# KOHOKU KOGYO CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2025/01/01－2025/12/31) (S100XT3K)
> Page: https://vizora.meequs.com/en/company/kohoku-kogyo
> Retrieved: 2026-09-30T23:26:56.996Z

## Company

Kohoku Kogyo, founded in 1959, is a company in Electronic Components listed on TSE Standard. It has 1,710 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOHOKU KOGYO CO.,LTD. |
| Ticker | 6524 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6524.T) |
| Listing | TSE Standard |
| Head office | 滋賀県長浜市高月町高月1623番地 |
| Representative (per filing) | 代表取締役社長CEO 石井 太 |
| Founded | Aug 1959 |
| Share capital | ¥350M |
| Employees (consolidated) | 1,710 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | www.kohokukogyo.co.jp (https://www.kohokukogyo.co.jp/) |
| Corporate number | 9160001007235 |
| EDINET | E37156 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100XT3K, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.2 | 53 |
| Profitability | 97.3 | 56 |
| Cash conversion | 15.6 | 48 |
| Efficiency | 33 | 56 |

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 50% of Kohoku Kogyo's sales come from Lead terminals business, with Optical communication parts and devices business making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +17.4%.

## Company structure

- Segment revenue mix: Lead terminals business 50.4%、Optical communication parts and devices business 49.6%
- Revenue → net income: ¥17454000000 → ¥2992000000
- Net income → operating cash flow: ¥2992000000 → ¥3343000000（difference ¥351000000）
- Main uses of operating cash flow: CapEx ¥934000000 / dividends ¥809000000 / buybacks ¥2490000000
- Change in cash: ¥-1381000000
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 | ¥17.5B |  |
| Operating income | ¥4.62B | Margin 26.5% |
| Net income | ¥2.99B | Margin 17.1% |
| Free cash flow | ¥2.41B |  |
| Largest business | Lead terminals business | of segment revenue 50.4% |
| Employees (consolidated) | 1,710 |  |
| EPS | ¥85.65 |  |
| Book value per share | ¥741.26 |  |
| Equity ratio | 82.8% |  |
| Shares outstanding | 26,000,000 |  |
| Treasury shares | 94,400 |  |
| Shareholders | 8,657 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 29.7% | Cash ÷ revenue 48.2% |
| Vs. industry median margin | +20.6 pp | Electronic Components |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.1× dividends
- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, segment profit share differs by -34 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11176912000 | ¥17454000000 | +56.2% |
| Operating income | ¥2577881000 | ¥4624000000 | +79.4% |
| Operating margin | 23.1% | 26.5% | +3.4 pp |
| Employees | 1,551 people | 1,710 people | +10.3% |
| Cash and equivalents | ¥3501181000 | ¥8417000000 | +140.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| リード端子事業 → リード端子事業 | 49.5% |
| 光部品・デバイス事業 → 光部品・デバイス事業 | 49.6% |
| 光部品・デバイス事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → リード端子事業 | 0.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,454 | 100.0% | S100XT3K |
| Cost of revenue | 9,842 | 56.4% | S100XT3K |
| Gross profit | 7,611 | 43.6% | S100XT3K |
| SG&A | 2,987 | 17.1% | S100XT3K |
| Operating income | 4,624 | 26.5% | S100XT3K |
| Ordinary income | 4,547 | 26.1% | S100XT3K |
| Pretax income | 4,387 | 25.1% | S100XT3K |
| Income tax | 1,394 | 8.0% | S100XT3K |
| Net income | 2,992 | 17.1% | S100XT3K |
| Net income attributable to owners | 2,992 | 17.1% | S100XT3K |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 17 |
| Operating income | 27 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 43.6% → Operating margin 26.5% → Net margin 17.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +17.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.81×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,924 | 17,454 | 1,530 | +9.6% |
| Gross profit | 6,884 | 7,611 | 727 | +10.6% |
| Operating income | 3,939 | 4,624 | 685 | +17.4% |
| Net income attributable to owners | 3,252 | 2,992 | -260 | -8.0% |
| Operating cash flow | 3,836 | 3,343 | -493 | -12.9% |
| Free cash flow | 2,109 | 2,409 | 300 | +14.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 11,177 | 2,578 | 23.1% | 1,562 | 2,017 | 1,515 | S100NTL7 |
| FY ending Dec 2021 | 14,620 | 4,126 | 28.2% | 2,960 | 3,033 | 2,448 | S100QIMK |
| FY ending Dec 2022 | 15,673 | 3,884 | 24.8% | 3,066 | 2,755 | 1,886 | S100T47J |
| FY ending Dec 2023 | 13,472 | 2,812 | 20.9% | 1,904 | 3,577 | 1,970 | S100VJCN |
| FY ending Dec 2024 | 15,924 | 3,939 | 24.7% | 3,252 | 3,836 | 2,109 | S100XT3K |
| FY ending Dec 2025 | 17,454 | 4,624 | 26.5% | 2,992 | 3,343 | 2,409 | S100XT3K |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,639 | 1,659 | 1,430 | 1,536 | 1,710 |
| Average salary (parent company) | ¥6.9M | ¥6.5M | ¥6.3M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 44.8 years | 44.5 years | 44.9 years | 44.3 years | 44.7 years |
| Average tenure (parent company) | 13.1 years | 12.5 years | 13.0 years | 11.8 years | 12.6 years |

Year over year: Employees (consolidated) +11.3% · Revenue (consolidated) +9.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lead terminals business | 8,802 | 50.4% | 766 | 8.7% |
| Optical communication parts and devices business | 8,651 | 49.6% | 3,857 | 44.6% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Lead terminals business | 50.4% | 16.6% | -33.9 | 8.7% |
| Optical communication parts and devices business | 49.6% | 83.4% | 33.9 | 44.6% |

Segment → industry: Optical communication parts and devices business → Electronic Components / Lead terminals business → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,343 | 19.2% | S100XT3K |
| Capital expenditure | 934 | 5.4% | S100XT3K |
| Free cash flow | 2,409 | 13.8% | 算出 |
| Investing cash flow | -1,197 | -6.9% | S100XT3K |
| Financing cash flow | -3,646 | -20.9% | S100XT3K |
| Dividends paid | 809 | 4.6% | S100XT3K |
| Share buyback | 2,490 | 14.3% | S100XT3K |
| Change in cash | -1,381 | -7.9% | S100XT3K |
| Cash and equivalents | 8,417 | 48.2% | S100XT3K |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,951 | 9,362 | 10,439 | 9,799 | 8,417 | S100T47J, S100VJCN, S100XT3K |
| Total assets | 22,540 | 24,285 | 24,973 | 28,684 | 28,319 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Net assets | 15,149 | 18,296 | 20,059 | 23,430 | 23,441 | S100T47J, S100VJCN, S100XT3K |
| Share capital | 350 | 350 | 350 | 350 | 350 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Trade receivables | 3,257 | 3,041 | 2,450 | — | — | S100QIMK, S100T47J, S100VJCN |
| Property, plant and equipment | 4,425 | 6,210 | 7,117 | 8,160 | 8,132 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Intangible assets excluding goodwill | 95 | 134 | 330 | 899 | 759 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Goodwill | — | — | — | 291 | — | S100XT3K |
| Investment securities | 246 | 324 | 385 | 856 | 1,952 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Current assets | 17,366 | 17,227 | 16,735 | 18,331 | 17,027 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Current liabilities | 5,314 | 3,375 | 2,522 | 2,945 | 2,584 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Short-term borrowings | 1,574 | 441 | 196 | — | — | S100QIMK, S100T47J, S100VJCN |
| Long-term borrowings | 1,403 | 726 | 208 | — | — | S100QIMK, S100T47J, S100VJCN |
| Total liabilities | 7,390 | 5,988 | 4,913 | 5,254 | 4,877 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Equity attributable to owners of parent | 14,578 | 17,221 | 18,629 | 21,353 | 21,063 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Retained earnings | 8,643 | 11,223 | 12,633 | 15,345 | 17,528 | S100QIMK, S100T47J, S100VJCN, S100XT3K |
| Treasury stock | -22 | 0 | -1 | -1 | -213 | S100QIMK, S100T47J, S100VJCN, S100XT3K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XT3K |
| Property, plant and equipment | 29% | S100XT3K |
| Intangibles and goodwill | 2% | S100XT3K |
| Investment securities | 7% | S100XT3K |
| Other assets | 32% | S100XT3K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100XT3K |
| Equity | 83% | S100XT3K |
| Other liabilities | 0% | S100XT3K |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,540 | 24,285 | 24,973 | 28,684 | 28,319 |
| Equity | 15,149 | 18,296 | 20,059 | 23,430 | 23,441 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,951 | 9,362 | 10,439 | 9,799 | 8,417 |

## 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) | 46.6% | S100XT3K |
| Fixed assets ÷ total assets | 28.7% | S100XT3K |
| Goodwill ÷ parent equity | — | —, S100XT3K |

### 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) | 29.7% |
| Cash ÷ revenue | 48.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.3% |
| Cash vs. profit gap | 351 JPY mn (of net income 11.7%) |
| Shareholder returns / net income | 110.3% |
| Shareholder returns / FCF | 136.9% |
| Shareholder payments — dividends / net income | 27.0% |
| Shareholder payments — dividends / FCF | 33.6% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 35.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 20.2% | 0.65× | 13.1% | 1.55× | 20.3% | S100QIMK |
| 2022 | 19.6% | 0.67× | 13.1% | 1.47× | 19.3% | S100T47J |
| 2023 | 14.1% | 0.55× | 7.7% | 1.37× | 10.6% | S100VJCN |
| 2024 | 20.4% | 0.59× | 12.1% | 1.34× | 16.3% | S100XT3K |
| 2025 | 17.1% | 0.61× | 10.5% | 1.34× | 14.1% | S100XT3K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石井 太 | Major shareholder | 42.8% | 2025-12-31 |
| アイエフマネジメント株式会社 | Major shareholder | 19.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2025-12-31 |
| THE BANK OF NEW YORK 133652(常任代理人 株式会社みずほ銀行） | Major shareholder | 2.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.9% | 2025-12-31 |
| JP MORGAN CHASE BANK 380684(常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505301(常任代理人 株式会社みずほ銀行） | Major shareholder | 1.7% | 2025-12-31 |
| JP MORGAN CHASE BANK 380613(常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 1440051(常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2025-12-31 |
| 湖北工業従業員持株会 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/01/01－2025/12/31) | S100XT3K | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT3K,, |
| 有価証券報告書－第66期(2024/01/01－2024/12/31) | S100VJCN | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJCN,, |
| 有価証券報告書－第65期(2023/01/01－2023/12/31) | S100T47J | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T47J,, |
| 有価証券報告書－第64期(2022/01/01－2022/12/31) | S100QIMK | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIMK,, |
| 訂正有価証券報告書－第63期(令和3年1月1日－令和3年12月31日) | S100NTL7 | 2022-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NTL7,, |

## 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).