# KOZO Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/01/01－2025/12/31) (S100XVJC)
> Page: https://vizora.meequs.com/en/company/kozo-holdings
> Retrieved: 2026-09-30T17:57:00.202Z

## Company

KOZO Holdings, founded in 1972, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 333 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOZO Holdings Co., Ltd. |
| Ticker | 9973 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9973.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋蛎殻町一丁目5番6号 |
| Representative (per filing) | 代表取締役社長 森下 將典 |
| Founded | Feb 1972 |
| Share capital | ¥928.7M |
| Employees (consolidated) | 333 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | December |
| Website | kozohd.co.jp (https://kozohd.co.jp/) |
| Corporate number | 6012801009114 |
| EDINET | E02775 |
| Industries (Vizora) | Specialty Trading & Wholesale, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100XVJC, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 15 |
| Profitability | 9.4 | 16 |
| Efficiency | 96.9 | 16 |

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 46% of KOZO Holdings's sales come from distribution business, with drink and retail business making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +7.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19.4B |  |
| Operating income | -¥295.9M | Margin -1.5% |
| Net income | -¥684.5M | Margin -3.5% |
| Free cash flow | -¥847.1M |  |
| Largest business | distribution business | of segment revenue 46.2% |
| Employees (consolidated) | 333 |  |
| EPS | ¥-2.56 |  |
| Book value per share | ¥2.27 |  |
| Equity ratio | 6.6% |  |
| Shares outstanding | 294,621,340 |  |
| Treasury shares | 6,991 |  |
| Shareholders | 72,146 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 5.0% |
| Vs. industry median margin | -4.4 pp | Specialty Trading & Wholesale |
| ROA | -11.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.4× its level five years ago

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6210318000 | ¥19441295000 | +213.0% |
| Operating income | ¥61689000 | ¥-295946000 | -579.7% |
| Operating margin | 1.0% | -1.5% | -2.5 pp |
| Employees | 69 people | 333 people | +382.6% |
| Cash and equivalents | ¥170529000 | ¥972508000 | +470.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 持ち帰り寿し事業等 → 事業再編・廃止 | 69.3% |
| デリバリー事業 → 事業再編・廃止 | 30.7% |
| 新設・再編 → 小売事業 | 22.0% |
| 新設・再編 → 流通事業 | 46.2% |
| 新設・再編 → 飲食事業 | 31.8% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| distribution business | 3 years | +96.5% | ¥8974437000 | -1.1% | 2 |
| drink | 4 years | +66.4% | ¥6179290000 | -1.0% | 2 |
| retail business | 3 years | +1.8% | ¥4267816000 | -2.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,441 | 100.0% | S100XVJC |
| Cost of revenue | 12,025 | 61.9% | S100XVJC |
| Gross profit | 7,416 | 38.1% | S100XVJC |
| SG&A | 7,712 | 39.7% | S100XVJC |
| Operating income | -296 | -1.5% | S100XVJC |
| Ordinary income | -303 | -1.6% | S100XVJC |
| Pretax income | -639 | -3.3% | S100XVJC |
| Income tax | 46 | 0.2% | S100XVJC |
| Net income | -685 | -3.5% | S100XVJC |
| Net income attributable to owners | -684 | -3.5% | S100XVJC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 40 |
| Operating income | -2 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 38.1% → Operating margin -1.5% → Net margin -3.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,110 | 19,441 | 1,332 | +7.4% |
| Gross profit | 6,810 | 7,416 | 606 | +8.9% |
| Operating income | -427 | -296 | 131 | — |
| Net income attributable to owners | -783 | -684 | 98 | — |
| Operating cash flow | -49 | -782 | -732 | — |
| Free cash flow | -275 | -847 | -572 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,805 | -196 | -3.4% | -117 | -474 | -555 | S100L3L1 |
| FY ending Dec 2020 | 6,210 | 62 | 1.0% | 27 | -61 | -320 | S100NT5U |
| FY ending Dec 2021 | 8,020 | -38 | -0.5% | -620 | 131 | -162 | S100QIVX |
| FY ending Dec 2022 | 10,294 | -614 | -6.0% | -954 | -607 | -778 | S100T6UP |
| FY ending Dec 2023 | 13,054 | -237 | -1.8% | -339 | 204 | 151 | S100VHVD |
| FY ending Dec 2024 | 18,110 | -427 | -2.4% | -783 | -49 | -275 | S100XVJC |
| FY ending Dec 2025 | 19,441 | -296 | -1.5% | -684 | -782 | -847 | S100XVJC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.4M |
| Operating income per employee (consolidated) | -¥888.7K |
| Net income per employee (consolidated) | -¥2.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 259 | 152 | 355 | 338 | 333 |
| Average salary (parent company) | ¥3.9M | ¥4.5M | ¥4.5M | ¥4.7M | ¥4.6M |
| Average age (parent company) | 46.9 years | 49.2 years | 50.1 years | 47.2 years | 45.7 years |
| Average tenure (parent company) | 11.0 years | 10.8 years | 9.5 years | 8.5 years | 8.4 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| retail business | 4,268 | 22.0% | -111 | -2.6% |
| distribution business | 8,974 | 46.2% | -98 | -1.1% |
| drink | 6,179 | 31.8% | -60 | -1.0% |

### 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 | Margin |
| --- | ---: | ---: |
| retail business | 22.0% | -2.6% |
| distribution business | 46.2% | -1.1% |
| drink | 31.8% | -1.0% |

Loss-making segment (excluded from profit shares): retail business -111 JPY mn

Loss-making segment (excluded from profit shares): distribution business -98 JPY mn

Loss-making segment (excluded from profit shares): drink -60 JPY mn

Segment → industry: distribution business → Specialty Trading & Wholesale / drink → Restaurants & Pubs / distribution business → Takeout & Delivery Meals / retail business → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -782 | -4.0% | S100XVJC |
| Capital expenditure | 66 | 0.3% | S100XVJC |
| Free cash flow | -847 | -4.4% | 算出 |
| Investing cash flow | -132 | -0.7% | S100XVJC |
| Financing cash flow | 760 | 3.9% | S100XVJC |
| Change in cash | -151 | -0.8% | S100XVJC |
| Cash and equivalents | 973 | 5.0% | S100XVJC |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,185 | 436 | 995 | 1,123 | 973 | S100T6UP, S100VHVD, S100XVJC |
| Total assets | 6,199 | 3,202 | 5,631 | 6,000 | 5,653 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Net assets | 685 | 447 | 292 | 130 | 397 | S100T6UP, S100VHVD, S100XVJC |
| Share capital | 511 | 888 | 115 | 413 | 929 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Trade receivables | 1,076 | 469 | 1,296 | 1,426 | 1,555 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Property, plant and equipment | 1,112 | 449 | 678 | 902 | 880 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Intangible assets excluding goodwill | 800 | 401 | 359 | 623 | 291 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Goodwill | 749 | 400 | 355 | 616 | 277 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Investment securities | 22 | 1 | 26 | 16 | 16 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Current assets | 3,269 | 1,237 | 3,401 | 3,492 | 3,479 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Current liabilities | 2,964 | 1,579 | 3,573 | 3,989 | 3,679 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Trade payables | 863 | 525 | 2,102 | 2,286 | 2,298 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Short-term borrowings | 196 | 41 | 5 | 0 | 2 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Long-term borrowings | 877 | 457 | 970 | 821 | 571 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Bonds | 117 | — | — | — | — | S100QIVX |
| Interest-bearing debt | 1,190 | — | — | — | — | 算出 |
| Total liabilities | 5,514 | 2,755 | 5,339 | 5,871 | 5,257 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Non-controlling interests | 1 | 25 | 24 | 24 | 23 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Equity attributable to owners of parent | 685 | 449 | 320 | 135 | 461 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Retained earnings | -417 | -1,406 | -350 | -1,133 | -1,817 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |
| Treasury stock | -7 | -7 | -7 | -7 | -7 | S100QIVX, S100T6UP, S100VHVD, S100XVJC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XVJC |
| Receivables | 28% | S100XVJC |
| Property, plant and equipment | 16% | S100XVJC |
| Intangibles and goodwill | 10% | S100XVJC |
| Investment securities | 0% | S100XVJC |
| Other assets | 29% | S100XVJC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 41% | S100XVJC |
| Other liabilities | 52% | S100XVJC |
| Equity | 7% | S100XVJC |
| Other liabilities | 0% | S100XVJC |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,199 | 3,202 | 5,631 | 6,000 | 5,653 |
| Equity | 685 | 447 | 292 | 130 | 397 |
| Interest-bearing debt | 1,190 | — | — | — | — |
| Cash | 1,185 | 436 | 995 | 1,123 | 973 |

## 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) | 4.5% | S100XVJC |
| Fixed assets ÷ total assets | 15.6% | S100XVJC |
| Goodwill ÷ parent equity | 60.0% | S100XVJC |

Goodwill over 4 years: 749 → 277 JPY; total investing cash flow: 532 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) | 17.2% |
| Cash ÷ revenue | 5.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -97 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -10.0% | —× | — | S100QIVX |
| 2022 | — | —× | -20.3% | —× | — | S100T6UP |
| 2023 | — | —× | -7.7% | —× | — | S100VHVD |
| 2024 | — | —× | -13.5% | —× | — | S100XVJC |
| 2025 | — | —× | -11.7% | —× | — | S100XVJC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アスラポート | Major shareholder | 3.6% | 2025-12-31 |
| HSIグローバル株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 阪神酒販株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.7% | 2025-12-31 |
| 東京短資株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| MACQURIE BANK LIMITED DBU AC | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社JFLAホールディングス | Major shareholder | 1.0% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 0.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.8% | 2025-12-31 |
| 佐藤 俊寛 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/01/01－2025/12/31) | S100XVJC | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVJC,, |
| 有価証券報告書－第57期(2024/01/01－2024/12/31) | S100VHVD | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHVD,, |
| 有価証券報告書－第56期(2023/01/01－2023/12/31) | S100T6UP | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6UP,, |
| 有価証券報告書－第55期(2022/01/01－2022/12/31) | S100QIVX | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIVX,, |
| 有価証券報告書－第54期(令和3年1月1日－令和3年12月31日) | S100NT5U | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT5U,, |
| 有価証券報告書－第53期(令和2年1月1日－令和2年12月31日) | S100L3L1 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3L1,, |

## 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).