# KAWASAKI SETSUBI KOGYO CO., LTD.: 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99期(2025/04/01－2026/03/31) (S100YG5D)
> Page: https://vizora.meequs.com/en/company/kawasaki-setsubi-kogyo
> Retrieved: 2026-09-30T20:34:32.112Z

## Company

Kawasaki Setsubi Kogyo, founded in 1951, is a company in Plant Engineering & Building Services listed on Nagoya. It has 454 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAWASAKI SETSUBI KOGYO CO., LTD. |
| Ticker | 1777 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1777.T) |
| Listing | Nagoya |
| Head office | 名古屋市中区大須一丁目6番47号 |
| Representative (per filing) | 代表取締役社長 廣江勝志 |
| Founded | Oct 1951 |
| Share capital | ¥1.58B |
| Employees (consolidated) | 454 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.kawasaki-sk.co.jp (https://www.kawasaki-sk.co.jp/) |
| Corporate number | 2180001035307 |
| EDINET | E00271 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YG5D, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84 | 72 |
| Profitability | 82.2 | 76 |
| Cash conversion | 11.5 | 74 |
| Efficiency | 94.1 | 76 |

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 Setsubi Kogyo brought in ¥37.7B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +29.1% from the prior year, operating profit +80.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥37652000000 → ¥3684000000
- Net income → operating cash flow: ¥3684000000 → ¥600000000（difference ¥-3084000000）
- Main uses of operating cash flow: CapEx ¥682000000 / dividends ¥763000000 / buybacks —
- Change in cash: ¥-917000000
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 | ¥37.7B |  |
| Operating income | ¥4.9B | Margin 13.0% |
| Net income | ¥3.68B | Margin 9.8% |
| Free cash flow | -¥82M |  |
| Employees (consolidated) | 454 |  |
| EPS | ¥307.98 |  |
| Book value per share | ¥1371.07 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 12,000,000 |  |
| Treasury shares | 35,800 |  |
| Shareholders | 1,871 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 11.2% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | +4 pp | Plant Engineering & Building Services |
| ROE | 25.1% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21894000000 | ¥37652000000 | +72.0% |
| Operating income | ¥1071000000 | ¥4904000000 | +357.9% |
| Operating margin | 4.9% | 13.0% | +8.1 pp |
| Employees | 377 people | 454 people | +20.4% |
| Cash and equivalents | ¥2785000000 | ¥2954000000 | +6.1% |

### 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 | 37,652 | 100.0% | S100YG5D |
| Cost of revenue | 29,111 | 77.3% | S100YG5D |
| Gross profit | 8,541 | 22.7% | S100YG5D |
| SG&A | 3,636 | 9.7% | S100YG5D |
| Operating income | 4,904 | 13.0% | S100YG5D |
| Ordinary income | 4,986 | 13.2% | S100YG5D |
| Pretax income | 4,986 | 13.2% | S100YG5D |
| Income tax | 1,301 | 3.5% | S100YG5D |
| Net income | 3,684 | 9.8% | S100YG5D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 10 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 22.7% → Operating margin 13.0% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.1%; Core profit growth: +80.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.77×
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 | 29,159 | 37,652 | 8,493 | +29.1% |
| Gross profit | 5,383 | 8,541 | 3,158 | +58.7% |
| Operating income | 2,713 | 4,904 | 2,191 | +80.8% |
| Operating cash flow | 0 | 600 | 600 | — |
| Free cash flow | -32 | -82 | -50 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,123 | 1,619 | 7.0% | 1,138 | -46 | -66 | S100LSY1 |
| FY ending Mar 2021 | 21,894 | 1,071 | 4.9% | 749 | 1,762 | 1,708 | S100OJDE |
| FY ending Mar 2022 | 23,604 | 1,268 | 5.4% | 850 | 2,383 | 2,326 | S100R7SI |
| FY ending Mar 2023 | 20,809 | 1,040 | 5.0% | 707 | 1,067 | 998 | S100TTLR |
| FY ending Mar 2024 | 22,482 | 1,333 | 5.9% | 845 | -586 | -626 | S100W1K4 |
| FY ending Mar 2025 | 29,159 | 2,713 | 9.3% | 1,958 | 0 | -32 | S100YG5D |
| FY ending Mar 2026 | 37,652 | 4,904 | 13.0% | 3,684 | 600 | -82 | S100YG5D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.9M |
| Operating income per employee (consolidated) | ¥10.8M |
| Net income per employee (consolidated) | ¥8.1M |

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) | 381 | 387 | 394 | 420 | 454 |
| Average salary (parent company) | ¥7.2M | ¥7.1M | ¥7.2M | ¥7.6M | ¥8.7M |
| Average age (parent company) | 44.6 years | 44.4 years | 44.8 years | 44.3 years | 43.6 years |
| Average tenure (parent company) | 15.5 years | 15.6 years | 16.0 years | 15.9 years | 15.1 years |

Year over year: Employees (consolidated) +8.1% · Revenue (consolidated) +29.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Eastern region | — | — | 2,005 | — |
| Middle region | — | — | 3,224 | — |
| Western region | — | — | 1,496 | — |

### 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 | Profit share |
| --- | ---: |
| Eastern region | 29.8% |
| Middle region | 47.9% |
| Western region | 22.2% |

Segment → industry: Western region → Plant Engineering & Building Services / Middle region → Plant Engineering & Building Services / Eastern region → Plant Engineering & Building Services

## 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 | 600 | 1.6% | S100YG5D |
| Capital expenditure | 682 | 1.8% | S100YG5D |
| Free cash flow | -82 | -0.2% | 算出 |
| Investing cash flow | -550 | -1.5% | S100YG5D |
| Financing cash flow | -966 | -2.6% | S100YG5D |
| Dividends paid | 763 | 2.0% | S100YG5D |
| Change in cash | -917 | -2.4% | S100YG5D |
| Cash and equivalents | 2,954 | 7.8% | S100YG5D |

## 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 | 4,822 | 5,482 | 4,415 | 3,871 | 2,954 | S100TTLR, S100W1K4, S100YG5D |
| Total assets | 19,025 | 18,354 | 20,326 | 24,274 | 26,424 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Net assets | 10,430 | 10,951 | 11,630 | 13,335 | 16,403 | S100TTLR, S100W1K4, S100YG5D |
| Share capital | 1,581 | 1,581 | 1,581 | 1,581 | 1,581 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Property, plant and equipment | 3,279 | 3,240 | 3,149 | 3,030 | 3,751 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Intangible assets excluding goodwill | 359 | 422 | 474 | 401 | 243 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Investment securities | 161 | 169 | 244 | 311 | 504 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Current assets | 14,489 | 13,797 | 15,717 | 19,644 | 21,052 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Current liabilities | 7,180 | 5,931 | 7,218 | 9,611 | 8,828 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Total liabilities | 8,595 | 7,402 | 8,695 | 10,939 | 10,021 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Equity attributable to owners of parent | 10,407 | 10,923 | 11,553 | 13,213 | 16,131 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Retained earnings | 8,439 | 8,954 | 9,585 | 11,244 | 14,163 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |
| Treasury stock | -7 | -7 | -7 | -7 | -7 | S100R7SI, S100TTLR, S100W1K4, S100YG5D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YG5D |
| Property, plant and equipment | 14% | S100YG5D |
| Intangibles and goodwill | 1% | S100YG5D |
| Investment securities | 2% | S100YG5D |
| Other assets | 72% | S100YG5D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YG5D |
| Equity | 62% | S100YG5D |

### 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 | 19,025 | 18,354 | 20,326 | 24,274 | 26,424 |
| Equity | 10,430 | 10,951 | 11,630 | 13,335 | 16,403 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,822 | 5,482 | 4,415 | 3,871 | 2,954 |

## 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) | 10.0% | S100YG5D |
| Fixed assets ÷ total assets | 14.2% | S100YG5D |
| Goodwill ÷ parent equity | — | —, S100YG5D |

### 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) | 11.2% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 12.2% |
| Cash vs. profit gap | -3,084 JPY mn (of net income -83.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 91.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.6% | 1.24× | 4.5% | 1.83× | 8.2% | S100R7SI |
| 2023 | 3.4% | 1.11× | 3.8% | 1.75× | 6.6% | S100TTLR |
| 2024 | 3.8% | 1.16× | 4.4% | 1.72× | 7.5% | S100W1K4 |
| 2025 | 6.7% | 1.31× | 8.8% | 1.80× | 15.8% | S100YG5D |
| 2026 | 9.8% | 1.49× | 14.5% | 1.73× | 25.1% | S100YG5D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社関電工 | Major shareholder | 50.1% | 2026-03-31 |
| 川崎設備工業取引先持株会 | Major shareholder | 16.5% | 2026-03-31 |
| 川崎設備工業従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 川崎重工業株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHOB)（常任代理人 野村證券株式会社） | Major shareholder | 1.4% | 2026-03-31 |
| 山信株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社大垣共立銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| 荒川 寿彦 | Major shareholder | 0.6% | 2026-03-31 |
| 川野 正博 | Major shareholder | 0.6% | 2026-03-31 |
| 廣江 勝志 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第99期(2025/04/01－2026/03/31) | S100YG5D | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG5D,, |
| 有価証券報告書－第98期(2024/04/01－2025/03/31) | S100W1K4 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1K4,, |
| 有価証券報告書－第97期(2023/04/01－2024/03/31) | S100TTLR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTLR,, |
| 有価証券報告書－第96期(2022/04/01－2023/03/31) | S100R7SI | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7SI,, |
| 有価証券報告書－第95期(令和3年4月1日－令和4年3月31日) | S100OJDE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJDE,, |
| 有価証券報告書－第94期(令和2年4月1日－令和3年3月31日) | S100LSY1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSY1,, |

## 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).