# Kyowa Corporation: 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40期(2025/04/01－2026/03/31) (S100YF8W)
> Page: https://vizora.meequs.com/en/company/kyowa
> Retrieved: 2026-09-30T21:35:17.654Z

## Company

Kyowa, founded in 1986, is a company in Amusement Centers & Karaoke listed on TSE Standard. It has 279 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyowa Corporation |
| Ticker | 6570 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6570.T) |
| Listing | TSE Standard |
| Head office | 長野県長野市若里三丁目10番28号 |
| Representative (per filing) | 代表取締役社長 宮本 和彦 |
| Founded | May 1986 |
| Share capital | ¥709.7M |
| Employees (consolidated) | 279 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.kyowa-corp.co.jp (https://www.kyowa-corp.co.jp/) |
| Corporate number | 1100001000797 |
| EDINET | E33822 |
| Industries (Vizora) | Amusement Centers & Karaoke |

> Profile source: annual securities report (S100YF8W, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Amusement Centers & Karaoke (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 7 |
| Cash conversion | 78.6 | 7 |
| Efficiency | 64.3 | 7 |

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 92% of Kyowa's sales come from Amusement facility operation, with Other and Amusement machine sales making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +24.1% from the prior year, operating profit +35.7%.

## Company structure

- Segment revenue mix: Amusement facility operation 91.5%、Other 6.8%、Amusement machine sales 1.7%
- Revenue → net income: ¥20729545000 → ¥1122536000
- Net income → operating cash flow: ¥1122536000 → ¥4036538000（difference ¥2914002000）
- Main uses of operating cash flow: CapEx ¥3616746000 / dividends ¥134208000 / buybacks ¥92000
- Change in cash: ¥315411000
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 | ¥20.7B |  |
| Operating income | ¥1.76B | Margin 8.5% |
| Net income | ¥1.12B | Margin 5.4% |
| Free cash flow | ¥419.8M |  |
| Largest business | Amusement facility operation | of segment revenue 91.5% |
| Employees (consolidated) | 279 |  |
| EPS | ¥187.39 |  |
| Diluted EPS | ¥186.67 |  |
| Book value per share | ¥965.68 |  |
| Equity ratio | 31.7% |  |
| Shares outstanding | 6,080,130 |  |
| Treasury shares | 99,300 |  |
| Shareholders | 8,051 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 23.5% | Cash ÷ revenue 21.1% |
| Vs. industry median margin | 0 pp | Amusement Centers & Karaoke |
| ROE | 21.6% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10710003000 | ¥20729545000 | — |
| Operating income | ¥23746000 | ¥1757326000 | — |
| Operating margin | 0.2% | 8.5% | +8.3 pp |
| Employees | 187 people | 279 people | — |
| Cash and equivalents | ¥4281404000 | ¥4380086000 | — |

### 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 |
| --- | ---: |
| アミューズメント施設運営 → 事業再編・廃止 | 77.1% |
| アミューズメント機器販売 → 事業再編・廃止 | 21.5% |
| その他 → その他 | 1.4% |
| 新設・再編 → アミューズメント施設運営 | 91.5% |
| 新設・再編 → アミューズメント機器販売 | 1.7% |
| 新設・再編 → その他 | 5.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Amusement facility operation | 3 years | +17.2% | ¥18968853000 | 11.8% | 2 |
| Other | — | — | ¥1410568000 | 6.3% | 2 |
| Amusement machine sales | 3 years | +4.2% | ¥350123000 | 71.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,730 | 100.0% | S100YF8W |
| Cost of revenue | 9,996 | 48.2% | S100YF8W |
| Gross profit | 10,734 | 51.8% | S100YF8W |
| SG&A | 8,977 | 43.3% | S100YF8W |
| Operating income | 1,757 | 8.5% | S100YF8W |
| Ordinary income | 1,742 | 8.4% | S100YF8W |
| Pretax income | 1,732 | 8.4% | S100YF8W |
| Income tax | 610 | 2.9% | S100YF8W |
| Net income | 1,123 | 5.4% | S100YF8W |
| Net income attributable to owners | 1,123 | 5.4% | S100YF8W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 43 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 51.8% → Operating margin 8.5% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.1%; Core profit growth: +35.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.48×
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 | 16,705 | 20,730 | 4,024 | +24.1% |
| Gross profit | 8,867 | 10,734 | 1,867 | +21.1% |
| Operating income | 1,295 | 1,757 | 462 | +35.7% |
| Net income attributable to owners | 917 | 1,123 | 205 | +22.4% |
| Operating cash flow | 2,510 | 4,037 | 1,527 | +60.8% |
| Free cash flow | -117 | 420 | 536 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,592 | 249 | 1.8% | 39 | 1,613 | -21 | S100LM47 |
| FY ending Mar 2021 | 10,710 | 24 | 0.2% | -129 | 1,064 | 469 | S100LM47 |
| FY ending Mar 2022 | 10,386 | 274 | 2.6% | 129 | 1,593 | -153 | S100QZTJ |
| FY ending Mar 2023 | 12,444 | 717 | 5.8% | 433 | 2,552 | 490 | S100TTRS |
| FY ending Mar 2024 | 14,580 | 1,083 | 7.4% | 647 | 2,535 | 256 | S100W6S2 |
| FY ending Mar 2025 | 16,705 | 1,295 | 7.8% | 917 | 2,510 | -117 | S100YF8W |
| FY ending Mar 2026 | 20,730 | 1,757 | 8.5% | 1,123 | 4,037 | 420 | S100YF8W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.3M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥4M |

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) | 195 | 195 | 202 | 223 | 279 |
| Average salary (parent company) | ¥4.4M | ¥4.6M | ¥5.3M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 39.5 years | 40.1 years | 39.6 years | 39.3 years | 38.6 years |
| Average tenure (parent company) | 8.4 years | 9.0 years | 9.0 years | 8.9 years | 8.2 years |

Year over year: Employees (consolidated) +25.1% · Revenue (consolidated) +24.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Amusement facility operation | 18,969 | 91.5% | 2,240 | 11.8% |
| Amusement machine sales | 350 | 1.7% | 250 | 71.4% |
| Other | 1,411 | 6.8% | 88 | 6.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Amusement facility operation | 91.5% | 86.9% | -4.6 | 11.8% |
| Amusement machine sales | 1.7% | 9.7% | 8.0 | 71.4% |
| Other | 6.8% | 3.4% | -3.4 | 6.3% |

Segment → industry: Amusement machine sales → Amusement Centers & Karaoke / Amusement facility operation → Amusement Centers & Karaoke

## 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 | 4,037 | 19.5% | S100YF8W |
| Capital expenditure | 3,617 | 17.4% | S100YF8W |
| Free cash flow | 420 | 2.0% | 算出 |
| Investing cash flow | -4,281 | -20.7% | S100YF8W |
| Financing cash flow | 560 | 2.7% | S100YF8W |
| Dividends paid | 134 | 0.6% | S100YF8W |
| Share buyback | 0 | 0.0% | S100YF8W |
| Change in cash | 315 | 1.5% | S100YF8W |
| Cash and equivalents | 4,380 | 21.1% | S100YF8W |

## 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 | 4,471 | 4,145 | 4,591 | 4,065 | 4,380 | S100TTRS, S100W6S2, S100YF8W |
| Total assets | 12,089 | 13,282 | 14,212 | 15,397 | 18,630 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Net assets | 3,091 | 3,405 | 3,991 | 4,872 | 5,898 | S100TTRS, S100W6S2, S100YF8W |
| Share capital | 710 | 710 | 710 | 710 | 710 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Property, plant and equipment | 4,168 | 4,988 | 5,461 | 6,400 | 8,166 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Intangible assets excluding goodwill | 49 | 45 | 43 | 43 | 204 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Goodwill | — | — | — | — | 169 | S100YF8W |
| Investment securities | 154 | 142 | 207 | 331 | 381 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Current assets | 6,197 | 6,539 | 6,937 | 6,688 | 7,713 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Current liabilities | 3,661 | 5,489 | 5,059 | 5,510 | 6,865 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Trade payables | 918 | 1,714 | 1,333 | 1,454 | 1,783 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Long-term borrowings | 4,821 | 3,821 | 4,543 | 4,354 | 4,820 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Total liabilities | 8,998 | 9,877 | 10,220 | 10,525 | 12,732 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Equity attributable to owners of parent | 3,031 | 3,361 | 3,895 | 4,696 | 5,688 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Retained earnings | 1,864 | 2,192 | 2,726 | 3,524 | 4,512 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |
| Treasury stock | -48 | -46 | -45 | -42 | -35 | S100QZTJ, S100TTRS, S100W6S2, S100YF8W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YF8W |
| Property, plant and equipment | 44% | S100YF8W |
| Intangibles and goodwill | 2% | S100YF8W |
| Investment securities | 2% | S100YF8W |
| Other assets | 29% | S100YF8W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YF8W |
| Other liabilities | 59% | S100YF8W |
| Equity | 32% | S100YF8W |

### 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 | 12,089 | 13,282 | 14,212 | 15,397 | 18,630 |
| Equity | 3,091 | 3,405 | 3,991 | 4,872 | 5,898 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,471 | 4,145 | 4,591 | 4,065 | 4,380 |

## 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) | 39.4% | S100YF8W |
| Fixed assets ÷ total assets | 43.8% | S100YF8W |
| Goodwill ÷ parent equity | 3.0% | S100YF8W |

### 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) | 23.5% |
| Cash ÷ revenue | 21.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 229.7% |
| Cash vs. profit gap | 2,914 JPY mn (of net income 259.6%) |
| Shareholder returns / net income | 12.0% |
| Shareholder returns / FCF | 32.0% |
| Shareholder payments — dividends / net income | 12.0% |
| Shareholder payments — dividends / FCF | 32.0% |
| CapEx intensity (capex ÷ revenue) | 17.4% |
| Investing CF relative to operating CF | 106.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.2% | 0.86× | 1.1% | 3.99× | 4.3% | S100QZTJ |
| 2023 | 3.5% | 0.98× | 3.4% | 3.97× | 13.5% | S100TTRS |
| 2024 | 4.4% | 1.06× | 4.7% | 3.79× | 17.8% | S100W6S2 |
| 2025 | 5.5% | 1.13× | 6.2% | 3.45× | 21.4% | S100YF8W |
| 2026 | 5.4% | 1.22× | 6.6% | 3.28× | 21.6% | S100YF8W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ユーミーコーポレーション | Major shareholder | 42.9% | 2026-03-31 |
| 宮本 早苗 | Major shareholder | 11.1% | 2026-03-31 |
| 宮本 和彦 | Major shareholder | 5.8% | 2026-03-31 |
| 共和コーポレーション従業員持株会 | Major shareholder | 4.3% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 3.0% | 2026-03-31 |
| 長野信用金庫 | Major shareholder | 1.7% | 2026-03-31 |
| 浜本 憲至 | Major shareholder | 1.3% | 2026-03-31 |
| 櫻井 孝紀 | Major shareholder | 0.7% | 2026-03-31 |
| 片岡 尚 | Major shareholder | 0.7% | 2026-03-31 |
| 小林 光 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YF8W | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF8W,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W6S2 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6S2,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TTRS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTRS,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100QZTJ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZTJ,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OE36 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE36,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LM47 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM47,, |

## 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).