# KOWA CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/03/01－2026/02/28) (S100Y797)
> Page: https://vizora.meequs.com/en/company/kowa
> Retrieved: 2026-09-30T21:33:45.758Z

## Company

Kowa, founded in 1987, is a company in E-commerce listed on TSE Standard. It has 211 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOWA CO.,LTD. |
| Ticker | 7807 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7807.T) |
| Listing | TSE Standard |
| Head office | 大阪府堺市堺区海山町三丁159番地1 |
| Representative (per filing) | 代表取締役社長 玉田 秀明 |
| Founded | Oct 1987 |
| Share capital | ¥63.7M |
| Employees (consolidated) | 211 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | kowa-seisakusho.co.jp (https://kowa-seisakusho.co.jp/) |
| Corporate number | 4120101002219 |
| EDINET | E33491 |
| Industries (Vizora) | E-commerce, Nursing Care |

> Profile source: annual securities report (S100Y797, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.3 | 15 |
| Profitability | 88.1 | 21 |
| Cash conversion | 18.4 | 19 |
| Efficiency | 69 | 21 |

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 85% of Kowa's sales come from Welfare equipment production sale, with Electronic commerce and Care service making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit -6.2%.

## Company structure

- Segment revenue mix: Welfare equipment production sale 84.7%、Electronic commerce 10.9%、Care service 4.4%
- Revenue → net income: ¥6394414000 → ¥444705000
- Net income → operating cash flow: ¥444705000 → ¥683436000（difference ¥238731000）
- Main uses of operating cash flow: CapEx ¥90031000 / dividends ¥49786000 / buybacks —
- Change in cash: ¥-209080000
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 | ¥6.39B |  |
| Operating income | ¥747.7M | Margin 11.7% |
| Net income | ¥427.4M | Margin 6.7% |
| Free cash flow | ¥593.4M |  |
| Largest business | Welfare equipment production sale | of segment revenue 84.7% |
| Employees (consolidated) | 211 |  |
| EPS | ¥35.51 |  |
| Diluted EPS | ¥35.48 |  |
| Book value per share | ¥521.39 |  |
| Equity ratio | 67.4% |  |
| Shares outstanding | 5,032,630 |  |
| Treasury shares | 877,100 |  |
| Shareholders | 1,688 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 20.8% |
| Vs. industry median margin | +5.6 pp | Nursing Care |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5215020000 | ¥6394414000 | +22.6% |
| Operating income | ¥368844000 | ¥747678000 | +102.7% |
| Operating margin | 7.1% | 11.7% | +4.6 pp |
| Employees | 286 people | 211 people | -26.2% |
| Cash and equivalents | ¥1833876000 | ¥1331473000 | -27.4% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 介護用品・福祉用具製造販売事業 → 介護用品・福祉用具製造販売事業 | 78.9% |
| 介護サービス事業 → 介護サービス事業 | 4.4% |
| 介護サービス事業 → 事業再編・廃止 | 6.3% |
| ＥＣ事業 → ＥＣ事業 | 10.5% |
| 新設・再編 → 介護用品・福祉用具製造販売事業 | 5.9% |
| 新設・再編 → ＥＣ事業 | 0.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Welfare equipment production sale | 5 years | +5.7% | ¥5418937000 | 19.0% | 2 |
| Electronic commerce | 5 years | +4.9% | ¥696458000 | 6.8% | 2 |
| Care service | 5 years | -12.8% | ¥279018000 | -22.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,394 | 100.0% | S100Y797 |
| Cost of revenue | 3,566 | 55.8% | S100Y797 |
| Gross profit | 2,829 | 44.2% | S100Y797 |
| SG&A | 2,081 | 32.5% | S100Y797 |
| Operating income | 748 | 11.7% | S100Y797 |
| Ordinary income | 667 | 10.4% | S100Y797 |
| Pretax income | 646 | 10.1% | S100Y797 |
| Income tax | 201 | 3.1% | S100Y797 |
| Net income | 445 | 7.0% | S100Y797 |
| Net income attributable to owners | 427 | 6.7% | S100Y797 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 32 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 44.2% → Operating margin 11.7% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.4%; Core profit growth: -6.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -15.30×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,368 | 6,394 | 26 | +0.4% |
| Gross profit | 2,825 | 2,829 | 4 | +0.1% |
| Operating income | 797 | 748 | -50 | -6.2% |
| Net income attributable to owners | 616 | 427 | -189 | -30.6% |
| Operating cash flow | 960 | 683 | -277 | -28.8% |
| Free cash flow | 638 | 593 | -45 | -7.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 5,992 | -131 | -2.2% | -367 | 117 | -47 | S100MOLE |
| FY ending Feb 2021 | 5,215 | 369 | 7.1% | 389 | 629 | 554 | S100O4TO |
| FY ending Feb 2022 | 5,717 | 590 | 10.3% | 401 | 517 | 353 | S100QUHL |
| FY ending Feb 2023 | 6,269 | 649 | 10.4% | 438 | 558 | 502 | S100U2N5 |
| FY ending Feb 2024 | 6,404 | 948 | 14.8% | 710 | 742 | 690 | S100VVYL |
| FY ending Feb 2025 | 6,368 | 797 | 12.5% | 616 | 960 | 638 | S100Y797 |
| FY ending Feb 2026 | 6,394 | 748 | 11.7% | 427 | 683 | 593 | S100Y797 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.3M |
| Operating income per employee (consolidated) | ¥3.5M |
| 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 250 | 246 | 213 | 218 | 211 |
| Average salary (parent company) | ¥4.8M | ¥5.1M | ¥5.7M | ¥5.5M | ¥5.1M |
| Average age (parent company) | 40.0 years | 41.0 years | 42.0 years | 40.0 years | 41.0 years |
| Average tenure (parent company) | 8.0 years | 9.0 years | 9.0 years | 8.0 years | 9.0 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Welfare equipment production sale | 5,419 | 84.7% | 1,027 | 19.0% |
| Care service | 279 | 4.4% | -63 | -22.7% |
| Electronic commerce | 696 | 10.9% | 47 | 6.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Welfare equipment production sale | 84.7% | 95.6% | 10.8 | 19.0% |
| Care service | 4.4% | — | — | -22.7% |
| Electronic commerce | 10.9% | 4.4% | -6.5 | 6.8% |

Loss-making segment (excluded from profit shares): Care service -63 JPY mn

Segment → industry: Electronic commerce → E-commerce / Electronic commerce → Nursing Care / Care service → Nursing Care / Welfare equipment production sale → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 683 | 10.7% | S100Y797 |
| Capital expenditure | 90 | 1.4% | S100Y797 |
| Free cash flow | 593 | 9.3% | 算出 |
| Investing cash flow | -443 | -6.9% | S100Y797 |
| Financing cash flow | -467 | -7.3% | S100Y797 |
| Dividends paid | 50 | 0.8% | S100Y797 |
| Change in cash | -209 | -3.3% | S100Y797 |
| Cash and equivalents | 1,331 | 20.8% | S100Y797 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,375 | 1,239 | 1,022 | 1,541 | 1,331 | S100U2N5, S100VVYL, S100Y797 |
| Total assets | 5,029 | 5,156 | 4,817 | 4,888 | 5,078 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Net assets | 2,249 | 2,481 | 2,478 | 3,005 | 3,526 | S100U2N5, S100VVYL, S100Y797 |
| Share capital | 871 | 51 | 55 | 62 | 64 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Trade receivables | 775 | 831 | 862 | 856 | 869 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Property, plant and equipment | 1,583 | 1,469 | 1,266 | 813 | 909 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Intangible assets excluding goodwill | 117 | 93 | 57 | 53 | 49 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Goodwill | 35 | 17 | — | — | — | S100QUHL, S100U2N5 |
| Investment securities | 63 | 134 | 127 | 123 | 2 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Current assets | 3,171 | 3,374 | 3,295 | 3,849 | 4,075 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Current liabilities | 1,533 | 1,728 | 2,036 | 1,819 | 1,308 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Trade payables | 712 | 878 | 709 | 891 | 794 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Short-term borrowings | — | — | 500 | 330 | — | S100VVYL, S100Y797 |
| Long-term borrowings | 792 | 570 | 24 | — | — | S100QUHL, S100U2N5, S100VVYL |
| Total liabilities | 2,780 | 2,675 | 2,339 | 1,883 | 1,551 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Non-controlling interests | 50 | 55 | 68 | 85 | 102 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Equity attributable to owners of parent | 2,153 | 2,361 | 2,297 | 2,733 | 3,114 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Retained earnings | 486 | 804 | 1,466 | 2,035 | 2,413 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |
| Treasury stock | -0 | -112 | -847 | -994 | -994 | S100QUHL, S100U2N5, S100VVYL, S100Y797 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100Y797 |
| Receivables | 17% | S100Y797 |
| Property, plant and equipment | 18% | S100Y797 |
| Intangibles and goodwill | 1% | S100Y797 |
| Investment securities | 0% | S100Y797 |
| Other assets | 38% | S100Y797 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100Y797 |
| Other liabilities | 15% | S100Y797 |
| Equity | 69% | S100Y797 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,029 | 5,156 | 4,817 | 4,888 | 5,078 |
| Equity | 2,249 | 2,481 | 2,478 | 3,005 | 3,526 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,375 | 1,239 | 1,022 | 1,541 | 1,331 |

## 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) | 14.2% | S100Y797 |
| Fixed assets ÷ total assets | 17.9% | S100Y797 |
| Goodwill ÷ parent equity | — | —, S100Y797 |

### 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) | 26.2% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.4% |
| Cash vs. profit gap | 256 JPY mn (of net income 59.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.6% |
| Shareholder payments — dividends / FCF | 8.4% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 64.8% |

## 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 | 7.0% | 1.14× | 8.0% | 2.34× | 18.6% | S100QUHL |
| 2023 | 7.0% | 1.23× | 8.6% | 2.26× | 19.4% | S100U2N5 |
| 2024 | 11.1% | 1.28× | 14.2% | 2.14× | 30.5% | S100VVYL |
| 2025 | 9.7% | 1.31× | 12.7% | 1.93× | 24.5% | S100Y797 |
| 2026 | 6.7% | 1.28× | 8.6% | 1.70× | 14.6% | S100Y797 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社秀一 | Major shareholder | 55.0% | 2026-02-28 |
| 玉田 秀明 | Major shareholder | 5.9% | 2026-02-28 |
| ヨシダ トモヒロ | Major shareholder | 3.6% | 2026-02-28 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.6% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 1.4% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-02-28 |
| NOMURA PB NOMINEES LIMITED OMNIBUS－MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 1.3% | 2026-02-28 |
| 内藤 征吾 | Major shareholder | 0.8% | 2026-02-28 |
| 坂本 龍哉 | Major shareholder | 0.7% | 2026-02-28 |
| 吉田 昭彦 | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/03/01－2026/02/28) | S100Y797 | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y797,, |
| 訂正有価証券報告書－第38期(2024/03/01－2025/02/28) | S100VVYL | 2025-06-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VVYL,, |
| 訂正有価証券報告書－第37期(2023/03/01－2024/02/29) | S100U2N5 | 2024-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2N5,, |
| 有価証券報告書－第36期(2022/03/01－2023/02/28) | S100QUHL | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUHL,, |
| 有価証券報告書－第35期(令和3年3月1日－令和4年2月28日) | S100O4TO | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4TO,, |
| 訂正有価証券報告書－第34期(令和2年3月1日－令和3年2月28日) | S100MOLE | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOLE,, |

## 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).