# KYOKUTO KAIHATSU KOGYO CO.,LTD.: 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91期(2025/04/01－2026/03/31) (S100YE9E)
> Page: https://vizora.meequs.com/en/company/kyokuto-kaihatsu-kogyo
> Retrieved: 2026-09-30T22:43:07.722Z

## Company

Kyokuto Kaihatsu Kogyo, founded in 1955, is a company in Trucks & Buses listed on TSE Prime. It has 3,585 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOKUTO KAIHATSU KOGYO CO., LTD. |
| Ticker | 7226 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7226.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区淡路町2丁目5番11号 |
| Representative (per filing) | 代表取締役社長 布原 達也 |
| Founded | Jun 1955 |
| Share capital | ¥11.9B |
| Employees (consolidated) | 3,585 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.kyokuto.com (https://www.kyokuto.com/) |
| Corporate number | 7140001068512 |
| EDINET | E02170 |
| Industries (Vizora) | Trucks & Buses, Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YE9E, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Trucks & Buses (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 3 |
| Profitability | 12.5 | 4 |
| Cash conversion | 12.5 | 4 |
| Efficiency | 12.5 | 4 |

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 84% of Kyokuto Kaihatsu Kogyo's sales come from Specially-equipped vehicle, with Environment and Parking and other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +14.9% from the prior year, operating profit +33.4%.

## Company structure

- Segment revenue mix: Specially-equipped vehicle 83.8%、Environment 11.2%、Parking and other 5.0%
- Revenue → net income: ¥161332000000 → ¥3700000000
- Net income → operating cash flow: ¥3700000000 → ¥3374000000（difference ¥-326000000）
- Main uses of operating cash flow: CapEx ¥14175000000 / dividends ¥5878000000 / buybacks ¥0
- Change in cash: ¥2206000000
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 | ¥161.3B |  |
| Operating income | ¥8.88B | Margin 5.5% |
| Net income | ¥3.69B | Margin 2.3% |
| Free cash flow | -¥10.8B |  |
| Largest business | Specially-equipped vehicle | of segment revenue 83.8% |
| Employees (consolidated) | 3,585 |  |
| EPS | ¥157.1 |  |
| Book value per share | ¥2309.92 |  |
| Equity ratio | 55.7% |  |
| Shares outstanding | 40,150,000 |  |
| Treasury shares | 1,642,700 |  |
| Shareholders | 17,298 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 11.0% | Net cash -¥19B · Cash ÷ revenue 13.9% |
| Vs. industry median margin | -0.3 pp | Trucks & Buses |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥117170000000 | ¥161332000000 | +37.7% |
| Operating income | ¥9080000000 | ¥8877000000 | -2.2% |
| Operating margin | 7.7% | 5.5% | -2.2 pp |
| Employees | 3,050 people | 3,585 people | +17.5% |
| Cash and equivalents | ¥21240000000 | ¥22460000000 | +5.7% |

### 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 |
| --- | ---: |
| 特装車事業 → 特装車事業 | 83.8% |
| 特装車事業 → 事業再編・廃止 | 1.1% |
| 環境事業 → 環境事業 | 9.4% |
| 不動産賃貸等事業 → 事業再編・廃止 | 5.6% |
| 新設・再編 → 環境事業 | 1.8% |
| 新設・再編 → パーキング事業 | 5.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Specially-equipped vehicle | 5 years | +6.3% | ¥135212000000 | 4.7% | 2 |
| Environment | 5 years | +10.4% | ¥18077000000 | 18.4% | 2 |
| Parking and other | — | — | ¥8042000000 | 12.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 161,332 | 100.0% | S100YE9E |
| Cost of revenue | 131,491 | 81.5% | S100YE9E |
| Gross profit | 29,840 | 18.5% | S100YE9E |
| SG&A | 20,963 | 13.0% | S100YE9E |
| Operating income | 8,877 | 5.5% | S100YE9E |
| Ordinary income | 9,478 | 5.9% | S100YE9E |
| Pretax income | 8,701 | 5.4% | S100YE9E |
| Income tax | 5,001 | 3.1% | S100YE9E |
| Net income | 3,700 | 2.3% | S100YE9E |
| Net income attributable to owners | 3,692 | 2.3% | S100YE9E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 18.5% → Operating margin 5.5% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.9%; Core profit growth: +33.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.24×
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 | 140,449 | 161,332 | 20,883 | +14.9% |
| Gross profit | 24,752 | 29,840 | 5,088 | +20.6% |
| Operating income | 6,656 | 8,877 | 2,221 | +33.4% |
| Net income attributable to owners | 5,820 | 3,692 | -2,128 | -36.6% |
| Operating cash flow | 5,225 | 3,374 | -1,851 | -35.4% |
| Free cash flow | -2,648 | -10,801 | -8,153 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,173 | 8,493 | 7.1% | 6,073 | 5,799 | 2,332 | S100LS1F |
| FY ending Mar 2021 | 117,170 | 9,080 | 7.7% | 6,774 | 8,263 | 4,908 | S100OJGN |
| FY ending Mar 2022 | 116,910 | 6,974 | 6.0% | 14,274 | 6,867 | 1,234 | S100R63L |
| FY ending Mar 2023 | 113,089 | 991 | 0.9% | 3,580 | -3,416 | -14,837 | S100U4BO |
| FY ending Mar 2024 | 128,026 | 4,825 | 3.8% | 3,501 | -1,845 | -12,663 | S100W3V6 |
| FY ending Mar 2025 | 140,449 | 6,656 | 4.7% | 5,820 | 5,225 | -2,648 | S100YE9E |
| FY ending Mar 2026 | 161,332 | 8,877 | 5.5% | 3,692 | 3,374 | -10,801 | S100YE9E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥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) | 3,138 | 3,201 | 3,237 | 3,481 | 3,585 |
| Average salary (parent company) | ¥6.8M | ¥6.6M | ¥6.8M | ¥6.8M | ¥7.1M |
| Average age (parent company) | 41.1 years | 41.3 years | 42.0 years | 42.0 years | 42.3 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 16.8 years | 16.4 years | 16.6 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +14.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Specially-equipped vehicle | 135,212 | 83.8% | 6,298 | 4.7% |
| Environment | 18,077 | 11.2% | 3,334 | 18.4% |
| Parking and other | 8,042 | 5.0% | 965 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Specially-equipped vehicle | 83.8% | 59.4% | -24.4 | 4.7% |
| Environment | 11.2% | 31.5% | 20.3 | 18.4% |
| Parking and other | 5.0% | 9.1% | 4.1 | 12.0% |

Segment → industry: Specially-equipped vehicle → Trucks & Buses / Environment → Plant Engineering & Building Services / Parking and other → Industrial Machinery

## 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 | 3,374 | 2.1% | S100YE9E |
| Capital expenditure | 14,175 | 8.8% | S100YE9E |
| Free cash flow | -10,801 | -6.7% | 算出 |
| Investing cash flow | -7,292 | -4.5% | S100YE9E |
| Financing cash flow | 6,549 | 4.1% | S100YE9E |
| Dividends paid | 5,878 | 3.6% | S100YE9E |
| Share buyback | 0 | 0.0% | S100YE9E |
| Change in cash | 2,206 | 1.4% | S100YE9E |
| Cash and equivalents | 22,460 | 13.9% | S100YE9E |

## 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 | 37,248 | 32,064 | 19,397 | 20,253 | 22,460 | S100U4BO, S100W3V6, S100YE9E |
| Total assets | 154,350 | 158,156 | 170,417 | 187,748 | 203,297 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Net assets | 113,011 | 111,964 | 117,693 | 117,271 | 114,903 | S100U4BO, S100W3V6, S100YE9E |
| Share capital | 11,899 | 11,899 | 11,899 | 11,899 | 11,899 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Property, plant and equipment | 39,772 | 48,233 | 56,799 | 61,590 | 69,736 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Intangible assets excluding goodwill | 2,444 | 2,296 | 2,190 | 10,984 | 10,550 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Goodwill | 770 | 684 | 661 | 7,629 | 7,654 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Investment securities | 14,022 | 12,546 | 17,149 | 15,379 | 11,990 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Current assets | 96,276 | 93,474 | 91,405 | 96,933 | 106,560 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Current liabilities | 33,686 | 29,838 | 34,433 | 52,023 | 50,968 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Trade payables | 14,756 | 9,618 | 9,141 | 13,653 | 13,363 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Short-term borrowings | 965 | 902 | 1,684 | 19,113 | 11,295 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Long-term borrowings | 241 | 7,340 | 7,336 | 7,625 | 27,320 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Bonds | — | 2,800 | 2,800 | 2,800 | 2,800 | S100U4BO, S100W3V6, S100YE9E |
| Interest-bearing debt | — | 11,042 | 11,820 | 29,538 | 41,415 | 算出 |
| Total liabilities | 41,338 | 46,192 | 52,723 | 70,476 | 88,393 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Non-controlling interests | 324 | 426 | 652 | 1,165 | 1,573 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Equity attributable to owners of parent | 108,092 | 107,139 | 108,574 | 109,511 | 107,560 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Retained earnings | 86,435 | 85,362 | 86,760 | 87,481 | 85,293 | S100R63L, S100U4BO, S100W3V6, S100YE9E |
| Treasury stock | -2,081 | -1,801 | -1,836 | -1,749 | -1,660 | S100R63L, S100U4BO, S100W3V6, S100YE9E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YE9E |
| Property, plant and equipment | 34% | S100YE9E |
| Intangibles and goodwill | 9% | S100YE9E |
| Investment securities | 6% | S100YE9E |
| Other assets | 40% | S100YE9E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YE9E |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 17% | S100YE9E |
| Equity | 56% | S100YE9E |
| Other liabilities | 0% | S100YE9E |

### 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 | 154,350 | 158,156 | 170,417 | 187,748 | 203,297 |
| Equity | 113,011 | 111,964 | 117,693 | 117,271 | 114,903 |
| Interest-bearing debt | — | 11,042 | 11,820 | 29,538 | 41,415 |
| Cash | 37,248 | 32,064 | 19,397 | 20,253 | 22,460 |

## 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) | 43.2% | S100YE9E |
| Fixed assets ÷ total assets | 34.3% | S100YE9E |
| Goodwill ÷ parent equity | 7.1% | S100YE9E |

Goodwill over 4 years: 770 → 7,654 JPY; total investing cash flow: -28,408 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) | 11.0% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | -¥19B |
| Net debt ÷ operating cash flow | 5.62× |
| Cash conversion (operating CF ÷ operating income) | 38.0% |
| Cash vs. profit gap | -318 JPY mn (of net income -8.6%) |
| Shareholder returns / net income | 159.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 159.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 216.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 12.2% | 0.76× | 9.2% | 1.43× | 13.2% | S100R63L |
| 2023 | 3.2% | 0.72× | 2.3% | 1.45× | 3.3% | S100U4BO |
| 2024 | 2.7% | 0.78× | 2.1% | 1.52× | 3.2% | S100W3V6 |
| 2025 | 4.1% | 0.78× | 3.2% | 1.64× | 5.3% | S100YE9E |
| 2026 | 2.3% | 0.83× | 1.9% | 1.80× | 3.4% | S100YE9E |

## 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 | 15.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 極東開発共栄会 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（りそな銀行再信託分・株式会社みなと銀行退職給付信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 極東開発従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| 宮原 幾男 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・鹿島道路株式会社退職給付信託口） | Major shareholder | 1.7% | 2026-03-31 |
| 東プレ株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/04/01－2026/03/31) | S100YE9E | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE9E,, |
| 有価証券報告書－第90期(2024/04/01－2025/03/31) | S100W3V6 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3V6,, |
| 訂正有価証券報告書－第89期(2023/04/01－2024/03/31) | S100U4BO | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4BO,, |
| 有価証券報告書－第88期(2022/04/01－2023/03/31) | S100R63L | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63L,, |
| 有価証券報告書－第87期(令和3年4月1日－令和4年3月31日) | S100OJGN | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJGN,, |
| 有価証券報告書－第86期(令和2年4月1日－令和3年3月31日) | S100LS1F | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1F,, |

## 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).