# KINDEN 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112期(2025/04/01－2026/03/31) (S100YFY8)
> Page: https://vizora.meequs.com/en/company/kinden
> Retrieved: 2026-09-30T20:59:57.724Z

## Company

Kinden, founded in 2026, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 15,440 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KINDEN CORPORATION |
| Ticker | 1944 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1944.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区本庄東2丁目3番41号 |
| Representative (per filing) | 取締役社長 上坂 隆勇 |
| Founded | Mar 2026 |
| Share capital | ¥26.4B |
| Employees (consolidated) | 15,440 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.kinden.co.jp (https://www.kinden.co.jp/) |
| Corporate number | 1120001063033 |
| EDINET | E00075 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YFY8, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.5 | 72 |
| Profitability | 77 | 76 |
| Cash conversion | 65.5 | 74 |
| Efficiency | 30.9 | 76 |

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)

- Kinden brought in ¥750.7B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit +48.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥750742000000 → ¥69183000000
- Net income → operating cash flow: ¥69183000000 → ¥87684000000（difference ¥18501000000）
- Main uses of operating cash flow: CapEx ¥53597000000 / dividends ¥21845000000 / buybacks ¥8246000000
- Change in cash: ¥-2353000000
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 | ¥750.7B |  |
| Operating income | ¥90.3B | Margin 12.0% |
| Net income | ¥69.4B | Margin 9.3% |
| Free cash flow | ¥34.1B |  |
| Employees (consolidated) | 15,440 |  |
| EPS | ¥320.94 |  |
| Book value per share | ¥2962.06 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 199,954,000 |  |
| Treasury shares | 1,966,400 |  |
| Shareholders | 10,336 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 20.0% | Cash ÷ revenue 24.3% |
| Vs. industry median margin | +3 pp | Plant Engineering & Building Services |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥556273000000 | ¥750742000000 | +35.0% |
| Operating income | ¥42948000000 | ¥90256000000 | +110.2% |
| Operating margin | 7.7% | 12.0% | +4.3 pp |
| Employees | 12,935 people | 15,440 people | +19.4% |
| Cash and equivalents | ¥169146000000 | ¥182308000000 | +7.8% |

### 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 | 750,742 | 100.0% | S100YFY8 |
| Cost of revenue | 573,831 | 76.4% | S100YFY8 |
| Gross profit | 176,911 | 23.6% | S100YFY8 |
| SG&A | 86,654 | 11.5% | S100YFY8 |
| Operating income | 90,256 | 12.0% | S100YFY8 |
| Ordinary income | 94,493 | 12.6% | S100YFY8 |
| Pretax income | 97,638 | 13.0% | S100YFY8 |
| Income tax | 28,454 | 3.8% | S100YFY8 |
| Net income | 69,183 | 9.2% | S100YFY8 |
| Net income attributable to owners | 69,447 | 9.3% | S100YFY8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 12 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.6% → Operating margin 12.0% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.5%; Core profit growth: +48.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.41×
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 | 705,058 | 750,742 | 45,684 | +6.5% |
| Gross profit | 132,803 | 176,911 | 44,108 | +33.2% |
| Operating income | 60,979 | 90,256 | 29,277 | +48.0% |
| Net income attributable to owners | 47,250 | 69,447 | 22,197 | +47.0% |
| Operating cash flow | 24,545 | 87,684 | 63,139 | +257.2% |
| Free cash flow | 11,062 | 34,087 | 23,025 | +208.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 585,905 | 45,026 | 7.7% | 32,500 | 46,732 | 40,259 | S100LMWJ |
| FY ending Mar 2021 | 556,273 | 42,948 | 7.7% | 32,356 | 43,338 | 38,649 | S100OGUF |
| FY ending Mar 2022 | 566,794 | 37,087 | 6.5% | 26,366 | 32,952 | 27,527 | S100R744 |
| FY ending Mar 2023 | 609,132 | 37,430 | 6.1% | 28,722 | 30,153 | 1,443 | S100TSST |
| FY ending Mar 2024 | 654,516 | 42,677 | 6.5% | 33,553 | 38,520 | 10,998 | S100W2EW |
| FY ending Mar 2025 | 705,058 | 60,979 | 8.6% | 47,250 | 24,545 | 11,062 | S100YFY8 |
| FY ending Mar 2026 | 750,742 | 90,256 | 12.0% | 69,447 | 87,684 | 34,087 | S100YFY8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.6M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 12,892 | 12,704 | 13,240 | 14,359 | 15,440 |
| Average salary (parent company) | ¥8.9M | ¥8.5M | ¥8.5M | ¥8.9M | ¥10M |
| Average age (parent company) | 41.6 years | 41.7 years | 41.7 years | 41.7 years | 41.6 years |
| Average tenure (parent company) | 20.0 years | 20.0 years | 19.9 years | 19.7 years | 19.5 years |

Year over year: Employees (consolidated) +7.5% · Revenue (consolidated) +6.5%

## 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 | 87,684 | 11.7% | S100YFY8 |
| Capital expenditure | 53,597 | 7.1% | S100YFY8 |
| Free cash flow | 34,087 | 4.5% | 算出 |
| Investing cash flow | -59,884 | -8.0% | S100YFY8 |
| Financing cash flow | -30,155 | -4.0% | S100YFY8 |
| Dividends paid | 21,845 | 2.9% | S100YFY8 |
| Share buyback | 8,246 | 1.1% | S100YFY8 |
| Change in cash | -2,353 | -0.3% | S100YFY8 |
| Cash and equivalents | 182,308 | 24.3% | S100YFY8 |

## 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 | 184,501 | 179,477 | 180,517 | 184,662 | 182,308 | S100TSST, S100W2EW, S100YFY8 |
| Total assets | 700,259 | 742,841 | 815,887 | 821,693 | 913,763 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Net assets | 511,843 | 532,713 | 574,053 | 599,738 | 661,895 | S100TSST, S100W2EW, S100YFY8 |
| Share capital | 26,411 | 26,411 | 26,411 | 26,411 | 26,411 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Property, plant and equipment | 99,563 | 123,843 | 144,446 | 151,746 | 199,723 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Intangible assets excluding goodwill | 8,145 | 7,814 | 7,280 | 7,017 | 20,997 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Goodwill | — | — | — | 1,875 | 13,554 | S100YFY8 |
| Investment securities | 126,744 | 122,189 | 142,459 | 128,500 | 146,397 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Current assets | 442,829 | 477,557 | 482,216 | 503,656 | 497,748 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Current liabilities | 159,661 | 181,806 | 205,350 | 202,457 | 219,129 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Short-term borrowings | 15,988 | 15,070 | 15,020 | 14,936 | 15,002 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Long-term borrowings | 52 | 25 | — | — | — | S100R744, S100TSST |
| Total liabilities | 188,416 | 210,127 | 241,834 | 221,955 | 251,868 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Non-controlling interests | 864 | 816 | 757 | 694 | 529 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Equity attributable to owners of parent | 467,920 | 488,431 | 506,264 | 528,917 | 572,126 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Retained earnings | 412,671 | 433,604 | 453,615 | 476,757 | 524,359 | S100R744, S100TSST, S100W2EW, S100YFY8 |
| Treasury stock | -310 | -731 | -2,925 | -3,461 | -8,093 | S100R744, S100TSST, S100W2EW, S100YFY8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YFY8 |
| Property, plant and equipment | 22% | S100YFY8 |
| Intangibles and goodwill | 4% | S100YFY8 |
| Investment securities | 16% | S100YFY8 |
| Other assets | 38% | S100YFY8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YFY8 |
| Equity | 72% | S100YFY8 |

### 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 | 700,259 | 742,841 | 815,887 | 821,693 | 913,763 |
| Equity | 511,843 | 532,713 | 574,053 | 599,738 | 661,895 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 184,501 | 179,477 | 180,517 | 184,662 | 182,308 |

## 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) | 26.6% | S100YFY8 |
| Fixed assets ÷ total assets | 21.9% | S100YFY8 |
| Goodwill ÷ parent equity | 2.4% | S100YFY8 |

### 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) | 20.0% |
| Cash ÷ revenue | 24.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.2% |
| Cash vs. profit gap | 18,237 JPY mn (of net income 26.3%) |
| Shareholder returns / net income | 43.3% |
| Shareholder returns / FCF | 88.3% |
| Shareholder payments — dividends / net income | 31.5% |
| Shareholder payments — dividends / FCF | 64.1% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 68.3% |

## 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 | 4.7% | 0.81× | 3.8% | 1.50× | 5.6% | S100R744 |
| 2023 | 4.7% | 0.84× | 4.0% | 1.51× | 6.0% | S100TSST |
| 2024 | 5.1% | 0.84× | 4.3% | 1.57× | 6.7% | S100W2EW |
| 2025 | 6.7% | 0.86× | 5.8% | 1.58× | 9.1% | S100YFY8 |
| 2026 | 9.3% | 0.87× | 8.0% | 1.58× | 12.6% | S100YFY8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 関西電力株式会社 | Major shareholder | 29.8% | 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 | 10.9% | 2026-03-31 |
| 関電不動産開発株式会社 | Major shareholder | 7.3% | 2026-03-31 |
| きんでん従業員持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| ＢＢＨ（ＬＵＸ） ＦＯＲ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ － ＪＡＰＡＮ ＡＤＶＡＮＴＡＧＥ ＰＯＯＬ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| Ｊ．Ｐ． ＭＯＲＧＡＮ ＢＡＮＫ ＬＵＸＥＭＢＯＵＲＧ Ｓ．Ａ． ３８４５１３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| ＲＢＣ ＩＳＴ １５ ＰＣＴ ＬＥＮＤＩＮＧ ＡＣＣＯＵＮＴ － ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥750.7B, up +6.5% from ¥705.1B.
- Profits rose far faster: gross profit grew +33.2% to ¥176.9B, and operating income climbed +48.0% from ¥61B to ¥90.3B.
- Net income attributable to owners reached ¥69.4B, up +47.0%.
- Operating cash flow jumped from ¥24.5B to ¥87.7B, leaving free cash flow of ¥34.1B.

### Drivers

- The year began with a larger backlog, new orders stayed firm, and projects moved ahead on schedule
- Customers increasingly accepted higher construction costs in pricing, and productivity gains and cost cutting also lifted margins
- SG&A rose on wage increases and goodwill amortization from a newly acquired subsidiary

### Risks

- Fierce price competition for private-sector work could hurt margins if construction demand shrinks
- Sudden rises in material prices or subcontractor labor costs can erode project profits
- Spending cuts by the Kansai Electric Power group, a major customer, would weigh on results

Cited: Annual securities report (112th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (112th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YFY8 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFY8,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W2EW | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2EW,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TSST | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSST,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100R744 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R744,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OGUF | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGUF,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LMWJ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMWJ,, |

## 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).