# KYOKUYO 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103期(2025/04/01－2026/03/31) (S100YE8K)
> Page: https://vizora.meequs.com/en/company/kyokuyo
> Retrieved: 2026-09-30T21:38:18.143Z

## Company

Kyokuyo, founded in 1937, is a company in Non-life Insurance listed on TSE Prime. It has 2,542 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOKUYO CO.,LTD. |
| Ticker | 1301 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1301.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂三丁目3番5号 |
| Representative (per filing) | 代表取締役社長 井上誠 |
| Founded | Sep 1937 |
| Share capital | ¥7.53B |
| Employees (consolidated) | 2,542 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.kyokuyo.co.jp (https://www.kyokuyo.co.jp/) |
| Corporate number | 1010401033225 |
| EDINET | E00012 |
| Industries (Vizora) | Non-life Insurance, Processed Foods, Fisheries, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YE8K, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 11 |
| Profitability | 40.9 | 11 |
| Cash conversion | 22.7 | 11 |
| Efficiency | 77.3 | 11 |

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 58% of Kyokuyo's sales come from Marine products business, with Freshfoods business and Processed Food Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +10.5% from the prior year, operating profit -3.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥334.6B |  |
| Operating income | ¥10.7B | Margin 3.2% |
| Net income | ¥6.84B | Margin 2.0% |
| Free cash flow | -¥3.98B |  |
| Largest business | Marine products business | of segment revenue 58.3% |
| Employees (consolidated) | 2,542 |  |
| EPS | ¥483.69 |  |
| Book value per share | ¥5135.28 |  |
| Equity ratio | 36.1% |  |
| Shares outstanding | 12,078,000 |  |
| Treasury shares | 124,400 |  |
| Shareholders | 29,500 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 5.2% | Cash ÷ revenue 3.3% |
| Vs. industry median margin | 0 pp | Fisheries |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +30% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥249197000000 | ¥334612000000 | +34.3% |
| Operating income | ¥4657000000 | ¥10731000000 | +130.4% |
| Operating margin | 1.9% | 3.2% | +1.3 pp |
| Employees | 2,313 people | 2,542 people | +9.9% |
| Cash and equivalents | ¥7097000000 | ¥11047000000 | +55.7% |

### 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 |
| --- | ---: |
| 水産商事 → 事業再編・廃止 | 34.2% |
| 食品 → 事業再編・廃止 | 28.4% |
| 冷凍食品 → 事業再編・廃止 | 22.9% |
| 常温食品 → 事業再編・廃止 | 5.5% |
| 鰹 ・ 鮪 → 事業再編・廃止 | 8.6% |
| 物流サービス → 物流サービス | 0.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → 水産事業 | 58.3% |
| 新設・再編 → 生鮮事業 | 21.4% |
| 新設・再編 → 食品事業 | 19.6% |
| 新設・再編 → 物流サービス | 0.2% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marine products business | 3 years | +11.9% | ¥195039000000 | 2.9% | 2 |
| Freshfoods business | 3 years | -0.4% | ¥71725000000 | 5.4% | 2 |
| Processed Food Business | 3 years | +3.7% | ¥65528000000 | 3.9% | 2 |
| Logistics Business | 5 years | +10.0% | ¥1737000000 | 20.0% | 2 |
| Other | 5 years | +5.6% | ¥581000000 | 47.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 334,612 | 100.0% | S100YE8K |
| Cost of revenue | 293,266 | 87.6% | S100YE8K |
| Gross profit | 41,346 | 12.4% | S100YE8K |
| SG&A | 30,614 | 9.1% | S100YE8K |
| Operating income | 10,731 | 3.2% | S100YE8K |
| Ordinary income | 10,031 | 3.0% | S100YE8K |
| Pretax income | 10,040 | 3.0% | S100YE8K |
| Income tax | 3,507 | 1.0% | S100YE8K |
| Net income | 6,532 | 2.0% | S100YE8K |
| Net income attributable to owners | 6,841 | 2.0% | S100YE8K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 12.4% → Operating margin 3.2% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.5%; Core profit growth: -3.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.30×
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 | 302,681 | 334,612 | 31,931 | +10.5% |
| Gross profit | 38,819 | 41,346 | 2,527 | +6.5% |
| Operating income | 11,079 | 10,731 | -348 | -3.1% |
| Net income attributable to owners | 6,740 | 6,841 | 101 | +1.5% |
| Operating cash flow | 5,843 | -745 | -6,588 | -112.8% |
| Free cash flow | -315 | -3,979 | -3,664 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 262,519 | 2,918 | 1.1% | 2,037 | 9,410 | 6,462 | S100LORW |
| FY ending Mar 2021 | 249,197 | 4,657 | 1.9% | 3,838 | 5,997 | 3,602 | S100OED4 |
| FY ending Mar 2022 | 253,575 | 6,392 | 2.5% | 4,634 | -1,128 | -5,987 | S100R30D |
| FY ending Mar 2023 | 272,167 | 8,105 | 3.0% | 5,782 | -6,243 | -8,542 | S100TQGG |
| FY ending Mar 2024 | 261,604 | 8,806 | 3.4% | 5,936 | -1,721 | -7,057 | S100W543 |
| FY ending Mar 2025 | 302,681 | 11,079 | 3.7% | 6,740 | 5,843 | -315 | S100YE8K |
| FY ending Mar 2026 | 334,612 | 10,731 | 3.2% | 6,841 | -745 | -3,979 | S100YE8K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥131.6M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 2,208 | 2,112 | 2,089 | 2,476 | 2,542 |
| Average salary (parent company) | ¥7.1M | ¥7.3M | ¥8.5M | ¥8.9M | ¥9.3M |
| Average age (parent company) | 40.6 years | 40.8 years | 41.3 years | 41.6 years | 41.6 years |
| Average tenure (parent company) | 16.3 years | 16.4 years | 16.6 years | 16.6 years | 16.5 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +10.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine products business | 195,039 | 58.3% | 5,750 | 2.9% |
| Freshfoods business | 71,725 | 21.4% | 3,856 | 5.4% |
| Processed Food Business | 65,528 | 19.6% | 2,534 | 3.9% |
| Logistics Business | 1,737 | 0.5% | 347 | 20.0% |
| Other | 581 | 0.2% | 278 | 47.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine products business | 58.3% | 45.0% | -13.2 | 2.9% |
| Freshfoods business | 21.4% | 30.2% | 8.8 | 5.4% |
| Processed Food Business | 19.6% | 19.9% | 0.3 | 3.9% |
| Logistics Business | 0.5% | 2.7% | 2.2 | 20.0% |
| Other | 0.2% | 2.2% | 2.0 | 47.8% |

Segment → industry: Other → Non-life Insurance / Processed Food Business → Processed Foods / Processed Food Business → Fisheries / Freshfoods business → Fisheries / Marine products business → Fisheries / Logistics Business → Warehouses & Logistics Facilities

## 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 | -745 | -0.2% | S100YE8K |
| Capital expenditure | 3,234 | 1.0% | S100YE8K |
| Free cash flow | -3,979 | -1.2% | 算出 |
| Investing cash flow | -5,216 | -1.6% | S100YE8K |
| Financing cash flow | 9,079 | 2.7% | S100YE8K |
| Dividends paid | 1,554 | 0.5% | S100YE8K |
| Change in cash | 3,533 | 1.1% | S100YE8K |
| Cash and equivalents | 11,047 | 3.3% | S100YE8K |

## 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 | 6,539 | 7,042 | 8,452 | 7,514 | 11,047 | S100TQGG, S100W543, S100YE8K |
| Total assets | 130,460 | 146,301 | 160,720 | 182,125 | 214,128 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Net assets | 42,174 | 46,966 | 58,860 | 68,355 | 78,868 | S100TQGG, S100W543, S100YE8K |
| Share capital | 5,664 | 5,664 | 7,527 | 7,527 | 7,527 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Trade receivables | 28,683 | 33,079 | 34,677 | 36,935 | 39,212 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Property, plant and equipment | 18,897 | 18,912 | 21,670 | 28,588 | 28,950 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Intangible assets excluding goodwill | 350 | 348 | 887 | 1,965 | 1,905 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Goodwill | — | — | — | 1,054 | 1,008 | S100YE8K |
| Investment securities | 9,272 | 10,134 | 11,744 | 14,053 | 21,269 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Current assets | 99,527 | 114,202 | 124,297 | 134,260 | 156,706 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Current liabilities | 56,936 | 64,950 | 70,659 | 74,995 | 98,822 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Trade payables | 9,950 | 8,563 | 8,417 | 10,004 | 14,496 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Short-term borrowings | 15,714 | 23,783 | 30,340 | 28,770 | 41,172 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Long-term borrowings | 27,021 | 29,816 | 28,975 | 35,604 | 30,440 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Total liabilities | 88,285 | 99,334 | 101,859 | 113,769 | 135,260 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Non-controlling interests | -530 | -575 | -115 | 1,840 | 1,531 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Equity attributable to owners of parent | 39,072 | 43,736 | 52,354 | 57,902 | 63,189 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Retained earnings | 32,507 | 37,317 | 42,176 | 47,725 | 53,013 | S100R30D, S100TQGG, S100W543, S100YE8K |
| Treasury stock | -429 | -575 | -543 | -616 | -617 | S100R30D, S100TQGG, S100W543, S100YE8K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YE8K |
| Receivables | 18% | S100YE8K |
| Property, plant and equipment | 14% | S100YE8K |
| Intangibles and goodwill | 1% | S100YE8K |
| Investment securities | 10% | S100YE8K |
| Other assets | 52% | S100YE8K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YE8K |
| Other liabilities | 56% | S100YE8K |
| Equity | 37% | S100YE8K |

### 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 | 130,460 | 146,301 | 160,720 | 182,125 | 214,128 |
| Equity | 42,174 | 46,966 | 58,860 | 68,355 | 78,868 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,539 | 7,042 | 8,452 | 7,514 | 11,047 |

## 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) | 8.7% | S100YE8K |
| Fixed assets ÷ total assets | 13.5% | S100YE8K |
| Goodwill ÷ parent equity | 1.6% | S100YE8K |

### 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) | 5.2% |
| Cash ÷ revenue | 3.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -6.9% |
| Cash vs. profit gap | -7,586 JPY mn (of net income -110.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| 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 | 1.8% | 1.94× | 3.6% | 3.34× | 11.9% | S100R30D |
| 2023 | 2.1% | 1.97× | 4.2% | 3.34× | 14.0% | S100TQGG |
| 2024 | 2.3% | 1.70× | 3.9% | 3.20× | 12.4% | S100W543 |
| 2025 | 2.2% | 1.77× | 3.9% | 3.11× | 12.2% | S100YE8K |
| 2026 | 2.0% | 1.69× | 3.5% | 3.27× | 11.3% | S100YE8K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 11.9% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 東洋製罐グループホールディングス株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 中村 格彰 | Major shareholder | 1.4% | 2026-03-31 |
| 極洋秋津会 | Major shareholder | 1.3% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 2026-03-31 |
| 極洋従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue grew +10.5% to ¥334.6B in the FY ending Mar 2026, up from ¥302.7B.
- Operating income did not follow, falling -3.1% from ¥11.1B to ¥10.7B.
- Net income edged up +1.5% to ¥6.84B.
- Operating cash flow swung from ¥5.84B to an outflow of -¥745M.

### Drivers

- In marine products, a company acquired the year before, sushi toppings sold in Thailand, and exports of scallops and mackerel lifted sales
- Lower utilization at a European processing plant and start-up costs for new plants in the US and Vietnam pulled marine products profit below the prior year
- Fresh foods grew in both sales and profit, helped by tuna and raw-fish items for conveyor-belt sushi chains
- A build-up of inventory was the main reason operating cash flow turned negative

### Risks

- Fishing limits or swings in catch volumes can move raw material prices sharply
- As a large seafood importer, a weaker yen raises its purchasing costs
- Higher policy interest rates are expected to raise its borrowing costs

Cited: Annual Securities Report (103rd term) (Management's analysis of financial position, results and cash flows); Annual Securities Report (103rd term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YE8K | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE8K,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W543 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W543,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TQGG | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQGG,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R30D | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R30D,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OED4 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OED4,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LORW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LORW,, |

## 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).