# KOGI 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121期(2025/04/01－2026/03/31) (S100YJMF)
> Page: https://vizora.meequs.com/en/company/kogi
> Retrieved: 2026-09-30T20:58:46.952Z

## Company

Kogi, founded in 1916, is a company in Auto Parts listed on TSE Standard. It has 766 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOGI CORPORATION |
| Ticker | 5603 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5603.T) |
| Listing | TSE Standard |
| Head office | 兵庫県姫路市大津区勘兵衛町4丁目1番地 |
| Representative (per filing) | 代表取締役社長 山本 幹雄 |
| Founded | Dec 1916 |
| Share capital | ¥2B |
| Employees (consolidated) | 766 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.kogi.co.jp (https://www.kogi.co.jp/) |
| Corporate number | 6140001063844 |
| EDINET | E01269 |
| Industries (Vizora) | Auto Parts, Steel, Industrial Machinery |

> Profile source: annual securities report (S100YJMF, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.2 | 33 |
| Profitability | 24.3 | 35 |
| Cash conversion | 37.1 | 31 |
| Efficiency | 52.9 | 35 |

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 89% of Kogi's sales come from Casting field, with Environment field-Environmental engineering and Environment fieid-Functional materials making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.4% from the prior year, operating profit -44.6%.

## Company structure

- Segment revenue mix: Casting field 88.6%、Environment field-Environmental engineering 8.0%、Environment fieid-Functional materials 3.3%、Other 0.1%
- Revenue → net income: ¥25688000000 → ¥529000000
- Net income → operating cash flow: ¥529000000 → ¥881000000（difference ¥352000000）
- Main uses of operating cash flow: CapEx ¥1565000000 / dividends ¥196000000 / buybacks —
- Change in cash: ¥-740000000
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 | ¥25.7B |  |
| Operating income | ¥618M | Margin 2.4% |
| Net income | ¥470M | Margin 1.8% |
| Free cash flow | -¥684M |  |
| Largest business | Casting field | of segment revenue 88.6% |
| Employees (consolidated) | 766 |  |
| EPS | ¥156.6 |  |
| Book value per share | ¥3935.16 |  |
| Equity ratio | 43.2% |  |
| Shares outstanding | 3,362,000 |  |
| Treasury shares | 79,800 |  |
| Shareholders | 2,977 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | -1.1 pp | Steel |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18068000000 | ¥25688000000 | +42.2% |
| Operating income | ¥284000000 | ¥618000000 | +117.6% |
| Operating margin | 1.6% | 2.4% | +0.8 pp |
| Employees | 749 people | 766 people | +2.3% |
| Cash and equivalents | ¥2591000000 | ¥2418000000 | -6.7% |

### 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 |
| --- | ---: |
| Casting Field → Casting Field | 44.7% |
| 鋳物関連事業 → 事業再編・廃止 | 44.7% |
| Environment Field・環境エンジニアリング → Environment Field・環境エンジニアリング | 5.8% |
| 環境関連事業 → 事業再編・廃止 | 2.5% |
| Environment Field・機能材料 → Environment Field・機能材料 | 2.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → Casting Field | 44.0% |
| 新設・再編 → Environment Field・環境エンジニアリング | 2.2% |
| 新設・再編 → Environment Field・機能材料 | 1.0% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Casting field | 5 years | +8.3% | ¥22767000000 | 3.9% | 2 |
| Environment field-Environmental engineering | 5 years | +0.7% | ¥2056000000 | -4.3% | 2 |
| Environment fieid-Functional materials | 5 years | +1.3% | ¥835000000 | 5.4% | 2 |
| Other | 5 years | +3.1% | ¥28000000 | -28.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,688 | 100.0% | S100YJMF |
| Cost of revenue | 21,656 | 84.3% | S100YJMF |
| Gross profit | 4,032 | 15.7% | S100YJMF |
| SG&A | 3,413 | 13.3% | S100YJMF |
| Operating income | 618 | 2.4% | S100YJMF |
| Ordinary income | 669 | 2.6% | S100YJMF |
| Pretax income | 700 | 2.7% | S100YJMF |
| Income tax | 170 | 0.7% | S100YJMF |
| Net income | 529 | 2.1% | S100YJMF |
| Net income attributable to owners | 470 | 1.8% | S100YJMF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 13 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.7% → Operating margin 2.4% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.4%; Core profit growth: -44.6%
Operating leverage (core profit growth ÷ revenue growth): 18.67×
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 | 26,317 | 25,688 | -629 | -2.4% |
| Gross profit | 4,313 | 4,032 | -281 | -6.5% |
| Operating income | 1,116 | 618 | -498 | -44.6% |
| Net income attributable to owners | 798 | 470 | -328 | -41.1% |
| Operating cash flow | 4,807 | 881 | -3,926 | -81.7% |
| Free cash flow | 3,757 | -684 | -4,441 | -118.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,259 | 539 | 2.5% | 102 | 2,173 | 732 | S100LYK0 |
| FY ending Mar 2021 | 18,068 | 284 | 1.6% | 285 | 2,093 | 1,002 | S100OIKL |
| FY ending Mar 2022 | 23,117 | 154 | 0.7% | 43 | 1,027 | -518 | S100R6LO |
| FY ending Mar 2023 | 26,726 | 807 | 3.0% | 466 | -119 | -1,303 | S100TS22 |
| FY ending Mar 2024 | 25,963 | 786 | 3.0% | 538 | -53 | -1,295 | S100W3LW |
| FY ending Mar 2025 | 26,317 | 1,116 | 4.2% | 798 | 4,807 | 3,757 | S100YJMF |
| FY ending Mar 2026 | 25,688 | 618 | 2.4% | 470 | 881 | -684 | S100YJMF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.5M |
| Operating income per employee (consolidated) | ¥806.8K |
| Net income per employee (consolidated) | ¥613.6K |

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) | 739 | 734 | 743 | 752 | 766 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.9M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 40.1 years | 40.4 years | 41.5 years | 41.2 years | 41.7 years |
| Average tenure (parent company) | 17.3 years | 17.5 years | 18.4 years | 17.5 years | 18.0 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) -2.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Casting field | 22,767 | 88.6% | 888 | 3.9% |
| Environment field-Environmental engineering | 2,056 | 8.0% | -89 | -4.3% |
| Environment fieid-Functional materials | 835 | 3.3% | 45 | 5.4% |
| Other | 28 | 0.1% | -8 | -28.6% |

### 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 |
| --- | ---: |
| Casting field | 88.6% |
| Environment field-Environmental engineering | 8.0% |
| Environment fieid-Functional materials | 3.3% |
| Other | 0.1% |

Segment → industry: Environment fieid-Functional materials → Auto Parts / Casting field → Steel / Environment field-Environmental engineering → Industrial Machinery

## 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 | 881 | 3.4% | S100YJMF |
| Capital expenditure | 1,565 | 6.1% | S100YJMF |
| Free cash flow | -684 | -2.7% | 算出 |
| Investing cash flow | -1,528 | -5.9% | S100YJMF |
| Financing cash flow | -94 | -0.4% | S100YJMF |
| Dividends paid | 196 | 0.8% | S100YJMF |
| Change in cash | -740 | -2.9% | S100YJMF |
| Cash and equivalents | 2,418 | 9.4% | S100YJMF |

## 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 | 3,113 | 2,091 | 2,633 | 3,158 | 2,418 | S100TS22, S100W3LW, S100YJMF |
| Total assets | 31,247 | 32,458 | 35,274 | 33,714 | 35,885 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Net assets | 13,783 | 15,036 | 16,843 | 18,048 | 19,352 | S100TS22, S100W3LW, S100YJMF |
| Share capital | 2,002 | 2,002 | 2,002 | 2,002 | 2,002 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Property, plant and equipment | 9,844 | 9,646 | 9,479 | 9,207 | 9,881 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Intangible assets excluding goodwill | 255 | 264 | 471 | 502 | 490 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Goodwill | — | — | 94 | 79 | 63 | S100W3LW, S100YJMF |
| Investment securities | 1,990 | 2,389 | 3,565 | 3,477 | 4,311 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Current assets | 19,085 | 20,010 | 21,622 | 20,297 | 20,664 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Current liabilities | 13,892 | 14,618 | 14,216 | 12,026 | 13,273 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Trade payables | 4,239 | 3,773 | 2,930 | 3,099 | 2,885 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Short-term borrowings | 6,370 | 7,611 | 8,752 | 6,422 | 7,183 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Long-term borrowings | 2,465 | 1,593 | 2,970 | 2,410 | 1,850 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Total liabilities | 17,463 | 17,421 | 18,431 | 15,665 | 16,532 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Non-controlling interests | 2,747 | 3,219 | 3,323 | 3,689 | 3,833 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Equity attributable to owners of parent | 9,858 | 10,248 | 10,672 | 11,274 | 11,563 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Retained earnings | 7,308 | 7,742 | 8,166 | 8,768 | 9,043 | S100R6LO, S100TS22, S100W3LW, S100YJMF |
| Treasury stock | -55 | -98 | -98 | -99 | -85 | S100R6LO, S100TS22, S100W3LW, S100YJMF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YJMF |
| Property, plant and equipment | 27% | S100YJMF |
| Intangibles and goodwill | 2% | S100YJMF |
| Investment securities | 12% | S100YJMF |
| Other assets | 52% | S100YJMF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJMF |
| Other liabilities | 38% | S100YJMF |
| Equity | 54% | S100YJMF |
| Other liabilities | 0% | S100YJMF |

### 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 | 31,247 | 32,458 | 35,274 | 33,714 | 35,885 |
| Equity | 13,783 | 15,036 | 16,843 | 18,048 | 19,352 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,113 | 2,091 | 2,633 | 3,158 | 2,418 |

## 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) | 38.5% | S100YJMF |
| Fixed assets ÷ total assets | 27.5% | S100YJMF |
| Goodwill ÷ parent equity | 0.5% | S100YJMF |

### 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) | 6.7% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 142.6% |
| Cash vs. profit gap | 411 JPY mn (of net income 87.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| Investing CF relative to operating CF | 173.4% |

## 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 | 0.2% | 0.74× | 0.1% | 3.17× | 0.4% | S100R6LO |
| 2023 | 1.7% | 0.84× | 1.5% | 3.17× | 4.6% | S100TS22 |
| 2024 | 2.1% | 0.77× | 1.6% | 3.24× | 5.1% | S100W3LW |
| 2025 | 3.0% | 0.76× | 2.3% | 3.14× | 7.3% | S100YJMF |
| 2026 | 1.8% | 0.74× | 1.4% | 3.05× | 4.1% | S100YJMF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 虹技取引先持株会 | Major shareholder | 6.5% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社神戸製鋼所 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 虹技社員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 吉川 光憲 | Major shareholder | 1.8% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第121期(2025/04/01－2026/03/31) | S100YJMF | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJMF,, |
| 有価証券報告書－第120期(2024/04/01－2025/03/31) | S100W3LW | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3LW,, |
| 有価証券報告書－第119期(2023/04/01－2024/03/31) | S100TS22 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS22,, |
| 有価証券報告書－第118期(2022/04/01－2023/03/31) | S100R6LO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6LO,, |
| 有価証券報告書－第117期(令和3年4月1日－令和4年3月31日) | S100OIKL | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIKL,, |
| 訂正有価証券報告書－第116期(令和2年4月1日－令和3年3月31日) | S100LYK0 | 2021-07-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYK0,, |

## 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).