# KOSHIDAKA HOLDINGS Co.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2024/09/01－2025/08/31) (S100X7DQ)
> Page: https://vizora.meequs.com/en/company/koshidaka-holdings
> Retrieved: 2026-09-30T19:14:19.324Z

## Company

Koshidaka Holdings, founded in 1967, is a company in Amusement Centers & Karaoke listed on TSE Prime. It has 1,106 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOSHIDAKA HOLDINGS Co., LTD. |
| Ticker | 2157 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2157.T) |
| Listing | TSE Prime |
| Head office | 群馬県前橋市大友町1丁目5番地1 |
| Representative (per filing) | 代表取締役社長 腰髙 博 |
| Founded | Mar 1967 |
| Share capital | ¥2.57B |
| Employees (consolidated) | 1,106 |
| Average salary (parent only) | ¥11.3M |
| Fiscal year end | August |
| Website | www.koshidakaholdings.co.jp (https://www.koshidakaholdings.co.jp/) |
| Corporate number | 7070001003674 |
| EDINET | E04751 |
| Industries (Vizora) | Amusement Centers & Karaoke, Real Estate Development & Leasing |

> Profile source: annual securities report (S100X7DQ, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Amusement Centers & Karaoke (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 5 |
| Profitability | 92.9 | 7 |
| Cash conversion | 7.1 | 7 |
| Efficiency | 50 | 7 |

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 98% of Koshidaka Holdings's sales come from Karaoke, with Realestateadministration making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +12.1%.

## Company structure

- Segment revenue mix: Karaoke 98.0%、Realestateadministration 2.0%
- Revenue → net income: ¥69387151000 → ¥5258817000
- Net income → operating cash flow: ¥5258817000 → ¥12774376000（difference ¥7515559000）
- Main uses of operating cash flow: CapEx ¥6894398000 / dividends ¥1879450000 / buybacks ¥466000
- Change in cash: ¥3685804000
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 | ¥69.4B |  |
| Operating income | ¥11.4B | Margin 16.4% |
| Net income | ¥5.26B | Margin 7.6% |
| Free cash flow | ¥5.88B |  |
| Largest business | Karaoke | of segment revenue 98.0% |
| Employees (consolidated) | 1,106 |  |
| EPS | ¥6.47 |  |
| Diluted EPS | ¥6.03 |  |
| Book value per share | ¥146.04 |  |
| Equity ratio | 51.2% |  |
| Shares outstanding | 83,781,480 |  |
| Treasury shares | 2,200 |  |
| Shareholders | 50,916 |  |
| Average salary (parent only) | ¥11.3M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | +7.9 pp | Amusement Centers & Karaoke |
| ROE | 16.0% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.4× net income
- FY2025, revenue is 3.3× its level five years ago
- FY2025, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43303711000 | ¥69387151000 | +60.2% |
| Operating income | ¥1147624000 | ¥11392944000 | +892.7% |
| Operating margin | 2.7% | 16.4% | +13.8 pp |
| Employees | 833 people | 1,106 people | +32.8% |
| Cash and equivalents | ¥9297152000 | ¥10439415000 | +12.3% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| カラオケ → カラオケ | 62.7% |
| 不動産管理 → 不動産管理 | 1.5% |
| カーブス → 事業再編・廃止 | 33.0% |
| 温浴 → 事業再編・廃止 | 2.8% |
| 新設・再編 → カラオケ | 35.3% |
| 新設・再編 → 不動産管理 | 0.5% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,387 | 100.0% | S100X7DQ |
| Cost of revenue | 51,014 | 73.5% | S100X7DQ |
| Gross profit | 18,373 | 26.5% | S100X7DQ |
| SG&A | 6,980 | 10.1% | S100X7DQ |
| Operating income | 11,393 | 16.4% | S100X7DQ |
| Ordinary income | 11,598 | 16.7% | S100X7DQ |
| Pretax income | 7,256 | 10.5% | S100X7DQ |
| Income tax | 1,997 | 2.9% | S100X7DQ |
| Net income | 5,259 | 7.6% | S100X7DQ |
| Net income attributable to owners | 5,259 | 7.6% | S100X7DQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 10 |
| Operating income | 16 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.5% → Operating margin 16.4% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.7%; Core profit growth: +12.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 63,264 | 69,387 | 6,123 | +9.7% |
| Gross profit | 16,754 | 18,373 | 1,619 | +9.7% |
| Operating income | 10,164 | 11,393 | 1,229 | +12.1% |
| Net income attributable to owners | 6,735 | 5,259 | -1,476 | -21.9% |
| Operating cash flow | 12,581 | 12,774 | 193 | +1.5% |
| Free cash flow | 3,645 | 5,880 | 2,235 | +61.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 65,840 | 9,508 | 14.4% | 6,227 | 12,578 | 4,529 | S100K9ML |
| FY ending Aug 2020 | 43,304 | 1,148 | 2.7% | -232 | 4,378 | -1,605 | S100NKNV |
| FY ending Aug 2021 | 20,791 | -7,629 | -36.7% | -4,145 | -1,943 | -7,794 | S100PP8M |
| FY ending Aug 2022 | 37,995 | 2,206 | 5.8% | 3,643 | 11,607 | 4,421 | S100SDF5 |
| FY ending Aug 2023 | 54,630 | 7,667 | 14.0% | 7,105 | 13,385 | 2,069 | S100UVA7 |
| FY ending Aug 2024 | 63,264 | 10,164 | 16.1% | 6,735 | 12,581 | 3,645 | S100X7DQ |
| FY ending Aug 2025 | 69,387 | 11,393 | 16.4% | 5,259 | 12,774 | 5,880 | S100X7DQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.7M |
| Operating income per employee (consolidated) | ¥10.3M |
| Net income per employee (consolidated) | ¥4.8M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 768 | 859 | 1,041 | 1,136 | 1,106 |
| Average salary (parent company) | ¥8.1M | ¥7.9M | ¥8.1M | ¥10.3M | ¥11.3M |
| Average age (parent company) | 50.6 years | 48.7 years | 47.1 years | 48.1 years | 49.1 years |
| Average tenure (parent company) | 7.6 years | 4.4 years | 4.9 years | 4.7 years | 4.6 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +9.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Karaoke | 67,163 | 98.0% | 12,406 | 18.5% |
| Realestateadministration | 1,345 | 2.0% | 222 | 16.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Karaoke | 98.0% | 98.2% | 0.2 | 18.5% |
| Realestateadministration | 2.0% | 1.8% | -0.2 | 16.5% |

Segment → industry: Karaoke → Amusement Centers & Karaoke / Realestateadministration → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,774 | 18.4% | S100X7DQ |
| Capital expenditure | 6,894 | 9.9% | S100X7DQ |
| Free cash flow | 5,880 | 8.5% | 算出 |
| Investing cash flow | -8,293 | -12.0% | S100X7DQ |
| Financing cash flow | -791 | -1.1% | S100X7DQ |
| Dividends paid | 1,879 | 2.7% | S100X7DQ |
| Share buyback | 0 | 0.0% | S100X7DQ |
| Change in cash | 3,686 | 5.3% | S100X7DQ |
| Cash and equivalents | 10,439 | 15.0% | S100X7DQ |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,171 | 6,379 | 7,854 | 6,751 | 10,439 | S100SDF5, S100UVA7, S100X7DQ |
| Total assets | 41,974 | 47,273 | 57,008 | 61,715 | 68,589 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Net assets | 18,178 | 19,509 | 25,395 | 30,355 | 35,106 | S100SDF5, S100UVA7, S100X7DQ |
| Share capital | 2,070 | 2,070 | 2,070 | 2,070 | 2,570 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Trade receivables | 84 | 526 | 947 | 1,201 | 1,402 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Property, plant and equipment | 23,543 | 27,102 | 32,032 | 34,518 | 34,593 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Intangible assets excluding goodwill | 238 | 439 | 511 | 696 | 1,227 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Goodwill | 10 | 5 | 1 | 0 | 0 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Investment securities | 415 | 152 | 299 | 794 | 910 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Current assets | 9,389 | 9,911 | 12,374 | 11,903 | 15,792 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Current liabilities | 10,098 | 9,644 | 13,964 | 13,976 | 14,924 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Trade payables | 190 | 443 | 645 | 678 | 604 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Short-term borrowings | 4,500 | — | — | — | — | S100PP8M |
| Long-term borrowings | 9,314 | 8,745 | 6,937 | 5,725 | 7,189 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Total liabilities | 23,795 | 27,765 | 31,613 | 31,360 | 33,483 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Equity attributable to owners of parent | 18,107 | 19,691 | 25,723 | 30,746 | 35,104 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Retained earnings | 12,840 | 14,424 | 20,455 | 26,049 | 29,407 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |
| Treasury stock | -106 | -106 | -106 | -676 | -676 | S100PP8M, S100SDF5, S100UVA7, S100X7DQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100X7DQ |
| Receivables | 2% | S100X7DQ |
| Property, plant and equipment | 51% | S100X7DQ |
| Intangibles and goodwill | 2% | S100X7DQ |
| Investment securities | 1% | S100X7DQ |
| Other assets | 29% | S100X7DQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100X7DQ |
| Other liabilities | 48% | S100X7DQ |
| Equity | 51% | S100X7DQ |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 41,974 | 47,273 | 57,008 | 61,715 | 68,589 |
| Equity | 18,178 | 19,509 | 25,395 | 30,355 | 35,106 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,171 | 6,379 | 7,854 | 6,751 | 10,439 |

## 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) | 49.9% | S100X7DQ |
| Fixed assets ÷ total assets | 50.4% | S100X7DQ |
| Goodwill ÷ parent equity | 0.0% | S100X7DQ |

Goodwill over 4 years: 10 → 0 JPY; total investing cash flow: -40,297 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) | 15.2% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.1% |
| Cash vs. profit gap | 7,516 JPY mn (of net income 142.9%) |
| Shareholder returns / net income | 35.7% |
| Shareholder returns / FCF | 32.0% |
| Shareholder payments — dividends / net income | 35.7% |
| Shareholder payments — dividends / FCF | 32.0% |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| Investing CF relative to operating CF | 64.9% |

## 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 | — | —× | -9.9% | —× | — | S100PP8M |
| 2022 | 9.6% | 0.85× | 8.2% | 2.36× | 19.3% | S100SDF5 |
| 2023 | 13.0% | 1.05× | 13.6% | 2.30× | 31.3% | S100UVA7 |
| 2024 | 10.6% | 1.07× | 11.3% | 2.10× | 23.9% | S100X7DQ |
| 2025 | 7.6% | 1.07× | 8.1% | 1.98× | 16.0% | S100X7DQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヨウザン | Major shareholder | 26.9% | 2025-08-31 |
| 株式会社ふくる | Major shareholder | 10.0% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.8% | 2025-08-31 |
| NORTHERN TRUST CO.（AVFC）RE FIDELITY FUNDS（常任代理人 香港上海銀行東京支店カストディ業務部） | Major shareholder | 6.1% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2025-08-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.7% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.6% | 2025-08-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2025-08-31 |
| BNP PARIBAS LUXEMBOURG/2S/ JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.3% | 2025-08-31 |
| 一般社団法人SACHI信託口１ | Major shareholder | 1.1% | 2025-08-31 |
| 一般社団法人SACHI信託口２ | Major shareholder | 1.1% | 2025-08-31 |
| 一般社団法人SACHI信託口３ | Major shareholder | 1.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2024/09/01－2025/08/31) | S100X7DQ | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7DQ,, |
| 有価証券報告書－第55期(2023/09/01－2024/08/31) | S100UVA7 | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVA7,, |
| 有価証券報告書－第54期(2022/09/01－2023/08/31) | S100SDF5 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDF5,, |
| 有価証券報告書－第53期(令和3年9月1日－令和4年8月31日) | S100PP8M | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP8M,, |
| 訂正有価証券報告書－第52期(令和2年9月1日－令和3年8月31日) | S100NKNV | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKNV,, |
| 有価証券報告書－第51期(令和1年9月1日－令和2年8月31日) | S100K9ML | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9ML,, |

## 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).