# KOSAIDO Holdings 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62期(2025/04/01－2026/03/31) (S100YLHM)
> Page: https://vizora.meequs.com/en/company/kosaido-holdings
> Retrieved: 2026-09-30T21:55:41.290Z

## Company

KOSAIDO Holdings, founded in 1991, is a company in HR & Staffing listed on TSE Prime. It has 1,002 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOSAIDO Holdings Co., Ltd. |
| Ticker | 7868 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7868.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦一丁目2番3号 シーバンスS館13階 |
| Representative (per filing) | 代表取締役社長 常盤 誠 |
| Founded | May 1991 |
| Share capital | ¥3.26B |
| Employees (consolidated) | 1,002 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Corporate number | 7010401009665 |
| EDINET | E00724 |
| Industries (Vizora) | HR & Staffing, Business Process Outsourcing, Printing, Real Estate Brokerage & Management, Funerals |

> Profile source: annual securities report (S100YLHM, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.1 | 23 |
| Profitability | 98.2 | 28 |
| Cash conversion | 89.6 | 24 |
| Efficiency | 1.8 | 28 |

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 41% of KOSAIDO Holdings's sales come from Information, with Profit-Generating Funeral Services Segment and Public Funeral Services Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed -5.4% from the prior year, operating profit -18.8%.

## Company structure

- Segment revenue mix: Information 41.3%、Profit-Generating Funeral Services Segment 29.0%、Public Funeral Services Segment 15.0%、Human resources 13.9%、Asset Consulting Segment 0.8%
- Revenue → net income: ¥36228000000 → ¥4770000000
- Net income → operating cash flow: ¥4770000000 → ¥20852000000（difference ¥16082000000）
- Main uses of operating cash flow: CapEx ¥3304000000 / dividends ¥1842000000 / buybacks ¥6262000000
- Change in cash: ¥10732000000
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 | ¥36.2B |  |
| Operating income | ¥6.74B | Margin 18.6% |
| Net income | ¥4.74B | Margin 13.1% |
| Free cash flow | ¥17.5B |  |
| Largest business | Information | of segment revenue 41.3% |
| Employees (consolidated) | 1,002 |  |
| EPS | ¥27.65 |  |
| Diluted EPS | ¥25.87 |  |
| Book value per share | ¥116.97 |  |
| Equity ratio | 68.5% |  |
| Shares outstanding | 164,340,045 |  |
| Treasury shares | 16,470,200 |  |
| Shareholders | 9,833 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 61.9% |
| Vs. industry median margin | +14.7 pp | Business Process Outsourcing |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income
- FY2026, buybacks were 3.4× dividends
- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31497000000 | ¥36228000000 | +15.0% |
| Operating income | ¥2017000000 | ¥6740000000 | +234.2% |
| Operating margin | 6.4% | 18.6% | +12.2 pp |
| Employees | 1,038 people | 1,002 people | -3.5% |
| Cash and equivalents | ¥13093000000 | ¥22423000000 | +71.3% |

### 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 |
| --- | ---: |
| 葬祭 → 事業再編・廃止 | 26.5% |
| 情報 → 情報 | 41.3% |
| 情報 → 事業再編・廃止 | 17.4% |
| 人材 → 人材 | 13.9% |
| 人材 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 葬祭公益 | 15.0% |
| 新設・再編 → 葬祭収益 | 29.0% |
| 新設・再編 → 資産コンサルティング | 0.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information | 5 years | -4.1% | ¥14972000000 | 4.4% | 2 |
| Profit-Generating Funeral Services Segment | 3 years | +18.0% | ¥10490000000 | 34.6% | 2 |
| Public Funeral Services Segment | 3 years | -0.8% | ¥5428000000 | 21.9% | 2 |
| Human resources | 5 years | +1.6% | ¥5048000000 | -1.4% | 2 |
| Asset Consulting Segment | 2 years | -20.8% | ¥288000000 | -19.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,228 | 100.0% | S100YLHM |
| Cost of revenue | 22,424 | 61.9% | S100YLHM |
| Gross profit | 13,804 | 38.1% | S100YLHM |
| SG&A | 7,064 | 19.5% | S100YLHM |
| Operating income | 6,740 | 18.6% | S100YLHM |
| Ordinary income | 6,571 | 18.1% | S100YLHM |
| Pretax income | 6,901 | 19.0% | S100YLHM |
| Income tax | 2,130 | 5.9% | S100YLHM |
| Net income | 4,770 | 13.2% | S100YLHM |
| Net income attributable to owners | 4,738 | 13.1% | S100YLHM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 19 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 38.1% → Operating margin 18.6% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.4%; Core profit growth: -18.8%
Operating leverage (core profit growth ÷ revenue growth): 3.47×
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 | 38,302 | 36,228 | -2,074 | -5.4% |
| Gross profit | 16,147 | 13,804 | -2,343 | -14.5% |
| Operating income | 8,302 | 6,740 | -1,562 | -18.8% |
| Net income attributable to owners | 4,462 | 4,738 | 276 | +6.2% |
| Operating cash flow | -8,453 | 20,852 | 29,305 | — |
| Free cash flow | -10,731 | 17,548 | 28,279 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,088 | 2,328 | 6.6% | -2,671 | 3,976 | 2,737 | S100LV99 |
| FY ending Mar 2021 | 31,497 | 2,017 | 6.4% | 854 | 3,110 | 2,007 | S100P51S |
| FY ending Mar 2022 | 35,361 | 3,729 | 10.5% | 3,643 | 3,660 | 2,646 | S100RAWW |
| FY ending Mar 2023 | 36,668 | 4,280 | 11.7% | 4,042 | 6,293 | 4,420 | S100UH7A |
| FY ending Mar 2024 | 35,457 | 5,323 | 15.0% | 4,336 | 10,000 | 6,980 | S100W6HP |
| FY ending Mar 2025 | 38,302 | 8,302 | 21.7% | 4,462 | -8,453 | -10,731 | S100YLHM |
| FY ending Mar 2026 | 36,228 | 6,740 | 18.6% | 4,738 | 20,852 | 17,548 | S100YLHM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.2M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 1,063 | 1,101 | 1,100 | 1,083 | 1,002 |
| Average salary (parent company) | ¥5.3M | ¥6.4M | ¥6.3M | ¥7M | ¥6.5M |
| Average age (parent company) | 43.4 years | 45.2 years | 44.9 years | 42.1 years | 45.3 years |
| Average tenure (parent company) | 10.9 years | 12.2 years | 13.7 years | 9.2 years | 11.8 years |

Year over year: Employees (consolidated) -7.5% · Revenue (consolidated) -5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Public Funeral Services Segment | 5,428 | 15.0% | 1,191 | 21.9% |
| Profit-Generating Funeral Services Segment | 10,490 | 29.0% | 3,628 | 34.6% |
| Information | 14,972 | 41.3% | 655 | 4.4% |
| Human resources | 5,048 | 13.9% | -71 | -1.4% |
| Asset Consulting Segment | 288 | 0.8% | -56 | -19.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Public Funeral Services Segment | 15.0% | 21.8% | 6.8 | 21.9% |
| Profit-Generating Funeral Services Segment | 29.0% | 66.3% | 37.3 | 34.6% |
| Information | 41.3% | 12.0% | -29.4 | 4.4% |
| Human resources | 13.9% | — | — | -1.4% |
| Asset Consulting Segment | 0.8% | — | — | -19.4% |

Loss-making segment (excluded from profit shares): Human resources -71 JPY mn

Loss-making segment (excluded from profit shares): Asset Consulting Segment -56 JPY mn

Segment → industry: Human resources → HR & Staffing / Information → Business Process Outsourcing / Information → Printing / Asset Consulting Segment → Real Estate Brokerage & Management / Profit-Generating Funeral Services Segment → Funerals / Public Funeral Services Segment → Funerals

## 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 | 20,852 | 57.6% | S100YLHM |
| Capital expenditure | 3,304 | 9.1% | S100YLHM |
| Free cash flow | 17,548 | 48.4% | 算出 |
| Investing cash flow | 676 | 1.9% | S100YLHM |
| Financing cash flow | -10,806 | -29.8% | S100YLHM |
| Dividends paid | 1,842 | 5.1% | S100YLHM |
| Share buyback | 6,262 | 17.3% | S100YLHM |
| Change in cash | 10,732 | 29.6% | S100YLHM |
| Cash and equivalents | 22,423 | 61.9% | S100YLHM |

## 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 | 21,597 | 18,635 | 18,916 | 11,690 | 22,423 | S100UH7A, S100W6HP, S100YLHM |
| Total assets | 73,736 | 71,134 | 77,414 | 77,257 | 71,966 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Net assets | 37,520 | 41,434 | 46,980 | 47,940 | 49,529 | S100UH7A, S100W6HP, S100YLHM |
| Share capital | 2,478 | 100 | 363 | 429 | 3,261 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Trade receivables | 7,131 | 5,810 | 5,135 | 4,573 | 4,876 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Property, plant and equipment | 35,820 | 35,807 | 37,060 | 35,207 | 37,156 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Intangible assets excluding goodwill | 916 | 886 | 702 | 472 | 1,047 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Investment securities | 2,894 | 3,002 | 2,298 | 1,758 | 2,130 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Current assets | 31,350 | 27,998 | 34,569 | 38,021 | 30,120 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Current liabilities | 17,492 | 12,443 | 14,574 | 16,234 | 10,132 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Trade payables | 2,448 | 1,978 | 2,090 | 1,690 | 1,563 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Short-term borrowings | 5,500 | 1,400 | 1,400 | 6,400 | 1,400 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Long-term borrowings | 16,972 | 15,788 | 14,775 | 11,379 | 10,487 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Bonds | 90 | — | — | — | — | S100RAWW |
| Interest-bearing debt | 22,562 | — | — | — | — | 算出 |
| Total liabilities | 36,215 | 29,699 | 30,434 | 29,317 | 22,436 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Non-controlling interests | 91 | 175 | 239 | 181 | 148 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Equity attributable to owners of parent | 37,239 | 41,060 | 46,029 | 46,968 | 49,266 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Retained earnings | 26,742 | 30,561 | 33,694 | 36,143 | 39,039 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |
| Treasury stock | -8 | -6 | -13 | -1,599 | -7,862 | S100RAWW, S100UH7A, S100W6HP, S100YLHM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YLHM |
| Receivables | 7% | S100YLHM |
| Property, plant and equipment | 52% | S100YLHM |
| Intangibles and goodwill | 1% | S100YLHM |
| Investment securities | 3% | S100YLHM |
| Other assets | 6% | S100YLHM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YLHM |
| Other liabilities | 29% | S100YLHM |
| Equity | 69% | S100YLHM |
| Other liabilities | 0% | S100YLHM |

### 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 | 73,736 | 71,134 | 77,414 | 77,257 | 71,966 |
| Equity | 37,520 | 41,434 | 46,980 | 47,940 | 49,529 |
| Interest-bearing debt | 22,562 | — | — | — | — |
| Cash | 21,597 | 18,635 | 18,916 | 11,690 | 22,423 |

## 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) | 102.6% | S100YLHM |
| Fixed assets ÷ total assets | 51.6% | S100YLHM |
| Goodwill ÷ parent equity | — | —, S100YLHM |

### 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 | 61.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 309.4% |
| Cash vs. profit gap | 16,114 JPY mn (of net income 340.1%) |
| Shareholder returns / net income | 171.0% |
| Shareholder returns / FCF | 46.2% |
| Shareholder payments — dividends / net income | 38.9% |
| Shareholder payments — dividends / FCF | 10.5% |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 3.2% |

## 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 | 10.3% | 0.48× | 4.9% | 1.98× | 9.8% | S100RAWW |
| 2023 | 11.0% | 0.51× | 5.6% | 1.85× | 10.3% | S100UH7A |
| 2024 | 12.2% | 0.48× | 5.8% | 1.71× | 10.0% | S100W6HP |
| 2025 | 11.6% | 0.50× | 5.8% | 1.66× | 9.6% | S100YLHM |
| 2026 | 13.1% | 0.49× | 6.4% | 1.55× | 9.8% | S100YLHM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｒ＆Ｌホールディングス株式会社 | Major shareholder | 21.8% | 2026-03-31 |
| グローバルワーカー派遣株式会社 | Major shareholder | 13.3% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 9.1% | 2026-03-31 |
| ＳＢＩホールディングス株式会社 | Major shareholder | 7.4% | 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 | 3.6% | 2026-03-31 |
| ポールスター株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・株式会社学研ホールディングス退職給付信託口） | Major shareholder | 2.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.7% | 2026-03-31 |
| 増渕 栄一 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YLHM | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLHM,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W6HP | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6HP,, |
| 訂正有価証券報告書－第60期(2023/04/01－2024/03/31) | S100UH7A | 2024-10-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UH7A,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100RAWW | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAWW,, |
| 訂正有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100P51S | 2022-09-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P51S,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LV99 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV99,, |

## 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).