# Kawasaki Geological Engineering 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75期(2024/12/01－2025/11/30) (S100XN3U)
> Page: https://vizora.meequs.com/en/company/kawasaki-geological-engineering
> Retrieved: 2026-09-30T20:42:21.369Z

## Company

Kawasaki Geological Engineering, founded in 1951, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 373 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kawasaki Geological Engineering Co.,Ltd. |
| Ticker | 4673 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4673.T) |
| Listing | TSE Standard |
| Head office | 東京都港区三田二丁目11番15号 |
| Representative (per filing) | 代表取締役社長 栃本 泰浩 |
| Founded | Aug 1951 |
| Share capital | ¥820M |
| Employees (consolidated) | 373 |
| Fiscal year end | November |
| Website | www.kge.co.jp (https://www.kge.co.jp/) |
| Corporate number | 7010401037591 |
| EDINET | E04987 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XN3U, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 18.8 | 40 |
| Cash conversion | 1.3 | 38 |
| Efficiency | 78.8 | 40 |

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)

- Kawasaki Geological Engineering brought in ¥12.7B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +32.9% from the prior year, operating profit +54.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.7B |  |
| Operating income | ¥666M | Margin 5.2% |
| Net income | ¥620.5M | Margin 4.9% |
| Free cash flow | -¥1.58B |  |
| Employees (consolidated) | 373 |  |
| EPS | ¥658.43 |  |
| Book value per share | ¥5779.77 |  |
| Equity ratio | 43.9% |  |
| Shares outstanding | 1,057,980 |  |
| Treasury shares | 185,300 |  |
| Shareholders | 931 |  |
| Cash ratio | 8.9% | Cash ÷ revenue 8.4% |
| Vs. industry median margin | -3.5 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7663581000 | ¥12708831000 | — |
| Operating income | ¥172034000 | ¥665970000 | — |
| Operating margin | 2.2% | 5.2% | +3 pp |
| Employees | 321 people | 373 people | — |
| Cash and equivalents | ¥1078611000 | ¥1066846000 | — |

### 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 | 12,709 | 100.0% | S100XN3U |
| Cost of revenue | 9,528 | 75.0% | S100XN3U |
| Gross profit | 3,181 | 25.0% | S100XN3U |
| SG&A | 2,515 | 19.8% | S100XN3U |
| Operating income | 666 | 5.2% | S100XN3U |
| Ordinary income | 737 | 5.8% | S100XN3U |
| Pretax income | 896 | 7.0% | S100XN3U |
| Income tax | 275 | 2.2% | S100XN3U |
| Net income | 621 | 4.9% | S100XN3U |
| Net income attributable to owners | 621 | 4.9% | S100XN3U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 20 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 25.0% → Operating margin 5.2% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.9%; Core profit growth: +54.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.65×
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 | 9,559 | 12,709 | 3,149 | +32.9% |
| Gross profit | 2,664 | 3,181 | 517 | +19.4% |
| Operating income | 431 | 666 | 235 | +54.5% |
| Net income attributable to owners | 354 | 621 | 267 | +75.4% |
| Operating cash flow | 767 | -1,459 | -2,226 | -290.3% |
| Free cash flow | 716 | -1,584 | -2,300 | -321.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 7,597 | 125 | 1.6% | 141 | 440 | 373 | S100KVNT |
| FY ending Nov 2020 | 7,664 | 172 | 2.2% | 117 | 393 | 228 | S100NKYA |
| FY ending Nov 2021 | 8,755 | 501 | 5.7% | 344 | 456 | 328 | S100QB75 |
| FY ending Nov 2022 | 9,383 | 516 | 5.5% | 330 | -76 | -337 | S100QB75 |
| FY ending Nov 2023 | 9,292 | 116 | 1.2% | 158 | 420 | 316 | S100VBLR |
| FY ending Nov 2024 | 9,559 | 431 | 4.5% | 354 | 767 | 716 | S100XN3U |
| FY ending Nov 2025 | 12,709 | 666 | 5.2% | 621 | -1,459 | -1,584 | S100XN3U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 332 | 347 | 367 | 366 | 373 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥6M | ¥6.3M | — |
| Average age (parent company) | 47.0 years | 47.0 years | 48.0 years | 47.0 years | 42.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 13.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +32.9%

## 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 | -1,459 | -11.5% | S100XN3U |
| Capital expenditure | 125 | 1.0% | S100XN3U |
| Free cash flow | -1,584 | -12.5% | 算出 |
| Investing cash flow | 54 | 0.4% | S100XN3U |
| Financing cash flow | 660 | 5.2% | S100XN3U |
| Dividends paid | 44 | 0.3% | S100XN3U |
| Change in cash | -745 | -5.9% | S100XN3U |
| Cash and equivalents | 1,067 | 8.4% | S100XN3U |

## 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 | 1,026 | 762 | 1,745 | 1,812 | 1,067 | S100QB75, S100XN3U |
| Total assets | 8,281 | 8,613 | 9,615 | 9,766 | 11,957 | S100QB75, S100VBLR, S100XN3U |
| Net assets | 3,686 | 4,010 | 4,214 | 4,533 | 5,248 | S100QB75, S100XN3U |
| Share capital | 820 | 820 | 820 | 820 | 820 | S100QB75, S100VBLR, S100XN3U |
| Property, plant and equipment | 2,483 | 2,540 | 2,591 | 2,615 | 2,561 | S100QB75, S100VBLR, S100XN3U |
| Intangible assets excluding goodwill | 111 | 78 | 57 | 41 | 32 | S100QB75, S100VBLR, S100XN3U |
| Investment securities | 451 | 491 | 624 | 615 | 669 | S100QB75, S100VBLR, S100XN3U |
| Current assets | 4,800 | 5,045 | 5,975 | 6,105 | 8,273 | S100QB75, S100VBLR, S100XN3U |
| Current liabilities | 3,265 | 3,435 | 4,313 | 4,175 | 5,976 | S100QB75, S100VBLR, S100XN3U |
| Short-term borrowings | 1,450 | 1,800 | 2,770 | 2,220 | 3,120 | S100QB75, S100VBLR, S100XN3U |
| Long-term borrowings | 25 | — | 85 | 136 | 99 | S100QB75, S100VBLR, S100XN3U |
| Bonds | 400 | 300 | 200 | 100 | — | S100QB75, S100VBLR, S100XN3U |
| Interest-bearing debt | 1,875 | — | 3,055 | 2,456 | — | 算出 |
| Total liabilities | 4,595 | 4,603 | 5,400 | 5,233 | 6,709 | S100QB75, S100VBLR, S100XN3U |
| Equity attributable to owners of parent | 3,510 | 3,806 | 3,929 | 4,238 | 4,817 | S100QB75, S100VBLR, S100XN3U |
| Retained earnings | 2,412 | 2,698 | 2,811 | 3,121 | 3,697 | S100QB75, S100VBLR, S100XN3U |
| Treasury stock | -548 | -538 | -529 | -529 | -526 | S100QB75, S100VBLR, S100XN3U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XN3U |
| Property, plant and equipment | 21% | S100XN3U |
| Intangibles and goodwill | 0% | S100XN3U |
| Investment securities | 6% | S100XN3U |
| Other assets | 64% | S100XN3U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100XN3U |
| Equity | 44% | S100XN3U |

### 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 | 8,281 | 8,613 | 9,615 | 9,766 | 11,957 |
| Equity | 3,686 | 4,010 | 4,214 | 4,533 | 5,248 |
| Interest-bearing debt | 1,875 | — | 3,055 | 2,456 | — |
| Cash | 1,026 | 762 | 1,745 | 1,812 | 1,067 |

## 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) | 20.2% | S100XN3U |
| Fixed assets ÷ total assets | 21.4% | S100XN3U |
| Goodwill ÷ parent equity | — | —, S100XN3U |

### 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) | 8.9% |
| Cash ÷ revenue | 8.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -219.1% |
| Cash vs. profit gap | -2,080 JPY mn (of net income -335.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.9% | 1.06× | 4.2% | 2.36× | 9.8% | S100QB75 |
| 2022 | 3.5% | 1.11× | 3.9% | 2.31× | 9.0% | S100QB75 |
| 2023 | 1.7% | 0.97× | 1.6% | 2.45× | 4.0% | S100VBLR |
| 2024 | 3.7% | 0.99× | 3.7% | 2.37× | 8.7% | S100XN3U |
| 2025 | 4.9% | 1.17× | 5.7% | 2.40× | 13.7% | S100XN3U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行(信託Ｅ口) | Major shareholder | 7.5% | 2025-11-30 |
| 三木 健嗣 | Major shareholder | 5.7% | 2025-11-30 |
| 株式会社みずほ銀行 | Major shareholder | 4.8% | 2025-11-30 |
| 株式会社三井住友銀行 | Major shareholder | 3.7% | 2025-11-30 |
| 日本生命保険相互会社 | Major shareholder | 3.6% | 2025-11-30 |
| 川崎地質従業員持株会 | Major shareholder | 2.8% | 2025-11-30 |
| 明治安田生命保険相互会社 | Major shareholder | 2.7% | 2025-11-30 |
| 友田 剛嗣 | Major shareholder | 2.6% | 2025-11-30 |
| 内藤 正 | Major shareholder | 2.6% | 2025-11-30 |
| みずほ信託銀行株式会社 | Major shareholder | 1.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2024/12/01－2025/11/30) | S100XN3U | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN3U,, |
| 有価証券報告書－第74期(2023/12/01－2024/11/30) | S100VBLR | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBLR,, |
| 有価証券報告書－第73期(2022/12/01－2023/11/30) | S100SZ1K | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZ1K,, |
| 有価証券報告書－第72期(2021/12/01－2022/11/30) | S100QB75 | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QB75,, |
| 有価証券報告書－第71期(令和2年12月1日－令和3年11月30日) | S100NKYA | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKYA,, |
| 有価証券報告書－第70期(令和1年12月1日－令和2年11月30日) | S100KVNT | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVNT,, |

## 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).