# KURIYAMA HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第86期(2025/01/01－2025/12/31) (S100XTG9)
> Page: https://vizora.meequs.com/en/company/kuriyama-holdings
> Retrieved: 2026-09-30T19:15:33.914Z

## Company

Kuriyama Holdings, founded in 1940, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 1,893 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KURIYAMA HOLDINGS CORPORATION |
| Ticker | 3355 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3355.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区城見1丁目3番7号 |
| Representative (per filing) | 代表取締役CEO 小貫 成彦 |
| Founded | Dec 1940 |
| Share capital | ¥783.7M |
| Employees (consolidated) | 1,893 |
| Average salary (parent only) | ¥10.7M |
| Fiscal year end | December |
| Website | www.kuriyama-holdings.com (https://www.kuriyama-holdings.com/) |
| Corporate number | 3120001054971 |
| EDINET | E02979 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XTG9, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.1 | 179 |
| Profitability | 74.3 | 185 |
| Cash conversion | 52.2 | 179 |
| Efficiency | 20.3 | 185 |

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 36% of Kuriyama Holdings's sales come from North America Business, with Asia Business and Industrial Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.9% from the prior year, operating profit -9.6%.

## Company structure

- Segment revenue mix: North America Business 35.8%、Asia Business 29.8%、Industrial Materials 20.7%、Sports and Construction Materials 8.8%、Europe, South America, and Oceania business 4.6%
- Revenue → net income: ¥88685565000 → ¥3944771000
- Net income → operating cash flow: ¥3944771000 → ¥4191084000（difference ¥246313000）
- Main uses of operating cash flow: CapEx ¥4026455000 / dividends ¥1199703000 / buybacks ¥37000
- Change in cash: ¥2366057000
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 | ¥88.7B |  |
| Operating income | ¥4.1B | Margin 4.6% |
| Net income | ¥3.94B | Margin 4.4% |
| Free cash flow | ¥164.6M |  |
| Largest business | North America Business | of segment revenue 35.8% |
| Employees (consolidated) | 1,893 |  |
| EPS | ¥115.8 |  |
| Book value per share | ¥633.48 |  |
| Equity ratio | 54.8% |  |
| Shares outstanding | 22,300,000 |  |
| Treasury shares | 2,130,800 |  |
| Shareholders | 11,111 |  |
| Average salary (parent only) | ¥10.7M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 12.8% |
| Vs. industry median margin | +1.8 pp | Specialty Trading & Wholesale |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +52% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49953440000 | ¥88685565000 | +77.5% |
| Operating income | ¥2898371000 | ¥4102884000 | +41.6% |
| Operating margin | 5.8% | 4.6% | -1.2 pp |
| Employees | 1,141 people | 1,893 people | +65.9% |
| Cash and equivalents | ¥7309576000 | ¥11388689000 | +55.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 産業資材事業 → 事業再編・廃止 | 19.2% |
| スポーツ・建設資材事業 → 事業再編・廃止 | 12.8% |
| その他事業 → 事業再編・廃止 | 0.8% |
| アジア事業 → 事業再編・廃止 | 32.8% |
| 北米事業 → 事業再編・廃止 | 27.3% |
| 欧州・南米事業 → 事業再編・廃止 | 3.6% |
| 欧州事業 → 事業再編・廃止 | 3.6% |
| 新設・再編 → 産業資材事業 | 20.7% |
| 新設・再編 → スポーツ・建設資材事業 | 8.8% |
| 新設・再編 → その他事業 | 0.3% |
| 新設・再編 → アジア事業 | 29.8% |
| 新設・再編 → 北米事業 | 35.8% |
| 新設・再編 → 欧州・南米・オセアニア事業 | 4.6% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North America Business | 2 years | +7.8% | ¥45270762000 | 5.1% | 2 |
| Asia Business | 2 years | +17.0% | ¥37665528000 | 8.5% | 2 |
| Industrial Materials | 2 years | +21.5% | ¥26179567000 | 8.7% | 2 |
| Sports and Construction Materials | 2 years | +10.6% | ¥11064304000 | 8.8% | 2 |
| Europe, South America, and Oceania business | — | — | ¥5749274000 | 4.3% | 2 |
| Other Businesses, | 2 years | -22.8% | ¥421655000 | -9.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,686 | 100.0% | S100XTG9 |
| Cost of revenue | 61,881 | 69.8% | S100XTG9 |
| Gross profit | 26,805 | 30.2% | S100XTG9 |
| SG&A | 22,702 | 25.6% | S100XTG9 |
| Operating income | 4,103 | 4.6% | S100XTG9 |
| Ordinary income | 4,828 | 5.4% | S100XTG9 |
| Pretax income | 5,538 | 6.2% | S100XTG9 |
| Income tax | 1,593 | 1.8% | S100XTG9 |
| Net income | 3,945 | 4.4% | S100XTG9 |
| Net income attributable to owners | 3,944 | 4.4% | S100XTG9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 25 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.2% → Operating margin 4.6% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +13.9%; Core profit growth: -9.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.69×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 77,895 | 88,686 | 10,790 | +13.9% |
| Gross profit | 24,448 | 26,805 | 2,356 | +9.6% |
| Operating income | 4,540 | 4,103 | -437 | -9.6% |
| Net income attributable to owners | 3,545 | 3,944 | 399 | +11.3% |
| Operating cash flow | 6,874 | 4,191 | -2,683 | -39.0% |
| Free cash flow | 5,321 | 165 | -5,157 | -96.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 55,131 | 3,115 | 5.6% | 2,030 | 2,972 | 1,235 | S100L0T1 |
| FY ending Dec 2020 | 49,953 | 2,898 | 5.8% | 1,445 | 4,507 | 2,377 | S100NPKR |
| FY ending Dec 2021 | 59,549 | 4,302 | 7.2% | 3,810 | 3,221 | 2,018 | S100QGII |
| FY ending Dec 2022 | 71,476 | 4,560 | 6.4% | 3,637 | -2,119 | -3,163 | S100T500 |
| FY ending Dec 2023 | 71,673 | 3,971 | 5.5% | 3,793 | 4,498 | 2,893 | S100VHGX |
| FY ending Dec 2024 | 77,895 | 4,540 | 5.8% | 3,545 | 6,874 | 5,321 | S100XTG9 |
| FY ending Dec 2025 | 88,686 | 4,103 | 4.6% | 3,944 | 4,191 | 165 | S100XTG9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.8M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,196 | 1,211 | 1,219 | 1,239 | 1,893 |
| Average salary (parent company) | ¥7.1M | ¥7.6M | ¥8.3M | ¥9.7M | ¥10.7M |
| Average age (parent company) | 40.7 years | 41.2 years | 41.7 years | 43.6 years | 44.3 years |
| Average tenure (parent company) | 13.8 years | 14.1 years | 14.5 years | 16.6 years | 15.5 years |

Year over year: Employees (consolidated) +52.8% · Revenue (consolidated) +13.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Materials | 26,180 | 20.7% | 2,278 | 8.7% |
| Sports and Construction Materials | 11,064 | 8.8% | 970 | 8.8% |
| Other Businesses, | 422 | 0.3% | -38 | -9.1% |
| Asia Business | 37,666 | 29.8% | 3,209 | 8.5% |
| North America Business | 45,271 | 35.8% | 2,318 | 5.1% |
| Europe, South America, and Oceania business | 5,749 | 4.6% | 246 | 4.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial Materials | 20.7% | 25.3% | 4.5 | 8.7% |
| Sports and Construction Materials | 8.8% | 10.7% | 2.0 | 8.8% |
| Other Businesses, | 0.3% | — | — | -9.1% |
| Asia Business | 29.8% | 35.6% | 5.8 | 8.5% |
| North America Business | 35.8% | 25.7% | -10.1 | 5.1% |
| Europe, South America, and Oceania business | 4.6% | 2.7% | -1.8 | 4.3% |

Loss-making segment (excluded from profit shares): Other Businesses, -38 JPY mn

Segment → industry: Europe, South America, and Oceania business → Specialty Trading & Wholesale / North America Business → Specialty Trading & Wholesale / Asia Business → Specialty Trading & Wholesale / Sports and Construction Materials → Specialty Trading & Wholesale / Industrial Materials → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,191 | 4.7% | S100XTG9 |
| Capital expenditure | 4,026 | 4.5% | S100XTG9 |
| Free cash flow | 165 | 0.2% | 算出 |
| Investing cash flow | -4,859 | -5.5% | S100XTG9 |
| Financing cash flow | 2,725 | 3.1% | S100XTG9 |
| Dividends paid | 1,200 | 1.4% | S100XTG9 |
| Share buyback | 0 | 0.0% | S100XTG9 |
| Change in cash | 2,366 | 2.7% | S100XTG9 |
| Cash and equivalents | 11,389 | 12.8% | S100XTG9 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,220 | 7,446 | 7,438 | 9,388 | 11,389 | S100T500, S100VHGX, S100XTG9 |
| Total assets | 52,222 | 62,909 | 64,538 | 70,781 | 89,796 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Net assets | 28,305 | 34,315 | 39,660 | 45,123 | 49,257 | S100T500, S100VHGX, S100XTG9 |
| Share capital | 784 | 784 | 784 | 784 | 784 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Trade receivables | 9,872 | — | — | — | — | S100QGII |
| Property, plant and equipment | 10,862 | 12,315 | 12,256 | 15,920 | 23,937 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Intangible assets excluding goodwill | 617 | 598 | 585 | 544 | 479 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Goodwill | 19 | 16 | 9 | 3 | — | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Investment securities | 5,315 | 5,868 | 6,889 | 7,894 | 10,632 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Current assets | 33,383 | 41,945 | 42,341 | 43,761 | 52,021 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Current liabilities | 17,150 | 22,064 | 18,075 | 16,368 | 21,944 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Trade payables | 7,299 | 7,235 | 6,558 | 6,239 | 7,860 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Short-term borrowings | 2,295 | 7,069 | 3,865 | 2,359 | 3,212 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Long-term borrowings | 4,289 | 3,514 | 2,900 | 2,339 | 7,515 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Total liabilities | 23,917 | 28,594 | 24,878 | 25,658 | 40,539 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Non-controlling interests | 35 | 36 | 39 | — | 42 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Equity attributable to owners of parent | 26,614 | 30,001 | 32,871 | 35,782 | 38,390 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Retained earnings | 26,889 | 30,190 | 33,049 | 35,885 | 38,380 | S100QGII, S100T500, S100VHGX, S100XTG9 |
| Treasury stock | -2,032 | -1,946 | -1,935 | -1,898 | -2,095 | S100QGII, S100T500, S100VHGX, S100XTG9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XTG9 |
| Property, plant and equipment | 27% | S100XTG9 |
| Intangibles and goodwill | 0% | S100XTG9 |
| Investment securities | 12% | S100XTG9 |
| Other assets | 48% | S100XTG9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XTG9 |
| Other liabilities | 36% | S100XTG9 |
| Equity | 55% | S100XTG9 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 52,222 | 62,909 | 64,538 | 70,781 | 89,796 |
| Equity | 28,305 | 34,315 | 39,660 | 45,123 | 49,257 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,220 | 7,446 | 7,438 | 9,388 | 11,389 |

## 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) | 27.0% | S100XTG9 |
| Fixed assets ÷ total assets | 26.7% | S100XTG9 |
| Goodwill ÷ parent equity | — | —, S100XTG9 |

### 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) | 12.7% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.1% |
| Cash vs. profit gap | 247 JPY mn (of net income 6.3%) |
| Shareholder returns / net income | 30.4% |
| Shareholder returns / FCF | 728.8% |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | 728.7% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 115.9% |

## 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 | 6.4% | 1.14× | 7.3% | 1.96× | 14.3% | S100QGII |
| 2022 | 5.1% | 1.24× | 6.3% | 2.03× | 12.8% | S100T500 |
| 2023 | 5.3% | 1.12× | 6.0% | 2.03× | 12.1% | S100VHGX |
| 2024 | 4.6% | 1.15× | 5.2% | 1.97× | 10.3% | S100XTG9 |
| 2025 | 4.4% | 1.10× | 4.9% | 2.16× | 10.6% | S100XTG9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 栗山 博司 | Major shareholder | 7.4% | 2025-12-31 |
| ＮＯＫ株式会社 | Major shareholder | 5.4% | 2025-12-31 |
| クリヤマホールディングス従業員持株会 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.1% | 2025-12-31 |
| クリエイト合同会社 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2025-12-31 |
| クリヤマホールディングス取引先持株会 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託E口) | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社オーハシテクニカ | Major shareholder | 2.0% | 2025-12-31 |
| タイガースポリマー株式会社 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/01/01－2025/12/31) | S100XTG9 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTG9,, |
| 有価証券報告書－第85期(2024/01/01－2024/12/31) | S100VHGX | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHGX,, |
| 有価証券報告書－第84期(2023/01/01－2023/12/31) | S100T500 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T500,, |
| 有価証券報告書－第83期(2022/01/01－2022/12/31) | S100QGII | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGII,, |
| 有価証券報告書－第82期(令和3年1月1日－令和3年12月31日) | S100NPKR | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPKR,, |
| 有価証券報告書－第81期(令和2年1月1日－令和2年12月31日) | S100L0T1 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0T1,, |

## 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).