# KYOSHIN CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/06/01－2026/02/28) (S100Y613)
> Page: https://vizora.meequs.com/en/company/kyoshin
> Retrieved: 2026-09-30T21:09:56.764Z

## Company

Kyoshin, founded in 1981, is a company in Nursing Care listed on TSE Standard. It has 2,195 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOSHIN CO.,LTD. |
| Ticker | 4735 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4735.T) |
| Listing | TSE Standard |
| Head office | 京都市下京区烏丸通五条下る大坂町382-1 |
| Representative (per filing) | 代表取締役社長 立木 康之 |
| Founded | Apr 1981 |
| Share capital | ¥327.9M |
| Employees (consolidated) | 2,195 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Website | group.kyoshin.co.jp (https://group.kyoshin.co.jp/) |
| Corporate number | 1130001017021 |
| EDINET | E05053 |
| Industries (Vizora) | Nursing Care, Education, Childcare |

> Profile source: annual securities report (S100Y613, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Childcare (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 12.5 | 12 |
| Cash conversion | 4.2 | 12 |
| Efficiency | 20.8 | 12 |

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 Kyoshin's sales come from Nursing Care Business, with Cram School Business and Language Education Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -23.3% from the prior year, operating profit -5.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥20.3B |  |
| Operating income | ¥481.2M | Margin 2.4% |
| Net income | ¥69.8M | Margin 0.3% |
| Free cash flow | -¥669.3M |  |
| Largest business | Nursing Care Business | of segment revenue 45.6% |
| Employees (consolidated) | 2,195 |  |
| EPS | ¥37.73 |  |
| Book value per share | ¥133.55 |  |
| Equity ratio | 17.7% |  |
| Shares outstanding | 8,396,000 |  |
| Treasury shares | 710,200 |  |
| Shareholders | 2,985 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -3.7 pp | Nursing Care |
| ROE | 1.9% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, segment profit share differs by 42 points

## What changed in 1 years

| Metric | FY ending May 2025 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26455650000 | ¥20286291000 | -23.3% |
| Operating income | ¥508395000 | ¥481188000 | -5.4% |
| Operating margin | 1.9% | 2.4% | +0.5 pp |
| Employees | 2,081 people | 2,195 people | +5.5% |
| Cash and equivalents | ¥5121888000 | ¥4263028000 | -16.8% |

### Change in segment revenue mix

Span: FY ending May 2025 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 学習塾事業 → 学習塾事業 | 37.2% |
| 語学関連事業 → 語学関連事業 | 16.4% |
| 保育・介護事業 → 保育・介護事業 | 45.6% |
| 保育・介護事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 学習塾事業 | 0.8% |
| 新設・再編 → 語学関連事業 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Nursing Care Business | — | — | ¥9241778000 | 3.3% | 2 |
| Cram School Business | — | — | ¥7710590000 | 17.2% | 2 |
| Language Education Business | — | — | ¥3333922000 | 0.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,286 | 100.0% | S100Y613 |
| Cost of revenue | 16,133 | 79.5% | S100Y613 |
| Gross profit | 4,153 | 20.5% | S100Y613 |
| SG&A | 3,672 | 18.1% | S100Y613 |
| Operating income | 481 | 2.4% | S100Y613 |
| Ordinary income | 471 | 2.3% | S100Y613 |
| Pretax income | 237 | 1.2% | S100Y613 |
| Income tax | 168 | 0.8% | S100Y613 |
| Net income | 70 | 0.3% | S100Y613 |
| Net income attributable to owners | 70 | 0.3% | S100Y613 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 18 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 20.5% → Operating margin 2.4% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending May 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,456 | 20,286 | -6,169 | -23.3% |
| Gross profit | 5,384 | 4,153 | -1,230 | -22.9% |
| Operating income | 508 | 481 | -27 | -5.4% |
| Net income attributable to owners | 93 | 70 | -23 | -25.0% |
| Operating cash flow | 1,484 | -181 | -1,666 | -112.2% |
| Free cash flow | 1,026 | -669 | -1,695 | -165.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2025 | 26,456 | 508 | 1.9% | 93 | 1,484 | 1,026 | S100Y613 |
| FY ending Feb 2026 | 20,286 | 481 | 2.4% | 70 | -181 | -669 | S100Y613 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.2M |
| Operating income per employee (consolidated) | ¥219.2K |
| Net income per employee (consolidated) | ¥31.8K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 2,081 | 2,195 |
| Average salary (parent company) | — | ¥5M |
| Average age (parent company) | — | 39.0 years |
| Average tenure (parent company) | — | 11.5 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cram School Business | 7,711 | 38.0% | 1,326 | 17.2% |
| Language Education Business | 3,334 | 16.4% | 26 | 0.8% |
| Nursing Care Business | 9,242 | 45.6% | 303 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cram School Business | 38.0% | 80.1% | 42.1 | 17.2% |
| Language Education Business | 16.4% | 1.6% | -14.9 | 0.8% |
| Nursing Care Business | 45.6% | 18.3% | -27.2 | 3.3% |

Segment → industry: Nursing Care Business → Nursing Care / Language Education Business → Education / Cram School Business → Education / Nursing Care Business → Childcare

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -181 | -0.9% | S100Y613 |
| Capital expenditure | 488 | 2.4% | S100Y613 |
| Free cash flow | -669 | -3.3% | 算出 |
| Investing cash flow | -925 | -4.6% | S100Y613 |
| Financing cash flow | 236 | 1.2% | S100Y613 |
| Dividends paid | 29 | 0.1% | S100Y613 |
| Change in cash | -859 | -4.2% | S100Y613 |
| Cash and equivalents | 4,263 | 21.0% | S100Y613 |

## 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 May 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 5,122 | 4,263 | S100Y613 |
| Total assets | 22,028 | 22,020 | S100Y613 |
| Net assets | 3,900 | 3,907 | S100Y613 |
| Share capital | 328 | 328 | S100Y613 |
| Property, plant and equipment | 10,623 | 10,444 | S100Y613 |
| Intangible assets excluding goodwill | 858 | 1,280 | S100Y613 |
| Goodwill | 372 | 633 | S100Y613 |
| Investment securities | 207 | 300 | S100Y613 |
| Current assets | 7,236 | 6,873 | S100Y613 |
| Current liabilities | 9,678 | 9,052 | S100Y613 |
| Short-term borrowings | 3,300 | 3,500 | S100Y613 |
| Long-term borrowings | 2,635 | 3,014 | S100Y613 |
| Total liabilities | 18,129 | 18,113 | S100Y613 |
| Equity attributable to owners of parent | 3,631 | 3,672 | S100Y613 |
| Retained earnings | 3,766 | 3,808 | S100Y613 |
| Treasury stock | -727 | -727 | S100Y613 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y613 |
| Property, plant and equipment | 48% | S100Y613 |
| Intangibles and goodwill | 9% | S100Y613 |
| Investment securities | 1% | S100Y613 |
| Other assets | 23% | S100Y613 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 82% | S100Y613 |
| Equity | 18% | S100Y613 |
| Other liabilities | 0% | S100Y613 |

### Balance sheet history

| Metric | FY ending May 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Total assets | 22,028 | 22,020 |
| Equity | 3,900 | 3,907 |
| Interest-bearing debt | — | — |
| Cash | 5,122 | 4,263 |

## 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) | 51.5% | S100Y613 |
| Fixed assets ÷ total assets | 47.4% | S100Y613 |
| Goodwill ÷ parent equity | 17.2% | S100Y613 |

### 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) | 19.4% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -37.7% |
| Cash vs. profit gap | -251 JPY mn (of net income -360.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 0.4% | 1.20× | 0.4% | 6.07× | 2.6% | S100Y613 |
| 2026 | 0.3% | 0.92× | 0.3% | 6.03× | 1.9% | S100Y613 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＴＣＫホールディングス | Major shareholder | 36.6% | 2026-02-28 |
| 京進取引先持株会 | Major shareholder | 4.8% | 2026-02-28 |
| 京進社員持株会 | Major shareholder | 3.5% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2026-02-28 |
| 立木 康之 | Major shareholder | 3.3% | 2026-02-28 |
| 株式会社京都銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社滋賀銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.7% | 2026-02-28 |
| 石田 里実 | Major shareholder | 2.6% | 2026-02-28 |
| 立木 七奈 | Major shareholder | 2.6% | 2026-02-28 |
| 株式会社りそな銀行 | Major shareholder | 1.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/06/01－2026/02/28) | S100Y613 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y613,, |

## 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).