# key coffee inc: 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74期(2025/04/01－2026/03/31) (S100YK1N)
> Page: https://vizora.meequs.com/en/company/key-coffee
> Retrieved: 2026-09-30T22:08:18.619Z

## Company

key coffee, founded in 1952, is a company in Beverages & Dairy listed on TSE Prime. It has 1,019 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KEY COFFEE INC |
| Ticker | 2594 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2594.T) |
| Listing | TSE Prime |
| Head office | 東京都港区西新橋2丁目34番4号 |
| Representative (per filing) | 代表取締役社長 柴田裕 |
| Founded | Oct 1952 |
| Share capital | ¥4.63B |
| Employees (consolidated) | 1,019 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Corporate number | 4010401007523 |
| EDINET | E00491 |
| Industries (Vizora) | Beverages & Dairy, Cafés |

> Profile source: annual securities report (S100YK1N, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.1 | 17 |
| Profitability | 2.5 | 20 |
| Cash conversion | 2.5 | 20 |
| Efficiency | 77.5 | 20 |

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 90% of key coffee's sales come from Coffee related, with Food and beverage related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +19.6% from the prior year, operating profit +121.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥93.1B |  |
| Operating income | ¥1.08B | Margin 1.2% |
| Net income | ¥988M | Margin 1.1% |
| Free cash flow | -¥5.12B |  |
| Largest business | Coffee related | of segment revenue 89.8% |
| Employees (consolidated) | 1,019 |  |
| EPS | ¥30.48 |  |
| Book value per share | ¥1371.34 |  |
| Equity ratio | 40.5% |  |
| Shares outstanding | 22,689,000 |  |
| Treasury shares | 1,010,400 |  |
| Shareholders | 57,654 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 5.7% |
| Vs. industry median margin | -3.2 pp | Beverages & Dairy |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52602000000 | ¥93067000000 | +76.9% |
| Operating income | ¥-2470000000 | ¥1077000000 | — |
| Operating margin | -4.7% | 1.2% | +5.9 pp |
| Employees | 1,078 people | 1,019 people | -5.5% |
| Cash and equivalents | ¥5756000000 | ¥5279000000 | -8.3% |

### 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 |
| --- | ---: |
| コーヒー関連事業 → コーヒー関連事業 | 87.0% |
| 飲食関連事業 → 飲食関連事業 | 6.0% |
| 飲食関連事業 → 事業再編・廃止 | 0.4% |
| その他 → その他 | 4.2% |
| その他 → 事業再編・廃止 | 2.4% |
| 新設・再編 → コーヒー関連事業 | 2.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Coffee related | 5 years | +12.8% | ¥83602000000 | 1.9% | 2 |
| Food and beverage related | 5 years | +10.7% | ¥5594000000 | 1.1% | 2 |
| Other | 5 years | +2.2% | ¥3870000000 | 6.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,067 | 100.0% | S100YK1N |
| Cost of revenue | 76,448 | 82.1% | S100YK1N |
| Gross profit | 16,618 | 17.9% | S100YK1N |
| SG&A | 15,541 | 16.7% | S100YK1N |
| Operating income | 1,077 | 1.2% | S100YK1N |
| Ordinary income | 1,318 | 1.4% | S100YK1N |
| Pretax income | 1,308 | 1.4% | S100YK1N |
| Income tax | 300 | 0.3% | S100YK1N |
| Net income | 1,008 | 1.1% | S100YK1N |
| Net income attributable to owners | 988 | 1.1% | S100YK1N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 17 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 17.9% → Operating margin 1.2% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.6%; Core profit growth: +121.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.19×
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 | 77,783 | 93,067 | 15,284 | +19.6% |
| Gross profit | 14,528 | 16,618 | 2,090 | +14.4% |
| Operating income | 486 | 1,077 | 591 | +121.6% |
| Net income attributable to owners | 214 | 988 | 774 | +361.7% |
| Operating cash flow | -1,353 | -3,380 | -2,027 | — |
| Free cash flow | -2,403 | -5,120 | -2,717 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 62,664 | 531 | 0.8% | 725 | 510 | -32 | S100LN33 |
| FY ending Mar 2021 | 52,602 | -2,470 | -4.7% | -4,084 | -1,193 | -1,657 | S100OART |
| FY ending Mar 2022 | 55,680 | 405 | 0.7% | 742 | 861 | -68 | S100R2XY |
| FY ending Mar 2023 | 63,298 | 244 | 0.4% | 173 | -3,095 | -4,136 | S100TOZD |
| FY ending Mar 2024 | 73,800 | 764 | 1.0% | 180 | 481 | -684 | S100WKL9 |
| FY ending Mar 2025 | 77,783 | 486 | 0.6% | 214 | -1,353 | -2,403 | S100YK1N |
| FY ending Mar 2026 | 93,067 | 1,077 | 1.2% | 988 | -3,380 | -5,120 | S100YK1N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥969.6K |

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) | 986 | 982 | 940 | 916 | 1,019 |
| Average salary (parent company) | ¥5.5M | ¥5.4M | ¥5.5M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 43.6 years | 43.0 years | 42.5 years | 41.6 years | 41.5 years |
| Average tenure (parent company) | 19.4 years | 18.6 years | 18.1 years | 17.2 years | 16.6 years |

Year over year: Employees (consolidated) +11.2% · Revenue (consolidated) +19.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Coffee related | 83,602 | 89.8% | 1,574 | 1.9% |
| Food and beverage related | 5,594 | 6.0% | 59 | 1.1% |
| Other | 3,870 | 4.2% | 256 | 6.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Coffee related | 89.8% | 83.3% | -6.5 | 1.9% |
| Food and beverage related | 6.0% | 3.1% | -2.9 | 1.1% |
| Other | 4.2% | 13.6% | 9.4 | 6.6% |

Segment → industry: Other → Beverages & Dairy / Coffee related → Beverages & Dairy / Food and beverage related → Cafés

## 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 | -3,380 | -3.6% | S100YK1N |
| Capital expenditure | 1,740 | 1.9% | S100YK1N |
| Free cash flow | -5,120 | -5.5% | 算出 |
| Investing cash flow | -5,258 | -5.6% | S100YK1N |
| Financing cash flow | 8,834 | 9.5% | S100YK1N |
| Dividends paid | 260 | 0.3% | S100YK1N |
| Change in cash | 199 | 0.2% | S100YK1N |
| Cash and equivalents | 5,279 | 5.7% | S100YK1N |

## 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 | 5,443 | 4,120 | 4,667 | 5,080 | 5,279 | S100TOZD, S100WKL9, S100YK1N |
| Total assets | 43,429 | 51,768 | 54,832 | 58,235 | 78,524 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Net assets | 30,481 | 30,530 | 30,971 | 30,958 | 32,256 | S100TOZD, S100WKL9, S100YK1N |
| Share capital | 4,628 | 4,628 | 4,628 | 4,628 | 4,628 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Property, plant and equipment | 12,530 | 12,509 | 12,597 | 12,566 | 18,107 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Intangible assets excluding goodwill | 655 | 851 | 609 | 717 | 1,224 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Goodwill | 115 | 137 | 119 | 101 | 483 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Investment securities | 2,716 | 2,761 | 3,843 | 3,782 | 4,656 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Current assets | 26,393 | 34,503 | 36,473 | 39,467 | 52,255 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Current liabilities | 10,971 | 19,385 | 21,968 | 24,925 | 41,520 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Trade payables | 6,972 | 12,719 | 12,323 | 12,690 | 19,286 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Short-term borrowings | 82 | 3,187 | 5,343 | 8,223 | 17,320 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Long-term borrowings | — | — | — | — | 534 | S100YK1N |
| Total liabilities | 12,948 | 21,238 | 23,861 | 27,277 | 46,267 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Non-controlling interests | 276 | 279 | 300 | 314 | 491 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Equity attributable to owners of parent | 32,509 | 32,456 | 32,355 | 32,331 | 33,086 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Retained earnings | 25,317 | 25,274 | 25,194 | 25,170 | 25,898 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |
| Treasury stock | -2,543 | -2,541 | -2,539 | -2,539 | -2,517 | S100R2XY, S100TOZD, S100WKL9, S100YK1N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YK1N |
| Property, plant and equipment | 23% | S100YK1N |
| Intangibles and goodwill | 2% | S100YK1N |
| Investment securities | 6% | S100YK1N |
| Other assets | 62% | S100YK1N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YK1N |
| Other liabilities | 34% | S100YK1N |
| Equity | 41% | S100YK1N |
| Other liabilities | 0% | S100YK1N |

### 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 | 43,429 | 51,768 | 54,832 | 58,235 | 78,524 |
| Equity | 30,481 | 30,530 | 30,971 | 30,958 | 32,256 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,443 | 4,120 | 4,667 | 5,080 | 5,279 |

## 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) | 19.5% | S100YK1N |
| Fixed assets ÷ total assets | 23.1% | S100YK1N |
| Goodwill ÷ parent equity | 1.5% | S100YK1N |

Goodwill over 4 years: 115 → 483 JPY; total investing cash flow: -9,717 JPY. This does not imply causation.

### 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) | 6.7% |
| Cash ÷ revenue | 5.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -313.8% |
| Cash vs. profit gap | -4,368 JPY mn (of net income -442.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | — |

## 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 | 1.3% | 1.28× | 1.7% | 1.34× | 2.3% | S100R2XY |
| 2023 | 0.3% | 1.33× | 0.4% | 1.47× | 0.5% | S100TOZD |
| 2024 | 0.2% | 1.38× | 0.3% | 1.64× | 0.6% | S100WKL9 |
| 2025 | 0.3% | 1.38× | 0.4% | 1.75× | 0.7% | S100YK1N |
| 2026 | 1.1% | 1.36× | 1.4% | 2.09× | 3.0% | S100YK1N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 博友興産有限会社 | Major shareholder | 10.5% | 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 | 7.7% | 2026-03-31 |
| キーコーヒー取引先持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 柴 田 裕 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.8% | 2026-03-31 |
| 柴 田 誠 | Major shareholder | 0.8% | 2026-03-31 |
| 前田建設工業株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| キーコーヒー社員持株会 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YK1N | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK1N,, |
| 訂正有価証券報告書－第73期(2024/04/01－2025/03/31) | S100WKL9 | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKL9,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W4XM | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4XM,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TOZD | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOZD,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R2XY | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2XY,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OART | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OART,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LN33 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN33,, |

## 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).