# KOKUYO 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79期(2025/01/01－2025/12/31) (S100XUE1)
> Page: https://vizora.meequs.com/en/company/kokuyo
> Retrieved: 2026-09-30T19:51:04.139Z

## Company

Kokuyo, founded in 1949, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Prime. It has 8,079 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOKUYO CO., LTD. |
| Ticker | 7984 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7984.T) |
| Listing | TSE Prime |
| Head office | 大阪市東成区大今里南六丁目1番1号 |
| Representative (per filing) | 代表執行役社長 黒田英邦 |
| Founded | May 1949 |
| Share capital | ¥15.8B |
| Employees (consolidated) | 8,079 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.kokuyo.com (https://www.kokuyo.com/) |
| Corporate number | 6120001012282 |
| EDINET | E00670 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods, Stationery & Office Supplies |

> Profile source: annual securities report (S100XUE1, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.1 | 16 |
| Profitability | 65.6 | 16 |
| Cash conversion | 34.6 | 13 |
| Efficiency | 53.1 | 16 |

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 47% of Kokuyo's sales come from Furniture businesses, with Business supply distribution and Stationery businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit +16.5%.

## Company structure

- Segment revenue mix: Furniture businesses 47.4%、Business supply distribution 28.5%、Stationery businesses 17.4%、Interior retail businesses 6.6%、Other 0.1%
- Revenue → net income: ¥359876000000 → ¥21712000000
- Net income → operating cash flow: ¥21712000000 → ¥14369000000（difference ¥-7343000000）
- Main uses of operating cash flow: CapEx ¥11270000000 / dividends ¥9547000000 / buybacks ¥20002000000
- Change in cash: ¥-21474000000
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 | ¥359.9B |  |
| Operating income | ¥26.2B | Margin 7.3% |
| Net income | ¥21.5B | Margin 6.0% |
| Free cash flow | ¥3.1B |  |
| Largest business | Furniture businesses | of segment revenue 47.4% |
| Employees (consolidated) | 8,079 |  |
| EPS | ¥41.8 |  |
| Book value per share | ¥516.18 |  |
| Equity ratio | 70.9% |  |
| Shares outstanding | 440,969,000 |  |
| Treasury shares | 11,545,200 |  |
| Shareholders | 22,506 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 30.7% |
| Vs. industry median margin | +2.7 pp | Stationery & Office Supplies |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.1× dividends
- FY2025, one segment accounts for 66% of positive segment profit
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥300644000000 | ¥359876000000 | +19.7% |
| Operating income | ¥14807000000 | ¥26247000000 | +77.3% |
| Operating margin | 4.9% | 7.3% | +2.4 pp |
| Employees | 6,882 people | 8,079 people | +17.4% |
| Cash and equivalents | ¥90577000000 | ¥110606000000 | +22.1% |

### 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 |
| --- | ---: |
| 空間価値ドメイン → 事業再編・廃止 | 47.3% |
| ビジネスサプライドメイン → 事業再編・廃止 | 35.8% |
| グローバルステーショナリードメイン → 事業再編・廃止 | 16.8% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ファニチャー事業 | 47.4% |
| 新設・再編 → ビジネスサプライ流通事業 | 28.5% |
| 新設・再編 → ステーショナリー事業 | 17.4% |
| 新設・再編 → インテリアリテール事業 | 6.6% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Furniture businesses | 4 years | +5.7% | ¥170635000000 | 15.3% | 2 |
| Business supply distribution | 4 years | -1.7% | ¥102618000000 | 5.3% | 2 |
| Stationery businesses | 4 years | +3.4% | ¥62770000000 | 11.3% | 2 |
| Interior retail businesses | 4 years | +6.5% | ¥23609000000 | 3.0% | 2 |
| Other | 5 years | -8.0% | ¥242000000 | -188.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 359,876 | 100.0% | S100XUE1 |
| Cost of revenue | 215,407 | 59.9% | S100XUE1 |
| Gross profit | 144,469 | 40.1% | S100XUE1 |
| SG&A | 118,222 | 32.9% | S100XUE1 |
| Operating income | 26,247 | 7.3% | S100XUE1 |
| Ordinary income | 27,222 | 7.6% | S100XUE1 |
| Pretax income | 31,215 | 8.7% | S100XUE1 |
| Income tax | 9,502 | 2.6% | S100XUE1 |
| Net income | 21,712 | 6.0% | S100XUE1 |
| Net income attributable to owners | 21,473 | 6.0% | S100XUE1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 33 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 40.1% → Operating margin 7.3% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.2%; Core profit growth: +16.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.66×
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 | 338,837 | 359,876 | 21,039 | +6.2% |
| Gross profit | 133,424 | 144,469 | 11,045 | +8.3% |
| Operating income | 22,531 | 26,247 | 3,716 | +16.5% |
| Net income attributable to owners | 21,787 | 21,473 | -314 | -1.4% |
| Operating cash flow | 16,377 | 14,369 | -2,008 | -12.3% |
| Free cash flow | 8,656 | 3,099 | -5,557 | -64.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 320,200 | 16,743 | 5.2% | 15,303 | 16,723 | 11,873 | S100L2XS |
| FY ending Dec 2020 | 300,644 | 14,807 | 4.9% | 8,297 | 19,217 | 12,590 | S100NSRY |
| FY ending Dec 2021 | 320,170 | 20,004 | 6.2% | 13,703 | 21,789 | 15,751 | S100QI7E |
| FY ending Dec 2022 | 300,929 | 19,128 | 6.4% | 18,237 | 9,577 | 4,050 | S100T657 |
| FY ending Dec 2023 | 328,753 | 23,830 | 7.2% | 19,069 | 34,739 | 28,390 | S100VILU |
| FY ending Dec 2024 | 338,837 | 22,531 | 6.6% | 21,787 | 16,377 | 8,656 | S100XUE1 |
| FY ending Dec 2025 | 359,876 | 26,247 | 7.3% | 21,473 | 14,369 | 3,099 | S100XUE1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.5M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 6,825 | 6,864 | 6,931 | 7,647 | 8,079 |
| Average salary (parent company) | ¥7.4M | ¥7.8M | ¥7.6M | ¥7.8M | ¥7.9M |
| Average age (parent company) | 44.3 years | 43.2 years | 43.1 years | 42.3 years | 41.5 years |
| Average tenure (parent company) | 19.0 years | 18.0 years | 17.5 years | 16.4 years | 15.4 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Furniture businesses | 170,635 | 47.4% | 26,175 | 15.3% |
| Business supply distribution | 102,618 | 28.5% | 5,463 | 5.3% |
| Stationery businesses | 62,770 | 17.4% | 7,092 | 11.3% |
| Interior retail businesses | 23,609 | 6.6% | 718 | 3.0% |
| Other | 242 | 0.1% | -457 | -188.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Furniture businesses | 47.4% | 66.4% | 18.9 | 15.3% |
| Business supply distribution | 28.5% | 13.8% | -14.7 | 5.3% |
| Stationery businesses | 17.4% | 18.0% | 0.5 | 11.3% |
| Interior retail businesses | 6.6% | 1.8% | -4.7 | 3.0% |
| Other | 0.1% | — | — | -188.8% |

Loss-making segment (excluded from profit shares): Other -457 JPY mn

Segment → industry: Interior retail businesses → Furniture, Interior & Lifestyle Goods / Stationery businesses → Stationery & Office Supplies / Business supply distribution → Stationery & Office Supplies / Furniture businesses → Stationery & Office Supplies

## 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 | 14,369 | 4.0% | S100XUE1 |
| Capital expenditure | 11,270 | 3.1% | S100XUE1 |
| Free cash flow | 3,099 | 0.9% | 算出 |
| Investing cash flow | -4,606 | -1.3% | S100XUE1 |
| Financing cash flow | -31,649 | -8.8% | S100XUE1 |
| Dividends paid | 9,547 | 2.7% | S100XUE1 |
| Share buyback | 20,002 | 5.6% | S100XUE1 |
| Change in cash | -21,474 | -6.0% | S100XUE1 |
| Cash and equivalents | 110,606 | 30.7% | S100XUE1 |

## 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 | 100,575 | 98,351 | 115,161 | 132,080 | 110,606 | S100T657, S100VILU, S100XUE1 |
| Total assets | 324,576 | 337,538 | 358,412 | 362,959 | 355,048 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Net assets | 230,105 | 239,617 | 253,426 | 264,062 | 255,457 | S100T657, S100VILU, S100XUE1 |
| Share capital | 15,847 | 15,847 | 15,847 | 15,847 | 15,847 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Trade receivables | 63,913 | — | — | — | — | S100QI7E |
| Property, plant and equipment | 59,577 | 61,105 | 61,542 | 63,241 | 65,572 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Intangible assets excluding goodwill | 7,260 | 16,505 | 16,614 | 12,961 | 15,082 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Goodwill | 86 | 5,316 | 5,416 | 471 | 373 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Investment securities | 45,040 | 35,574 | 40,112 | 22,362 | 18,022 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Current assets | 203,154 | 215,001 | 230,157 | 252,884 | 242,888 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Current liabilities | 77,487 | 79,494 | 91,281 | 87,742 | 89,112 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Trade payables | 52,475 | 53,971 | 55,157 | 54,357 | 58,334 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Short-term borrowings | 4,081 | 4,329 | 4,238 | 3,955 | 3,369 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Long-term borrowings | 5,119 | 5,000 | — | 101 | 16 | S100QI7E, S100T657, S100XUE1 |
| Total liabilities | 94,470 | 97,920 | 104,985 | 98,896 | 99,591 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Non-controlling interests | 1,635 | 1,873 | 1,585 | 3,509 | 3,778 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Equity attributable to owners of parent | 211,517 | 222,532 | 232,455 | 246,190 | 238,148 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Retained earnings | 195,747 | 207,772 | 210,677 | 216,230 | 211,871 | S100QI7E, S100T657, S100VILU, S100XUE1 |
| Treasury stock | -18,204 | -19,215 | -12,206 | -4,027 | -7,710 | S100QI7E, S100T657, S100VILU, S100XUE1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XUE1 |
| Property, plant and equipment | 19% | S100XUE1 |
| Intangibles and goodwill | 4% | S100XUE1 |
| Investment securities | 5% | S100XUE1 |
| Other assets | 41% | S100XUE1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100XUE1 |
| Other liabilities | 12% | S100XUE1 |
| Equity | 72% | S100XUE1 |

### 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 | 324,576 | 337,538 | 358,412 | 362,959 | 355,048 |
| Equity | 230,105 | 239,617 | 253,426 | 264,062 | 255,457 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 100,575 | 98,351 | 115,161 | 132,080 | 110,606 |

## 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) | 18.2% | S100XUE1 |
| Fixed assets ÷ total assets | 18.5% | S100XUE1 |
| Goodwill ÷ parent equity | 0.2% | S100XUE1 |

Goodwill over 4 years: 86 → 373 JPY; total investing cash flow: 3,093 JPY. This does not imply causation.

### 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) | 31.2% |
| Cash ÷ revenue | 30.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.7% |
| Cash vs. profit gap | -7,104 JPY mn (of net income -33.1%) |
| Shareholder returns / net income | 137.6% |
| Shareholder returns / FCF | 953.5% |
| Shareholder payments — dividends / net income | 44.5% |
| Shareholder payments — dividends / FCF | 308.1% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 32.1% |

## 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 | 4.3% | 0.99× | 4.2% | 1.53× | 6.5% | S100QI7E |
| 2022 | 6.1% | 0.91× | 5.5% | 1.53× | 8.4% | S100T657 |
| 2023 | 5.8% | 0.94× | 5.5% | 1.53× | 8.4% | S100VILU |
| 2024 | 6.4% | 0.94× | 6.0% | 1.51× | 9.1% | S100XUE1 |
| 2025 | 6.0% | 1.00× | 6.0% | 1.48× | 8.9% | S100XUE1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 12.7% | 2025-12-31 |
| コクヨ共栄会 | Major shareholder | 9.1% | 2025-12-31 |
| ㈱Kuroda&Sons | Major shareholder | 4.1% | 2025-12-31 |
| (公財)黒田緑化事業団 | Major shareholder | 3.4% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2025-12-31 |
| コクヨ共和会 | Major shareholder | 2.7% | 2025-12-31 |
| 黒田 章裕 | Major shareholder | 1.8% | 2025-12-31 |
| 黒田 耕司 | Major shareholder | 1.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| 黒田 康裕 | Major shareholder | 1.4% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥359.9B, up +6.2% from ¥338.8B.
- Profit grew faster than sales: gross profit rose +8.3% to ¥144.5B and operating income rose +16.5% to ¥26.2B.
- Net income attributable to owners edged down -1.4%, from ¥21.8B to ¥21.5B.
- Cash generation weakened, with operating cash flow down -12.3% to ¥14.4B and free cash flow down -64.2% to ¥3.1B.

### Drivers

- The furniture business won more office relocation and renovation projects, which lifted sales.
- Price increases took hold and offset higher raw material costs, so the gross margin improved.
- Office supply distribution got a temporary boost from customers switching over after a rival's logistics and system outage.
- Net income dipped mainly because the prior year included a gain on the sale of fixed assets.
- Operating cash flow fell partly due to income tax payments and higher receivables.

### Risks

- Most sales are in Japan, so results depend on the domestic economy, corporate capital spending and population trends.
- China, a key overseas market, remains sluggish, and conflict in the Middle East could push up raw material and shipping costs.
- Competition in office supply distribution has heated up after an unauthorized access incident at another company in the industry, which may weigh on that business for a while.

Cited: Annual Securities Report (79th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (79th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/01/01－2025/12/31) | S100XUE1 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUE1,, |
| 有価証券報告書－第78期(2024/01/01－2024/12/31) | S100VILU | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VILU,, |
| 有価証券報告書－第77期(2023/01/01－2023/12/31) | S100T657 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T657,, |
| 有価証券報告書－第76期(2022/01/01－2022/12/31) | S100QI7E | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI7E,, |
| 有価証券報告書－第75期(令和3年1月1日－令和3年12月31日) | S100NSRY | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSRY,, |
| 有価証券報告書－第74期(令和2年1月1日－令和2年12月31日) | S100L2XS | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2XS,, |

## 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).