# Kawasaki Kisen Kaisha, 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158期(2025/04/01－2026/03/31) (S100YC6B)
> Page: https://vizora.meequs.com/en/company/kawasaki-kisen-kaisha
> Retrieved: 2026-09-30T19:20:02.106Z

## Company

Kawasaki Kisen Kaisha, founded in 1919, is a company in Shipping listed on TSE Prime. It has 5,262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kawasaki Kisen Kaisha, Ltd. |
| Ticker | 9107 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9107.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区海岸通8番 |
| Representative (per filing) | 代表執行役社長 五十嵐武宣 |
| Founded | Apr 1919 |
| Share capital | ¥75.5B |
| Employees (consolidated) | 5,262 |
| Average salary (parent only) | ¥14.5M |
| Fiscal year end | March |
| Website | www.kline.co.jp (https://www.kline.co.jp/) |
| Corporate number | 8140001005720 |
| EDINET | E04237 |
| Industries (Vizora) | Shipping, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YC6B, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 12 |
| Profitability | 73.1 | 13 |
| Cash conversion | 65.4 | 13 |
| Efficiency | 57.7 | 13 |

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 Kisen Kaisha's sales come from Product logistics, with Dry bulk and Energy resource transport making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -2.8% from the prior year, operating profit -18.2%.

## Company structure

- Segment revenue mix: Product logistics 60.5%、Dry bulk 28.8%、Energy resource transport 9.9%、Other 0.8%
- Revenue → net income: ¥1018364000000 → ¥136441000000
- Net income → operating cash flow: ¥136441000000 → ¥264772000000（difference ¥128331000000）
- Main uses of operating cash flow: CapEx ¥88715000000 / dividends ¥70166000000 / buybacks ¥3000000
- Change in cash: ¥118383000000
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 | ¥1.02T |  |
| Operating income | ¥84.2B | Margin 8.3% |
| Net income | ¥133B | Margin 13.1% |
| Free cash flow | ¥176.1B |  |
| Largest business | Product logistics | of segment revenue 60.5% |
| Employees (consolidated) | 5,262 |  |
| EPS | ¥394.12 |  |
| Book value per share | ¥1084.89 |  |
| Equity ratio | 76.9% |  |
| Shares outstanding | 639,172,000 |  |
| Treasury shares | 1,714,600 |  |
| Shareholders | 155,523 |  |
| Average salary (parent only) | ¥14.5M | Filing company only |
| Cash ratio | 13.6% | Net cash ¥83.7B · Cash ÷ revenue 31.4% |
| Vs. industry median margin | +1.3 pp | Shipping |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +46% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥625486000000 | ¥1018364000000 | +62.8% |
| Operating income | ¥-21286000000 | ¥84164000000 | — |
| Operating margin | -3.4% | 8.3% | +11.7 pp |
| Employees | 6,080 people | 5,262 people | -13.5% |
| Cash and equivalents | ¥130001000000 | ¥319716000000 | +145.9% |

### 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 |
| --- | ---: |
| ドライバルク → ドライバルク | 28.8% |
| ドライバルク → 事業再編・廃止 | 0.3% |
| エネルギー資源 → エネルギー資源 | 9.9% |
| エネルギー資源 → 事業再編・廃止 | 2.5% |
| 製品物流 → 製品物流 | 54.3% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 3.4% |
| 新設・再編 → 製品物流 | 6.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Product logistics | 5 years | +12.7% | ¥616498000000 | 14.7% | 2 |
| Dry bulk | 5 years | +10.0% | ¥292783000000 | 3.7% | 2 |
| Energy resource transport | 5 years | +5.3% | ¥100666000000 | 9.6% | 2 |
| Other | 5 years | -20.3% | ¥8415000000 | 26.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,018,364 | 100.0% | S100YC6B |
| Cost of revenue | 849,455 | 83.4% | 算出 |
| Gross profit | 168,909 | 16.6% | S100YC6B |
| SG&A | 84,744 | 8.3% | S100YC6B |
| Operating income | 84,164 | 8.3% | S100YC6B |
| Ordinary income | 109,100 | 10.7% | S100YC6B |
| Pretax income | 132,477 | 13.0% | S100YC6B |
| Income tax | -3,964 | -0.4% | S100YC6B |
| Net income | 136,441 | 13.4% | S100YC6B |
| Net income attributable to owners | 132,986 | 13.1% | S100YC6B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 8 |
| Operating income | 8 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 16.6% → Operating margin 8.3% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.8%; Core profit growth: -18.2%
Operating leverage (core profit growth ÷ revenue growth): 6.44×
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 | 1,047,944 | 1,018,364 | -29,580 | -2.8% |
| Gross profit | 182,253 | 168,909 | -13,344 | -7.3% |
| Operating income | 102,855 | 84,164 | -18,691 | -18.2% |
| Net income attributable to owners | 305,384 | 132,986 | -172,398 | -56.5% |
| Operating cash flow | 273,173 | 264,772 | -8,401 | -3.1% |
| Free cash flow | 141,083 | 176,057 | 34,974 | +24.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 735,284 | 6,840 | 0.9% | 5,269 | -21,797 | -93,945 | S100LLMF |
| FY ending Mar 2021 | 625,486 | -21,286 | -3.4% | 108,695 | 33,397 | -8,726 | S100O8Q8 |
| FY ending Mar 2022 | 756,983 | 17,663 | 2.3% | 642,424 | 226,460 | 184,499 | S100QZPH |
| FY ending Mar 2023 | 942,606 | 78,857 | 8.4% | 694,904 | 456,049 | 387,541 | S100TMYK |
| FY ending Mar 2024 | 957,939 | 84,154 | 8.8% | 101,989 | 202,449 | 117,943 | S100VYMJ |
| FY ending Mar 2025 | 1,047,944 | 102,855 | 9.8% | 305,384 | 273,173 | 141,083 | S100YC6B |
| FY ending Mar 2026 | 1,018,364 | 84,164 | 8.3% | 132,986 | 264,772 | 176,057 | S100YC6B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥193.5M |
| Operating income per employee (consolidated) | ¥16M |
| Net income per employee (consolidated) | ¥25.3M |

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) | 5,158 | 4,918 | 5,012 | 5,176 | 5,262 |
| Average salary (parent company) | ¥9.9M | ¥13.3M | ¥13.9M | ¥12.2M | ¥14.5M |
| Average age (parent company) | 38.9 years | 39.0 years | 38.8 years | 38.5 years | 38.0 years |
| Average tenure (parent company) | 14.5 years | 14.6 years | 14.3 years | 14.0 years | 13.4 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) -2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dry bulk | 292,783 | 28.8% | 10,906 | 3.7% |
| Energy resource transport | 100,666 | 9.9% | 9,676 | 9.6% |
| Product logistics | 616,498 | 60.5% | 90,877 | 14.7% |
| Other | 8,415 | 0.8% | 2,253 | 26.8% |

### 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 |
| --- | ---: |
| Dry bulk | 28.8% |
| Energy resource transport | 9.9% |
| Product logistics | 60.5% |
| Other | 0.8% |

Segment → industry: Other → Shipping / Product logistics → Shipping / Energy resource transport → Shipping / Dry bulk → Shipping / Product logistics → Warehouses & Logistics Facilities

## 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 | 264,772 | 26.0% | S100YC6B |
| Capital expenditure | 88,715 | 8.7% | S100YC6B |
| Free cash flow | 176,057 | 17.3% | 算出 |
| Investing cash flow | -35,109 | -3.4% | S100YC6B |
| Financing cash flow | -124,753 | -12.3% | S100YC6B |
| Dividends paid | 70,166 | 6.9% | S100YC6B |
| Share buyback | 3 | 0.0% | S100YC6B |
| Change in cash | 118,383 | 11.6% | S100YC6B |
| Cash and equivalents | 319,716 | 31.4% | S100YC6B |

## 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 | 244,316 | 346,831 | 269,474 | 201,557 | 319,716 | S100TMYK, S100VYMJ, S100YC6B |
| Total assets | 1,574,960 | 2,052,616 | 2,109,432 | 2,210,049 | 2,343,989 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Net assets | 984,882 | 1,546,679 | 1,624,600 | 1,677,449 | 1,841,988 | S100TMYK, S100VYMJ, S100YC6B |
| Share capital | 75,457 | 75,457 | 75,457 | 75,457 | 75,457 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Property, plant and equipment | 382,029 | 372,147 | 410,318 | 488,666 | 493,650 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Intangible assets excluding goodwill | 3,513 | 3,808 | 6,036 | 7,266 | 10,371 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Investment securities | 691,809 | 1,070,227 | 1,139,971 | 1,230,101 | 1,201,899 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Current assets | 431,089 | 534,894 | 488,278 | 403,375 | 546,439 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Current liabilities | 251,538 | 185,378 | 209,908 | 205,455 | 235,156 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Short-term borrowings | 87,544 | 50,691 | 49,135 | 51,412 | 57,635 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Long-term borrowings | 277,992 | 267,313 | 206,107 | 229,840 | 157,082 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Bonds | — | — | 8,000 | 14,000 | 21,300 | S100VYMJ, S100YC6B |
| Interest-bearing debt | — | — | 263,242 | 295,252 | 236,017 | 算出 |
| Total liabilities | 590,077 | 505,937 | 484,832 | 532,599 | 502,000 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Non-controlling interests | 100,248 | 31,280 | 32,674 | 29,015 | 39,285 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Equity attributable to owners of parent | 864,424 | 1,400,779 | 1,275,636 | 1,348,467 | 1,418,271 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Retained earnings | 777,130 | 1,302,769 | 1,178,723 | 1,248,600 | 1,311,450 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |
| Treasury stock | -2,378 | -6,550 | -7,648 | -8,085 | -7,692 | S100QZPH, S100TMYK, S100VYMJ, S100YC6B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YC6B |
| Property, plant and equipment | 21% | S100YC6B |
| Intangibles and goodwill | 0% | S100YC6B |
| Investment securities | 51% | S100YC6B |
| Other assets | 14% | S100YC6B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 11% | S100YC6B |
| Equity | 79% | S100YC6B |
| Other liabilities | 0% | S100YC6B |

### 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 | 1,574,960 | 2,052,616 | 2,109,432 | 2,210,049 | 2,343,989 |
| Equity | 984,882 | 1,546,679 | 1,624,600 | 1,677,449 | 1,841,988 |
| Interest-bearing debt | — | — | 263,242 | 295,252 | 236,017 |
| Cash | 244,316 | 346,831 | 269,474 | 201,557 | 319,716 |

## 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) | 48.5% | S100YC6B |
| Fixed assets ÷ total assets | 21.1% | S100YC6B |
| Goodwill ÷ parent equity | — | —, S100YC6B |

### 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) | 13.6% |
| Cash ÷ revenue | 31.4% |
| Net cash (cash − interest-bearing debt) | ¥83.7B |
| Net debt ÷ operating cash flow | -0.32× |
| Cash conversion (operating CF ÷ operating income) | 314.6% |
| Cash vs. profit gap | 131,786 JPY mn (of net income 99.1%) |
| Shareholder returns / net income | 52.8% |
| Shareholder returns / FCF | 39.9% |
| Shareholder payments — dividends / net income | 52.8% |
| Shareholder payments — dividends / FCF | 39.9% |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 13.3% |

## 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 | 84.9% | 0.48× | 40.8% | 1.82× | 74.3% | S100QZPH |
| 2023 | 73.7% | 0.52× | 38.3% | 1.60× | 61.4% | S100TMYK |
| 2024 | 10.6% | 0.46× | 4.9% | 1.56× | 7.6% | S100VYMJ |
| 2025 | 29.1% | 0.49× | 14.1% | 1.65× | 23.3% | S100YC6B |
| 2026 | 13.1% | 0.45× | 5.8% | 1.65× | 9.6% | S100YC6B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イーシーエム エムエフ （常任代理人 立花証券株式会社） | Major shareholder | 12.7% | 2026-03-31 |
| エムエルアイ フオー セグリゲーテイツド ピービー クライアント （常任代理人 BOFA証券株式会社） | Major shareholder | 9.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 5.0% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL （常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 4.3% | 2026-03-31 |
| ゴールドマン・サックス・インターナショナル （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.8% | 2026-03-31 |
| サンテラ（ケイマン）リミテッド アズ トラスティ オブ イーシーエム マスター ファンド （常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 3.1% | 2026-03-31 |
| 今治造船株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥1.02T, down 2.8% from ¥1.05T.
- Operating income dropped 18.2% to ¥84.2B, as both dry bulk and car carriers earned less.
- Net income attributable to owners fell 56.5% to ¥133B. The biggest hit came from ONE, the container shipping affiliate, whose lower profit sharply cut K Line's equity-method income.
- Free cash flow, on the other hand, rose 24.8% to ¥176.1B.

### Drivers

- Dry bulk profit fell because of labor disputes at loading ports and higher costs
- Car carrier profit fell as new US tariffs and trouble in the Middle East forced route changes and pushed up fuel and other operating costs
- A wave of new container ships kept the market oversupplied and average freight rates below last year, so ONE's sales and profit fell. Energy resource transport earned more, partly because last year's impairment loss did not recur

### Risks

- A large share of revenue is in US dollars, so a stronger yen shrinks earnings in yen terms
- Fuel is a big part of operating costs, so swings in oil prices move profits
- Shifts in geopolitics and trade policy, including US-China tensions, could change cargo flows and rates, and disrupt shipbuilding and dry-docking in China

Cited: Annual Securities Report (158th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (158th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YC6B | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC6B,, |
| 有価証券報告書－第157期(2024/04/01－2025/03/31) | S100VYMJ | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYMJ,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TMYK | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMYK,, |
| 有価証券報告書－第155期(2022/04/01－2023/03/31) | S100QZPH | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZPH,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100O8Q8 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8Q8,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LLMF | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLMF,, |

## 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).