# Kohsai Co.,Ltd.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2025/02/01－2026/01/31) (S100Y03W)
> Page: https://vizora.meequs.com/en/company/kohsai
> Retrieved: 2026-09-30T22:17:16.973Z

## Company

Kohsai, founded in 1967, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 97 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kohsai Co.,Ltd. |
| Ticker | 7878 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7878.T) |
| Listing | TSE Standard |
| Head office | 山梨県甲斐市竜地3049番地 |
| Representative (per filing) | 代表取締役社長 深沢 栄二 |
| Founded | Apr 1967 |
| Share capital | ¥602.1M |
| Employees (consolidated) | 97 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | January |
| Corporate number | 8090001004562 |
| EDINET | E02439 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100Y03W, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 20 |
| Profitability | 37.5 | 20 |
| Cash conversion | 7.9 | 19 |
| Efficiency | 78.6 | 21 |

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)

- Kohsai brought in ¥4.24B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +20.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.24B |  |
| Operating income | ¥180M | Margin 4.2% |
| Net income | ¥110.4M | Margin 2.6% |
| Free cash flow | -¥214.4M |  |
| Employees (consolidated) | 97 |  |
| EPS | ¥73.75 |  |
| Book value per share | ¥1033.85 |  |
| Equity ratio | 45.3% |  |
| Shares outstanding | 1,584,000 |  |
| Treasury shares | 87,500 |  |
| Shareholders | 726 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 11.9% |
| Vs. industry median margin | -2.4 pp | Watches, Jewelry & Eyewear |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2116580000 | ¥4241718000 | +100.4% |
| Operating income | ¥1006000 | ¥179987000 | +17791.4% |
| Operating margin | 0.0% | 4.2% | +4.2 pp |
| Employees | 68 people | 97 people | +42.6% |
| Cash and equivalents | ¥678938000 | ¥506805000 | -25.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,242 | 100.0% | S100Y03W |
| Cost of revenue | 3,459 | 81.6% | S100Y03W |
| Gross profit | 783 | 18.4% | S100Y03W |
| SG&A | 603 | 14.2% | S100Y03W |
| Operating income | 180 | 4.2% | S100Y03W |
| Ordinary income | 172 | 4.1% | S100Y03W |
| Pretax income | 173 | 4.1% | S100Y03W |
| Income tax | 62 | 1.5% | S100Y03W |
| Net income | 110 | 2.6% | S100Y03W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.4% → Operating margin 4.2% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +20.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,931 | 4,242 | 311 | +7.9% |
| Gross profit | 720 | 783 | 63 | +8.7% |
| Operating income | 149 | 180 | 31 | +20.5% |
| Operating cash flow | 141 | -131 | -272 | -193.1% |
| Free cash flow | 75 | -214 | -289 | -386.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 2,733 | 103 | 3.8% | 88 | 5 | -106 | S100L8IK |
| FY ending Jan 2021 | 2,117 | 1 | 0.0% | 24 | 62 | 35 | S100NY2T |
| FY ending Jan 2022 | 2,990 | 13 | 0.4% | 30 | -16 | -123 | S100QMVH |
| FY ending Jan 2023 | 3,358 | 4 | 0.1% | 28 | -252 | -305 | S100TBFW |
| FY ending Jan 2024 | 3,526 | 108 | 3.1% | 92 | 124 | 96 | S100X6GL |
| FY ending Jan 2025 | 3,931 | 149 | 3.8% | 88 | 141 | 75 | S100Y03W |
| FY ending Jan 2026 | 4,242 | 180 | 4.2% | 110 | -131 | -214 | S100Y03W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.7M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 69 | 73 | 82 | 89 | 97 |
| Average salary (parent company) | ¥4.1M | ¥4M | ¥4.1M | ¥4.5M | ¥4.4M |
| Average age (parent company) | 33.0 years | 34.0 years | 34.0 years | 34.0 years | 34.0 years |
| Average tenure (parent company) | 5.0 years | 5.0 years | 6.0 years | 6.0 years | 6.0 years |

Year over year: Employees (consolidated) +9.0% · Revenue (consolidated) +7.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -131 | -3.1% | S100Y03W |
| Capital expenditure | 83 | 2.0% | S100Y03W |
| Free cash flow | -214 | -5.1% | 算出 |
| Investing cash flow | -84 | -2.0% | S100Y03W |
| Financing cash flow | 36 | 0.8% | S100Y03W |
| Dividends paid | 37 | 0.9% | S100Y03W |
| Change in cash | -179 | -4.2% | S100Y03W |
| Cash and equivalents | 507 | 11.9% | S100Y03W |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 508 | 449 | 483 | 685 | 507 | S100TBFW, S100X6GL, S100Y03W |
| Total assets | 2,457 | 2,608 | 2,752 | 3,006 | 3,418 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Net assets | 1,280 | 1,300 | 1,392 | 1,455 | 1,547 | S100TBFW, S100X6GL, S100Y03W |
| Share capital | 602 | 602 | 602 | 602 | 602 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Property, plant and equipment | 424 | 430 | 402 | 416 | 456 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Intangible assets excluding goodwill | 32 | 33 | 27 | 20 | 16 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Investment securities | 35 | 59 | 80 | 72 | 100 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Current assets | 1,812 | 1,936 | 2,081 | 2,325 | 2,681 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Current liabilities | 1,078 | 1,233 | 1,284 | 1,467 | 1,770 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Short-term borrowings | 555 | 868 | 875 | 1,065 | 1,140 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Long-term borrowings | 38 | — | — | — | — | S100QMVH |
| Total liabilities | 1,176 | 1,308 | 1,360 | 1,550 | 1,871 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Equity attributable to owners of parent | 1,277 | 1,289 | 1,366 | 1,436 | 1,509 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Retained earnings | 197 | 210 | 287 | 356 | 429 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |
| Treasury stock | -31 | -32 | -32 | -32 | -32 | S100QMVH, S100TBFW, S100X6GL, S100Y03W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y03W |
| Property, plant and equipment | 13% | S100Y03W |
| Intangibles and goodwill | 1% | S100Y03W |
| Investment securities | 3% | S100Y03W |
| Other assets | 68% | S100Y03W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100Y03W |
| Equity | 45% | S100Y03W |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,457 | 2,608 | 2,752 | 3,006 | 3,418 |
| Equity | 1,280 | 1,300 | 1,392 | 1,455 | 1,547 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 508 | 449 | 483 | 685 | 507 |

## 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) | 10.7% | S100Y03W |
| Fixed assets ÷ total assets | 13.3% | S100Y03W |
| Goodwill ÷ parent equity | — | —, S100Y03W |

### 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) | 14.8% |
| Cash ÷ revenue | 11.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -72.7% |
| Cash vs. profit gap | -241 JPY mn (of net income -218.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | — |

## 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 | 1.0% | 1.22× | 1.2% | 1.92× | 2.4% | S100QMVH |
| 2023 | 0.8% | 1.33× | 1.1% | 1.97× | 2.2% | S100TBFW |
| 2024 | 2.6% | 1.32× | 3.4% | 2.02× | 6.9% | S100X6GL |
| 2025 | 2.2% | 1.37× | 3.1% | 2.05× | 6.3% | S100Y03W |
| 2026 | 2.6% | 1.32× | 3.4% | 2.18× | 7.5% | S100Y03W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エスティオ | Major shareholder | 54.4% | 2026-01-31 |
| 深沢 栄二 | Major shareholder | 6.7% | 2026-01-31 |
| ＡＢＮＡＭＲＯＣＬＥＡＲＩＮＧ ＢＡＮＫＮ．Ｖ．，ＳＩＮＧＡＰＯＲＥ ＢＲＡＮＣＨ（常任代理人 エービーエヌ・アムロ・クリアリング証券株式会社） | Major shareholder | 2.9% | 2026-01-31 |
| 西田 一見 | Major shareholder | 2.5% | 2026-01-31 |
| 林 泰男 | Major shareholder | 1.3% | 2026-01-31 |
| 上田八木短資株式会社 | Major shareholder | 1.3% | 2026-01-31 |
| 片山 幸子 | Major shareholder | 1.2% | 2026-01-31 |
| 片山 文雄 | Major shareholder | 1.1% | 2026-01-31 |
| 榮田 有祐 | Major shareholder | 0.9% | 2026-01-31 |
| 株式会社ナガホリ | Major shareholder | 0.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/02/01－2026/01/31) | S100Y03W | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y03W,, |
| 訂正有価証券報告書－第58期(2024/02/01－2025/01/31) | S100X6GL | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6GL,, |
| 有価証券報告書－第57期(2023/02/01－2024/01/31) | S100TBFW | 2024-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBFW,, |
| 有価証券報告書－第56期(2022/02/01－2023/01/31) | S100QMVH | 2023-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMVH,, |
| 有価証券報告書－第55期(令和3年2月1日－令和4年1月31日) | S100NY2T | 2022-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NY2T,, |
| 有価証券報告書－第54期(令和2年2月1日－令和3年1月31日) | S100L8IK | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8IK,, |

## 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).