# Kurogane Kosakusho Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第106期(2024/12/01－2025/11/30) (S100XN3N)
> Page: https://vizora.meequs.com/en/company/kurogane-kosakusho
> Retrieved: 2026-09-30T20:00:01.551Z

## Company

Kurogane Kosakusho, founded in 1927, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 264 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kurogane Kosakusho Ltd. |
| Ticker | 7997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7997.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区新町1丁目4番24号 |
| Representative (per filing) | 代表取締役社長 田中 成典 |
| Founded | Mar 1927 |
| Share capital | ¥3B |
| Employees (consolidated) | 264 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | November |
| Website | www.kurogane-kks.co.jp (https://www.kurogane-kks.co.jp/) |
| Corporate number | 8120001042947 |
| EDINET | E02372 |
| Industries (Vizora) | Housing Equipment & Building Materials, Stationery & Office Supplies |

> Profile source: annual securities report (S100XN3N, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.1 | 16 |
| Profitability | 15.6 | 16 |
| Efficiency | 40.6 | 16 |

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 74% of Kurogane Kosakusho's sales come from Furniture related, with Interior installations related making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -12.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.34B |  |
| Operating income | -¥122.9M | Margin -1.9% |
| Net income | ¥403.1M | Margin 6.4% |
| Free cash flow | -¥977K |  |
| Largest business | Furniture related | of segment revenue 74.4% |
| Employees (consolidated) | 264 |  |
| EPS | ¥168.96 |  |
| Book value per share | ¥2583.34 |  |
| Equity ratio | 56.7% |  |
| Shares outstanding | 1,857,000 |  |
| Treasury shares | 187,900 |  |
| Shareholders | 2,974 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 12.0% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | -6.5 pp | Stationery & Office Supplies |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 26 points

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8217980000 | ¥6342269000 | -22.8% |
| Operating income | ¥-243290000 | ¥-122945000 | — |
| Operating margin | -3.0% | -1.9% | +1 pp |
| Employees | 291 people | 264 people | -9.3% |
| Cash and equivalents | ¥624903000 | ¥1026351000 | +64.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 家具関連 → 家具関連 | 68.7% |
| 建築付帯設備機器 → 建築付帯設備機器 | 25.6% |
| 建築付帯設備機器 → 事業再編・廃止 | 5.7% |
| 新設・再編 → 家具関連 | 5.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,342 | 100.0% | S100XN3N |
| Cost of revenue | 4,837 | 76.3% | S100XN3N |
| Gross profit | 1,505 | 23.7% | S100XN3N |
| SG&A | 1,628 | 25.7% | S100XN3N |
| Operating income | -123 | -1.9% | S100XN3N |
| Ordinary income | -8 | -0.1% | S100XN3N |
| Pretax income | 548 | 8.6% | S100XN3N |
| Income tax | 146 | 2.3% | S100XN3N |
| Net income | 402 | 6.3% | S100XN3N |
| Net income attributable to owners | 403 | 6.4% | S100XN3N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 26 |
| Operating income | -2 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 23.7% → Operating margin -1.9% → Net margin 6.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,204 | 6,342 | -862 | -12.0% |
| Gross profit | 1,547 | 1,505 | -41 | -2.7% |
| Operating income | -27 | -123 | -96 | — |
| Net income attributable to owners | 209 | 403 | 194 | +92.5% |
| Operating cash flow | -249 | 76 | 325 | — |
| Free cash flow | -710 | -1 | 709 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 9,551 | -226 | -2.4% | -285 | 545 | 440 | S100KVF2 |
| FY ending Nov 2020 | 8,218 | -243 | -3.0% | -508 | -604 | -664 | S100NKMW |
| FY ending Nov 2021 | 8,374 | -103 | -1.2% | -5 | 290 | 234 | S100QB4I |
| FY ending Nov 2022 | 6,921 | -261 | -3.8% | -566 | 181 | 172 | S100SYTN |
| FY ending Nov 2023 | 7,181 | -139 | -1.9% | 1,215 | -428 | -446 | S100VB51 |
| FY ending Nov 2024 | 7,204 | -27 | -0.4% | 209 | -249 | -710 | S100XN3N |
| FY ending Nov 2025 | 6,342 | -123 | -1.9% | 403 | 76 | -1 | S100XN3N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24M |
| Operating income per employee (consolidated) | -¥465.7K |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 279 | 264 | 257 | 254 | 264 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.8M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 47.2 years | 48.1 years | 48.2 years | 48.1 years | 47.5 years |
| Average tenure (parent company) | 20.6 years | 21.7 years | 21.7 years | 21.1 years | 20.3 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) -12.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Furniture related | 4,721 | 74.4% | 295 | 6.3% |
| Interior installations related | 1,621 | 25.6% | -150 | -9.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Furniture related | 74.4% | 100.0% | 25.6 | 6.3% |
| Interior installations related | 25.6% | — | — | -9.3% |

Loss-making segment (excluded from profit shares): Interior installations related -150 JPY mn

Segment → industry: Interior installations related → Housing Equipment & Building Materials / Furniture related → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 76 | 1.2% | S100XN3N |
| Capital expenditure | 77 | 1.2% | S100XN3N |
| Free cash flow | -1 | -0.0% | 算出 |
| Investing cash flow | 208 | 3.3% | S100XN3N |
| Financing cash flow | -16 | -0.3% | S100XN3N |
| Dividends paid | 33 | 0.5% | S100XN3N |
| Share buyback | 31 | 0.5% | S100XN3N |
| Change in cash | 268 | 4.2% | S100XN3N |
| Cash and equivalents | 1,026 | 16.2% | S100XN3N |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 770 | 599 | 1,150 | 758 | 1,026 | S100SYTN, S100VB51, S100XN3N |
| Total assets | 9,636 | 8,520 | 8,204 | 8,059 | 8,547 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Net assets | 3,382 | 2,916 | 4,280 | 4,580 | 4,851 | S100SYTN, S100VB51, S100XN3N |
| Share capital | 2,998 | 2,998 | 2,998 | 2,998 | 2,998 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Trade receivables | 1,257 | — | — | — | — | S100QB4I |
| Property, plant and equipment | 3,858 | 3,247 | 2,233 | 2,495 | 2,387 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Intangible assets excluding goodwill | 49 | 13 | 15 | 28 | 56 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Investment securities | 1,139 | 1,254 | 1,298 | 1,314 | 1,267 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Current assets | 4,277 | 3,719 | 4,575 | 4,138 | 4,755 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Current liabilities | 4,414 | 3,933 | 2,577 | 2,033 | 2,140 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Trade payables | 1,249 | 1,206 | 673 | 647 | 422 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Short-term borrowings | 2,056 | 1,950 | 300 | 300 | 300 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Long-term borrowings | 740 | 504 | 275 | 287 | 357 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Total liabilities | 6,253 | 5,603 | 3,923 | 3,479 | 3,696 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Non-controlling interests | 10 | 9 | 8 | 4 | 3 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Equity attributable to owners of parent | 2,600 | 2,004 | 3,793 | 4,002 | 4,340 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Retained earnings | -240 | -836 | 953 | 1,162 | 1,531 | S100QB4I, S100SYTN, S100VB51, S100XN3N |
| Treasury stock | -158 | -158 | -158 | -158 | -189 | S100QB4I, S100SYTN, S100VB51, S100XN3N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XN3N |
| Property, plant and equipment | 28% | S100XN3N |
| Intangibles and goodwill | 1% | S100XN3N |
| Investment securities | 15% | S100XN3N |
| Other assets | 44% | S100XN3N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XN3N |
| Other liabilities | 38% | S100XN3N |
| Equity | 57% | S100XN3N |
| Other liabilities | 0% | S100XN3N |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,636 | 8,520 | 8,204 | 8,059 | 8,547 |
| Equity | 3,382 | 2,916 | 4,280 | 4,580 | 4,851 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 770 | 599 | 1,150 | 758 | 1,026 |

## 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) | 37.6% | S100XN3N |
| Fixed assets ÷ total assets | 27.9% | S100XN3N |
| Goodwill ÷ parent equity | — | —, S100XN3N |

### 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) | 12.0% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -327 JPY mn (of net income -81.0%) |
| Shareholder returns / net income | 16.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 272.1% |

## 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 | — | —× | -0.1% | —× | — | S100QB4I |
| 2022 | — | —× | -6.2% | —× | — | S100SYTN |
| 2023 | 16.9% | 0.86× | 14.5% | 2.88× | 41.9% | S100VB51 |
| 2024 | 2.9% | 0.89× | 2.6% | 2.09× | 5.4% | S100XN3N |
| 2025 | 6.4% | 0.76× | 4.9% | 1.99× | 9.7% | S100XN3N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ワイ・ケイ株式会社 | Major shareholder | 8.9% | 2025-11-30 |
| エイ・シイ工業株式会社 | Major shareholder | 8.3% | 2025-11-30 |
| くろがね取引先持株会 | Major shareholder | 6.7% | 2025-11-30 |
| くろがね従業員持株会 | Major shareholder | 4.4% | 2025-11-30 |
| 住友生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.8% | 2025-11-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2025-11-30 |
| 神足尚孝 | Major shareholder | 2.9% | 2025-11-30 |
| ワイ・テイ工業株式会社 | Major shareholder | 1.6% | 2025-11-30 |
| 株式会社スチールテック | Major shareholder | 1.2% | 2025-11-30 |
| 岡本秀昭 | Major shareholder | 1.2% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2024/12/01－2025/11/30) | S100XN3N | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN3N,, |
| 有価証券報告書－第105期(2023/12/01－2024/11/30) | S100VB51 | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB51,, |
| 有価証券報告書－第104期(2022/12/01－2023/11/30) | S100SYTN | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYTN,, |
| 訂正有価証券報告書－第103期(2021/12/01－2022/11/30) | S100QB4I | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QB4I,, |
| 有価証券報告書－第102期(令和2年12月1日－令和3年11月30日) | S100NKMW | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKMW,, |
| 有価証券報告書－第101期(令和1年12月1日－令和2年11月30日) | S100KVF2 | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVF2,, |

## 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).