# KOKEN 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63期(2025/01/01－2025/12/31) (S100XTH9)
> Page: https://vizora.meequs.com/en/company/koken
> Retrieved: 2026-09-30T20:23:46.371Z

## Company

Koken, founded in 1963, is a company in Medical Devices listed on TSE Standard. It has 312 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOKEN LTD. |
| Ticker | 7963 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7963.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区四番町7番地 |
| Representative (per filing) | 代表取締役社長 村川 勉 |
| Founded | Dec 1963 |
| Share capital | ¥674.3M |
| Employees (consolidated) | 312 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.koken-ltd.co.jp (https://www.koken-ltd.co.jp/) |
| Corporate number | 3010001016132 |
| EDINET | E02396 |
| Industries (Vizora) | Medical Devices, Air Conditioning |

> Profile source: annual securities report (S100XTH9, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.7 | 38 |
| Profitability | 47.4 | 39 |
| Cash conversion | 3.9 | 38 |
| Efficiency | 26.9 | 39 |

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 81% of Koken's sales come from Mask respirator business, with Environmental business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +10.2% from the prior year, operating profit +25.9%.

## Company structure

- Segment revenue mix: Mask respirator business 80.7%、Environmental business 16.4%、Other 3.0%
- Revenue → net income: ¥11857057000 → ¥885292000
- Net income → operating cash flow: ¥885292000 → ¥136142000（difference ¥-749150000）
- Main uses of operating cash flow: CapEx ¥368298000 / dividends ¥177422000 / buybacks ¥53203000
- Change in cash: ¥152936000
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 | ¥11.9B |  |
| Operating income | ¥1.27B | Margin 10.7% |
| Net income | ¥885.3M | Margin 7.5% |
| Free cash flow | -¥232.2M |  |
| Largest business | Mask respirator business | of segment revenue 80.7% |
| Employees (consolidated) | 312 |  |
| EPS | ¥176.51 |  |
| Book value per share | ¥2682.48 |  |
| Equity ratio | 61.5% |  |
| Shares outstanding | 5,104,003 |  |
| Treasury shares | 74,100 |  |
| Shareholders | 2,056 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 12.0% | Cash ÷ revenue 22.6% |
| Vs. industry median margin | -0.4 pp | Medical Devices |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 79% of positive segment profit
- FY2025, employees -3% while operating income rose 26%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10152040000 | ¥11857057000 | +16.8% |
| Operating income | ¥1133263000 | ¥1271614000 | +12.2% |
| Operating margin | 11.2% | 10.7% | -0.4 pp |
| Employees | 320 people | 312 people | -2.5% |
| Cash and equivalents | ¥1564925000 | ¥2684275000 | +71.5% |

### 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 |
| --- | ---: |
| マスク関連事業 → マスク関連事業 | 80.7% |
| マスク関連事業 → 事業再編・廃止 | 9.5% |
| その他 → その他 | 3.0% |
| その他 → 事業再編・廃止 | 6.9% |
| 新設・再編 → 環境関連事業 | 16.4% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mask respirator business | 5 years | +0.9% | ¥9564301000 | 43.7% | 2 |
| Environmental business | 4 years | +20.6% | ¥1939382000 | 48.8% | 2 |
| Other | 5 years | -18.8% | ¥353372000 | 43.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,857 | 100.0% | S100XTH9 |
| Cost of revenue | 6,474 | 54.6% | S100XTH9 |
| Gross profit | 5,383 | 45.4% | S100XTH9 |
| SG&A | 4,111 | 34.7% | S100XTH9 |
| Operating income | 1,272 | 10.7% | S100XTH9 |
| Ordinary income | 1,221 | 10.3% | S100XTH9 |
| Pretax income | 1,221 | 10.3% | S100XTH9 |
| Income tax | 335 | 2.8% | S100XTH9 |
| Net income | 885 | 7.5% | S100XTH9 |
| Net income attributable to owners | 885 | 7.5% | S100XTH9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 35 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 45.4% → Operating margin 10.7% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.2%; Core profit growth: +25.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.55×
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 | 10,762 | 11,857 | 1,095 | +10.2% |
| Gross profit | 4,922 | 5,383 | 461 | +9.4% |
| Operating income | 1,010 | 1,272 | 262 | +25.9% |
| Net income attributable to owners | 722 | 885 | 163 | +22.6% |
| Operating cash flow | 666 | 136 | -530 | -79.6% |
| Free cash flow | 445 | -232 | -678 | -152.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 8,605 | 568 | 6.6% | 372 | 1,750 | 1,503 | S100L1XF |
| FY ending Dec 2020 | 10,152 | 1,133 | 11.2% | 838 | 1,373 | 710 | S100NS35 |
| FY ending Dec 2021 | 10,203 | 946 | 9.3% | 862 | 655 | 417 | S100QH1X |
| FY ending Dec 2022 | 10,604 | 1,185 | 11.2% | 833 | 619 | 452 | S100T4LM |
| FY ending Dec 2023 | 10,587 | 1,008 | 9.5% | 701 | 1,082 | 887 | S100VGWK |
| FY ending Dec 2024 | 10,762 | 1,010 | 9.4% | 722 | 666 | 445 | S100XTH9 |
| FY ending Dec 2025 | 11,857 | 1,272 | 10.7% | 885 | 136 | -232 | S100XTH9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 297 | 307 | 287 | 321 | 312 |
| Average salary (parent company) | ¥7.8M | ¥7.5M | ¥7.6M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 41.6 years | 41.3 years | 41.3 years | 41.1 years | 40.9 years |
| Average tenure (parent company) | 16.7 years | 16.3 years | 16.2 years | 15.8 years | 15.0 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mask respirator business | 9,564 | 80.7% | 4,178 | 43.7% |
| Environmental business | 1,939 | 16.4% | 947 | 48.8% |
| Other | 353 | 3.0% | 154 | 43.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mask respirator business | 80.7% | 79.1% | -1.5 | 43.7% |
| Environmental business | 16.4% | 17.9% | 1.6 | 48.8% |
| Other | 3.0% | 2.9% | -0.1 | 43.6% |

Segment → industry: Mask respirator business → Medical Devices / Environmental business → Air Conditioning

## 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 | 136 | 1.1% | S100XTH9 |
| Capital expenditure | 368 | 3.1% | S100XTH9 |
| Free cash flow | -232 | -2.0% | 算出 |
| Investing cash flow | -380 | -3.2% | S100XTH9 |
| Financing cash flow | 371 | 3.1% | S100XTH9 |
| Dividends paid | 177 | 1.5% | S100XTH9 |
| Share buyback | 53 | 0.4% | S100XTH9 |
| Change in cash | 153 | 1.3% | S100XTH9 |
| Cash and equivalents | 2,684 | 22.6% | S100XTH9 |

## 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 | 2,188 | 2,386 | 2,979 | 2,531 | 2,684 | S100T4LM, S100VGWK, S100XTH9 |
| Total assets | 19,600 | 20,568 | 20,817 | 20,866 | 22,443 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Net assets | 11,113 | 11,819 | 12,352 | 13,036 | 13,797 | S100T4LM, S100VGWK, S100XTH9 |
| Share capital | 674 | 674 | 674 | 674 | 674 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Trade receivables | 2,988 | — | — | — | — | S100QH1X |
| Property, plant and equipment | 10,053 | 9,686 | 9,438 | 9,278 | 9,241 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Intangible assets excluding goodwill | 56 | 56 | 49 | 56 | 64 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Investment securities | 74 | 105 | 119 | 186 | 251 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Current assets | 7,989 | 9,250 | 9,779 | 10,018 | 11,530 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Current liabilities | 4,108 | 4,411 | 4,322 | 4,128 | 5,205 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Short-term borrowings | 1,465 | 1,445 | 1,425 | 805 | 1,900 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Long-term borrowings | 3,324 | 3,374 | 3,170 | 2,686 | 2,422 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Total liabilities | 8,487 | 8,749 | 8,465 | 7,831 | 8,646 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Equity attributable to owners of parent | 11,109 | 11,644 | 12,122 | 12,673 | 13,336 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Retained earnings | 10,054 | 10,702 | 11,177 | 11,723 | 12,432 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |
| Treasury stock | -161 | -282 | -279 | -274 | -320 | S100QH1X, S100T4LM, S100VGWK, S100XTH9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XTH9 |
| Property, plant and equipment | 41% | S100XTH9 |
| Intangibles and goodwill | 0% | S100XTH9 |
| Investment securities | 1% | S100XTH9 |
| Other assets | 46% | S100XTH9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100XTH9 |
| Equity | 61% | S100XTH9 |
| Other liabilities | 0% | S100XTH9 |

### 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 | 19,600 | 20,568 | 20,817 | 20,866 | 22,443 |
| Equity | 11,113 | 11,819 | 12,352 | 13,036 | 13,797 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,188 | 2,386 | 2,979 | 2,531 | 2,684 |

## 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) | 77.9% | S100XTH9 |
| Fixed assets ÷ total assets | 41.2% | S100XTH9 |
| Goodwill ÷ parent equity | — | —, S100XTH9 |

### 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) | 12.0% |
| Cash ÷ revenue | 22.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 10.7% |
| Cash vs. profit gap | -749 JPY mn (of net income -84.6%) |
| Shareholder returns / net income | 26.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 278.8% |

## 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 | 8.5% | 0.52× | 4.4% | 1.76× | 7.8% | S100QH1X |
| 2022 | 7.9% | 0.53× | 4.1% | 1.77× | 7.3% | S100T4LM |
| 2023 | 6.6% | 0.51× | 3.4% | 1.74× | 5.9% | S100VGWK |
| 2024 | 6.7% | 0.52× | 3.5% | 1.68× | 5.8% | S100XTH9 |
| 2025 | 7.5% | 0.55× | 4.1% | 1.67× | 6.8% | S100XTH9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人酒井ＣＨＳ振興財団 | Major shareholder | 11.9% | 2025-12-31 |
| 酒井 眞一 | Major shareholder | 11.8% | 2025-12-31 |
| 酒井 宏之 | Major shareholder | 11.1% | 2025-12-31 |
| 株式会社りそな銀行 | Major shareholder | 4.9% | 2025-12-31 |
| 酒井 香織 | Major shareholder | 4.6% | 2025-12-31 |
| 酒井 理絵 | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.5% | 2025-12-31 |
| 久保井 美帆 | Major shareholder | 4.5% | 2025-12-31 |
| 山中 春名 | Major shareholder | 4.5% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/01/01－2025/12/31) | S100XTH9 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTH9,, |
| 有価証券報告書－第62期(2024/01/01－2024/12/31) | S100VGWK | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGWK,, |
| 有価証券報告書－第61期(2023/01/01－2023/12/31) | S100T4LM | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4LM,, |
| 有価証券報告書－第60期(2022/01/01－2022/12/31) | S100QH1X | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH1X,, |
| 有価証券報告書－第59期(令和3年1月1日－令和3年12月31日) | S100NS35 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS35,, |
| 有価証券報告書－第58期(令和2年1月1日－令和2年12月31日) | S100L1XF | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1XF,, |

## 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).