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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/04/01－2026/03/31) (S100YDX8)
> Page: https://vizora.meequs.com/en/company/kyowanissei
> Retrieved: 2026-09-30T21:10:08.442Z

## Company

Kyowanissei, founded in 1948, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 797 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOWANISSEI CO., LTD. |
| Ticker | 1981 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1981.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区入船三丁目8番5号 |
| Representative (per filing) | 代表取締役社長 川野茂 |
| Founded | Sep 1948 |
| Share capital | ¥590M |
| Employees (consolidated) | 797 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.kyowa-nissei.co.jp (https://www.kyowa-nissei.co.jp/) |
| Corporate number | 5011001006550 |
| EDINET | E00189 |
| Industries (Vizora) | Plant Engineering & Building Services, General Contractors |

> Profile source: annual securities report (S100YDX8, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.1 | 72 |
| Profitability | 9.9 | 76 |
| Cash conversion | 87.2 | 74 |
| Efficiency | 87.5 | 76 |

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 43% of Kyowanissei's sales come from Gas pipeline, with Gas equipment and Building equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit -7.7%.

## Company structure

- Segment revenue mix: Gas pipeline 43.1%、Gas equipment 36.2%、Building equipment 15.6%、Electric facilities and engineering 5.1%
- Revenue → net income: ¥39384999000 → ¥1194777000
- Net income → operating cash flow: ¥1194777000 → ¥1958008000（difference ¥763231000）
- Main uses of operating cash flow: CapEx ¥103335000 / dividends ¥455827000 / buybacks ¥567840000
- Change in cash: ¥404225000
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 | ¥39.4B |  |
| Operating income | ¥1.37B | Margin 3.5% |
| Net income | ¥1.19B | Margin 3.0% |
| Free cash flow | ¥1.85B |  |
| Largest business | Gas pipeline | of segment revenue 43.1% |
| Employees (consolidated) | 797 |  |
| EPS | ¥117.54 |  |
| Book value per share | ¥1953.73 |  |
| Equity ratio | 66.6% |  |
| Shares outstanding | 10,746,300 |  |
| Treasury shares | 256,800 |  |
| Shareholders | 1,268 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 18.2% |
| Vs. industry median margin | -5.6 pp | Plant Engineering & Building Services |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34485637000 | ¥39384999000 | +14.2% |
| Operating income | ¥1407119000 | ¥1369547000 | -2.7% |
| Operating margin | 4.1% | 3.5% | -0.6 pp |
| Employees | 768 people | 797 people | +3.8% |
| Cash and equivalents | ¥8031676000 | ¥7182150000 | -10.6% |

### 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 |
| --- | ---: |
| 建築設備事業、エンジニアリング事業 → 事業再編・廃止 | 13.5% |
| ガス設備事業、エンジニアリング事業 → 事業再編・廃止 | 31.4% |
| ガス導管事業、パイプライン事業 → 事業再編・廃止 | 50.6% |
| 電設・土木事業、パイプライン事業 → 事業再編・廃止 | 4.4% |
| 新設・再編 → 建築設備事業 | 15.6% |
| 新設・再編 → ガス・機器設備事業 | 36.2% |
| 新設・再編 → ガス導管事業 | 43.1% |
| 新設・再編 → 電設・土木事業 | 5.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gas pipeline | 2 years | -2.2% | ¥16931914000 | 3.6% | 2 |
| Gas equipment | 2 years | +16.4% | ¥14251070000 | 4.5% | 2 |
| Building equipment | 2 years | +4.4% | ¥6132504000 | 5.5% | 2 |
| Electric facilities and engineering | 2 years | +0.8% | ¥2003203000 | 2.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,385 | 100.0% | S100YDX8 |
| Cost of revenue | 35,798 | 90.9% | S100YDX8 |
| Gross profit | 3,587 | 9.1% | S100YDX8 |
| SG&A | 2,217 | 5.6% | S100YDX8 |
| Operating income | 1,370 | 3.5% | S100YDX8 |
| Ordinary income | 1,628 | 4.1% | S100YDX8 |
| Pretax income | 1,623 | 4.1% | S100YDX8 |
| Income tax | 428 | 1.1% | S100YDX8 |
| Net income | 1,195 | 3.0% | S100YDX8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 9.1% → Operating margin 3.5% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.3%; Core profit growth: -7.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.46×
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 | 37,417 | 39,385 | 1,968 | +5.3% |
| Gross profit | 3,694 | 3,587 | -107 | -2.9% |
| Operating income | 1,483 | 1,370 | -114 | -7.7% |
| Operating cash flow | 1,109 | 1,958 | 849 | +76.6% |
| Free cash flow | 669 | 1,855 | 1,185 | +177.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,948 | 1,184 | 3.4% | 908 | 768 | 636 | S100LLUY |
| FY ending Mar 2021 | 34,486 | 1,407 | 4.1% | 1,740 | 1,149 | 831 | S100OGA8 |
| FY ending Mar 2022 | 34,244 | 1,259 | 3.7% | 1,079 | 769 | 699 | S100R6LN |
| FY ending Mar 2023 | 34,473 | 1,142 | 3.3% | 934 | 1,107 | 591 | S100TR1B |
| FY ending Mar 2024 | 35,890 | 1,248 | 3.5% | 1,062 | 1,372 | 464 | S100W9SC |
| FY ending Mar 2025 | 37,417 | 1,483 | 4.0% | 1,134 | 1,109 | 669 | S100YDX8 |
| FY ending Mar 2026 | 39,385 | 1,370 | 3.5% | 1,195 | 1,958 | 1,855 | S100YDX8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.4M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 777 | 778 | 774 | 775 | 797 |
| Average salary (parent company) | ¥6.4M | ¥6.7M | ¥6.6M | ¥6.9M | ¥7M |
| Average age (parent company) | 44.3 years | 45.4 years | 45.0 years | 45.3 years | 45.2 years |
| Average tenure (parent company) | 16.5 years | 17.6 years | 17.1 years | 17.2 years | 17.0 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building equipment | 6,133 | 15.6% | 338 | 5.5% |
| Gas equipment | 14,251 | 36.2% | 642 | 4.5% |
| Gas pipeline | 16,932 | 43.1% | 604 | 3.6% |
| Electric facilities and engineering | 2,003 | 5.1% | 44 | 2.2% |

### 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 |
| --- | ---: |
| Building equipment | 15.6% |
| Gas equipment | 36.2% |
| Gas pipeline | 43.1% |
| Electric facilities and engineering | 5.1% |

Segment → industry: Electric facilities and engineering → Plant Engineering & Building Services / Gas pipeline → Plant Engineering & Building Services / Gas equipment → Plant Engineering & Building Services / Building equipment → Plant Engineering & Building Services / Electric facilities and engineering → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,958 | 5.0% | S100YDX8 |
| Capital expenditure | 103 | 0.3% | S100YDX8 |
| Free cash flow | 1,855 | 4.7% | 算出 |
| Investing cash flow | -516 | -1.3% | S100YDX8 |
| Financing cash flow | -1,038 | -2.6% | S100YDX8 |
| Dividends paid | 456 | 1.2% | S100YDX8 |
| Share buyback | 568 | 1.4% | S100YDX8 |
| Change in cash | 404 | 1.0% | S100YDX8 |
| Cash and equivalents | 7,182 | 18.2% | S100YDX8 |

## 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 | 8,060 | 7,626 | 7,926 | 6,778 | 7,182 | S100TR1B, S100W9SC, S100YDX8 |
| Total assets | 26,257 | 26,390 | 28,646 | 28,358 | 29,692 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Net assets | 17,617 | 17,640 | 18,798 | 18,870 | 19,780 | S100TR1B, S100W9SC, S100YDX8 |
| Share capital | 590 | 590 | 590 | 590 | 590 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Property, plant and equipment | 5,482 | 5,787 | 6,237 | 6,160 | 5,972 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Intangible assets excluding goodwill | 27 | 64 | 235 | 477 | 388 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Investment securities | 2,729 | 2,818 | 3,318 | 4,103 | 5,250 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Current assets | 17,244 | 16,946 | 18,197 | 17,002 | 17,458 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Current liabilities | 8,173 | 8,278 | 9,395 | 8,940 | 9,022 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Total liabilities | 8,640 | 8,750 | 9,848 | 9,488 | 9,912 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Equity attributable to owners of parent | 17,134 | 17,213 | 17,930 | 17,881 | 18,075 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Retained earnings | 16,578 | 17,190 | 17,907 | 18,071 | 18,310 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |
| Treasury stock | -36 | -569 | -568 | -782 | -831 | S100R6LN, S100TR1B, S100W9SC, S100YDX8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YDX8 |
| Property, plant and equipment | 20% | S100YDX8 |
| Intangibles and goodwill | 1% | S100YDX8 |
| Investment securities | 18% | S100YDX8 |
| Other assets | 37% | S100YDX8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YDX8 |
| Equity | 67% | S100YDX8 |
| Other liabilities | 0% | S100YDX8 |

### 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 | 26,257 | 26,390 | 28,646 | 28,358 | 29,692 |
| Equity | 17,617 | 17,640 | 18,798 | 18,870 | 19,780 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,060 | 7,626 | 7,926 | 6,778 | 7,182 |

## 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) | 15.2% | S100YDX8 |
| Fixed assets ÷ total assets | 20.1% | S100YDX8 |
| Goodwill ÷ parent equity | — | —, S100YDX8 |

### 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) | 24.2% |
| Cash ÷ revenue | 18.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.0% |
| Cash vs. profit gap | 763 JPY mn (of net income 63.9%) |
| Shareholder returns / net income | 85.7% |
| Shareholder returns / FCF | 55.2% |
| Shareholder payments — dividends / net income | 38.2% |
| Shareholder payments — dividends / FCF | 24.6% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 26.4% |

## 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 | 3.2% | 1.30× | 4.1% | 1.53× | 6.3% | S100R6LN |
| 2023 | 2.7% | 1.31× | 3.5% | 1.53× | 5.4% | S100TR1B |
| 2024 | 3.0% | 1.30× | 3.9% | 1.57× | 6.0% | S100W9SC |
| 2025 | 3.0% | 1.31× | 4.0% | 1.59× | 6.3% | S100YDX8 |
| 2026 | 3.0% | 1.36× | 4.1% | 1.61× | 6.6% | S100YDX8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 城北興業株式会社 | Major shareholder | 22.6% | 2026-03-31 |
| 東京瓦斯株式会社 | Major shareholder | 8.8% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 7.0% | 2026-03-31 |
| 朝日生命相互会社 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社ナガワ | Major shareholder | 4.8% | 2026-03-31 |
| 古屋弘志 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社アルファロード | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.5% | 2026-03-31 |
| 北村眞隆 | Major shareholder | 3.4% | 2026-03-31 |
| 戸田建設株式会社 | Major shareholder | 3.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YDX8 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDX8,, |
| 訂正有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W9SC | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9SC,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TR1B | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR1B,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R6LN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6LN,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OGA8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGA8,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LLUY | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLUY,, |

## 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).