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

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2024/09/01－2025/08/31) (S100X50A)
> Page: https://vizora.meequs.com/en/company/kojima
> Retrieved: 2026-09-30T21:32:52.542Z

## Company

Kojima, founded in 1963, is a company in Electronics Retailers listed on TSE Prime. It has 2,919 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kojima Co.,Ltd. |
| Ticker | 7513 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7513.T) |
| Listing | TSE Prime |
| Head office | 栃木県宇都宮市星が丘二丁目1番8号 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 中澤 裕二 |
| Founded | Aug 1963 |
| Share capital | ¥26B |
| Employees (consolidated) | 2,919 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | August |
| Website | www.kojima.net (https://www.kojima.net/) |
| Corporate number | 2060001001667 |
| EDINET | E03270 |
| Industries (Vizora) | Electronics Retailers |

> Profile source: annual securities report (S100X50A, filed 2025-11-17). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.3 | 13 |
| Profitability | 32.1 | 14 |
| Cash conversion | 10.7 | 14 |
| Efficiency | 89.3 | 14 |

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)

- Kojima brought in ¥282.8B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +15.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥282790000000 → ¥4709000000
- Net income → operating cash flow: ¥4709000000 → ¥3981000000（difference ¥-728000000）
- Main uses of operating cash flow: CapEx ¥2878000000 / dividends ¥1230000000 / buybacks ¥0
- Change in cash: ¥2096000000
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 | ¥282.8B |  |
| Operating income | ¥7.33B | Margin 2.6% |
| Net income | ¥4.71B | Margin 1.7% |
| Free cash flow | ¥1.1B |  |
| Employees (consolidated) | 2,919 |  |
| EPS | ¥61.05 |  |
| Diluted EPS | ¥60.84 |  |
| Book value per share | ¥906.86 |  |
| Equity ratio | 58.0% |  |
| Shares outstanding | 77,912,716 |  |
| Treasury shares | 606,300 |  |
| Shareholders | 94,808 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 22.0% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | -0.8 pp | Electronics Retailers |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥288216000000 | ¥282790000000 | -1.9% |
| Operating income | ¥7221000000 | ¥7325000000 | +1.4% |
| Operating margin | 2.5% | 2.6% | +0.1 pp |
| Employees | 2,704 people | 2,919 people | +8.0% |
| Cash and equivalents | ¥30144000000 | ¥26554000000 | -11.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 282,790 | 100.0% | S100X50A |
| Cost of revenue | 205,960 | 72.8% | 算出 |
| Gross profit | 76,830 | 27.2% | S100X50A |
| SG&A | 69,505 | 24.6% | S100X50A |
| Operating income | 7,325 | 2.6% | S100X50A |
| Ordinary income | 7,732 | 2.7% | S100X50A |
| Pretax income | 6,595 | 2.3% | S100X50A |
| Income tax | 1,885 | 0.7% | S100X50A |
| Net income | 4,709 | 1.7% | S100X50A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 24 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.2% → Operating margin 2.6% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +15.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.17×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 269,868 | 282,790 | 12,922 | +4.8% |
| Gross profit | 74,198 | 76,830 | 2,632 | +3.5% |
| Operating income | 6,359 | 7,325 | 966 | +15.2% |
| Operating cash flow | 13,190 | 3,981 | -9,209 | -69.8% |
| Free cash flow | 11,806 | 1,103 | -10,703 | -90.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 268,127 | 6,426 | 2.4% | 6,604 | 2,787 | 464 | S100K87V |
| FY ending Aug 2020 | 288,216 | 7,221 | 2.5% | 6,056 | 24,160 | 23,037 | S100MX66 |
| FY ending Aug 2021 | 297,535 | 8,861 | 3.0% | 6,302 | 1,918 | 705 | S100PNN2 |
| FY ending Aug 2022 | 279,374 | 8,107 | 2.9% | 5,761 | 7,772 | 5,916 | S100SCKU |
| FY ending Aug 2023 | 267,893 | 4,819 | 1.8% | 2,869 | 1,329 | -57 | S100UTK7 |
| FY ending Aug 2024 | 269,868 | 6,359 | 2.4% | 4,001 | 13,190 | 11,806 | S100X50A |
| FY ending Aug 2025 | 282,790 | 7,325 | 2.6% | 4,709 | 3,981 | 1,103 | S100X50A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96.9M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,824 | 2,877 | 2,906 | 2,898 | 2,919 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5M | ¥5.1M | ¥5.5M |
| Average age (parent company) | 39.8 years | 40.1 years | 40.5 years | 41.0 years | 41.2 years |
| Average tenure (parent company) | 15.1 years | 15.5 years | 15.9 years | 16.6 years | 16.9 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +4.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,981 | 1.4% | S100X50A |
| Capital expenditure | 2,878 | 1.0% | S100X50A |
| Free cash flow | 1,103 | 0.4% | 算出 |
| Investing cash flow | -3,016 | -1.1% | S100X50A |
| Financing cash flow | 1,131 | 0.4% | S100X50A |
| Dividends paid | 1,230 | 0.4% | S100X50A |
| Share buyback | 0 | 0.0% | S100X50A |
| Change in cash | 2,096 | 0.7% | S100X50A |
| Cash and equivalents | 26,554 | 9.4% | S100X50A |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,055 | 17,435 | 14,093 | 24,458 | 26,554 | S100SCKU, S100UTK7, S100X50A |
| Total assets | 112,525 | 117,154 | 109,244 | 114,660 | 120,786 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Net assets | 58,993 | 61,941 | 63,799 | 66,479 | 70,247 | S100SCKU, S100UTK7, S100X50A |
| Share capital | 25,975 | 25,975 | 25,975 | 25,975 | 25,975 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Property, plant and equipment | 18,082 | 18,131 | 17,294 | 16,296 | 16,847 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Intangible assets excluding goodwill | 1,131 | 1,095 | 1,138 | 833 | 814 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Current assets | 71,302 | 75,351 | 69,819 | 77,679 | 84,024 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Current liabilities | 35,780 | 39,072 | 33,137 | 36,450 | 35,829 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Long-term borrowings | 10,707 | 6,587 | 3,330 | 3,633 | 6,892 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Bonds | 600 | 400 | 200 | — | — | S100PNN2, S100SCKU, S100UTK7 |
| Total liabilities | 53,532 | 55,212 | 45,444 | 48,181 | 50,538 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Equity attributable to owners of parent | 58,940 | 61,833 | 63,662 | 66,359 | 70,105 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Retained earnings | 17,623 | 20,516 | 22,305 | 25,226 | 28,703 | S100PNN2, S100SCKU, S100UTK7, S100X50A |
| Treasury stock | -572 | -572 | -508 | -722 | -477 | S100PNN2, S100SCKU, S100UTK7, S100X50A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100X50A |
| Property, plant and equipment | 14% | S100X50A |
| Intangibles and goodwill | 1% | S100X50A |
| Other assets | 63% | S100X50A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100X50A |
| Equity | 58% | S100X50A |
| Other liabilities | 0% | S100X50A |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 112,525 | 117,154 | 109,244 | 114,660 | 120,786 |
| Equity | 58,993 | 61,941 | 63,799 | 66,479 | 70,247 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,055 | 17,435 | 14,093 | 24,458 | 26,554 |

## 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) | 6.0% | S100X50A |
| Fixed assets ÷ total assets | 13.9% | S100X50A |
| Goodwill ÷ parent equity | — | —, S100X50A |

### 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) | 22.0% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.3% |
| Cash vs. profit gap | -728 JPY mn (of net income -15.5%) |
| Shareholder returns / net income | 26.1% |
| Shareholder returns / FCF | 111.5% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 111.5% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 75.8% |

## 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 | 2.1% | 2.64× | 5.6% | 1.91× | 10.7% | S100PNN2 |
| 2022 | 2.1% | 2.43× | 5.0% | 1.90× | 9.5% | S100SCKU |
| 2023 | 1.1% | 2.37× | 2.5% | 1.80× | 4.6% | S100UTK7 |
| 2024 | 1.5% | 2.41× | 3.6% | 1.72× | 6.2% | S100X50A |
| 2025 | 1.7% | 2.40× | 4.0% | 1.73× | 6.9% | S100X50A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビックカメラ | Major shareholder | 50.4% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2025-08-31 |
| 小島 章利 | Major shareholder | 3.0% | 2025-08-31 |
| 寺﨑 佳子 | Major shareholder | 3.0% | 2025-08-31 |
| 有限会社ケーケーワイ | Major shareholder | 2.0% | 2025-08-31 |
| 佐藤 由姫子 | Major shareholder | 1.3% | 2025-08-31 |
| 小島 將人 | Major shareholder | 1.2% | 2025-08-31 |
| 小島 久幸 | Major shareholder | 1.1% | 2025-08-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.0% | 2025-08-31 |
| コジマ従業員持株会 | Major shareholder | 0.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2024/09/01－2025/08/31) | S100X50A | 2025-11-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X50A,, |
| 有価証券報告書－第62期(2023/09/01－2024/08/31) | S100UTK7 | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTK7,, |
| 有価証券報告書－第61期(2022/09/01－2023/08/31) | S100SCKU | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCKU,, |
| 有価証券報告書－第60期(令和3年9月1日－令和4年8月31日) | S100PNN2 | 2022-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNN2,, |
| 有価証券報告書－第59期(令和2年9月1日－令和3年8月31日) | S100MX66 | 2021-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MX66,, |
| 有価証券報告書－第58期(令和1年9月1日－令和2年8月31日) | S100K87V | 2020-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K87V,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ビックカメラ | Capital alliance | 資本業務提携（第三者割当増資を引受け連結子会社化） | S100X5J8 |

## 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).