# KIKUKAWA ENTERPRISE,INC.: 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145期(2025/04/01－2026/03/31) (S100YHXC)
> Page: https://vizora.meequs.com/en/company/kikukawa-enterprise
> Retrieved: 2026-09-30T21:09:26.877Z

## Company

Kikukawa Enterprise, founded in 1897, is a company in Machine Tools listed on TSE Standard. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIKUKAWA ENTERPRISE, INC. |
| Ticker | 6346 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6346.T) |
| Listing | TSE Standard |
| Head office | 三重県伊勢市朝熊町3477番地36 |
| Representative (per filing) | 代表取締役社長 菊川 厚 |
| Founded | Nov 1897 |
| Share capital | ¥660M |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.kikukawa.co.jp (https://www.kikukawa.co.jp/) |
| Corporate number | 8190001006573 |
| EDINET | E01629 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YHXC, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.5 | 34 |
| Profitability | 69.1 | 34 |
| Cash conversion | 88.7 | 31 |
| Efficiency | 4.4 | 34 |

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)

- Kikukawa Enterprise brought in ¥3.86B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -30.3% from the prior year, operating profit -63.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3859017000 → ¥326146000
- Net income → operating cash flow: ¥326146000 → ¥910770000（difference ¥584624000）
- Main uses of operating cash flow: CapEx ¥65799000 / dividends ¥179589000 / buybacks ¥33200000
- Change in cash: ¥123881000
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 | ¥3.86B |  |
| Operating income | ¥377.8M | Margin 9.8% |
| Net income | ¥326.1M | Margin 8.5% |
| Free cash flow | ¥845M |  |
| Employees (consolidated) | 189 |  |
| EPS | ¥268.48 |  |
| Book value per share | ¥10652.03 |  |
| Equity ratio | 87.2% |  |
| Shares outstanding | 1,320,000 |  |
| Treasury shares | 69,000 |  |
| Shareholders | 627 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 30.7% | Cash ÷ revenue 117.6% |
| Vs. industry median margin | +2.7 pp | Machine Tools |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4453045000 | ¥3859017000 | -13.3% |
| Operating income | ¥712194000 | ¥377771000 | -47.0% |
| Operating margin | 16.0% | 9.8% | -6.2 pp |
| Employees | 185 people | 189 people | +2.2% |
| Cash and equivalents | ¥3571870000 | ¥4538401000 | +27.1% |

### 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 | 3,859 | 100.0% | S100YHXC |
| Cost of revenue | 2,272 | 58.9% | 算出 |
| Gross profit | 1,587 | 41.1% | S100YHXC |
| SG&A | 1,209 | 31.3% | S100YHXC |
| Operating income | 378 | 9.8% | S100YHXC |
| Ordinary income | 471 | 12.2% | S100YHXC |
| Pretax income | 471 | 12.2% | S100YHXC |
| Income tax | 145 | 3.7% | S100YHXC |
| Net income | 326 | 8.5% | S100YHXC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 31 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 41.1% → Operating margin 9.8% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -30.3%; Core profit growth: -63.1%
Operating leverage (core profit growth ÷ revenue growth): 2.09×
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 | 5,534 | 3,859 | -1,675 | -30.3% |
| Gross profit | 2,340 | 1,587 | -752 | -32.2% |
| Operating income | 1,024 | 378 | -646 | -63.1% |
| Operating cash flow | 78 | 911 | 833 | +1065.1% |
| Free cash flow | 30 | 845 | 815 | +2727.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,921 | 640 | 13.0% | 477 | 461 | 368 | S100LUM6 |
| FY ending Mar 2021 | 4,453 | 712 | 16.0% | 590 | 164 | 159 | S100OLVB |
| FY ending Mar 2022 | 4,175 | 329 | 7.9% | 336 | 1,146 | 1,107 | S100RA9X |
| FY ending Mar 2023 | 4,133 | 438 | 10.6% | 377 | 705 | 527 | S100TX7R |
| FY ending Mar 2024 | 5,487 | 773 | 14.1% | 619 | 435 | 389 | S100W95I |
| FY ending Mar 2025 | 5,534 | 1,024 | 18.5% | 744 | 78 | 30 | S100YHXC |
| FY ending Mar 2026 | 3,859 | 378 | 9.8% | 326 | 911 | 845 | S100YHXC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.4M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 183 | 185 | 187 | 184 | 189 |
| Average salary (parent company) | ¥5M | ¥5.5M | ¥5.9M | ¥6.6M | ¥5.6M |
| Average age (parent company) | 40.3 years | 40.7 years | 40.6 years | 40.9 years | 41.4 years |
| Average tenure (parent company) | 19.0 years | 19.3 years | 19.2 years | 19.4 years | 19.8 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -30.3%

## 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 | 911 | 23.6% | S100YHXC |
| Capital expenditure | 66 | 1.7% | S100YHXC |
| Free cash flow | 845 | 21.9% | 算出 |
| Investing cash flow | -574 | -14.9% | S100YHXC |
| Financing cash flow | -213 | -5.5% | S100YHXC |
| Dividends paid | 180 | 4.7% | S100YHXC |
| Share buyback | 33 | 0.9% | S100YHXC |
| Change in cash | 124 | 3.2% | S100YHXC |
| Cash and equivalents | 4,538 | 117.6% | S100YHXC |

## 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 | 4,774 | 5,207 | 4,947 | 4,415 | 4,538 | S100TX7R, S100W95I, S100YHXC |
| Total assets | 12,557 | 13,278 | 14,526 | 14,518 | 14,801 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Net assets | 10,778 | 11,029 | 11,727 | 12,286 | 12,900 | S100TX7R, S100W95I, S100YHXC |
| Share capital | 660 | 660 | 660 | 660 | 660 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Property, plant and equipment | 2,015 | 2,098 | 2,043 | 1,943 | 1,906 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Intangible assets excluding goodwill | 7 | 6 | 4 | 14 | 21 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Investment securities | 961 | 1,114 | 1,444 | 1,521 | 2,205 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Current assets | 9,535 | 9,919 | 10,794 | 10,498 | 10,126 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Current liabilities | 1,037 | 1,429 | 1,904 | 1,303 | 710 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Total liabilities | 1,779 | 2,248 | 2,799 | 2,232 | 1,901 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Equity attributable to owners of parent | 10,489 | 10,668 | 11,145 | 11,680 | 11,809 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Retained earnings | 9,756 | 10,001 | 10,464 | 10,982 | 11,127 | S100RA9X, S100TX7R, S100W95I, S100YHXC |
| Treasury stock | -323 | -388 | -375 | -363 | -384 | S100RA9X, S100TX7R, S100W95I, S100YHXC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YHXC |
| Property, plant and equipment | 13% | S100YHXC |
| Intangibles and goodwill | 0% | S100YHXC |
| Investment securities | 15% | S100YHXC |
| Other assets | 41% | S100YHXC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YHXC |
| Equity | 87% | S100YHXC |
| Other liabilities | 0% | S100YHXC |

### 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 | 12,557 | 13,278 | 14,526 | 14,518 | 14,801 |
| Equity | 10,778 | 11,029 | 11,727 | 12,286 | 12,900 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,774 | 5,207 | 4,947 | 4,415 | 4,538 |

## 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) | 49.4% | S100YHXC |
| Fixed assets ÷ total assets | 12.9% | S100YHXC |
| Goodwill ÷ parent equity | — | —, S100YHXC |

### 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) | 30.7% |
| Cash ÷ revenue | 117.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 241.1% |
| Cash vs. profit gap | 585 JPY mn (of net income 179.3%) |
| Shareholder returns / net income | 65.2% |
| Shareholder returns / FCF | 25.2% |
| Shareholder payments — dividends / net income | 55.1% |
| Shareholder payments — dividends / FCF | 21.3% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 63.1% |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木戸 修 | Major shareholder | 7.2% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 菊川 厚 | Major shareholder | 5.3% | 2026-03-31 |
| UHPartners２投資事業有限責任 組合無限責任組合員株式会社 UHPartners２ | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社平安コーポレーション | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託Ｅ口）(注) | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 菊川 博史 | Major shareholder | 2.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人：インタラクティブ・ ブローカーズ証券株式会社) | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第145期(2025/04/01－2026/03/31) | S100YHXC | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHXC,, |
| 有価証券報告書－第144期(2024/04/01－2025/03/31) | S100W95I | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W95I,, |
| 有価証券報告書－第143期(2023/04/01－2024/03/31) | S100TX7R | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX7R,, |
| 有価証券報告書－第142期(2022/04/01－2023/03/31) | S100RA9X | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA9X,, |
| 有価証券報告書－第141期(令和3年4月1日－令和4年3月31日) | S100OLVB | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLVB,, |
| 有価証券報告書－第140期(令和2年4月1日－令和3年3月31日) | S100LUM6 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUM6,, |

## 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).