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

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2025/05/01－2026/04/30) (S100YR73)
> Page: https://vizora.meequs.com/en/company/kyowakogyosyo
> Retrieved: 2026-09-30T18:33:13.795Z

## Company

Kyowakogyosyo, founded in 1961, is a company in Auto Parts listed on TSE Standard. It has 289 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOWAKOGYOSYO CO.,LTD. |
| Ticker | 5971 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5971.T) |
| Listing | TSE Standard |
| Head office | 石川県小松市工業団地一丁目57番地 |
| Representative (per filing) | 代表取締役社長 山口 真輝 |
| Founded | Dec 1961 |
| Share capital | ¥592M |
| Employees (consolidated) | 289 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | April |
| Website | www.kyowakogyosyo.co.jp (https://www.kyowakogyosyo.co.jp/) |
| Corporate number | 1220001011873 |
| EDINET | E01442 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YR73, filed 2026-07-22). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.6 | 110 |
| Profitability | 93.2 | 111 |
| Cash conversion | 53.2 | 108 |
| Efficiency | 1.4 | 111 |

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)

- Kyowakogyosyo brought in ¥10.8B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +32.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10828994000 → ¥863041000
- Net income → operating cash flow: ¥863041000 → ¥1934993000（difference ¥1071952000）
- Main uses of operating cash flow: CapEx ¥192176000 / dividends ¥104830000 / buybacks ¥218000
- Change in cash: ¥-960456000
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 | ¥10.8B |  |
| Operating income | ¥1.09B | Margin 10.0% |
| Net income | ¥863M | Margin 8.0% |
| Free cash flow | ¥1.74B |  |
| Employees (consolidated) | 289 |  |
| EPS | ¥646.76 |  |
| Book value per share | ¥13023.06 |  |
| Equity ratio | 86.4% |  |
| Shares outstanding | 1,360,000 |  |
| Treasury shares | 58,400 |  |
| Shareholders | 489 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 37.8% |
| Vs. industry median margin | +5.3 pp | Auto Parts |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, employees -2% while operating income rose 33%

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8080977000 | ¥10828994000 | +34.0% |
| Operating income | ¥552117000 | ¥1088096000 | +97.1% |
| Operating margin | 6.8% | 10.0% | +3.2 pp |
| Employees | 310 people | 289 people | -6.8% |
| Cash and equivalents | ¥5082612000 | ¥4089068000 | -19.5% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,829 | 100.0% | S100YR73 |
| Cost of revenue | 8,616 | 79.6% | S100YR73 |
| Gross profit | 2,213 | 20.4% | S100YR73 |
| SG&A | 1,125 | 10.4% | S100YR73 |
| Operating income | 1,088 | 10.0% | S100YR73 |
| Ordinary income | 1,257 | 11.6% | S100YR73 |
| Pretax income | 1,257 | 11.6% | S100YR73 |
| Income tax | 394 | 3.6% | S100YR73 |
| Net income | 863 | 8.0% | S100YR73 |
| Net income attributable to owners | 863 | 8.0% | S100YR73 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 10 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 20.4% → Operating margin 10.0% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +32.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,458 | 10,829 | 371 | +3.5% |
| Gross profit | 1,991 | 2,213 | 222 | +11.2% |
| Operating income | 818 | 1,088 | 270 | +32.9% |
| Net income attributable to owners | 708 | 863 | 155 | +21.8% |
| Operating cash flow | 1,418 | 1,935 | 517 | +36.4% |
| Free cash flow | 1,284 | 1,743 | 458 | +35.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 8,110 | 410 | 5.1% | 407 | 1,041 | 400 | S100M13D |
| FY ending Apr 2021 | 8,081 | 552 | 6.8% | 572 | 912 | 824 | S100ORKG |
| FY ending Apr 2022 | 11,659 | 1,502 | 12.9% | 1,082 | 927 | 490 | S100RFS3 |
| FY ending Apr 2023 | 13,214 | 994 | 7.5% | 1,092 | 1,090 | 796 | S100U3AZ |
| FY ending Apr 2024 | 10,973 | 1,015 | 9.3% | 1,443 | 1,664 | 611 | S100WDOZ |
| FY ending Apr 2025 | 10,458 | 818 | 7.8% | 708 | 1,418 | 1,284 | S100YR73 |
| FY ending Apr 2026 | 10,829 | 1,088 | 10.0% | 863 | 1,935 | 1,743 | S100YR73 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥3.8M |
| 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 315 | 287 | 287 | 294 | 289 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.5M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 38.3 years | 38.5 years | 38.9 years | 38.9 years | 39.3 years |
| Average tenure (parent company) | 14.7 years | 14.8 years | 15.2 years | 15.3 years | 15.5 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +3.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,935 | 17.9% | S100YR73 |
| Capital expenditure | 192 | 1.8% | S100YR73 |
| Free cash flow | 1,743 | 16.1% | 算出 |
| Investing cash flow | -2,790 | -25.8% | S100YR73 |
| Financing cash flow | -105 | -1.0% | S100YR73 |
| Dividends paid | 105 | 1.0% | S100YR73 |
| Share buyback | 0 | 0.0% | S100YR73 |
| Change in cash | -960 | -8.9% | S100YR73 |
| Cash and equivalents | 4,089 | 37.8% | S100YR73 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,056 | 6,293 | 5,151 | 5,050 | 4,089 | S100U3AZ, S100WDOZ, S100YR73 |
| Total assets | 16,362 | 17,139 | 17,903 | 18,152 | 19,929 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Net assets | 13,334 | 14,457 | 15,546 | 15,656 | 17,223 | S100U3AZ, S100WDOZ, S100YR73 |
| Share capital | 592 | 592 | 592 | 592 | 592 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Property, plant and equipment | 2,537 | 2,425 | 3,006 | 2,859 | 2,629 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Intangible assets excluding goodwill | 9 | 8 | 6 | 4 | 2 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Investment securities | 1,729 | 1,878 | 2,551 | 2,325 | 3,381 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Current assets | 11,644 | 12,375 | 11,883 | 12,505 | 13,448 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Current liabilities | 2,329 | 1,968 | 1,411 | 1,608 | 1,625 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Long-term borrowings | 105 | 3 | — | — | — | S100RFS3, S100U3AZ |
| Total liabilities | 3,028 | 2,683 | 2,357 | 2,496 | 2,705 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Equity attributable to owners of parent | 12,075 | 13,031 | 14,365 | 14,685 | 15,443 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Retained earnings | 11,028 | 11,984 | 13,319 | 13,919 | 14,678 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |
| Treasury stock | -9 | -10 | -10 | -290 | -290 | S100RFS3, S100U3AZ, S100WDOZ, S100YR73 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YR73 |
| Property, plant and equipment | 13% | S100YR73 |
| Intangibles and goodwill | 0% | S100YR73 |
| Investment securities | 17% | S100YR73 |
| Other assets | 49% | S100YR73 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YR73 |
| Equity | 86% | S100YR73 |
| Other liabilities | 0% | S100YR73 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,362 | 17,139 | 17,903 | 18,152 | 19,929 |
| Equity | 13,334 | 14,457 | 15,546 | 15,656 | 17,223 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,056 | 6,293 | 5,151 | 5,050 | 4,089 |

## 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) | 24.3% | S100YR73 |
| Fixed assets ÷ total assets | 13.2% | S100YR73 |
| Goodwill ÷ parent equity | — | —, S100YR73 |

### 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) | 20.5% |
| Cash ÷ revenue | 37.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 177.8% |
| Cash vs. profit gap | 1,072 JPY mn (of net income 124.2%) |
| Shareholder returns / net income | 12.2% |
| Shareholder returns / FCF | 6.0% |
| Shareholder payments — dividends / net income | 12.1% |
| Shareholder payments — dividends / FCF | 6.0% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 144.2% |

## 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 | 9.3% | 0.71× | 6.6% | 1.36× | 9.0% | S100RFS3 |
| 2023 | 8.3% | 0.79× | 6.5% | 1.33× | 8.7% | S100U3AZ |
| 2024 | 13.2% | 0.63× | 8.2% | 1.28× | 10.5% | S100WDOZ |
| 2025 | 6.8% | 0.58× | 3.9% | 1.24× | 4.9% | S100YR73 |
| 2026 | 8.0% | 0.57× | 4.5% | 1.26× | 5.7% | S100YR73 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲ワイ・エム・ジィ | Major shareholder | 34.9% | 2026-04-30 |
| 共和工業所取引先持株会 | Major shareholder | 9.1% | 2026-04-30 |
| 名古屋中小企業投資育成㈱ | Major shareholder | 8.0% | 2026-04-30 |
| INTERACTIVE BROKERS LLC （常任代理人インタラクティブ・ブローカーズ証券㈱） | Major shareholder | 4.3% | 2026-04-30 |
| 共和工業所社員持株会 | Major shareholder | 4.3% | 2026-04-30 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券㈱） | Major shareholder | 3.2% | 2026-04-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） （常任代理人三菱ＵＦＪ銀行） | Major shareholder | 3.0% | 2026-04-30 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-M ARGIN（CASHPB） （常任代理人野村證券㈱） | Major shareholder | 1.6% | 2026-04-30 |
| カネマツ鋼材㈱ | Major shareholder | 1.2% | 2026-04-30 |
| 上田運輸㈱ | Major shareholder | 1.1% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/05/01－2026/04/30) | S100YR73 | 2026-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YR73,, |
| 有価証券報告書－第66期(2024/05/01－2025/04/30) | S100WDOZ | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDOZ,, |
| 有価証券報告書－第65期(2023/05/01－2024/04/30) | S100U3AZ | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3AZ,, |
| 有価証券報告書－第64期(2022/05/01－2023/04/30) | S100RFS3 | 2023-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RFS3,, |
| 有価証券報告書－第63期(令和3年5月1日－令和4年4月30日) | S100ORKG | 2022-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORKG,, |
| 有価証券報告書－第62期(令和2年5月1日－令和3年4月30日) | S100M13D | 2021-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M13D,, |

## 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).