有価証券報告書－第109期(2023/04/01－2024/03/31) | S100TQWJ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQWJ,, |
| 有価証券報告書－第108期(2022/04/01－2023/03/31) | S100R4YN | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4YN,, |
| 有価証券報告書－第107期(令和3年4月1日－令和4年3月31日) | S100OEW9 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEW9,, |
| 有価証券報告書－第106期(令和2年4月1日－令和3年3月31日) | S100LQ3U | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ3U,, |

## 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).