# KNC Laboratories Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2025/04/01－2026/03/31) (S100YACF)
> Page: https://vizora.meequs.com/en/company/knc-laboratories
> Retrieved: 2026-09-30T17:49:30.277Z

## Company

KNC Laboratories, founded in 1985, is a company in Chemicals listed on TSE Growth. It has 340 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KNC Laboratories Co., Ltd. |
| Ticker | 6568 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6568.T) |
| Listing | TSE Growth |
| Head office | 神戸市中央区港島南町7丁目1番地の19 |
| Representative (per filing) | 代表取締役社長 真岡 宅哉 |
| Founded | Jan 1985 |
| Share capital | ¥2B |
| Employees (consolidated) | 340 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.kncweb.co.jp (https://www.kncweb.co.jp/) |
| Corporate number | 3140001022497 |
| EDINET | E33794 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YACF, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.8 | 96 |
| Profitability | 82.5 | 100 |
| Cash conversion | 76.6 | 96 |
| Efficiency | 3.5 | 100 |

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)

- KNC Laboratories brought in ¥9.09B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit +32.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9093706000 → ¥766199000
- Net income → operating cash flow: ¥766199000 → ¥2262650000（difference ¥1496451000）
- Main uses of operating cash flow: CapEx ¥2626171000 / dividends ¥255157000 / buybacks ¥44000
- Change in cash: ¥-212300000
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 | ¥9.09B |  |
| Operating income | ¥1.02B | Margin 11.3% |
| Net income | ¥766.2M | Margin 8.4% |
| Free cash flow | -¥363.5M |  |
| Employees (consolidated) | 340 |  |
| EPS | ¥99.02 |  |
| Book value per share | ¥1818.88 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 7,779,900 |  |
| Treasury shares | 38,500 |  |
| Shareholders | 3,209 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 23.9% |
| Vs. industry median margin | +3.7 pp | Chemicals |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6029084000 | ¥9093706000 | +50.8% |
| Operating income | ¥635468000 | ¥1024551000 | +61.2% |
| Operating margin | 10.5% | 11.3% | +0.7 pp |
| Employees | 282 people | 340 people | +20.6% |
| Cash and equivalents | ¥1962975000 | ¥2173261000 | +10.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,094 | 100.0% | S100YACF |
| Cost of revenue | 6,705 | 73.7% | S100YACF |
| Gross profit | 2,388 | 26.3% | S100YACF |
| SG&A | 1,364 | 15.0% | S100YACF |
| Operating income | 1,025 | 11.3% | S100YACF |
| Ordinary income | 1,029 | 11.3% | S100YACF |
| Pretax income | 1,026 | 11.3% | S100YACF |
| Income tax | 260 | 2.9% | S100YACF |
| Net income | 766 | 8.4% | S100YACF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 15 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.3% → Operating margin 11.3% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.2%; Core profit growth: +32.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.93×
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 | 8,179 | 9,094 | 915 | +11.2% |
| Gross profit | 2,321 | 2,388 | 68 | +2.9% |
| Operating income | 772 | 1,025 | 253 | +32.7% |
| Operating cash flow | 1,487 | 2,263 | 776 | +52.1% |
| Free cash flow | -1,813 | -364 | 1,450 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,348 | 574 | 9.1% | 518 | 42 | -1,897 | S100LELI |
| FY ending Mar 2021 | 6,029 | 635 | 10.5% | 400 | 1,327 | 435 | S100O66A |
| FY ending Mar 2022 | 7,441 | 1,095 | 14.7% | 643 | 585 | -248 | S100QYC9 |
| FY ending Mar 2023 | 8,628 | 2,164 | 25.1% | 1,543 | 1,994 | 864 | S100TBRY |
| FY ending Mar 2024 | 9,155 | 2,081 | 22.7% | 1,493 | 3,205 | 852 | S100VV73 |
| FY ending Mar 2025 | 8,179 | 772 | 9.4% | 737 | 1,487 | -1,813 | S100YACF |
| FY ending Mar 2026 | 9,094 | 1,025 | 11.3% | 766 | 2,263 | -364 | S100YACF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 288 | 291 | 303 | 321 | 340 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.7M | ¥6.6M | ¥6.4M |
| Average age (parent company) | 41.4 years | 41.9 years | 41.5 years | 41.5 years | 41.3 years |
| Average tenure (parent company) | 10.5 years | 12.3 years | 12.2 years | 11.9 years | 11.9 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +11.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,263 | 24.9% | S100YACF |
| Capital expenditure | 2,626 | 28.9% | S100YACF |
| Free cash flow | -364 | -4.0% | 算出 |
| Investing cash flow | -2,697 | -29.7% | S100YACF |
| Financing cash flow | 222 | 2.4% | S100YACF |
| Dividends paid | 255 | 2.8% | S100YACF |
| Share buyback | 0 | 0.0% | S100YACF |
| Change in cash | -212 | -2.3% | S100YACF |
| Cash and equivalents | 2,173 | 23.9% | S100YACF |

## 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 | 1,974 | 2,297 | 3,312 | 2,386 | 2,173 | S100TBRY, S100VV73, S100YACF |
| Total assets | 13,952 | 15,405 | 18,622 | 20,152 | 21,644 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Net assets | 10,575 | 11,745 | 13,087 | 13,520 | 14,081 | S100TBRY, S100VV73, S100YACF |
| Share capital | 1,995 | 1,995 | 1,995 | 1,995 | 1,995 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Property, plant and equipment | 6,909 | 7,200 | 8,475 | 11,147 | 12,277 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Intangible assets excluding goodwill | 46 | 64 | 53 | 52 | 61 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Investment securities | 238 | 221 | 344 | 233 | 333 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Current assets | 6,347 | 7,459 | 8,559 | 7,475 | 7,811 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Current liabilities | 2,047 | 2,728 | 2,969 | 2,269 | 2,726 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Short-term borrowings | 200 | 500 | — | — | — | S100QYC9, S100TBRY |
| Long-term borrowings | 1,037 | 597 | 1,312 | 2,267 | 2,494 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Total liabilities | 3,377 | 3,659 | 5,535 | 6,632 | 7,564 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Equity attributable to owners of parent | 10,459 | 11,642 | 12,902 | 13,416 | 13,941 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Retained earnings | 6,568 | 7,830 | 9,069 | 9,567 | 10,078 | S100QYC9, S100TBRY, S100VV73, S100YACF |
| Treasury stock | -0 | -78 | -68 | -54 | -43 | S100QYC9, S100TBRY, S100VV73, S100YACF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YACF |
| Property, plant and equipment | 57% | S100YACF |
| Intangibles and goodwill | 0% | S100YACF |
| Investment securities | 2% | S100YACF |
| Other assets | 31% | S100YACF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YACF |
| Equity | 65% | S100YACF |
| Other liabilities | 0% | S100YACF |

### 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 | 13,952 | 15,405 | 18,622 | 20,152 | 21,644 |
| Equity | 10,575 | 11,745 | 13,087 | 13,520 | 14,081 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,974 | 2,297 | 3,312 | 2,386 | 2,173 |

## 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) | 135.0% | S100YACF |
| Fixed assets ÷ total assets | 56.7% | S100YACF |
| Goodwill ÷ parent equity | — | —, S100YACF |

### 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) | 10.0% |
| Cash ÷ revenue | 23.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 220.8% |
| Cash vs. profit gap | 1,496 JPY mn (of net income 195.3%) |
| Shareholder returns / net income | 33.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 28.9% |
| Investing CF relative to operating CF | 119.2% |

## 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 | 8.6% | 0.53× | 4.6% | 1.33× | 6.2% | S100QYC9 |
| 2023 | 17.9% | 0.59× | 10.5% | 1.33× | 14.0% | S100TBRY |
| 2024 | 16.3% | 0.54× | 8.8% | 1.39× | 12.2% | S100VV73 |
| 2025 | 9.0% | 0.42× | 3.8% | 1.47× | 5.6% | S100YACF |
| 2026 | 8.4% | 0.44× | 3.7% | 1.53× | 5.6% | S100YACF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＫＮＣ興産（株） | Major shareholder | 19.5% | 2026-03-31 |
| 宮内 仁志 | Major shareholder | 10.5% | 2026-03-31 |
| 広瀬 克利 | Major shareholder | 9.3% | 2026-03-31 |
| （公財）ＫＮＣ広瀬財団 | Major shareholder | 9.0% | 2026-03-31 |
| 純正化學（株） | Major shareholder | 3.1% | 2026-03-31 |
| 池谷 誠一 | Major shareholder | 2.9% | 2026-03-31 |
| 岩見 好爲 | Major shareholder | 2.0% | 2026-03-31 |
| 廣瀬 正幸 | Major shareholder | 1.6% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 1.3% | 2026-03-31 |
| 神戸天然物化学従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/04/01－2026/03/31) | S100YACF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YACF,, |
| 有価証券報告書－第41期(2024/04/01－2025/03/31) | S100VV73 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VV73,, |
| 有価証券報告書－第40期(2023/04/01－2024/03/31) | S100TBRY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBRY,, |
| 有価証券報告書－第39期(2022/04/01－2023/03/31) | S100QYC9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYC9,, |
| 有価証券報告書－第38期(令和3年4月1日－令和4年3月31日) | S100O66A | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O66A,, |
| 有価証券報告書－第37期(令和2年4月1日－令和3年3月31日) | S100LELI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LELI,, |

## 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).