# KIKUCHI SEISAKUSHO CO.,LTD.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/05/01－2026/04/30) (S100YROC)
> Page: https://vizora.meequs.com/en/company/kikuchiseisakusho
> Retrieved: 2026-09-30T22:48:26.946Z

## Company

Kikuchi Seisakusho, founded in 1976, is a company in Industrial Machinery listed on TSE Standard. It has 339 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIKUCHI SEISAKUSHO CO.,LTD. |
| Ticker | 3444 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3444.T) |
| Listing | TSE Standard |
| Head office | 東京都八王子市美山町2161番地21 |
| Representative (per filing) | 代表取締役社長 菊池 功 |
| Founded | Mar 1976 |
| Share capital | ¥1.3B |
| Employees (consolidated) | 339 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | April |
| Corporate number | 6010101000917 |
| EDINET | E22016 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YROC, filed 2026-07-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.9 | 110 |
| Profitability | 2.9 | 122 |
| Efficiency | 41.4 | 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)

- Kikuchi Seisakusho brought in ¥6.09B in revenue.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed +11.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.09B |  |
| Operating income | -¥248.1M | Margin -4.1% |
| Net income | ¥103.1M | Margin 1.7% |
| Free cash flow | ¥411.4M |  |
| Employees (consolidated) | 339 |  |
| EPS | ¥14.74 |  |
| Book value per share | ¥446.52 |  |
| Equity ratio | 65.4% |  |
| Shares outstanding | 12,337,700 |  |
| Treasury shares | 258,200 |  |
| Shareholders | 11,795 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 37.3% |
| Vs. industry median margin | -11.6 pp | Industrial Machinery |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.9× net income

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4465649000 | ¥6093715000 | +36.5% |
| Operating income | ¥-816093000 | ¥-248125000 | — |
| Operating margin | -18.3% | -4.1% | +14.2 pp |
| Employees | 402 people | 339 people | -15.7% |
| Cash and equivalents | ¥1360141000 | ¥2274095000 | +67.2% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,094 | 100.0% | S100YROC |
| Cost of revenue | 4,877 | 80.0% | S100YROC |
| Gross profit | 1,216 | 20.0% | S100YROC |
| SG&A | 1,465 | 24.0% | S100YROC |
| Operating income | -248 | -4.1% | S100YROC |
| Ordinary income | -114 | -1.9% | S100YROC |
| Pretax income | 124 | 2.0% | S100YROC |
| Income tax | 83 | 1.4% | S100YROC |
| Net income | 41 | 0.7% | S100YROC |
| Net income attributable to owners | 103 | 1.7% | S100YROC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 24 |
| Operating income | -4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 20.0% → Operating margin -4.1% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,456 | 6,094 | 637 | +11.7% |
| Gross profit | 1,002 | 1,216 | 215 | +21.5% |
| Operating income | -521 | -248 | 273 | — |
| Net income attributable to owners | 43 | 103 | 60 | +139.8% |
| Operating cash flow | -664 | 506 | 1,169 | — |
| Free cash flow | -758 | 411 | 1,170 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 5,366 | -233 | -4.3% | -541 | -255 | -536 | S100M1X3 |
| FY ending Apr 2021 | 4,466 | -816 | -18.3% | -934 | 6 | -387 | S100OSBE |
| FY ending Apr 2022 | 5,045 | -597 | -11.8% | -670 | -281 | -437 | S100RGTR |
| FY ending Apr 2023 | 5,096 | -631 | -12.4% | -1,101 | -659 | -821 | S100U3OP |
| FY ending Apr 2024 | 5,210 | -649 | -12.5% | -818 | -493 | -746 | S100WE7I |
| FY ending Apr 2025 | 5,456 | -521 | -9.5% | 43 | -664 | -758 | S100YROC |
| FY ending Apr 2026 | 6,094 | -248 | -4.1% | 103 | 506 | 411 | S100YROC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | -¥731.9K |
| Net income per employee (consolidated) | ¥304.2K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 393 | 384 | 364 | 358 | 339 |
| Average salary (parent company) | ¥4.1M | ¥3.9M | ¥3.9M | ¥4.2M | ¥4.7M |
| Average age (parent company) | 44.2 years | 45.0 years | 44.4 years | 45.7 years | 46.5 years |
| Average tenure (parent company) | 16.1 years | 16.9 years | 17.1 years | 18.4 years | 19.3 years |

Year over year: Employees (consolidated) -5.3% · Revenue (consolidated) +11.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 506 | 8.3% | S100YROC |
| Capital expenditure | 94 | 1.5% | S100YROC |
| Free cash flow | 411 | 6.8% | 算出 |
| Investing cash flow | -63 | -1.0% | S100YROC |
| Financing cash flow | -429 | -7.0% | S100YROC |
| Dividends paid | 121 | 2.0% | S100YROC |
| Change in cash | 62 | 1.0% | S100YROC |
| Cash and equivalents | 2,274 | 37.3% | S100YROC |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,463 | 1,500 | 1,478 | 2,213 | 2,274 | S100U3OP, S100WE7I, S100YROC |
| Total assets | 9,774 | 9,072 | 8,820 | 8,564 | 9,178 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Net assets | 5,871 | 4,622 | 4,388 | 5,404 | 6,267 | S100U3OP, S100WE7I, S100YROC |
| Share capital | 1,304 | 1,304 | 1,304 | 1,304 | 1,304 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Property, plant and equipment | 1,784 | 1,764 | 1,766 | 1,561 | 1,510 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Intangible assets excluding goodwill | 46 | 38 | 21 | 8 | 15 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Investment securities | 4,183 | 3,215 | 3,006 | 1,888 | 2,867 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Current assets | 3,546 | 3,826 | 3,932 | 5,006 | 4,712 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Current liabilities | 2,155 | 1,509 | 1,576 | 1,445 | 904 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Trade payables | 631 | 588 | 465 | 151 | 171 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Short-term borrowings | 1,167 | 340 | 380 | 200 | 223 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Long-term borrowings | 256 | 1,384 | 1,129 | 187 | 157 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Total liabilities | 3,903 | 4,450 | 4,432 | 3,160 | 2,911 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Non-controlling interests | — | 29 | — | 330 | 268 | S100U3OP, S100YROC |
| Equity attributable to owners of parent | 4,609 | 3,727 | 3,364 | 4,529 | 4,602 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Retained earnings | 2,310 | 1,088 | 270 | 318 | 300 | S100RGTR, S100U3OP, S100WE7I, S100YROC |
| Treasury stock | -199 | -199 | -199 | -199 | -199 | S100RGTR, S100U3OP, S100WE7I, S100YROC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YROC |
| Property, plant and equipment | 17% | S100YROC |
| Intangibles and goodwill | 0% | S100YROC |
| Investment securities | 31% | S100YROC |
| Other assets | 27% | S100YROC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YROC |
| Other liabilities | 30% | S100YROC |
| Equity | 68% | S100YROC |
| Other liabilities | 0% | S100YROC |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,774 | 9,072 | 8,820 | 8,564 | 9,178 |
| Equity | 5,871 | 4,622 | 4,388 | 5,404 | 6,267 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,463 | 1,500 | 1,478 | 2,213 | 2,274 |

## 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) | 24.8% | S100YROC |
| Fixed assets ÷ total assets | 16.5% | S100YROC |
| Goodwill ÷ parent equity | — | —, S100YROC |

### 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) | 24.8% |
| Cash ÷ revenue | 37.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 402 JPY mn (of net income 390.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 117.2% |
| Shareholder payments — dividends / FCF | 29.4% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 12.5% |

## 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 | — | —× | -6.9% | —× | — | S100RGTR |
| 2023 | — | —× | -11.7% | —× | — | S100U3OP |
| 2024 | — | —× | -9.1% | —× | — | S100WE7I |
| 2025 | 0.8% | 0.63× | 0.5% | 2.20× | 1.1% | S100YROC |
| 2026 | 1.7% | 0.69× | 1.2% | 1.94× | 2.3% | S100YROC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社 KIM | Major shareholder | 27.2% | 2026-04-30 |
| 菊池 昭夫 | Major shareholder | 9.3% | 2026-04-30 |
| 齋藤 恵美子 | Major shareholder | 9.2% | 2026-04-30 |
| 株式会社SC | Major shareholder | 7.2% | 2026-04-30 |
| AMT株式会社 | Major shareholder | 3.6% | 2026-04-30 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2026-04-30 |
| 菊池製作所従業員持株会 | Major shareholder | 1.4% | 2026-04-30 |
| 株式会社SBI証券 | Major shareholder | 1.0% | 2026-04-30 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.7% | 2026-04-30 |
| 日本証券金融株式会社 | Major shareholder | 0.7% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/05/01－2026/04/30) | S100YROC | 2026-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YROC,, |
| 有価証券報告書－第50期(2024/05/01－2025/04/30) | S100WE7I | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WE7I,, |
| 有価証券報告書－第49期(2023/05/01－2024/04/30) | S100U3OP | 2024-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3OP,, |
| 有価証券報告書－第48期(2022/05/01－2023/04/30) | S100RGTR | 2023-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGTR,, |
| 有価証券報告書－第47期(令和3年5月1日－令和4年4月30日) | S100OSBE | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSBE,, |
| 有価証券報告書－第46期(令和2年5月1日－令和3年4月30日) | S100M1X3 | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1X3,, |

## 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).