# Kawasaki&Co.,Ltd: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2024/09/01－2025/08/31) (S100X6HQ)
> Page: https://vizora.meequs.com/en/company/kawasaki-and
> Retrieved: 2026-09-30T18:26:06.940Z

## Company

Kawasaki&, founded in 1971, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 61 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kawasaki & Co.,Ltd. |
| Ticker | 3045 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3045.T) |
| Listing | TSE Standard |
| Head office | 大阪府泉北郡忠岡町新浜2丁目9番10号 |
| Representative (per filing) | 代表取締役社長 川崎 久典 |
| Founded | Oct 1971 |
| Share capital | ¥4.3M |
| Employees (consolidated) | 61 |
| Average salary (parent only) | ¥3.7M |
| Fiscal year end | August |
| Website | www.kawasaki-corp.co.jp (https://www.kawasaki-corp.co.jp/) |
| Corporate number | 5120101042932 |
| EDINET | E03000 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Apparel, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100X6HQ, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 89 | 86 |
| Cash conversion | 66.5 | 82 |
| Efficiency | 22.7 | 86 |

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 61% of Kawasaki&'s sales come from Leasing and warehousing, with Dresses and accessories and Hotel making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +28.3%.

## Company structure

- Segment revenue mix: Leasing and warehousing 61.2%、Dresses and accessories 23.5%、Hotel 15.3%
- Revenue → net income: ¥2291251000 → ¥338186000
- Net income → operating cash flow: ¥338186000 → ¥603808000（difference ¥265622000）
- Main uses of operating cash flow: CapEx ¥105391000 / dividends ¥113883000 / buybacks ¥23633000
- Change in cash: ¥89006000
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 | ¥2.29B |  |
| Operating income | ¥516.1M | Margin 22.5% |
| Net income | ¥338.2M | Margin 14.8% |
| Free cash flow | ¥498.4M |  |
| Largest business | Leasing and warehousing | of segment revenue 61.2% |
| Employees (consolidated) | 61 |  |
| EPS | ¥157.58 |  |
| Book value per share | ¥2698.65 |  |
| Equity ratio | 71.4% |  |
| Shares outstanding | 2,901,000 |  |
| Treasury shares | 768,200 |  |
| Shareholders | 1,809 |  |
| Average salary (parent only) | ¥3.7M | Filing company only |
| Cash ratio | 8.2% | Cash ÷ revenue 28.8% |
| Vs. industry median margin | +12 pp | Real Estate Development & Leasing |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 39 points

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1503751000 | ¥2291251000 | +52.4% |
| Operating income | ¥281298000 | ¥516121000 | +83.5% |
| Operating margin | 18.7% | 22.5% | +3.8 pp |
| Employees | 35 people | 61 people | +74.3% |
| Cash and equivalents | ¥109191000 | ¥659350000 | +503.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 服飾事業 | 23.5% |
| 新設・再編 → 賃貸・倉庫事業 | 61.2% |
| 新設・再編 → ホテル事業 | 15.3% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Leasing and warehousing | 4 years | +9.7% | ¥1402591000 | 42.0% | 2 |
| Dresses and accessories | 4 years | +0.3% | ¥537913000 | -3.6% | 2 |
| Hotel | 2 years | +84.8% | ¥350746000 | -15.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,291 | 100.0% | S100X6HQ |
| Cost of revenue | 1,230 | 53.7% | S100X6HQ |
| Gross profit | 1,061 | 46.3% | S100X6HQ |
| SG&A | 545 | 23.8% | S100X6HQ |
| Operating income | 516 | 22.5% | S100X6HQ |
| Ordinary income | 515 | 22.5% | S100X6HQ |
| Pretax income | 515 | 22.5% | S100X6HQ |
| Income tax | 177 | 7.7% | S100X6HQ |
| Net income | 338 | 14.8% | S100X6HQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 24 |
| Operating income | 22 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 46.3% → Operating margin 22.5% → Net margin 14.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +28.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.69×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,183 | 2,291 | 108 | +5.0% |
| Gross profit | 931 | 1,061 | 130 | +13.9% |
| Operating income | 402 | 516 | 114 | +28.3% |
| Operating cash flow | 907 | 604 | -303 | -33.4% |
| Free cash flow | 319 | 498 | 179 | +56.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 1,904 | 349 | 18.4% | 241 | 907 | 785 | S100K99I |
| FY ending Aug 2020 | 1,575 | 298 | 18.9% | 205 | 375 | 370 | S100K99I |
| FY ending Aug 2020 | 1,504 | 281 | 18.7% | 205 | 375 | — | S100MXVG |
| FY ending Aug 2021 | 1,501 | 313 | 20.8% | 476 | 280 | 266 | S100PPPS |
| FY ending Aug 2022 | 1,525 | 226 | 14.8% | 798 | 414 | -444 | S100SDC9 |
| FY ending Aug 2023 | 1,748 | 284 | 16.2% | 205 | 149 | -802 | S100UUSH |
| FY ending Aug 2024 | 2,183 | 402 | 18.4% | 293 | 907 | 319 | S100X6HQ |
| FY ending Aug 2025 | 2,291 | 516 | 22.5% | 338 | 604 | 498 | S100X6HQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.6M |
| Operating income per employee (consolidated) | ¥8.5M |
| Net income per employee (consolidated) | ¥5.5M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 34 | 33 | 55 | 59 | 61 |
| Average salary (parent company) | ¥3.8M | ¥4M | ¥3.6M | ¥3.6M | ¥3.7M |
| Average age (parent company) | 52.1 years | 52.0 years | 55.5 years | 55.8 years | 55.7 years |
| Average tenure (parent company) | 12.9 years | 13.2 years | 6.1 years | 6.1 years | 5.8 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +5.0%

## Segments（FY ending Aug 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dresses and accessories | 538 | 23.5% | -19 | -3.6% |
| Leasing and warehousing | 1,403 | 61.2% | 589 | 42.0% |
| Hotel | 351 | 15.3% | -54 | -15.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dresses and accessories | 23.5% | — | — | -3.6% |
| Leasing and warehousing | 61.2% | 100.0% | 38.8 | 42.0% |
| Hotel | 15.3% | — | — | -15.3% |

Loss-making segment (excluded from profit shares): Dresses and accessories -19 JPY mn

Loss-making segment (excluded from profit shares): Hotel -54 JPY mn

Segment → industry: Leasing and warehousing → Real Estate Development & Leasing / Hotel → Hotels & Inns / Dresses and accessories → Apparel / Leasing and warehousing → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 604 | 26.4% | S100X6HQ |
| Capital expenditure | 105 | 4.6% | S100X6HQ |
| Free cash flow | 498 | 21.8% | 算出 |
| Investing cash flow | -105 | -4.6% | S100X6HQ |
| Financing cash flow | -409 | -17.9% | S100X6HQ |
| Dividends paid | 114 | 5.0% | S100X6HQ |
| Share buyback | 24 | 1.0% | S100X6HQ |
| Change in cash | 89 | 3.9% | S100X6HQ |
| Cash and equivalents | 659 | 28.8% | S100X6HQ |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 162 | 619 | 227 | 570 | 659 | S100SDC9, S100UUSH, S100X6HQ |
| Total assets | 5,696 | 6,826 | 7,561 | 8,122 | 8,059 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Net assets | 4,584 | 5,258 | 5,356 | 5,555 | 5,756 | S100SDC9, S100UUSH, S100X6HQ |
| Share capital | 4 | 4 | 4 | 4 | 4 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Property, plant and equipment | 4,930 | 5,433 | 6,300 | 6,654 | 6,465 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Intangible assets excluding goodwill | 19 | 20 | 19 | 19 | 15 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Current assets | 512 | 952 | 788 | 1,002 | 1,136 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Current liabilities | 527 | 472 | 460 | 702 | 739 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Long-term borrowings | 131 | 450 | 970 | 1,025 | 741 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Total liabilities | 1,112 | 1,568 | 2,205 | 2,568 | 2,303 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Equity attributable to owners of parent | 4,584 | 5,258 | 5,356 | 5,555 | 5,756 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Retained earnings | 4,029 | 4,703 | 4,801 | 5,000 | 5,224 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |
| Treasury stock | -475 | -475 | -475 | -475 | -499 | S100PPPS, S100SDC9, S100UUSH, S100X6HQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100X6HQ |
| Property, plant and equipment | 80% | S100X6HQ |
| Intangibles and goodwill | 0% | S100X6HQ |
| Other assets | 12% | S100X6HQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100X6HQ |
| Equity | 71% | S100X6HQ |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,696 | 6,826 | 7,561 | 8,122 | 8,059 |
| Equity | 4,584 | 5,258 | 5,356 | 5,555 | 5,756 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 162 | 619 | 227 | 570 | 659 |

## 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) | 282.2% | S100X6HQ |
| Fixed assets ÷ total assets | 80.2% | S100X6HQ |
| Goodwill ÷ parent equity | — | —, S100X6HQ |

### 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) | 8.2% |
| Cash ÷ revenue | 28.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.0% |
| Cash vs. profit gap | 266 JPY mn (of net income 78.5%) |
| Shareholder returns / net income | 40.7% |
| Shareholder returns / FCF | 27.6% |
| Shareholder payments — dividends / net income | 33.7% |
| Shareholder payments — dividends / FCF | 22.8% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 17.5% |

## 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 | 31.7% | 0.26× | 8.3% | 1.24× | 10.4% | S100PPPS |
| 2022 | 52.3% | 0.24× | 12.7% | 1.27× | 16.2% | S100SDC9 |
| 2023 | 11.7% | 0.24× | 2.9% | 1.36× | 3.9% | S100UUSH |
| 2024 | 13.4% | 0.28× | 3.7% | 1.44× | 5.4% | S100X6HQ |
| 2025 | 14.8% | 0.28× | 4.2% | 1.43× | 6.0% | S100X6HQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＫＷＳ | Major shareholder | 40.4% | 2025-08-31 |
| 川崎 貴美子 | Major shareholder | 8.5% | 2025-08-31 |
| 光通信株式会社 | Major shareholder | 7.4% | 2025-08-31 |
| 川崎 久典 | Major shareholder | 6.6% | 2025-08-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.3% | 2025-08-31 |
| 川崎 悟 | Major shareholder | 2.3% | 2025-08-31 |
| 株式会社池田泉州銀行 | Major shareholder | 1.7% | 2025-08-31 |
| 岩切 雅代 | Major shareholder | 1.7% | 2025-08-31 |
| 株式会社UH Partners 2 | Major shareholder | 1.4% | 2025-08-31 |
| 関谷 幸平 | Major shareholder | 1.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2024/09/01－2025/08/31) | S100X6HQ | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6HQ,, |
| 有価証券報告書－第53期(2023/09/01－2024/08/31) | S100UUSH | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUSH,, |
| 有価証券報告書－第52期(2022/09/01－2023/08/31) | S100SDC9 | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDC9,, |
| 有価証券報告書－第51期(令和3年9月1日－令和4年8月31日) | S100PPPS | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPPS,, |
| 有価証券報告書－第50期(令和2年9月1日－令和3年8月31日) | S100MXVG | 2021-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXVG,, |
| 有価証券報告書－第49期(令和1年9月1日－令和2年8月31日) | S100K99I | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K99I,, |

## 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).