# KLASS Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第77期(2024/10/01－2025/09/30) (S100YO1C)
> Page: https://vizora.meequs.com/en/company/klass
> Retrieved: 2026-09-30T20:30:40.181Z

## Company

Klass is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 293 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KLASS Corporation |
| Ticker | 6233 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6233.T) |
| Listing | TSE Standard |
| Head office | 兵庫県たつの市龍野町日飼190番地 |
| Representative (per filing) | 代表取締役社長 頃安 雅樹 |
| Share capital | ¥631.1M |
| Employees (consolidated) | 293 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | September |
| Website | www.klass-corp.co.jp (https://www.klass-corp.co.jp/) |
| Corporate number | 7140001038325 |
| EDINET | E34273 |
| Industries (Vizora) | Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100YO1C, filed 2026-07-07). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 16 | 122 |
| Cash conversion | 65.1 | 116 |
| Efficiency | 86.5 | 122 |

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 71% of Klass's sales come from Professional segment, with Industry segment and New industry segment making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +132.1%.

## Company structure

- Segment revenue mix: Professional segment 70.6%、Industry segment 12.8%、New industry segment 8.8%、Consumer segment 7.8%
- Revenue → net income: ¥9569361000 → ¥172739000
- Net income → operating cash flow: ¥172739000 → ¥397008000（difference ¥224269000）
- Main uses of operating cash flow: CapEx ¥73254000 / dividends ¥53909000 / buybacks ¥86384000
- Change in cash: ¥-170591000
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 | ¥9.57B |  |
| Operating income | ¥267.5M | Margin 2.8% |
| Net income | ¥172.7M | Margin 1.8% |
| Free cash flow | ¥323.8M |  |
| Largest business | Professional segment | of segment revenue 70.6% |
| Employees (consolidated) | 293 |  |
| EPS | ¥21.25 |  |
| Book value per share | ¥579.07 |  |
| Equity ratio | 31.4% |  |
| Shares outstanding | 5,391,000 |  |
| Shareholders | 1,558 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 9.1% | Cash ÷ revenue 9.3% |
| Vs. industry median margin | -4.8 pp | Industrial Machinery |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, buybacks were 1.6× dividends
- FY2025, employees -2% while operating income rose 132%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8006367000 | ¥9569361000 | — |
| Operating income | ¥120440000 | ¥267516000 | — |
| Operating margin | 1.5% | 2.8% | +1.3 pp |
| Employees | 281 people | 293 people | — |
| Cash and equivalents | ¥1046348000 | ¥894055000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| プロフェッショナル → プロフェッショナル | 70.6% |
| プロフェッショナル → 事業再編・廃止 | 9.2% |
| コンシューマ → コンシューマ | 7.8% |
| コンシューマ → 事業再編・廃止 | 3.8% |
| インダストリー → インダストリー | 8.6% |
| 新設・再編 → インダストリー | 4.2% |
| 新設・再編 → ニュー・インダストリー | 8.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Professional segment | — | — | ¥6752303000 | -1.3% | 2 |
| Industry segment | — | — | ¥1227051000 | 19.6% | 2 |
| New industry segment | 4 years | +13.0% | ¥844490000 | 9.9% | 2 |
| Consumer segment | — | — | ¥745516000 | 2.7% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,569 | 100.0% | S100YO1C |
| Cost of revenue | 6,500 | 67.9% | S100YO1C |
| Gross profit | 3,069 | 32.1% | S100YO1C |
| SG&A | 2,801 | 29.3% | S100YO1C |
| Operating income | 268 | 2.8% | S100YO1C |
| Ordinary income | 251 | 2.6% | S100YO1C |
| Pretax income | 251 | 2.6% | S100YO1C |
| Income tax | 79 | 0.8% | S100YO1C |
| Net income | 173 | 1.8% | S100YO1C |
| Net income attributable to owners | 173 | 1.8% | S100YO1C |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 29 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 32.1% → Operating margin 2.8% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +132.1%
Operating leverage (core profit growth ÷ revenue growth): -60.80×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,782 | 9,569 | -213 | -2.2% |
| Gross profit | 2,928 | 3,069 | 141 | +4.8% |
| Operating income | 115 | 268 | 152 | +132.1% |
| Net income attributable to owners | 76 | 173 | 96 | +126.5% |
| Operating cash flow | 706 | 397 | -309 | -43.7% |
| Free cash flow | 572 | 324 | -249 | -43.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 9,160 | 249 | 2.7% | 145 | -64 | -141 | S100L71I |
| FY ending Sep 2020 | 8,006 | 120 | 1.5% | 68 | 124 | 63 | S100L71I |
| FY ending Sep 2021 | 9,169 | 280 | 3.1% | 190 | 461 | -125 | S100PUSU |
| FY ending Sep 2022 | 9,660 | 207 | 2.1% | 143 | 263 | -820 | S100SIJR |
| FY ending Sep 2023 | 9,888 | 314 | 3.2% | 102 | -162 | -662 | S100UZJF |
| FY ending Sep 2024 | 9,782 | 115 | 1.2% | 76 | 706 | 572 | S100YO1C |
| FY ending Sep 2025 | 9,569 | 268 | 2.8% | 173 | 397 | 324 | S100YO1C |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.7M |
| Operating income per employee (consolidated) | ¥913K |
| Net income per employee (consolidated) | ¥589.6K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 292 | 295 | 298 | 300 | 293 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.3M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 42.9 years | 43.3 years | 43.4 years | 43.3 years | 43.3 years |
| Average tenure (parent company) | 17.8 years | 18.0 years | 18.3 years | 18.2 years | 18.5 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) -2.2%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Professional segment | 6,752 | 70.6% | -90 | -1.3% |
| Consumer segment | 746 | 7.8% | 20 | 2.7% |
| Industry segment | 1,227 | 12.8% | 240 | 19.6% |
| New industry segment | 844 | 8.8% | 84 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Professional segment | 70.6% | — | — | -1.3% |
| Consumer segment | 7.8% | 5.9% | -1.9 | 2.7% |
| Industry segment | 12.8% | 69.7% | 56.9 | 19.6% |
| New industry segment | 8.8% | 24.4% | 15.5 | 9.9% |

Loss-making segment (excluded from profit shares): Professional segment -90 JPY mn

Segment → industry: Consumer segment → Housing Equipment & Building Materials / Industry segment → Industrial Machinery / Professional segment → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 397 | 4.1% | S100YO1C |
| Capital expenditure | 73 | 0.8% | S100YO1C |
| Free cash flow | 324 | 3.4% | 算出 |
| Investing cash flow | -111 | -1.2% | S100YO1C |
| Financing cash flow | -456 | -4.8% | S100YO1C |
| Dividends paid | 54 | 0.6% | S100YO1C |
| Share buyback | 86 | 0.9% | S100YO1C |
| Change in cash | -171 | -1.8% | S100YO1C |
| Cash and equivalents | 894 | 9.3% | S100YO1C |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,155 | 1,087 | 803 | 1,065 | 894 | S100SIJR, S100UZJF, S100YO1C |
| Total assets | 8,625 | 10,431 | 10,576 | 10,124 | 9,779 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Net assets | 2,781 | 2,841 | 2,915 | 2,933 | 3,066 | S100SIJR, S100UZJF, S100YO1C |
| Share capital | 631 | 631 | 631 | 631 | 631 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Trade receivables | 1,555 | — | — | — | — | S100PUSU |
| Property, plant and equipment | 2,661 | 3,786 | 3,831 | 3,698 | 3,618 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Intangible assets excluding goodwill | 222 | 214 | 83 | 58 | 59 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Goodwill | 88 | 78 | — | — | — | S100PUSU, S100SIJR |
| Investment securities | 56 | 54 | 63 | 76 | 95 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Current assets | 5,272 | 5,943 | 6,119 | 5,660 | 5,323 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Current liabilities | 4,100 | 5,017 | 4,854 | 4,444 | 4,165 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Trade payables | 684 | 921 | 796 | 695 | 584 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Short-term borrowings | 1,700 | 1,700 | 1,900 | 1,900 | 1,780 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Long-term borrowings | 1,132 | 1,929 | 2,170 | 1,952 | 1,765 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Total liabilities | 5,844 | 7,590 | 7,661 | 7,191 | 6,713 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Equity attributable to owners of parent | 2,799 | 2,881 | 2,930 | 2,952 | 2,985 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Retained earnings | 1,687 | 1,769 | 1,818 | 1,840 | 1,959 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |
| Treasury stock | -0 | -0 | -0 | -0 | -86 | S100PUSU, S100SIJR, S100UZJF, S100YO1C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YO1C |
| Property, plant and equipment | 37% | S100YO1C |
| Intangibles and goodwill | 1% | S100YO1C |
| Investment securities | 1% | S100YO1C |
| Other assets | 52% | S100YO1C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YO1C |
| Other liabilities | 63% | S100YO1C |
| Equity | 31% | S100YO1C |
| Other liabilities | 0% | S100YO1C |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,625 | 10,431 | 10,576 | 10,124 | 9,779 |
| Equity | 2,781 | 2,841 | 2,915 | 2,933 | 3,066 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,155 | 1,087 | 803 | 1,065 | 894 |

## 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) | 37.8% | S100YO1C |
| Fixed assets ÷ total assets | 37.0% | S100YO1C |
| Goodwill ÷ parent equity | — | —, S100YO1C |

### 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) | 9.1% |
| Cash ÷ revenue | 9.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.4% |
| Cash vs. profit gap | 224 JPY mn (of net income 129.8%) |
| Shareholder returns / net income | 81.2% |
| Shareholder returns / FCF | 43.3% |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | 16.7% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 28.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.1% | 1.06× | 2.2% | 3.08× | 6.8% | S100PUSU |
| 2022 | 1.5% | 1.01× | 1.5% | 3.35× | 5.0% | S100SIJR |
| 2023 | 1.0% | 0.94× | 1.0% | 3.61× | 3.5% | S100UZJF |
| 2024 | 0.8% | 0.95× | 0.7% | 3.52× | 2.6% | S100YO1C |
| 2025 | 1.8% | 0.96× | 1.7% | 3.35× | 5.8% | S100YO1C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 頃安 憲司 | Major shareholder | 26.0% | 2025-09-30 |
| 頃安 英毅 | Major shareholder | 9.3% | 2025-09-30 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 6.5% | 2025-09-30 |
| 頃安 雅樹 | Major shareholder | 5.1% | 2025-09-30 |
| KLASS従業員持株会 | Major shareholder | 5.0% | 2025-09-30 |
| 安積 美奈子 | Major shareholder | 3.9% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2025-09-30 |
| 特定有価証券信託受託者 株式会社SMBC信託銀行 | Major shareholder | 3.1% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 0.8% | 2025-09-30 |
| 山岡 亮一 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第77期(2024/10/01－2025/09/30) | S100YO1C | 2026-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YO1C,, |
| 有価証券報告書－第76期(2023/10/01－2024/09/30) | S100UZJF | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZJF,, |
| 有価証券報告書－第75期(2022/10/01－2023/09/30) | S100SIJR | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIJR,, |
| 有価証券報告書－第74期(令和3年10月1日－令和4年9月30日) | S100PUSU | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUSU,, |
| 有価証券報告書－第73期(令和2年10月1日－令和3年9月30日) | S100N42X | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N42X,, |
| 訂正有価証券報告書－第72期(令和1年10月1日－令和2年9月30日) | S100L71I | 2021-04-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L71I,, |

## 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).