# The Kodensha,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147期(2025/04/01－2026/03/31) (S100YFSO)
> Page: https://vizora.meequs.com/en/company/kodensha
> Retrieved: 2026-09-30T20:25:48.471Z

## Company

The Kodensha, founded in 1917, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 696 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Kodensha, Co., Ltd. |
| Ticker | 1948 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1948.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座五丁目11番10号 |
| Representative (per filing) | 代表取締役 社長執行役員 梶川 裕司 |
| Founded | Jun 1917 |
| Share capital | ¥1.52B |
| Employees (consolidated) | 696 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.kk-kodensha.co.jp (https://www.kk-kodensha.co.jp/) |
| Corporate number | 3010001034778 |
| EDINET | E02569 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFSO, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59 | 72 |
| Profitability | 46.7 | 76 |
| Cash conversion | 58.8 | 74 |
| Efficiency | 82.2 | 76 |

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 80% of The Kodensha's sales come from Electrical equipment engineering business, with Product sales business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +12.7% from the prior year, operating profit +26.4%.

## Company structure

- Segment revenue mix: Electrical equipment engineering business 80.2%、Product sales business 19.8%
- Revenue → net income: ¥44234000000 → ¥2895000000
- Net income → operating cash flow: ¥2895000000 → ¥3350000000（difference ¥455000000）
- Main uses of operating cash flow: CapEx ¥158000000 / dividends ¥838000000 / buybacks —
- Change in cash: ¥206000000
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 | ¥44.2B |  |
| Operating income | ¥3.89B | Margin 8.8% |
| Net income | ¥2.83B | Margin 6.4% |
| Free cash flow | ¥3.19B |  |
| Largest business | Electrical equipment engineering business | of segment revenue 80.2% |
| Employees (consolidated) | 696 |  |
| EPS | ¥328.12 |  |
| Book value per share | ¥2602.57 |  |
| Equity ratio | 63.8% |  |
| Shares outstanding | 8,970,000 |  |
| Treasury shares | 236,400 |  |
| Shareholders | 2,534 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 2.3% | Cash ÷ revenue 2.0% |
| Vs. industry median margin | -0.3 pp | Plant Engineering & Building Services |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32424000000 | ¥44234000000 | +36.4% |
| Operating income | ¥1223000000 | ¥3893000000 | +218.3% |
| Operating margin | 3.8% | 8.8% | +5 pp |
| Employees | 671 people | 696 people | +3.7% |
| Cash and equivalents | ¥1180000000 | ¥892000000 | -24.4% |

### 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 |
| --- | ---: |
| 電気設備工事 → 事業再編・廃止 | 75.2% |
| 商品販売 → 事業再編・廃止 | 24.8% |
| 新設・再編 → 電気設備工事 | 80.2% |
| 新設・再編 → 商品販売 | 19.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,234 | 100.0% | S100YFSO |
| Cost of revenue | 34,748 | 78.6% | S100YFSO |
| Gross profit | 9,485 | 21.4% | S100YFSO |
| SG&A | 5,592 | 12.6% | S100YFSO |
| Operating income | 3,893 | 8.8% | S100YFSO |
| Ordinary income | 4,015 | 9.1% | S100YFSO |
| Pretax income | 4,049 | 9.2% | S100YFSO |
| Income tax | 1,154 | 2.6% | S100YFSO |
| Net income | 2,895 | 6.5% | S100YFSO |
| Net income attributable to owners | 2,832 | 6.4% | S100YFSO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.4% → Operating margin 8.8% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.7%; Core profit growth: +26.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.08×
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 | 39,264 | 44,234 | 4,970 | +12.7% |
| Gross profit | 8,166 | 9,485 | 1,319 | +16.2% |
| Operating income | 3,081 | 3,893 | 812 | +26.4% |
| Net income attributable to owners | 2,737 | 2,832 | 95 | +3.5% |
| Operating cash flow | 1,116 | 3,350 | 2,234 | +200.2% |
| Free cash flow | 916 | 3,192 | 2,276 | +248.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,654 | 2,541 | 7.1% | 1,737 | -204 | -281 | S100LP72 |
| FY ending Mar 2021 | 32,424 | 1,223 | 3.8% | 885 | 2,854 | 2,618 | S100ODUC |
| FY ending Mar 2022 | 29,159 | 417 | 1.4% | 310 | -589 | -977 | S100R8MG |
| FY ending Mar 2023 | 33,557 | 682 | 2.0% | 556 | 123 | 71 | S100TVIM |
| FY ending Mar 2024 | 34,868 | 1,156 | 3.3% | 899 | 190 | 135 | S100W6HM |
| FY ending Mar 2025 | 39,264 | 3,081 | 7.8% | 2,737 | 1,116 | 916 | S100YFSO |
| FY ending Mar 2026 | 44,234 | 3,893 | 8.8% | 2,832 | 3,350 | 3,192 | S100YFSO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.6M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 678 | 681 | 687 | 687 | 696 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥6.8M | ¥7M | ¥7.4M |
| Average age (parent company) | 45.2 years | 45.3 years | 45.4 years | 43.8 years | 43.7 years |
| Average tenure (parent company) | 18.7 years | 19.2 years | 19.0 years | 18.3 years | 18.1 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +12.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical equipment engineering business | 35,474 | 80.2% | 5,447 | 15.4% |
| Product sales business | 8,759 | 19.8% | 344 | 3.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electrical equipment engineering business | 80.2% | 94.1% | 13.9 | 15.4% |
| Product sales business | 19.8% | 5.9% | -13.9 | 3.9% |

Segment → industry: Electrical equipment engineering business → Plant Engineering & Building Services / Product sales business → 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 | 3,350 | 7.6% | S100YFSO |
| Capital expenditure | 158 | 0.4% | S100YFSO |
| Free cash flow | 3,192 | 7.2% | 算出 |
| Investing cash flow | -2,251 | -5.1% | S100YFSO |
| Financing cash flow | -891 | -2.0% | S100YFSO |
| Dividends paid | 838 | 1.9% | S100YFSO |
| Change in cash | 206 | 0.5% | S100YFSO |
| Cash and equivalents | 892 | 2.0% | S100YFSO |

## 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 | 1,112 | 1,095 | 917 | 686 | 892 | S100TVIM, S100W6HM, S100YFSO |
| Total assets | 28,460 | 31,578 | 32,424 | 33,375 | 39,202 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Net assets | 18,544 | 18,725 | 20,455 | 21,914 | 25,182 | S100TVIM, S100W6HM, S100YFSO |
| Share capital | 1,520 | 1,520 | 1,520 | 1,520 | 1,520 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Property, plant and equipment | 1,261 | 1,206 | 1,148 | 1,052 | 1,106 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Intangible assets excluding goodwill | 624 | 531 | 441 | 384 | 275 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Investment securities | 988 | 966 | 1,030 | 1,440 | 1,756 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Current assets | 22,734 | 25,884 | 25,452 | 25,825 | 29,599 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Current liabilities | 9,427 | 12,342 | 11,397 | 10,781 | 12,687 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Short-term borrowings | 560 | 560 | 560 | 500 | 460 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Total liabilities | 9,915 | 12,853 | 11,968 | 11,461 | 14,019 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Non-controlling interests | 85 | 96 | 100 | 103 | 164 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Equity attributable to owners of parent | 18,185 | 18,350 | 18,849 | 20,581 | 22,575 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Retained earnings | 15,660 | 15,826 | 16,335 | 18,303 | 20,297 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |
| Treasury stock | -65 | -67 | -76 | -313 | -313 | S100R8MG, S100TVIM, S100W6HM, S100YFSO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YFSO |
| Property, plant and equipment | 3% | S100YFSO |
| Intangibles and goodwill | 1% | S100YFSO |
| Investment securities | 4% | S100YFSO |
| Other assets | 90% | S100YFSO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YFSO |
| Equity | 64% | S100YFSO |
| Other liabilities | 0% | S100YFSO |

### 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 | 28,460 | 31,578 | 32,424 | 33,375 | 39,202 |
| Equity | 18,544 | 18,725 | 20,455 | 21,914 | 25,182 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,112 | 1,095 | 917 | 686 | 892 |

## 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) | 2.5% | S100YFSO |
| Fixed assets ÷ total assets | 2.8% | S100YFSO |
| Goodwill ÷ parent equity | — | —, S100YFSO |

### 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) | 2.3% |
| Cash ÷ revenue | 2.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.1% |
| Cash vs. profit gap | 518 JPY mn (of net income 18.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.6% |
| Shareholder payments — dividends / FCF | 26.3% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 67.2% |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱電機株式会社 | Major shareholder | 51.4% | 2026-03-31 |
| 弘電社従業員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| JP JPMSE LUX RE UBS AG LONDONBRANCH EQ CO (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.4% | 2026-03-31 |
| ネグロス電工株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 (常任代理人 株式会社三井住友銀行) | Major shareholder | 0.8% | 2026-03-31 |
| 河村徹 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第147期(2025/04/01－2026/03/31) | S100YFSO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFSO,, |
| 有価証券報告書－第146期(2024/04/01－2025/03/31) | S100W6HM | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6HM,, |
| 有価証券報告書－第145期(2023/04/01－2024/03/31) | S100TVIM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVIM,, |
| 有価証券報告書－第144期(2022/04/01－2023/03/31) | S100R8MG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8MG,, |
| 有価証券報告書－第143期(令和3年4月1日－令和4年3月31日) | S100ODUC | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODUC,, |
| 有価証券報告書－第142期(令和2年4月1日－令和3年3月31日) | S100LP72 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP72,, |

## 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).