# KYOSHA 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68期(2025/04/01－2026/03/31) (S100YHX8)
> Page: https://vizora.meequs.com/en/company/kyosha
> Retrieved: 2026-09-30T20:25:17.519Z

## Company

Kyosha, founded in 1959, is a company in Electronic Components listed on TSE Standard. It has 1,191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOSHA CO., LTD. |
| Ticker | 6837 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6837.T) |
| Listing | TSE Standard |
| Head office | 京都府久世郡久御山町森村東300番地 |
| Representative (per filing) | 代表取締役社長 児嶋一登 |
| Founded | Feb 1959 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 1,191 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.kyosha.co.jp (https://www.kyosha.co.jp/) |
| Corporate number | 6130001033352 |
| EDINET | E02048 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YHX8, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67 | 53 |
| Profitability | 27.7 | 56 |
| Cash conversion | 69.8 | 48 |
| Efficiency | 84.8 | 56 |

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 46% of Kyosha's sales come from Chine, with Japan and Indonesia making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -5.8% from the prior year, operating profit -35.4%.

## Company structure

- Segment revenue mix: Chine 45.5%、Japan 40.2%、Indonesia 9.9%、Vietnam 4.1%、Mexico 0.2%
- Revenue → net income: ¥24697000000 → ¥76000000
- Net income → operating cash flow: ¥76000000 → ¥1477000000（difference ¥1401000000）
- Main uses of operating cash flow: CapEx ¥924000000 / dividends ¥158000000 / buybacks ¥4000000
- Change in cash: ¥261000000
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 | ¥24.7B |  |
| Operating income | ¥825M | Margin 3.3% |
| Net income | ¥78M | Margin 0.3% |
| Free cash flow | ¥553M |  |
| Largest business | Chine | of segment revenue 45.5% |
| Employees (consolidated) | 1,191 |  |
| EPS | ¥9.67 |  |
| Book value per share | ¥526.7 |  |
| Equity ratio | 39.6% |  |
| Shares outstanding | 14,624,000 |  |
| Treasury shares | 40,500 |  |
| Shareholders | 4,441 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 22.2% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | -2.6 pp | Electronic Components |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 18.9× net income
- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by 42 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17334000000 | ¥24697000000 | +42.5% |
| Operating income | ¥98000000 | ¥825000000 | +741.8% |
| Operating margin | 0.6% | 3.3% | +2.8 pp |
| Employees | 1,316 people | 1,191 people | -9.5% |
| Cash and equivalents | ¥3359000000 | ¥5535000000 | +64.8% |

### 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 | 40.2% |
| 日本 → 事業再編・廃止 | 10.0% |
| 中国 → 中国 | 43.2% |
| インドネシア → インドネシア | 6.3% |
| メキシコ → メキシコ | 0.2% |
| メキシコ → 事業再編・廃止 | 0.1% |
| 新設・再編 → 中国 | 2.3% |
| 新設・再編 → インドネシア | 3.6% |
| 新設・再編 → ベトナム | 4.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chine | 5 years | +8.5% | ¥11237000000 | 7.7% | 2 |
| Japan | 5 years | +2.7% | ¥9935000000 | -0.4% | 2 |
| Indonesia | 5 years | +17.6% | ¥2457000000 | -6.6% | 2 |
| Vietnam | 4 years | +53.5% | ¥1011000000 | 11.7% | 2 |
| Mexico | 5 years | +0.4% | ¥56000000 | -10.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,697 | 100.0% | S100YHX8 |
| Cost of revenue | 20,713 | 83.9% | S100YHX8 |
| Gross profit | 3,984 | 16.1% | S100YHX8 |
| SG&A | 3,158 | 12.8% | S100YHX8 |
| Operating income | 825 | 3.3% | S100YHX8 |
| Ordinary income | 547 | 2.2% | S100YHX8 |
| Pretax income | 738 | 3.0% | S100YHX8 |
| Income tax | 661 | 2.7% | S100YHX8 |
| Net income | 76 | 0.3% | S100YHX8 |
| Net income attributable to owners | 78 | 0.3% | S100YHX8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 13 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 16.1% → Operating margin 3.3% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.8%; Core profit growth: -35.4%
Operating leverage (core profit growth ÷ revenue growth): 6.06×
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 | 26,229 | 24,697 | -1,532 | -5.8% |
| Gross profit | 4,662 | 3,984 | -678 | -14.5% |
| Operating income | 1,277 | 825 | -452 | -35.4% |
| Net income attributable to owners | 614 | 78 | -536 | -87.3% |
| Operating cash flow | 1,666 | 1,477 | -189 | -11.3% |
| Free cash flow | 935 | 553 | -382 | -40.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,022 | 79 | 0.4% | 1 | 192 | -1,222 | S100LS85 |
| FY ending Mar 2021 | 17,334 | 98 | 0.6% | -135 | 291 | -2,052 | S100OH1W |
| FY ending Mar 2022 | 21,337 | 478 | 2.2% | 289 | -1,018 | -1,613 | S100QY8C |
| FY ending Mar 2023 | 24,462 | 671 | 2.7% | -485 | 1,502 | 187 | S100TRKY |
| FY ending Mar 2024 | 24,580 | 1,080 | 4.4% | 604 | 2,377 | 1,611 | S100W92F |
| FY ending Mar 2025 | 26,229 | 1,277 | 4.9% | 614 | 1,666 | 935 | S100YHX8 |
| FY ending Mar 2026 | 24,697 | 825 | 3.3% | 78 | 1,477 | 553 | S100YHX8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥692.7K |
| Net income per employee (consolidated) | ¥65.5K |

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) | 1,352 | 1,282 | 1,244 | 1,223 | 1,191 |
| Average salary (parent company) | ¥4.4M | ¥4.7M | ¥4.8M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 41.4 years | 41.9 years | 41.6 years | 41.6 years | 42.5 years |
| Average tenure (parent company) | 14.6 years | 15.1 years | 14.9 years | 14.9 years | 15.7 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) -5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 9,935 | 40.2% | -39 | -0.4% |
| Chine | 11,237 | 45.5% | 862 | 7.7% |
| Indonesia | 2,457 | 9.9% | -162 | -6.6% |
| Mexico | 56 | 0.2% | -6 | -10.7% |
| Vietnam | 1,011 | 4.1% | 118 | 11.7% |

### 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 | 40.2% | — | — | -0.4% |
| Chine | 45.5% | 88.0% | 42.5 | 7.7% |
| Indonesia | 9.9% | — | — | -6.6% |
| Mexico | 0.2% | — | — | -10.7% |
| Vietnam | 4.1% | 12.0% | 7.9 | 11.7% |

Loss-making segment (excluded from profit shares): Japan -39 JPY mn

Loss-making segment (excluded from profit shares): Indonesia -162 JPY mn

Loss-making segment (excluded from profit shares): Mexico -6 JPY mn

Segment → industry: Vietnam → Electronic Components / Mexico → Electronic Components / Indonesia → Electronic Components / Chine → Electronic Components / Japan → Electronic Components

## 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 | 1,477 | 6.0% | S100YHX8 |
| Capital expenditure | 924 | 3.7% | S100YHX8 |
| Free cash flow | 553 | 2.2% | 算出 |
| Investing cash flow | -571 | -2.3% | S100YHX8 |
| Financing cash flow | -660 | -2.7% | S100YHX8 |
| Dividends paid | 158 | 0.6% | S100YHX8 |
| Share buyback | 4 | 0.0% | S100YHX8 |
| Change in cash | 261 | 1.1% | S100YHX8 |
| Cash and equivalents | 5,535 | 22.4% | S100YHX8 |

## 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 | 3,161 | 5,091 | 4,740 | 5,273 | 5,535 | S100TRKY, S100W92F, S100YHX8 |
| Total assets | 20,894 | 23,879 | 23,340 | 24,754 | 24,961 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Net assets | 7,395 | 7,446 | 8,461 | 10,100 | 10,137 | S100TRKY, S100W92F, S100YHX8 |
| Share capital | 1,102 | 1,102 | 1,102 | 1,102 | 1,102 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Trade receivables | 3,904 | 3,652 | 3,409 | 3,712 | 3,444 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Property, plant and equipment | 6,168 | 7,149 | 7,225 | 7,588 | 7,145 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Intangible assets excluding goodwill | 31 | 25 | 18 | 140 | 120 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Investment securities | 579 | 348 | 556 | 592 | 929 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Current assets | 13,715 | 15,950 | 15,050 | 15,834 | 16,333 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Current liabilities | 9,675 | 10,884 | 9,491 | 9,774 | 10,338 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Trade payables | 2,597 | 2,925 | 2,909 | 3,005 | 3,239 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Short-term borrowings | 4,489 | 5,049 | 3,657 | 3,635 | 3,877 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Long-term borrowings | 3,210 | 4,821 | 4,432 | 4,098 | 3,158 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Total liabilities | 13,499 | 16,432 | 14,879 | 14,654 | 14,823 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Non-controlling interests | 205 | 213 | 225 | 269 | 251 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Equity attributable to owners of parent | 6,446 | 5,910 | 6,494 | 6,992 | 6,930 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Retained earnings | 4,204 | 3,648 | 4,208 | 4,678 | 4,594 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |
| Treasury stock | -33 | -25 | -18 | -10 | -7 | S100QY8C, S100TRKY, S100W92F, S100YHX8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YHX8 |
| Receivables | 14% | S100YHX8 |
| Property, plant and equipment | 29% | S100YHX8 |
| Intangibles and goodwill | 0% | S100YHX8 |
| Investment securities | 4% | S100YHX8 |
| Other assets | 31% | S100YHX8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YHX8 |
| Other liabilities | 46% | S100YHX8 |
| Equity | 41% | S100YHX8 |
| Other liabilities | 0% | S100YHX8 |

### 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 | 20,894 | 23,879 | 23,340 | 24,754 | 24,961 |
| Equity | 7,395 | 7,446 | 8,461 | 10,100 | 10,137 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,161 | 5,091 | 4,740 | 5,273 | 5,535 |

## 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) | 28.9% | S100YHX8 |
| Fixed assets ÷ total assets | 28.6% | S100YHX8 |
| Goodwill ÷ parent equity | — | —, S100YHX8 |

### 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) | 22.2% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 179.0% |
| Cash vs. profit gap | 1,399 JPY mn (of net income 1793.6%) |
| Shareholder returns / net income | 207.7% |
| Shareholder returns / FCF | 29.3% |
| Shareholder payments — dividends / net income | 202.6% |
| Shareholder payments — dividends / FCF | 28.6% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 38.7% |

## 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 | 1.4% | 1.02× | 1.4% | 3.24× | 4.5% | S100QY8C |
| 2023 | — | —× | -2.2% | —× | — | S100TRKY |
| 2024 | 2.5% | 1.04× | 2.6% | 3.81× | 9.7% | S100W92F |
| 2025 | 2.3% | 1.09× | 2.6% | 3.57× | 9.1% | S100YHX8 |
| 2026 | 0.3% | 0.99× | 0.3% | 3.57× | 1.1% | S100YHX8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱児嶋コーポレーション | Major shareholder | 14.0% | 2026-03-31 |
| 児嶋 雄二 | Major shareholder | 6.5% | 2026-03-31 |
| ㈱エヌビーシー | Major shareholder | 3.6% | 2026-03-31 |
| 児嶋 淳平 | Major shareholder | 3.6% | 2026-03-31 |
| 児嶋 一登 | Major shareholder | 3.3% | 2026-03-31 |
| 児嶋 亨 | Major shareholder | 3.2% | 2026-03-31 |
| 池田 朋子 | Major shareholder | 2.9% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| ㈱メイコー | Major shareholder | 1.9% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YHX8 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHX8,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W92F | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W92F,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TRKY | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRKY,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100QY8C | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY8C,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OH1W | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH1W,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LS85 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS85,, |

## 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).