# KOZO KEIKAKU ENGINEERING HOLDINGS Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第2期(2025/07/01－2026/06/30) (S100Z0JO)
> Page: https://vizora.meequs.com/en/company/kozo-keikaku-engineering-holdings
> Retrieved: 2026-09-30T22:27:32.663Z

## Company

Kozo Keikaku Engineering Holdings, founded in 2024, is a company in Software & SaaS listed on TSE Standard. It has 764 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOZO KEIKAKU ENGINEERING HOLDINGS Inc. |
| Ticker | 208A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/208A.T) |
| Listing | TSE Standard |
| Head office | 東京都中野区本町四丁目38番13号 日本ホルスタイン会館内 |
| Representative (per filing) | 代表執行役 服部 正太 |
| Founded | Jul 2024 |
| Share capital | ¥1.01B |
| Employees (consolidated) | 764 |
| Fiscal year end | June |
| Website | www.kke-hd.co.jp (https://www.kke-hd.co.jp/) |
| Corporate number | 5011201025607 |
| EDINET | E39505 |
| Industries (Vizora) | Software & SaaS, Consulting, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100Z0JO, filed 2026-09-04). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.7 | 35 |
| Profitability | 88.8 | 40 |
| Cash conversion | 30.3 | 38 |
| Efficiency | 56.3 | 40 |

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 59% of Kozo Keikaku Engineering Holdings's sales come from Engineering consulting, with Products service and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +15.2%.

## Company structure

- Segment revenue mix: Engineering consulting 59.3%、Products service 38.4%、Other 2.4%
- Revenue → net income: ¥22453238000 → ¥2146525000
- Net income → operating cash flow: ¥2146525000 → ¥2272851000（difference ¥126326000）
- Main uses of operating cash flow: CapEx ¥319448000 / dividends ¥1083483000 / buybacks ¥564223000
- Change in cash: ¥-814127000
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 | ¥22.5B |  |
| Operating income | ¥3.54B | Margin 15.8% |
| Net income | ¥2.11B | Margin 9.4% |
| Free cash flow | ¥1.95B |  |
| Largest business | Engineering consulting | of segment revenue 59.3% |
| Employees (consolidated) | 764 |  |
| EPS | ¥83.73 |  |
| Book value per share | ¥964.06 |  |
| Equity ratio | 50.9% |  |
| Shares outstanding | 11,000,000 |  |
| Treasury shares | 107,400 |  |
| Shareholders | 8,073 |  |
| Cash ratio | 15.2% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | +6.2 pp | Consulting |
| ROE | 21.7% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 1 years

| Metric | FY ending Jun 2025 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20137374000 | ¥22453238000 | +11.5% |
| Operating income | ¥3073445000 | ¥3540992000 | +15.2% |
| Operating margin | 15.3% | 15.8% | +0.5 pp |
| Employees | 733 people | 764 people | +4.2% |
| Cash and equivalents | ¥4242765000 | ¥3428638000 | -19.2% |

### Change in segment revenue mix

Span: FY ending Jun 2025 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エンジニアリングコンサルティング → エンジニアリングコンサルティング | 59.3% |
| エンジニアリングコンサルティング → 事業再編・廃止 | 0.2% |
| プロダクツサービス → プロダクツサービス | 37.7% |
| その他 → その他 | 2.4% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → プロダクツサービス | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineering consulting | — | — | ¥13303775000 | 39.5% | 2 |
| Products service | — | — | ¥8619910000 | 18.4% | 2 |
| Other | — | — | ¥529552000 | 23.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,453 | 100.0% | S100Z0JO |
| Cost of revenue | 11,166 | 49.7% | S100Z0JO |
| Gross profit | 11,287 | 50.3% | S100Z0JO |
| SG&A | 7,746 | 34.5% | S100Z0JO |
| Operating income | 3,541 | 15.8% | S100Z0JO |
| Ordinary income | 3,196 | 14.2% | S100Z0JO |
| Pretax income | 3,176 | 14.1% | S100Z0JO |
| Income tax | 1,030 | 4.6% | S100Z0JO |
| Net income | 2,147 | 9.6% | S100Z0JO |
| Net income attributable to owners | 2,114 | 9.4% | S100Z0JO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 34 |
| Operating income | 16 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 50.3% → Operating margin 15.8% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +15.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.32×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,137 | 22,453 | 2,316 | +11.5% |
| Gross profit | 10,514 | 11,287 | 773 | +7.3% |
| Operating income | 3,073 | 3,541 | 468 | +15.2% |
| Net income attributable to owners | 2,049 | 2,114 | 65 | +3.2% |
| Operating cash flow | 3,321 | 2,273 | -1,048 | -31.6% |
| Free cash flow | 2,510 | 1,953 | -556 | -22.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2025 | 20,137 | 3,073 | 15.3% | 2,049 | 3,321 | 2,510 | S100Z0JO |
| FY ending Jun 2026 | 22,453 | 3,541 | 15.8% | 2,114 | 2,273 | 1,953 | S100Z0JO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 733 | 764 |
| Average salary (parent company) | — | — |
| Average age (parent company) | — | — |
| Average tenure (parent company) | — | — |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering consulting | 13,304 | 59.3% | 5,254 | 39.5% |
| Products service | 8,620 | 38.4% | 1,589 | 18.4% |
| Other | 530 | 2.4% | 124 | 23.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering consulting | 59.3% | 75.4% | 16.2 | 39.5% |
| Products service | 38.4% | 22.8% | -15.6 | 18.4% |
| Other | 2.4% | 1.8% | -0.6 | 23.4% |

Segment → industry: Products service → Software & SaaS / Engineering consulting → Consulting / Engineering consulting → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,273 | 10.1% | S100Z0JO |
| Capital expenditure | 319 | 1.4% | S100Z0JO |
| Free cash flow | 1,953 | 8.7% | 算出 |
| Investing cash flow | -679 | -3.0% | S100Z0JO |
| Financing cash flow | -2,426 | -10.8% | S100Z0JO |
| Dividends paid | 1,083 | 4.8% | S100Z0JO |
| Share buyback | 564 | 2.5% | S100Z0JO |
| Change in cash | -814 | -3.6% | S100Z0JO |
| Cash and equivalents | 3,429 | 15.3% | S100Z0JO |

## 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 Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 4,243 | 3,429 | S100Z0JO |
| Total assets | 22,068 | 22,496 | S100Z0JO |
| Net assets | 10,169 | 11,560 | S100Z0JO |
| Share capital | 1,010 | 1,010 | S100Z0JO |
| Property, plant and equipment | 6,193 | 6,157 | S100Z0JO |
| Intangible assets excluding goodwill | 289 | 256 | S100Z0JO |
| Investment securities | 4,240 | 4,734 | S100Z0JO |
| Current assets | 9,444 | 9,492 | S100Z0JO |
| Current liabilities | 6,834 | 7,827 | S100Z0JO |
| Long-term borrowings | 2,799 | 1,535 | S100Z0JO |
| Total liabilities | 11,899 | 10,936 | S100Z0JO |
| Non-controlling interests | 74 | 107 | S100Z0JO |
| Equity attributable to owners of parent | 9,346 | 10,152 | S100Z0JO |
| Retained earnings | 7,820 | 8,844 | S100Z0JO |
| Treasury stock | -892 | -1,140 | S100Z0JO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Z0JO |
| Property, plant and equipment | 28% | S100Z0JO |
| Intangibles and goodwill | 1% | S100Z0JO |
| Investment securities | 21% | S100Z0JO |
| Other assets | 35% | S100Z0JO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100Z0JO |
| Equity | 51% | S100Z0JO |
| Other liabilities | 0% | S100Z0JO |

### Balance sheet history

| Metric | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: |
| Total assets | 22,068 | 22,496 |
| Equity | 10,169 | 11,560 |
| Interest-bearing debt | — | — |
| Cash | 4,243 | 3,429 |

## 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) | 27.4% | S100Z0JO |
| Fixed assets ÷ total assets | 27.4% | S100Z0JO |
| Goodwill ÷ parent equity | — | —, S100Z0JO |

### 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 | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.2% |
| Cash vs. profit gap | 159 JPY mn (of net income 7.5%) |
| Shareholder returns / net income | 77.9% |
| Shareholder returns / FCF | 84.4% |
| Shareholder payments — dividends / net income | 51.2% |
| Shareholder payments — dividends / FCF | 55.5% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 29.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 10.2% | 0.91× | 9.3% | 2.36× | 21.9% | S100Z0JO |
| 2026 | 9.4% | 1.01× | 9.5% | 2.29× | 21.7% | S100Z0JO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社南悠商社 | Major shareholder | 9.0% | 2026-06-30 |
| 服部 正太 | Major shareholder | 7.5% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-06-30 |
| 株式会社りそな銀行 | Major shareholder | 3.7% | 2026-06-30 |
| 構研所員持株会 | Major shareholder | 3.1% | 2026-06-30 |
| 有限会社構研コンサルタント | Major shareholder | 1.8% | 2026-06-30 |
| 外池 榮一郎 | Major shareholder | 1.2% | 2026-06-30 |
| 木村 香代子 | Major shareholder | 0.9% | 2026-06-30 |
| 阿部 誠允 | Major shareholder | 0.9% | 2026-06-30 |
| 大堀 三樹 | Major shareholder | 0.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第2期(2025/07/01－2026/06/30) | S100Z0JO | 2026-09-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z0JO,, |
| 有価証券報告書－第1期(2024/07/01－2025/06/30) | S100WNI1 | 2025-09-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WNI1,, |

## 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).