# KUDO CORPORATION: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2024/07/01－2025/06/30) (S100WRZI)
> Page: https://vizora.meequs.com/en/company/kudo
> Retrieved: 2026-09-30T20:59:14.271Z

## Company

Kudo, founded in 1971, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 762 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUDO CORPORATION |
| Ticker | 1764 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1764.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市青葉区新石川四丁目33番地10 |
| Representative (per filing) | 代表取締役社長 藤井 研児 |
| Founded | Jul 1971 |
| Share capital | ¥867.5M |
| Employees (consolidated) | 762 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | June |
| Website | www.kudo.co.jp (https://www.kudo.co.jp/) |
| Corporate number | 5020001011279 |
| EDINET | E00282 |
| Industries (Vizora) | Real Estate Brokerage & Management, General Contractors, Nursing Care |

> Profile source: annual securities report (S100WRZI, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 7.1 | 92 |
| Cash conversion | 1.6 | 91 |
| Efficiency | 78.8 | 92 |

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 57% of Kudo's sales come from Construction Business, with Long-Term Care Business and Real Estate Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +51.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥22.5B |  |
| Operating income | ¥646.9M | Margin 2.9% |
| Net income | ¥483.1M | Margin 2.1% |
| Free cash flow | -¥2.53B |  |
| Largest business | Construction Business | of segment revenue 57.2% |
| Employees (consolidated) | 762 |  |
| EPS | ¥307.93 |  |
| Book value per share | ¥4103.43 |  |
| Equity ratio | 31.7% |  |
| Shares outstanding | 1,331,220 |  |
| Treasury shares | 90,400 |  |
| Shareholders | 1,189 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 12.0% | Cash ÷ revenue 9.0% |
| Vs. industry median margin | -4 pp | General Contractors |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18650871000 | ¥22497292000 | — |
| Operating income | ¥674899000 | ¥646862000 | — |
| Operating margin | 3.6% | 2.9% | -0.7 pp |
| Employees | 565 people | 762 people | — |
| Cash and equivalents | ¥749129000 | ¥2029887000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 建設事業 → 建設事業 | 53.6% |
| 介護事業 → 介護事業 | 26.5% |
| 建物管理事業 → 事業再編・廃止 | 19.9% |
| 新設・再編 → 建設事業 | 3.6% |
| 新設・再編 → 不動産事業 | 15.6% |
| 新設・再編 → 介護事業 | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction Business | — | — | ¥12869422000 | 6.0% | 2 |
| Long-Term Care Business | — | — | ¥6115746000 | 5.1% | 2 |
| Real Estate Business | — | — | ¥3512123000 | 5.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,497 | 100.0% | S100WRZI |
| Cost of revenue | 19,285 | 85.7% | S100WRZI |
| Gross profit | 3,213 | 14.3% | S100WRZI |
| SG&A | 2,566 | 11.4% | S100WRZI |
| Operating income | 647 | 2.9% | S100WRZI |
| Ordinary income | 617 | 2.7% | S100WRZI |
| Pretax income | 682 | 3.0% | S100WRZI |
| Income tax | 198 | 0.9% | S100WRZI |
| Net income | 483 | 2.1% | S100WRZI |
| Net income attributable to owners | 483 | 2.1% | S100WRZI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.3% → Operating margin 2.9% → Net margin 2.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,510 | 22,497 | 1,987 | +9.7% |
| Gross profit | 2,415 | 3,213 | 798 | +33.0% |
| Operating income | 427 | 647 | 220 | +51.5% |
| Operating cash flow | 3,066 | -2,138 | -5,204 | -169.7% |
| Free cash flow | 3,011 | -2,532 | -5,542 | -184.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 19,702 | 1,109 | 5.6% | 698 | 2,252 | 2,136 | S100JSFX |
| FY ending Jun 2020 | 18,651 | 675 | 3.6% | 410 | -839 | -888 | S100MIBM |
| FY ending Jun 2021 | 19,801 | 601 | 3.0% | 356 | 1,743 | 1,664 | S100PB4T |
| FY ending Jun 2022 | 17,009 | 240 | 1.4% | 121 | -1,099 | -1,225 | S100RXVJ |
| FY ending Jun 2023 | 19,580 | 333 | 1.7% | 136 | 294 | 266 | S100V92X |
| FY ending Jun 2024 | 20,510 | 427 | 2.1% | 175 | 3,066 | 3,011 | S100V92X |
| FY ending Jun 2025 | 22,497 | 647 | 2.9% | 483 | -2,138 | -2,532 | S100WRZI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.5M |
| Operating income per employee (consolidated) | ¥848.9K |
| Net income per employee (consolidated) | ¥634K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 604 | 661 | 672 | 704 | 762 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥4.5M | ¥4.7M | ¥5M |
| Average age (parent company) | 42.0 years | 43.0 years | 43.3 years | 43.6 years | 43.7 years |
| Average tenure (parent company) | 6.5 years | 6.5 years | 6.7 years | 6.9 years | 7.1 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Business | 12,869 | 57.2% | 774 | 6.0% |
| Real Estate Business | 3,512 | 15.6% | 207 | 5.9% |
| Long-Term Care Business | 6,116 | 27.2% | 312 | 5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction Business | 57.2% | 59.9% | 2.7 | 6.0% |
| Real Estate Business | 15.6% | 16.0% | 0.4 | 5.9% |
| Long-Term Care Business | 27.2% | 24.1% | -3.1 | 5.1% |

Segment → industry: Real Estate Business → Real Estate Brokerage & Management / Construction Business → General Contractors / Long-Term Care Business → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,138 | -9.5% | S100WRZI |
| Capital expenditure | 393 | 1.7% | S100WRZI |
| Free cash flow | -2,532 | -11.3% | 算出 |
| Investing cash flow | -347 | -1.5% | S100WRZI |
| Financing cash flow | 1,247 | 5.5% | S100WRZI |
| Dividends paid | 130 | 0.6% | S100WRZI |
| Change in cash | -1,238 | -5.5% | S100WRZI |
| Cash and equivalents | 2,030 | 9.0% | S100WRZI |

## 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 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,700 | 1,062 | 1,308 | 3,268 | 2,030 | S100RXVJ, S100V92X, S100WRZI |
| Total assets | 13,560 | 14,094 | 14,655 | 15,518 | 16,971 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Net assets | 4,395 | 4,678 | 4,705 | 4,826 | 5,379 | S100RXVJ, S100V92X, S100WRZI |
| Share capital | 868 | 868 | 868 | 868 | 868 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Property, plant and equipment | 3,319 | 3,263 | 3,179 | 2,991 | 3,981 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Intangible assets excluding goodwill | 168 | 134 | 70 | 81 | 72 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Goodwill | 103 | 65 | — | — | — | S100PB4T, S100RXVJ |
| Investment securities | 144 | 171 | 189 | 289 | 289 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Current assets | 5,486 | 5,749 | 6,463 | 7,350 | 7,851 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Current liabilities | 5,054 | 5,270 | 5,714 | 6,604 | 6,779 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Short-term borrowings | 700 | 1,530 | 2,040 | 1,630 | 2,321 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Long-term borrowings | 1,300 | 1,117 | 1,112 | 1,127 | 1,988 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Bonds | 40 | 20 | — | — | — | S100PB4T, S100RXVJ |
| Interest-bearing debt | 2,040 | 2,667 | — | — | — | 算出 |
| Total liabilities | 9,165 | 9,416 | 9,950 | 10,692 | 11,591 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Equity attributable to owners of parent | 4,386 | 4,659 | 4,668 | 4,718 | 5,270 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Retained earnings | 3,466 | 3,414 | 3,423 | 3,473 | 4,015 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |
| Treasury stock | -497 | -172 | -172 | -172 | -164 | S100PB4T, S100RXVJ, S100V92X, S100WRZI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100WRZI |
| Property, plant and equipment | 24% | S100WRZI |
| Intangibles and goodwill | 0% | S100WRZI |
| Investment securities | 2% | S100WRZI |
| Other assets | 62% | S100WRZI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100WRZI |
| Equity | 32% | S100WRZI |
| Other liabilities | 0% | S100WRZI |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,560 | 14,094 | 14,655 | 15,518 | 16,971 |
| Equity | 4,395 | 4,678 | 4,705 | 4,826 | 5,379 |
| Interest-bearing debt | 2,040 | 2,667 | — | — | — |
| Cash | 1,700 | 1,062 | 1,308 | 3,268 | 2,030 |

## 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) | 17.7% | S100WRZI |
| Fixed assets ÷ total assets | 23.5% | S100WRZI |
| Goodwill ÷ parent equity | — | —, S100WRZI |

### 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) | 12.0% |
| Cash ÷ revenue | 9.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -330.6% |
| Cash vs. profit gap | -2,621 JPY mn (of net income -542.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| 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 | 1.8% | 1.46× | 2.6% | 3.09× | 8.1% | S100PB4T |
| 2022 | 0.7% | 1.23× | 0.9% | 3.06× | 2.7% | S100RXVJ |
| 2023 | 0.7% | 1.36× | 0.9% | 3.08× | 2.9% | S100V92X |
| 2024 | 0.9% | 1.36× | 1.2% | 3.21× | 3.7% | S100V92X |
| 2025 | 2.1% | 1.33× | 2.8% | 3.22× | 9.2% | S100WRZI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社トップ | Major shareholder | 45.5% | 2025-06-30 |
| 武 笠 清一郎 | Major shareholder | 4.2% | 2025-06-30 |
| 株式会社MOMOコーポレーション | Major shareholder | 3.2% | 2025-06-30 |
| 株式会社横浜銀行常任代理人株式会社日本カストディ銀行 | Major shareholder | 3.1% | 2025-06-30 |
| 工 藤 英 司 | Major shareholder | 2.7% | 2025-06-30 |
| 工藤建設従業員持株会 | Major shareholder | 2.6% | 2025-06-30 |
| 工 藤 桂 | Major shareholder | 2.5% | 2025-06-30 |
| 川本工業株式会社 | Major shareholder | 1.5% | 2025-06-30 |
| 株式会社吉永商店 | Major shareholder | 1.3% | 2025-06-30 |
| 戸田建商株式会社 | Major shareholder | 1.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2024/07/01－2025/06/30) | S100WRZI | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRZI,, |
| 訂正有価証券報告書－第53期(2023/07/01－2024/06/30) | S100V92X | 2025-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V92X,, |
| 有価証券報告書－第52期(2022/07/01－2023/06/30) | S100RXVJ | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXVJ,, |
| 訂正有価証券報告書－第51期(令和3年7月1日－令和4年6月30日) | S100PB4T | 2022-10-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PB4T,, |
| 有価証券報告書－第50期(令和2年7月1日－令和3年6月30日) | S100MIBM | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIBM,, |
| 有価証券報告書－第49期(令和1年7月1日－令和2年6月30日) | S100JSFX | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JSFX,, |

## 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).