# KVK CORPORATION: 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79期(2025/04/01－2026/03/31) (S100YH48)
> Page: https://vizora.meequs.com/en/company/kvk
> Retrieved: 2026-09-30T19:05:00.581Z

## Company

KVK, founded in 1949, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 1,022 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KVK CORPORATION |
| Ticker | 6484 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6484.T) |
| Listing | TSE Standard |
| Head office | 岐阜県加茂郡富加町高畑字稲荷641番地 |
| Representative (per filing) | 代表取締役社長 末松 正幸 |
| Founded | Jan 1949 |
| Share capital | ¥2.85B |
| Employees (consolidated) | 1,022 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.kvk.co.jp (https://www.kvk.co.jp/) |
| Corporate number | 6200001001871 |
| EDINET | E01434 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YH48, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.5 | 56 |
| Profitability | 83.6 | 58 |
| Cash conversion | 9 | 50 |
| Efficiency | 52.6 | 58 |

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 97% of KVK's sales come from japan, with people's republic of china and Republic of the Philippines making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +1.9%.

## Company structure

- Segment revenue mix: japan 97.3%、people's republic of china 1.6%、Republic of the Philippines 1.2%
- Revenue → net income: ¥30899762000 → ¥2189620000
- Net income → operating cash flow: ¥2189620000 → ¥312356000（difference ¥-1877264000）
- Main uses of operating cash flow: CapEx ¥1362529000 / dividends ¥661684000 / buybacks ¥544000
- Change in cash: ¥-2107407000
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 | ¥30.9B |  |
| Operating income | ¥2.71B | Margin 8.8% |
| Net income | ¥2.19B | Margin 7.1% |
| Free cash flow | -¥1.05B |  |
| Largest business | japan | of segment revenue 97.3% |
| Employees (consolidated) | 1,022 |  |
| EPS | ¥287.71 |  |
| Book value per share | ¥3633.6 |  |
| Equity ratio | 84.8% |  |
| Shares outstanding | 8,322,178 |  |
| Treasury shares | 50,600 |  |
| Shareholders | 1,571 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 10.8% |
| Vs. industry median margin | +4.3 pp | Housing Equipment & Building Materials |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25441301000 | ¥30899762000 | +21.5% |
| Operating income | ¥3034963000 | ¥2711584000 | -10.7% |
| Operating margin | 11.9% | 8.8% | -3.2 pp |
| Employees | 1,089 people | 1,022 people | -6.2% |
| Cash and equivalents | ¥6701586000 | ¥3348211000 | -50.0% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 97.3% |
| 日本 → 事業再編・廃止 | 0.0% |
| 中国 → 中国 | 1.5% |
| フィリピン → フィリピン | 1.2% |
| フィリピン → 事業再編・廃止 | 0.0% |
| 新設・再編 → 中国 | 0.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| japan | 5 years | +3.9% | ¥30413597000 | 10.0% | 2 |
| people's republic of china | 5 years | +4.9% | ¥486164000 | 51.1% | 2 |
| Republic of the Philippines | 5 years | +3.2% | ¥365113000 | 3.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,900 | 100.0% | S100YH48 |
| Cost of revenue | 23,134 | 74.9% | S100YH48 |
| Gross profit | 7,766 | 25.1% | S100YH48 |
| SG&A | 5,054 | 16.4% | S100YH48 |
| Operating income | 2,712 | 8.8% | S100YH48 |
| Ordinary income | 3,075 | 10.0% | S100YH48 |
| Pretax income | 3,083 | 10.0% | S100YH48 |
| Income tax | 894 | 2.9% | S100YH48 |
| Net income | 2,190 | 7.1% | S100YH48 |
| Net income attributable to owners | 2,190 | 7.1% | S100YH48 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 16 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 25.1% → Operating margin 8.8% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +1.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.45×
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 | 29,649 | 30,900 | 1,251 | +4.2% |
| Gross profit | 7,606 | 7,766 | 160 | +2.1% |
| Operating income | 2,661 | 2,712 | 51 | +1.9% |
| Net income attributable to owners | 2,111 | 2,190 | 79 | +3.7% |
| Operating cash flow | 3,565 | 312 | -3,253 | -91.2% |
| Free cash flow | 2,445 | -1,050 | -3,495 | -142.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,532 | 2,346 | 9.6% | 1,701 | 3,825 | 2,249 | S100LNVX |
| FY ending Mar 2021 | 25,441 | 3,035 | 11.9% | 2,197 | 2,823 | 2,256 | S100OAH3 |
| FY ending Mar 2022 | 27,960 | 2,440 | 8.7% | 1,690 | 1,226 | 401 | S100QZM9 |
| FY ending Mar 2023 | 29,743 | 2,450 | 8.2% | 1,774 | 2,309 | 462 | S100TOPV |
| FY ending Mar 2024 | 29,800 | 2,530 | 8.5% | 1,981 | 616 | -2,733 | S100W1OY |
| FY ending Mar 2025 | 29,649 | 2,661 | 9.0% | 2,111 | 3,565 | 2,445 | S100YH48 |
| FY ending Mar 2026 | 30,900 | 2,712 | 8.8% | 2,190 | 312 | -1,050 | S100YH48 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,088 | 1,094 | 1,064 | 1,022 | 1,022 |
| Average salary (parent company) | ¥5.3M | ¥5.1M | ¥5.1M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 40.1 years | 40.3 years | 39.8 years | 39.8 years | 39.9 years |
| Average tenure (parent company) | 14.7 years | 14.8 years | 14.9 years | 14.6 years | 14.6 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| japan | 30,414 | 97.3% | 3,056 | 10.0% |
| people's republic of china | 486 | 1.6% | 249 | 51.1% |
| Republic of the Philippines | 365 | 1.2% | 12 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| japan | 97.3% | 92.1% | -5.1 | 10.0% |
| people's republic of china | 1.6% | 7.5% | 5.9 | 51.1% |
| Republic of the Philippines | 1.2% | 0.4% | -0.8 | 3.4% |

Segment → industry: Republic of the Philippines → Housing Equipment & Building Materials / people's republic of china → Housing Equipment & Building Materials / japan → Housing Equipment & Building Materials

## 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 | 312 | 1.0% | S100YH48 |
| Capital expenditure | 1,363 | 4.4% | S100YH48 |
| Free cash flow | -1,050 | -3.4% | 算出 |
| Investing cash flow | -1,836 | -5.9% | S100YH48 |
| Financing cash flow | -690 | -2.2% | S100YH48 |
| Dividends paid | 662 | 2.1% | S100YH48 |
| Share buyback | 1 | 0.0% | S100YH48 |
| Change in cash | -2,107 | -6.8% | S100YH48 |
| Cash and equivalents | 3,348 | 10.8% | S100YH48 |

## 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 | 6,102 | 5,659 | 2,765 | 5,456 | 3,348 | S100TOPV, S100W1OY, S100YH48 |
| Total assets | 32,327 | 36,161 | 34,464 | 36,276 | 36,327 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Net assets | 23,274 | 24,669 | 27,010 | 28,326 | 30,801 | S100TOPV, S100W1OY, S100YH48 |
| Share capital | 2,855 | 2,855 | 2,855 | 2,855 | 2,855 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Property, plant and equipment | 6,909 | 9,758 | 9,980 | 9,853 | 9,424 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Intangible assets excluding goodwill | 183 | 187 | 327 | 621 | 1,049 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Investment securities | 1,322 | 1,987 | 2,507 | 1,687 | 2,984 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Current assets | 20,651 | 21,036 | 18,402 | 20,813 | 19,306 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Current liabilities | 8,523 | 10,926 | 6,835 | 7,377 | 4,756 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Trade payables | 1,674 | 1,628 | 1,616 | 1,491 | 1,650 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Total liabilities | 9,052 | 11,492 | 7,454 | 7,951 | 5,526 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Equity attributable to owners of parent | 22,831 | 24,206 | 25,858 | 27,447 | 29,008 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Retained earnings | 17,657 | 19,021 | 20,532 | 22,064 | 23,592 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |
| Treasury stock | -705 | -693 | -552 | -495 | -462 | S100QZM9, S100TOPV, S100W1OY, S100YH48 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YH48 |
| Property, plant and equipment | 26% | S100YH48 |
| Intangibles and goodwill | 3% | S100YH48 |
| Investment securities | 8% | S100YH48 |
| Other assets | 54% | S100YH48 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YH48 |
| Other liabilities | 11% | S100YH48 |
| Equity | 85% | S100YH48 |

### 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 | 32,327 | 36,161 | 34,464 | 36,276 | 36,327 |
| Equity | 23,274 | 24,669 | 27,010 | 28,326 | 30,801 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,102 | 5,659 | 2,765 | 5,456 | 3,348 |

## 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) | 30.5% | S100YH48 |
| Fixed assets ÷ total assets | 25.9% | S100YH48 |
| Goodwill ÷ parent equity | — | —, S100YH48 |

### 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) | 9.2% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 11.5% |
| Cash vs. profit gap | -1,877 JPY mn (of net income -85.7%) |
| Shareholder returns / net income | 30.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 587.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.0% | 0.86× | 5.2% | 1.42× | 7.4% | S100QZM9 |
| 2023 | 6.0% | 0.87× | 5.2% | 1.46× | 7.5% | S100TOPV |
| 2024 | 6.6% | 0.84× | 5.6% | 1.41× | 7.9% | S100W1OY |
| 2025 | 7.1% | 0.84× | 6.0% | 1.33× | 7.9% | S100YH48 |
| 2026 | 7.1% | 0.85× | 6.0% | 1.29× | 7.8% | S100YH48 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社北村興産 | Major shareholder | 14.4% | 2026-03-31 |
| ＫＶＫ取引先持株会 | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 岐阜信用金庫 | Major shareholder | 3.5% | 2026-03-31 |
| 北 村 博 志 | Major shareholder | 3.5% | 2026-03-31 |
| 北 村 嘉 弘 | Major shareholder | 3.5% | 2026-03-31 |
| 末 松 容 子 | Major shareholder | 3.4% | 2026-03-31 |
| 元気なぎふ応援基金 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| ＫＶＫ従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YH48 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH48,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W1OY | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1OY,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TOPV | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOPV,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100QZM9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZM9,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OAH3 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAH3,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LNVX | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNVX,, |

## 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).