# KING CO.,Ltd.: 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79期(2025/04/01－2026/03/31) (S100YKP8)
> Page: https://vizora.meequs.com/en/company/king
> Retrieved: 2026-09-30T19:09:18.527Z

## Company

King, founded in 1948, is a company in Textiles & Fibers listed on TSE Standard. It has 148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KING Co., Ltd. |
| Ticker | 8118 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8118.T) |
| Listing | TSE Standard |
| Head office | 京都市下京区東塩小路高倉町2番の1 |
| Representative (per filing) | 代表取締役社長 木原 伸一 |
| Founded | Sep 1948 |
| Share capital | ¥2.35B |
| Employees (consolidated) | 148 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.king-group.co.jp (https://www.king-group.co.jp/) |
| Corporate number | 8130001017089 |
| EDINET | E02645 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing, Specialty Trading & Wholesale, Apparel |

> Profile source: annual securities report (S100YKP8, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.4 | 55 |
| Profitability | 87.7 | 61 |
| Cash conversion | 77.7 | 47 |
| Efficiency | 4.1 | 61 |

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)

- About 77% of King's sales come from Apparel, with Estate and Textile making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -3.9% from the prior year, operating profit -8.6%.

## Company structure

- Segment revenue mix: Apparel 77.2%、Estate 13.0%、Textile 9.8%
- Revenue → net income: ¥7835000000 → ¥625000000
- Net income → operating cash flow: ¥625000000 → ¥1426000000（difference ¥801000000）
- Main uses of operating cash flow: CapEx ¥718000000 / dividends ¥287000000 / buybacks ¥68000000
- Change in cash: ¥-890000000
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 | ¥7.83B |  |
| Operating income | ¥790M | Margin 10.1% |
| Net income | ¥625M | Margin 8.0% |
| Free cash flow | ¥708M |  |
| Largest business | Apparel | of segment revenue 77.2% |
| Employees (consolidated) | 148 |  |
| EPS | ¥41.29 |  |
| Book value per share | ¥1407.1 |  |
| Equity ratio | 86.5% |  |
| Shares outstanding | 24,771,561 |  |
| Treasury shares | 8,828,700 |  |
| Shareholders | 2,009 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 36.7% | Cash ÷ revenue 125.4% |
| Vs. industry median margin | +7 pp | Apparel |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, segment profit share differs by 83 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8096000000 | ¥7835000000 | -3.2% |
| Operating income | ¥-5000000 | ¥790000000 | — |
| Operating margin | -0.1% | 10.1% | +10.1 pp |
| Employees | 180 people | 148 people | -17.8% |
| Cash and equivalents | ¥10469000000 | ¥9827000000 | -6.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| アパレル事業 → アパレル事業 | 77.2% |
| アパレル事業 → 事業再編・廃止 | 5.2% |
| テキスタイル事業 → テキスタイル事業 | 8.6% |
| エステート事業 → エステート事業 | 8.9% |
| 新設・再編 → テキスタイル事業 | 1.2% |
| 新設・再編 → エステート事業 | 4.0% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel | 5 years | -1.9% | ¥6050000000 | -0.7% | 2 |
| Estate | 5 years | +7.0% | ¥1015000000 | 79.6% | 2 |
| Textile | 5 years | +1.9% | ¥768000000 | 4.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,835 | 100.0% | S100YKP8 |
| Cost of revenue | 3,296 | 42.1% | S100YKP8 |
| Gross profit | 4,538 | 57.9% | S100YKP8 |
| SG&A | 3,748 | 47.8% | S100YKP8 |
| Operating income | 790 | 10.1% | S100YKP8 |
| Ordinary income | 949 | 12.1% | S100YKP8 |
| Pretax income | 934 | 11.9% | S100YKP8 |
| Income tax | 309 | 3.9% | S100YKP8 |
| Net income | 625 | 8.0% | S100YKP8 |
| Net income attributable to owners | 625 | 8.0% | S100YKP8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 48 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 57.9% → Operating margin 10.1% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.9%; Core profit growth: -8.6%
Operating leverage (core profit growth ÷ revenue growth): 2.17×
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 | 8,157 | 7,835 | -322 | -3.9% |
| Gross profit | 4,687 | 4,538 | -149 | -3.2% |
| Operating income | 864 | 790 | -74 | -8.6% |
| Net income attributable to owners | 733 | 625 | -108 | -14.7% |
| Operating cash flow | 880 | 1,426 | 546 | +62.0% |
| Free cash flow | 483 | 708 | 225 | +46.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,630 | 1,027 | 9.7% | 700 | 1,387 | 1,062 | S100LRPC |
| FY ending Mar 2021 | 8,096 | -5 | -0.1% | -129 | 680 | 207 | S100OLHS |
| FY ending Mar 2022 | 8,050 | 673 | 8.4% | 422 | 1,021 | 273 | S100R9KM |
| FY ending Mar 2023 | 8,422 | 1,073 | 12.7% | 755 | 1,542 | 1,126 | S100TVJ9 |
| FY ending Mar 2024 | 8,548 | 993 | 11.6% | 533 | 997 | 688 | S100W6PG |
| FY ending Mar 2025 | 8,157 | 864 | 10.6% | 733 | 880 | 483 | S100YKP8 |
| FY ending Mar 2026 | 7,835 | 790 | 10.1% | 625 | 1,426 | 708 | S100YKP8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.9M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 166 | 155 | 153 | 148 | 148 |
| Average salary (parent company) | ¥6.1M | ¥6.6M | ¥7.3M | ¥7.7M | ¥7.4M |
| Average age (parent company) | 43.8 years | 45.0 years | 45.1 years | 44.2 years | 43.7 years |
| Average tenure (parent company) | 20.0 years | 20.4 years | 20.1 years | 18.9 years | 18.4 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -3.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel | 6,050 | 77.2% | -41 | -0.7% |
| Textile | 768 | 9.8% | 32 | 4.2% |
| Estate | 1,015 | 13.0% | 808 | 79.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel | 77.2% | — | — | -0.7% |
| Textile | 9.8% | 3.8% | -6.0 | 4.2% |
| Estate | 13.0% | 96.2% | 83.2 | 79.6% |

Loss-making segment (excluded from profit shares): Apparel -41 JPY mn

Segment → industry: Textile → Textiles & Fibers / Estate → Real Estate Development & Leasing / Textile → Specialty Trading & Wholesale / Apparel → Apparel

## 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 | 1,426 | 18.2% | S100YKP8 |
| Capital expenditure | 718 | 9.2% | S100YKP8 |
| Free cash flow | 708 | 9.0% | 算出 |
| Investing cash flow | -1,960 | -25.0% | S100YKP8 |
| Financing cash flow | -356 | -4.5% | S100YKP8 |
| Dividends paid | 287 | 3.7% | S100YKP8 |
| Share buyback | 68 | 0.9% | S100YKP8 |
| Change in cash | -890 | -11.4% | S100YKP8 |
| Cash and equivalents | 9,827 | 125.4% | S100YKP8 |

## 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 | 10,478 | 10,669 | 10,800 | 10,718 | 9,827 | S100TVJ9, S100W6PG, S100YKP8 |
| Total assets | 24,263 | 24,608 | 25,604 | 25,717 | 26,746 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Net assets | 21,073 | 21,084 | 21,905 | 22,475 | 23,122 | S100TVJ9, S100W6PG, S100YKP8 |
| Share capital | 2,346 | 2,346 | 2,346 | 2,346 | 2,346 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Trade receivables | 825 | 824 | 820 | 699 | 632 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Property, plant and equipment | 9,071 | 9,064 | 8,971 | 8,963 | 9,119 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Intangible assets excluding goodwill | 185 | 195 | 174 | 146 | 300 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Investment securities | 1,414 | 1,632 | 2,746 | 3,100 | 4,665 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Current assets | 12,816 | 12,955 | 12,975 | 12,818 | 11,730 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Current liabilities | 1,917 | 2,037 | 2,054 | 1,539 | 1,773 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Trade payables | 660 | 594 | 511 | 425 | 452 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Short-term borrowings | 380 | 380 | 380 | 380 | 380 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Long-term borrowings | 100 | 100 | — | — | — | S100R9KM, S100TVJ9 |
| Total liabilities | 3,189 | 3,523 | 3,699 | 3,242 | 3,623 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Equity attributable to owners of parent | 20,622 | 20,481 | 20,564 | 21,031 | 21,326 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Retained earnings | 12,615 | 13,212 | 13,469 | 13,915 | 14,252 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |
| Treasury stock | -2,466 | -3,204 | -3,378 | -3,367 | -3,424 | S100R9KM, S100TVJ9, S100W6PG, S100YKP8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YKP8 |
| Receivables | 2% | S100YKP8 |
| Property, plant and equipment | 34% | S100YKP8 |
| Intangibles and goodwill | 1% | S100YKP8 |
| Investment securities | 18% | S100YKP8 |
| Other assets | 8% | S100YKP8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YKP8 |
| Other liabilities | 12% | S100YKP8 |
| Equity | 86% | S100YKP8 |
| Other liabilities | 0% | S100YKP8 |

### 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 | 24,263 | 24,608 | 25,604 | 25,717 | 26,746 |
| Equity | 21,073 | 21,084 | 21,905 | 22,475 | 23,122 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,478 | 10,669 | 10,800 | 10,718 | 9,827 |

## 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) | 116.4% | S100YKP8 |
| Fixed assets ÷ total assets | 34.1% | S100YKP8 |
| Goodwill ÷ parent equity | — | —, S100YKP8 |

### 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) | 36.7% |
| Cash ÷ revenue | 125.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 180.5% |
| Cash vs. profit gap | 801 JPY mn (of net income 128.2%) |
| Shareholder returns / net income | 56.8% |
| Shareholder returns / FCF | 50.1% |
| Shareholder payments — dividends / net income | 45.9% |
| Shareholder payments — dividends / FCF | 40.5% |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 137.4% |

## 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 | 5.2% | 0.33× | 1.7% | 1.18× | 2.0% | S100R9KM |
| 2023 | 9.0% | 0.34× | 3.1% | 1.19× | 3.7% | S100TVJ9 |
| 2024 | 6.2% | 0.34× | 2.1% | 1.22× | 2.6% | S100W6PG |
| 2025 | 9.0% | 0.32× | 2.9% | 1.23× | 3.5% | S100YKP8 |
| 2026 | 8.0% | 0.30× | 2.4% | 1.24× | 3.0% | S100YKP8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| LNS MANAGEMENT PTE.LTD. （常任代理人 立花証券株式会社） | Major shareholder | 9.4% | 2026-03-31 |
| 一般財団法人山田育英財団 | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社中央倉庫 | Major shareholder | 6.4% | 2026-03-31 |
| キング共栄会 | Major shareholder | 6.1% | 2026-03-31 |
| 有限会社ワイ・エンタープライズ | Major shareholder | 5.0% | 2026-03-31 |
| 山田 幸雄 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社京都銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.6% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.2% | 2026-03-31 |
| MNインターファッション株式会社 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YKP8 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKP8,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W6PG | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6PG,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TVJ9 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVJ9,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R9KM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9KM,, |
| 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) | S100OLHS | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLHS,, |
| 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) | S100LRPC | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPC,, |

## 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).