# KIKUSUI HOLDINGS CORPORATION: 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75期(2025/04/01－2026/03/31) (S100YIEI)
> Page: https://vizora.meequs.com/en/company/kikusui-holdings
> Retrieved: 2026-09-30T20:29:52.480Z

## Company

Kikusui Holdings, founded in 1951, is a company in Robots & Factory Automation listed on TSE Standard. It has 345 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIKUSUI HOLDINGS CORPORATION |
| Ticker | 6912 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6912.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市都筑区茅ケ崎中央6番1号 サウスウッド4階 |
| Representative (per filing) | 代表取締役社長 小林一夫 |
| Founded | Aug 1951 |
| Share capital | ¥2.2B |
| Employees (consolidated) | 345 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | kikusui-holdings.co.jp (https://kikusui-holdings.co.jp/) |
| Corporate number | 2020001019928 |
| EDINET | E02004 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YIEI, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 33 |
| Profitability | 77.9 | 34 |
| Cash conversion | 54.7 | 32 |
| Efficiency | 72.9 | 35 |

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)

- Kikusui Holdings brought in ¥14.7B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +6.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14687918000 → ¥1609238000
- Net income → operating cash flow: ¥1609238000 → ¥2283641000（difference ¥674403000）
- Main uses of operating cash flow: CapEx ¥646533000 / dividends ¥441444000 / buybacks —
- Change in cash: ¥1028676000
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 | ¥14.7B |  |
| Operating income | ¥2.14B | Margin 14.5% |
| Net income | ¥1.61B | Margin 11.0% |
| Free cash flow | ¥1.64B |  |
| Employees (consolidated) | 345 |  |
| EPS | ¥74.49 |  |
| Book value per share | ¥824.81 |  |
| Equity ratio | 82.1% |  |
| Shares outstanding | 8,800,000 |  |
| Treasury shares | 472,500 |  |
| Shareholders | 3,166 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 30.0% | Cash ÷ revenue 39.1% |
| Vs. industry median margin | +2.8 pp | Robots & Factory Automation |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +35% over five years
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8163175000 | ¥14687918000 | +79.9% |
| Operating income | ¥418074000 | ¥2135041000 | +410.7% |
| Operating margin | 5.1% | 14.5% | +9.4 pp |
| Employees | 320 people | 345 people | +7.8% |
| Cash and equivalents | ¥3088114000 | ¥5736230000 | +85.8% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,688 | 100.0% | S100YIEI |
| Cost of revenue | 7,214 | 49.1% | S100YIEI |
| Gross profit | 7,474 | 50.9% | S100YIEI |
| SG&A | 5,339 | 36.3% | S100YIEI |
| Operating income | 2,135 | 14.5% | S100YIEI |
| Ordinary income | 2,271 | 15.5% | S100YIEI |
| Pretax income | 2,271 | 15.5% | S100YIEI |
| Income tax | 661 | 4.5% | S100YIEI |
| Net income | 1,609 | 11.0% | S100YIEI |
| Net income attributable to owners | 1,609 | 11.0% | S100YIEI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 36 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 50.9% → Operating margin 14.5% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +6.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.74×
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 | 13,429 | 14,688 | 1,259 | +9.4% |
| Gross profit | 6,960 | 7,474 | 514 | +7.4% |
| Operating income | 1,997 | 2,135 | 138 | +6.9% |
| Net income attributable to owners | 1,440 | 1,609 | 169 | +11.8% |
| Operating cash flow | 2,146 | 2,284 | 138 | +6.4% |
| Free cash flow | 1,897 | 1,637 | -260 | -13.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,072 | 655 | 7.2% | 495 | 769 | 475 | S100LTTA |
| FY ending Mar 2021 | 8,163 | 418 | 5.1% | 325 | 1,071 | 860 | S100OSDI |
| FY ending Mar 2022 | 10,076 | 1,034 | 10.3% | 709 | 64 | -86 | S100R9TL |
| FY ending Mar 2023 | 12,067 | 1,531 | 12.7% | 1,072 | 38 | -124 | S100TTIK |
| FY ending Mar 2024 | 12,489 | 1,854 | 14.8% | 1,300 | 1,232 | 933 | S100W6HR |
| FY ending Mar 2025 | 13,429 | 1,997 | 14.9% | 1,440 | 2,146 | 1,897 | S100YIEI |
| FY ending Mar 2026 | 14,688 | 2,135 | 14.5% | 1,609 | 2,284 | 1,637 | S100YIEI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.6M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 317 | 322 | 320 | 334 | 345 |
| Average salary (parent company) | ¥6.4M | ¥6.3M | ¥8M | ¥7.7M | ¥8.7M |
| Average age (parent company) | 40.8 years | 44.8 years | 45.3 years | 43.8 years | 44.8 years |
| Average tenure (parent company) | 14.9 years | 17.6 years | 18.1 years | 14.4 years | 15.2 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +9.4%

## 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 | 2,284 | 15.5% | S100YIEI |
| Capital expenditure | 647 | 4.4% | S100YIEI |
| Free cash flow | 1,637 | 11.1% | 算出 |
| Investing cash flow | -909 | -6.2% | S100YIEI |
| Financing cash flow | -446 | -3.0% | S100YIEI |
| Dividends paid | 441 | 3.0% | S100YIEI |
| Change in cash | 1,029 | 7.0% | S100YIEI |
| Cash and equivalents | 5,736 | 39.1% | S100YIEI |

## 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 | 2,910 | 2,646 | 3,185 | 4,708 | 5,736 | S100TTIK, S100W6HR, S100YIEI |
| Total assets | 13,452 | 15,485 | 16,109 | 17,450 | 19,118 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Net assets | 10,917 | 12,072 | 13,286 | 14,062 | 15,694 | S100TTIK, S100W6HR, S100YIEI |
| Share capital | 2,201 | 2,201 | 2,201 | 2,201 | 2,201 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Property, plant and equipment | 2,365 | 2,312 | 2,339 | 2,317 | 2,483 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Intangible assets excluding goodwill | 99 | 80 | 66 | 55 | 289 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Investment securities | 1,891 | 2,294 | 2,562 | 2,100 | 2,538 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Current assets | 8,187 | 9,484 | 9,923 | 11,589 | 12,234 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Current liabilities | 1,961 | 2,495 | 1,866 | 2,532 | 2,408 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Trade payables | 910 | 1,035 | 584 | 950 | 331 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Total liabilities | 2,535 | 3,413 | 2,823 | 3,388 | 3,424 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Equity attributable to owners of parent | 9,958 | 10,808 | 11,683 | 12,760 | 13,956 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Retained earnings | 5,750 | 6,572 | 7,554 | 8,604 | 9,773 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |
| Treasury stock | -775 | -760 | -887 | -877 | -260 | S100R9TL, S100TTIK, S100W6HR, S100YIEI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YIEI |
| Property, plant and equipment | 13% | S100YIEI |
| Intangibles and goodwill | 2% | S100YIEI |
| Investment securities | 13% | S100YIEI |
| Other assets | 42% | S100YIEI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YIEI |
| Other liabilities | 16% | S100YIEI |
| Equity | 82% | S100YIEI |
| Other liabilities | 0% | S100YIEI |

### 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 | 13,452 | 15,485 | 16,109 | 17,450 | 19,118 |
| Equity | 10,917 | 12,072 | 13,286 | 14,062 | 15,694 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,910 | 2,646 | 3,185 | 4,708 | 5,736 |

## 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) | 16.9% | S100YIEI |
| Fixed assets ÷ total assets | 13.0% | S100YIEI |
| Goodwill ÷ parent equity | — | —, S100YIEI |

### 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) | 30.0% |
| Cash ÷ revenue | 39.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.0% |
| Cash vs. profit gap | 674 JPY mn (of net income 41.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.4% |
| Shareholder payments — dividends / FCF | 27.0% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 39.8% |

## 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 | 7.0% | 0.75× | 5.3% | 1.35× | 7.1% | S100R9TL |
| 2023 | 8.9% | 0.83× | 7.4% | 1.39× | 10.3% | S100TTIK |
| 2024 | 10.4% | 0.79× | 8.2% | 1.40× | 11.6% | S100W6HR |
| 2025 | 10.7% | 0.80× | 8.6% | 1.37× | 11.8% | S100YIEI |
| 2026 | 11.0% | 0.80× | 8.8% | 1.37× | 12.0% | S100YIEI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菊水取引先持株会 | Major shareholder | 11.7% | 2026-03-31 |
| 株式会社ケーティーエム | Major shareholder | 10.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 小 林 寛 子 | Major shareholder | 4.2% | 2026-03-31 |
| 菊水従業員持株会 | Major shareholder | 4.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.6% | 2026-03-31 |
| アジア電子工業株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| ケル株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 橋 本 幸 雄 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YIEI | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIEI,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W6HR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6HR,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TTIK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTIK,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R9TL | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9TL,, |
| 訂正有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OSDI | 2022-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSDI,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LTTA | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTTA,, |

## 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).