# MAEDA KOSEN CO., LTD.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/07/01－2026/06/30) (S100Z2XO)
> Page: https://vizora.meequs.com/en/company/maeda-kosen
> Retrieved: 2026-09-30T22:15:57.282Z

## Company

Maeda Kosen, founded in 1972, is a company in Textiles & Fibers listed on TSE Prime. It has 1,425 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MAEDA KOSEN CO., LTD. |
| Ticker | 7821 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7821.T) |
| Listing | TSE Prime |
| Head office | 福井県坂井市春江町沖布目第38号3番地 |
| Representative (per filing) | 代表取締役社長 前田 尚宏 |
| Founded | Nov 1972 |
| Share capital | ¥6.42B |
| Employees (consolidated) | 1,425 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | June |
| Website | www.maedakosen.jp (https://www.maedakosen.jp/) |
| Corporate number | 6210001003710 |
| EDINET | E02492 |
| Industries (Vizora) | Textiles & Fibers, Auto Parts, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100Z2XO, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 93.8 | 40 |
| Cash conversion | 61.8 | 38 |
| Efficiency | 33.8 | 40 |

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 66% of Maeda Kosen's sales come from Social Infrastructure, with Industrial Infrastructure making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +0.1%.

## Company structure

- Segment revenue mix: Social Infrastructure 65.5%、Industrial Infrastructure 34.5%
- Revenue → net income: ¥71389000000 → ¥9571000000
- Net income → operating cash flow: ¥9571000000 → ¥10945000000（difference ¥1374000000）
- Main uses of operating cash flow: CapEx ¥4984000000 / dividends ¥1878000000 / buybacks ¥938000000
- Change in cash: ¥3907000000
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 | ¥71.4B |  |
| Operating income | ¥12B | Margin 16.9% |
| Net income | ¥9.57B | Margin 13.4% |
| Free cash flow | ¥5.96B |  |
| Largest business | Social Infrastructure | of segment revenue 65.5% |
| Employees (consolidated) | 1,425 |  |
| EPS | ¥64.76 |  |
| Diluted EPS | ¥64.66 |  |
| Book value per share | ¥605.92 |  |
| Equity ratio | 80.2% |  |
| Shares outstanding | 68,080,612 |  |
| Treasury shares | 1,394,500 |  |
| Shareholders | 4,693 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 27.6% | Cash ÷ revenue 36.7% |
| Vs. industry median margin | +13.5 pp | Textiles & Fibers |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, cash is 28% of total assets
- FY2026, employees -1% while operating income rose 0%

## What changed in 5 years

| Metric | FY ending Sep 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43236000000 | ¥71389000000 | +65.1% |
| Operating income | ¥6462000000 | ¥12033000000 | +86.2% |
| Operating margin | 14.9% | 16.9% | +1.9 pp |
| Employees | 1,238 people | 1,425 people | +15.1% |
| Cash and equivalents | ¥13089000000 | ¥26175000000 | +100.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ソーシャルインフラ事業 → ソーシャルインフラ事業 | 64.2% |
| インダストリーインフラ事業 → インダストリーインフラ事業 | 34.5% |
| インダストリーインフラ事業 → 事業再編・廃止 | 1.3% |
| 新設・再編 → ソーシャルインフラ事業 | 1.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 71,389 | 100.0% | S100Z2XO |
| Cost of revenue | 44,848 | 62.8% | S100Z2XO |
| Gross profit | 26,541 | 37.2% | S100Z2XO |
| SG&A | 14,507 | 20.3% | S100Z2XO |
| Operating income | 12,033 | 16.9% | S100Z2XO |
| Ordinary income | 12,892 | 18.1% | S100Z2XO |
| Pretax income | 13,556 | 19.0% | S100Z2XO |
| Income tax | 3,985 | 5.6% | S100Z2XO |
| Net income | 9,571 | 13.4% | S100Z2XO |
| Net income attributable to owners | 9,571 | 13.4% | S100Z2XO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 20 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 37.2% → Operating margin 16.9% → Net margin 13.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +0.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.01×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 64,108 | 71,389 | 7,281 | +11.4% |
| Gross profit | 23,792 | 26,541 | 2,749 | +11.6% |
| Operating income | 12,026 | 12,033 | 7 | +0.1% |
| Net income attributable to owners | 9,489 | 9,571 | 82 | +0.9% |
| Operating cash flow | 13,408 | 10,945 | -2,463 | -18.4% |
| Free cash flow | 11,190 | 5,961 | -5,229 | -46.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 43,236 | 6,462 | 14.9% | 4,594 | 6,818 | 3,772 | S100P8UG |
| FY ending Jun 2022 | 36,901 | 4,220 | 11.4% | 3,482 | 1,682 | -1,979 | S100RXDJ |
| FY ending Jun 2023 | 50,204 | 8,493 | 16.9% | 5,258 | 8,131 | 3,592 | S100UFNL |
| FY ending Jun 2024 | 55,833 | 10,736 | 19.2% | 7,979 | 12,024 | 9,101 | S100WQAH |
| FY ending Jun 2025 | 64,108 | 12,026 | 18.8% | 9,489 | 13,408 | 11,190 | S100Z2XO |
| FY ending Jun 2026 | 71,389 | 12,033 | 16.9% | 9,571 | 10,945 | 5,961 | S100Z2XO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.1M |
| Operating income per employee (consolidated) | ¥8.4M |
| Net income per employee (consolidated) | ¥6.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,215 | 1,244 | 1,218 | 1,445 | 1,425 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥6.5M | ¥6.8M | ¥7.1M |
| Average age (parent company) | 39.4 years | 39.5 years | 39.9 years | 39.6 years | 40.1 years |
| Average tenure (parent company) | 12.5 years | 12.6 years | 12.8 years | 12.4 years | 12.7 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +11.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Social Infrastructure | 46,792 | 65.5% | 8,855 | 18.9% |
| Industrial Infrastructure | 24,596 | 34.5% | 4,704 | 19.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Social Infrastructure | 65.5% | 65.3% | -0.2 | 18.9% |
| Industrial Infrastructure | 34.5% | 34.7% | 0.2 | 19.1% |

Segment → industry: Social Infrastructure → Textiles & Fibers / Industrial Infrastructure → Auto Parts / Social Infrastructure → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,945 | 15.3% | S100Z2XO |
| Capital expenditure | 4,984 | 7.0% | S100Z2XO |
| Free cash flow | 5,961 | 8.4% | 算出 |
| Investing cash flow | -3,684 | -5.2% | S100Z2XO |
| Financing cash flow | -4,190 | -5.9% | S100Z2XO |
| Dividends paid | 1,878 | 2.6% | S100Z2XO |
| Share buyback | 938 | 1.3% | S100Z2XO |
| Change in cash | 3,907 | 5.5% | S100Z2XO |
| Cash and equivalents | 26,175 | 36.7% | S100Z2XO |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,798 | 14,566 | 21,421 | 22,260 | 26,175 | S100UFNL, S100WQAH, S100Z2XO |
| Total assets | 68,760 | 74,821 | 80,243 | 86,959 | 94,856 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Net assets | 41,644 | 43,430 | 62,522 | 68,446 | 76,179 | S100UFNL, S100WQAH, S100Z2XO |
| Share capital | 3,472 | 3,472 | 6,422 | 6,422 | 6,422 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Property, plant and equipment | 23,577 | 25,278 | 25,513 | 27,470 | 30,162 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Intangible assets excluding goodwill | 1,245 | 1,423 | 1,425 | 1,484 | 1,405 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Goodwill | — | — | — | 267 | 190 | S100Z2XO |
| Investment securities | 5,087 | 4,205 | 857 | 935 | 426 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Current assets | 37,479 | 42,358 | 50,384 | 54,862 | 60,564 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Current liabilities | 8,512 | 24,988 | 12,000 | 12,713 | 13,305 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Trade payables | 1,831 | 1,835 | 1,924 | 2,598 | 3,281 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Short-term borrowings | 984 | 2,379 | — | — | — | S100RXDJ, S100UFNL |
| Long-term borrowings | 1,868 | 944 | 635 | 355 | 179 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Total liabilities | 27,115 | 31,391 | 17,720 | 18,513 | 18,677 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Equity attributable to owners of parent | 40,497 | 41,731 | 60,737 | 66,879 | 73,872 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Retained earnings | 35,357 | 39,763 | 46,711 | 54,635 | 62,327 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |
| Treasury stock | -1,778 | -4,966 | -107 | -1,915 | -2,621 | S100RXDJ, S100UFNL, S100WQAH, S100Z2XO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Z2XO |
| Property, plant and equipment | 32% | S100Z2XO |
| Intangibles and goodwill | 2% | S100Z2XO |
| Investment securities | 0% | S100Z2XO |
| Other assets | 38% | S100Z2XO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Z2XO |
| Other liabilities | 16% | S100Z2XO |
| Equity | 80% | S100Z2XO |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 68,760 | 74,821 | 80,243 | 86,959 | 94,856 |
| Equity | 41,644 | 43,430 | 62,522 | 68,446 | 76,179 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,798 | 14,566 | 21,421 | 22,260 | 26,175 |

## 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) | 42.3% | S100Z2XO |
| Fixed assets ÷ total assets | 31.8% | S100Z2XO |
| Goodwill ÷ parent equity | 0.3% | S100Z2XO |

### 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) | 27.6% |
| Cash ÷ revenue | 36.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.0% |
| Cash vs. profit gap | 1,374 JPY mn (of net income 14.4%) |
| Shareholder returns / net income | 29.4% |
| Shareholder returns / FCF | 47.2% |
| Shareholder payments — dividends / net income | 19.6% |
| Shareholder payments — dividends / FCF | 31.5% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 33.7% |

## 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 | 9.4% | 0.54× | 5.1% | 1.70× | 8.6% | S100RXDJ |
| 2023 | 10.5% | 0.70× | 7.3% | 1.75× | 12.8% | S100UFNL |
| 2024 | 14.3% | 0.72× | 10.3% | 1.51× | 15.6% | S100WQAH |
| 2025 | 14.8% | 0.77× | 11.4% | 1.31× | 14.9% | S100Z2XO |
| 2026 | 13.4% | 0.79× | 10.5% | 1.29× | 13.6% | S100Z2XO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト 信託銀行株式会社 | Major shareholder | 11.5% | 2026-06-30 |
| 前田 尚宏 | Major shareholder | 11.0% | 2026-06-30 |
| 京侑株式会社 | Major shareholder | 10.3% | 2026-06-30 |
| 株式会社日本カストディ銀行 | Major shareholder | 6.7% | 2026-06-30 |
| 前田 佳宏 | Major shareholder | 6.7% | 2026-06-30 |
| 前田 博美 | Major shareholder | 2.9% | 2026-06-30 |
| 前田 征利 | Major shareholder | 2.4% | 2026-06-30 |
| 公益財団法人前田工繊財団 基本財産口 | Major shareholder | 2.4% | 2026-06-30 |
| 株式会社福井銀行 | Major shareholder | 2.3% | 2026-06-30 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/07/01－2026/06/30) | S100Z2XO | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2XO,, |
| 有価証券報告書－第53期(2024/07/01－2025/06/30) | S100WQAH | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQAH,, |
| 有価証券報告書－第52期(2023/07/01－2024/06/30) | S100UFNL | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFNL,, |
| 有価証券報告書－第51期(2022/07/01－2023/06/30) | S100RXDJ | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXDJ,, |
| 有価証券報告書－第50期(令和3年9月21日－令和4年6月30日) | S100P8UG | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8UG,, |

## 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).