# KOA SHOJI HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/07/01－2026/06/30) (S100Z2Z6)
> Page: https://vizora.meequs.com/en/company/koa-shoji-holdings
> Retrieved: 2026-09-30T22:30:31.646Z

## Company

KOA Shoji Holdings, founded in 1991, is a company in Pharmaceuticals listed on TSE Prime. It has 318 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOA SHOJI HOLDINGS CO.,LTD. |
| Ticker | 9273 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9273.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市港北区日吉七丁目13番15号 |
| Representative (per filing) | 代表取締役社長 首藤 利幸 |
| Founded | Feb 1991 |
| Share capital | ¥1.34B |
| Employees (consolidated) | 318 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | June |
| Website | www.koashoji-hd.com (https://www.koashoji-hd.com/) |
| Corporate number | 6020001109452 |
| EDINET | E34071 |
| Industries (Vizora) | Pharmaceuticals, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Z2Z6, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64 | 179 |
| Profitability | 99.2 | 185 |
| Cash conversion | 71.2 | 179 |
| Efficiency | 4.1 | 185 |

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 64% of KOA Shoji Holdings's sales come from Drug Substance Sales Business, with Pharmaceutical Marketing Business making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +2.3%.

## Company structure

- Segment revenue mix: Drug Substance Sales Business 63.7%、Pharmaceutical Marketing Business 36.3%
- Revenue → net income: ¥24678859000 → ¥3748744000
- Net income → operating cash flow: ¥3748744000 → ¥7592049000（difference ¥3843305000）
- Main uses of operating cash flow: CapEx ¥3676929000 / dividends ¥673211000 / buybacks —
- Change in cash: ¥-350555000
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 | ¥24.7B |  |
| Operating income | ¥5.48B | Margin 22.2% |
| Net income | ¥3.75B | Margin 15.2% |
| Free cash flow | ¥3.92B |  |
| Largest business | Drug Substance Sales Business | of segment revenue 63.7% |
| Employees (consolidated) | 318 |  |
| EPS | ¥17.46 |  |
| Book value per share | ¥292.11 |  |
| Equity ratio | 78.9% |  |
| Shares outstanding | 42,119,980 |  |
| Treasury shares | 1,400 |  |
| Shareholders | 23,369 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 36.4% | Cash ÷ revenue 58.3% |
| Vs. industry median margin | +19.3 pp | Specialty Trading & Wholesale |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17816077000 | ¥24678859000 | +38.5% |
| Operating income | ¥3377224000 | ¥5476171000 | +62.2% |
| Operating margin | 19.0% | 22.2% | +3.2 pp |
| Employees | 303 people | 318 people | +5.0% |
| Cash and equivalents | ¥7590119000 | ¥14388960000 | +89.6% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 原薬販売事業 → 原薬販売事業 | 60.6% |
| 医薬品製造販売事業 → 医薬品製造販売事業 | 36.3% |
| 医薬品製造販売事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → 原薬販売事業 | 3.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,679 | 100.0% | S100Z2Z6 |
| Cost of revenue | 16,675 | 67.6% | S100Z2Z6 |
| Gross profit | 8,004 | 32.4% | S100Z2Z6 |
| SG&A | 2,528 | 10.2% | S100Z2Z6 |
| Operating income | 5,476 | 22.2% | S100Z2Z6 |
| Ordinary income | 5,522 | 22.4% | S100Z2Z6 |
| Pretax income | 5,525 | 22.4% | S100Z2Z6 |
| Income tax | 1,777 | 7.2% | S100Z2Z6 |
| Net income | 3,749 | 15.2% | S100Z2Z6 |
| Net income attributable to owners | 3,749 | 15.2% | S100Z2Z6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 10 |
| Operating income | 22 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 32.4% → Operating margin 22.2% → Net margin 15.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +2.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.37×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 23,269 | 24,679 | 1,410 | +6.1% |
| Gross profit | 7,697 | 8,004 | 307 | +4.0% |
| Operating income | 5,355 | 5,476 | 121 | +2.3% |
| Net income attributable to owners | 3,638 | 3,749 | 111 | +3.0% |
| Operating cash flow | 3,777 | 7,592 | 3,815 | +101.0% |
| Free cash flow | 1,889 | 3,915 | 2,026 | +107.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 16,034 | 2,330 | 14.5% | 1,745 | 2,278 | 1,743 | S100ML0J |
| FY ending Jun 2021 | 17,816 | 3,377 | 19.0% | 2,137 | 3,051 | 2,846 | S100P8UB |
| FY ending Jun 2022 | 20,353 | 3,807 | 18.7% | 2,359 | 2,094 | 1,651 | S100S3N2 |
| FY ending Jun 2023 | 22,053 | 4,250 | 19.3% | 2,687 | 2,737 | 2,465 | S100UGDV |
| FY ending Jun 2024 | 22,134 | 4,382 | 19.8% | 2,946 | 3,831 | 2,391 | S100WRWI |
| FY ending Jun 2025 | 23,269 | 5,355 | 23.0% | 3,638 | 3,777 | 1,889 | S100Z2Z6 |
| FY ending Jun 2026 | 24,679 | 5,476 | 22.2% | 3,749 | 7,592 | 3,915 | S100Z2Z6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.6M |
| Operating income per employee (consolidated) | ¥17.2M |
| Net income per employee (consolidated) | ¥11.8M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 303 | 297 | 289 | 304 | 318 |
| Average salary (parent company) | ¥6.7M | ¥6.6M | ¥6.6M | ¥7.2M | ¥7M |
| Average age (parent company) | 45.1 years | 47.5 years | 49.3 years | 49.0 years | 46.9 years |
| Average tenure (parent company) | 4.0 years | 4.1 years | 4.8 years | 5.0 years | 5.6 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Drug Substance Sales Business | 15,717 | 63.7% | 3,312 | 21.1% |
| Pharmaceutical Marketing Business | 8,962 | 36.3% | 2,124 | 23.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Drug Substance Sales Business | 63.7% | 60.9% | -2.8 | 21.1% |
| Pharmaceutical Marketing Business | 36.3% | 39.1% | 2.8 | 23.7% |

Segment → industry: Pharmaceutical Marketing Business → Pharmaceuticals / Drug Substance Sales Business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,592 | 30.8% | S100Z2Z6 |
| Capital expenditure | 3,677 | 14.9% | S100Z2Z6 |
| Free cash flow | 3,915 | 15.9% | 算出 |
| Investing cash flow | -8,154 | -33.0% | S100Z2Z6 |
| Financing cash flow | 189 | 0.8% | S100Z2Z6 |
| Dividends paid | 673 | 2.7% | S100Z2Z6 |
| Change in cash | -351 | -1.4% | S100Z2Z6 |
| Cash and equivalents | 14,389 | 58.3% | S100Z2Z6 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,422 | 10,036 | 13,195 | 14,740 | 14,389 | S100UGDV, S100WRWI, S100Z2Z6 |
| Total assets | 26,250 | 28,464 | 32,004 | 36,115 | 39,533 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Net assets | 18,666 | 20,923 | 25,052 | 28,121 | 31,180 | S100UGDV, S100WRWI, S100Z2Z6 |
| Share capital | 522 | 522 | 1,339 | 1,339 | 1,339 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Property, plant and equipment | 6,543 | 6,276 | 6,836 | 9,196 | 12,365 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Intangible assets excluding goodwill | 53 | 34 | 12 | 9 | 8 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Investment securities | 64 | 57 | 101 | 90 | 1,571 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Current assets | 19,406 | 21,830 | 24,775 | 26,528 | 25,330 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Current liabilities | 4,938 | 5,234 | 4,977 | 6,364 | 6,951 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Trade payables | 1,464 | 1,504 | 1,487 | 1,567 | 1,292 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Short-term borrowings | 850 | 850 | 860 | 860 | 2,080 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Long-term borrowings | 2,291 | 1,941 | 1,591 | 1,241 | 972 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Total liabilities | 7,584 | 7,541 | 6,952 | 7,994 | 8,352 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Equity attributable to owners of parent | 18,648 | 20,900 | 25,004 | 28,094 | 31,169 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Retained earnings | 17,921 | 20,172 | 22,643 | 25,733 | 28,808 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100S3N2, S100UGDV, S100WRWI, S100Z2Z6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100Z2Z6 |
| Property, plant and equipment | 31% | S100Z2Z6 |
| Intangibles and goodwill | 0% | S100Z2Z6 |
| Investment securities | 4% | S100Z2Z6 |
| Other assets | 28% | S100Z2Z6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Z2Z6 |
| Other liabilities | 18% | S100Z2Z6 |
| Equity | 79% | S100Z2Z6 |
| Other liabilities | 0% | S100Z2Z6 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,250 | 28,464 | 32,004 | 36,115 | 39,533 |
| Equity | 18,666 | 20,923 | 25,052 | 28,121 | 31,180 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,422 | 10,036 | 13,195 | 14,740 | 14,389 |

## 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) | 50.1% | S100Z2Z6 |
| Fixed assets ÷ total assets | 31.3% | S100Z2Z6 |
| Goodwill ÷ parent equity | — | —, S100Z2Z6 |

### 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) | 36.4% |
| Cash ÷ revenue | 58.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.6% |
| Cash vs. profit gap | 3,843 JPY mn (of net income 102.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.0% |
| Shareholder payments — dividends / FCF | 17.2% |
| CapEx intensity (capex ÷ revenue) | 14.9% |
| Investing CF relative to operating CF | 107.4% |

## 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 | 11.6% | 0.78× | 9.0% | 1.41× | 12.7% | S100S3N2 |
| 2023 | 12.2% | 0.81× | 9.8% | 1.38× | 13.6% | S100UGDV |
| 2024 | 13.3% | 0.73× | 9.7% | 1.32× | 12.8% | S100WRWI |
| 2025 | 15.6% | 0.68× | 10.7% | 1.28× | 13.7% | S100Z2Z6 |
| 2026 | 15.2% | 0.65× | 9.9% | 1.28× | 12.7% | S100Z2Z6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社土師 | Major shareholder | 42.3% | 2026-06-30 |
| 公益財団法人首藤奨学財団 | Major shareholder | 10.9% | 2026-06-30 |
| 首藤 利幸 | Major shareholder | 5.0% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.2% | 2026-06-30 |
| 石綿 聰明 | Major shareholder | 2.2% | 2026-06-30 |
| 堀江 淳子 | Major shareholder | 2.0% | 2026-06-30 |
| 小角 真理 | Major shareholder | 1.9% | 2026-06-30 |
| PERSHING-DIV.OF DLJ SECS.CORP. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.7% | 2026-06-30 |
| 川口 謙 | Major shareholder | 1.7% | 2026-06-30 |
| 大塚 里津子 | Major shareholder | 1.2% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/07/01－2026/06/30) | S100Z2Z6 | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2Z6,, |
| 有価証券報告書－第11期(2024/07/01－2025/06/30) | S100WRWI | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRWI,, |
| 有価証券報告書－第10期(2023/07/01－2024/06/30) | S100UGDV | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGDV,, |
| 訂正有価証券報告書－第9期(2022/07/01－2023/06/30) | S100S3N2 | 2023-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3N2,, |
| 有価証券報告書－第8期(令和3年7月1日－令和4年6月30日) | S100P8UB | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8UB,, |
| 訂正有価証券報告書－第7期(令和2年7月1日－令和3年6月30日) | S100ML0J | 2021-10-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ML0J,, |

## 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).