# KYOWA ENGINEERING CONSULTANTS Co., Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2024/12/01－2025/11/30) (S100XMZO)
> Page: https://vizora.meequs.com/en/company/kyowa-engineering-consultants
> Retrieved: 2026-09-30T19:10:37.397Z

## Company

Kyowa Engineering Consultants, founded in 1961, is a company in IT Services & System Integration listed on TSE Standard. It has 206 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOWA ENGINEERING CONSULTANTS Co., Ltd. |
| Ticker | 9647 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9647.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区笹塚一丁目62番11号 |
| Representative (per filing) | 代表取締役社長 山本 満 |
| Founded | Aug 1961 |
| Share capital | ¥1B |
| Employees (consolidated) | 206 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | November |
| Website | www.kyowa-c.co.jp (https://www.kyowa-c.co.jp/) |
| Corporate number | 2011001006553 |
| EDINET | E04884 |
| Industries (Vizora) | IT Services & System Integration, Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XMZO, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.4 | 35 |
| Profitability | 66.3 | 40 |
| Cash conversion | 56.6 | 38 |
| Efficiency | 66.3 | 40 |

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 83% of Kyowa Engineering Consultants's sales come from Construction consultant, with Information processing and Real estate leasing and management making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +4.7% from the prior year, operating profit +20.3%.

## Company structure

- Segment revenue mix: Construction consultant 83.1%、Information processing 16.9%、Real estate leasing and management 0.0%
- Revenue → net income: ¥8441870000 → ¥602621000
- Net income → operating cash flow: ¥602621000 → ¥801974000（difference ¥199353000）
- Main uses of operating cash flow: CapEx ¥22398000 / dividends ¥17542000 / buybacks —
- Change in cash: ¥756033000
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 | ¥8.44B |  |
| Operating income | ¥917.3M | Margin 10.9% |
| Net income | ¥610.9M | Margin 7.2% |
| Free cash flow | ¥779.6M |  |
| Largest business | Construction consultant | of segment revenue 83.1% |
| Employees (consolidated) | 206 |  |
| EPS | ¥1024.8 |  |
| Book value per share | ¥6638.34 |  |
| Equity ratio | 52.9% |  |
| Shares outstanding | 586,100 |  |
| Treasury shares | 1,300 |  |
| Shareholders | 538 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 48.3% | Cash ÷ revenue 47.8% |
| Vs. industry median margin | +2.1 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 15.0% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, cash is 48% of total assets
- FY2025, employees -3% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6613406000 | ¥8441870000 | +27.6% |
| Operating income | ¥323509000 | ¥917296000 | +183.5% |
| Operating margin | 4.9% | 10.9% | +6 pp |
| Employees | 211 people | 206 people | -2.4% |
| Cash and equivalents | ¥2858217000 | ¥4035573000 | +41.2% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設コンサルタント事業 → 建設コンサルタント事業 | 78.9% |
| 情報処理事業 → 情報処理事業 | 16.9% |
| 情報処理事業 → 事業再編・廃止 | 4.1% |
| 不動産賃貸・管理事業 → 不動産賃貸・管理事業 | 0.0% |
| 不動産賃貸・管理事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建設コンサルタント事業 | 4.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction consultant | 5 years | +6.1% | ¥7011015000 | 14.9% | 2 |
| Information processing | 5 years | +0.5% | ¥1426918000 | -1.1% | 2 |
| Real estate leasing and management | 5 years | +1.4% | ¥3936000 | 972.3% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,442 | 100.0% | S100XMZO |
| Cost of revenue | 6,249 | 74.0% | S100XMZO |
| Gross profit | 2,193 | 26.0% | S100XMZO |
| SG&A | 1,276 | 15.1% | S100XMZO |
| Operating income | 917 | 10.9% | S100XMZO |
| Ordinary income | 926 | 11.0% | S100XMZO |
| Pretax income | 926 | 11.0% | S100XMZO |
| Income tax | 323 | 3.8% | S100XMZO |
| Net income | 603 | 7.1% | S100XMZO |
| Net income attributable to owners | 611 | 7.2% | S100XMZO |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 15 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 26.0% → Operating margin 10.9% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.7%; Core profit growth: +20.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.30×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,062 | 8,442 | 380 | +4.7% |
| Gross profit | 2,070 | 2,193 | 122 | +5.9% |
| Operating income | 763 | 917 | 155 | +20.3% |
| Net income attributable to owners | 513 | 611 | 98 | +19.1% |
| Operating cash flow | 411 | 802 | 391 | +95.2% |
| Free cash flow | 383 | 780 | 396 | +103.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 6,455 | 271 | 4.2% | 119 | 688 | 658 | S100KV3T |
| FY ending Nov 2020 | 6,613 | 324 | 4.9% | 174 | 717 | 663 | S100N6AF |
| FY ending Nov 2021 | 7,330 | 479 | 6.5% | 270 | 315 | 306 | S100QEMH |
| FY ending Nov 2022 | 7,744 | 546 | 7.1% | 325 | 565 | 552 | S100SKO2 |
| FY ending Nov 2023 | 7,680 | 633 | 8.2% | 403 | 595 | 567 | S100VAQU |
| FY ending Nov 2024 | 8,062 | 763 | 9.5% | 513 | 411 | 383 | S100XMZO |
| FY ending Nov 2025 | 8,442 | 917 | 10.9% | 611 | 802 | 780 | S100XMZO |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 220 | 212 | 214 | 212 | 206 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.2M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 42.3 years | 42.5 years | 42.6 years | 43.2 years | 43.3 years |
| Average tenure (parent company) | 11.9 years | 13.1 years | 12.3 years | 12.9 years | 12.9 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +4.7%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction consultant | 7,011 | 83.1% | 1,042 | 14.9% |
| Information processing | 1,427 | 16.9% | -16 | -1.1% |
| Real estate leasing and management | 4 | 0.0% | 38 | 972.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction consultant | 83.1% | 96.5% | 13.4 | 14.9% |
| Information processing | 16.9% | — | — | -1.1% |
| Real estate leasing and management | 0.0% | 3.5% | 3.5 | 972.3% |

Loss-making segment (excluded from profit shares): Information processing -16 JPY mn

Segment → industry: Information processing → IT Services & System Integration / Real estate leasing and management → Real Estate Development & Leasing / Construction consultant → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 802 | 9.5% | S100XMZO |
| Capital expenditure | 22 | 0.3% | S100XMZO |
| Free cash flow | 780 | 9.2% | 算出 |
| Investing cash flow | 8 | 0.1% | S100XMZO |
| Financing cash flow | -54 | -0.6% | S100XMZO |
| Dividends paid | 18 | 0.2% | S100XMZO |
| Change in cash | 756 | 9.0% | S100XMZO |
| Cash and equivalents | 4,036 | 47.8% | S100XMZO |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,864 | 3,353 | 3,490 | 3,280 | 4,036 | S100SKO2, S100VAQU, S100XMZO |
| Total assets | 7,105 | 7,130 | 7,077 | 7,422 | 8,348 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Net assets | 2,550 | 3,094 | 3,486 | 3,998 | 4,593 | S100SKO2, S100VAQU, S100XMZO |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Property, plant and equipment | 753 | 755 | 725 | 714 | 750 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Intangible assets excluding goodwill | 154 | 137 | 144 | 129 | 117 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Investment securities | 30 | 37 | 58 | 112 | 139 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Current assets | 5,549 | 5,592 | 5,587 | 5,896 | 6,811 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Current liabilities | 3,611 | 3,523 | 3,064 | 2,959 | 3,249 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Short-term borrowings | 1,500 | 1,500 | 1,500 | 1,000 | 1,000 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Long-term borrowings | 400 | — | — | — | — | S100QEMH |
| Total liabilities | 4,555 | 4,036 | 3,591 | 3,424 | 3,755 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Non-controlling interests | 154 | 185 | 187 | 184 | 174 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Equity attributable to owners of parent | 2,411 | 2,885 | 3,270 | 3,765 | 4,358 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Retained earnings | 1,163 | 1,637 | 2,022 | 2,518 | 3,111 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |
| Treasury stock | -2 | -2 | -2 | -3 | -3 | S100QEMH, S100SKO2, S100VAQU, S100XMZO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100XMZO |
| Property, plant and equipment | 9% | S100XMZO |
| Intangibles and goodwill | 1% | S100XMZO |
| Investment securities | 2% | S100XMZO |
| Other assets | 40% | S100XMZO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XMZO |
| Equity | 55% | S100XMZO |
| Other liabilities | 0% | S100XMZO |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,105 | 7,130 | 7,077 | 7,422 | 8,348 |
| Equity | 2,550 | 3,094 | 3,486 | 3,998 | 4,593 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,864 | 3,353 | 3,490 | 3,280 | 4,036 |

## 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) | 8.9% | S100XMZO |
| Fixed assets ÷ total assets | 9.0% | S100XMZO |
| Goodwill ÷ parent equity | — | —, S100XMZO |

### 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) | 48.3% |
| Cash ÷ revenue | 47.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.4% |
| Cash vs. profit gap | 191 JPY mn (of net income 31.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 2.9% |
| Shareholder payments — dividends / FCF | 2.3% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 1.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.7% | 1.03× | 3.8% | 2.95× | 11.2% | S100QEMH |
| 2022 | 4.2% | 1.09× | 4.6% | 2.69× | 12.3% | S100SKO2 |
| 2023 | 5.2% | 1.08× | 5.7% | 2.31× | 13.1% | S100VAQU |
| 2024 | 6.4% | 1.11× | 7.1% | 2.06× | 14.6% | S100XMZO |
| 2025 | 7.2% | 1.07× | 7.7% | 1.94× | 15.0% | S100XMZO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フリージア・マクロス株式会社 | Major shareholder | 47.5% | 2025-11-30 |
| 舌間 久芳 | Major shareholder | 2.9% | 2025-11-30 |
| 吉野 正一 | Major shareholder | 2.6% | 2025-11-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2025-11-30 |
| 窪津 晴子 | Major shareholder | 1.6% | 2025-11-30 |
| 山本 満 | Major shareholder | 1.6% | 2025-11-30 |
| 協和コンサルタンツ社員持株会 | Major shareholder | 1.5% | 2025-11-30 |
| 谷川 崇 | Major shareholder | 1.4% | 2025-11-30 |
| 天野 道子 | Major shareholder | 1.4% | 2025-11-30 |
| 西園 義勝 | Major shareholder | 1.3% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2024/12/01－2025/11/30) | S100XMZO | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMZO,, |
| 有価証券報告書－第64期(2023/12/01－2024/11/30) | S100VAQU | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAQU,, |
| 有価証券報告書－第63期(2022/12/01－2023/11/30) | S100SKO2 | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SKO2,, |
| 訂正有価証券報告書－第62期(2021/12/01－2022/11/30) | S100QEMH | 2023-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEMH,, |
| 有価証券報告書－第61期(令和2年12月1日－令和3年11月30日) | S100N6AF | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N6AF,, |
| 有価証券報告書－第60期(令和1年12月1日－令和2年11月30日) | S100KV3T | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV3T,, |

## 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).