# KOURAKUEN CORPORATION: 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56期(2025/04/01－2026/03/31) (S100YCYB)
> Page: https://vizora.meequs.com/en/company/kourakuen
> Retrieved: 2026-09-30T19:51:25.281Z

## Company

Kourakuen is a company in Fast Food & Quick Service listed on TSE Prime. It has 581 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOURAKUEN CORPORATION |
| Ticker | 7554 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7554.T) |
| Listing | TSE Prime |
| Head office | 福島県郡山市田村町上行合字北川田2番地1 |
| Representative (per filing) | 代表取締役会長兼社長 新井田傳 |
| Share capital | ¥4.99B |
| Employees (consolidated) | 581 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.kourakuen.co.jp (https://www.kourakuen.co.jp/) |
| Corporate number | 2380001005074 |
| EDINET | E03293 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100YCYB, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 43.2 | 22 |
| Cash conversion | 50 | 21 |
| Efficiency | 84.1 | 22 |

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)

- Kourakuen brought in ¥29.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +56.0% from the prior year, operating profit +241.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29404657000 → ¥1155468000
- Net income → operating cash flow: ¥1155468000 → ¥1943096000（difference ¥787628000）
- Main uses of operating cash flow: CapEx ¥1489695000 / dividends — / buybacks —
- Change in cash: ¥-98811000
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 | ¥29.4B |  |
| Operating income | ¥1.52B | Margin 5.2% |
| Net income | ¥1.16B | Margin 3.9% |
| Free cash flow | ¥453.4M |  |
| Employees (consolidated) | 581 |  |
| EPS | ¥60.47 |  |
| Book value per share | ¥373.44 |  |
| Equity ratio | 53.1% |  |
| Shares outstanding | 20,832,441 |  |
| Treasury shares | 1,394,600 |  |
| Shareholders | 33,857 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 34.4% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | -0.3 pp | Fast Food & Quick Service |
| ROE | 17.7% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 34% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25023831000 | ¥29404657000 | — |
| Operating income | ¥-2045475000 | ¥1515473000 | — |
| Operating margin | -8.2% | 5.2% | +13.3 pp |
| Employees | 633 people | 581 people | — |
| Cash and equivalents | ¥1179750000 | ¥4623146000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 | 29,405 | 100.0% | S100YCYB |
| Cost of revenue | 9,030 | 30.7% | S100YCYB |
| Gross profit | 20,375 | 69.3% | S100YCYB |
| SG&A | 18,859 | 64.1% | S100YCYB |
| Operating income | 1,515 | 5.2% | S100YCYB |
| Ordinary income | 1,528 | 5.2% | S100YCYB |
| Pretax income | 1,389 | 4.7% | S100YCYB |
| Income tax | 234 | 0.8% | S100YCYB |
| Net income | 1,155 | 3.9% | S100YCYB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 64 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 69.3% → Operating margin 5.2% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +56.0%; Core profit growth: +241.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.31×
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 | 18,844 | 29,405 | 10,561 | +56.0% |
| Gross profit | 10,517 | 20,375 | 9,858 | +93.7% |
| Operating income | 444 | 1,515 | 1,072 | +241.5% |
| Operating cash flow | 1,992 | 1,943 | -49 | -2.4% |
| Free cash flow | 1,740 | 453 | -1,287 | -73.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,238 | 661 | 1.7% | -677 | 918 | -105 | S100LKQ5 |
| FY ending Mar 2021 | 26,566 | -1,730 | -6.5% | -842 | 797 | 84 | S100OFO6 |
| FY ending Mar 2022 | 25,024 | -2,045 | -8.2% | 374 | -203 | -1,282 | S100R1J1 |
| FY ending Mar 2023 | 25,462 | -1,687 | -6.6% | -2,859 | 283 | -413 | S100UWLC |
| FY ending Mar 2024 | 8,874 | -502 | -5.7% | 94 | 1,100 | — | S100VZ09 |
| FY ending Mar 2024 | 26,801 | 33 | 0.1% | 94 | 1,100 | 689 | S100UWLC |
| FY ending Mar 2025 | 18,844 | 444 | 2.4% | 800 | 1,992 | 1,740 | S100YCYB |
| FY ending Mar 2026 | 29,405 | 1,515 | 5.2% | 1,155 | 1,943 | 453 | S100YCYB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.6M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 521 | 115 | 510 | 537 | 581 |
| Average salary (parent company) | ¥4M | — | ¥4.6M | ¥4.9M | ¥5.5M |
| Average age (parent company) | 45.5 years | — | 45.9 years | 43.0 years | 43.3 years |
| Average tenure (parent company) | 16.0 years | — | 15.1 years | 14.4 years | 14.1 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +56.0%

## 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 | 1,943 | 6.6% | S100YCYB |
| Capital expenditure | 1,490 | 5.1% | S100YCYB |
| Free cash flow | 453 | 1.5% | 算出 |
| Investing cash flow | -1,572 | -5.3% | S100YCYB |
| Financing cash flow | -470 | -1.6% | S100YCYB |
| Change in cash | -99 | -0.3% | S100YCYB |
| Cash and equivalents | 4,623 | 15.7% | S100YCYB |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,285 | 1,091 | 2,128 | 4,722 | 4,623 | S100UWLC, S100YCYB |
| Total assets | 10,797 | 9,069 | 10,467 | 12,495 | 13,450 | S100UWLC, S100VZ09, S100YCYB |
| Net assets | 865 | 1,851 | 1,703 | 5,992 | 7,189 | S100UWLC, S100YCYB |
| Share capital | 2,988 | 3,328 | 3,328 | 4,988 | 4,988 | S100UWLC, S100VZ09, S100YCYB |
| Inventories | 269 | 164 | 259 | 278 | 290 | S100UWLC, S100VZ09, S100YCYB |
| Property, plant and equipment | 6,387 | 5,232 | 5,344 | 4,728 | 5,680 | S100UWLC, S100VZ09, S100YCYB |
| Intangible assets excluding goodwill | 140 | 114 | 121 | 104 | 99 | S100UWLC, S100VZ09, S100YCYB |
| Goodwill | 5 | — | — | — | — | S100UWLC |
| Investment securities | 129 | 75 | 75 | 78 | 95 | S100UWLC, S100VZ09, S100YCYB |
| Current assets | 2,410 | 2,214 | 3,338 | 6,018 | 5,962 | S100UWLC, S100VZ09, S100YCYB |
| Current liabilities | 6,581 | 4,447 | 6,079 | 4,949 | 4,847 | S100UWLC, S100VZ09, S100YCYB |
| Short-term borrowings | 2,300 | 2,300 | 2,300 | 1,100 | 980 | S100UWLC, S100VZ09, S100YCYB |
| Long-term borrowings | 1,357 | 1,100 | 1,100 | 108 | 8 | S100UWLC, S100VZ09, S100YCYB |
| Total liabilities | 9,932 | 7,218 | 8,764 | 6,502 | 6,260 | S100UWLC, S100VZ09, S100YCYB |
| Equity attributable to owners of parent | 803 | 1,837 | 1,577 | 5,956 | 7,115 | S100UWLC, S100VZ09, S100YCYB |
| Retained earnings | -2,886 | -2,532 | -2,792 | -1,732 | 1,155 | S100UWLC, S100VZ09, S100YCYB |
| Treasury stock | -2,383 | -2,383 | -2,383 | -2,384 | -2,381 | S100UWLC, S100VZ09, S100YCYB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YCYB |
| Inventories | 2% | S100YCYB |
| Property, plant and equipment | 42% | S100YCYB |
| Intangibles and goodwill | 1% | S100YCYB |
| Investment securities | 1% | S100YCYB |
| Other assets | 20% | S100YCYB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YCYB |
| Equity | 53% | S100YCYB |
| Other liabilities | 0% | S100YCYB |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,797 | 9,069 | 10,467 | 12,495 | 13,450 |
| Equity | 865 | 1,851 | 1,703 | 5,992 | 7,189 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,285 | 1,091 | 2,128 | 4,722 | 4,623 |

## 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) | 19.3% | S100YCYB |
| Fixed assets ÷ total assets | 42.2% | S100YCYB |
| Goodwill ÷ parent equity | — | —, S100YCYB |

### 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) | 34.4% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.2% |
| Cash vs. profit gap | 788 JPY mn (of net income 68.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 80.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -26.5% | —× | — | S100UWLC |
| 2024 | 1.1% | 0.98× | 1.0% | 4.94× | 5.1% | S100YCYB, S100VZ09 |
| 2024 | 0.4% | 2.56× | 0.9% | 6.64× | 6.0% | S100UWLC |
| 2025 | 4.2% | 1.51× | 6.4% | 2.10× | 13.4% | S100YCYB |
| 2026 | 3.9% | 2.27× | 8.9% | 1.98× | 17.7% | S100YCYB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ラニケアコーポレーション | Major shareholder | 11.3% | 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 | 7.5% | 2026-03-31 |
| アリアケジャパン株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 日東富士製粉株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社東邦銀行 | Major shareholder | 2.1% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社大東銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ＮＮアセットマネジメント | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YCYB | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCYB,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100VZ09 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ09,, |
| 訂正有価証券報告書－第54期(2023/04/01－2024/03/31) | S100UWLC | 2024-12-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UWLC,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R1J1 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1J1,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OFO6 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFO6,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LKQ5 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKQ5,, |

## 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).