# Kuroda Group Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2025/04/01－2026/03/31) (S100YFL2)
> Page: https://vizora.meequs.com/en/company/kuroda-group
> Retrieved: 2026-09-30T20:25:28.913Z

## Company

Kuroda Group, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 2,643 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kuroda Group Co., Ltd. |
| Ticker | 287A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/287A.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区南大井五丁目17番9号 |
| Representative (per filing) | 代表取締役 社長執行役員 細川 浩一 |
| Founded | Mar 1947 |
| Share capital | ¥11.6B |
| Employees (consolidated) | 2,643 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.kuroda-group.com (https://www.kuroda-group.com/) |
| Corporate number | 2010001186851 |
| EDINET | E40213 |
| Industries (Vizora) | Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100YFL2, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.3 | 179 |
| Profitability | 79.7 | 185 |
| Cash conversion | 75.7 | 179 |
| Efficiency | 31.6 | 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 75% of Kuroda Group's sales come from Trading, with Manufacturing making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +10.3%.

## Company structure

- Segment revenue mix: Trading 75.3%、Manufacturing 24.7%
- Revenue → net income: ¥122796000000 → ¥3628000000
- Net income → operating cash flow: ¥3628000000 → ¥9682000000（difference ¥6054000000）
- Main uses of operating cash flow: CapEx ¥4732000000 / dividends ¥3816000000 / buybacks —
- Change in cash: ¥1792000000
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 | ¥122.8B |  |
| Operating income | ¥6.54B | Margin 5.3% |
| Net income | ¥3.52B | Margin 2.9% |
| Free cash flow | ¥4.95B |  |
| Largest business | Trading | of segment revenue 75.3% |
| Employees (consolidated) | 2,643 |  |
| EPS | ¥82.95 |  |
| Diluted EPS | ¥82.36 |  |
| Book value per share | ¥621.07 |  |
| Equity ratio | 42.0% | Derived from disclosed figures |
| Shares outstanding | 44,683,980 |  |
| Treasury shares | 2,234,000 |  |
| Shareholders | 46,826 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 17.6% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | +2.4 pp | Specialty Trading & Wholesale |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, segment profit share differs by 33 points

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥139275000000 | ¥122796000000 | -11.8% |
| Employees | 3,222 people | 2,643 people | -18.0% |
| Cash and equivalents | ¥10209000000 | ¥17267000000 | +69.1% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 新設・再編 → 製造 | 24.7% |
| 新設・再編 → 商社 | 75.3% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 122,796 | 100.0% | S100YFL2 |
| Cost of revenue | 101,926 | 83.0% | S100YFL2 |
| Gross profit | 20,871 | 17.0% | S100YFL2 |
| SG&A | 15,681 | 12.8% | S100YFL2 |
| Operating income | 6,538 | 5.3% | S100YFL2 |
| Pretax income | 5,986 | 4.9% | S100YFL2 |
| Income tax | 2,358 | 1.9% | S100YFL2 |
| Net income | 3,628 | 3.0% | S100YFL2 |
| Net income attributable to owners | 3,521 | 2.9% | S100YFL2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 13 |
| Other operating | -1 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.0% → Operating margin 5.3% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +10.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.50×
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 | 121,327 | 122,796 | 1,469 | +1.2% |
| Gross profit | 21,384 | 20,871 | -513 | -2.4% |
| Operating income | 5,928 | 6,538 | 610 | +10.3% |
| Net income attributable to owners | 3,914 | 3,521 | -393 | -10.0% |
| Operating cash flow | 6,988 | 9,682 | 2,694 | +38.6% |
| Free cash flow | 3,163 | 4,950 | 1,787 | +56.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 139,275 | — | — | 2,597 | 7,023 | — | S100YFL2 |
| FY ending Mar 2024 | 126,691 | 1,981 | 1.6% | 378 | 10,423 | 8,976 | S100W60Z |
| FY ending Mar 2025 | 121,327 | 5,928 | 4.9% | 3,914 | 6,988 | 3,163 | S100YFL2 |
| FY ending Mar 2026 | 122,796 | 6,538 | 5.3% | 3,521 | 9,682 | 4,950 | S100YFL2 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.5M |
| Operating income per employee (consolidated) | ¥2.5M |
| 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 Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,222 | 2,462 | 2,520 | 2,643 |
| Average salary (parent company) | — | — | ¥9.4M | ¥8M |
| Average age (parent company) | — | — | 46.2 years | 44.7 years |
| Average tenure (parent company) | — | — | 9.0 years | 7.7 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +1.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing | 30,291 | 24.7% | 4,498 | 14.8% |
| Trading | 92,505 | 75.3% | 3,250 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing | 24.7% | 58.1% | 33.4 | 14.8% |
| Trading | 75.3% | 41.9% | -33.4 | 3.5% |

Segment → industry: Trading → Specialty Trading & Wholesale / Manufacturing → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,682 | 7.9% | S100YFL2 |
| Capital expenditure | 4,732 | 3.9% | S100YFL2 |
| Free cash flow | 4,950 | 4.0% | 算出 |
| Investing cash flow | -2,029 | -1.7% | S100YFL2 |
| Financing cash flow | -6,389 | -5.2% | S100YFL2 |
| Dividends paid | 3,816 | 3.1% | S100YFL2 |
| Change in cash | 1,792 | 1.5% | S100YFL2 |
| Cash and equivalents | 17,267 | 14.1% | S100YFL2 |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,209 | 15,144 | 15,476 | 17,267 | S100W60Z, S100YFL2 |
| Total assets | 101,799 | 98,316 | 95,782 | 97,985 | S100YFL2, S100W60Z |
| Net assets | 35,615 | 35,264 | 39,608 | 42,429 | S100W60Z, S100YFL2 |
| Share capital | — | 11,642 | 11,642 | 11,642 | S100W60Z, S100YFL2 |
| Property, plant and equipment | — | 13,588 | 15,575 | 16,469 | S100W60Z, S100YFL2 |
| Goodwill | — | 19,059 | 19,061 | 19,065 | S100W60Z, S100YFL2 |
| Current assets | — | 60,083 | 56,158 | 55,195 | S100W60Z, S100YFL2 |
| Total liabilities | — | 63,052 | 56,174 | 55,556 | S100W60Z, S100YFL2 |
| Equity attributable to owners of parent | — | 34,144 | 38,426 | 41,140 | S100W60Z, S100YFL2 |
| Retained earnings | — | 9,351 | 13,682 | 13,398 | S100W60Z, S100YFL2 |
| Treasury stock | — | -3,000 | -1,627 | -1,627 | S100W60Z, S100YFL2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YFL2 |
| Property, plant and equipment | 17% | S100YFL2 |
| Intangibles and goodwill | 19% | — |
| Other assets | 46% | S100YFL2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YFL2 |
| Equity | 43% | S100YFL2 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 101,799 | 98,316 | 95,782 | 97,985 |
| Equity | 35,615 | 35,264 | 39,608 | 42,429 |
| Interest-bearing debt | — | — | — | — |
| Cash | 10,209 | 15,144 | 15,476 | 17,267 |

## 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) | 13.4% | S100YFL2 |
| Fixed assets ÷ total assets | 16.8% | S100YFL2 |
| Goodwill ÷ parent equity | 46.3% | S100YFL2 |

### 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) | 17.6% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.1% |
| Cash vs. profit gap | 6,161 JPY mn (of net income 175.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 108.4% |
| Shareholder payments — dividends / FCF | 77.1% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 21.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.9% | 1.37× | 2.6% | 2.86× | 7.3% | S100YFL2, S100W60Z |
| 2024 | 0.3% | 1.27× | 0.4% | 2.93× | 1.1% | S100W60Z |
| 2025 | 3.2% | 1.25× | 4.0% | 2.67× | 10.8% | S100YFL2 |
| 2026 | 2.9% | 1.27× | 3.6% | 2.44× | 8.9% | S100YFL2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＥＱ ＣＯ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴＳ Ｍ ＬＳＣＢ ＲＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/04/01－2026/03/31) | S100YFL2 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFL2,, |
| 有価証券報告書－第8期(2024/04/01－2025/03/31) | S100W60Z | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W60Z,, |

## 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).