# KAWAKAMI PAINT MANUFACTURING CO.,LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第111期(2024/12/01－2025/11/30) (S100XMOI)
> Page: https://vizora.meequs.com/en/company/kawakami-paint-manufacturing
> Retrieved: 2026-09-30T20:32:49.165Z

## Company

Kawakami Paint Manufacturing, founded in 1957, is a company in Paints & Inks listed on TSE Standard. It has 132 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAWAKAMI PAINT MFG.CO.,LTD. |
| Ticker | 4616 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4616.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市塚口本町二丁目41番1号 |
| Representative (per filing) | 代表取締役社長 西村 聰一 |
| Founded | Apr 1957 |
| Share capital | ¥500M |
| Employees (consolidated) | 132 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | November |
| Website | www.kawakami-paint.co.jp (https://www.kawakami-paint.co.jp/) |
| Corporate number | 4140001048351 |
| EDINET | E00896 |
| Industries (Vizora) | Paints & Inks |

> Profile source: annual securities report (S100XMOI, filed 2026-02-20). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37 | 23 |
| Profitability | 6.5 | 23 |
| Cash conversion | 97.7 | 22 |
| Efficiency | 32.6 | 23 |

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)

- Kawakami Paint Manufacturing brought in ¥5.93B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit -41.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5932496000 → ¥72318000
- Net income → operating cash flow: ¥72318000 → ¥283925000（difference ¥211607000）
- Main uses of operating cash flow: CapEx ¥277859000 / dividends ¥29899000 / buybacks —
- Change in cash: ¥-25621000
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 | ¥5.93B |  |
| Operating income | ¥54.3M | Margin 0.9% |
| Net income | ¥72.3M | Margin 1.2% |
| Free cash flow | ¥6.1M |  |
| Employees (consolidated) | 132 |  |
| EPS | ¥73.13 |  |
| Book value per share | ¥3283.2 |  |
| Equity ratio | 38.4% |  |
| Shares outstanding | 1,000,000 |  |
| Treasury shares | 7,000 |  |
| Shareholders | 1,301 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 21.8% | Cash ÷ revenue 31.8% |
| Vs. industry median margin | -5 pp | Paints & Inks |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.9× net income

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4880826000 | ¥5932496000 | +21.5% |
| Operating income | ¥-62083000 | ¥54330000 | — |
| Operating margin | -1.3% | 0.9% | +2.2 pp |
| Employees | 140 people | 132 people | -5.7% |
| Cash and equivalents | ¥1665403000 | ¥1889166000 | +13.4% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,932 | 100.0% | S100XMOI |
| Cost of revenue | 4,923 | 83.0% | S100XMOI |
| Gross profit | 1,009 | 17.0% | S100XMOI |
| SG&A | 955 | 16.1% | S100XMOI |
| Operating income | 54 | 0.9% | S100XMOI |
| Ordinary income | 96 | 1.6% | S100XMOI |
| Pretax income | 96 | 1.6% | S100XMOI |
| Income tax | 24 | 0.4% | S100XMOI |
| Net income | 72 | 1.2% | S100XMOI |
| Net income attributable to owners | 72 | 1.2% | S100XMOI |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 17.0% → Operating margin 0.9% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.3%; Core profit growth: -41.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -128.98×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,913 | 5,932 | 19 | +0.3% |
| Gross profit | 1,046 | 1,009 | -36 | -3.5% |
| Operating income | 93 | 54 | -39 | -41.6% |
| Net income attributable to owners | 171 | 72 | -98 | -57.6% |
| Operating cash flow | 140 | 284 | 144 | +103.5% |
| Free cash flow | -126 | 6 | 132 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 5,742 | 207 | 3.6% | 199 | 318 | 117 | S100KUMQ |
| FY ending Nov 2020 | 4,881 | -62 | -1.3% | -3 | 191 | 18 | S100NJDW |
| FY ending Nov 2021 | 5,312 | 140 | 2.6% | 146 | 447 | 402 | S100Q9M3 |
| FY ending Nov 2022 | 5,633 | 161 | 2.9% | 162 | 206 | 139 | S100SY5L |
| FY ending Nov 2023 | 6,143 | 188 | 3.1% | 203 | 166 | -79 | S100VAEO |
| FY ending Nov 2024 | 5,913 | 93 | 1.6% | 171 | 140 | -126 | S100XMOI |
| FY ending Nov 2025 | 5,932 | 54 | 0.9% | 72 | 284 | 6 | S100XMOI |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥411.6K |
| Net income per employee (consolidated) | ¥547.9K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 138 | 141 | 141 | 137 | 132 |
| Average salary (parent company) | ¥5.5M | ¥5.4M | ¥5.5M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 44.3 years | 44.7 years | 44.9 years | 45.1 years | 45.5 years |
| Average tenure (parent company) | 18.2 years | 18.3 years | 18.3 years | 17.7 years | 17.8 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) +0.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 284 | 4.8% | S100XMOI |
| Capital expenditure | 278 | 4.7% | S100XMOI |
| Free cash flow | 6 | 0.1% | 算出 |
| Investing cash flow | -277 | -4.7% | S100XMOI |
| Financing cash flow | -33 | -0.6% | S100XMOI |
| Dividends paid | 30 | 0.5% | S100XMOI |
| Change in cash | -26 | -0.4% | S100XMOI |
| Cash and equivalents | 1,889 | 31.8% | S100XMOI |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,023 | 2,042 | 1,903 | 1,915 | 1,889 | S100SY5L, S100VAEO, S100XMOI |
| Total assets | 7,650 | 7,998 | 8,344 | 8,462 | 8,674 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Net assets | 2,530 | 2,718 | 3,055 | 3,218 | 3,335 | S100SY5L, S100VAEO, S100XMOI |
| Share capital | 500 | 500 | 500 | 500 | 500 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Trade receivables | 1,803 | — | — | — | — | S100Q9M3 |
| Property, plant and equipment | 1,382 | 1,349 | 1,489 | 1,676 | 1,760 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Intangible assets excluding goodwill | 28 | 22 | 22 | 14 | 9 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Investment securities | 792 | 835 | 1,055 | 1,030 | 1,183 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Current assets | 5,308 | 5,660 | 5,678 | 5,709 | 5,703 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Current liabilities | 3,207 | 3,451 | 3,549 | 3,552 | 3,618 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Trade payables | 1,687 | 1,992 | 1,239 | 1,159 | 1,223 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Short-term borrowings | 1,099 | 1,091 | 1,030 | 1,027 | 1,021 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Long-term borrowings | 889 | 803 | 827 | 881 | 885 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Total liabilities | 5,120 | 5,279 | 5,289 | 5,245 | 5,339 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Equity attributable to owners of parent | 2,174 | 2,311 | 2,489 | 2,629 | 2,671 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Retained earnings | 1,641 | 1,778 | 1,956 | 2,097 | 2,139 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |
| Treasury stock | -9 | -9 | -9 | -9 | -9 | S100Q9M3, S100SY5L, S100VAEO, S100XMOI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XMOI |
| Property, plant and equipment | 20% | S100XMOI |
| Intangibles and goodwill | 0% | S100XMOI |
| Investment securities | 14% | S100XMOI |
| Other assets | 44% | S100XMOI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100XMOI |
| Other liabilities | 48% | S100XMOI |
| Equity | 38% | S100XMOI |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,650 | 7,998 | 8,344 | 8,462 | 8,674 |
| Equity | 2,530 | 2,718 | 3,055 | 3,218 | 3,335 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,023 | 2,042 | 1,903 | 1,915 | 1,889 |

## 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) | 29.7% | S100XMOI |
| Fixed assets ÷ total assets | 20.3% | S100XMOI |
| Goodwill ÷ parent equity | — | —, S100XMOI |

### 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) | 21.8% |
| Cash ÷ revenue | 31.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 522.6% |
| Cash vs. profit gap | 212 JPY mn (of net income 292.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.3% |
| Shareholder payments — dividends / FCF | 492.9% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 97.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.8% | 0.69× | 1.9% | 3.52× | 6.7% | S100Q9M3 |
| 2022 | 2.9% | 0.72× | 2.1% | 3.49× | 7.2% | S100SY5L |
| 2023 | 3.3% | 0.75× | 2.5% | 3.41× | 8.5% | S100VAEO |
| 2024 | 2.9% | 0.70× | 2.0% | 3.28× | 6.7% | S100XMOI |
| 2025 | 1.2% | 0.69× | 0.8% | 3.23× | 2.7% | S100XMOI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱サイブリッジ | Major shareholder | 15.6% | 2025-11-30 |
| 川上塗料共栄会※１ | Major shareholder | 7.4% | 2025-11-30 |
| 三井物産ケミカル㈱ | Major shareholder | 7.3% | 2025-11-30 |
| ㈱日本カストディ銀行（三井住友信託銀行再信託分・三井化学㈱退職給付信託口） | Major shareholder | 5.7% | 2025-11-30 |
| 川上塗料従業員持株会 | Major shareholder | 4.6% | 2025-11-30 |
| 上田八木短資㈱ | Major shareholder | 4.1% | 2025-11-30 |
| ㈱東広 | Major shareholder | 2.8% | 2025-11-30 |
| みずほ信託銀行㈱ | Major shareholder | 2.6% | 2025-11-30 |
| 交洋貿易㈱ | Major shareholder | 2.3% | 2025-11-30 |
| 住友生命保険相互会社 | Major shareholder | 2.3% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第111期(2024/12/01－2025/11/30) | S100XMOI | 2026-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMOI,, |
| 有価証券報告書－第110期(2023/12/01－2024/11/30) | S100VAEO | 2025-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAEO,, |
| 有価証券報告書－第109期(2022/12/01－2023/11/30) | S100SY5L | 2024-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY5L,, |
| 有価証券報告書－第108期(2021/12/01－2022/11/30) | S100Q9M3 | 2023-02-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9M3,, |
| 有価証券報告書－第107期(令和2年12月1日－令和3年11月30日) | S100NJDW | 2022-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJDW,, |
| 有価証券報告書－第106期(令和1年12月1日－令和2年11月30日) | S100KUMQ | 2021-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUMQ,, |

## 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).