# KOBAYASHI YOKO 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79期(2025/04/01－2026/03/31) (S100YJB4)
> Page: https://vizora.meequs.com/en/company/kobayashi-yoko
> Retrieved: 2026-09-30T17:56:55.065Z

## Company

Kobayashi Yoko, founded in 1949, is a company in Securities & Asset Management listed on TSE Standard. It has 143 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOBAYASHI YOKO CO.,LTD. |
| Ticker | 8742 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8742.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋蛎殻町一丁目15番7号 |
| Representative (per filing) | 代表取締役社長 細金 成光 |
| Founded | Mar 1949 |
| Share capital | ¥2B |
| Employees (consolidated) | 143 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.kobayashiyoko.com (https://www.kobayashiyoko.com/) |
| Corporate number | 5010001043372 |
| EDINET | E03723 |
| Industries (Vizora) | Securities & Asset Management, Non-life Insurance, Theme Parks & Leisure Facilities, Advertising, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJB4, filed 2026-06-25). As of filing

## Key points (generated from figures)

- About 44% of Kobayashi Yoko's sales come from Investment and financial service business, with A life and an environmental enterprise and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit +0.6%.

## Company structure

- Segment revenue mix: Investment and financial service business 43.7%、A life and an environmental enterprise 22.0%、Real estate business 17.4%、Sport facility offer business 9.6%、Internet advertising business 7.3%
- Revenue → net income: ¥2459632000 → ¥280054000
- Net income → operating cash flow: ¥280054000 → ¥575399000（difference ¥295345000）
- Main uses of operating cash flow: CapEx ¥172300000 / dividends ¥62245000 / buybacks ¥200381000
- Change in cash: ¥63592000
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 | ¥2.46B |  |
| Operating income | ¥182.3M | Margin 7.4% |
| Net income | ¥280.1M | Margin 11.4% |
| Free cash flow | ¥403.1M |  |
| Largest business | Investment and financial service business | of segment revenue 43.7% |
| Employees (consolidated) | 143 |  |
| EPS | ¥1.37 |  |
| Book value per share | ¥681.38 |  |
| Equity ratio | 41.9% |  |
| Shares outstanding | 12,554,379 |  |
| Treasury shares | 607,600 |  |
| Shareholders | 24,080 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 7.4% | Cash ÷ revenue 72.6% |
| Vs. industry median margin | -13.3 pp | Securities & Asset Management |
| ROE | 3.1% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.2× dividends
- FY2026, operating cash flow is 2.1× net income
- FY2026, segment profit share differs by 26 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1805239000 | ¥2459632000 | +36.2% |
| Operating income | ¥-197351000 | ¥182347000 | — |
| Operating margin | -10.9% | 7.4% | +18.3 pp |
| Employees | 156 people | 143 people | -8.3% |
| Cash and equivalents | ¥2086099000 | ¥1785686000 | -14.4% |

### 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 |
| --- | ---: |
| 投資・金融サービス業 → 投資・金融サービス業 | 37.1% |
| 生活・環境事業 → 生活・環境事業 | 22.0% |
| 生活・環境事業 → 事業再編・廃止 | 1.6% |
| スポーツ施設提供業 → スポーツ施設提供業 | 9.6% |
| スポーツ施設提供業 → 事業再編・廃止 | 1.0% |
| 不動産業 → 不動産業 | 16.7% |
| インターネット広告業 → インターネット広告業 | 6.0% |
| その他 → 事業再編・廃止 | 6.0% |
| 新設・再編 → 投資・金融サービス業 | 6.6% |
| 新設・再編 → 不動産業 | 0.8% |
| 新設・再編 → インターネット広告業 | 1.2% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Investment and financial service business | 5 years | +10.2% | ¥2207026000 | 9.9% | 2 |
| A life and an environmental enterprise | 5 years | +5.1% | ¥1110613000 | 5.2% | 2 |
| Real estate business | 5 years | +7.5% | ¥880065000 | 29.3% | 2 |
| Sport facility offer business | 5 years | +4.4% | ¥483243000 | 6.7% | 2 |
| Internet advertising business | 5 years | +10.7% | ¥366675000 | 7.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,460 | 100.0% | S100YJB4 |
| Cost of revenue | 1,655 | 67.3% | S100YJB4 |
| Gross profit | 805 | 32.7% | 算出 |
| Operating income | 182 | 7.4% | S100YJB4 |
| Ordinary income | 280 | 11.4% | S100YJB4 |
| Pretax income | 354 | 14.4% | S100YJB4 |
| Income tax | 74 | 3.0% | S100YJB4 |
| Net income | 280 | 11.4% | S100YJB4 |
| Net income attributable to owners | 280 | 11.4% | S100YJB4 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 32.7% → Operating margin 7.4% → Net margin 11.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.6%; Core profit growth: +0.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.09×
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 | 2,307 | 2,460 | 153 | +6.6% |
| Gross profit | 810 | 805 | -5 | -0.6% |
| Operating income | 181 | 182 | 1 | +0.6% |
| Net income attributable to owners | 239 | 280 | 41 | +17.0% |
| Operating cash flow | 444 | 575 | 131 | +29.6% |
| Free cash flow | 232 | 403 | 171 | +74.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,880 | -232 | -12.4% | -141 | 63 | -25 | S100LUUF |
| FY ending Mar 2021 | 1,805 | -197 | -10.9% | -122 | 543 | 383 | S100OLNT |
| FY ending Mar 2022 | 1,856 | -145 | -7.8% | -91 | -12 | -121 | S100R9PS |
| FY ending Mar 2023 | 1,992 | 179 | 9.0% | 200 | 271 | 117 | S100TWUS |
| FY ending Mar 2024 | 2,208 | 306 | 13.9% | 371 | 240 | -78 | S100W8GM |
| FY ending Mar 2025 | 2,307 | 181 | 7.9% | 239 | 444 | 232 | S100YJB4 |
| FY ending Mar 2026 | 2,460 | 182 | 7.4% | 280 | 575 | 403 | S100YJB4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.2M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥2M |

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) | 144 | 135 | 138 | 144 | 143 |
| Average salary (parent company) | ¥6.2M | ¥5.7M | ¥6M | ¥5.8M | ¥6.3M |
| Average age (parent company) | 47.4 years | 42.6 years | 43.6 years | 43.8 years | 44.8 years |
| Average tenure (parent company) | 24.3 years | 19.5 years | 20.5 years | 21.0 years | 22.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +6.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Investment and financial service business | 2,207 | 43.7% | 217 | 9.9% |
| A life and an environmental enterprise | 1,111 | 22.0% | 58 | 5.2% |
| Sport facility offer business | 483 | 9.6% | 33 | 6.7% |
| Real estate business | 880 | 17.4% | 258 | 29.3% |
| Internet advertising business | 367 | 7.3% | 28 | 7.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Investment and financial service business | 43.7% | 36.6% | -7.1 | 9.9% |
| A life and an environmental enterprise | 22.0% | 9.8% | -12.2 | 5.2% |
| Sport facility offer business | 9.6% | 5.5% | -4.1 | 6.7% |
| Real estate business | 17.4% | 43.4% | 25.9 | 29.3% |
| Internet advertising business | 7.3% | 4.8% | -2.5 | 7.7% |

Segment → industry: Investment and financial service business → Securities & Asset Management / A life and an environmental enterprise → Non-life Insurance / Sport facility offer business → Theme Parks & Leisure Facilities / Internet advertising business → Advertising / Real estate business → Real Estate Development & Leasing / A life and an environmental enterprise → Specialty Trading & Wholesale

## 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 | 575 | 23.4% | S100YJB4 |
| Capital expenditure | 172 | 7.0% | S100YJB4 |
| Free cash flow | 403 | 16.4% | 算出 |
| Investing cash flow | -179 | -7.3% | S100YJB4 |
| Financing cash flow | -333 | -13.5% | S100YJB4 |
| Dividends paid | 62 | 2.5% | S100YJB4 |
| Share buyback | 200 | 8.1% | S100YJB4 |
| Change in cash | 64 | 2.6% | S100YJB4 |
| Cash and equivalents | 1,786 | 72.6% | S100YJB4 |

## 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 | 1,816 | 1,765 | 1,699 | 1,722 | 1,786 | S100TWUS, S100W8GM, S100YJB4 |
| Total assets | 15,075 | 16,961 | 18,470 | 20,878 | 24,024 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Net assets | 8,623 | 8,872 | 9,522 | 9,768 | 10,072 | S100TWUS, S100W8GM, S100YJB4 |
| Share capital | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Property, plant and equipment | 3,947 | 3,846 | 3,922 | 3,837 | 3,783 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Intangible assets excluding goodwill | 26 | 55 | 127 | 141 | 111 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Goodwill | 10 | 7 | 5 | 3 | 1 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Investment securities | 1,193 | 1,348 | 1,927 | 2,198 | 2,696 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Current assets | 9,572 | 11,306 | 12,255 | 14,437 | 17,174 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Current liabilities | 5,932 | 7,551 | 8,271 | 10,381 | 13,080 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Short-term borrowings | 20 | — | 100 | 70 | — | S100R9PS, S100W8GM, S100YJB4 |
| Long-term borrowings | 20 | — | — | — | — | S100R9PS |
| Total liabilities | 6,452 | 8,089 | 8,948 | 11,110 | 13,952 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Equity attributable to owners of parent | 8,440 | 8,609 | 8,936 | 9,113 | 9,130 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Retained earnings | 5,116 | 5,285 | 5,612 | 5,790 | 6,007 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |
| Treasury stock | -70 | -70 | -71 | -71 | -272 | S100R9PS, S100TWUS, S100W8GM, S100YJB4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YJB4 |
| Property, plant and equipment | 16% | S100YJB4 |
| Intangibles and goodwill | 1% | S100YJB4 |
| Investment securities | 11% | S100YJB4 |
| Other assets | 65% | S100YJB4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YJB4 |
| Equity | 42% | S100YJB4 |

### 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 | 15,075 | 16,961 | 18,470 | 20,878 | 24,024 |
| Equity | 8,623 | 8,872 | 9,522 | 9,768 | 10,072 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,816 | 1,765 | 1,699 | 1,722 | 1,786 |

## 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) | 153.8% | S100YJB4 |
| Fixed assets ÷ total assets | 15.7% | S100YJB4 |
| Goodwill ÷ parent equity | 0.0% | S100YJB4 |

Goodwill over 4 years: 10 → 1 JPY; total investing cash flow: -1,224 JPY. This does not imply causation.

### 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) | 7.4% |
| Cash ÷ revenue | 72.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 315.6% |
| Cash vs. profit gap | 295 JPY mn (of net income 105.5%) |
| Shareholder returns / net income | 93.8% |
| Shareholder returns / FCF | 65.2% |
| Shareholder payments — dividends / net income | 22.2% |
| Shareholder payments — dividends / FCF | 15.4% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 31.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -0.6% | —× | — | S100R9PS |
| 2023 | 10.1% | 0.12× | 1.3% | 1.88× | 2.3% | S100TWUS |
| 2024 | 16.8% | 0.12× | 2.1% | 2.02× | 4.2% | S100W8GM |
| 2025 | 10.4% | 0.12× | 1.2% | 2.18× | 2.7% | S100YJB4 |
| 2026 | 11.4% | 0.11× | 1.2% | 2.46× | 3.1% | S100YJB4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社東京洋行 | Major shareholder | 26.0% | 2026-03-31 |
| 日産証券グループ株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 共和証券株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 細金 英光 | Major shareholder | 3.3% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.9% | 2026-03-31 |
| 細金 成光 | Major shareholder | 2.7% | 2026-03-31 |
| 特定有価証券信託受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 細金 千恵子 | Major shareholder | 1.5% | 2026-03-31 |
| パーシング ディヴィジョン オブ ドナルドソンラフキン アンド ジェンレット エスイーシー コーポレイション （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YJB4 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJB4,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W8GM | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8GM,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TWUS | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWUS,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R9PS | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9PS,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OLNT | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLNT,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LUUF | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUUF,, |

## 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).