# KAWADEN CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第105期(2025/04/01－2026/03/31) (S100YKAV)
> Page: https://vizora.meequs.com/en/company/kawaden
> Retrieved: 2026-09-30T20:27:51.419Z

## Company

Kawaden, founded in 1926, is a company in Electrical Equipment listed on TSE Standard. It has 860 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAWADEN CORPORATION |
| Ticker | 6648 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6648.T) |
| Listing | TSE Standard |
| Head office | 山形県南陽市小岩沢225番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 小川 善之 |
| Founded | Mar 1926 |
| Share capital | ¥2.12B |
| Employees (consolidated) | 860 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.kawaden.co.jp (https://www.kawaden.co.jp/) |
| Corporate number | 4390001010708 |
| EDINET | E01754 |
| Industries (Vizora) | Electrical Equipment |

> Profile source: annual securities report (S100YKAV, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 24 |
| Profitability | 93.8 | 24 |
| Cash conversion | 76.1 | 23 |
| Efficiency | 90 | 25 |

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)

- Kawaden brought in ¥26.5B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +59.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥26491090000 → ¥2932363000
- Net income → operating cash flow: ¥2932363000 → ¥5061816000（difference ¥2129453000）
- Main uses of operating cash flow: CapEx ¥991222000 / dividends ¥946778000 / buybacks ¥117000
- Change in cash: ¥2718436000
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 | ¥26.5B |  |
| Operating income | ¥4.12B | Margin 15.5% |
| Net income | ¥2.93B | Margin 11.1% |
| Free cash flow | ¥4.07B |  |
| Employees (consolidated) | 860 |  |
| EPS | ¥183.1 |  |
| Book value per share | ¥1268.7 |  |
| Equity ratio | 73.3% |  |
| Shares outstanding | 20,960,000 |  |
| Treasury shares | 4,944,400 |  |
| Shareholders | 2,849 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 39.1% | Cash ÷ revenue 40.9% |
| Vs. industry median margin | +7.1 pp | Electrical Equipment |
| ROE | 16.0% | Derived from disclosed figures |
| ROA | 11.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18623735000 | ¥26491090000 | +42.2% |
| Operating income | ¥1495139000 | ¥4117189000 | +175.4% |
| Operating margin | 8.0% | 15.5% | +7.5 pp |
| Employees | 773 people | 860 people | +11.3% |
| Cash and equivalents | ¥9133484000 | ¥10837928000 | +18.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,491 | 100.0% | S100YKAV |
| Cost of revenue | 16,372 | 61.8% | 算出 |
| Gross profit | 10,119 | 38.2% | S100YKAV |
| SG&A | 6,002 | 22.7% | S100YKAV |
| Operating income | 4,117 | 15.5% | S100YKAV |
| Ordinary income | 4,170 | 15.7% | S100YKAV |
| Pretax income | 4,117 | 15.5% | S100YKAV |
| Income tax | 1,185 | 4.5% | S100YKAV |
| Net income | 2,932 | 11.1% | S100YKAV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 23 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 38.2% → Operating margin 15.5% → Net margin 11.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +59.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.29×
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 | 24,219 | 26,491 | 2,272 | +9.4% |
| Gross profit | 8,018 | 10,119 | 2,100 | +26.2% |
| Operating income | 2,590 | 4,117 | 1,528 | +59.0% |
| Operating cash flow | 1,538 | 5,062 | 3,524 | +229.2% |
| Free cash flow | 1,065 | 4,071 | 3,005 | +282.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,010 | 881 | 4.2% | 662 | 1,033 | 351 | S100LT2V |
| FY ending Mar 2021 | 18,624 | 1,495 | 8.0% | 962 | 2,146 | 762 | S100OHTS |
| FY ending Mar 2022 | 18,306 | 909 | 5.0% | 647 | -989 | -2,394 | S100R9FO |
| FY ending Mar 2023 | 19,664 | 509 | 2.6% | 320 | 1,708 | 1,384 | S100TW79 |
| FY ending Mar 2024 | 21,334 | 1,135 | 5.3% | 744 | 167 | -117 | S100W5A3 |
| FY ending Mar 2025 | 24,219 | 2,590 | 10.7% | 1,963 | 1,538 | 1,065 | S100YKAV |
| FY ending Mar 2026 | 26,491 | 4,117 | 15.5% | 2,932 | 5,062 | 4,071 | S100YKAV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.8M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 756 | 779 | 820 | 829 | 860 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥5.8M | ¥6.5M | ¥6.9M |
| Average age (parent company) | 40.9 years | 40.5 years | 39.9 years | 39.8 years | 40.5 years |
| Average tenure (parent company) | 17.4 years | 16.8 years | 16.3 years | 16.5 years | 16.6 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +9.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,062 | 19.1% | S100YKAV |
| Capital expenditure | 991 | 3.7% | S100YKAV |
| Free cash flow | 4,071 | 15.4% | 算出 |
| Investing cash flow | -1,275 | -4.8% | S100YKAV |
| Financing cash flow | -1,068 | -4.0% | S100YKAV |
| Dividends paid | 947 | 3.6% | S100YKAV |
| Share buyback | 0 | 0.0% | S100YKAV |
| Change in cash | 2,718 | 10.3% | S100YKAV |
| Cash and equivalents | 10,838 | 40.9% | S100YKAV |

## 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 | 6,681 | 7,641 | 7,372 | 8,119 | 10,838 | S100TW79, S100W5A3, S100YKAV |
| Total assets | 20,562 | 21,462 | 22,410 | 25,429 | 27,735 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Net assets | 15,280 | 15,362 | 16,040 | 17,744 | 20,319 | S100TW79, S100W5A3, S100YKAV |
| Share capital | 2,125 | 2,125 | 2,125 | 2,125 | 2,125 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Property, plant and equipment | 4,935 | 4,704 | 4,429 | 4,352 | 4,709 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Intangible assets excluding goodwill | 236 | 213 | 246 | 315 | 334 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Investment securities | 363 | 392 | 653 | 697 | 1,558 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Current assets | 14,348 | 15,436 | 16,364 | 19,159 | 20,291 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Current liabilities | 4,092 | 4,848 | 5,124 | 6,268 | 6,188 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Short-term borrowings | 558 | 425 | 592 | 558 | 633 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Long-term borrowings | 255 | 242 | 196 | 288 | 150 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Total liabilities | 5,282 | 6,100 | 6,371 | 7,685 | 7,416 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Equity attributable to owners of parent | 15,158 | 15,222 | 15,710 | 17,385 | 19,372 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Retained earnings | 13,419 | 13,483 | 13,971 | 15,646 | 17,633 | S100R9FO, S100TW79, S100W5A3, S100YKAV |
| Treasury stock | -1,862 | -1,862 | -1,862 | -1,862 | -1,863 | S100R9FO, S100TW79, S100W5A3, S100YKAV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YKAV |
| Property, plant and equipment | 17% | S100YKAV |
| Intangibles and goodwill | 1% | S100YKAV |
| Investment securities | 6% | S100YKAV |
| Other assets | 37% | S100YKAV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YKAV |
| Equity | 73% | S100YKAV |
| Other liabilities | 0% | S100YKAV |

### 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 | 20,562 | 21,462 | 22,410 | 25,429 | 27,735 |
| Equity | 15,280 | 15,362 | 16,040 | 17,744 | 20,319 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,681 | 7,641 | 7,372 | 8,119 | 10,838 |

## 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) | 17.8% | S100YKAV |
| Fixed assets ÷ total assets | 17.0% | S100YKAV |
| Goodwill ÷ parent equity | — | —, S100YKAV |

### 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) | 39.1% |
| Cash ÷ revenue | 40.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.9% |
| Cash vs. profit gap | 2,129 JPY mn (of net income 72.6%) |
| Shareholder returns / net income | 32.3% |
| Shareholder returns / FCF | 23.3% |
| Shareholder payments — dividends / net income | 32.3% |
| Shareholder payments — dividends / FCF | 23.3% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 25.2% |

## 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 | 3.5% | 0.89× | 3.1% | 1.36× | 4.3% | S100R9FO |
| 2023 | 1.6% | 0.94× | 1.5% | 1.38× | 2.1% | S100TW79 |
| 2024 | 3.5% | 0.97× | 3.4% | 1.42× | 4.8% | S100W5A3 |
| 2025 | 8.1% | 1.01× | 8.2% | 1.45× | 11.9% | S100YKAV |
| 2026 | 11.1% | 1.00× | 11.0% | 1.45× | 16.0% | S100YKAV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 融和実業株式会社 | Major shareholder | 10.7% | 2026-03-31 |
| 富士化学塗料株式会社 | Major shareholder | 9.9% | 2026-03-31 |
| 佐藤商事株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社立花エレテック | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社きんでん | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社関電工 | Major shareholder | 3.1% | 2026-03-31 |
| かわでん従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| セントラル短資株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 新海 秀治 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社都市管財センター | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YKAV | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKAV,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W5A3 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5A3,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TW79 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW79,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R9FO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9FO,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OHTS | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHTS,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LT2V | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT2V,, |

## 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).