# KAWASE COMPUTTER SUPPLIES 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71期(2025/04/01－2026/03/31) (S100YMBT)
> Page: https://vizora.meequs.com/en/company/kawase-computter-supplies
> Retrieved: 2026-09-30T20:31:36.956Z

## Company

Kawase Computter Supplies is a company in Business Process Outsourcing listed on TSE Standard. It has 102 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAWASE COMPUTER SUPPLIES CO., LTD. |
| Ticker | 7851 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7851.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座七丁目16番14号 銀座イーストビル |
| Representative (per filing) | 代表取締役社長 川瀬 啓輔 |
| Share capital | ¥100M |
| Employees (consolidated) | 102 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.kc-s.co.jp (https://www.kc-s.co.jp/) |
| Corporate number | 2120001077131 |
| EDINET | E02459 |
| Industries (Vizora) | Business Process Outsourcing, Printing |

> Profile source: annual securities report (S100YMBT, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37 | 23 |
| Profitability | 19.6 | 28 |
| Cash conversion | 97.9 | 24 |
| Efficiency | 33.9 | 28 |

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 56% of Kawase Computter Supplies's sales come from Business form, with Information processing making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit -38.3%.

## Company structure

- Segment revenue mix: Business form 55.9%、Information processing 44.1%
- Revenue → net income: ¥2797086000 → ¥66992000
- Net income → operating cash flow: ¥66992000 → ¥243976000（difference ¥176984000）
- Main uses of operating cash flow: CapEx ¥68217000 / dividends ¥23466000 / buybacks ¥15536000
- Change in cash: ¥14263000
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 | ¥2.8B |  |
| Operating income | ¥48.8M | Margin 1.7% |
| Net income | ¥67M | Margin 2.4% |
| Free cash flow | ¥175.8M |  |
| Largest business | Business form | of segment revenue 55.9% |
| Employees (consolidated) | 102 |  |
| EPS | ¥14.35 |  |
| Book value per share | ¥530.13 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 5,160,000 |  |
| Treasury shares | 469,200 |  |
| Shareholders | 1,291 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 32.8% | Cash ÷ revenue 40.3% |
| Vs. industry median margin | -1.7 pp | Printing |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2631128000 | ¥2797086000 | +6.3% |
| Operating income | ¥35450000 | ¥48842000 | +37.8% |
| Operating margin | 1.3% | 1.7% | +0.4 pp |
| Employees | 113 people | 102 people | -9.7% |
| Cash and equivalents | ¥1920460000 | ¥1126280000 | -41.4% |

### 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 |
| --- | ---: |
| ビジネスフォーム事業 → ビジネスフォーム事業 | 55.9% |
| ビジネスフォーム事業 → 事業再編・廃止 | 9.3% |
| 情報処理事業 → 情報処理事業 | 34.9% |
| 新設・再編 → 情報処理事業 | 9.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,797 | 100.0% | S100YMBT |
| Cost of revenue | 2,065 | 73.8% | S100YMBT |
| Gross profit | 732 | 26.2% | S100YMBT |
| SG&A | 683 | 24.4% | S100YMBT |
| Operating income | 49 | 1.7% | S100YMBT |
| Ordinary income | 76 | 2.7% | S100YMBT |
| Pretax income | 76 | 2.7% | S100YMBT |
| Income tax | 9 | 0.3% | S100YMBT |
| Net income | 67 | 2.4% | S100YMBT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 24 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 26.2% → Operating margin 1.7% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.2%; Core profit growth: -38.3%
Operating leverage (core profit growth ÷ revenue growth): 31.69×
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 | 2,831 | 2,797 | -34 | -1.2% |
| Gross profit | 735 | 732 | -3 | -0.4% |
| Operating income | 79 | 49 | -30 | -38.3% |
| Operating cash flow | 121 | 244 | 123 | +101.8% |
| Free cash flow | 103 | 176 | 72 | +70.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,764 | -142 | -5.1% | -663 | 31 | -49 | S100LRD3 |
| FY ending Mar 2021 | 2,631 | 35 | 1.3% | 94 | 166 | 89 | S100OKDN |
| FY ending Mar 2022 | 2,502 | 45 | 1.8% | 4 | 101 | 63 | S100R6SI |
| FY ending Mar 2023 | 2,502 | -39 | -1.5% | -137 | -23 | -308 | S100TVTB |
| FY ending Mar 2024 | 2,593 | -27 | -1.0% | -113 | 166 | 56 | S100W9C5 |
| FY ending Mar 2025 | 2,831 | 79 | 2.8% | 100 | 121 | 103 | S100YMBT |
| FY ending Mar 2026 | 2,797 | 49 | 1.7% | 67 | 244 | 176 | S100YMBT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.4M |
| Operating income per employee (consolidated) | ¥478.8K |
| Net income per employee (consolidated) | ¥656.8K |

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) | 114 | 105 | 98 | 99 | 102 |
| Average salary (parent company) | ¥4.6M | ¥4.2M | ¥4.1M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 42.9 years | 42.3 years | 42.7 years | 42.8 years | 43.4 years |
| Average tenure (parent company) | 12.9 years | 11.8 years | 12.9 years | 12.7 years | 12.8 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business form | 1,563 | 55.9% | 155 | 9.9% |
| Information processing | 1,234 | 44.1% | 192 | 15.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Business form | 55.9% | 44.7% | -11.2 | 9.9% |
| Information processing | 44.1% | 55.3% | 11.2 | 15.5% |

Segment → industry: Information processing → Business Process Outsourcing / Information processing → Printing / Business form → Printing

## 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 | 244 | 8.7% | S100YMBT |
| Capital expenditure | 68 | 2.4% | S100YMBT |
| Free cash flow | 176 | 6.3% | 算出 |
| Investing cash flow | -82 | -2.9% | S100YMBT |
| Financing cash flow | -148 | -5.3% | S100YMBT |
| Dividends paid | 23 | 0.8% | S100YMBT |
| Share buyback | 16 | 0.6% | S100YMBT |
| Change in cash | 14 | 0.5% | S100YMBT |
| Cash and equivalents | 1,126 | 40.3% | S100YMBT |

## 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 | 1,795 | 1,500 | 1,150 | 1,112 | 1,126 | S100TVTB, S100W9C5, S100YMBT |
| Total assets | 3,498 | 3,723 | 3,449 | 3,422 | 3,436 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Net assets | 2,546 | 2,391 | 2,289 | 2,390 | 2,487 | S100TVTB, S100W9C5, S100YMBT |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Property, plant and equipment | 656 | 1,175 | 996 | 904 | 857 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Intangible assets excluding goodwill | 29 | 22 | 12 | 12 | 21 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Investment securities | 259 | 248 | 576 | 590 | 661 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Current assets | 2,329 | 2,039 | 1,603 | 1,636 | 1,600 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Current liabilities | 750 | 843 | 746 | 713 | 679 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Short-term borrowings | 340 | 320 | 320 | 310 | 300 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Long-term borrowings | — | 29 | 13 | — | — | S100TVTB, S100W9C5 |
| Total liabilities | 952 | 1,332 | 1,160 | 1,032 | 949 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Equity attributable to owners of parent | 2,526 | 2,375 | 2,230 | 2,328 | 2,372 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Retained earnings | 783 | 632 | 505 | 591 | 634 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |
| Treasury stock | -105 | -105 | -124 | -111 | -111 | S100R6SI, S100TVTB, S100W9C5, S100YMBT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YMBT |
| Property, plant and equipment | 25% | S100YMBT |
| Intangibles and goodwill | 1% | S100YMBT |
| Investment securities | 19% | S100YMBT |
| Other assets | 22% | S100YMBT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YMBT |
| Equity | 72% | S100YMBT |

### 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 | 3,498 | 3,723 | 3,449 | 3,422 | 3,436 |
| Equity | 2,546 | 2,391 | 2,289 | 2,390 | 2,487 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,795 | 1,500 | 1,150 | 1,112 | 1,126 |

## 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) | 30.6% | S100YMBT |
| Fixed assets ÷ total assets | 24.9% | S100YMBT |
| Goodwill ÷ parent equity | — | —, S100YMBT |

### 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) | 32.8% |
| Cash ÷ revenue | 40.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 499.5% |
| Cash vs. profit gap | 177 JPY mn (of net income 264.2%) |
| Shareholder returns / net income | 58.2% |
| Shareholder returns / FCF | 22.2% |
| Shareholder payments — dividends / net income | 35.0% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 33.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.2% | 0.72× | 0.1% | 1.38× | 0.2% | S100R6SI |
| 2023 | — | —× | -3.8% | —× | — | S100TVTB |
| 2024 | — | —× | -3.2% | —× | — | S100W9C5 |
| 2025 | 3.5% | 0.82× | 2.9% | 1.51× | 4.4% | S100YMBT |
| 2026 | 2.4% | 0.82× | 2.0% | 1.46× | 2.9% | S100YMBT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田株式会社 | Major shareholder | 14.2% | 2026-03-31 |
| 山田 芳弘 | Major shareholder | 8.5% | 2026-03-31 |
| 川瀬 三郎 | Major shareholder | 3.9% | 2026-03-31 |
| 川瀬 啓輔 | Major shareholder | 3.6% | 2026-03-31 |
| 星光ビル管理株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 山田 眞沙子 | Major shareholder | 3.4% | 2026-03-31 |
| 山田 幸司 | Major shareholder | 3.3% | 2026-03-31 |
| 中島 隆 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社サイブリッジ | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YMBT | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMBT,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W9C5 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9C5,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TVTB | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVTB,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R6SI | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6SI,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OKDN | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKDN,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LRD3 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRD3,, |

## 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).