# KYUSHU LEASING SERVICE CO.,LTD.: 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52期(2025/04/01－2026/03/31) (S100YHO7)
> Page: https://vizora.meequs.com/en/company/kyushu-leasing-service
> Retrieved: 2026-09-30T22:56:36.051Z

## Company

Kyushu Leasing Service, founded in 2010, is a company in Electric Power & Gas listed on TSE Standard. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYUSHU LEASING SERVICE CO., LTD. |
| Ticker | 8596 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8596.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区博多駅前四丁目3番18号 |
| Representative (per filing) | 代表取締役社長 礒山誠二 |
| Founded | Apr 2010 |
| Share capital | ¥2.93B |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.k-lease.co.jp (https://www.k-lease.co.jp/) |
| Corporate number | 2290001012609 |
| EDINET | E04821 |
| Industries (Vizora) | Electric Power & Gas, Non-life Insurance, Leasing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YHO7, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 61% of Kyushu Leasing Service's sales come from Leasing and installment, with Real estate and Finance making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed -8.9% from the prior year, operating profit +7.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥35.8B |  |
| Operating income | ¥6.08B | Margin 17.0% |
| Net income | ¥3.93B | Margin 11.0% |
| Free cash flow | — |  |
| Largest business | Leasing and installment | of segment revenue 61.0% |
| Employees (consolidated) | 189 |  |
| EPS | ¥74.66 |  |
| Book value per share | ¥1685.44 |  |
| Equity ratio | 20.6% |  |
| Shares outstanding | 25,952,374 |  |
| Treasury shares | 2,190,400 |  |
| Shareholders | 16,242 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 2.9% | Net cash -¥140B · Cash ÷ revenue 17.6% |
| Vs. industry median margin | +9.9 pp | Leasing |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -33 points
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28259000000 | ¥35838000000 | +26.8% |
| Operating income | ¥3592000000 | ¥6083000000 | +69.3% |
| Operating margin | 12.7% | 17.0% | +4.3 pp |
| Employees | 152 people | 189 people | +24.3% |
| Cash and equivalents | ¥4722000000 | ¥6325000000 | +33.9% |

### 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 |
| --- | ---: |
| リース・割賦 → リース・割賦 | 58.5% |
| ファイナンス → ファイナンス | 5.1% |
| 不動産 → 不動産 | 26.7% |
| 不動産 → 事業再編・廃止 | 4.9% |
| フィービジネス → フィービジネス | 1.4% |
| フィービジネス → 事業再編・廃止 | 0.0% |
| 環境ソリューション → 環境ソリューション | 3.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → リース・割賦 | 2.5% |
| 新設・再編 → ファイナンス | 2.3% |
| 新設・再編 → 環境ソリューション | 0.2% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Leasing and installment | 5 years | +5.7% | ¥21844000000 | 8.9% | 2 |
| Real estate | 5 years | +1.4% | ¥9579000000 | 29.5% | 2 |
| Finance | 5 years | +13.1% | ¥2648000000 | 59.5% | 2 |
| Environmental solution | 5 years | +6.1% | ¥1248000000 | 20.9% | 2 |
| Fee business | 5 years | +4.3% | ¥488000000 | 51.2% | 2 |
| Other | 5 years | -9.1% | ¥28000000 | -103.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,838 | 100.0% | S100YHO7 |
| Cost of revenue | 26,314 | 73.4% | S100YHO7 |
| Gross profit | 9,523 | 26.6% | S100YHO7 |
| SG&A | 3,439 | 9.6% | S100YHO7 |
| Operating income | 6,083 | 17.0% | S100YHO7 |
| Ordinary income | 6,008 | 16.8% | S100YHO7 |
| Pretax income | 5,811 | 16.2% | S100YHO7 |
| Income tax | 1,857 | 5.2% | S100YHO7 |
| Net income | 3,953 | 11.0% | S100YHO7 |
| Net income attributable to owners | 3,929 | 11.0% | S100YHO7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 10 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 26.6% → Operating margin 17.0% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.9%; Core profit growth: +7.6%
Operating leverage (core profit growth ÷ revenue growth): -0.86×
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 | 39,338 | 35,838 | -3,500 | -8.9% |
| Gross profit | 8,987 | 9,523 | 536 | +6.0% |
| Operating income | 5,651 | 6,083 | 432 | +7.6% |
| Net income attributable to owners | 3,569 | 3,929 | 360 | +10.1% |
| Operating cash flow | -3,250 | -7,773 | -4,523 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,189 | 3,427 | 13.6% | 2,376 | -695 | — | S100LURN |
| FY ending Mar 2021 | 28,259 | 3,592 | 12.7% | 1,860 | -1,267 | — | S100OMEB |
| FY ending Mar 2022 | 29,555 | 3,250 | 11.0% | 2,127 | -19,882 | — | S100R5LK |
| FY ending Mar 2023 | 36,807 | 5,477 | 14.9% | 5,862 | -1,299 | — | S100TTHD |
| FY ending Mar 2024 | 33,508 | 4,635 | 13.8% | 3,048 | -14,865 | — | S100W4UI |
| FY ending Mar 2025 | 39,338 | 5,651 | 14.4% | 3,569 | -3,250 | — | S100YHO7 |
| FY ending Mar 2026 | 35,838 | 6,083 | 17.0% | 3,929 | -7,773 | — | S100YHO7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥189.6M |
| Operating income per employee (consolidated) | ¥32.2M |
| Net income per employee (consolidated) | ¥20.8M |

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) | 159 | 155 | 186 | 186 | 189 |
| Average salary (parent company) | ¥6.2M | ¥7.1M | ¥6.9M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 41.5 years | 42.6 years | 43.0 years | 42.6 years | 42.4 years |
| Average tenure (parent company) | 13.8 years | 14.5 years | 14.3 years | 14.8 years | 14.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) -8.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Leasing and installment | 21,844 | 61.0% | 1,935 | 8.9% |
| Finance | 2,648 | 7.4% | 1,576 | 59.5% |
| Real estate | 9,579 | 26.7% | 2,829 | 29.5% |
| Fee business | 488 | 1.4% | 250 | 51.2% |
| Environmental solution | 1,248 | 3.5% | 261 | 20.9% |
| Other | 28 | 0.1% | -29 | -103.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Leasing and installment | 61.0% | 28.2% | -32.7 | 8.9% |
| Finance | 7.4% | 23.0% | 15.6 | 59.5% |
| Real estate | 26.7% | 41.3% | 14.6 | 29.5% |
| Fee business | 1.4% | 3.6% | 2.3 | 51.2% |
| Environmental solution | 3.5% | 3.8% | 0.3 | 20.9% |
| Other | 0.1% | — | — | -103.6% |

Loss-making segment (excluded from profit shares): Other -29 JPY mn

Segment → industry: Environmental solution → Electric Power & Gas / Fee business → Non-life Insurance / Finance → Leasing / Leasing and installment → Leasing / Real estate → Real Estate Development & Leasing

## 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 | -7,773 | -21.7% | S100YHO7 |
| Investing cash flow | -2,884 | -8.0% | S100YHO7 |
| Financing cash flow | 12,059 | 33.6% | S100YHO7 |
| Dividends paid | 1,518 | 4.2% | S100YHO7 |
| Change in cash | 1,417 | 4.0% | S100YHO7 |
| Cash and equivalents | 6,325 | 17.6% | S100YHO7 |

## 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 | 4,947 | 6,095 | 5,087 | 4,907 | 6,325 | S100TTHD, S100W4UI, S100YHO7 |
| Total assets | 169,417 | 175,514 | 193,398 | 201,932 | 219,586 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Net assets | 33,467 | 37,889 | 40,142 | 42,630 | 45,498 | S100TTHD, S100W4UI, S100YHO7 |
| Share capital | 2,933 | 2,933 | 2,933 | 2,933 | 2,933 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Trade receivables | 93 | 124 | 86 | 65 | 87 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Property, plant and equipment | 38,691 | 35,369 | 39,617 | 38,764 | 39,248 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Intangible assets excluding goodwill | 406 | 384 | 548 | 506 | 432 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Investment securities | 6,591 | 5,418 | 8,639 | 10,494 | 13,293 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Current assets | 122,774 | 132,861 | 142,998 | 150,252 | 164,595 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Current liabilities | 57,325 | 40,916 | 55,179 | 49,448 | 58,981 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Trade payables | 2,252 | 2,376 | 2,261 | 3,768 | 4,035 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Short-term borrowings | 49,008 | 29,545 | 44,998 | 38,572 | 42,861 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Long-term borrowings | 67,871 | 84,879 | 78,064 | 79,646 | 82,156 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Bonds | — | 1,800 | 9,300 | 18,800 | 21,300 | S100TTHD, S100W4UI, S100YHO7 |
| Interest-bearing debt | — | 116,224 | 132,362 | 137,018 | 146,317 | 算出 |
| Total liabilities | 135,950 | 137,624 | 153,256 | 159,302 | 174,087 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Non-controlling interests | 130 | 332 | 355 | 140 | 162 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Equity attributable to owners of parent | 31,597 | 36,927 | 39,051 | 41,810 | 44,234 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Retained earnings | 28,828 | 34,179 | 36,583 | 39,332 | 41,740 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |
| Treasury stock | -999 | -996 | -1,277 | -1,266 | -1,250 | S100R5LK, S100TTHD, S100W4UI, S100YHO7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YHO7 |
| Receivables | 0% | S100YHO7 |
| Property, plant and equipment | 18% | S100YHO7 |
| Intangibles and goodwill | 0% | S100YHO7 |
| Investment securities | 6% | S100YHO7 |
| Other assets | 73% | S100YHO7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YHO7 |
| Interest-bearing debt | 66% | 算出 |
| Other liabilities | 11% | S100YHO7 |
| Equity | 21% | S100YHO7 |
| Other liabilities | 0% | S100YHO7 |

### 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 | 169,417 | 175,514 | 193,398 | 201,932 | 219,586 |
| Equity | 33,467 | 37,889 | 40,142 | 42,630 | 45,498 |
| Interest-bearing debt | — | 116,224 | 132,362 | 137,018 | 146,317 |
| Cash | 4,947 | 6,095 | 5,087 | 4,907 | 6,325 |

## 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) | 109.5% | S100YHO7 |
| Fixed assets ÷ total assets | 17.9% | S100YHO7 |
| Goodwill ÷ parent equity | — | —, S100YHO7 |

### 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) | 2.9% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | -¥140B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -127.8% |
| Cash vs. profit gap | -11,702 JPY mn (of net income -297.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.2% | 0.17× | 1.3% | 5.36× | 6.7% | S100R5LK |
| 2023 | 15.9% | 0.21× | 3.4% | 5.03× | 17.1% | S100TTHD |
| 2024 | 9.1% | 0.18× | 1.7% | 4.86× | 8.0% | S100W4UI |
| 2025 | 9.1% | 0.20× | 1.8% | 4.89× | 8.8% | S100YHO7 |
| 2026 | 11.0% | 0.17× | 1.9% | 4.90× | 9.1% | S100YHO7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社西日本フィナンシャルホールディングス | Major shareholder | 29.9% | 2026-03-31 |
| 福岡地所株式会社 | Major shareholder | 15.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社平興産 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社シノケングループ | Major shareholder | 2.9% | 2026-03-31 |
| 住友三井オートサービス株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ゼンリン | Major shareholder | 1.8% | 2026-03-31 |
| 伊波 良樹 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社二十一世紀グループ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YHO7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHO7,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W4UI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4UI,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TTHD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTHD,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R5LK | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5LK,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OMEB | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMEB,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LURN | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LURN,, |

## 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).