# KU HOLDINGS CO.,LTD.: 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54期(2025/04/01－2026/03/31) (S100YIY6)
> Page: https://vizora.meequs.com/en/company/ku-holdings
> Retrieved: 2026-09-30T21:45:57.301Z

## Company

KU Holdings, founded in 1972, is a company in Car Dealers & Used Cars listed on TSE Standard. It has 1,461 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KU HOLDINGS CO., LTD. |
| Ticker | 9856 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9856.T) |
| Listing | TSE Standard |
| Head office | 東京都町田市鶴間八丁目17番1号 |
| Representative (per filing) | 代表取締役社長 板東 徹行 |
| Founded | Oct 1972 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,461 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.ku-hd.com (https://www.ku-hd.com/) |
| Corporate number | 9012301000743 |
| EDINET | E02714 |
| Industries (Vizora) | Car Dealers & Used Cars |

> Profile source: annual securities report (S100YIY6, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 18 |
| Profitability | 75 | 22 |
| Cash conversion | 37.5 | 20 |
| Efficiency | 52.3 | 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)

- About 69% of KU Holdings's sales come from Imported Car Dealer, with Domestic Automobiles Sales making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit -8.8%.

## Company structure

- Segment revenue mix: Imported Car Dealer 69.1%、Domestic Automobiles Sales 30.9%
- Revenue → net income: ¥169094000000 → ¥5700000000
- Net income → operating cash flow: ¥5700000000 → ¥5073000000（difference ¥-627000000）
- Main uses of operating cash flow: CapEx ¥2081000000 / dividends ¥2108000000 / buybacks ¥2107000000
- Change in cash: ¥-511000000
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 | ¥169.1B |  |
| Operating income | ¥8.38B | Margin 5.0% |
| Net income | ¥5.7B | Margin 3.4% |
| Free cash flow | ¥2.99B |  |
| Largest business | Imported Car Dealer | of segment revenue 69.1% |
| Employees (consolidated) | 1,461 |  |
| EPS | ¥125.7 |  |
| Diluted EPS | ¥119.66 |  |
| Book value per share | ¥1153.87 |  |
| Equity ratio | 72.3% |  |
| Shares outstanding | 44,126,024 |  |
| Treasury shares | 12,770,000 |  |
| Shareholders | 10,703 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 7.5% |
| Vs. industry median margin | +1.8 pp | Car Dealers & Used Cars |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116659000000 | ¥169094000000 | +44.9% |
| Operating income | ¥6039000000 | ¥8379000000 | +38.7% |
| Operating margin | 5.2% | 5.0% | -0.2 pp |
| Employees | 1,209 people | 1,461 people | +20.8% |
| Cash and equivalents | ¥15465000000 | ¥12747000000 | -17.6% |

### 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 |
| --- | ---: |
| 国産車販売事業 → 国産車販売事業 | 30.9% |
| 国産車販売事業 → 事業再編・廃止 | 0.5% |
| 輸入車ディーラー事業 → 輸入車ディーラー事業 | 68.6% |
| 新設・再編 → 輸入車ディーラー事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 169,094 | 100.0% | S100YIY6 |
| Cost of revenue | 141,590 | 83.7% | S100YIY6 |
| Gross profit | 27,503 | 16.3% | S100YIY6 |
| SG&A | 19,123 | 11.3% | S100YIY6 |
| Operating income | 8,379 | 5.0% | S100YIY6 |
| Ordinary income | 8,602 | 5.1% | S100YIY6 |
| Pretax income | 8,615 | 5.1% | S100YIY6 |
| Income tax | 2,915 | 1.7% | S100YIY6 |
| Net income | 5,700 | 3.4% | S100YIY6 |
| Net income attributable to owners | 5,700 | 3.4% | S100YIY6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 11 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.3% → Operating margin 5.0% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.7%; Core profit growth: -8.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.54×
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 | 159,964 | 169,094 | 9,130 | +5.7% |
| Gross profit | 27,109 | 27,503 | 394 | +1.5% |
| Operating income | 9,184 | 8,379 | -805 | -8.8% |
| Net income attributable to owners | 6,529 | 5,700 | -829 | -12.7% |
| Operating cash flow | 7,326 | 5,073 | -2,253 | -30.8% |
| Free cash flow | 5,873 | 2,992 | -2,881 | -49.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 99,984 | 5,430 | 5.4% | 3,715 | 2,498 | -690 | S100LNXM |
| FY ending Mar 2021 | 116,659 | 6,039 | 5.2% | 3,887 | 11,033 | 8,046 | S100OI5F |
| FY ending Mar 2022 | 131,120 | 8,300 | 6.3% | 5,744 | 3,616 | 1,397 | S100R39C |
| FY ending Mar 2023 | 153,346 | 9,685 | 6.3% | 6,697 | -1,213 | -3,514 | S100TQMI |
| FY ending Mar 2024 | 154,563 | 9,099 | 5.9% | 6,172 | 7,721 | 4,674 | S100W5H1 |
| FY ending Mar 2025 | 159,964 | 9,184 | 5.7% | 6,529 | 7,326 | 5,873 | S100YIY6 |
| FY ending Mar 2026 | 169,094 | 8,379 | 5.0% | 5,700 | 5,073 | 2,992 | S100YIY6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥115.7M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 1,259 | 1,308 | 1,383 | 1,395 | 1,461 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.1M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 39.3 years | 40.5 years | 40.3 years | 41.2 years | 40.7 years |
| Average tenure (parent company) | 9.5 years | 9.8 years | 10.2 years | 11.0 years | 11.1 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Automobiles Sales | 52,179 | 30.9% | 2,157 | 4.1% |
| Imported Car Dealer | 116,915 | 69.1% | 4,908 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Automobiles Sales | 30.9% | 30.5% | -0.3 | 4.1% |
| Imported Car Dealer | 69.1% | 69.5% | 0.3 | 4.2% |

Segment → industry: Imported Car Dealer → Car Dealers & Used Cars / Domestic Automobiles Sales → Car Dealers & Used Cars

## 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 | 5,073 | 3.0% | S100YIY6 |
| Capital expenditure | 2,081 | 1.2% | S100YIY6 |
| Free cash flow | 2,992 | 1.8% | 算出 |
| Investing cash flow | -2,873 | -1.7% | S100YIY6 |
| Financing cash flow | -2,711 | -1.6% | S100YIY6 |
| Dividends paid | 2,108 | 1.2% | S100YIY6 |
| Share buyback | 2,107 | 1.2% | S100YIY6 |
| Change in cash | -511 | -0.3% | S100YIY6 |
| Cash and equivalents | 12,747 | 7.5% | S100YIY6 |

## 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 | 12,967 | 7,367 | 10,199 | 13,258 | 12,747 | S100TQMI, S100W5H1, S100YIY6 |
| Total assets | 78,663 | 81,300 | 85,535 | 92,743 | 95,748 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Net assets | 53,613 | 58,624 | 63,111 | 67,971 | 69,902 | S100TQMI, S100W5H1, S100YIY6 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Property, plant and equipment | 38,807 | 41,135 | 44,331 | 45,527 | 48,158 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Intangible assets excluding goodwill | 132 | 156 | 156 | 144 | 580 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Goodwill | — | — | — | — | 449 | S100YIY6 |
| Investment securities | 1,385 | 1,327 | 1,366 | 1,100 | 1,169 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Current assets | 36,705 | 36,323 | 37,663 | 43,695 | 43,661 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Current liabilities | 17,807 | 16,473 | 15,792 | 19,174 | 15,808 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Trade payables | 2,923 | 2,350 | 2,036 | 4,665 | 2,557 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Short-term borrowings | — | — | — | 1,000 | 1,000 | S100YIY6 |
| Long-term borrowings | 5,573 | 4,581 | 5,234 | 4,192 | 8,316 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Total liabilities | 25,050 | 22,676 | 22,423 | 24,772 | 25,845 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Equity attributable to owners of parent | 52,640 | 57,589 | 61,958 | 66,931 | 68,766 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Retained earnings | 43,846 | 48,436 | 52,417 | 56,991 | 60,582 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |
| Treasury stock | -4,399 | -4,287 | -4,173 | -4,033 | -6,029 | S100R39C, S100TQMI, S100W5H1, S100YIY6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YIY6 |
| Property, plant and equipment | 50% | S100YIY6 |
| Intangibles and goodwill | 1% | S100YIY6 |
| Investment securities | 1% | S100YIY6 |
| Other assets | 34% | S100YIY6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YIY6 |
| Other liabilities | 24% | S100YIY6 |
| Equity | 73% | S100YIY6 |
| Other liabilities | 0% | S100YIY6 |

### 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 | 78,663 | 81,300 | 85,535 | 92,743 | 95,748 |
| Equity | 53,613 | 58,624 | 63,111 | 67,971 | 69,902 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,967 | 7,367 | 10,199 | 13,258 | 12,747 |

## 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) | 28.5% | S100YIY6 |
| Fixed assets ÷ total assets | 50.3% | S100YIY6 |
| Goodwill ÷ parent equity | 0.7% | S100YIY6 |

### 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) | 13.3% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.5% |
| Cash vs. profit gap | -627 JPY mn (of net income -11.0%) |
| Shareholder returns / net income | 73.9% |
| Shareholder returns / FCF | 140.9% |
| Shareholder payments — dividends / net income | 37.0% |
| Shareholder payments — dividends / FCF | 70.5% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 56.6% |

## 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 | 4.4% | 1.67× | 7.3% | 1.49× | 10.9% | S100R39C |
| 2023 | 4.4% | 1.92× | 8.4% | 1.45× | 12.2% | S100TQMI |
| 2024 | 4.0% | 1.85× | 7.4% | 1.40× | 10.3% | S100W5H1 |
| 2025 | 4.1% | 1.79× | 7.3% | 1.38× | 10.1% | S100YIY6 |
| 2026 | 3.4% | 1.79× | 6.0% | 1.39× | 8.4% | S100YIY6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲ヤマサン | Major shareholder | 28.5% | 2026-03-31 |
| ㈱ラグナ | Major shareholder | 11.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 4.9% | 2026-03-31 |
| ㈱日本カストディ銀行 （信託口） | Major shareholder | 3.5% | 2026-03-31 |
| 板東 徹行 | Major shareholder | 3.2% | 2026-03-31 |
| 井上 順子 | Major shareholder | 2.4% | 2026-03-31 |
| ㈱シューツー | Major shareholder | 1.9% | 2026-03-31 |
| ケーユーグループ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 1.5% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YIY6 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIY6,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W5H1 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5H1,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TQMI | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQMI,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R39C | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R39C,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OI5F | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI5F,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LNXM | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNXM,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| メルセデス・ベンツ日本(合) | Supply/OEM | メルセデス・ベンツ車等の供給を受け販売店契約 | S100YIY6 |
| ゼネラルモーターズ・ジャパン㈱ | Supply/OEM | GM車の供給を受けディーラー契約 | S100YIY6 |
| ビー・エム・ダブリュー㈱ | Supply/OEM | BMW車の供給を受け正規ディーラー契約 | S100YIY6 |
| Stellantisジャパン㈱ | Supply/OEM | ジープ車の供給を受け販売店契約 | S100YIY6 |

## 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).