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Kyushu Railway Company9142東証プライム陸運業FY ending Mar 2026, consolidated, J-GAAP

Kyushu Railway Company revenue and profit

Out of every ¥100 of sales, about ¥15 is left as operating profit. Revenue changed +10.1% from the prior year, operating profit +25.5%.

Five-year trend

Revenue¥500.4B
FY ending Mar 2022: ¥329.5B¥329.5BFY ending Mar 2023: ¥383.2B¥383.2BFY ending Mar 2024: ¥420.4B¥420.4BFY ending Mar 2025: ¥454.4B¥454.4BFY ending Mar 2026: ¥500.4B¥500.4BFY22FY23FY24FY25FY26
Operating income¥74B
FY ending Mar 2022: ¥3.94B¥3.94BFY ending Mar 2023: ¥34.3B¥34.3BFY ending Mar 2024: ¥47.1B¥47.1BFY ending Mar 2025: ¥59B¥59BFY ending Mar 2026: ¥74B¥74BFY22FY23FY24FY25FY26
Operating margin14.8%
FY ending Mar 2022: 1.2%1.2%FY ending Mar 2023: 9.0%9.0%FY ending Mar 2024: 11.2%11.2%FY ending Mar 2025: 13.0%13.0%FY ending Mar 2026: 14.8%14.8%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin9.1%
Asset turnover0.42×
ROA3.8%
ROA3.8%
Financial leverage2.58×
ROE9.9%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin9.1%
2022: 4.0%4.0%2023: 8.1%8.1%2024: 9.1%9.1%2025: 9.6%9.6%2026: 9.1%9.1%2223242526
Asset turnover0.42×
2022: 0.35×0.35×2023: 0.39×0.39×2024: 0.40×0.40×2025: 0.41×0.41×2026: 0.42×0.42×2223242526
ROA3.8%
2022: 1.4%1.4%2023: 3.2%3.2%2024: 3.7%3.7%2025: 3.9%3.9%2026: 3.8%3.8%2223242526
Financial leverage2.58×
2022: 2.45×2.45×2023: 2.45×2.45×2024: 2.50×2.50×2025: 2.54×2.54×2026: 2.58×2.58×2223242526
ROE9.9%
2022: 3.4%3.4%2023: 7.8%7.8%2024: 9.2%9.2%2025: 9.9%9.9%2026: 9.9%9.9%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20224.0%0.35×1.4%2.45×3.4%
20238.1%0.39×3.2%2.45×7.8%
20249.1%0.40×3.7%2.50×9.2%
20259.6%0.41×3.9%2.54×9.9%
20269.1%0.42×3.8%2.58×9.9%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue158.8%
2021: 181.0%181.0%2022: 174.6%174.6%2023: 165.0%165.0%2024: 167.7%167.7%2025: 168.7%168.7%2026: 158.8%158.8%212223242526
PPE ÷ total assets65.0%
2021: 59.7%59.7%2022: 60.4%60.4%2023: 63.4%63.4%2024: 64.7%64.7%2025: 67.2%67.2%2026: 65.0%65.0%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥529M
2021: ¥515M¥515M2022: ¥267M¥267M2023: ¥312M¥312M2024: ¥425M¥425M2025: ¥507M¥507M2026: ¥529M¥529M212223242526
R&D / revenue0.1%
2021: 0.2%0.2%2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.1%0.1%2025: 0.1%0.1%2026: 0.1%0.1%212223242526
Receivable days—
2021: 63d63d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue329,527383,242420,402454,393500,393
Cost of revenue—————
Gross profit—————
SG&A93,016103,665118,204130,403139,038
Operating income3,94434,32347,09458,97674,040
Pretax income6,63340,29848,37756,22959,641
Income tax-6,2539,0229,90112,53314,131
Net income attributable to owners13,25031,16638,44543,65745,468
Operating margin1.2%9.0%11.2%13.0%14.8%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

4%
Property, plant and equipment 65%
0%
6%
Other assets 25%

Funding

3%
Interest-bearing debt 35%
Other liabilities 22%
Equity 40%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥78.7B¥52.3B¥61.9B¥45.8B¥44.3B
Total assets¥952B¥996.7B¥1.09T¥1.14T¥1.22T
Net assets¥389B¥406.9B¥442.3B¥458.6B¥494.9B
Share capital¥16B¥16B¥16B¥16B¥16B
Property, plant and equipment¥575.3B¥632.2B¥704.9B¥766.6B¥794.4B
Intangible assets excluding goodwill¥5.74B¥6.2B¥6.14B¥5.43B¥6.93B
Investment securities¥45.1B¥50.4B¥55.5B¥53.2B¥73B
Current assets¥206.7B¥197.1B¥221.5B¥214.1B¥247.7B
Current liabilities¥182.1B¥195.4B¥224.3B¥212.7B¥204.6B
Trade payables¥28.9B¥27.3B¥28.9B¥32.3B¥30.7B
Short-term borrowings¥6.07B¥2B¥4.4B¥2.5B¥152M
Long-term borrowings¥153.3B¥166.2B¥172.5B¥178.8B¥192.5B
Bonds¥120B¥125B¥145B¥180B¥230B
Interest-bearing debt¥279.4Bderived¥293.2Bderived¥321.9Bderived¥361.3Bderived¥422.6Bderived
Total liabilities¥563B¥589.8B¥646.9B¥681.9B¥727.6B
Non-controlling interests¥692M¥797M¥859M¥2.11B¥941M
Equity attributable to owners of parent¥389.2B¥405.7B¥429.5B¥448.8B¥468.3B
Retained earnings¥147.9B¥164.5B¥188.3B¥211B¥239.5B
Treasury stock-¥591M-¥584M-¥568M-¥4.31B-¥3.13B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第39期(2025/04/01－2026/03/31)

    ID S100Y6HR2026-06-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第38期(2024/04/01－2025/03/31)

    ID S100VUGL2025-06-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第37期(2023/04/01－2024/03/31)

    ID S100TN5F2024-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第36期(2022/04/01－2023/03/31)

    ID S100QZ5D2023-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第35期(令和3年4月1日－令和4年3月31日)

    ID S100OBGP2022-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第34期(令和2年4月1日－令和3年3月31日)

    ID S100LJ8C2021-06-23Open

Extracted from XBRL: 52 / Derived from other figures: 2

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