# KOMERI 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65期(2025/04/01－2026/03/31) (S100YJBF)
> Page: https://vizora.meequs.com/en/company/komeri
> Retrieved: 2026-09-30T20:25:19.249Z

## Company

Komeri, founded in 1962, is a company in Home Centers listed on TSE Prime. It has 3,750 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOMERI CO.,LTD. |
| Ticker | 8218 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8218.T) |
| Listing | TSE Prime |
| Head office | 新潟県新潟市南区清水4501番地1 |
| Representative (per filing) | 代表取締役社長 捧 雄一郎 |
| Founded | Jul 1962 |
| Share capital | ¥18.8B |
| Employees (consolidated) | 3,750 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.komeri.bit.or.jp (https://www.komeri.bit.or.jp/) |
| Corporate number | 9110001002050 |
| EDINET | E03120 |
| Industries (Vizora) | Home Centers |

> Profile source: annual securities report (S100YJBF, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 8 |
| Profitability | 85 | 10 |
| Cash conversion | 25 | 10 |
| Efficiency | 35 | 10 |

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)

- Komeri brought in ¥370.5B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +2.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥370535000000 → ¥14645000000
- Net income → operating cash flow: ¥14645000000 → ¥23825000000（difference ¥9180000000）
- Main uses of operating cash flow: CapEx ¥17750000000 / dividends ¥2632000000 / buybacks ¥1957000000
- Change in cash: ¥-4213000000
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 | ¥370.5B |  |
| Operating income | ¥23.1B | Margin 6.2% |
| Net income | ¥14.6B | Margin 4.0% |
| Free cash flow | ¥6.08B |  |
| Employees (consolidated) | 3,750 |  |
| EPS | ¥277.1 |  |
| Book value per share | ¥4643.14 |  |
| Equity ratio | 65.2% |  |
| Shares outstanding | 53,809,000 |  |
| Treasury shares | 6,546,000 |  |
| Shareholders | 10,166 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 3.0% | Cash ÷ revenue 3.2% |
| Vs. industry median margin | +3 pp | Home Centers |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets
- FY2026, employees -5% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥373253000000 | ¥370535000000 | -0.7% |
| Operating income | ¥30326000000 | ¥23055000000 | -24.0% |
| Operating margin | 8.1% | 6.2% | -1.9 pp |
| Employees | 4,463 people | 3,750 people | -16.0% |
| Cash and equivalents | ¥17082000000 | ¥12002000000 | -29.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 370,535 | 100.0% | S100YJBF |
| Cost of revenue | 252,255 | 68.1% | S100YJBF |
| Gross profit | 118,280 | 31.9% | S100YJBF |
| SG&A | 110,073 | 29.7% | S100YJBF |
| Operating income | 23,055 | 6.2% | S100YJBF |
| Ordinary income | 23,395 | 6.3% | S100YJBF |
| Pretax income | 21,823 | 5.9% | S100YJBF |
| Income tax | 7,178 | 1.9% | S100YJBF |
| Net income | 14,645 | 4.0% | S100YJBF |
| Net income attributable to owners | 14,645 | 4.0% | S100YJBF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 30 |
| Other operating | -4 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 31.9% → Operating margin 6.2% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +2.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.97×
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 | 365,074 | 370,535 | 5,461 | +1.5% |
| Gross profit | 116,064 | 118,280 | 2,216 | +1.9% |
| Operating income | 22,396 | 23,055 | 659 | +2.9% |
| Net income attributable to owners | 13,719 | 14,645 | 926 | +6.7% |
| Operating cash flow | 23,120 | 23,825 | 705 | +3.0% |
| Free cash flow | 5,533 | 6,075 | 542 | +9.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 337,326 | 18,469 | 5.5% | 11,941 | 24,475 | 14,722 | S100LPY8 |
| FY ending Mar 2021 | 373,253 | 30,326 | 8.1% | 20,402 | 36,553 | 22,671 | S100OD47 |
| FY ending Mar 2022 | 362,630 | 27,825 | 7.7% | 17,897 | 25,856 | 15,181 | S100R34O |
| FY ending Mar 2023 | 365,704 | 26,053 | 7.1% | 17,096 | 19,873 | 8,595 | S100TPRM |
| FY ending Mar 2024 | 356,940 | 22,081 | 6.2% | 13,712 | 21,364 | 6,033 | S100XDJ1 |
| FY ending Mar 2025 | 365,074 | 22,396 | 6.1% | 13,719 | 23,120 | 5,533 | S100YJBF |
| FY ending Mar 2026 | 370,535 | 23,055 | 6.2% | 14,645 | 23,825 | 6,075 | S100YJBF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98.8M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 4,454 | 4,300 | 4,110 | 3,953 | 3,750 |
| Average salary (parent company) | ¥5.2M | ¥5M | ¥5M | ¥5M | ¥4.9M |
| Average age (parent company) | 36.4 years | 37.0 years | 37.8 years | 38.3 years | 38.9 years |
| Average tenure (parent company) | 10.7 years | 11.0 years | 11.8 years | 12.3 years | 13.0 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) +1.5%

## 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 | 23,825 | 6.4% | S100YJBF |
| Capital expenditure | 17,750 | 4.8% | S100YJBF |
| Free cash flow | 6,075 | 1.6% | 算出 |
| Investing cash flow | -18,066 | -4.9% | S100YJBF |
| Financing cash flow | -9,973 | -2.7% | S100YJBF |
| Dividends paid | 2,632 | 0.7% | S100YJBF |
| Share buyback | 1,957 | 0.5% | S100YJBF |
| Change in cash | -4,213 | -1.1% | S100YJBF |
| Cash and equivalents | 12,002 | 3.2% | S100YJBF |

## 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 | 19,201 | 13,905 | 16,547 | 16,216 | 12,002 | S100TPRM, S100XDJ1, S100YJBF |
| Total assets | 354,788 | 361,387 | 372,851 | 386,661 | 394,194 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Net assets | 213,840 | 227,347 | 236,248 | 246,316 | 256,979 | S100TPRM, S100XDJ1, S100YJBF |
| Share capital | 18,802 | 18,802 | 18,802 | 18,802 | 18,802 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Property, plant and equipment | 163,252 | 164,029 | 167,109 | 178,258 | 183,130 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Intangible assets excluding goodwill | 8,934 | 9,423 | 9,241 | 9,120 | 9,441 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Investment securities | 1,638 | 1,544 | 1,648 | 1,699 | 2,198 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Current assets | 164,092 | 170,014 | 178,194 | 181,484 | 183,200 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Current liabilities | 101,568 | 101,492 | 103,623 | 105,740 | 98,575 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Trade payables | 28,703 | 29,158 | 28,375 | 28,979 | 31,205 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Short-term borrowings | — | 6,000 | 8,500 | 14,500 | 11,500 | S100TPRM, S100XDJ1, S100YJBF |
| Long-term borrowings | 19,937 | 12,761 | 12,669 | 8,959 | 12,584 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Total liabilities | 140,947 | 134,039 | 136,603 | 140,345 | 137,214 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Equity attributable to owners of parent | 213,327 | 226,966 | 235,847 | 245,304 | 255,713 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Retained earnings | 182,463 | 197,180 | 208,401 | 219,570 | 231,582 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |
| Treasury stock | -13,197 | -14,276 | -16,616 | -18,328 | -18,342 | S100R34O, S100TPRM, S100XDJ1, S100YJBF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YJBF |
| Property, plant and equipment | 46% | S100YJBF |
| Intangibles and goodwill | 2% | S100YJBF |
| Investment securities | 1% | S100YJBF |
| Other assets | 48% | S100YJBF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJBF |
| Other liabilities | 27% | S100YJBF |
| Equity | 65% | S100YJBF |
| Other liabilities | 0% | S100YJBF |

### 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 | 354,788 | 361,387 | 372,851 | 386,661 | 394,194 |
| Equity | 213,840 | 227,347 | 236,248 | 246,316 | 256,979 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,201 | 13,905 | 16,547 | 16,216 | 12,002 |

## 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) | 49.4% | S100YJBF |
| Fixed assets ÷ total assets | 46.5% | S100YJBF |
| Goodwill ÷ parent equity | — | —, S100YJBF |

### 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) | 3.0% |
| Cash ÷ revenue | 3.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.3% |
| Cash vs. profit gap | 9,180 JPY mn (of net income 62.7%) |
| Shareholder returns / net income | 31.3% |
| Shareholder returns / FCF | 75.5% |
| Shareholder payments — dividends / net income | 18.0% |
| Shareholder payments — dividends / FCF | 43.3% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.9% | 1.02× | 5.0% | 1.66× | 8.4% | S100R34O |
| 2023 | 4.7% | 1.02× | 4.8% | 1.63× | 7.8% | S100TPRM |
| 2024 | 3.8% | 0.97× | 3.7% | 1.59× | 5.9% | S100XDJ1 |
| 2025 | 3.8% | 0.96× | 3.6% | 1.58× | 5.7% | S100YJBF |
| 2026 | 4.0% | 0.95× | 3.8% | 1.56× | 5.8% | S100YJBF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社米利 | Major shareholder | 34.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.5% | 2026-03-31 |
| ＮＯＭＵＲＡ ＣＵＳＴＯＤＹ ＮＯＭＩＮＥＳＳ ＬＩＭＩＴＥＤＯＭＮＩＢＵＳ－ＦＵＬＬＹ ＰＡＩＤ（ＣＡＳＨＰＢ) (常任代理人 野村證券㈱) | Major shareholder | 3.7% | 2026-03-31 |
| 捧 雄一郎 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社第四北越銀行(常任代理人 日本マスタートラスト信託銀行㈱) | Major shareholder | 2.8% | 2026-03-31 |
| 公益財団法人美術育成財団雪梁舎 | Major shareholder | 2.6% | 2026-03-31 |
| 有限会社ささげ | Major shareholder | 2.6% | 2026-03-31 |
| コメリ社員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥370.5B, up 1.5% from ¥365.1B.
- Gross profit grew 1.9% to ¥118.3B and operating income grew 2.9% to ¥23.1B, so profit rose faster than sales.
- Net income attributable to owners reached ¥14.6B, up 6.7%.
- Operating cash flow rose 3.0% to ¥23.8B, and free cash flow rose 9.8% to ¥6.08B.

### Drivers

- Garden and farm goods sold well, including weed barrier sheets, animal deterrents such as bear protection gear, and rice storage coolers
- A new heatstroke prevention rule for workplaces boosted fan-equipped work jackets, and work clothing and electrical supplies for tradespeople held up
- Private-label car and outdoor goods, home fixture installation services, and online sales all grew

### Risks

- A warm winter or cool summer slows seasonal goods and can cut sales and margins; this year a mild winter already lowered winter fuel sales
- Large competing stores opening nearby could hurt results
- Sharp moves in exchange rates or oil prices could raise the cost of imported goods

Cited: Annual Securities Report, 65th term (Apr 2025 – Mar 2026) (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, 65th term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/04/01－2026/03/31) | S100YJBF | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJBF,, |
| 訂正有価証券報告書－第64期(2024/04/01－2025/03/31) | S100XDJ1 | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDJ1,, |
| 有価証券報告書－第63期(2023/04/01－2024/03/31) | S100TPRM | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPRM,, |
| 有価証券報告書－第62期(2022/04/01－2023/03/31) | S100R34O | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R34O,, |
| 有価証券報告書－第61期(令和3年4月1日－令和4年3月31日) | S100OD47 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD47,, |
| 有価証券報告書－第60期(令和2年4月1日－令和3年3月31日) | S100LPY8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPY8,, |

## 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).