# KYOKUTO SECURITIES 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83期(2025/04/01－2026/03/31) (S100YEU4)
> Page: https://vizora.meequs.com/en/company/kyokuto-securities
> Retrieved: 2026-09-30T21:39:42.751Z

## Company

Kyokuto Securities, founded in 1947, is a company in Securities & Asset Management listed on TSE Prime. It has 238 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOKUTO SECURITIES CO., LTD. |
| Ticker | 8706 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8706.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋茅場町一丁目4番7号 |
| Representative (per filing) | 代表取締役社長 菊池 一広 |
| Founded | Mar 1947 |
| Share capital | ¥5.25B |
| Employees (consolidated) | 238 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.kyokuto-sec.co.jp (https://www.kyokuto-sec.co.jp/) |
| Corporate number | 2010001041478 |
| EDINET | E03784 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YEU4, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Kyokuto Securities brought in ¥8.32B in revenue.
- Out of every ¥100 of sales, about ¥37 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +12.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.32B |  |
| Operating income | ¥3.04B | Margin 36.5% |
| Net income | ¥4.79B | Margin 57.6% |
| Free cash flow | -¥2.5B |  |
| Employees (consolidated) | 238 |  |
| EPS | ¥137.89 |  |
| Book value per share | ¥1488.05 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 32,779,000 |  |
| Treasury shares | 1,280,600 |  |
| Shareholders | 14,928 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 14.3% | Cash ÷ revenue 138.6% |
| Vs. industry median margin | +15.8 pp | Securities & Asset Management |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 37 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8948000000 | ¥8317000000 | -7.1% |
| Operating income | ¥3913000000 | ¥3039000000 | -22.3% |
| Operating margin | 43.7% | 36.5% | -7.2 pp |
| Employees | 244 people | 238 people | -2.5% |
| Cash and equivalents | ¥21324000000 | ¥11531000000 | -45.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,317 | 100.0% | S100YEU4 |
| SG&A | 5,154 | 62.0% | S100YEU4 |
| Operating income | 3,039 | 36.5% | S100YEU4 |
| Ordinary income | 4,006 | 48.2% | S100YEU4 |
| Pretax income | 7,074 | 85.1% | S100YEU4 |
| Income tax | 2,284 | 27.5% | S100YEU4 |
| Net income | 4,790 | 57.6% | S100YEU4 |
| Net income attributable to owners | 4,790 | 57.6% | S100YEU4 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 63 |
| Operating income | 37 |
| (Ref.) Net income | 58 |

### Margin funnel

Operating margin 36.5% → Net margin 57.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +12.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.15×
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 | 7,989 | 8,317 | 328 | +4.1% |
| Operating income | 2,691 | 3,039 | 348 | +12.9% |
| Net income attributable to owners | 4,446 | 4,790 | 344 | +7.7% |
| Operating cash flow | -4,098 | -2,362 | 1,736 | — |
| Free cash flow | -4,181 | -2,499 | 1,682 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,670 | -1,276 | -34.8% | -560 | 7,336 | 7,174 | S100TWGX |
| FY ending Mar 2021 | 8,948 | 3,913 | 43.7% | 3,101 | 8,840 | 8,819 | S100W0MB |
| FY ending Mar 2022 | 6,492 | 1,300 | 20.0% | 2,117 | -1,223 | -1,300 | S100YEU4 |
| FY ending Mar 2023 | 4,315 | -312 | -7.2% | 1,168 | 29 | -37 | S100YEU4 |
| FY ending Mar 2024 | 7,730 | 2,951 | 38.2% | 4,341 | -26 | -144 | S100YEU4 |
| FY ending Mar 2025 | 7,989 | 2,691 | 33.7% | 4,446 | -4,098 | -4,181 | S100YEU4 |
| FY ending Mar 2026 | 8,317 | 3,039 | 36.5% | 4,790 | -2,362 | -2,499 | S100YEU4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.9M |
| Operating income per employee (consolidated) | ¥12.8M |
| Net income per employee (consolidated) | ¥20.1M |

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) | 247 | 234 | 236 | 236 | 238 |
| Average salary (parent company) | ¥8.9M | ¥7.9M | ¥8M | ¥8.6M | ¥8.4M |
| Average age (parent company) | 42.5 years | 42.6 years | 44.2 years | 44.7 years | 44.3 years |
| Average tenure (parent company) | 15.7 years | 15.9 years | 16.2 years | 17.1 years | 17.1 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +4.1%

## 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 | -2,362 | -28.4% | S100YEU4 |
| Capital expenditure | 137 | 1.6% | S100YEU4 |
| Free cash flow | -2,499 | -30.0% | 算出 |
| Investing cash flow | 6,013 | 72.3% | S100YEU4 |
| Financing cash flow | -2,827 | -34.0% | S100YEU4 |
| Dividends paid | 3,507 | 42.2% | S100YEU4 |
| Share buyback | 719 | 8.6% | S100YEU4 |
| Change in cash | 1,062 | 12.8% | S100YEU4 |
| Cash and equivalents | 11,531 | 138.6% | S100YEU4 |

## 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 | 19,098 | 18,647 | 12,118 | 10,468 | 11,531 | S100TWGX, S100W0MB, S100YEU4 |
| Total assets | 71,796 | 70,902 | 83,534 | 78,597 | 80,600 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Net assets | 46,106 | 47,301 | 53,675 | 51,609 | 52,509 | S100TWGX, S100W0MB, S100YEU4 |
| Share capital | 5,251 | 5,251 | 5,251 | 5,251 | 5,251 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Property, plant and equipment | 1,909 | 1,872 | 1,903 | 1,897 | 1,949 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Intangible assets excluding goodwill | 64 | 59 | 60 | 66 | 65 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Investment securities | 16,588 | 20,013 | 31,649 | 28,903 | 26,188 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Current assets | 52,236 | 47,574 | 48,262 | 46,295 | 50,923 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Current liabilities | 23,644 | 21,587 | 26,705 | 24,542 | 25,697 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Short-term borrowings | 8,850 | 10,600 | 9,580 | 11,000 | 12,900 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Long-term borrowings | 1,500 | 1,000 | 500 | 1,000 | 500 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Total liabilities | 25,690 | 23,601 | 29,858 | 26,988 | 28,090 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Non-controlling interests | 9 | 10 | 11 | — | — | S100R0YZ, S100TWGX, S100W0MB |
| Equity attributable to owners of parent | 46,481 | 46,533 | 49,438 | 49,735 | 50,296 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Retained earnings | 37,318 | 37,370 | 40,276 | 40,575 | 41,856 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |
| Treasury stock | -863 | -863 | -863 | -863 | -1,583 | S100R0YZ, S100TWGX, S100W0MB, S100YEU4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YEU4 |
| Property, plant and equipment | 2% | S100YEU4 |
| Intangibles and goodwill | 0% | S100YEU4 |
| Investment securities | 33% | S100YEU4 |
| Other assets | 51% | S100YEU4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YEU4 |
| Equity | 65% | S100YEU4 |
| Other liabilities | 0% | S100YEU4 |

### 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 | 71,796 | 70,902 | 83,534 | 78,597 | 80,600 |
| Equity | 46,106 | 47,301 | 53,675 | 51,609 | 52,509 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,098 | 18,647 | 12,118 | 10,468 | 11,531 |

## 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) | 23.4% | S100YEU4 |
| Fixed assets ÷ total assets | 2.4% | S100YEU4 |
| Goodwill ÷ parent equity | — | —, S100YEU4 |

### 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) | 14.3% |
| Cash ÷ revenue | 138.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -77.7% |
| Cash vs. profit gap | -7,152 JPY mn (of net income -149.3%) |
| Shareholder returns / net income | 88.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 73.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | — |

## 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 | 32.6% | 0.09× | 2.9% | 1.54× | 4.6% | S100R0YZ, S100YEU4 |
| 2023 | 27.1% | 0.06× | 1.6% | 1.53× | 2.5% | S100TWGX, S100YEU4 |
| 2024 | 56.2% | 0.10× | 5.6% | 1.61× | 9.0% | S100W0MB, S100YEU4 |
| 2025 | 55.7% | 0.10× | 5.5% | 1.63× | 9.0% | S100YEU4 |
| 2026 | 57.6% | 0.10× | 6.0% | 1.59× | 9.6% | S100YEU4 |

## 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 | 9.5% | 2026-03-31 |
| 有限会社みつる | Major shareholder | 8.4% | 2026-03-31 |
| 株式会社七十七銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 三井住友信託銀行株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.3% | 2026-03-31 |
| 菊池廣之 | Major shareholder | 3.1% | 2026-03-31 |
| 菊池一広 | Major shareholder | 3.1% | 2026-03-31 |
| 高野満美恵 | Major shareholder | 2.3% | 2026-03-31 |
| 菊池久基 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社野村総合研究所 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YEU4 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEU4,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W0MB | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0MB,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TWGX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWGX,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R0YZ | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0YZ,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OD89 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD89,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LLDQ | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLDQ,, |

## 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).