# KOA CORPORATION: 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98期(2025/04/01－2026/03/31) (S100YDTW)
> Page: https://vizora.meequs.com/en/company/koa
> Retrieved: 2026-09-30T21:01:29.758Z

## Company

KOA, founded in 1940, is a company in Electronic Components listed on TSE Prime. It has 4,409 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOA CORPORATION |
| Ticker | 6999 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6999.T) |
| Listing | TSE Prime |
| Head office | 長野県伊那市荒井3672番地 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) 長野県上伊那郡箕輪町大字中箕輪14016番地 |
| Representative (per filing) | 代表取締役 社長執行役員 向山 浩正 |
| Founded | Mar 1940 |
| Share capital | ¥6.03B |
| Employees (consolidated) | 4,409 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Corporate number | 1100001020696 |
| EDINET | E01902 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YDTW, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 53 |
| Profitability | 40.2 | 56 |
| Cash conversion | 86.5 | 48 |
| Efficiency | 13.4 | 56 |

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 34% of KOA's sales come from Asia, with Japan and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +12.7% from the prior year, operating profit +210.0%.

## Company structure

- Segment revenue mix: Asia 34.2%、Japan 30.8%、Europe 19.1%、America 15.9%
- Revenue → net income: ¥72287000000 → ¥3951000000
- Net income → operating cash flow: ¥3951000000 → ¥9069000000（difference ¥5118000000）
- Main uses of operating cash flow: CapEx ¥7638000000 / dividends ¥1115000000 / buybacks —
- Change in cash: ¥2610000000
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 | ¥72.3B |  |
| Operating income | ¥3.65B | Margin 5.0% |
| Net income | ¥3.95B | Margin 5.5% |
| Free cash flow | ¥1.43B |  |
| Largest business | Asia | of segment revenue 34.2% |
| Employees (consolidated) | 4,409 |  |
| EPS | ¥59.83 |  |
| Book value per share | ¥1438.57 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 37,479,724 |  |
| Treasury shares | 342,400 |  |
| Shareholders | 13,731 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 37.9% |
| Vs. industry median margin | -0.9 pp | Electronic Components |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50378000000 | ¥72287000000 | +43.5% |
| Operating income | ¥2317000000 | ¥3646000000 | +57.4% |
| Operating margin | 4.6% | 5.0% | +0.4 pp |
| Employees | 3,932 people | 4,409 people | +12.1% |
| Cash and equivalents | ¥18146000000 | ¥27410000000 | +51.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 30.8% |
| 日本 → 事業再編・廃止 | 7.3% |
| アジア → アジア | 32.4% |
| アメリカ → アメリカ | 15.4% |
| ヨーロッパ → ヨーロッパ | 14.2% |
| 新設・再編 → アジア | 1.8% |
| 新設・再編 → アメリカ | 0.5% |
| 新設・再編 → ヨーロッパ | 4.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +8.7% | ¥24751000000 | 6.3% | 2 |
| Japan | 5 years | +3.0% | ¥22247000000 | 6.0% | 2 |
| Europe | 5 years | +14.1% | ¥13801000000 | 4.3% | 2 |
| America | 5 years | +8.2% | ¥11487000000 | 1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,287 | 100.0% | S100YDTW |
| Cost of revenue | 50,415 | 69.7% | S100YDTW |
| Gross profit | 21,872 | 30.3% | S100YDTW |
| SG&A | 18,225 | 25.2% | S100YDTW |
| Operating income | 3,646 | 5.0% | S100YDTW |
| Ordinary income | 5,223 | 7.2% | S100YDTW |
| Pretax income | 5,264 | 7.3% | S100YDTW |
| Income tax | 1,312 | 1.8% | S100YDTW |
| Net income | 3,951 | 5.5% | S100YDTW |
| Net income attributable to owners | 3,951 | 5.5% | S100YDTW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 25 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.3% → Operating margin 5.0% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.7%; Core profit growth: +210.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.49×
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 | 64,120 | 72,287 | 8,167 | +12.7% |
| Gross profit | 18,155 | 21,872 | 3,717 | +20.5% |
| Operating income | 1,176 | 3,646 | 2,470 | +210.0% |
| Net income attributable to owners | 260 | 3,951 | 3,691 | +1419.6% |
| Operating cash flow | 8,101 | 9,069 | 968 | +11.9% |
| Free cash flow | -17,409 | 1,431 | 18,840 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 50,020 | 1,465 | 2.9% | 1,077 | 4,094 | -1,479 | S100LOLV |
| FY ending Mar 2021 | 50,378 | 2,317 | 4.6% | 2,034 | 5,294 | 2,942 | S100OF62 |
| FY ending Mar 2022 | 64,955 | 5,721 | 8.8% | 4,771 | 5,971 | 1,220 | S100R80W |
| FY ending Mar 2023 | 75,072 | 10,222 | 13.6% | 7,367 | 8,688 | -3,069 | S100TU5P |
| FY ending Mar 2024 | 64,835 | 3,313 | 5.1% | 2,769 | 7,089 | -10,745 | S100VZ9V |
| FY ending Mar 2025 | 64,120 | 1,176 | 1.8% | 260 | 8,101 | -17,409 | S100YDTW |
| FY ending Mar 2026 | 72,287 | 3,646 | 5.0% | 3,951 | 9,069 | 1,431 | S100YDTW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.4M |
| Operating income per employee (consolidated) | ¥826.9K |
| Net income per employee (consolidated) | ¥896.1K |

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) | 4,144 | 4,311 | 4,309 | 4,288 | 4,409 |
| Average salary (parent company) | ¥5.4M | ¥5.7M | ¥6M | ¥5.7M | ¥5.9M |
| Average age (parent company) | 40.8 years | 40.5 years | 40.3 years | 40.3 years | 40.7 years |
| Average tenure (parent company) | 17.1 years | 16.6 years | 16.4 years | 16.6 years | 17.1 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +12.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 22,247 | 30.8% | 1,335 | 6.0% |
| Asia | 24,751 | 34.2% | 1,549 | 6.3% |
| America | 11,487 | 15.9% | 113 | 1.0% |
| Europe | 13,801 | 19.1% | 587 | 4.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 30.8% | 37.2% | 6.5 | 6.0% |
| Asia | 34.2% | 43.2% | 9.0 | 6.3% |
| America | 15.9% | 3.2% | -12.7 | 1.0% |
| Europe | 19.1% | 16.4% | -2.7 | 4.3% |

Segment → industry: Europe → Electronic Components / America → Electronic Components / Asia → Electronic Components / Japan → Electronic Components

## 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 | 9,069 | 12.5% | S100YDTW |
| Capital expenditure | 7,638 | 10.6% | S100YDTW |
| Free cash flow | 1,431 | 2.0% | 算出 |
| Investing cash flow | -7,061 | -9.8% | S100YDTW |
| Financing cash flow | -510 | -0.7% | S100YDTW |
| Dividends paid | 1,115 | 1.5% | S100YDTW |
| Change in cash | 2,610 | 3.6% | S100YDTW |
| Cash and equivalents | 27,410 | 37.9% | S100YDTW |

## 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 | 20,341 | 25,399 | 29,165 | 24,799 | 27,410 | S100TU5P, S100VZ9V, S100YDTW |
| Total assets | 94,989 | 112,768 | 129,566 | 141,365 | 151,550 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Net assets | 67,103 | 73,722 | 78,573 | 78,110 | 88,577 | S100TU5P, S100VZ9V, S100YDTW |
| Share capital | 6,033 | 6,033 | 6,033 | 6,033 | 6,033 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Trade receivables | 15,979 | 15,859 | 13,921 | 13,786 | 15,958 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Property, plant and equipment | 32,124 | 40,100 | 52,616 | 71,473 | 74,485 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Intangible assets excluding goodwill | 763 | 737 | 2,769 | 3,152 | 3,021 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Investment securities | 4,441 | 4,313 | 4,773 | 4,942 | 5,997 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Current assets | 53,280 | 63,430 | 65,065 | 57,505 | 62,701 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Current liabilities | 20,454 | 17,480 | 15,692 | 15,935 | 24,843 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Trade payables | 5,820 | 5,623 | 4,414 | 3,935 | 3,233 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Short-term borrowings | 3,338 | 228 | 674 | 3,318 | 9,881 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Long-term borrowings | 3,232 | 16,754 | 30,535 | 41,181 | 35,532 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Total liabilities | 27,885 | 39,045 | 50,993 | 63,255 | 62,973 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Equity attributable to owners of parent | 64,582 | 70,316 | 71,265 | 69,705 | 72,560 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Retained earnings | 51,753 | 57,453 | 58,368 | 54,908 | 57,747 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |
| Treasury stock | -2,395 | -2,381 | -2,368 | -254 | -240 | S100R80W, S100TU5P, S100VZ9V, S100YDTW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YDTW |
| Receivables | 11% | S100YDTW |
| Property, plant and equipment | 49% | S100YDTW |
| Intangibles and goodwill | 2% | S100YDTW |
| Investment securities | 4% | S100YDTW |
| Other assets | 16% | S100YDTW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YDTW |
| Other liabilities | 39% | S100YDTW |
| Equity | 59% | S100YDTW |

### 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 | 94,989 | 112,768 | 129,566 | 141,365 | 151,550 |
| Equity | 67,103 | 73,722 | 78,573 | 78,110 | 88,577 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,341 | 25,399 | 29,165 | 24,799 | 27,410 |

## 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) | 103.0% | S100YDTW |
| Fixed assets ÷ total assets | 49.1% | S100YDTW |
| Goodwill ÷ parent equity | — | —, S100YDTW |

### 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) | 18.1% |
| Cash ÷ revenue | 37.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 248.7% |
| Cash vs. profit gap | 5,118 JPY mn (of net income 129.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 77.9% |
| CapEx intensity (capex ÷ revenue) | 10.6% |
| Investing CF relative to operating CF | 77.9% |

## 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 | 7.3% | 0.68× | 5.0% | 1.47× | 7.4% | S100R80W |
| 2023 | 9.8% | 0.72× | 7.1% | 1.54× | 10.9% | S100TU5P |
| 2024 | 4.3% | 0.54× | 2.3% | 1.71× | 3.9% | S100VZ9V |
| 2025 | 0.4% | 0.47× | 0.2% | 1.92× | 0.4% | S100YDTW |
| 2026 | 5.5% | 0.49× | 2.7% | 2.06× | 5.6% | S100YDTW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 11.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 6.0% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 5.6% | 2026-03-31 |
| ㈱八十二長野銀行 | Major shareholder | 5.0% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 損害保険ジャパン㈱ | Major shareholder | 1.8% | 2026-03-31 |
| ㈱小糸製作所 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YDTW | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDTW,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100VZ9V | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ9V,, |
| 有価証券報告書－第96期(2023/04/01－2024/03/31) | S100TU5P | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU5P,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R80W | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R80W,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100OF62 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF62,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LOLV | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOLV,, |

## 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).