# KURABO INDUSTRIES 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218期(2025/04/01－2026/03/31) (S100YIYE)
> Page: https://vizora.meequs.com/en/company/kurabo-industries
> Retrieved: 2026-09-30T22:10:23.682Z

## Company

Kurabo Industries, founded in 1888, is a company in Textiles & Fibers listed on TSE Prime. It has 3,714 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KURABO INDUSTRIES LTD. |
| Ticker | 3106 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3106.T) |
| Listing | TSE Prime |
| Head office | 岡山県倉敷市本町7番1号 (上記は登記上の本店所在地であり、実際の業務は下記で行っております。) 大阪本社 大阪市中央区久太郎町二丁目4番31号 |
| Representative (per filing) | 代表取締役社長 西垣 伸二 |
| Founded | Mar 1888 |
| Share capital | ¥22B |
| Employees (consolidated) | 3,714 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.kurabo.co.jp (https://www.kurabo.co.jp/) |
| Corporate number | 4260001013120 |
| EDINET | E00528 |
| Industries (Vizora) | Textiles & Fibers, Robots & Factory Automation, Chemicals, Processed Foods, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIYE, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.7 | 96 |
| Profitability | 39.5 | 100 |
| Cash conversion | 54.7 | 96 |
| Efficiency | 55.5 | 100 |

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 44% of Kurabo Industries's sales come from Chemical Products Division, with Textile Business Division and Advance Technology Division making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -4.6% from the prior year, operating profit -10.9%.

## Company structure

- Segment revenue mix: Chemical Products Division 43.6%、Textile Business Division 30.1%、Advance Technology Division 15.8%、Food and services Division 7.8%、Real estate Division 2.8%
- Revenue → net income: ¥143758000000 → ¥12905000000
- Net income → operating cash flow: ¥12905000000 → ¥14586000000（difference ¥1681000000）
- Main uses of operating cash flow: CapEx ¥6075000000 / dividends ¥4390000000 / buybacks ¥7124000000
- Change in cash: ¥340000000
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 | ¥143.8B |  |
| Operating income | ¥9.18B | Margin 6.4% |
| Net income | ¥12.9B | Margin 9.0% |
| Free cash flow | ¥8.51B |  |
| Largest business | Chemical Products Division | of segment revenue 43.6% |
| Employees (consolidated) | 3,714 |  |
| EPS | ¥576.89 |  |
| Book value per share | ¥6357.76 |  |
| Equity ratio | 65.5% |  |
| Shares outstanding | 17,000,000 |  |
| Treasury shares | 842,200 |  |
| Shareholders | 11,546 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 10.8% |
| Vs. industry median margin | -1.1 pp | Chemicals |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥122184000000 | ¥143758000000 | +17.7% |
| Operating income | ¥3206000000 | ¥9182000000 | +186.4% |
| Operating margin | 2.6% | 6.4% | +3.8 pp |
| Employees | 4,313 people | 3,714 people | -13.9% |
| Cash and equivalents | ¥22059000000 | ¥15499000000 | -29.7% |

### 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 |
| --- | ---: |
| 化成品事業 → 化成品事業 | 39.7% |
| 繊維事業 → 繊維事業 | 30.1% |
| 繊維事業 → 事業再編・廃止 | 4.4% |
| 環境メカトロニクス事業 → 環境メカトロニクス事業 | 15.3% |
| 食品・サービス事業 → 食品・サービス事業 | 7.1% |
| 不動産事業 → 不動産事業 | 2.8% |
| 不動産事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 化成品事業 | 3.8% |
| 新設・再編 → 環境メカトロニクス事業 | 0.5% |
| 新設・再編 → 食品・サービス事業 | 0.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemical Products Division | 5 years | +5.2% | ¥62654000000 | 6.6% | 2 |
| Textile Business Division | 5 years | +0.5% | ¥43276000000 | -2.1% | 2 |
| Advance Technology Division | 5 years | +4.0% | ¥22716000000 | 17.0% | 2 |
| Food and services Division | 5 years | +5.1% | ¥11145000000 | 7.9% | 2 |
| Real estate Division | 5 years | -0.5% | ¥3965000000 | 58.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 143,758 | 100.0% | S100YIYE |
| Cost of revenue | 112,882 | 78.5% | S100YIYE |
| Gross profit | 30,876 | 21.5% | S100YIYE |
| SG&A | 21,694 | 15.1% | S100YIYE |
| Operating income | 9,182 | 6.4% | S100YIYE |
| Ordinary income | 11,071 | 7.7% | S100YIYE |
| Pretax income | 18,178 | 12.6% | S100YIYE |
| Income tax | 5,273 | 3.7% | S100YIYE |
| Net income | 12,905 | 9.0% | S100YIYE |
| Net income attributable to owners | 12,876 | 9.0% | S100YIYE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 15 |
| Operating income | 6 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.5% → Operating margin 6.4% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.6%; Core profit growth: -10.9%
Operating leverage (core profit growth ÷ revenue growth): 2.39×
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 | 150,660 | 143,758 | -6,902 | -4.6% |
| Gross profit | 31,658 | 30,876 | -782 | -2.5% |
| Operating income | 10,311 | 9,182 | -1,129 | -10.9% |
| Net income attributable to owners | 9,014 | 12,876 | 3,862 | +42.8% |
| Operating cash flow | 11,048 | 14,586 | 3,538 | +32.0% |
| Free cash flow | 5,463 | 8,511 | 3,048 | +55.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 142,926 | 4,541 | 3.2% | 3,731 | 8,064 | 2,595 | S100LRIN |
| FY ending Mar 2021 | 122,184 | 3,206 | 2.6% | 2,209 | 8,073 | 2,687 | S100OGTM |
| FY ending Mar 2022 | 132,215 | 7,528 | 5.7% | 5,602 | 9,246 | 5,760 | S100R74D |
| FY ending Mar 2023 | 153,522 | 8,676 | 5.7% | 5,516 | 2,516 | -2,020 | S100TQE0 |
| FY ending Mar 2024 | 151,314 | 9,186 | 6.1% | 6,738 | 12,864 | 8,274 | S100W3NJ |
| FY ending Mar 2025 | 150,660 | 10,311 | 6.8% | 9,014 | 11,048 | 5,463 | S100YIYE |
| FY ending Mar 2026 | 143,758 | 9,182 | 6.4% | 12,876 | 14,586 | 8,511 | S100YIYE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.7M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 4,164 | 4,189 | 3,899 | 3,881 | 3,714 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.7M | ¥5.9M | ¥6.4M |
| Average age (parent company) | 42.0 years | 42.4 years | 42.5 years | 42.7 years | 43.2 years |
| Average tenure (parent company) | 18.2 years | 18.4 years | 17.9 years | 17.9 years | 17.8 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) -4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical Products Division | 62,654 | 43.6% | 4,154 | 6.6% |
| Textile Business Division | 43,276 | 30.1% | -897 | -2.1% |
| Advance Technology Division | 22,716 | 15.8% | 3,867 | 17.0% |
| Food and services Division | 11,145 | 7.8% | 885 | 7.9% |
| Real estate Division | 3,965 | 2.8% | 2,299 | 58.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical Products Division | 43.6% | 37.1% | -6.5 | 6.6% |
| Textile Business Division | 30.1% | — | — | -2.1% |
| Advance Technology Division | 15.8% | 34.5% | 18.7 | 17.0% |
| Food and services Division | 7.8% | 7.9% | 0.1 | 7.9% |
| Real estate Division | 2.8% | 20.5% | 17.8 | 58.0% |

Loss-making segment (excluded from profit shares): Textile Business Division -897 JPY mn

Segment → industry: Textile Business Division → Textiles & Fibers / Advance Technology Division → Robots & Factory Automation / Chemical Products Division → Chemicals / Food and services Division → Processed Foods / Real estate Division → Real Estate Development & Leasing

## 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 | 14,586 | 10.1% | S100YIYE |
| Capital expenditure | 6,075 | 4.2% | S100YIYE |
| Free cash flow | 8,511 | 5.9% | 算出 |
| Investing cash flow | 1,366 | 1.0% | S100YIYE |
| Financing cash flow | -15,806 | -11.0% | S100YIYE |
| Dividends paid | 4,390 | 3.1% | S100YIYE |
| Share buyback | 7,124 | 5.0% | S100YIYE |
| Change in cash | 340 | 0.2% | S100YIYE |
| Cash and equivalents | 15,499 | 10.8% | S100YIYE |

## 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 | 14,073 | 10,360 | 16,123 | 15,158 | 15,499 | S100TQE0, S100W3NJ, S100YIYE |
| Total assets | 167,285 | 174,086 | 192,789 | 190,529 | 201,844 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Net assets | 97,415 | 102,907 | 118,074 | 121,182 | 133,674 | S100TQE0, S100W3NJ, S100YIYE |
| Share capital | 22,040 | 22,040 | 22,040 | 22,040 | 22,040 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Property, plant and equipment | 49,686 | 47,176 | 44,646 | 44,268 | 44,633 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Intangible assets excluding goodwill | 1,378 | 1,447 | 1,717 | 1,533 | 1,427 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Investment securities | 33,975 | 36,868 | 53,409 | 55,994 | 69,523 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Current assets | 78,397 | 84,771 | 89,320 | 84,835 | 82,496 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Current liabilities | 42,761 | 46,030 | 44,055 | 39,502 | 36,357 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Trade payables | 22,419 | 17,237 | 18,598 | 15,956 | 15,208 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Short-term borrowings | 8,864 | 13,002 | 9,331 | 8,003 | 6,086 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Long-term borrowings | 3,499 | 1,555 | 2,313 | 2,353 | 886 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Total liabilities | 69,870 | 71,179 | 74,714 | 69,346 | 68,170 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Non-controlling interests | 1,398 | 1,572 | 1,225 | 1,376 | 1,481 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Equity attributable to owners of parent | 94,461 | 95,910 | 98,788 | 100,511 | 101,900 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Retained earnings | 59,293 | 61,137 | 64,164 | 67,471 | 70,568 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |
| Treasury stock | -2,082 | -2,477 | -2,654 | -4,240 | -5,948 | S100R74D, S100TQE0, S100W3NJ, S100YIYE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YIYE |
| Property, plant and equipment | 22% | S100YIYE |
| Intangibles and goodwill | 1% | S100YIYE |
| Investment securities | 34% | S100YIYE |
| Other assets | 35% | S100YIYE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YIYE |
| Other liabilities | 26% | S100YIYE |
| Equity | 66% | S100YIYE |

### 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 | 167,285 | 174,086 | 192,789 | 190,529 | 201,844 |
| Equity | 97,415 | 102,907 | 118,074 | 121,182 | 133,674 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,073 | 10,360 | 16,123 | 15,158 | 15,499 |

## 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) | 31.0% | S100YIYE |
| Fixed assets ÷ total assets | 22.1% | S100YIYE |
| Goodwill ÷ parent equity | — | —, S100YIYE |

### 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) | 7.7% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.9% |
| Cash vs. profit gap | 1,710 JPY mn (of net income 13.3%) |
| Shareholder returns / net income | 89.4% |
| Shareholder returns / FCF | 135.3% |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | 51.6% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 9.4% |

## 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 | 4.2% | 0.79× | 3.3% | 1.77× | 5.9% | S100R74D |
| 2023 | 3.6% | 0.90× | 3.2% | 1.79× | 5.8% | S100TQE0 |
| 2024 | 4.5% | 0.82× | 3.7% | 1.88× | 6.9% | S100W3NJ |
| 2025 | 6.0% | 0.79× | 4.7% | 1.92× | 9.0% | S100YIYE |
| 2026 | 9.0% | 0.73× | 6.6% | 1.94× | 12.7% | S100YIYE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.3% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 5.7% | 2026-03-31 |
| AVI JAPAN OPPORTUNITY TRUST PLC（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社中国銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| テイ・エス テック株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| クラボウ共栄会 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社クラレ | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第218期(2025/04/01－2026/03/31) | S100YIYE | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIYE,, |
| 有価証券報告書－第217期(2024/04/01－2025/03/31) | S100W3NJ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3NJ,, |
| 有価証券報告書－第216期(2023/04/01－2024/03/31) | S100TQE0 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQE0,, |
| 有価証券報告書－第215期(2022/04/01－2023/03/31) | S100R74D | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R74D,, |
| 有価証券報告書－第214期(令和3年4月1日－令和4年3月31日) | S100OGTM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGTM,, |
| 有価証券報告書－第213期(令和2年4月1日－令和3年3月31日) | S100LRIN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRIN,, |

## 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).