# KOATSU GAS KOGYO 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93期(2025/04/01－2026/03/31) (S100YHRU)
> Page: https://vizora.meequs.com/en/company/koatsu-gas-kogyo
> Retrieved: 2026-09-30T18:36:45.696Z

## Company

Koatsu GAS Kogyo, founded in 1958, is a company in Chemicals listed on TSE Prime. It has 2,005 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOATSU GAS KOGYO CO., LTD. |
| Ticker | 4097 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4097.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中崎西二丁目4番12号 |
| Representative (per filing) | 代表取締役社長 黒木幹也 |
| Founded | Jun 1958 |
| Share capital | ¥2.88B |
| Employees (consolidated) | 2,005 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.koatsugas.co.jp (https://www.koatsugas.co.jp/) |
| Corporate number | 5120001059639 |
| EDINET | E00781 |
| Industries (Vizora) | Chemicals, Electric Power & Gas, Paints & Inks |

> Profile source: annual securities report (S100YHRU, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.5 | 42 |
| Profitability | 39.8 | 44 |
| Cash conversion | 36.9 | 42 |
| Efficiency | 55.7 | 44 |

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 74% of Koatsu GAS Kogyo's sales come from Gas business, with Chemical products business and Other business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit -1.6%.

## Company structure

- Segment revenue mix: Gas business 74.3%、Chemical products business 22.1%、Other business 3.6%
- Revenue → net income: ¥98001000000 → ¥4709000000
- Net income → operating cash flow: ¥4709000000 → ¥8002000000（difference ¥3293000000）
- Main uses of operating cash flow: CapEx ¥4480000000 / dividends ¥1652000000 / buybacks ¥0
- Change in cash: ¥-2789000000
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 | ¥98B |  |
| Operating income | ¥5.87B | Margin 6.0% |
| Net income | ¥4.66B | Margin 4.8% |
| Free cash flow | ¥3.52B |  |
| Largest business | Gas business | of segment revenue 74.3% |
| Employees (consolidated) | 2,005 |  |
| EPS | ¥71.94 |  |
| Book value per share | ¥1234.2 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 55,577,000 |  |
| Treasury shares | 401,100 |  |
| Shareholders | 17,957 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 26.6% |
| Vs. industry median margin | -1.5 pp | Chemicals |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76553967000 | ¥98001000000 | +28.0% |
| Operating income | ¥4189830000 | ¥5871000000 | +40.1% |
| Operating margin | 5.5% | 6.0% | +0.5 pp |
| Employees | 1,895 people | 2,005 people | +5.8% |
| Cash and equivalents | ¥21156211000 | ¥26028000000 | +23.0% |

### 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 |
| --- | ---: |
| ガス事業 → ガス事業 | 74.3% |
| ガス事業 → 事業再編・廃止 | 0.1% |
| 化成品事業 → 化成品事業 | 22.0% |
| その他事業 → その他事業 | 3.6% |
| 新設・再編 → 化成品事業 | 0.1% |
| 新設・再編 → その他事業 | 0.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gas business | 5 years | +5.0% | ¥72797000000 | 9.5% | 2 |
| Chemical products business | 5 years | +5.2% | ¥21694000000 | 3.5% | 2 |
| Other business | 5 years | +5.1% | ¥3509000000 | -2.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 98,001 | 100.0% | S100YHRU |
| Cost of revenue | 72,195 | 73.7% | S100YHRU |
| Gross profit | 25,806 | 26.3% | S100YHRU |
| SG&A | 20,610 | 21.0% | S100YHRU |
| Operating income | 5,871 | 6.0% | S100YHRU |
| Ordinary income | 6,951 | 7.1% | S100YHRU |
| Pretax income | 6,995 | 7.1% | S100YHRU |
| Income tax | 2,286 | 2.3% | S100YHRU |
| Net income | 4,709 | 4.8% | S100YHRU |
| Net income attributable to owners | 4,661 | 4.8% | S100YHRU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Other operating | -1 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.3% → Operating margin 6.0% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -1.6%
Operating leverage (core profit growth ÷ revenue growth): 6.20×
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 | 98,261 | 98,001 | -260 | -0.3% |
| Gross profit | 25,599 | 25,806 | 207 | +0.8% |
| Operating income | 5,969 | 5,871 | -98 | -1.6% |
| Net income attributable to owners | 4,784 | 4,661 | -123 | -2.6% |
| Operating cash flow | 6,421 | 8,002 | 1,581 | +24.6% |
| Free cash flow | 2,159 | 3,522 | 1,363 | +63.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 83,598 | 5,141 | 6.2% | 3,806 | 5,160 | 800 | S100LO1Z |
| FY ending Mar 2021 | 76,554 | 4,190 | 5.5% | 3,519 | 4,961 | 950 | S100ODEO |
| FY ending Mar 2022 | 82,113 | 4,721 | 5.7% | 4,150 | 5,796 | 1,332 | S100R3S0 |
| FY ending Mar 2023 | 90,906 | 5,116 | 5.6% | 3,941 | 5,652 | -1,290 | S100TSCY |
| FY ending Mar 2024 | 92,564 | 5,737 | 6.2% | 4,503 | 8,103 | 2,601 | S100W1V6 |
| FY ending Mar 2025 | 98,261 | 5,969 | 6.1% | 4,784 | 6,421 | 2,159 | S100YHRU |
| FY ending Mar 2026 | 98,001 | 5,871 | 6.0% | 4,661 | 8,002 | 3,522 | S100YHRU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.9M |
| Operating income per employee (consolidated) | ¥2.9M |
| 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) | 1,895 | 1,904 | 1,896 | 2,000 | 2,005 |
| Average salary (parent company) | ¥5.2M | ¥5.5M | ¥5.8M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 40.5 years | 41.1 years | 40.7 years | 41.0 years | 40.8 years |
| Average tenure (parent company) | 14.4 years | 14.9 years | 14.2 years | 14.2 years | 14.2 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas business | 72,797 | 74.3% | 6,949 | 9.5% |
| Chemical products business | 21,694 | 22.1% | 756 | 3.5% |
| Other business | 3,509 | 3.6% | -91 | -2.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gas business | 74.3% | 90.2% | 15.9 | 9.5% |
| Chemical products business | 22.1% | 9.8% | -12.3 | 3.5% |
| Other business | 3.6% | — | — | -2.6% |

Loss-making segment (excluded from profit shares): Other business -91 JPY mn

Segment → industry: Gas business → Chemicals / Gas business → Electric Power & Gas / Chemical products business → Paints & Inks

## 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 | 8,002 | 8.2% | S100YHRU |
| Capital expenditure | 4,480 | 4.6% | S100YHRU |
| Free cash flow | 3,522 | 3.6% | 算出 |
| Investing cash flow | -4,448 | -4.5% | S100YHRU |
| Financing cash flow | -6,345 | -6.5% | S100YHRU |
| Dividends paid | 1,652 | 1.7% | S100YHRU |
| Share buyback | 0 | 0.0% | S100YHRU |
| Change in cash | -2,789 | -2.8% | S100YHRU |
| Cash and equivalents | 26,028 | 26.6% | S100YHRU |

## 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 | 23,672 | 25,884 | 28,454 | 28,760 | 26,028 | S100TSCY, S100W1V6, S100YHRU |
| Total assets | 98,400 | 107,506 | 120,184 | 122,994 | 123,381 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Net assets | 65,901 | 69,070 | 76,451 | 79,692 | 85,001 | S100TSCY, S100W1V6, S100YHRU |
| Share capital | 2,885 | 2,885 | 2,885 | 2,885 | 2,885 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Property, plant and equipment | 31,650 | 35,927 | 39,149 | 41,883 | 42,040 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Intangible assets excluding goodwill | 692 | 593 | 639 | 586 | 469 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Investment securities | 9,862 | 9,731 | 14,670 | 13,655 | 16,888 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Current assets | 54,975 | 59,998 | 64,044 | 64,644 | 61,490 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Current liabilities | 25,682 | 28,474 | 29,909 | 29,468 | 28,230 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Trade payables | 10,923 | 11,294 | 12,921 | 11,922 | 10,987 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Short-term borrowings | 1,305 | 1,205 | 1,265 | 1,471 | 1,535 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Long-term borrowings | 4,634 | 7,743 | 10,122 | 10,090 | 5,299 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Total liabilities | 32,499 | 38,435 | 43,732 | 43,302 | 38,380 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Non-controlling interests | 615 | 659 | 734 | 776 | 835 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Equity attributable to owners of parent | 61,535 | 64,593 | 68,047 | 71,704 | 74,709 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Retained earnings | 56,039 | 59,097 | 62,551 | 66,176 | 69,181 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |
| Treasury stock | -200 | -200 | -200 | -200 | -200 | S100R3S0, S100TSCY, S100W1V6, S100YHRU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YHRU |
| Property, plant and equipment | 34% | S100YHRU |
| Intangibles and goodwill | 0% | S100YHRU |
| Investment securities | 14% | S100YHRU |
| Other assets | 31% | S100YHRU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YHRU |
| Other liabilities | 22% | S100YHRU |
| Equity | 69% | S100YHRU |

### 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 | 98,400 | 107,506 | 120,184 | 122,994 | 123,381 |
| Equity | 65,901 | 69,070 | 76,451 | 79,692 | 85,001 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,672 | 25,884 | 28,454 | 28,760 | 26,028 |

## 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) | 42.9% | S100YHRU |
| Fixed assets ÷ total assets | 34.1% | S100YHRU |
| Goodwill ÷ parent equity | — | —, S100YHRU |

### 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) | 21.1% |
| Cash ÷ revenue | 26.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.3% |
| Cash vs. profit gap | 3,341 JPY mn (of net income 71.7%) |
| Shareholder returns / net income | 35.4% |
| Shareholder returns / FCF | 46.9% |
| Shareholder payments — dividends / net income | 35.4% |
| Shareholder payments — dividends / FCF | 46.9% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 55.6% |

## 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 | 5.1% | 0.83× | 4.2% | 1.60× | 6.7% | S100R3S0 |
| 2023 | 4.3% | 0.88× | 3.8% | 1.63× | 6.2% | S100TSCY |
| 2024 | 4.9% | 0.81× | 4.0% | 1.72× | 6.8% | S100W1V6 |
| 2025 | 4.9% | 0.81× | 3.9% | 1.74× | 6.8% | S100YHRU |
| 2026 | 4.8% | 0.80× | 3.8% | 1.68× | 6.4% | S100YHRU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| こうあつ共栄会 | Major shareholder | 13.5% | 2026-03-31 |
| デンカ㈱ | Major shareholder | 9.9% | 2026-03-31 |
| 共栄火災海上保険㈱ | Major shareholder | 7.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| 日本酸素ホールディングス㈱ | Major shareholder | 5.7% | 2026-03-31 |
| みずほ信託銀行㈱退職給付信託みずほ銀行口再信託受託者㈱日本カストディ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 東洋電化工業㈱ | Major shareholder | 4.4% | 2026-03-31 |
| 高圧ガス社員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YHRU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHRU,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W1V6 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1V6,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TSCY | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSCY,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R3S0 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3S0,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100ODEO | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODEO,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LO1Z | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO1Z,, |

## 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).