# The Kosei Securities Co.,Ltd: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2025/04/01－2026/03/31) (S100YFAQ)
> Page: https://vizora.meequs.com/en/company/kosei-securities
> Retrieved: 2026-09-30T22:19:27.420Z

## Company

The Kosei Securities, founded in 1961, is a company in Securities & Asset Management listed on TSE Standard. It has 37 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Kosei Securities Co.,Ltd. |
| Ticker | 8617 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8617.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区北浜二丁目1番10号 |
| Representative (per filing) | 取締役社長 巽大介 |
| Founded | Apr 1961 |
| Share capital | ¥12B |
| Employees (consolidated) | 37 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.kosei.co.jp (https://www.kosei.co.jp/) |
| Corporate number | 6120001077409 |
| EDINET | E03793 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YFAQ, filed 2026-06-22). As of filing

## Key points (generated from figures)

- The Kosei Securities brought in ¥1.11B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +99.1% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.11B |  |
| Operating income | ¥45M | Margin 4.0% |
| Net income | ¥210M | Margin 18.9% |
| Free cash flow | -¥237M |  |
| Employees (consolidated) | 37 |  |
| EPS | ¥22.28 |  |
| Book value per share | ¥1721.13 |  |
| Equity ratio | 72.8% |  |
| Shares outstanding | 9,486,000 |  |
| Treasury shares | 36,800 |  |
| Shareholders | 3,292 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 356.2% |
| Vs. industry median margin | -16.7 pp | Securities & Asset Management |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1111000000 | ¥1113000000 | +0.2% |
| Operating income | ¥133000000 | ¥45000000 | -66.2% |
| Operating margin | 12.0% | 4.0% | -7.9 pp |
| Employees | 43 people | 37 people | -14.0% |
| Cash and equivalents | ¥7024000000 | ¥3965000000 | -43.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,113 | 100.0% | S100YFAQ |
| SG&A | 1,012 | 90.9% | S100YFAQ |
| Operating income | 45 | 4.0% | S100YFAQ |
| Ordinary income | 254 | 22.8% | S100YFAQ |
| Pretax income | 254 | 22.8% | S100YFAQ |
| Income tax | 44 | 4.0% | S100YFAQ |
| Net income | 210 | 18.9% | S100YFAQ |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 19 |

### Margin funnel

Operating margin 4.0% → Net margin 18.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 559 | 1,113 | 554 | +99.1% |
| Operating income | -522 | 45 | 567 | — |
| Operating cash flow | -1,693 | -230 | 1,463 | — |
| Free cash flow | -1,697 | -237 | 1,460 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 638 | -319 | -50.0% | -169 | 748 | 734 | S100UM05 |
| FY ending Mar 2021 | 1,111 | 133 | 12.0% | 162 | 557 | 557 | S100W40P |
| FY ending Mar 2022 | 448 | -472 | -105.4% | -212 | -1,092 | -1,098 | S100YFAQ |
| FY ending Mar 2023 | 436 | -494 | -113.3% | -397 | 383 | 370 | S100YFAQ |
| FY ending Mar 2024 | 1,498 | 435 | 29.0% | 377 | 831 | 770 | S100YFAQ |
| FY ending Mar 2025 | 559 | -522 | -93.4% | -466 | -1,693 | -1,697 | S100YFAQ |
| FY ending Mar 2026 | 1,113 | 45 | 4.0% | 210 | -230 | -237 | S100YFAQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 40 | 40 | 42 | 39 | 37 |
| Average salary (parent company) | ¥7.6M | ¥7.6M | ¥7.6M | ¥7.8M | ¥8M |
| Average age (parent company) | 47.0 years | 44.0 years | 43.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 24.0 years | 24.0 years | 22.0 years | 23.0 years | 23.0 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) +99.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -230 | -20.7% | S100YFAQ |
| Capital expenditure | 7 | 0.6% | S100YFAQ |
| Free cash flow | -237 | -21.3% | 算出 |
| Investing cash flow | 31 | 2.8% | S100YFAQ |
| Financing cash flow | -47 | -4.2% | S100YFAQ |
| Dividends paid | 47 | 4.2% | S100YFAQ |
| Share buyback | 0 | 0.0% | S100YFAQ |
| Change in cash | -245 | -22.0% | S100YFAQ |
| Cash and equivalents | 3,965 | 356.2% | S100YFAQ |

## 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 | 6,013 | 6,188 | 6,553 | 4,211 | 3,965 | S100UM05, S100W40P, S100YFAQ |
| Total assets | 20,415 | 21,051 | 24,610 | 21,783 | 22,336 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Net assets | 15,923 | 15,338 | 16,937 | 15,722 | 16,263 | S100UM05, S100W40P, S100YFAQ |
| Share capital | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Property, plant and equipment | 4,022 | 3,977 | 3,982 | 3,926 | 3,876 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Intangible assets excluding goodwill | 2 | 7 | 5 | 4 | 3 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Investment securities | 3,016 | 2,940 | 5,031 | 4,607 | 5,141 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Current assets | 12,964 | 13,716 | 15,183 | 12,837 | 12,908 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Current liabilities | 3,946 | 5,227 | 6,618 | 5,230 | 5,031 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Total liabilities | 4,492 | 5,712 | 7,672 | 6,060 | 6,072 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Equity attributable to owners of parent | 15,734 | 15,288 | 15,618 | 14,990 | 15,153 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Retained earnings | -172 | -397 | 377 | -250 | 210 | S100R5CW, S100UM05, S100W40P, S100YFAQ |
| Treasury stock | -40 | -40 | -41 | -41 | -41 | S100R5CW, S100UM05, S100W40P, S100YFAQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YFAQ |
| Property, plant and equipment | 17% | S100YFAQ |
| Intangibles and goodwill | 0% | S100YFAQ |
| Investment securities | 23% | S100YFAQ |
| Other assets | 42% | S100YFAQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YFAQ |
| Equity | 73% | S100YFAQ |
| Other liabilities | 0% | S100YFAQ |

### 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 | 20,415 | 21,051 | 24,610 | 21,783 | 22,336 |
| Equity | 15,923 | 15,338 | 16,937 | 15,722 | 16,263 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,013 | 6,188 | 6,553 | 4,211 | 3,965 |

## 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) | 348.2% | S100YFAQ |
| Fixed assets ÷ total assets | 17.4% | S100YFAQ |
| Goodwill ÷ parent equity | — | —, S100YFAQ |

### 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) | 17.8% |
| Cash ÷ revenue | 356.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -511.1% |
| Cash vs. profit gap | -440 JPY mn (of net income -209.5%) |
| Shareholder returns / net income | 22.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -1.0% | —× | — | S100R5CW, S100YFAQ |
| 2023 | — | —× | -1.9% | —× | — | S100UM05, S100YFAQ |
| 2024 | 25.2% | 0.07× | 1.7% | 1.48× | 2.4% | S100W40P, S100YFAQ |
| 2025 | — | —× | -2.0% | —× | — | S100YFAQ |
| 2026 | 18.9% | 0.05× | 1.0% | 1.46× | 1.4% | S100YFAQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社 巽也蔵 | Major shareholder | 20.1% | 2026-03-31 |
| 株式会社 巽事務所 | Major shareholder | 12.3% | 2026-03-31 |
| 株式会社 哲学の道文庫 | Major shareholder | 9.7% | 2026-03-31 |
| 巽 大 介 | Major shareholder | 5.7% | 2026-03-31 |
| 振 角 典 子 | Major shareholder | 3.5% | 2026-03-31 |
| 巽 春 菜 | Major shareholder | 3.2% | 2026-03-31 |
| 内 藤 征 吾 | Major shareholder | 3.0% | 2026-03-31 |
| 森 川 和 宏 | Major shareholder | 1.6% | 2026-03-31 |
| 巽 勇 人 | Major shareholder | 1.5% | 2026-03-31 |
| 巽 万 里 子 | Major shareholder | 1.2% | 2026-03-31 |
| 振 角 勇 輔 | Major shareholder | 1.2% | 2026-03-31 |
| 振 角 俊 輔 | Major shareholder | 1.2% | 2026-03-31 |
| 巽 大 郎 | Major shareholder | 1.2% | 2026-03-31 |
| 山 口 恵 里 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YFAQ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFAQ,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W40P | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W40P,, |
| 訂正有価証券報告書－第64期(2023/04/01－2024/03/31) | S100UM05 | 2024-11-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UM05,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R5CW | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5CW,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OJJZ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJJZ,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LT03 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT03,, |

## 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).