# Kurimoto,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130期(2025/04/01－2026/03/31) (S100YDW9)
> Page: https://vizora.meequs.com/en/company/kurimoto
> Retrieved: 2026-09-30T19:50:02.899Z

## Company

Kurimoto is a company in Steel listed on TSE Prime. It has 2,238 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kurimoto,Ltd. |
| Ticker | 5602 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5602.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区北堀江一丁目12番19号 |
| Representative (per filing) | 代表取締役社長 菊本 一高 |
| Share capital | ¥31.2B |
| Employees (consolidated) | 2,238 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | corp.kurimoto.co.jp (https://corp.kurimoto.co.jp/) |
| Corporate number | 1120001048991 |
| EDINET | E01268 |
| Industries (Vizora) | Steel, Housing Equipment & Building Materials, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YDW9, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.4 | 24 |
| Profitability | 42 | 25 |
| Cash conversion | 38 | 25 |
| Efficiency | 50 | 25 |

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 51% of Kurimoto's sales come from Lifeline business, with Industrial materials business and Machinery system business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +1.6%.

## Company structure

- Segment revenue mix: Lifeline business 51.5%、Industrial materials business 27.1%、Machinery system business 21.4%
- Revenue → net income: ¥128126000000 → ¥6793000000
- Net income → operating cash flow: ¥6793000000 → ¥7112000000（difference ¥319000000）
- Main uses of operating cash flow: CapEx ¥6269000000 / dividends ¥3946000000 / buybacks ¥1000000
- Change in cash: ¥2732000000
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 | ¥128.1B |  |
| Operating income | ¥8.06B | Margin 6.3% |
| Net income | ¥6.7B | Margin 5.2% |
| Free cash flow | ¥843M |  |
| Largest business | Lifeline business | of segment revenue 51.5% |
| Employees (consolidated) | 2,238 |  |
| EPS | ¥99.29 |  |
| Book value per share | ¥1263.35 |  |
| Equity ratio | 60.7% |  |
| Shares outstanding | 63,992,000 |  |
| Treasury shares | 2,884,600 |  |
| Shareholders | 26,363 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | +2.8 pp | Steel |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116596000000 | ¥128126000000 | +9.9% |
| Operating income | ¥4673000000 | ¥8059000000 | +72.5% |
| Operating margin | 4.0% | 6.3% | +2.3 pp |
| Employees | 2,113 people | 2,238 people | +5.9% |
| Cash and equivalents | ¥20359000000 | ¥18395000000 | -9.6% |

### 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 |
| --- | ---: |
| ライフライン事業 → ライフライン事業 | 32.5% |
| パイプシステム事業 → 事業再編・廃止 | 32.5% |
| 機械システム事業 → 機械システム事業 | 18.0% |
| 産業建設資材事業 → 産業建設資材事業 | 16.9% |
| 新設・再編 → ライフライン事業 | 19.0% |
| 新設・再編 → 機械システム事業 | 3.4% |
| 新設・再編 → 産業建設資材事業 | 10.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lifeline business | 5 years | +3.3% | ¥65960000000 | 7.2% | 2 |
| Industrial materials business | 5 years | +3.5% | ¥34717000000 | 6.9% | 2 |
| Machinery system business | 5 years | -2.5% | ¥27448000000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 128,126 | 100.0% | S100YDW9 |
| Cost of revenue | 94,153 | 73.5% | S100YDW9 |
| Gross profit | 33,973 | 26.5% | S100YDW9 |
| SG&A | 25,913 | 20.2% | S100YDW9 |
| Operating income | 8,059 | 6.3% | S100YDW9 |
| Ordinary income | 8,319 | 6.5% | S100YDW9 |
| Pretax income | 9,866 | 7.7% | S100YDW9 |
| Income tax | 3,072 | 2.4% | S100YDW9 |
| Net income | 6,793 | 5.3% | S100YDW9 |
| Net income attributable to owners | 6,701 | 5.2% | S100YDW9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 20 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.5% → Operating margin 6.3% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +1.6%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.41×
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 | 126,669 | 128,126 | 1,457 | +1.2% |
| Gross profit | 33,282 | 33,973 | 691 | +2.1% |
| Operating income | 7,930 | 8,059 | 129 | +1.6% |
| Net income attributable to owners | 6,905 | 6,701 | -204 | -3.0% |
| Operating cash flow | -2,338 | 7,112 | 9,450 | — |
| Free cash flow | -5,686 | 843 | 6,529 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 109,904 | 4,340 | 3.9% | 2,773 | 5,552 | 1,313 | S100LWXW |
| FY ending Mar 2021 | 116,596 | 4,673 | 4.0% | 3,174 | 5,907 | 1,637 | S100O8D8 |
| FY ending Mar 2022 | 105,954 | 4,172 | 3.9% | 2,917 | 2,813 | 325 | S100R30X |
| FY ending Mar 2023 | 124,827 | 6,840 | 5.5% | 4,727 | 5,064 | 2,685 | S100TOEM |
| FY ending Mar 2024 | 125,925 | 7,460 | 5.9% | 5,470 | 10,278 | 7,898 | S100W0Y7 |
| FY ending Mar 2025 | 126,669 | 7,930 | 6.3% | 6,905 | -2,338 | -5,686 | S100YDW9 |
| FY ending Mar 2026 | 128,126 | 8,059 | 6.3% | 6,701 | 7,112 | 843 | S100YDW9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.3M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3M |

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) | 2,120 | 2,107 | 2,121 | 2,182 | 2,238 |
| Average salary (parent company) | ¥7M | ¥7.3M | ¥8M | ¥8.3M | ¥8.4M |
| Average age (parent company) | 45.0 years | 45.2 years | 45.5 years | 45.8 years | 45.7 years |
| Average tenure (parent company) | 20.9 years | 20.9 years | 21.1 years | 21.2 years | 21.0 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lifeline business | 65,960 | 51.5% | 4,732 | 7.2% |
| Machinery system business | 27,448 | 21.4% | 1,259 | 4.6% |
| Industrial materials business | 34,717 | 27.1% | 2,404 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Lifeline business | 51.5% | 56.4% | 4.9 | 7.2% |
| Machinery system business | 21.4% | 15.0% | -6.4 | 4.6% |
| Industrial materials business | 27.1% | 28.6% | 1.5 | 6.9% |

Segment → industry: Lifeline business → Steel / Industrial materials business → Housing Equipment & Building Materials / Lifeline business → Waste Management & Recycling / Machinery system business → Industrial Machinery

## 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 | 7,112 | 5.6% | S100YDW9 |
| Capital expenditure | 6,269 | 4.9% | S100YDW9 |
| Free cash flow | 843 | 0.7% | 算出 |
| Investing cash flow | -2,592 | -2.0% | S100YDW9 |
| Financing cash flow | -1,804 | -1.4% | S100YDW9 |
| Dividends paid | 3,946 | 3.1% | S100YDW9 |
| Share buyback | 1 | 0.0% | S100YDW9 |
| Change in cash | 2,732 | 2.1% | S100YDW9 |
| Cash and equivalents | 18,395 | 14.4% | S100YDW9 |

## 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 | 21,299 | 20,275 | 19,306 | 15,663 | 18,395 | S100TOEM, S100W0Y7, S100YDW9 |
| Total assets | 139,722 | 145,164 | 151,176 | 151,538 | 155,586 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Net assets | 67,619 | 72,963 | 82,730 | 88,678 | 95,438 | S100TOEM, S100W0Y7, S100YDW9 |
| Share capital | 31,186 | 31,186 | 31,186 | 31,186 | 31,186 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Property, plant and equipment | 32,525 | 33,295 | 33,421 | 35,049 | 38,564 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Intangible assets excluding goodwill | 1,773 | 1,443 | 1,182 | 1,078 | 840 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Goodwill | — | — | — | 210 | 219 | S100YDW9 |
| Investment securities | 11,526 | 12,347 | 18,870 | 20,151 | 22,347 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Current assets | 89,149 | 93,466 | 94,987 | 92,901 | 89,645 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Current liabilities | 61,846 | 62,311 | 59,442 | 57,236 | 47,292 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Trade payables | 15,104 | 15,353 | 14,036 | 10,418 | 8,639 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Short-term borrowings | 22,250 | 19,850 | 12,290 | 18,180 | 13,870 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Long-term borrowings | 714 | 118 | 1,131 | 570 | 7,100 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Total liabilities | 72,102 | 72,200 | 68,446 | 62,859 | 60,148 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Non-controlling interests | 1,277 | 1,355 | 991 | 986 | 1,064 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Equity attributable to owners of parent | 63,287 | 67,109 | 71,119 | 75,313 | 78,083 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Retained earnings | 27,029 | 30,828 | 34,520 | 38,704 | 41,456 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |
| Treasury stock | -1,802 | -1,778 | -1,483 | -1,473 | -1,904 | S100R30X, S100TOEM, S100W0Y7, S100YDW9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YDW9 |
| Property, plant and equipment | 25% | S100YDW9 |
| Intangibles and goodwill | 1% | S100YDW9 |
| Investment securities | 14% | S100YDW9 |
| Other assets | 48% | S100YDW9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YDW9 |
| Other liabilities | 33% | S100YDW9 |
| Equity | 61% | S100YDW9 |

### 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 | 139,722 | 145,164 | 151,176 | 151,538 | 155,586 |
| Equity | 67,619 | 72,963 | 82,730 | 88,678 | 95,438 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,299 | 20,275 | 19,306 | 15,663 | 18,395 |

## 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) | 30.1% | S100YDW9 |
| Fixed assets ÷ total assets | 24.8% | S100YDW9 |
| Goodwill ÷ parent equity | 0.3% | S100YDW9 |

### 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) | 11.8% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.2% |
| Cash vs. profit gap | 411 JPY mn (of net income 6.1%) |
| Shareholder returns / net income | 58.9% |
| Shareholder returns / FCF | 468.2% |
| Shareholder payments — dividends / net income | 58.9% |
| Shareholder payments — dividends / FCF | 468.1% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 36.4% |

## 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 | 2.8% | 0.76× | 2.1% | 2.21× | 4.6% | S100R30X |
| 2023 | 3.8% | 0.88× | 3.3% | 2.18× | 7.3% | S100TOEM |
| 2024 | 4.3% | 0.85× | 3.7% | 2.14× | 7.9% | S100W0Y7 |
| 2025 | 5.5% | 0.84× | 4.6% | 2.07× | 9.4% | S100YDW9 |
| 2026 | 5.2% | 0.83× | 4.4% | 2.00× | 8.7% | S100YDW9 |

## 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 | 9.7% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 8.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| クリモト従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 岩谷産業株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURGFUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社奥村組 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2025/04/01－2026/03/31) | S100YDW9 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDW9,, |
| 有価証券報告書－第129期(2024/04/01－2025/03/31) | S100W0Y7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0Y7,, |
| 有価証券報告書－第128期(2023/04/01－2024/03/31) | S100TOEM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOEM,, |
| 有価証券報告書－第127期(2022/04/01－2023/03/31) | S100R30X | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R30X,, |
| 有価証券報告書－第126期(令和3年4月1日－令和4年3月31日) | S100O8D8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8D8,, |
| 訂正有価証券報告書－第125期(令和2年4月1日－令和3年3月31日) | S100LWXW | 2021-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LWXW,, |

## 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).