# KOHNAN SHOJI CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/03/01－2026/02/28) (S100Y7KL)
> Page: https://vizora.meequs.com/en/company/kohnan-shoji
> Retrieved: 2026-09-30T22:16:49.580Z

## Company

Kohnan Shoji, founded in 1978, is a company in Home Centers listed on TSE Prime. It has 5,244 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOHNAN SHOJI CO., LTD. |
| Ticker | 7516 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7516.T) |
| Listing | TSE Prime |
| Head office | 堺市西区鳳東町4丁401番地1 (同所は登記上の本店所在地であり、実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 疋田 直太郎 |
| Founded | Sep 1978 |
| Share capital | ¥17.7B |
| Employees (consolidated) | 5,244 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.hc-kohnan.com (https://www.hc-kohnan.com/) |
| Corporate number | 3120101003135 |
| EDINET | E03273 |
| Industries (Vizora) | Home Centers |

> Profile source: annual securities report (S100Y7KL, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 8 |
| Profitability | 65 | 10 |
| Cash conversion | 15 | 10 |
| Efficiency | 45 | 10 |

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)

- Kohnan Shoji brought in ¥502.1B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -10.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥502059000000 → ¥12288000000
- Net income → operating cash flow: ¥12288000000 → ¥22990000000（difference ¥10702000000）
- Main uses of operating cash flow: CapEx ¥14679000000 / dividends ¥3381000000 / buybacks ¥2000000000
- Change in cash: ¥3776000000
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 | ¥502.1B |  |
| Operating income | ¥22.4B | Margin 4.5% |
| Net income | ¥12.3B | Margin 2.4% |
| Free cash flow | ¥8.31B |  |
| Employees (consolidated) | 5,244 |  |
| EPS | ¥431.13 |  |
| Diluted EPS | ¥431.1 |  |
| Book value per share | ¥6072.93 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 34,682,113 |  |
| Treasury shares | 5,573,300 |  |
| Shareholders | 17,402 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 2.6% | Cash ÷ revenue 2.6% |
| Vs. industry median margin | +1.2 pp | Home Centers |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥427124000000 | ¥502059000000 | +17.5% |
| Operating income | ¥30919000000 | ¥22397000000 | -27.6% |
| Operating margin | 7.2% | 4.5% | -2.8 pp |
| Employees | 4,037 people | 5,244 people | +29.9% |
| Cash and equivalents | ¥14663000000 | ¥13300000000 | -9.3% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 502,059 | 100.0% | S100Y7KL |
| Cost of revenue | 316,527 | 63.0% | S100Y7KL |
| Gross profit | 185,532 | 37.0% | S100Y7KL |
| SG&A | 180,854 | 36.0% | S100Y7KL |
| Operating income | 22,397 | 4.5% | S100Y7KL |
| Ordinary income | 20,754 | 4.1% | S100Y7KL |
| Pretax income | 18,798 | 3.7% | S100Y7KL |
| Income tax | 6,509 | 1.3% | S100Y7KL |
| Net income | 12,288 | 2.4% | S100Y7KL |
| Net income attributable to owners | 12,263 | 2.4% | S100Y7KL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 36 |
| Other operating | -3 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 37.0% → Operating margin 4.5% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -10.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.84×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 484,293 | 502,059 | 17,766 | +3.7% |
| Gross profit | 179,458 | 185,532 | 6,074 | +3.4% |
| Operating income | 25,001 | 22,397 | -2,604 | -10.4% |
| Net income attributable to owners | 14,210 | 12,263 | -1,947 | -13.7% |
| Operating cash flow | 22,441 | 22,990 | 549 | +2.4% |
| Free cash flow | 1,305 | 8,311 | 7,006 | +536.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 360,013 | 20,060 | 5.6% | 11,830 | 26,690 | 15,624 | S100LFEE |
| FY ending Feb 2021 | 427,124 | 30,919 | 7.2% | 18,649 | 35,122 | 20,313 | S100QF55 |
| FY ending Feb 2022 | 425,704 | 25,788 | 6.1% | 15,590 | 17,436 | 6,349 | S100QU1R |
| FY ending Feb 2023 | 423,136 | 22,019 | 5.2% | 13,235 | 9,402 | -6,216 | S100TJK1 |
| FY ending Feb 2024 | 456,345 | 24,097 | 5.3% | 14,054 | 22,494 | 3,741 | S100VUWD |
| FY ending Feb 2025 | 484,293 | 25,001 | 5.2% | 14,210 | 22,441 | 1,305 | S100Y7KL |
| FY ending Feb 2026 | 502,059 | 22,397 | 4.5% | 12,263 | 22,990 | 8,311 | S100Y7KL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95.7M |
| Operating income per employee (consolidated) | ¥4.3M |
| 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,283 | 4,429 | 4,806 | 4,898 | 5,244 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 39.8 years | 40.1 years | 40.5 years | 41.0 years | 41.6 years |
| Average tenure (parent company) | 13.5 years | 14.2 years | 14.7 years | 15.1 years | 15.6 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +3.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 22,990 | 4.6% | S100Y7KL |
| Capital expenditure | 14,679 | 2.9% | S100Y7KL |
| Free cash flow | 8,311 | 1.7% | 算出 |
| Investing cash flow | -20,650 | -4.1% | S100Y7KL |
| Financing cash flow | 1,460 | 0.3% | S100Y7KL |
| Dividends paid | 3,381 | 0.7% | S100Y7KL |
| Share buyback | 2,000 | 0.4% | S100Y7KL |
| Change in cash | 3,776 | 0.8% | S100Y7KL |
| Cash and equivalents | 13,300 | 2.6% | S100Y7KL |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,224 | 9,199 | 10,205 | 9,523 | 13,300 | S100TJK1, S100VUWD, S100Y7KL |
| Total assets | 398,076 | 419,249 | 458,557 | 479,006 | 504,793 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Net assets | 142,444 | 149,555 | 157,257 | 165,792 | 173,849 | S100TJK1, S100VUWD, S100Y7KL |
| Share capital | 17,658 | 17,658 | 17,658 | 17,658 | 17,658 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Property, plant and equipment | 187,571 | 189,393 | 206,786 | 216,101 | 215,952 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Intangible assets excluding goodwill | 28,169 | 26,888 | 26,860 | 25,148 | 28,391 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Goodwill | 15,245 | 14,086 | 14,608 | 13,288 | 15,806 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Investment securities | 3,920 | 4,793 | 4,550 | 4,515 | 6,136 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Current assets | 123,884 | 141,292 | 159,455 | 170,496 | 189,346 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Current liabilities | 102,414 | 115,553 | 125,032 | 123,480 | 142,403 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Trade payables | — | — | — | — | 38,543 | S100Y7KL |
| Short-term borrowings | 9,187 | 20,937 | 24,000 | 17,100 | 28,200 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Long-term borrowings | 85,988 | 87,626 | 108,138 | 118,774 | 118,240 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Total liabilities | 255,632 | 269,694 | 301,300 | 313,214 | 330,944 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Non-controlling interests | — | — | — | — | 451 | S100Y7KL |
| Equity attributable to owners of parent | 142,045 | 149,043 | 156,432 | 164,722 | 171,628 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Retained earnings | 118,946 | 129,682 | 140,899 | 152,173 | 161,053 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |
| Treasury stock | -12,483 | -16,220 | -20,048 | -23,033 | -25,006 | S100QU1R, S100TJK1, S100VUWD, S100Y7KL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100Y7KL |
| Property, plant and equipment | 43% | S100Y7KL |
| Intangibles and goodwill | 9% | S100Y7KL |
| Investment securities | 1% | S100Y7KL |
| Other assets | 44% | S100Y7KL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Y7KL |
| Other liabilities | 58% | S100Y7KL |
| Equity | 34% | S100Y7KL |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 398,076 | 419,249 | 458,557 | 479,006 | 504,793 |
| Equity | 142,444 | 149,555 | 157,257 | 165,792 | 173,849 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,224 | 9,199 | 10,205 | 9,523 | 13,300 |

## 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) | 43.0% | S100Y7KL |
| Fixed assets ÷ total assets | 42.8% | S100Y7KL |
| Goodwill ÷ parent equity | 9.2% | S100Y7KL |

Goodwill over 4 years: 15,245 → 15,806 JPY; total investing cash flow: -96,998 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) | 2.6% |
| Cash ÷ revenue | 2.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.6% |
| Cash vs. profit gap | 10,727 JPY mn (of net income 87.5%) |
| Shareholder returns / net income | 43.9% |
| Shareholder returns / FCF | 64.7% |
| Shareholder payments — dividends / net income | 27.6% |
| Shareholder payments — dividends / FCF | 40.7% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 89.8% |

## 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 | 3.7% | 1.07× | 3.9% | 2.80× | 11.0% | S100QU1R |
| 2023 | 3.1% | 1.04× | 3.2% | 2.81× | 9.1% | S100TJK1 |
| 2024 | 3.1% | 1.04× | 3.2% | 2.87× | 9.2% | S100VUWD |
| 2025 | 2.9% | 1.03× | 3.0% | 2.92× | 8.8% | S100Y7KL |
| 2026 | 2.4% | 1.02× | 2.5% | 2.92× | 7.3% | S100Y7KL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.2% | 2026-02-28 |
| 港南株式会社 | Major shareholder | 7.0% | 2026-02-28 |
| 疋田 耕造 | Major shareholder | 6.2% | 2026-02-28 |
| 疋田 直太郎 | Major shareholder | 6.2% | 2026-02-28 |
| コーナン商事取引先持株会 | Major shareholder | 4.4% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-02-28 |
| アイリスオーヤマ株式会社 | Major shareholder | 3.8% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.2% | 2026-02-28 |
| ＹＳ株式会社 | Major shareholder | 2.4% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue reached ¥502.1B, up +3.7% on new stores and two acquisitions.
- Operating income still dropped -10.4% to ¥22.4B, because SG&A outpaced gross profit.
- Net income fell -13.7% to ¥12.3B, while free cash flow climbed to ¥8.31B from ¥1.3B.

### Drivers

- Store openings outnumbered closures, and the company bought Home Center Mitsuwa, which has stores in Fukui, and I'nT Holdings, which runs online furniture shops.
- Gross profit rose, but selling and admin costs rose more.

### Risks

- More private-label goods means more inventory; slow sellers could end up discounted or thrown out.
- New stores are funded largely with bank loans, so rising interest rates would hurt.
- A cool summer, a mild winter or long rainy spells can swing sales of seasonal goods.

Cited: Annual Securities Report (FY ending Feb 2026) (Management discussion and analysis); Annual Securities Report (FY ending Feb 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/03/01－2026/02/28) | S100Y7KL | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7KL,, |
| 有価証券報告書－第48期(2024/03/01－2025/02/28) | S100VUWD | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUWD,, |
| 有価証券報告書－第47期(2023/03/01－2024/02/29) | S100TJK1 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJK1,, |
| 有価証券報告書－第46期(2022/03/01－2023/02/28) | S100QU1R | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU1R,, |
| 訂正有価証券報告書－第45期(2021/03/01－2022/02/28) | S100QF55 | 2023-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF55,, |
| 有価証券報告書－第44期(令和2年3月1日－令和3年2月28日) | S100LFEE | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFEE,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| バローホールディングス | Capital alliance | 連結子会社アレンザホールディングスがコーナン商事と資本業務提携（アレンザ HD の非公開化、PB 商品の企画・供給の統合、ペット事業・物流での協働） | S100YHUD |

## 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).