# THE KINKI SHARYO 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114期(2025/04/01－2026/03/31) (S100YI50)
> Page: https://vizora.meequs.com/en/company/kinki-sharyo
> Retrieved: 2026-09-30T20:25:51.046Z

## Company

THE Kinki Sharyo, founded in 1991, is a company in Electrical Equipment listed on TSE Standard. It has 1,163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE KINKI SHARYO CO.,LTD. |
| Ticker | 7122 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7122.T) |
| Listing | TSE Standard |
| Head office | 大阪府東大阪市稲田上町2丁目2番46号 |
| Representative (per filing) | 代表取締役社長 吉川富雄 |
| Founded | May 1991 |
| Share capital | ¥5.25B |
| Employees (consolidated) | 1,163 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.kinkisharyo.co.jp (https://www.kinkisharyo.co.jp/) |
| Corporate number | 5122001001729 |
| EDINET | E02138 |
| Industries (Vizora) | Electrical Equipment, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YI50, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.1 | 24 |
| Profitability | 2.1 | 24 |
| Efficiency | 14 | 25 |

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 98% of THE Kinki Sharyo's sales come from Rolling stock business, with Lease of real estate business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +22.6% from the prior year, operating profit -200.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37.1B |  |
| Operating income | -¥234M | Margin -0.6% |
| Net income | ¥1.57B | Margin 4.2% |
| Free cash flow | ¥13.8B |  |
| Largest business | Rolling stock business | of segment revenue 97.7% |
| Employees (consolidated) | 1,163 |  |
| EPS | ¥355.24 |  |
| Book value per share | ¥4272.01 |  |
| Equity ratio | 49.3% |  |
| Shares outstanding | 6,908,359 |  |
| Treasury shares | 28,200 |  |
| Shareholders | 4,216 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 23.1% | Cash ÷ revenue 45.4% |
| Vs. industry median margin | -9.1 pp | Electrical Equipment |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 10.0× net income
- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by -71 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49419000000 | ¥37100000000 | -24.9% |
| Operating income | ¥320000000 | ¥-234000000 | -173.1% |
| Operating margin | 0.6% | -0.6% | -1.3 pp |
| Employees | 1,249 people | 1,163 people | -6.9% |
| Cash and equivalents | ¥4344000000 | ¥16843000000 | +287.7% |

### 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 |
| --- | ---: |
| 鉄道車両関連事業 → 鉄道車両関連事業 | 97.7% |
| 鉄道車両関連事業 → 事業再編・廃止 | 0.7% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.6% |
| 新設・再編 → 不動産賃貸事業 | 0.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,100 | 100.0% | S100YI50 |
| Cost of revenue | 33,459 | 90.2% | S100YI50 |
| Gross profit | 3,641 | 9.8% | S100YI50 |
| SG&A | 3,875 | 10.4% | S100YI50 |
| Operating income | -234 | -0.6% | S100YI50 |
| Ordinary income | 192 | 0.5% | S100YI50 |
| Pretax income | 1,154 | 3.1% | S100YI50 |
| Income tax | -416 | -1.1% | S100YI50 |
| Net income | 1,570 | 4.2% | S100YI50 |
| Net income attributable to owners | 1,570 | 4.2% | S100YI50 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 11 |
| Operating income | -1 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 9.8% → Operating margin -0.6% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 30,257 | 37,100 | 6,843 | +22.6% |
| Gross profit | 3,989 | 3,641 | -348 | -8.7% |
| Operating income | 232 | -234 | -466 | -200.9% |
| Net income attributable to owners | 560 | 1,570 | 1,010 | +180.4% |
| Operating cash flow | -4,858 | 15,630 | 20,488 | — |
| Free cash flow | -5,895 | 13,799 | 19,694 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,053 | -295 | -0.7% | 704 | 14,373 | 13,817 | S100LY03 |
| FY ending Mar 2021 | 49,419 | 320 | 0.6% | 662 | 24 | -408 | S100PZ3F |
| FY ending Mar 2022 | 39,334 | 1,795 | 4.6% | 2,765 | 12,947 | 12,096 | S100R8EN |
| FY ending Mar 2023 | 35,873 | 1,229 | 3.4% | 1,183 | 5,919 | 5,216 | S100TVBY |
| FY ending Mar 2024 | 43,154 | 4,306 | 10.0% | 4,373 | 8,932 | 8,255 | S100W4MK |
| FY ending Mar 2025 | 30,257 | 232 | 0.8% | 560 | -4,858 | -5,895 | S100YI50 |
| FY ending Mar 2026 | 37,100 | -234 | -0.6% | 1,570 | 15,630 | 13,799 | S100YI50 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.9M |
| Operating income per employee (consolidated) | -¥201.2K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 1,160 | 1,221 | 1,229 | 1,225 | 1,163 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥6M | ¥5.7M | ¥6.1M |
| Average age (parent company) | 43.3 years | 44.4 years | 44.9 years | 45.1 years | 45.4 years |
| Average tenure (parent company) | 20.3 years | 20.8 years | 21.1 years | 21.0 years | 21.3 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) +22.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Rolling stock business | 36,252 | 97.7% | 276 | 0.8% |
| Lease of real estate business | 847 | 2.3% | 742 | 87.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Rolling stock business | 97.7% | 27.1% | -70.6 | 0.8% |
| Lease of real estate business | 2.3% | 72.9% | 70.6 | 87.6% |

Segment → industry: Rolling stock business → Electrical Equipment / Lease of real estate business → Real Estate Development & Leasing

## 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 | 15,630 | 42.1% | S100YI50 |
| Capital expenditure | 1,831 | 4.9% | S100YI50 |
| Free cash flow | 13,799 | 37.2% | 算出 |
| Investing cash flow | -558 | -1.5% | S100YI50 |
| Financing cash flow | -4,335 | -11.7% | S100YI50 |
| Dividends paid | 342 | 0.9% | S100YI50 |
| Share buyback | 0 | 0.0% | S100YI50 |
| Change in cash | 10,552 | 28.4% | S100YI50 |
| Cash and equivalents | 16,843 | 45.4% | S100YI50 |

## 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 | 6,847 | 4,157 | 11,246 | 6,291 | 16,843 | S100TVBY, S100W4MK, S100YI50 |
| Total assets | 61,496 | 55,488 | 59,557 | 58,835 | 72,937 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Net assets | 24,474 | 27,294 | 32,501 | 33,611 | 35,955 | S100TVBY, S100W4MK, S100YI50 |
| Share capital | 5,252 | 5,252 | 5,252 | 5,252 | 5,252 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Property, plant and equipment | 10,891 | 12,258 | 11,544 | 12,443 | 13,143 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Intangible assets excluding goodwill | 157 | 111 | 259 | 220 | 342 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Investment securities | 5,166 | 5,403 | 7,146 | 6,329 | 7,503 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Current assets | 44,986 | 37,404 | 40,439 | 39,687 | 51,819 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Current liabilities | 32,753 | 19,466 | 20,809 | 20,514 | 32,846 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Short-term borrowings | 15,700 | 4,700 | 500 | 3,900 | — | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Long-term borrowings | — | 3,000 | — | — | — | S100TVBY |
| Total liabilities | 37,022 | 28,194 | 27,056 | 25,223 | 36,982 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Equity attributable to owners of parent | 22,925 | 23,902 | 27,930 | 28,146 | 29,373 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Retained earnings | 14,653 | 15,630 | 19,659 | 19,876 | 21,103 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |
| Treasury stock | -105 | -105 | -106 | -106 | -107 | S100R8EN, S100TVBY, S100W4MK, S100YI50 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YI50 |
| Property, plant and equipment | 18% | S100YI50 |
| Intangibles and goodwill | 1% | S100YI50 |
| Investment securities | 10% | S100YI50 |
| Other assets | 48% | S100YI50 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YI50 |
| Equity | 49% | S100YI50 |

### 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 | 61,496 | 55,488 | 59,557 | 58,835 | 72,937 |
| Equity | 24,474 | 27,294 | 32,501 | 33,611 | 35,955 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,847 | 4,157 | 11,246 | 6,291 | 16,843 |

## 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) | 35.4% | S100YI50 |
| Fixed assets ÷ total assets | 18.0% | S100YI50 |
| Goodwill ÷ parent equity | — | —, S100YI50 |

### 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) | 23.1% |
| Cash ÷ revenue | 45.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 14,060 JPY mn (of net income 895.5%) |
| Shareholder returns / net income | 21.8% |
| Shareholder returns / FCF | 2.5% |
| Shareholder payments — dividends / net income | 21.8% |
| Shareholder payments — dividends / FCF | 2.5% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 3.6% |

## 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% | 0.64× | 4.5% | 2.68× | 12.1% | S100R8EN |
| 2023 | 3.3% | 0.61× | 2.0% | 2.50× | 5.1% | S100TVBY |
| 2024 | 10.1% | 0.75× | 7.6% | 2.22× | 16.9% | S100W4MK |
| 2025 | 1.9% | 0.51× | 0.9% | 2.11× | 2.0% | S100YI50 |
| 2026 | 4.2% | 0.56× | 2.4% | 2.29× | 5.5% | S100YI50 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（近畿日本鉄道株式会社退職給付信託口） | Major shareholder | 30.3% | 2026-03-31 |
| 近鉄グループホールディングス株式会社 | Major shareholder | 14.1% | 2026-03-31 |
| ECM MF(常任代理人 立花証券株式会社) | Major shareholder | 8.5% | 2026-03-31 |
| JEFFERIES LLC-SPEC CUST AC FBO CUSTOMER(常任代理人 シティバンク、エヌ・エイ 東京支店) | Major shareholder | 6.9% | 2026-03-31 |
| 西日本旅客鉄道株式会社 | Major shareholder | 5.0% | 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 | 2.6% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT(常任代理人 シティバンク、エヌ・エイ 東京支店) | Major shareholder | 1.3% | 2026-03-31 |
| GOLDMAN SACHS BANK EUROPE SE(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.2% | 2026-03-31 |
| 三菱重工業株式会社 | Major shareholder | 1.1% | 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 | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YI50 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI50,, |
| 有価証券報告書－第113期(2024/04/01－2025/03/31) | S100W4MK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4MK,, |
| 有価証券報告書－第112期(2023/04/01－2024/03/31) | S100TVBY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVBY,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100R8EN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8EN,, |
| 訂正有価証券報告書－第110期(2021/04/01－2022/03/31) | S100PZ3F | 2023-01-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PZ3F,, |
| 訂正有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100LY03 | 2021-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LY03,, |

## 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).