# KATO WORKS 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127期(2025/04/01－2026/03/31) (S100YG4R)
> Page: https://vizora.meequs.com/en/company/kato-works
> Retrieved: 2026-09-30T19:50:22.789Z

## Company

Kato Works, founded in 1935, is a company in Construction & Farm Machinery listed on TSE Prime. It has 932 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KATO WORKS CO.,LTD. |
| Ticker | 6390 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6390.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東大井1丁目9番37号 |
| Representative (per filing) | 代表取締役社長 加藤 公康 |
| Founded | Jan 1935 |
| Share capital | ¥2.94B |
| Employees (consolidated) | 932 |
| Fiscal year end | March |
| Website | www.kato-works.co.jp (https://www.kato-works.co.jp/) |
| Corporate number | 3010701002324 |
| EDINET | E01583 |
| Industries (Vizora) | Construction & Farm Machinery |

> Profile source: annual securities report (S100YG4R, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.9 | 17 |
| Profitability | 3.1 | 16 |
| Efficiency | 14.7 | 17 |

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 92% of Kato Works's sales come from Japan, with Europe making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +6.4% from the prior year, operating profit -356.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥56.3B |  |
| Operating income | -¥2.32B | Margin -4.1% |
| Net income | ¥4.53B | Margin 8.0% |
| Free cash flow | -¥1.19B |  |
| Largest business | Japan | of segment revenue 92.1% |
| Employees (consolidated) | 932 |  |
| EPS | ¥-0.6 |  |
| Book value per share | ¥3622.86 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 11,743,000 |  |
| Treasury shares | 169,500 |  |
| Shareholders | 10,202 |  |
| Cash ratio | 12.0% | Cash ÷ revenue 19.6% |
| Vs. industry median margin | -12.7 pp | Construction & Farm Machinery |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥58519000000 | ¥56335000000 | -3.7% |
| Operating income | ¥-2810000000 | ¥-2320000000 | — |
| Operating margin | -4.8% | -4.1% | +0.7 pp |
| Employees | 1,268 people | 932 people | -26.5% |
| Cash and equivalents | ¥14614000000 | ¥11068000000 | -24.3% |

### 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 | 88.0% |
| 中国 → 事業再編・廃止 | 12.0% |
| 新設・再編 → 日本 | 4.0% |
| 新設・再編 → 欧州 | 7.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,335 | 100.0% | S100YG4R |
| Cost of revenue | 50,510 | 89.7% | S100YG4R |
| Gross profit | 5,824 | 10.3% | S100YG4R |
| SG&A | 8,145 | 14.5% | S100YG4R |
| Operating income | -2,320 | -4.1% | S100YG4R |
| Ordinary income | -1,841 | -3.3% | S100YG4R |
| Pretax income | 4,699 | 8.3% | S100YG4R |
| Income tax | 201 | 0.4% | S100YG4R |
| Net income | 4,498 | 8.0% | S100YG4R |
| Net income attributable to owners | 4,526 | 8.0% | S100YG4R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 14 |
| Operating income | -4 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 10.3% → Operating margin -4.1% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 52,932 | 56,335 | 3,403 | +6.4% |
| Gross profit | 8,599 | 5,824 | -2,775 | -32.3% |
| Operating income | 903 | -2,320 | -3,223 | -356.9% |
| Net income attributable to owners | -6,033 | 4,526 | 10,559 | — |
| Operating cash flow | -13,319 | -260 | 13,059 | — |
| Free cash flow | -14,600 | -1,191 | 13,409 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 77,894 | -282 | -0.4% | -1,329 | -2,100 | -8,630 | S100LV9Q |
| FY ending Mar 2021 | 58,519 | -2,810 | -4.8% | -5,738 | 2,709 | -289 | S100OLTK |
| FY ending Mar 2022 | 63,549 | -7,222 | -11.4% | -9,575 | 9,547 | 8,307 | S100R905 |
| FY ending Mar 2023 | 57,530 | 1,258 | 2.2% | 2,403 | 6,471 | 6,274 | S100TUQ4 |
| FY ending Mar 2024 | 57,498 | 1,654 | 2.9% | 4,235 | -696 | -1,547 | S100W60C |
| FY ending Mar 2025 | 52,932 | 903 | 1.7% | -6,033 | -13,319 | -14,600 | S100YG4R |
| FY ending Mar 2026 | 56,335 | -2,320 | -4.1% | 4,526 | -260 | -1,191 | S100YG4R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.4M |
| Operating income per employee (consolidated) | -¥2.5M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 1,196 | 1,009 | 990 | 976 | 932 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.7M | ¥5.9M | — |
| Average age (parent company) | 40.7 years | 40.5 years | 40.9 years | 41.0 years | 40.9 years |
| Average tenure (parent company) | 14.4 years | 13.6 years | 14.0 years | 14.0 years | 13.9 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +6.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 50,831 | 92.1% | -2,231 | -4.4% |
| Europe | 4,374 | 7.9% | -239 | -5.5% |

### 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 | Margin |
| --- | ---: | ---: |
| Japan | 92.1% | -4.4% |
| Europe | 7.9% | -5.5% |

Loss-making segment (excluded from profit shares): Japan -2,231 JPY mn

Loss-making segment (excluded from profit shares): Europe -239 JPY mn

Segment → industry: Europe → Construction & Farm Machinery / Japan → Construction & Farm Machinery

## 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 | -260 | -0.5% | S100YG4R |
| Capital expenditure | 931 | 1.7% | S100YG4R |
| Free cash flow | -1,191 | -2.1% | 算出 |
| Investing cash flow | 2,019 | 3.6% | S100YG4R |
| Financing cash flow | -5,874 | -10.4% | S100YG4R |
| Dividends paid | 806 | 1.4% | S100YG4R |
| Share buyback | 802 | 1.4% | S100YG4R |
| Change in cash | -3,695 | -6.6% | S100YG4R |
| Cash and equivalents | 11,068 | 19.6% | S100YG4R |

## 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 | 18,669 | 19,977 | 22,366 | 14,763 | 11,068 | S100TUQ4, S100W60C, S100YG4R |
| Total assets | 102,645 | 98,799 | 105,330 | 102,747 | 92,365 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Net assets | 44,245 | 46,906 | 51,551 | 44,603 | 42,467 | S100TUQ4, S100W60C, S100YG4R |
| Share capital | 2,935 | 2,935 | 2,935 | 2,935 | 2,935 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Property, plant and equipment | 21,185 | 19,131 | 16,833 | 16,277 | 15,025 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Intangible assets excluding goodwill | 399 | 414 | 706 | 1,318 | 1,062 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Investment securities | 2,192 | 2,274 | 2,460 | 2,823 | 3,171 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Current assets | 77,417 | 75,672 | 82,814 | 80,292 | 71,047 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Current liabilities | 35,555 | 35,660 | 38,420 | 40,630 | 36,469 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Trade payables | 5,181 | 5,425 | 5,303 | 4,230 | 4,049 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Short-term borrowings | 13,109 | 9,850 | 12,324 | 19,941 | 19,965 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Long-term borrowings | 17,565 | 12,232 | 13,740 | 16,792 | 13,220 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Bonds | 3,088 | 2,564 | 1,040 | 516 | — | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Interest-bearing debt | 33,762 | 24,646 | 27,104 | 37,249 | — | 算出 |
| Total liabilities | 58,400 | 51,893 | 53,779 | 58,144 | 49,898 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Non-controlling interests | 1,102 | 1,216 | 1,136 | — | — | S100R905, S100TUQ4, S100W60C |
| Equity attributable to owners of parent | 38,502 | 40,788 | 44,437 | 38,624 | 41,578 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Retained earnings | 28,495 | 30,781 | 34,431 | 27,457 | 31,168 | S100R905, S100TUQ4, S100W60C, S100YG4R |
| Treasury stock | -38 | -39 | -39 | -16 | -720 | S100R905, S100TUQ4, S100W60C, S100YG4R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YG4R |
| Property, plant and equipment | 16% | S100YG4R |
| Intangibles and goodwill | 1% | S100YG4R |
| Investment securities | 4% | S100YG4R |
| Other assets | 67% | S100YG4R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YG4R |
| Other liabilities | 50% | S100YG4R |
| Equity | 46% | S100YG4R |

### 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 | 102,645 | 98,799 | 105,330 | 102,747 | 92,365 |
| Equity | 44,245 | 46,906 | 51,551 | 44,603 | 42,467 |
| Interest-bearing debt | 33,762 | 24,646 | 27,104 | 37,249 | — |
| Cash | 18,669 | 19,977 | 22,366 | 14,763 | 11,068 |

## 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) | 26.7% | S100YG4R |
| Fixed assets ÷ total assets | 16.3% | S100YG4R |
| Goodwill ÷ parent equity | — | —, S100YG4R |

### 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) | 12.0% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -4,786 JPY mn (of net income -105.7%) |
| Shareholder returns / net income | 35.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -9.3% | —× | — | S100R905 |
| 2023 | 4.2% | 0.57× | 2.4% | 2.54× | 6.1% | S100TUQ4 |
| 2024 | 7.4% | 0.56× | 4.1% | 2.40× | 9.9% | S100W60C |
| 2025 | — | —× | -5.8% | —× | — | S100YG4R |
| 2026 | 8.0% | 0.58× | 4.6% | 2.43× | 11.3% | S100YG4R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社りそな銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 加藤 公康 | Major shareholder | 3.1% | 2026-03-31 |
| 加藤製作所従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS CL JPY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.4% | 2026-03-31 |
| MORGAN STANLEY & CO. LLC（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YG4R | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG4R,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100W60C | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W60C,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TUQ4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUQ4,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100R905 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R905,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OLTK | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLTK,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LV9Q | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV9Q,, |

## 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).