# KRAFTIA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第98期(2025/04/01－2026/03/31) (S100YI0L)
> Page: https://vizora.meequs.com/en/company/kraftia
> Retrieved: 2026-09-30T21:37:21.419Z

## Company

Kraftia, founded in 1944, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 11,122 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KRAFTIA CORPORATION (旧英訳名 KYUDENKO CORPORATION) (注)2025年6月26日開催の第97期定時株主総会の決議により、 2025年10月1日から会社名を上記のように変更している。 |
| Ticker | 1959 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1959.T) |
| Listing | TSE Prime |
| Head office | 福岡県福岡市中央区天神一丁目11番1号 ONE FUKUOKA BLDG.14階 |
| Representative (per filing) | 代表取締役 社長執行役員 石橋和幸 |
| Founded | Dec 1944 |
| Share capital | ¥12.6B |
| Employees (consolidated) | 11,122 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.kraftia.co.jp (https://www.kraftia.co.jp/) |
| Corporate number | 6290001001120 |
| EDINET | E00146 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YI0L, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.5 | 72 |
| Profitability | 71.7 | 76 |
| Cash conversion | 15.5 | 74 |
| Efficiency | 44.1 | 76 |

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 96% of Kraftia's sales come from Equipment installation, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +31.9%.

## Company structure

- Segment revenue mix: Equipment installation 96.1%、Other 3.9%
- Revenue → net income: ¥476123000000 → ¥40302000000
- Net income → operating cash flow: ¥40302000000 → ¥12332000000（difference ¥-27970000000）
- Main uses of operating cash flow: CapEx ¥4837000000 / dividends ¥11679000000 / buybacks ¥3000000
- Change in cash: ¥-19974000000
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 | ¥476.1B |  |
| Operating income | ¥54.6B | Margin 11.5% |
| Net income | ¥40.1B | Margin 8.4% |
| Free cash flow | ¥7.5B |  |
| Largest business | Equipment installation | of segment revenue 96.1% |
| Employees (consolidated) | 11,122 |  |
| EPS | ¥464.92 |  |
| Book value per share | ¥3917.28 |  |
| Equity ratio | 66.4% |  |
| Shares outstanding | 70,864,000 |  |
| Treasury shares | 48,100 |  |
| Shareholders | 6,343 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | +2.4 pp | Plant Engineering & Building Services |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥391901000000 | ¥476123000000 | +21.5% |
| Operating income | ¥32998000000 | ¥54600000000 | +65.5% |
| Operating margin | 8.4% | 11.5% | +3 pp |
| Employees | 10,092 people | 11,122 people | +10.2% |
| Cash and equivalents | ¥49800000000 | ¥50548000000 | +1.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 設備工事業 → 設備工事業 | 96.1% |
| 設備工事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 3.7% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 476,123 | 100.0% | S100YI0L |
| Cost of revenue | 389,049 | 81.7% | S100YI0L |
| Gross profit | 87,074 | 18.3% | S100YI0L |
| SG&A | 32,473 | 6.8% | S100YI0L |
| Operating income | 54,600 | 11.5% | S100YI0L |
| Ordinary income | 58,157 | 12.2% | S100YI0L |
| Pretax income | 57,129 | 12.0% | S100YI0L |
| Income tax | 16,826 | 3.5% | S100YI0L |
| Net income | 40,302 | 8.5% | S100YI0L |
| Net income attributable to owners | 40,053 | 8.4% | S100YI0L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 7 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 18.3% → Operating margin 11.5% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +31.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 69.75×
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 | 473,954 | 476,123 | 2,169 | +0.5% |
| Gross profit | 70,701 | 87,074 | 16,373 | +23.2% |
| Operating income | 41,388 | 54,600 | 13,212 | +31.9% |
| Net income attributable to owners | 28,883 | 40,053 | 11,170 | +38.7% |
| Operating cash flow | 8,656 | 12,332 | 3,676 | +42.5% |
| Free cash flow | 4,865 | 7,495 | 2,630 | +54.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 428,939 | 36,022 | 8.4% | 26,245 | 38,222 | 34,224 | S100LS5S |
| FY ending Mar 2021 | 391,901 | 32,998 | 8.4% | 25,042 | 9,184 | 6,239 | S100OKJM |
| FY ending Mar 2022 | 376,563 | 33,137 | 8.8% | 26,216 | 5,252 | 1,321 | S100R919 |
| FY ending Mar 2023 | 395,783 | 32,083 | 8.1% | 26,349 | 17,386 | 14,446 | S100TVRY |
| FY ending Mar 2024 | 469,057 | 38,016 | 8.1% | 28,017 | 43,969 | 42,133 | S100W5N7 |
| FY ending Mar 2025 | 473,954 | 41,388 | 8.7% | 28,883 | 8,656 | 4,865 | S100YI0L |
| FY ending Mar 2026 | 476,123 | 54,600 | 11.5% | 40,053 | 12,332 | 7,495 | S100YI0L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.8M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.6M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 10,425 | 10,504 | 10,572 | 10,828 | 11,122 |
| Average salary (parent company) | ¥6.8M | ¥6.8M | ¥7M | ¥7.1M | ¥7.6M |
| Average age (parent company) | 38.6 years | 38.7 years | 39.0 years | 39.0 years | 38.9 years |
| Average tenure (parent company) | 16.3 years | 16.5 years | 16.7 years | 15.8 years | 15.7 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 457,524 | 96.1% | 51,219 | 11.2% |
| Other | 18,598 | 3.9% | 3,292 | 17.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 96.1% | 94.0% | -2.1 | 11.2% |
| Other | 3.9% | 6.0% | 2.1 | 17.7% |

Segment → industry: Equipment installation → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,332 | 2.6% | S100YI0L |
| Capital expenditure | 4,837 | 1.0% | S100YI0L |
| Free cash flow | 7,495 | 1.6% | 算出 |
| Investing cash flow | -18,143 | -3.8% | S100YI0L |
| Financing cash flow | -14,307 | -3.0% | S100YI0L |
| Dividends paid | 11,679 | 2.5% | S100YI0L |
| Share buyback | 3 | 0.0% | S100YI0L |
| Change in cash | -19,974 | -4.2% | S100YI0L |
| Cash and equivalents | 50,548 | 10.6% | S100YI0L |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 37,791 | 63,851 | 94,588 | 70,437 | 50,548 | S100TVRY, S100W5N7, S100YI0L |
| Total assets | 378,396 | 446,410 | 503,284 | 488,472 | 523,268 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Net assets | 241,194 | 263,017 | 291,125 | 312,152 | 351,644 | S100TVRY, S100W5N7, S100YI0L |
| Share capital | 12,561 | 12,561 | 12,561 | 12,561 | 12,561 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Property, plant and equipment | 80,844 | 81,745 | 78,667 | 78,575 | 85,259 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Intangible assets excluding goodwill | 4,368 | 4,278 | 4,390 | 4,455 | 4,851 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Goodwill | 755 | 821 | 507 | 522 | 331 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Investment securities | 61,175 | 64,494 | 73,645 | 80,153 | 97,872 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Current assets | 216,979 | 278,220 | 324,418 | 299,268 | 298,303 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Current liabilities | 123,446 | 141,691 | 195,527 | 147,529 | 146,706 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Short-term borrowings | 6,865 | 2,461 | 28,930 | 1,920 | 16,337 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Long-term borrowings | 3,494 | 30,604 | 3,025 | 16,779 | 8,876 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Total liabilities | 137,201 | 183,393 | 212,158 | 176,319 | 171,624 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Non-controlling interests | 2,059 | 2,175 | 2,344 | 2,048 | 3,948 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Equity attributable to owners of parent | 240,194 | 259,516 | 278,962 | 298,955 | 326,973 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Retained earnings | 214,655 | 233,918 | 253,824 | 273,660 | 301,661 | S100R919, S100TVRY, S100W5N7, S100YI0L |
| Treasury stock | -9 | -10 | -493 | -486 | -469 | S100R919, S100TVRY, S100W5N7, S100YI0L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YI0L |
| Property, plant and equipment | 16% | S100YI0L |
| Intangibles and goodwill | 1% | S100YI0L |
| Investment securities | 19% | S100YI0L |
| Other assets | 54% | S100YI0L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YI0L |
| Equity | 67% | S100YI0L |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 378,396 | 446,410 | 503,284 | 488,472 | 523,268 |
| Equity | 241,194 | 263,017 | 291,125 | 312,152 | 351,644 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,791 | 63,851 | 94,588 | 70,437 | 50,548 |

## 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) | 17.9% | S100YI0L |
| Fixed assets ÷ total assets | 16.3% | S100YI0L |
| Goodwill ÷ parent equity | 0.1% | S100YI0L |

Goodwill over 4 years: 755 → 331 JPY; total investing cash flow: -40,016 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) | 9.7% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 22.6% |
| Cash vs. profit gap | -27,721 JPY mn (of net income -69.2%) |
| Shareholder returns / net income | 29.2% |
| Shareholder returns / FCF | 155.9% |
| Shareholder payments — dividends / net income | 29.2% |
| Shareholder payments — dividends / FCF | 155.8% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 147.1% |

## 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% | 1.00× | 6.9% | 1.58× | 10.9% | S100R919 |
| 2023 | 6.7% | 0.96× | 6.4% | 1.65× | 10.5% | S100TVRY |
| 2024 | 6.0% | 0.99× | 5.9% | 1.76× | 10.4% | S100W5N7 |
| 2025 | 6.1% | 0.96× | 5.8% | 1.72× | 10.0% | S100YI0L |
| 2026 | 8.4% | 0.94× | 7.9% | 1.62× | 12.8% | S100YI0L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 九州電力株式会社 | Major shareholder | 22.6% | 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 | 10.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 4.4% | 2026-03-31 |
| クラフティア従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| BBH（LUX） FOR FIDELITY FUNDS - JAPAN ADVANTAGE POOL（常任代理人 株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 2.1% | 2026-03-31 |
| クラフティアユニオン | Major shareholder | 1.8% | 2026-03-31 |
| 西日本鉄道株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥476.1B, up just 0.5%.
- Profit rose far faster: gross profit grew 23.2% to ¥87.1B and operating income 31.9% to ¥54.6B, as projects became more profitable.
- Net income attributable to owners rose 38.7% to ¥40.1B, and operating cash flow increased 42.5% to ¥12.3B.

### Drivers

- Better margins on large projects that were completed, and progress on well-priced jobs won in earlier years
- Passing higher material and labor costs on to customers, which lifted power distribution contract work
- SG&A rose on pay raises, digital investment and the move to a new head office

### Risks

- Material prices keep rising; the company orders early through its subsidiary Q-mast to limit the impact
- The Ukujima mega solar project is expected to finish late, and higher construction costs there could hurt its profitability

Cited: Annual securities report, 98th term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YI0L | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI0L,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100W5N7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5N7,, |
| 有価証券報告書－第96期(2023/04/01－2024/03/31) | S100TVRY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVRY,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R919 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R919,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100OKJM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKJM,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LS5S | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS5S,, |

## 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).