# KAWATA MFG. CO., 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77期(2025/04/01－2026/03/31) (S100YJHG)
> Page: https://vizora.meequs.com/en/company/kawata-mfg
> Retrieved: 2026-09-30T20:31:18.251Z

## Company

Kawata MFG., founded in 1989, is a company in Industrial Machinery listed on TSE Standard. It has 734 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAWATA MFG.CO.,LTD. |
| Ticker | 6292 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6292.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区阿波座1丁目15番15号(第一協業ビル) |
| Representative (per filing) | 代表取締役社長 白石亙 |
| Founded | Sep 1989 |
| Share capital | ¥977.1M |
| Employees (consolidated) | 734 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.kawata.cc (https://www.kawata.cc/) |
| Corporate number | 6120001042354 |
| EDINET | E01694 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YJHG, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.5 | 110 |
| Profitability | 12.7 | 122 |
| Cash conversion | 93.5 | 116 |
| Efficiency | 63.5 | 122 |

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 62% of Kawata MFG.'s sales come from Japan, with East Asia and Southeast Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -6.7% from the prior year, operating profit -54.5%.

## Company structure

- Segment revenue mix: Japan 61.9%、East Asia 22.3%、Southeast Asia 12.5%、North and Central America 3.4%
- Revenue → net income: ¥19367545000 → ¥41325000
- Net income → operating cash flow: ¥41325000 → ¥1992108000（difference ¥1950783000）
- Main uses of operating cash flow: CapEx ¥463737000 / dividends ¥279612000 / buybacks —
- Change in cash: ¥-60660000
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 | ¥19.4B |  |
| Operating income | ¥447.9M | Margin 2.3% |
| Net income | ¥37M | Margin 0.2% |
| Free cash flow | ¥1.53B |  |
| Largest business | Japan | of segment revenue 61.9% |
| Employees (consolidated) | 734 |  |
| EPS | ¥74.99 |  |
| Book value per share | ¥1042.61 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 7,210,000 |  |
| Treasury shares | 128,300 |  |
| Shareholders | 7,728 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 34.6% |
| Vs. industry median margin | -5.3 pp | Industrial Machinery |
| ROE | 0.3% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 53.9× net income
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16787932000 | ¥19367545000 | +15.4% |
| Operating income | ¥506188000 | ¥447948000 | -11.5% |
| Operating margin | 3.0% | 2.3% | -0.7 pp |
| Employees | 818 people | 734 people | -10.3% |
| Cash and equivalents | ¥6630410000 | ¥6709498000 | +1.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 61.9% |
| 日本 → 事業再編・廃止 | 3.8% |
| 東アジア → 東アジア | 22.3% |
| 東アジア → 事業再編・廃止 | 3.1% |
| 東南アジア → 東南アジア | 8.4% |
| 北中米 → 北中米 | 0.6% |
| 新設・再編 → 東南アジア | 4.1% |
| 新設・再編 → 北中米 | 2.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +1.7% | ¥11981192000 | 8.7% | 2 |
| East Asia | 5 years | +0.2% | ¥4318642000 | -11.2% | 2 |
| Southeast Asia | 5 years | +11.5% | ¥2414618000 | 3.0% | 2 |
| North and Central America | 5 years | +46.8% | ¥653092000 | -8.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,368 | 100.0% | S100YJHG |
| Cost of revenue | 13,708 | 70.8% | S100YJHG |
| Gross profit | 5,660 | 29.2% | S100YJHG |
| SG&A | 5,212 | 26.9% | S100YJHG |
| Operating income | 448 | 2.3% | S100YJHG |
| Ordinary income | 573 | 3.0% | S100YJHG |
| Pretax income | 418 | 2.2% | S100YJHG |
| Income tax | 377 | 1.9% | S100YJHG |
| Net income | 41 | 0.2% | S100YJHG |
| Net income attributable to owners | 37 | 0.2% | S100YJHG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 27 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 29.2% → Operating margin 2.3% → Net margin 0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.7%; Core profit growth: -54.5%
Operating leverage (core profit growth ÷ revenue growth): 8.09×
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 | 20,767 | 19,368 | -1,399 | -6.7% |
| Gross profit | 6,255 | 5,660 | -595 | -9.5% |
| Operating income | 984 | 448 | -536 | -54.5% |
| Net income attributable to owners | 576 | 37 | -539 | -93.6% |
| Operating cash flow | 1,123 | 1,992 | 869 | +77.4% |
| Free cash flow | 591 | 1,528 | 937 | +158.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,198 | 1,593 | 7.5% | 1,064 | 1,914 | 1,612 | S100LP9F |
| FY ending Mar 2021 | 16,788 | 506 | 3.0% | 297 | 1,874 | 1,723 | S100OHN7 |
| FY ending Mar 2022 | 18,384 | 761 | 4.1% | 541 | 1,604 | 1,207 | S100R62U |
| FY ending Mar 2023 | 18,827 | 639 | 3.4% | 351 | 555 | -391 | S100TSC7 |
| FY ending Mar 2024 | 24,495 | 1,249 | 5.1% | 929 | -140 | -901 | S100W622 |
| FY ending Mar 2025 | 20,767 | 984 | 4.7% | 576 | 1,123 | 591 | S100YJHG |
| FY ending Mar 2026 | 19,368 | 448 | 2.3% | 37 | 1,992 | 1,528 | S100YJHG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.4M |
| Operating income per employee (consolidated) | ¥610.3K |
| Net income per employee (consolidated) | ¥50.4K |

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) | 795 | 807 | 809 | 802 | 734 |
| Average salary (parent company) | ¥6.4M | ¥6.3M | ¥6.3M | ¥6.5M | ¥6.9M |
| Average age (parent company) | 42.6 years | 42.1 years | 42.5 years | 42.3 years | 42.7 years |
| Average tenure (parent company) | 12.1 years | 11.8 years | 11.8 years | 11.9 years | 12.1 years |

Year over year: Employees (consolidated) -8.5% · Revenue (consolidated) -6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 11,981 | 61.9% | 1,038 | 8.7% |
| East Asia | 4,319 | 22.3% | -483 | -11.2% |
| Southeast Asia | 2,415 | 12.5% | 73 | 3.0% |
| North and Central America | 653 | 3.4% | -55 | -8.5% |

### 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 |
| --- | ---: |
| Japan | 61.9% |
| East Asia | 22.3% |
| Southeast Asia | 12.5% |
| North and Central America | 3.4% |

Segment → industry: North and Central America → Industrial Machinery / Southeast Asia → Industrial Machinery / East Asia → Industrial Machinery / Japan → Industrial Machinery

## 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 | 1,992 | 10.3% | S100YJHG |
| Capital expenditure | 464 | 2.4% | S100YJHG |
| Free cash flow | 1,528 | 7.9% | 算出 |
| Investing cash flow | -1,034 | -5.3% | S100YJHG |
| Financing cash flow | -1,006 | -5.2% | S100YJHG |
| Dividends paid | 280 | 1.4% | S100YJHG |
| Change in cash | -61 | -0.3% | S100YJHG |
| Cash and equivalents | 6,709 | 34.6% | S100YJHG |

## 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 | 6,712 | 7,087 | 7,040 | 6,770 | 6,709 | S100TSC7, S100W622, S100YJHG |
| Total assets | 22,036 | 25,172 | 26,741 | 25,304 | 24,093 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Net assets | 11,322 | 11,760 | 12,642 | 13,480 | 13,458 | S100TSC7, S100W622, S100YJHG |
| Share capital | 977 | 977 | 977 | 977 | 977 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Trade receivables | 5,472 | 6,084 | 7,396 | 6,917 | 5,299 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Property, plant and equipment | 4,231 | 4,858 | 5,275 | 5,343 | 5,220 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Intangible assets excluding goodwill | 542 | 573 | 615 | 650 | 881 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Investment securities | 323 | 339 | 473 | 479 | 676 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Current assets | 16,605 | 19,046 | 20,054 | 18,525 | 17,038 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Current liabilities | 6,948 | 9,501 | 9,837 | 7,483 | 6,553 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Trade payables | 2,560 | 3,314 | 3,375 | 2,115 | 1,754 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Short-term borrowings | 2,201 | 3,129 | 3,907 | 3,004 | 2,588 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Long-term borrowings | 2,590 | 2,697 | 2,990 | 3,006 | 2,736 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Total liabilities | 10,714 | 13,411 | 14,099 | 11,824 | 10,635 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Non-controlling interests | 198 | 221 | 231 | 264 | 286 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Equity attributable to owners of parent | 10,626 | 10,728 | 11,369 | 11,654 | 11,416 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Retained earnings | 8,713 | 8,813 | 9,452 | 9,737 | 9,495 | S100R62U, S100TSC7, S100W622, S100YJHG |
| Treasury stock | -134 | -132 | -129 | -129 | -126 | S100R62U, S100TSC7, S100W622, S100YJHG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YJHG |
| Receivables | 22% | S100YJHG |
| Property, plant and equipment | 22% | S100YJHG |
| Intangibles and goodwill | 3% | S100YJHG |
| Investment securities | 3% | S100YJHG |
| Other assets | 22% | S100YJHG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YJHG |
| Other liabilities | 37% | S100YJHG |
| Equity | 56% | S100YJHG |

### 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 | 22,036 | 25,172 | 26,741 | 25,304 | 24,093 |
| Equity | 11,322 | 11,760 | 12,642 | 13,480 | 13,458 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,712 | 7,087 | 7,040 | 6,770 | 6,709 |

## 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) | 27.0% | S100YJHG |
| Fixed assets ÷ total assets | 21.7% | S100YJHG |
| Goodwill ÷ parent equity | — | —, S100YJHG |

### 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) | 27.8% |
| Cash ÷ revenue | 34.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 444.7% |
| Cash vs. profit gap | 1,955 JPY mn (of net income 5287.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 756.2% |
| Shareholder payments — dividends / FCF | 18.3% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 51.9% |

## 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 | 2.9% | 0.83× | 2.5% | 2.07× | 5.1% | S100R62U |
| 2023 | 1.9% | 0.80× | 1.5% | 2.21× | 3.3% | S100TSC7 |
| 2024 | 3.8% | 0.94× | 3.6% | 2.35× | 8.4% | S100W622 |
| 2025 | 2.8% | 0.80× | 2.2% | 2.26× | 5.0% | S100YJHG |
| 2026 | 0.2% | 0.78× | 0.1% | 2.14× | 0.3% | S100YJHG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| カワタ共伸会 | Major shareholder | 7.8% | 2026-03-31 |
| カワタ従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 島根 良明 | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| 日本システムコントロール株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 松井 久光 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YJHG | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJHG,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W622 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W622,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TSC7 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSC7,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R62U | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R62U,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OHN7 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHN7,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LP9F | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP9F,, |

## 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).