# KOKUSAI CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/04/01－2026/03/31) (S100YJ8C)
> Page: https://vizora.meequs.com/en/company/kokusai
> Retrieved: 2026-09-30T22:40:39.883Z

## Company

Kokusai, founded in 1969, is a company in Robots & Factory Automation listed on TSE Standard. It has 296 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOKUSAI CO., LTD. |
| Ticker | 7722 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7722.T) |
| Listing | TSE Standard |
| Head office | 東京都多摩市永山六丁目21番1号 |
| Representative (per filing) | 代表取締役社長 松本進一 |
| Founded | Jun 1969 |
| Share capital | ¥1.02B |
| Employees (consolidated) | 296 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.kokusaikk.co.jp (https://www.kokusaikk.co.jp/) |
| Corporate number | 3013401001100 |
| EDINET | E02335 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YJ8C, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.8 | 33 |
| Profitability | 69.1 | 34 |
| Cash conversion | 32.8 | 32 |
| Efficiency | 55.7 | 35 |

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 70% of Kokusai's sales come from International measurement Co,, with America and Korea making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +72.2%.

## Company structure

- Segment revenue mix: International measurement Co, 70.4%、America 9.5%、Korea 8.9%、Toshin industry Co. 6.4%、China 3.4%
- Revenue → net income: ¥14948360000 → ¥1558618000
- Net income → operating cash flow: ¥1558618000 → ¥1821844000（difference ¥263226000）
- Main uses of operating cash flow: CapEx ¥115680000 / dividends ¥405449000 / buybacks ¥35076000
- Change in cash: ¥390304000
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 | ¥14.9B |  |
| Operating income | ¥2.09B | Margin 14.0% |
| Net income | ¥1.5B | Margin 10.0% |
| Free cash flow | ¥1.71B |  |
| Largest business | International measurement Co, | of segment revenue 70.4% |
| Employees (consolidated) | 296 |  |
| EPS | ¥86 |  |
| Book value per share | ¥579.91 |  |
| Equity ratio | 60.0% |  |
| Shares outstanding | 14,200,000 |  |
| Treasury shares | 725,800 |  |
| Shareholders | 6,893 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 26.4% | Cash ÷ revenue 36.7% |
| Vs. industry median margin | +2.2 pp | Robots & Factory Automation |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 72%
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11505168000 | ¥14948360000 | +29.9% |
| Operating income | ¥411713000 | ¥2085658000 | +406.6% |
| Operating margin | 3.6% | 14.0% | +10.4 pp |
| Employees | 299 people | 296 people | -1.0% |
| Cash and equivalents | ¥3569465000 | ¥5483363000 | +53.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 国際計測器株式会社 → 国際計測器株式会社 | 70.4% |
| 国際計測器株式会社 → 事業再編・廃止 | 4.6% |
| 東伸工業株式会社 → 東伸工業株式会社 | 2.5% |
| 米国 → 米国 | 9.1% |
| 韓国 → 韓国 | 8.7% |
| 中国 → 中国 | 3.4% |
| 中国 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 0.5% |
| 新設・再編 → 東伸工業株式会社 | 3.8% |
| 新設・再編 → 米国 | 0.4% |
| 新設・再編 → 韓国 | 0.1% |
| 新設・再編 → その他 | 0.9% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| International measurement Co, | 5 years | +4.0% | ¥10521929000 | 15.6% | 2 |
| America | 5 years | +6.2% | ¥1418096000 | -7.3% | 2 |
| Korea | 5 years | +5.7% | ¥1323793000 | 29.9% | 2 |
| Toshin industry Co. | 5 years | +26.5% | ¥950098000 | 34.2% | 2 |
| China | 5 years | +1.9% | ¥514808000 | -2.1% | 2 |
| Other | 5 years | +28.4% | ¥219632000 | 82.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,948 | 100.0% | S100YJ8C |
| Cost of revenue | 8,926 | 59.7% | S100YJ8C |
| Gross profit | 6,022 | 40.3% | S100YJ8C |
| SG&A | 3,936 | 26.3% | S100YJ8C |
| Operating income | 2,086 | 14.0% | S100YJ8C |
| Ordinary income | 2,297 | 15.4% | S100YJ8C |
| Pretax income | 2,239 | 15.0% | S100YJ8C |
| Income tax | 681 | 4.6% | S100YJ8C |
| Net income | 1,559 | 10.4% | S100YJ8C |
| Net income attributable to owners | 1,496 | 10.0% | S100YJ8C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 26 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 40.3% → Operating margin 14.0% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +72.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.47×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,204 | 14,948 | 1,744 | +13.2% |
| Gross profit | 4,899 | 6,022 | 1,123 | +22.9% |
| Operating income | 1,211 | 2,086 | 875 | +72.2% |
| Net income attributable to owners | 940 | 1,496 | 556 | +59.1% |
| Operating cash flow | 1,033 | 1,822 | 789 | +76.3% |
| Free cash flow | 957 | 1,706 | 749 | +78.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,895 | 2,041 | 15.8% | 1,525 | 2,527 | 2,114 | S100LRI5 |
| FY ending Mar 2021 | 11,505 | 412 | 3.6% | 180 | 23 | -265 | S100OFV5 |
| FY ending Mar 2022 | 11,128 | 447 | 4.0% | 475 | -120 | -130 | S100R2K9 |
| FY ending Mar 2023 | 10,038 | -39 | -0.4% | -66 | -472 | -514 | S100TPII |
| FY ending Mar 2024 | 10,239 | -613 | -6.0% | -258 | 1,336 | 1,284 | S100W84O |
| FY ending Mar 2025 | 13,204 | 1,211 | 9.2% | 940 | 1,033 | 957 | S100YJ8C |
| FY ending Mar 2026 | 14,948 | 2,086 | 14.0% | 1,496 | 1,822 | 1,706 | S100YJ8C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.5M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 288 | 286 | 287 | 297 | 296 |
| Average salary (parent company) | ¥5.9M | ¥6.5M | ¥6.7M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 48.3 years | 48.6 years | 48.5 years | 48.7 years | 47.3 years |
| Average tenure (parent company) | 18.3 years | 18.8 years | 18.9 years | 18.5 years | 17.8 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +13.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| International measurement Co, | 10,522 | 70.4% | 1,640 | 15.6% |
| Toshin industry Co. | 950 | 6.4% | 325 | 34.2% |
| America | 1,418 | 9.5% | -104 | -7.3% |
| Korea | 1,324 | 8.9% | 395 | 29.9% |
| China | 515 | 3.4% | -11 | -2.1% |
| Other | 220 | 1.5% | 181 | 82.2% |

### 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 |
| --- | ---: |
| International measurement Co, | 70.4% |
| Toshin industry Co. | 6.4% |
| America | 9.5% |
| Korea | 8.9% |
| China | 3.4% |
| Other | 1.5% |

Segment → industry: China → Robots & Factory Automation / Korea → Robots & Factory Automation / America → Robots & Factory Automation / Toshin industry Co. → Robots & Factory Automation / International measurement Co, → Robots & Factory Automation

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,822 | 12.2% | S100YJ8C |
| Capital expenditure | 116 | 0.8% | S100YJ8C |
| Free cash flow | 1,706 | 11.4% | 算出 |
| Investing cash flow | -284 | -1.9% | S100YJ8C |
| Financing cash flow | -1,280 | -8.6% | S100YJ8C |
| Dividends paid | 405 | 2.7% | S100YJ8C |
| Share buyback | 35 | 0.2% | S100YJ8C |
| Change in cash | 390 | 2.6% | S100YJ8C |
| Cash and equivalents | 5,483 | 36.7% | S100YJ8C |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,331 | 5,188 | 5,234 | 5,093 | 5,483 | S100TPII, S100W84O, S100YJ8C |
| Total assets | 17,372 | 20,414 | 20,518 | 20,841 | 20,801 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Net assets | 11,298 | 11,250 | 11,016 | 11,602 | 12,962 | S100TPII, S100W84O, S100YJ8C |
| Share capital | 1,023 | 1,023 | 1,023 | 1,023 | 1,023 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Trade receivables | 3,209 | 3,821 | 3,644 | 2,769 | 2,521 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Property, plant and equipment | 3,001 | 2,951 | 2,869 | 2,872 | 2,754 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Intangible assets excluding goodwill | 61 | 53 | 55 | 72 | 72 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Investment securities | 373 | 418 | 299 | 712 | 763 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Current assets | 12,141 | 15,438 | 15,793 | 15,865 | 15,995 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Current liabilities | 5,001 | 5,983 | 6,914 | 6,884 | 6,135 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Trade payables | 1,322 | 1,902 | 1,964 | 1,468 | 665 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Short-term borrowings | 1,432 | 1,600 | 1,340 | 970 | 790 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Long-term borrowings | 571 | 2,666 | 2,120 | 1,780 | 1,120 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Total liabilities | 6,074 | 9,163 | 9,502 | 9,239 | 7,839 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Non-controlling interests | 170 | 225 | 278 | 377 | 469 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Equity attributable to owners of parent | 10,669 | 10,328 | 9,795 | 10,363 | 11,418 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Retained earnings | 9,037 | 8,695 | 8,162 | 8,830 | 9,920 | S100R2K9, S100TPII, S100W84O, S100YJ8C |
| Treasury stock | -327 | -327 | -327 | -427 | -462 | S100R2K9, S100TPII, S100W84O, S100YJ8C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YJ8C |
| Receivables | 12% | S100YJ8C |
| Property, plant and equipment | 13% | S100YJ8C |
| Intangibles and goodwill | 0% | S100YJ8C |
| Investment securities | 4% | S100YJ8C |
| Other assets | 44% | S100YJ8C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJ8C |
| Other liabilities | 35% | S100YJ8C |
| Equity | 62% | S100YJ8C |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,372 | 20,414 | 20,518 | 20,841 | 20,801 |
| Equity | 11,298 | 11,250 | 11,016 | 11,602 | 12,962 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,331 | 5,188 | 5,234 | 5,093 | 5,483 |

## 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) | 18.4% | S100YJ8C |
| Fixed assets ÷ total assets | 13.2% | S100YJ8C |
| Goodwill ÷ parent equity | — | —, S100YJ8C |

### 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) | 26.4% |
| Cash ÷ revenue | 36.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.4% |
| Cash vs. profit gap | 326 JPY mn (of net income 21.8%) |
| Shareholder returns / net income | 29.4% |
| Shareholder returns / FCF | 25.8% |
| Shareholder payments — dividends / net income | 27.1% |
| Shareholder payments — dividends / FCF | 23.8% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 15.6% |

## 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 | 4.3% | 0.64× | 2.7% | 1.63× | 4.5% | S100R2K9 |
| 2023 | — | —× | -0.4% | —× | — | S100TPII |
| 2024 | — | —× | -1.3% | —× | — | S100W84O |
| 2025 | 7.1% | 0.64× | 4.5% | 2.05× | 9.3% | S100YJ8C |
| 2026 | 10.0% | 0.72× | 7.2% | 1.91× | 13.7% | S100YJ8C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松本繁興産株式会社 | Major shareholder | 38.7% | 2026-03-31 |
| 松本 進一 | Major shareholder | 2.2% | 2026-03-31 |
| 松本 博司 | Major shareholder | 2.2% | 2026-03-31 |
| 国際計測器従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 野村信託銀行株式会社（信託口2052314） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 宮下 博至 | Major shareholder | 1.2% | 2026-03-31 |
| 西尾 美敏 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YJ8C | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ8C,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W84O | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W84O,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TPII | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPII,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R2K9 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2K9,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OFV5 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFV5,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LRI5 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRI5,, |

## 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).