# Kyokuto Boeki Kaisha, Limited: 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106期(2025/04/01－2026/03/31) (S100YESK)
> Page: https://vizora.meequs.com/en/company/kyokuto-boeki-kaisha
> Retrieved: 2026-09-30T20:38:22.846Z

## Company

Kyokuto Boeki Kaisha, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 659 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyokuto Boeki Kaisha, Ltd. |
| Ticker | 8093 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8093.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町2丁目2番1号 |
| Representative (per filing) | 代表取締役社長 佐久間 慎治 |
| Founded | Nov 1947 |
| Share capital | ¥5.5B |
| Employees (consolidated) | 659 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.kbk.co.jp (https://www.kbk.co.jp/) |
| Corporate number | 2010001014327 |
| EDINET | E02503 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YESK, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.9 | 179 |
| Profitability | 67.3 | 185 |
| Cash conversion | 85.8 | 179 |
| Efficiency | 19.2 | 185 |
| Financial strength | 87.5 | 20 |

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 43% of Kyokuto Boeki Kaisha's sales come from Industrial Materials Division, with Machine Compornents Division and Industrial Systems Division making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +21.8% from the prior year, operating profit +26.7%.

## Company structure

- Segment revenue mix: Industrial Materials Division 43.4%、Machine Compornents Division 31.1%、Industrial Systems Division 25.5%
- Revenue → net income: ¥64538000000 → ¥1829000000
- Net income → operating cash flow: ¥1829000000 → ¥5091000000（difference ¥3262000000）
- Main uses of operating cash flow: CapEx ¥314000000 / dividends ¥850000000 / buybacks ¥302000000
- Change in cash: ¥1367000000
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 | ¥64.5B |  |
| Operating income | ¥2.58B | Margin 4.0% |
| Net income | ¥1.83B | Margin 2.8% |
| Free cash flow | ¥4.78B |  |
| Largest business | Industrial Materials Division | of segment revenue 43.4% |
| Employees (consolidated) | 659 |  |
| EPS | ¥309.91 |  |
| Book value per share | ¥1671.3 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 12,152,736 |  |
| Treasury shares | 117,700 |  |
| Shareholders | 16,739 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 16.5% | Net cash ¥5.41B · Cash ÷ revenue 15.2% |
| Vs. industry median margin | +1.1 pp | Specialty Trading & Wholesale |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, segment profit share differs by 20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57405000000 | ¥64538000000 | +12.4% |
| Operating income | ¥362000000 | ¥2583000000 | +613.5% |
| Operating margin | 0.6% | 4.0% | +3.4 pp |
| Employees | 633 people | 659 people | +4.1% |
| Cash and equivalents | ¥7303000000 | ¥9807000000 | +34.3% |

### 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 |
| --- | ---: |
| 基幹産業関連部門 → 事業再編・廃止 | 37.4% |
| 産業素材関連部門 → 産業素材関連部門 | 22.2% |
| 電子・制御システム関連部門 → 事業再編・廃止 | 17.7% |
| 機械部品関連部門 → 機械部品関連部門 | 22.6% |
| 新設・再編 → 産業設備関連部門 | 25.5% |
| 新設・再編 → 産業素材関連部門 | 21.2% |
| 新設・再編 → 機械部品関連部門 | 8.5% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Materials Division | 5 years | +17.0% | ¥27993000000 | 2.2% | 2 |
| Machine Compornents Division | 5 years | +9.1% | ¥20069000000 | 3.9% | 2 |
| Industrial Systems Division | 4 years | +6.8% | ¥16475000000 | 7.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,538 | 100.0% | S100YESK |
| Cost of revenue | 52,682 | 81.6% | S100YESK |
| Gross profit | 11,855 | 18.4% | S100YESK |
| SG&A | 9,271 | 14.4% | S100YESK |
| Operating income | 2,583 | 4.0% | S100YESK |
| Ordinary income | 2,846 | 4.4% | S100YESK |
| Pretax income | 3,077 | 4.8% | S100YESK |
| Income tax | 1,247 | 1.9% | S100YESK |
| Net income | 1,829 | 2.8% | S100YESK |
| Net income attributable to owners | 1,829 | 2.8% | S100YESK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.4% → Operating margin 4.0% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.8%; Core profit growth: +26.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.23×
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 | 52,982 | 64,538 | 11,556 | +21.8% |
| Gross profit | 10,931 | 11,855 | 924 | +8.5% |
| Operating income | 2,038 | 2,583 | 545 | +26.7% |
| Net income attributable to owners | 3,717 | 1,829 | -1,888 | -50.8% |
| Operating cash flow | -798 | 5,091 | 5,889 | — |
| Free cash flow | -1,041 | 4,777 | 5,818 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 60,387 | 877 | 1.5% | 221 | 928 | 495 | S100LML3 |
| FY ending Mar 2021 | 57,405 | 362 | 0.6% | 278 | 648 | 332 | S100ODYQ |
| FY ending Mar 2022 | 39,705 | 759 | 1.9% | 781 | -510 | -753 | S100R6CL |
| FY ending Mar 2023 | 42,657 | 1,000 | 2.3% | 1,017 | 1,589 | 1,215 | S100TNF4 |
| FY ending Mar 2024 | 43,660 | 1,112 | 2.5% | 1,156 | -1,010 | -1,262 | S100W0AA |
| FY ending Mar 2025 | 52,982 | 2,038 | 3.8% | 3,717 | -798 | -1,041 | S100YESK |
| FY ending Mar 2026 | 64,538 | 2,583 | 4.0% | 1,829 | 5,091 | 4,777 | S100YESK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.9M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 595 | 602 | 589 | 648 | 659 |
| Average salary (parent company) | ¥7.7M | ¥7.7M | ¥7.7M | ¥7.8M | ¥8.7M |
| Average age (parent company) | 45.0 years | 46.0 years | 46.0 years | 45.0 years | 45.0 years |
| Average tenure (parent company) | 21.0 years | 21.0 years | 21.0 years | 20.0 years | 18.0 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +21.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Systems Division | 16,475 | 25.5% | 1,185 | 7.2% |
| Industrial Materials Division | 27,993 | 43.4% | 620 | 2.2% |
| Machine Compornents Division | 20,069 | 31.1% | 791 | 3.9% |

### 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 Systems Division | 25.5% | 45.6% | 20.1 | 7.2% |
| Industrial Materials Division | 43.4% | 23.9% | -19.5 | 2.2% |
| Machine Compornents Division | 31.1% | 30.5% | -0.6 | 3.9% |

Segment → industry: Machine Compornents Division → Specialty Trading & Wholesale / Industrial Materials Division → Specialty Trading & Wholesale / Industrial Systems Division → Specialty Trading & Wholesale

## 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 | 5,091 | 7.9% | S100YESK |
| Capital expenditure | 314 | 0.5% | S100YESK |
| Free cash flow | 4,777 | 7.4% | 算出 |
| Investing cash flow | 394 | 0.6% | S100YESK |
| Financing cash flow | -4,337 | -6.7% | S100YESK |
| Dividends paid | 850 | 1.3% | S100YESK |
| Share buyback | 302 | 0.5% | S100YESK |
| Change in cash | 1,367 | 2.1% | S100YESK |
| Cash and equivalents | 9,807 | 15.2% | S100YESK |

## 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 | 7,470 | 7,810 | 7,065 | 8,439 | 9,807 | S100TNF4, S100W0AA, S100YESK |
| Total assets | 45,513 | 44,522 | 49,646 | 58,010 | 59,506 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Net assets | 22,623 | 23,553 | 25,690 | 29,356 | 31,822 | S100TNF4, S100W0AA, S100YESK |
| Share capital | 5,496 | 5,496 | 5,496 | 5,496 | 5,496 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Property, plant and equipment | 2,308 | 2,259 | 2,217 | 2,501 | 2,445 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Intangible assets excluding goodwill | 279 | 241 | 286 | 442 | 399 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Goodwill | 18 | — | — | 240 | 187 | S100R6CL, S100YESK |
| Investment securities | 6,804 | 6,545 | 7,967 | 9,405 | 11,319 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Current assets | 34,449 | 33,624 | 37,334 | 43,688 | 43,505 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Current liabilities | 19,596 | 18,315 | 21,204 | 24,801 | 21,121 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Trade payables | 9,732 | 8,924 | 10,193 | 12,641 | 13,671 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Short-term borrowings | 2,840 | 3,025 | 3,707 | 6,577 | 1,473 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Long-term borrowings | 1,053 | 424 | 400 | 731 | 1,220 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Bonds | — | — | — | 100 | 1,700 | S100YESK |
| Interest-bearing debt | — | — | — | 7,408 | 4,393 | 算出 |
| Total liabilities | 22,889 | 20,969 | 23,956 | 28,653 | 27,683 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Non-controlling interests | — | 7 | 5 | — | — | S100TNF4, S100W0AA |
| Equity attributable to owners of parent | 21,077 | 21,331 | 21,500 | 23,914 | 24,615 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Retained earnings | 8,332 | 8,569 | 8,721 | 10,760 | 11,335 | S100R6CL, S100TNF4, S100W0AA, S100YESK |
| Treasury stock | -693 | -680 | -669 | -277 | -151 | S100R6CL, S100TNF4, S100W0AA, S100YESK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YESK |
| Property, plant and equipment | 4% | S100YESK |
| Intangibles and goodwill | 1% | S100YESK |
| Investment securities | 19% | S100YESK |
| Other assets | 59% | S100YESK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 23% | S100YESK |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 16% | S100YESK |
| Equity | 54% | S100YESK |
| Other liabilities | 0% | S100YESK |

### 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 | 45,513 | 44,522 | 49,646 | 58,010 | 59,506 |
| Equity | 22,623 | 23,553 | 25,690 | 29,356 | 31,822 |
| Interest-bearing debt | — | — | — | 7,408 | 4,393 |
| Cash | 7,470 | 7,810 | 7,065 | 8,439 | 9,807 |

## 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) | 3.8% | S100YESK |
| Fixed assets ÷ total assets | 4.1% | S100YESK |
| Goodwill ÷ parent equity | 0.8% | S100YESK |

Goodwill over 4 years: 18 → 187 JPY; total investing cash flow: 1,906 JPY. This does not imply causation.

### 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) | 16.5% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | ¥5.41B |
| Net debt ÷ operating cash flow | -1.06× |
| Cash conversion (operating CF ÷ operating income) | 197.1% |
| Cash vs. profit gap | 3,262 JPY mn (of net income 178.3%) |
| Shareholder returns / net income | 63.0% |
| Shareholder returns / FCF | 24.1% |
| Shareholder payments — dividends / net income | 46.5% |
| Shareholder payments — dividends / FCF | 17.8% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 7.7% |

## 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 | 2.0% | 0.87× | 1.7% | 2.16× | 3.7% | S100R6CL |
| 2023 | 2.4% | 0.95× | 2.3% | 2.12× | 4.8% | S100TNF4 |
| 2024 | 2.6% | 0.93× | 2.5% | 2.20× | 5.4% | S100W0AA |
| 2025 | 7.0% | 0.98× | 6.9% | 2.37× | 16.4% | S100YESK |
| 2026 | 2.8% | 1.10× | 3.1% | 2.42× | 7.5% | S100YESK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.1% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 IHI口 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社ニレコ | Major shareholder | 2.5% | 2026-03-31 |
| 極東貿易取引先持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 藤倉化成株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 極東貿易従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YESK | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YESK,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100W0AA | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0AA,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TNF4 | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNF4,, |
| 訂正有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R6CL | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6CL,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100ODYQ | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODYQ,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LML3 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LML3,, |

## 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).