# Mitsubishi Kakoki Kaisha, 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102期(2025/04/01－2026/03/31) (S100YK3Y)
> Page: https://vizora.meequs.com/en/company/mitsubishi-kakoki-kaisha
> Retrieved: 2026-09-30T20:39:03.877Z

## Company

Mitsubishi Kakoki Kaisha, founded in 1935, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 1,044 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Kakoki Kaisha, Ltd. |
| Ticker | 6331 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6331.T) |
| Listing | TSE Prime |
| Head office | 神奈川県川崎市川崎区大川町2番1号 |
| Representative (per filing) | 代表取締役社長執行役員 田中 利一 |
| Founded | May 1935 |
| Share capital | ¥3.96B |
| Employees (consolidated) | 1,044 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.kakoki.co.jp (https://www.kakoki.co.jp/) |
| Corporate number | 7020001074662 |
| EDINET | E01536 |
| Industries (Vizora) | Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YK3Y, 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 | 85.4 | 72 |
| Profitability | 62.5 | 76 |
| Cash conversion | 12.8 | 74 |
| Efficiency | 74.3 | 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 54% of Mitsubishi Kakoki Kaisha's sales come from Engineering Operations, with Machinery Operations and GreenTransformationOperationsReportableSegmentMember making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +42.3% from the prior year, operating profit +61.2%.

## Company structure

- Segment revenue mix: Engineering Operations 54.3%、Machinery Operations 23.9%、GreenTransformationOperationsReportableSegmentMember 21.8%
- Revenue → net income: ¥84240000000 → ¥7546000000
- Net income → operating cash flow: ¥7546000000 → ¥1803000000（difference ¥-5743000000）
- Main uses of operating cash flow: CapEx ¥4699000000 / dividends ¥2152000000 / buybacks ¥357000000
- Change in cash: ¥-1641000000
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 | ¥84.2B |  |
| Operating income | ¥9.18B | Margin 10.9% |
| Net income | ¥7.55B | Margin 9.0% |
| Free cash flow | -¥2.9B |  |
| Largest business | Engineering Operations | of segment revenue 54.3% |
| Employees (consolidated) | 1,044 |  |
| EPS | ¥299.25 |  |
| Book value per share | ¥1750.47 |  |
| Equity ratio | 57.5% |  |
| Shares outstanding | 23,741,000 |  |
| Treasury shares | 660,200 |  |
| Shareholders | 14,750 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 11.6% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | +1.8 pp | Plant Engineering & Building Services |
| ROE | 19.8% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 35 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48753000000 | ¥84240000000 | +72.8% |
| Operating income | ¥2745000000 | ¥9181000000 | +234.5% |
| Operating margin | 5.6% | 10.9% | +5.3 pp |
| Employees | 887 people | 1,044 people | +17.7% |
| Cash and equivalents | ¥7046000000 | ¥9024000000 | +28.1% |

### 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 |
| --- | ---: |
| エンジニアリング事業 → エンジニアリング事業 | 54.3% |
| エンジニアリング事業 → 事業再編・廃止 | 21.2% |
| 単体機械事業 → 単体機械事業 | 23.9% |
| 単体機械事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → GX事業 | 21.8% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineering Operations | 5 years | +4.5% | ¥45747000000 | 6.8% | 2 |
| Machinery Operations | 5 years | +11.0% | ¥20170000000 | 26.8% | 2 |
| GreenTransformationOperationsReportableSegmentMember | — | — | ¥18322000000 | 3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 84,240 | 100.0% | S100YK3Y |
| Cost of revenue | 65,976 | 78.3% | S100YK3Y |
| Gross profit | 18,263 | 21.7% | S100YK3Y |
| SG&A | 9,082 | 10.8% | S100YK3Y |
| Operating income | 9,181 | 10.9% | S100YK3Y |
| Ordinary income | 9,462 | 11.2% | S100YK3Y |
| Pretax income | 10,404 | 12.4% | S100YK3Y |
| Income tax | 2,857 | 3.4% | S100YK3Y |
| Net income | 7,546 | 9.0% | S100YK3Y |
| Net income attributable to owners | 7,546 | 9.0% | S100YK3Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 11 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.7% → Operating margin 10.9% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +42.3%; Core profit growth: +61.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.45×
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 | 59,202 | 84,240 | 25,038 | +42.3% |
| Gross profit | 13,206 | 18,263 | 5,057 | +38.3% |
| Operating income | 5,694 | 9,181 | 3,487 | +61.2% |
| Net income attributable to owners | 4,879 | 7,546 | 2,667 | +54.7% |
| Operating cash flow | -3,311 | 1,803 | 5,114 | — |
| Free cash flow | -4,395 | -2,896 | 1,499 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,062 | 2,222 | 4.9% | 1,860 | 6,510 | 5,995 | S100LTRK |
| FY ending Mar 2021 | 48,753 | 2,745 | 5.6% | 2,511 | -2,594 | -3,069 | S100OK30 |
| FY ending Mar 2022 | 45,438 | 2,770 | 6.1% | 2,547 | 5,123 | 4,179 | S100R82X |
| FY ending Mar 2023 | 44,590 | 2,521 | 5.7% | 3,043 | 996 | 82 | S100TVIZ |
| FY ending Mar 2024 | 47,774 | 4,410 | 9.2% | 5,397 | 1,360 | -817 | S100W7X6 |
| FY ending Mar 2025 | 59,202 | 5,694 | 9.6% | 4,879 | -3,311 | -4,395 | S100YK3Y |
| FY ending Mar 2026 | 84,240 | 9,181 | 10.9% | 7,546 | 1,803 | -2,896 | S100YK3Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.7M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥7.2M |

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) | 919 | 944 | 957 | 1,017 | 1,044 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥7.7M | ¥8.3M | ¥8.6M |
| Average age (parent company) | 45.8 years | 45.9 years | 46.3 years | 46.7 years | 46.5 years |
| Average tenure (parent company) | 16.6 years | 16.4 years | 16.8 years | 16.8 years | 16.2 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +42.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering Operations | 45,747 | 54.3% | 3,124 | 6.8% |
| Machinery Operations | 20,170 | 23.9% | 5,410 | 26.8% |
| GreenTransformationOperationsReportableSegmentMember | 18,322 | 21.8% | 645 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering Operations | 54.3% | 34.0% | -20.3 | 6.8% |
| Machinery Operations | 23.9% | 58.9% | 35.0 | 26.8% |
| GreenTransformationOperationsReportableSegmentMember | 21.8% | 7.0% | -14.7 | 3.5% |

Segment → industry: GreenTransformationOperationsReportableSegmentMember → Plant Engineering & Building Services / Engineering Operations → Plant Engineering & Building Services / GreenTransformationOperationsReportableSegmentMember → Industrial Machinery / Machinery Operations → Industrial Machinery

## 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 | 1,803 | 2.1% | S100YK3Y |
| Capital expenditure | 4,699 | 5.6% | S100YK3Y |
| Free cash flow | -2,896 | -3.4% | 算出 |
| Investing cash flow | -3,534 | -4.2% | S100YK3Y |
| Financing cash flow | -181 | -0.2% | S100YK3Y |
| Dividends paid | 2,152 | 2.6% | S100YK3Y |
| Share buyback | 357 | 0.4% | S100YK3Y |
| Change in cash | -1,641 | -1.9% | S100YK3Y |
| Cash and equivalents | 9,024 | 10.7% | S100YK3Y |

## 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 | 11,226 | 13,114 | 15,182 | 10,822 | 9,024 | S100TVIZ, S100W7X6, S100YK3Y |
| Total assets | 50,521 | 52,899 | 63,170 | 66,174 | 78,093 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Net assets | 27,307 | 30,325 | 34,577 | 38,227 | 44,932 | S100TVIZ, S100W7X6, S100YK3Y |
| Share capital | 3,956 | 3,956 | 3,956 | 3,956 | 3,956 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Property, plant and equipment | 4,969 | 4,964 | 6,389 | 5,331 | 8,050 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Intangible assets excluding goodwill | 421 | 345 | 455 | 2,257 | 2,098 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Goodwill | — | — | — | 796 | 740 | S100YK3Y |
| Investment securities | 8,372 | 6,535 | 4,905 | 4,434 | 6,759 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Current assets | 35,301 | 39,029 | 48,260 | 50,839 | 56,625 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Current liabilities | 15,451 | 15,627 | 20,902 | 21,813 | 27,291 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Trade payables | 5,607 | 5,912 | 6,113 | 5,962 | 9,001 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Short-term borrowings | — | — | — | — | 3,500 | S100YK3Y |
| Long-term borrowings | 2,300 | 2,800 | 3,300 | 1,700 | 1,300 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Total liabilities | 23,213 | 22,574 | 28,592 | 27,947 | 33,161 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Equity attributable to owners of parent | 24,666 | 27,185 | 31,736 | 35,534 | 40,766 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Retained earnings | 17,059 | 19,565 | 24,117 | 27,945 | 33,271 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |
| Treasury stock | -553 | -540 | -541 | -580 | -797 | S100R82X, S100TVIZ, S100W7X6, S100YK3Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YK3Y |
| Property, plant and equipment | 10% | S100YK3Y |
| Intangibles and goodwill | 4% | S100YK3Y |
| Investment securities | 9% | S100YK3Y |
| Other assets | 66% | S100YK3Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YK3Y |
| Other liabilities | 31% | S100YK3Y |
| Equity | 58% | S100YK3Y |

### 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 | 50,521 | 52,899 | 63,170 | 66,174 | 78,093 |
| Equity | 27,307 | 30,325 | 34,577 | 38,227 | 44,932 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,226 | 13,114 | 15,182 | 10,822 | 9,024 |

## 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) | 9.6% | S100YK3Y |
| Fixed assets ÷ total assets | 10.3% | S100YK3Y |
| Goodwill ÷ parent equity | 1.8% | S100YK3Y |

### 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) | 11.6% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 19.6% |
| Cash vs. profit gap | -5,743 JPY mn (of net income -76.1%) |
| Shareholder returns / net income | 33.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 196.0% |

## 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 | 5.6% | 0.90× | 5.0% | 2.05× | 10.3% | S100R82X |
| 2023 | 6.8% | 0.86× | 5.9% | 1.99× | 11.7% | S100TVIZ |
| 2024 | 11.3% | 0.82× | 9.3% | 1.97× | 18.3% | S100W7X6 |
| 2025 | 8.2% | 0.92× | 7.5% | 1.92× | 14.5% | S100YK3Y |
| 2026 | 9.0% | 1.17× | 10.5% | 1.89× | 19.8% | S100YK3Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口)(注３) | Major shareholder | 12.9% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 5.4% | 2026-03-31 |
| 三菱化工機取引先持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口)(注４) | Major shareholder | 3.6% | 2026-03-31 |
| 三菱化工機従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE−AC)(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社横浜銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.6% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| 第一実業株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YK3Y | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK3Y,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W7X6 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7X6,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TVIZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVIZ,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R82X | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R82X,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OK30 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK30,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LTRK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTRK,, |

## 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).