# KIMURA KOHKI Co.,Ltd.: 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79期(2025/04/01－2026/03/31) (S100YCHD)
> Page: https://vizora.meequs.com/en/company/kimura-kohki
> Retrieved: 2026-09-30T21:18:25.470Z

## Company

Kimura Kohki, founded in 1947, is a company in Air Conditioning listed on TSE Standard. It has 386 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIMURA KOHKI Co.,Ltd. |
| Ticker | 6231 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6231.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区上町A番23号 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」でおこなっております。) |
| Representative (per filing) | 代表取締役社長 木村 晃 |
| Founded | Aug 1947 |
| Share capital | ¥744.9M |
| Employees (consolidated) | 386 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.kimukoh.co.jp (https://www.kimukoh.co.jp/) |
| Corporate number | 9120001077892 |
| EDINET | E35449 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100YCHD, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 11 |
| Profitability | 95.5 | 11 |
| Cash conversion | 59.1 | 11 |
| Efficiency | 59.1 | 11 |

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)

- Kimura Kohki brought in ¥17.9B in revenue.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +11.7% from the prior year, operating profit +24.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17922379000 → ¥3278543000
- Net income → operating cash flow: ¥3278543000 → ¥3869426000（difference ¥590883000）
- Main uses of operating cash flow: CapEx ¥2433229000 / dividends ¥425755000 / buybacks ¥740788000
- Change in cash: ¥659422000
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 | ¥17.9B |  |
| Operating income | ¥4.59B | Margin 25.6% |
| Net income | ¥3.28B | Margin 18.3% |
| Free cash flow | ¥1.44B |  |
| Employees (consolidated) | 386 |  |
| EPS | ¥920.66 |  |
| Book value per share | ¥3989.31 |  |
| Equity ratio | 57.2% |  |
| Shares outstanding | 3,849,000 |  |
| Treasury shares | 322,800 |  |
| Shareholders | 1,057 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | +14.9 pp | Air Conditioning |
| ROE | 25.5% | Derived from disclosed figures |
| ROA | 14.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends
- FY2026, parent-company salary changed +41% over five years
- FY2026, operating income keeps 26 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10525608000 | ¥17922379000 | +70.3% |
| Operating income | ¥1399265000 | ¥4589040000 | +228.0% |
| Operating margin | 13.3% | 25.6% | +12.3 pp |
| Employees | 344 people | 386 people | +12.2% |
| Cash and equivalents | ¥2341386000 | ¥2257843000 | -3.6% |

### 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 | 17,922 | 100.0% | S100YCHD |
| Cost of revenue | 9,141 | 51.0% | 算出 |
| Gross profit | 8,782 | 49.0% | S100YCHD |
| SG&A | 4,193 | 23.4% | S100YCHD |
| Operating income | 4,589 | 25.6% | S100YCHD |
| Ordinary income | 4,562 | 25.5% | S100YCHD |
| Pretax income | 4,513 | 25.2% | S100YCHD |
| Income tax | 1,235 | 6.9% | S100YCHD |
| Net income | 3,279 | 18.3% | S100YCHD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 23 |
| Operating income | 26 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 49.0% → Operating margin 25.6% → Net margin 18.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.7%; Core profit growth: +24.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.12×
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 | 16,042 | 17,922 | 1,880 | +11.7% |
| Gross profit | 7,305 | 8,782 | 1,476 | +20.2% |
| Operating income | 3,676 | 4,589 | 913 | +24.8% |
| Operating cash flow | 2,242 | 3,869 | 1,628 | +72.6% |
| Free cash flow | 387 | 1,436 | 1,050 | +271.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,121 | 1,915 | 15.8% | 1,287 | 496 | 55 | S100LQFL |
| FY ending Mar 2021 | 10,526 | 1,399 | 13.3% | 960 | 1,818 | 48 | S100OHTH |
| FY ending Mar 2022 | 10,200 | 1,089 | 10.7% | 878 | 234 | -1,196 | S100R4G1 |
| FY ending Mar 2023 | 11,703 | 1,573 | 13.4% | 1,037 | 548 | -1,530 | S100TPG1 |
| FY ending Mar 2024 | 13,853 | 2,679 | 19.3% | 2,066 | 2,001 | 507 | S100VZXB |
| FY ending Mar 2025 | 16,042 | 3,676 | 22.9% | 2,496 | 2,242 | 387 | S100YCHD |
| FY ending Mar 2026 | 17,922 | 4,589 | 25.6% | 3,279 | 3,869 | 1,436 | S100YCHD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.4M |
| Operating income per employee (consolidated) | ¥11.9M |
| Net income per employee (consolidated) | ¥8.5M |

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) | 350 | 364 | 367 | 365 | 386 |
| Average salary (parent company) | ¥5.8M | ¥6.2M | ¥7.1M | ¥7.5M | ¥8.1M |
| Average age (parent company) | 39.4 years | 39.5 years | 39.3 years | 39.8 years | 39.9 years |
| Average tenure (parent company) | 12.9 years | 13.0 years | 13.0 years | 13.4 years | 13.4 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +11.7%

## 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 | 3,869 | 21.6% | S100YCHD |
| Capital expenditure | 2,433 | 13.6% | S100YCHD |
| Free cash flow | 1,436 | 8.0% | 算出 |
| Investing cash flow | -2,505 | -14.0% | S100YCHD |
| Financing cash flow | -705 | -3.9% | S100YCHD |
| Dividends paid | 426 | 2.4% | S100YCHD |
| Share buyback | 741 | 4.1% | S100YCHD |
| Change in cash | 659 | 3.7% | S100YCHD |
| Cash and equivalents | 2,258 | 12.6% | S100YCHD |

## 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 | 2,250 | 1,338 | 1,716 | 1,598 | 2,258 | S100TPG1, S100VZXB, S100YCHD |
| Total assets | 15,157 | 17,670 | 20,160 | 22,190 | 24,586 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Net assets | 6,973 | 7,755 | 9,650 | 11,764 | 14,067 | S100TPG1, S100VZXB, S100YCHD |
| Share capital | 745 | 745 | 745 | 745 | 745 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Property, plant and equipment | 6,139 | 7,672 | 8,806 | 9,959 | 11,723 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Intangible assets excluding goodwill | 48 | 136 | 163 | 157 | 164 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Investment securities | 35 | 38 | 56 | 67 | 88 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Current assets | 7,910 | 8,731 | 9,965 | 10,689 | 10,970 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Current liabilities | 3,638 | 4,835 | 5,103 | 4,003 | 3,668 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Short-term borrowings | 1,175 | 1,805 | 1,550 | 315 | 600 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Long-term borrowings | 2,060 | 2,448 | 2,753 | 3,723 | 4,030 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Total liabilities | 8,184 | 9,915 | 10,510 | 10,426 | 10,519 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Equity attributable to owners of parent | 6,965 | 7,743 | 9,626 | 11,732 | 14,020 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Retained earnings | 5,814 | 6,759 | 8,681 | 10,855 | 13,706 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |
| Treasury stock | -292 | -458 | -509 | -613 | -1,314 | S100R4G1, S100TPG1, S100VZXB, S100YCHD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YCHD |
| Property, plant and equipment | 48% | S100YCHD |
| Intangibles and goodwill | 1% | S100YCHD |
| Investment securities | 0% | S100YCHD |
| Other assets | 42% | S100YCHD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YCHD |
| Equity | 57% | S100YCHD |
| Other liabilities | 0% | S100YCHD |

### 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 | 15,157 | 17,670 | 20,160 | 22,190 | 24,586 |
| Equity | 6,973 | 7,755 | 9,650 | 11,764 | 14,067 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,250 | 1,338 | 1,716 | 1,598 | 2,258 |

## 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) | 65.4% | S100YCHD |
| Fixed assets ÷ total assets | 47.7% | S100YCHD |
| Goodwill ÷ parent equity | — | —, S100YCHD |

### 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) | 9.2% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.3% |
| Cash vs. profit gap | 591 JPY mn (of net income 18.0%) |
| Shareholder returns / net income | 35.6% |
| Shareholder returns / FCF | 81.2% |
| Shareholder payments — dividends / net income | 13.0% |
| Shareholder payments — dividends / FCF | 29.6% |
| CapEx intensity (capex ÷ revenue) | 13.6% |
| Investing CF relative to operating CF | 64.7% |

## 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 | 8.6% | 0.67× | 5.8% | 2.18× | 12.6% | S100R4G1 |
| 2023 | 8.9% | 0.71× | 6.3% | 2.23× | 14.1% | S100TPG1 |
| 2024 | 14.9% | 0.73× | 10.9% | 2.18× | 23.8% | S100VZXB |
| 2025 | 15.6% | 0.76× | 11.8% | 1.98× | 23.4% | S100YCHD |
| 2026 | 18.3% | 0.77× | 14.0% | 1.82× | 25.5% | S100YCHD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社KIMURA | Major shareholder | 11.9% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 木村 惠一 | Major shareholder | 5.4% | 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 | 5.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 木村 晃 | Major shareholder | 3.2% | 2026-03-31 |
| 三菱電機株式会社 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YCHD | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCHD,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100VZXB | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZXB,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TPG1 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPG1,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R4G1 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4G1,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OHTH | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHTH,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LQFL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQFL,, |

## 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).