# Kusurinomadoguchi, Inc.: 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22期(2025/04/01－2026/03/31) (S100YKTN)
> Page: https://vizora.meequs.com/en/company/kusurinomadoguchi
> Retrieved: 2026-09-30T20:31:14.630Z

## Company

Kusurinomadoguchi, founded in 2004, is a company in Health Tech listed on TSE Growth. It has 491 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kusurinomadoguchi, Inc. |
| Ticker | 5592 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5592.T) |
| Listing | TSE Growth |
| Head office | 東京都豊島区池袋二丁目43番1号 |
| Representative (per filing) | 代表取締役社長 堤 幸治 |
| Founded | Sep 2004 |
| Share capital | ¥68.9M |
| Employees (consolidated) | 491 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | kusurinomadoguchi.co.jp (https://kusurinomadoguchi.co.jp/) |
| Corporate number | 7420001005379 |
| EDINET | E38965 |
| Industries (Vizora) | Health Tech |

> Profile source: annual securities report (S100YKTN, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.9 | 14 |
| Profitability | 75 | 18 |
| Cash conversion | 85.3 | 17 |
| Efficiency | 41.7 | 18 |

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)

- Kusurinomadoguchi brought in ¥12.3B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +37.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12330042000 → ¥2999766000
- Net income → operating cash flow: ¥2999766000 → ¥2947065000（difference ¥-52701000）
- Main uses of operating cash flow: CapEx ¥1585366000 / dividends ¥264765000 / buybacks ¥1007671000
- Change in cash: ¥2876688000
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 | ¥12.3B |  |
| Operating income | ¥2.68B | Margin 21.8% |
| Net income | ¥2.95B | Margin 23.9% |
| Free cash flow | ¥1.36B |  |
| Employees (consolidated) | 491 |  |
| EPS | ¥228.14 |  |
| Diluted EPS | ¥224.93 |  |
| Book value per share | ¥897.78 |  |
| Equity ratio | 63.7% |  |
| Shares outstanding | 11,458,582 |  |
| Shareholders | 4,183 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 29.4% | Cash ÷ revenue 42.5% |
| Vs. industry median margin | +7.9 pp | Health Tech |
| ROE | 29.9% | Derived from disclosed figures |
| ROA | 19.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.8× dividends
- FY2026, cash is 29% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7420793000 | ¥12330042000 | +66.2% |
| Operating income | ¥1050021000 | ¥2681905000 | +155.4% |
| Operating margin | 14.1% | 21.8% | +7.6 pp |
| Employees | 424 people | 491 people | +15.8% |
| Cash and equivalents | ¥5946649000 | ¥5237712000 | -11.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,330 | 100.0% | S100YKTN |
| Cost of revenue | 5,359 | 43.5% | S100YKTN |
| Gross profit | 6,971 | 56.5% | S100YKTN |
| SG&A | 4,289 | 34.8% | S100YKTN |
| Operating income | 2,682 | 21.8% | S100YKTN |
| Ordinary income | 2,666 | 21.6% | S100YKTN |
| Pretax income | 2,622 | 21.3% | S100YKTN |
| Income tax | -377 | -3.1% | S100YKTN |
| Net income | 3,000 | 24.3% | S100YKTN |
| Net income attributable to owners | 2,953 | 23.9% | S100YKTN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 35 |
| Operating income | 22 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 56.5% → Operating margin 21.8% → Net margin 23.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +37.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.69×
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 | 11,199 | 12,330 | 1,131 | +10.1% |
| Gross profit | 6,475 | 6,971 | 495 | +7.7% |
| Operating income | 1,954 | 2,682 | 728 | +37.3% |
| Net income attributable to owners | 2,035 | 2,953 | 918 | +45.1% |
| Operating cash flow | -5,327 | 2,947 | 8,274 | — |
| Free cash flow | -7,131 | 1,362 | 8,493 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 7,421 | 1,050 | 14.1% | 391 | 3,097 | 1,571 | S100TWG5 |
| FY ending Mar 2024 | 8,721 | 1,370 | 15.7% | 871 | 2,627 | 999 | S100W451 |
| FY ending Mar 2025 | 11,199 | 1,954 | 17.4% | 2,035 | -5,327 | -7,131 | S100YKTN |
| FY ending Mar 2026 | 12,330 | 2,682 | 21.8% | 2,953 | 2,947 | 1,362 | S100YKTN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥6M |

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) | 424 | 505 | 484 | 491 |
| Average salary (parent company) | — | ¥4.5M | ¥4.9M | ¥4.7M |
| Average age (parent company) | — | 31.8 years | 32.5 years | 34.0 years |
| Average tenure (parent company) | — | 2.7 years | 3.0 years | 3.5 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +10.1%

## 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 | 2,947 | 23.9% | S100YKTN |
| Capital expenditure | 1,585 | 12.9% | S100YKTN |
| Free cash flow | 1,362 | 11.0% | 算出 |
| Investing cash flow | -2,295 | -18.6% | S100YKTN |
| Financing cash flow | 2,225 | 18.0% | S100YKTN |
| Dividends paid | 265 | 2.1% | S100YKTN |
| Share buyback | 1,008 | 8.2% | S100YKTN |
| Change in cash | 2,877 | 23.3% | S100YKTN |
| Cash and equivalents | 5,238 | 42.5% | S100YKTN |

## 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 | 5,947 | 14,591 | 2,104 | 5,238 | S100W451, S100YKTN |
| Total assets | 12,219 | 23,072 | 12,157 | 17,817 | S100TWG5, S100W451, S100YKTN |
| Net assets | 2,794 | 6,420 | 8,517 | 11,465 | S100W451, S100YKTN |
| Share capital | 100 | 1,508 | 1,577 | 69 | S100TWG5, S100W451, S100YKTN |
| Property, plant and equipment | 126 | 126 | 143 | 142 | S100TWG5, S100W451, S100YKTN |
| Intangible assets excluding goodwill | 3,141 | 4,264 | 4,502 | 4,922 | S100TWG5, S100W451, S100YKTN |
| Goodwill | 305 | 646 | 508 | 870 | S100TWG5, S100W451, S100YKTN |
| Investment securities | 172 | 125 | 68 | 391 | S100TWG5, S100W451, S100YKTN |
| Current assets | 8,552 | 18,241 | 6,229 | 10,091 | S100TWG5, S100W451, S100YKTN |
| Current liabilities | 9,125 | 15,958 | 3,125 | 5,204 | S100TWG5, S100W451, S100YKTN |
| Trade payables | 156 | 160 | 148 | 201 | S100TWG5, S100W451, S100YKTN |
| Short-term borrowings | 100 | 5,100 | — | 2,000 | S100TWG5, S100W451, S100YKTN |
| Long-term borrowings | 25 | 312 | 64 | 821 | S100TWG5, S100W451, S100YKTN |
| Total liabilities | 9,426 | 16,651 | 3,640 | 6,352 | S100TWG5, S100W451, S100YKTN |
| Non-controlling interests | 98 | 50 | 65 | 112 | S100TWG5, S100W451, S100YKTN |
| Equity attributable to owners of parent | 2,694 | 6,368 | 8,450 | 11,326 | S100TWG5, S100W451, S100YKTN |
| Retained earnings | 954 | 1,813 | 3,848 | 6,498 | S100TWG5, S100W451, S100YKTN |
| Treasury stock | — | — | -0 | — | S100YKTN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YKTN |
| Property, plant and equipment | 1% | S100YKTN |
| Intangibles and goodwill | 33% | S100YKTN |
| Investment securities | 2% | S100YKTN |
| Other assets | 35% | S100YKTN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YKTN |
| Other liabilities | 35% | S100YKTN |
| Equity | 64% | S100YKTN |
| Other liabilities | 0% | S100YKTN |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 12,219 | 23,072 | 12,157 | 17,817 |
| Equity | 2,794 | 6,420 | 8,517 | 11,465 |
| Interest-bearing debt | — | — | — | — |
| Cash | 5,947 | 14,591 | 2,104 | 5,238 |

## 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) | 1.1% | S100YKTN |
| Fixed assets ÷ total assets | 0.8% | S100YKTN |
| Goodwill ÷ parent equity | 7.7% | S100YKTN |

### 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) | 29.4% |
| Cash ÷ revenue | 42.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.9% |
| Cash vs. profit gap | -6 JPY mn (of net income -0.2%) |
| Shareholder returns / net income | 43.1% |
| Shareholder returns / FCF | 93.4% |
| Shareholder payments — dividends / net income | 9.0% |
| Shareholder payments — dividends / FCF | 19.4% |
| CapEx intensity (capex ÷ revenue) | 12.9% |
| Investing CF relative to operating CF | 77.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 5.3% | 0.61× | 3.2% | 4.54× | 14.5% | S100TWG5 |
| 2024 | 10.0% | 0.49× | 4.9% | 3.89× | 19.2% | S100W451 |
| 2025 | 18.2% | 0.64× | 11.6% | 2.38× | 27.5% | S100YKTN |
| 2026 | 23.9% | 0.82× | 19.7% | 1.52× | 29.9% | S100YKTN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＥＰＡＲＫ | Major shareholder | 39.4% | 2026-03-31 |
| ＳＢＩイノベーションファンド１号 | Major shareholder | 15.7% | 2026-03-31 |
| 株式会社ＮＢＳＥ | Major shareholder | 6.0% | 2026-03-31 |
| BNYM SA／NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 木下 圭一郎 | Major shareholder | 2.9% | 2026-03-31 |
| 堤 幸治 | Major shareholder | 2.9% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.4% | 2026-03-31 |
| フリービット株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YKTN | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKTN,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W451 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W451,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TWG5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWG5,, |

## 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).