# Kohjin Bio 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45期(2025/04/01－2026/03/31) (S100YB5D)
> Page: https://vizora.meequs.com/en/company/kohjin-bio
> Retrieved: 2026-09-30T19:50:16.482Z

## Company

Kohjin Bio, founded in 1981, is a company in Medical Devices listed on TSE Growth. It has 176 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kohjin Bio Co., Ltd. |
| Ticker | 177A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/177A.T) |
| Listing | TSE Growth |
| Head office | 埼玉県坂戸市千代田五丁目1番地3 |
| Representative (per filing) | 代表取締役社長 中村 孝人 |
| Founded | Apr 1981 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 176 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | kohjin-bio.jp (https://kohjin-bio.jp/) |
| Corporate number | 5030001068764 |
| EDINET | E38689 |
| Industries (Vizora) | Medical Devices, CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YB5D, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Biotech & Regenerative Medicine (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 41.7 | 6 |
| Cash conversion | 87.5 | 4 |
| Efficiency | 50 | 7 |

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 51% of Kohjin Bio's sales come from Tissue culture business, with Microbiological business and Cell process business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -5.1% from the prior year, operating profit -65.5%.

## Company structure

- Segment revenue mix: Tissue culture business 51.4%、Microbiological business 28.8%、Cell process business 19.7%
- Revenue → net income: ¥4939025000 → ¥251019000
- Net income → operating cash flow: ¥251019000 → ¥698508000（difference ¥447489000）
- Main uses of operating cash flow: CapEx ¥970128000 / dividends ¥122540000 / buybacks —
- Change in cash: ¥-463081000
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 | ¥4.94B |  |
| Operating income | ¥341.5M | Margin 6.9% |
| Net income | ¥251M | Margin 5.1% |
| Free cash flow | -¥271.6M |  |
| Largest business | Tissue culture business | of segment revenue 51.4% |
| Employees (consolidated) | 176 |  |
| EPS | ¥12.27 |  |
| Book value per share | ¥957.02 |  |
| Equity ratio | 66.8% |  |
| Shares outstanding | 5,111,600 |  |
| Shareholders | 1,515 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 27.9% | Cash ÷ revenue 50.3% |
| Vs. industry median margin | -0.1 pp | Biotech & Regenerative Medicine |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, segment profit share differs by 41 points

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4742992000 | ¥4939025000 | +4.1% |
| Operating income | ¥1267494000 | ¥341536000 | -73.1% |
| Operating margin | 26.7% | 6.9% | -19.8 pp |
| Employees | 139 people | 176 people | +26.6% |
| Cash and equivalents | ¥1462566000 | ¥2486185000 | +70.0% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 組織培養事業 → 組織培養事業 | 34.8% |
| 微生物事業 → 微生物事業 | 28.8% |
| 微生物事業 → 事業再編・廃止 | 21.7% |
| 細胞加工事業 → 細胞加工事業 | 14.7% |
| 新設・再編 → 組織培養事業 | 16.7% |
| 新設・再編 → 細胞加工事業 | 5.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tissue culture business | 3 years | +15.5% | ¥2539559000 | 37.3% | 2 |
| Microbiological business | 3 years | -15.9% | ¥1424690000 | -6.6% | 2 |
| Cell process business | 3 years | +11.8% | ¥974775000 | 8.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,939 | 100.0% | S100YB5D |
| Cost of revenue | 3,082 | 62.4% | S100YB5D |
| Gross profit | 1,857 | 37.6% | S100YB5D |
| SG&A | 1,516 | 30.7% | S100YB5D |
| Operating income | 342 | 6.9% | S100YB5D |
| Ordinary income | 341 | 6.9% | S100YB5D |
| Pretax income | 332 | 6.7% | S100YB5D |
| Income tax | 81 | 1.6% | S100YB5D |
| Net income | 251 | 5.1% | S100YB5D |
| Net income attributable to owners | 251 | 5.1% | S100YB5D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 31 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 37.6% → Operating margin 6.9% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.1%; Core profit growth: -65.5%
Operating leverage (core profit growth ÷ revenue growth): 12.77×
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 | 5,206 | 4,939 | -267 | -5.1% |
| Gross profit | 2,366 | 1,857 | -509 | -21.5% |
| Operating income | 991 | 342 | -650 | -65.5% |
| Net income attributable to owners | 795 | 251 | -544 | -68.4% |
| Operating cash flow | 916 | 699 | -217 | -23.7% |
| Free cash flow | 28 | -272 | -300 | -1068.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 4,743 | 1,267 | 26.7% | 830 | 461 | -100 | S100TX40 |
| FY ending Mar 2024 | 4,770 | 597 | 12.5% | 385 | 824 | 261 | S100W2HI |
| FY ending Mar 2025 | 5,206 | 991 | 19.0% | 795 | 916 | 28 | S100YB5D |
| FY ending Mar 2026 | 4,939 | 342 | 6.9% | 251 | 699 | -272 | S100YB5D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 139 | 159 | 167 | 176 |
| Average salary (parent company) | — | ¥5.6M | ¥5.6M | ¥5.5M |
| Average age (parent company) | — | 37.8 years | 38.0 years | 38.6 years |
| Average tenure (parent company) | — | 6.0 years | 6.0 years | 6.1 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) -5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tissue culture business | 2,540 | 51.4% | 946 | 37.3% |
| Microbiological business | 1,425 | 28.8% | -95 | -6.6% |
| Cell process business | 975 | 19.7% | 80 | 8.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tissue culture business | 51.4% | 92.2% | 40.8 | 37.3% |
| Microbiological business | 28.8% | — | — | -6.6% |
| Cell process business | 19.7% | 7.8% | -11.9 | 8.2% |

Loss-making segment (excluded from profit shares): Microbiological business -95 JPY mn

Segment → industry: Microbiological business → Medical Devices / Cell process business → CRO & Clinical Testing / Tissue culture business → Biotech & Regenerative Medicine

## 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 | 699 | 14.1% | S100YB5D |
| Capital expenditure | 970 | 19.6% | S100YB5D |
| Free cash flow | -272 | -5.5% | 算出 |
| Investing cash flow | -868 | -17.6% | S100YB5D |
| Financing cash flow | -321 | -6.5% | S100YB5D |
| Dividends paid | 123 | 2.5% | S100YB5D |
| Change in cash | -463 | -9.4% | S100YB5D |
| Cash and equivalents | 2,486 | 50.3% | S100YB5D |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,463 | 1,727 | 2,949 | 2,486 | S100W2HI, S100YB5D |
| Total assets | 6,135 | 6,589 | 9,067 | 8,904 | S100TX40, S100W2HI, S100YB5D |
| Net assets | 3,018 | 3,342 | 5,782 | 5,945 | S100W2HI, S100YB5D |
| Share capital | 427 | 427 | 1,254 | 1,254 | S100TX40, S100W2HI, S100YB5D |
| Property, plant and equipment | 2,172 | 2,587 | 3,254 | 3,798 | S100TX40, S100W2HI, S100YB5D |
| Intangible assets excluding goodwill | 4 | 3 | 27 | 19 | S100TX40, S100W2HI, S100YB5D |
| Investment securities | 410 | 482 | 581 | 661 | S100TX40, S100W2HI, S100YB5D |
| Current assets | 3,479 | 3,410 | 5,067 | 4,268 | S100TX40, S100W2HI, S100YB5D |
| Current liabilities | 3,022 | 2,398 | 2,487 | 2,369 | S100TX40, S100W2HI, S100YB5D |
| Trade payables | 146 | 163 | 134 | 117 | S100TX40, S100W2HI, S100YB5D |
| Short-term borrowings | 1,200 | 1,500 | 1,500 | 1,500 | S100TX40, S100W2HI, S100YB5D |
| Long-term borrowings | — | 525 | 375 | 225 | S100W2HI, S100YB5D |
| Total liabilities | 3,117 | 3,247 | 3,285 | 2,959 | S100TX40, S100W2HI, S100YB5D |
| Equity attributable to owners of parent | 2,975 | 3,281 | 5,672 | 5,801 | S100TX40, S100W2HI, S100YB5D |
| Retained earnings | 2,223 | 2,529 | 3,265 | 3,393 | S100TX40, S100W2HI, S100YB5D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YB5D |
| Property, plant and equipment | 43% | S100YB5D |
| Intangibles and goodwill | 0% | S100YB5D |
| Investment securities | 7% | S100YB5D |
| Other assets | 22% | S100YB5D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YB5D |
| Other liabilities | 32% | S100YB5D |
| Equity | 67% | S100YB5D |
| Other liabilities | 0% | S100YB5D |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 6,135 | 6,589 | 9,067 | 8,904 |
| Equity | 3,018 | 3,342 | 5,782 | 5,945 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,463 | 1,727 | 2,949 | 2,486 |

## 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) | 76.9% | S100YB5D |
| Fixed assets ÷ total assets | 42.7% | S100YB5D |
| Goodwill ÷ parent equity | — | —, S100YB5D |

### 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) | 27.9% |
| Cash ÷ revenue | 50.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 204.5% |
| Cash vs. profit gap | 447 JPY mn (of net income 178.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 19.6% |
| Investing CF relative to operating CF | 124.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 17.5% | 0.77× | 13.5% | 2.06× | 27.9% | S100TX40 |
| 2024 | 8.1% | 0.75× | 6.1% | 2.03× | 12.3% | S100W2HI |
| 2025 | 15.3% | 0.67× | 10.2% | 1.75× | 17.8% | S100YB5D |
| 2026 | 5.1% | 0.55× | 2.8% | 1.57× | 4.4% | S100YB5D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村 孝人 | Major shareholder | 43.2% | 2026-03-31 |
| TAKAコーポレーション株式会社 | Major shareholder | 8.2% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 7.6% | 2026-03-31 |
| オリエンタル酵母工業株式会社 | Major shareholder | 5.3% | 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 | 4.5% | 2026-03-31 |
| 富士フイルム和光純薬株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| コージンバイオ従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| コスモ・バイオ株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 渡辺 恒美 | Major shareholder | 1.5% | 2026-03-31 |
| 家田化学薬品株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YB5D | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB5D,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W2HI | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2HI,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TX40 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX40,, |

## 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).