# KISOJI  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77期(2025/04/01－2026/03/31) (S100YGX7)
> Page: https://vizora.meequs.com/en/company/kisoji
> Retrieved: 2026-09-30T21:35:24.159Z

## Company

Kisoji, founded in 1980, is a company in Restaurants & Pubs listed on TSE Prime. It has 1,364 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KISOJI CO.,LTD. |
| Ticker | 8160 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8160.T) |
| Listing | TSE Prime |
| Head office | 名古屋市昭和区白金三丁目18番13号 |
| Representative (per filing) | 代表取締役社長 中川 晃成 |
| Founded | Dec 1980 |
| Share capital | ¥12.6B |
| Employees (consolidated) | 1,364 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Corporate number | 9180001008132 |
| EDINET | E03121 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YGX7, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42 | 56 |
| Profitability | 65.9 | 66 |
| Cash conversion | 71.8 | 55 |
| Efficiency | 17.4 | 66 |

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)

- Kisoji brought in ¥54.6B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +7.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥54570000000 → ¥1728000000
- Net income → operating cash flow: ¥1728000000 → ¥5431000000（difference ¥3703000000）
- Main uses of operating cash flow: CapEx ¥2045000000 / dividends ¥1351000000 / buybacks —
- Change in cash: ¥1878000000
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 | ¥54.6B |  |
| Operating income | ¥2.91B | Margin 5.3% |
| Net income | ¥1.73B | Margin 3.2% |
| Free cash flow | ¥3.39B |  |
| Employees (consolidated) | 1,364 |  |
| EPS | ¥61.86 |  |
| Book value per share | ¥1122.71 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 28,543,889 |  |
| Treasury shares | 384,000 |  |
| Shareholders | 31,521 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 31.5% | Cash ÷ revenue 28.0% |
| Vs. industry median margin | +1.4 pp | Restaurants & Pubs |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31067000000 | ¥54570000000 | +75.7% |
| Operating income | ¥-4219000000 | ¥2913000000 | — |
| Operating margin | -13.6% | 5.3% | +18.9 pp |
| Employees | 1,354 people | 1,364 people | +0.7% |
| Cash and equivalents | ¥16002000000 | ¥15268000000 | -4.6% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,570 | 100.0% | S100YGX7 |
| Cost of revenue | 17,228 | 31.6% | S100YGX7 |
| Gross profit | 37,342 | 68.4% | S100YGX7 |
| SG&A | 34,428 | 63.1% | S100YGX7 |
| Operating income | 2,913 | 5.3% | S100YGX7 |
| Ordinary income | 2,929 | 5.4% | S100YGX7 |
| Pretax income | 2,725 | 5.0% | S100YGX7 |
| Income tax | 997 | 1.8% | S100YGX7 |
| Net income | 1,728 | 3.2% | S100YGX7 |
| Net income attributable to owners | 1,728 | 3.2% | S100YGX7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 63 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 68.4% → Operating margin 5.3% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +7.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.00×
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 | 53,229 | 54,570 | 1,341 | +2.5% |
| Gross profit | 36,290 | 37,342 | 1,052 | +2.9% |
| Operating income | 2,708 | 2,913 | 205 | +7.6% |
| Net income attributable to owners | 3,166 | 1,728 | -1,438 | -45.4% |
| Operating cash flow | 1,434 | 5,431 | 3,997 | +278.7% |
| Free cash flow | -616 | 3,386 | 4,002 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 31,067 | -4,219 | -13.6% | -5,577 | -5,233 | -6,548 | S100OI0Z |
| FY ending Mar 2022 | 36,778 | -3,541 | -9.6% | 650 | 3,656 | 2,033 | S100R7Y8 |
| FY ending Mar 2023 | 45,930 | -581 | -1.3% | -1,082 | 2,037 | -922 | S100TV8K |
| FY ending Mar 2024 | 52,984 | 2,246 | 4.2% | 436 | 4,243 | 1,653 | S100W7XS |
| FY ending Mar 2025 | 53,229 | 2,708 | 5.1% | 3,166 | 1,434 | -616 | S100YGX7 |
| FY ending Mar 2026 | 54,570 | 2,913 | 5.3% | 1,728 | 5,431 | 3,386 | S100YGX7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40M |
| Operating income per employee (consolidated) | ¥2.1M |
| 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) | 1,307 | 1,338 | 1,309 | 1,342 | 1,364 |
| Average salary (parent company) | ¥4.8M | ¥5.2M | ¥5.5M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 44.1 years | 44.6 years | 44.9 years | 44.9 years | 44.8 years |
| Average tenure (parent company) | 11.6 years | 11.4 years | 11.4 years | 11.5 years | 12.5 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +2.5%

## 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 | 5,431 | 10.0% | S100YGX7 |
| Capital expenditure | 2,045 | 3.7% | S100YGX7 |
| Free cash flow | 3,386 | 6.2% | 算出 |
| Investing cash flow | -1,809 | -3.3% | S100YGX7 |
| Financing cash flow | -1,743 | -3.2% | S100YGX7 |
| Dividends paid | 1,351 | 2.5% | S100YGX7 |
| Change in cash | 1,878 | 3.4% | S100YGX7 |
| Cash and equivalents | 15,268 | 28.0% | S100YGX7 |

## 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 | 17,617 | 17,220 | 14,591 | 13,389 | 15,268 | S100TV8K, S100W7XS, S100YGX7 |
| Total assets | 47,898 | 48,412 | 46,215 | 46,781 | 48,498 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Net assets | 26,601 | 27,331 | 27,657 | 30,341 | 31,586 | S100TV8K, S100W7XS, S100YGX7 |
| Share capital | 11,553 | 12,648 | 12,648 | 12,648 | 12,648 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Property, plant and equipment | 14,520 | 16,337 | 16,096 | 16,250 | 16,626 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Intangible assets excluding goodwill | 2,961 | 2,894 | 2,004 | 2,001 | 1,739 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Goodwill | 1,916 | 1,831 | 1,257 | 1,114 | 979 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Investment securities | 2,760 | 2,791 | 3,301 | 2,994 | 4,180 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Current assets | 22,721 | 21,598 | 19,920 | 19,503 | 20,810 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Current liabilities | 10,993 | 16,178 | 14,954 | 13,212 | 13,830 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Short-term borrowings | 4,500 | 4,500 | 4,000 | 7,000 | 7,000 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Long-term borrowings | 6,891 | 1,631 | 478 | 185 | 67 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Total liabilities | 21,296 | 21,080 | 18,557 | 16,440 | 16,911 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Equity attributable to owners of parent | 26,515 | 27,180 | 27,163 | 29,709 | 30,084 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Retained earnings | 4,520 | 2,996 | 2,982 | 5,529 | 5,905 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |
| Treasury stock | -931 | -932 | -934 | -935 | -936 | S100R7Y8, S100TV8K, S100W7XS, S100YGX7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YGX7 |
| Property, plant and equipment | 34% | S100YGX7 |
| Intangibles and goodwill | 6% | S100YGX7 |
| Investment securities | 9% | S100YGX7 |
| Other assets | 20% | S100YGX7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YGX7 |
| Equity | 65% | S100YGX7 |
| Other liabilities | 0% | S100YGX7 |

### 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 | 47,898 | 48,412 | 46,215 | 46,781 | 48,498 |
| Equity | 26,601 | 27,331 | 27,657 | 30,341 | 31,586 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,617 | 17,220 | 14,591 | 13,389 | 15,268 |

## 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) | 30.5% | S100YGX7 |
| Fixed assets ÷ total assets | 34.3% | S100YGX7 |
| Goodwill ÷ parent equity | 3.3% | S100YGX7 |

Goodwill over 4 years: 1,916 → 979 JPY; total investing cash flow: -10,792 JPY. This does not imply causation.

### 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) | 31.5% |
| Cash ÷ revenue | 28.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.4% |
| Cash vs. profit gap | 3,703 JPY mn (of net income 214.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 78.2% |
| Shareholder payments — dividends / FCF | 39.9% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 33.3% |

## 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 | 1.8% | 0.77× | 1.4% | 1.81× | 2.5% | S100R7Y8 |
| 2023 | — | —× | -2.2% | —× | — | S100TV8K |
| 2024 | 0.8% | 1.12× | 0.9% | 1.74× | 1.6% | S100W7XS |
| 2025 | 5.9% | 1.14× | 6.8% | 1.64× | 11.1% | S100YGX7 |
| 2026 | 3.2% | 1.15× | 3.6% | 1.59× | 5.8% | S100YGX7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.9% | 2026-03-31 |
| 木曽路共栄会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| サントリー株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 麒麟麦酒株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 名古屋製酪株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YGX7 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGX7,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W7XS | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7XS,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TV8K | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV8K,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R7Y8 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7Y8,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OI0Z | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI0Z,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LOOG | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOOG,, |

## 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).