# KFC 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62期(2025/04/01－2026/03/31) (S100YDJU)
> Page: https://vizora.meequs.com/en/company/kfc
> Retrieved: 2026-09-30T18:16:45.168Z

## Company

KFC, founded in 1965, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 338 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KFC Ltd |
| Ticker | 3420 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3420.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区西天満3丁目2番17号 |
| Representative (per filing) | 代表取締役社長 田村 知幸 |
| Founded | Mar 1965 |
| Share capital | ¥565.3M |
| Employees (consolidated) | 338 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.kfc-net.co.jp (https://www.kfc-net.co.jp/) |
| Corporate number | 3120001063188 |
| EDINET | E02876 |
| Industries (Vizora) | Housing Equipment & Building Materials, General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YDJU, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.4 | 84 |
| Profitability | 17.9 | 92 |
| Cash conversion | 42.3 | 91 |
| Efficiency | 35.3 | 92 |

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 40% of KFC's sales come from Construction works Division, with Construction material Division and Tunneling works Division making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -2.0% from the prior year, operating profit -20.5%.

## Company structure

- Segment revenue mix: Construction works Division 40.4%、Construction material Division 31.9%、Tunneling works Division 27.7%
- Revenue → net income: ¥25548024000 → ¥1044168000
- Net income → operating cash flow: ¥1044168000 → ¥592809000（difference ¥-451359000）
- Main uses of operating cash flow: CapEx ¥147941000 / dividends ¥477950000 / buybacks —
- Change in cash: ¥552189000
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 | ¥25.5B |  |
| Operating income | ¥1.08B | Margin 4.2% |
| Net income | ¥1.04B | Margin 4.1% |
| Free cash flow | ¥444.9M |  |
| Largest business | Construction works Division | of segment revenue 40.4% |
| Employees (consolidated) | 338 |  |
| EPS | ¥105.88 |  |
| Book value per share | ¥2710.29 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 7,378,050 |  |
| Treasury shares | 18,500 |  |
| Shareholders | 2,193 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | -2.6 pp | General Contractors |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27798445000 | ¥25548024000 | -8.1% |
| Operating income | ¥3297070000 | ¥1080270000 | -67.2% |
| Operating margin | 11.9% | 4.2% | -7.6 pp |
| Employees | 286 people | 338 people | +18.2% |
| Cash and equivalents | ¥4382857000 | ¥4951340000 | +13.0% |

### 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 |
| --- | ---: |
| ファスナー → ファスナー | 31.9% |
| ファスナー → 事業再編・廃止 | 0.8% |
| 土木資材 → 土木資材 | 23.2% |
| 建設 → 建設 | 40.4% |
| 建設 → 事業再編・廃止 | 3.8% |
| 新設・再編 → 土木資材 | 4.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction works Division | 5 years | -3.4% | ¥10331516000 | 4.0% | 2 |
| Construction material Division | 5 years | -2.1% | ¥8140374000 | 7.0% | 2 |
| Tunneling works Division | 5 years | +1.9% | ¥7076133000 | 2.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,548 | 100.0% | S100YDJU |
| Cost of revenue | 18,962 | 74.2% | S100YDJU |
| Gross profit | 6,586 | 25.8% | S100YDJU |
| SG&A | 5,506 | 21.6% | S100YDJU |
| Operating income | 1,080 | 4.2% | S100YDJU |
| Ordinary income | 1,175 | 4.6% | S100YDJU |
| Pretax income | 1,548 | 6.1% | S100YDJU |
| Income tax | 503 | 2.0% | S100YDJU |
| Net income | 1,044 | 4.1% | S100YDJU |
| Net income attributable to owners | 1,044 | 4.1% | S100YDJU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.8% → Operating margin 4.2% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.0%; Core profit growth: -20.5%
Operating leverage (core profit growth ÷ revenue growth): 10.18×
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 | 26,073 | 25,548 | -525 | -2.0% |
| Gross profit | 7,008 | 6,586 | -422 | -6.0% |
| Operating income | 1,359 | 1,080 | -278 | -20.5% |
| Net income attributable to owners | 997 | 1,044 | 47 | +4.7% |
| Operating cash flow | -85 | 593 | 678 | — |
| Free cash flow | -279 | 445 | 724 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,459 | 2,983 | 10.5% | 2,104 | 952 | 844 | S100LL5R |
| FY ending Mar 2021 | 27,798 | 3,297 | 11.9% | 2,307 | 584 | 377 | S100OAEX |
| FY ending Mar 2022 | 25,958 | 2,489 | 9.6% | 1,841 | 1,044 | 617 | S100R4O1 |
| FY ending Mar 2023 | 22,627 | 1,278 | 5.6% | 1,052 | 3,750 | 3,090 | S100TVKJ |
| FY ending Mar 2024 | 25,070 | 1,622 | 6.5% | 1,177 | 4 | -153 | S100W1Z6 |
| FY ending Mar 2025 | 26,073 | 1,359 | 5.2% | 997 | -85 | -279 | S100YDJU |
| FY ending Mar 2026 | 25,548 | 1,080 | 4.2% | 1,044 | 593 | 445 | S100YDJU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.6M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 293 | 304 | 312 | 327 | 338 |
| Average salary (parent company) | ¥6.4M | ¥5.9M | ¥6.6M | ¥6.6M | ¥6.4M |
| Average age (parent company) | 41.5 years | 41.4 years | 41.6 years | 41.6 years | 42.4 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) -2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction material Division | 8,140 | 31.9% | 572 | 7.0% |
| Tunneling works Division | 7,076 | 27.7% | 194 | 2.7% |
| Construction works Division | 10,332 | 40.4% | 408 | 4.0% |

### 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 |
| --- | ---: |
| Construction material Division | 31.9% |
| Tunneling works Division | 27.7% |
| Construction works Division | 40.4% |

Segment → industry: Construction material Division → Housing Equipment & Building Materials / Construction works Division → General Contractors / Tunneling works Division → Specialty Trading & Wholesale

## 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 | 593 | 2.3% | S100YDJU |
| Capital expenditure | 148 | 0.6% | S100YDJU |
| Free cash flow | 445 | 1.7% | 算出 |
| Investing cash flow | 79 | 0.3% | S100YDJU |
| Financing cash flow | -121 | -0.5% | S100YDJU |
| Dividends paid | 478 | 1.9% | S100YDJU |
| Change in cash | 552 | 2.2% | S100YDJU |
| Cash and equivalents | 4,951 | 19.4% | S100YDJU |

## 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 | 3,726 | 5,990 | 5,360 | 4,399 | 4,951 | S100TVKJ, S100W1Z6, S100YDJU |
| Total assets | 26,209 | 26,191 | 29,619 | 28,841 | 29,961 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Net assets | 19,162 | 19,556 | 20,616 | 21,250 | 22,157 | S100TVKJ, S100W1Z6, S100YDJU |
| Share capital | 565 | 565 | 565 | 565 | 565 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Property, plant and equipment | 4,607 | 4,916 | 4,871 | 4,863 | 4,871 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Intangible assets excluding goodwill | 361 | 420 | 343 | 283 | 221 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Investment securities | 3,838 | 4,042 | 4,038 | 4,208 | 4,907 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Current assets | 16,915 | 16,334 | 19,672 | 18,720 | 19,070 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Current liabilities | 6,682 | 6,382 | 8,676 | 7,161 | 7,260 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Short-term borrowings | 90 | 90 | 90 | 90 | 450 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Long-term borrowings | 100 | 100 | 100 | 100 | 100 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Total liabilities | 7,047 | 6,635 | 9,002 | 7,591 | 7,804 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Non-controlling interests | 18 | — | — | — | — | S100R4O1 |
| Equity attributable to owners of parent | 18,381 | 18,989 | 19,798 | 20,354 | 20,920 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Retained earnings | 17,464 | 18,073 | 18,882 | 19,438 | 20,004 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |
| Treasury stock | -26 | -26 | -26 | -26 | -26 | S100R4O1, S100TVKJ, S100W1Z6, S100YDJU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YDJU |
| Property, plant and equipment | 16% | S100YDJU |
| Intangibles and goodwill | 1% | S100YDJU |
| Investment securities | 16% | S100YDJU |
| Other assets | 50% | S100YDJU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YDJU |
| Equity | 74% | S100YDJU |

### 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 | 26,209 | 26,191 | 29,619 | 28,841 | 29,961 |
| Equity | 19,162 | 19,556 | 20,616 | 21,250 | 22,157 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,726 | 5,990 | 5,360 | 4,399 | 4,951 |

## 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) | 19.1% | S100YDJU |
| Fixed assets ÷ total assets | 16.3% | S100YDJU |
| Goodwill ÷ parent equity | — | —, S100YDJU |

### 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) | 16.5% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.9% |
| Cash vs. profit gap | -451 JPY mn (of net income -43.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.8% |
| Shareholder payments — dividends / FCF | 107.4% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 13.4% |

## 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 | 7.1% | 0.99× | 7.0% | 1.43× | 10.0% | S100R4O1 |
| 2023 | 4.6% | 0.86× | 4.0% | 1.40× | 5.6% | S100TVKJ |
| 2024 | 4.7% | 0.90× | 4.2% | 1.44× | 6.1% | S100W1Z6 |
| 2025 | 3.8% | 0.89× | 3.4% | 1.46× | 5.0% | S100YDJU |
| 2026 | 4.1% | 0.87× | 3.6% | 1.42× | 5.1% | S100YDJU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 那須電機鉄工株式会社 | Major shareholder | 14.3% | 2026-03-31 |
| 積水樹脂株式会社 | Major shareholder | 10.6% | 2026-03-31 |
| ケー・エフ・シー取引先持株会 | Major shareholder | 6.6% | 2026-03-31 |
| 髙田 俊太 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社ＵＨ６ | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社中外精工 | Major shareholder | 2.4% | 2026-03-31 |
| エムエスティ保険サービス 株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 上田 薫 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社村井製作所 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YDJU | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDJU,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W1Z6 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1Z6,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TVKJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVKJ,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R4O1 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4O1,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OAEX | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAEX,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LL5R | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL5R,, |

## 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).