# KENSOH 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55期(2025/04/01－2026/03/31) (S100YEUJ)
> Page: https://vizora.meequs.com/en/company/kensoh
> Retrieved: 2026-09-30T20:24:49.842Z

## Company

Kensoh, founded in 1971, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 257 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KENSOH CO.,LTD. |
| Ticker | 7939 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7939.T) |
| Listing | TSE Standard |
| Head office | 広島市安佐北区上深川町448番地 |
| Representative (per filing) | 代表取締役社長 林 大一郎 |
| Founded | Sep 1971 |
| Share capital | ¥664.7M |
| Employees (consolidated) | 257 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.kensoh.co.jp (https://www.kensoh.co.jp/) |
| Corporate number | 9240001003119 |
| EDINET | E01428 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YEUJ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.4 | 56 |
| Profitability | 45.7 | 58 |
| Cash conversion | 55 | 50 |
| Efficiency | 80.2 | 58 |

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)

- Kensoh brought in ¥6.41B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +9.3% from the prior year, operating profit -2.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6411686000 → ¥206850000
- Net income → operating cash flow: ¥206850000 → ¥281080000（difference ¥74230000）
- Main uses of operating cash flow: CapEx ¥62785000 / dividends ¥79791000 / buybacks —
- Change in cash: ¥40773000
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 | ¥6.41B |  |
| Operating income | ¥257.7M | Margin 4.0% |
| Net income | ¥206.8M | Margin 3.2% |
| Free cash flow | ¥218.3M |  |
| Employees (consolidated) | 257 |  |
| EPS | ¥54.56 |  |
| Book value per share | ¥892.04 |  |
| Equity ratio | 60.8% |  |
| Shares outstanding | 4,022,000 |  |
| Treasury shares | 228,100 |  |
| Shareholders | 7,601 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 8.5% | Cash ÷ revenue 7.4% |
| Vs. industry median margin | -0.4 pp | Housing Equipment & Building Materials |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5117472000 | ¥6411686000 | +25.3% |
| Operating income | ¥199727000 | ¥257656000 | +29.0% |
| Operating margin | 3.9% | 4.0% | +0.1 pp |
| Employees | 274 people | 257 people | -6.2% |
| Cash and equivalents | ¥684979000 | ¥474212000 | -30.8% |

### 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 | 6,412 | 100.0% | S100YEUJ |
| Cost of revenue | 4,555 | 71.0% | 算出 |
| Gross profit | 1,857 | 29.0% | S100YEUJ |
| SG&A | 1,599 | 24.9% | S100YEUJ |
| Operating income | 258 | 4.0% | S100YEUJ |
| Ordinary income | 249 | 3.9% | S100YEUJ |
| Pretax income | 283 | 4.4% | S100YEUJ |
| Income tax | 76 | 1.2% | S100YEUJ |
| Net income | 207 | 3.2% | S100YEUJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 25 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 29.0% → Operating margin 4.0% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.3%; Core profit growth: -2.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.26×
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 | 5,869 | 6,412 | 543 | +9.3% |
| Gross profit | 1,737 | 1,857 | 120 | +6.9% |
| Operating income | 264 | 258 | -6 | -2.4% |
| Operating cash flow | 485 | 281 | -204 | -42.1% |
| Free cash flow | 387 | 218 | -168 | -43.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,013 | 249 | 4.1% | 166 | -110 | -299 | S100LLA8 |
| FY ending Mar 2021 | 5,117 | 200 | 3.9% | 322 | 344 | 195 | S100OI8J |
| FY ending Mar 2022 | 5,402 | 298 | 5.5% | 186 | 269 | 169 | S100R49C |
| FY ending Mar 2023 | 6,020 | 314 | 5.2% | 252 | -214 | -307 | S100TQWK |
| FY ending Mar 2024 | 5,888 | 259 | 4.4% | 184 | -223 | -440 | S100W1BG |
| FY ending Mar 2025 | 5,869 | 264 | 4.5% | 175 | 485 | 387 | S100YEUJ |
| FY ending Mar 2026 | 6,412 | 258 | 4.0% | 207 | 281 | 218 | S100YEUJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.9M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥804.9K |

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) | 270 | 264 | 260 | 258 | 257 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥4.5M | ¥4.6M | ¥4.9M |
| Average age (parent company) | 40.2 years | 40.9 years | 40.9 years | 41.1 years | 41.5 years |
| Average tenure (parent company) | 14.4 years | 14.9 years | 14.8 years | 15.1 years | 15.3 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +9.3%

## 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 | 281 | 4.4% | S100YEUJ |
| Capital expenditure | 63 | 1.0% | S100YEUJ |
| Free cash flow | 218 | 3.4% | 算出 |
| Investing cash flow | -44 | -0.7% | S100YEUJ |
| Financing cash flow | -196 | -3.1% | S100YEUJ |
| Dividends paid | 80 | 1.2% | S100YEUJ |
| Change in cash | 41 | 0.6% | S100YEUJ |
| Cash and equivalents | 474 | 7.4% | S100YEUJ |

## 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 | 463 | 508 | 479 | 433 | 474 | S100TQWK, S100W1BG, S100YEUJ |
| Total assets | 5,717 | 6,062 | 5,762 | 5,555 | 5,565 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Net assets | 2,809 | 3,013 | 3,148 | 3,267 | 3,385 | S100TQWK, S100W1BG, S100YEUJ |
| Share capital | 665 | 665 | 665 | 665 | 665 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Property, plant and equipment | 2,610 | 2,618 | 2,591 | 2,553 | 2,492 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Intangible assets excluding goodwill | 78 | 81 | 67 | 48 | 31 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Investment securities | 22 | 23 | 30 | 28 | — | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Current assets | 2,727 | 3,025 | 2,838 | 2,665 | 2,754 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Current liabilities | 2,653 | 2,715 | 1,960 | 1,777 | 1,959 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Short-term borrowings | 600 | 980 | 890 | 550 | 940 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Long-term borrowings | 91 | 178 | 473 | 341 | 41 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Total liabilities | 2,909 | 3,050 | 2,615 | 2,288 | 2,180 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Equity attributable to owners of parent | 2,797 | 3,001 | 3,131 | 3,252 | 3,385 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Retained earnings | 1,967 | 2,163 | 2,287 | 2,402 | 2,529 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |
| Treasury stock | -100 | -95 | -90 | -86 | -82 | S100R49C, S100TQWK, S100W1BG, S100YEUJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YEUJ |
| Property, plant and equipment | 45% | S100YEUJ |
| Intangibles and goodwill | 1% | S100YEUJ |
| Other assets | 46% | S100YEUJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YEUJ |
| Equity | 61% | S100YEUJ |
| Other liabilities | 0% | S100YEUJ |

### 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 | 5,717 | 6,062 | 5,762 | 5,555 | 5,565 |
| Equity | 2,809 | 3,013 | 3,148 | 3,267 | 3,385 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 463 | 508 | 479 | 433 | 474 |

## 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) | 38.9% | S100YEUJ |
| Fixed assets ÷ total assets | 44.8% | S100YEUJ |
| Goodwill ÷ parent equity | — | —, S100YEUJ |

### 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) | 8.5% |
| Cash ÷ revenue | 7.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.1% |
| Cash vs. profit gap | 74 JPY mn (of net income 35.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.6% |
| Shareholder payments — dividends / FCF | 36.6% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 15.7% |

## 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 | 3.4% | 0.94× | 3.3% | 2.04× | 6.7% | S100R49C |
| 2023 | 4.2% | 1.02× | 4.3% | 2.03× | 8.7% | S100TQWK |
| 2024 | 3.1% | 1.00× | 3.1% | 1.93× | 6.0% | S100W1BG |
| 2025 | 3.0% | 1.04× | 3.1% | 1.77× | 5.5% | S100YEUJ |
| 2026 | 3.2% | 1.15× | 3.7% | 1.68× | 6.2% | S100YEUJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社研創エンタープライズ | Major shareholder | 20.5% | 2026-03-31 |
| 研創親和会 | Major shareholder | 6.1% | 2026-03-31 |
| 研創社員持株会 | Major shareholder | 5.1% | 2026-03-31 |
| 肥田 亘 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社ゲイビ | Major shareholder | 2.6% | 2026-03-31 |
| 林 航司 | Major shareholder | 2.4% | 2026-03-31 |
| 林 大一郎 | Major shareholder | 2.4% | 2026-03-31 |
| 林 誠二 | Major shareholder | 2.0% | 2026-03-31 |
| 中島産業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社明智 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YEUJ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEUJ,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100W1BG | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1BG,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TQWK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQWK,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R49C | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R49C,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100OI8J | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI8J,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LLA8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLA8,, |

## 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).