# Kura Sushi,Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2024/11/01－2025/10/31) (S100XHP5)
> Page: https://vizora.meequs.com/en/company/kura-sushi
> Retrieved: 2026-09-30T20:32:21.152Z

## Company

Kura Sushi, founded in 1995, is a company in Restaurants & Pubs listed on TSE Prime. It has 2,854 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kura Sushi, Inc. |
| Ticker | 2695 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2695.T) |
| Listing | TSE Prime |
| Head office | 堺市中区深阪1丁2番2号 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 田中 邦彦 |
| Founded | Nov 1995 |
| Share capital | ¥2B |
| Employees (consolidated) | 2,854 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | October |
| Website | www.kurasushi.co.jp (https://www.kurasushi.co.jp/) |
| Corporate number | 4120101002846 |
| EDINET | E03375 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100XHP5, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.3 | 56 |
| Profitability | 32.6 | 66 |
| Cash conversion | 82.7 | 55 |
| Efficiency | 65.9 | 66 |

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 72% of Kura Sushi's sales come from Japan, with North America and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit -4.2%.

## Company structure

- Segment revenue mix: Japan 72.0%、North America 17.2%、Asia 10.9%
- Revenue → net income: ¥245109000000 → ¥3649000000
- Net income → operating cash flow: ¥3649000000 → ¥14869000000（difference ¥11220000000）
- Main uses of operating cash flow: CapEx ¥11056000000 / dividends ¥1587000000 / buybacks ¥0
- Change in cash: ¥1128000000
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 | ¥245.1B |  |
| Operating income | ¥5.46B | Margin 2.2% |
| Net income | ¥3.61B | Margin 1.5% |
| Free cash flow | ¥3.81B |  |
| Largest business | Japan | of segment revenue 72.0% |
| Employees (consolidated) | 2,854 |  |
| EPS | ¥87.66 |  |
| Diluted EPS | ¥90.69 |  |
| Book value per share | ¥1202.84 |  |
| Equity ratio | 40.0% |  |
| Shares outstanding | 41,399,600 |  |
| Treasury shares | 1,656,300 |  |
| Shareholders | 52,028 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 15.5% | Cash ÷ revenue 9.9% |
| Vs. industry median margin | -1.7 pp | Restaurants & Pubs |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.1× net income

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥135835000000 | ¥245109000000 | +80.4% |
| Operating income | ¥350000000 | ¥5460000000 | +1460.0% |
| Operating margin | 0.3% | 2.2% | +2 pp |
| Employees | 2,090 people | 2,854 people | +36.6% |
| Cash and equivalents | ¥20611000000 | ¥24172000000 | +17.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 72.0% |
| 日本 → 事業再編・廃止 | 18.7% |
| 北米 → 北米 | 3.6% |
| アジア → アジア | 5.7% |
| 新設・再編 → 北米 | 13.6% |
| 新設・再編 → アジア | 5.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.5% | ¥176407000000 | 2.9% | 2 |
| North America | 5 years | +53.9% | ¥42103000000 | 0.3% | 2 |
| Asia | 5 years | +27.8% | ¥26598000000 | 4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 245,109 | 100.0% | S100XHP5 |
| Cost of revenue | 99,934 | 40.8% | S100XHP5 |
| Gross profit | 145,174 | 59.2% | S100XHP5 |
| SG&A | 139,714 | 57.0% | S100XHP5 |
| Operating income | 5,460 | 2.2% | S100XHP5 |
| Ordinary income | 6,179 | 2.5% | S100XHP5 |
| Pretax income | 4,298 | 1.8% | S100XHP5 |
| Income tax | 649 | 0.3% | S100XHP5 |
| Net income | 3,649 | 1.5% | S100XHP5 |
| Net income attributable to owners | 3,606 | 1.5% | S100XHP5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 57 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 59.2% → Operating margin 2.2% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.3%; Core profit growth: -4.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.97×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 234,950 | 245,109 | 10,159 | +4.3% |
| Gross profit | 139,230 | 145,174 | 5,944 | +4.3% |
| Operating income | 5,699 | 5,460 | -239 | -4.2% |
| Net income attributable to owners | 3,226 | 3,606 | 380 | +11.8% |
| Operating cash flow | 18,363 | 14,869 | -3,494 | -19.0% |
| Free cash flow | 7,780 | 3,813 | -3,967 | -51.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 136,134 | 5,475 | 4.0% | 3,766 | 8,626 | 3,040 | S100KL40 |
| FY ending Oct 2020 | 135,835 | 350 | 0.3% | -262 | 8,935 | 1,703 | S100N9UI |
| FY ending Oct 2021 | 147,694 | -2,415 | -1.6% | 1,901 | 4,738 | -3,677 | S100Q0FC |
| FY ending Oct 2022 | 183,053 | -1,113 | -0.6% | 744 | 9,944 | -586 | S100SOJB |
| FY ending Oct 2023 | 211,405 | 2,456 | 1.2% | 863 | 13,727 | 1,413 | S100V5SX |
| FY ending Oct 2024 | 234,950 | 5,699 | 2.4% | 3,226 | 18,363 | 7,780 | S100XHP5 |
| FY ending Oct 2025 | 245,109 | 5,460 | 2.2% | 3,606 | 14,869 | 3,813 | S100XHP5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.9M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,185 | 2,329 | 2,680 | 2,824 | 2,854 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.6M | ¥5M | ¥5.2M |
| Average age (parent company) | 31.1 years | 31.3 years | 31.5 years | 32.0 years | 32.4 years |
| Average tenure (parent company) | 6.8 years | 6.8 years | 6.8 years | 7.1 years | 7.6 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 176,407 | 72.0% | 5,030 | 2.9% |
| North America | 42,103 | 17.2% | 114 | 0.3% |
| Asia | 26,598 | 10.9% | 1,159 | 4.4% |

### 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 |
| --- | ---: |
| Japan | 72.0% |
| North America | 17.2% |
| Asia | 10.9% |

Segment → industry: Asia → Restaurants & Pubs / North America → Restaurants & Pubs / Japan → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 14,869 | 6.1% | S100XHP5 |
| Capital expenditure | 11,056 | 4.5% | S100XHP5 |
| Free cash flow | 3,813 | 1.6% | 算出 |
| Investing cash flow | -18,550 | -7.6% | S100XHP5 |
| Financing cash flow | 4,946 | 2.0% | S100XHP5 |
| Dividends paid | 1,587 | 0.6% | S100XHP5 |
| Share buyback | 0 | 0.0% | S100XHP5 |
| Change in cash | 1,128 | 0.5% | S100XHP5 |
| Cash and equivalents | 24,172 | 9.9% | S100XHP5 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,748 | 13,169 | 18,940 | 23,043 | 24,172 | S100SOJB, S100V5SX, S100XHP5 |
| Total assets | 98,989 | 109,621 | 130,119 | 139,446 | 156,015 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Net assets | 54,657 | 58,967 | 70,566 | 72,946 | 86,258 | S100SOJB, S100V5SX, S100XHP5 |
| Share capital | 2,005 | 2,005 | 2,005 | 2,005 | 2,005 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Property, plant and equipment | 56,744 | 72,269 | 84,392 | 89,370 | 96,380 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Intangible assets excluding goodwill | 899 | 1,251 | 1,572 | 1,573 | 2,027 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Investment securities | — | — | — | — | 4,340 | S100XHP5 |
| Current assets | 29,464 | 23,118 | 30,761 | 34,307 | 38,000 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Current liabilities | 23,195 | 22,561 | 26,171 | 30,978 | 30,168 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Short-term borrowings | 805 | — | 927 | 1,130 | 1,172 | S100Q0FC, S100V5SX, S100XHP5 |
| Total liabilities | 44,332 | 50,654 | 59,553 | 66,499 | 69,756 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Non-controlling interests | 6,065 | 7,921 | 15,024 | 14,589 | 21,286 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Equity attributable to owners of parent | 47,802 | 48,064 | 51,197 | 53,628 | 59,241 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Retained earnings | 40,313 | 40,265 | 40,294 | 42,726 | 44,743 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |
| Treasury stock | -2,139 | -2,020 | -2,003 | -2,003 | -1,996 | S100Q0FC, S100SOJB, S100V5SX, S100XHP5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XHP5 |
| Property, plant and equipment | 62% | S100XHP5 |
| Intangibles and goodwill | 1% | S100XHP5 |
| Investment securities | 3% | S100XHP5 |
| Other assets | 19% | S100XHP5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XHP5 |
| Equity | 55% | S100XHP5 |
| Other liabilities | 0% | S100XHP5 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 98,989 | 109,621 | 130,119 | 139,446 | 156,015 |
| Equity | 54,657 | 58,967 | 70,566 | 72,946 | 86,258 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,748 | 13,169 | 18,940 | 23,043 | 24,172 |

## 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) | 39.3% | S100XHP5 |
| Fixed assets ÷ total assets | 61.8% | S100XHP5 |
| Goodwill ÷ parent equity | — | —, S100XHP5 |

### 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) | 15.5% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 272.3% |
| Cash vs. profit gap | 11,263 JPY mn (of net income 312.3%) |
| Shareholder returns / net income | 44.0% |
| Shareholder returns / FCF | 41.6% |
| Shareholder payments — dividends / net income | 44.0% |
| Shareholder payments — dividends / FCF | 41.6% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 124.8% |

## 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 | 1.3% | 1.49× | 1.9% | 2.07× | 4.0% | S100Q0FC |
| 2022 | 0.4% | 1.75× | 0.7% | 2.18× | 1.6% | S100SOJB |
| 2023 | 0.4% | 1.76× | 0.7% | 2.42× | 1.7% | S100V5SX |
| 2024 | 1.4% | 1.74× | 2.4% | 2.57× | 6.2% | S100XHP5 |
| 2025 | 1.5% | 1.66× | 2.4% | 2.62× | 6.4% | S100XHP5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ウォルナットコーポレーション | Major shareholder | 29.3% | 2025-10-31 |
| 株式会社トラスト | Major shareholder | 11.1% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2025-10-31 |
| 田中 信 | Major shareholder | 3.8% | 2025-10-31 |
| くら寿司従業員持株会 | Major shareholder | 1.9% | 2025-10-31 |
| 田中 邦彦 | Major shareholder | 1.6% | 2025-10-31 |
| 田中 節子 | Major shareholder | 1.2% | 2025-10-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2025-10-31 |
| STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/11/01－2025/10/31) | S100XHP5 | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHP5,, |
| 有価証券報告書－第29期(2023/11/01－2024/10/31) | S100V5SX | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5SX,, |
| 有価証券報告書－第28期(2022/11/01－2023/10/31) | S100SOJB | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOJB,, |
| 有価証券報告書－第27期(2021/11/01－2022/10/31) | S100Q0FC | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0FC,, |
| 有価証券報告書－第26期(令和2年11月1日－令和3年10月31日) | S100N9UI | 2022-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9UI,, |
| 有価証券報告書－第25期(令和1年11月1日－令和2年10月31日) | S100KL40 | 2021-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL40,, |

## 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).