# NIPPON  KANRYU  INDUSTRY  CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第88期(2024/10/01－2025/09/30) (S100XB9B)
> Page: https://vizora.meequs.com/en/company/nippon-kanryu-industry
> Retrieved: 2026-09-30T18:27:58.228Z

## Company

Nippon Kanryu Industry, founded in 1939, is a company in Disaster Prevention & Infrastructure Maintenance listed on Tokyo, Fukuoka. It has 337 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON KANRYU INDUSTRY CO.,LTD. |
| Ticker | 1771 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1771.T) |
| Listing | Tokyo, Fukuoka |
| Head office | 福岡市東区馬出一丁目11番11号 |
| Representative (per filing) | 代表取締役社長 兼田智仁 |
| Founded | Jul 1939 |
| Share capital | ¥413.7M |
| Employees (consolidated) | 337 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | September |
| Website | www.kanryu.co.jp (https://www.kanryu.co.jp/) |
| Corporate number | 1290001028382 |
| EDINET | E00276 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance, General Contractors, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XB9B, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 35 |
| Profitability | 13.8 | 40 |
| Cash conversion | 40.8 | 38 |
| Efficiency | 86.3 | 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 84% of Nippon Kanryu Industry's sales come from Construction business, with Disaster prevention security making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit -20.1%.

## Company structure

- Segment revenue mix: Construction business 83.8%、Disaster prevention security 16.2%
- Revenue → net income: ¥17594435000 → ¥528078000
- Net income → operating cash flow: ¥528078000 → ¥504691000（difference ¥-23387000）
- Main uses of operating cash flow: CapEx ¥284942000 / dividends ¥113932000 / buybacks —
- Change in cash: ¥-1119654000
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 | ¥17.6B |  |
| Operating income | ¥697.7M | Margin 4.0% |
| Net income | ¥528.1M | Margin 3.0% |
| Free cash flow | ¥219.7M |  |
| Largest business | Construction business | of segment revenue 83.8% |
| Employees (consolidated) | 337 |  |
| EPS | ¥121.69 |  |
| Diluted EPS | ¥51.4 |  |
| Book value per share | ¥1599.69 |  |
| Equity ratio | 66.5% |  |
| Shares outstanding | 5,102,000 |  |
| Treasury shares | 144,800 |  |
| Shareholders | 1,489 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 37.1% | Cash ÷ revenue 30.2% |
| Vs. industry median margin | -4.8 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 79% of positive segment profit
- FY2025, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14409783000 | ¥17594435000 | +22.1% |
| Operating income | ¥900437000 | ¥697683000 | -22.5% |
| Operating margin | 6.2% | 4.0% | -2.3 pp |
| Employees | 293 people | 337 people | +15.0% |
| Cash and equivalents | ¥2942098000 | ¥5310502000 | +80.5% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設事業 → 建設事業 | 81.9% |
| 防災安全事業 → 防災安全事業 | 15.2% |
| 化学品事業 → 事業再編・廃止 | 2.9% |
| 新設・再編 → 建設事業 | 1.9% |
| 新設・再編 → 防災安全事業 | 1.0% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,594 | 100.0% | S100XB9B |
| Cost of revenue | 13,654 | 77.6% | S100XB9B |
| Gross profit | 3,940 | 22.4% | S100XB9B |
| SG&A | 3,242 | 18.4% | S100XB9B |
| Operating income | 698 | 4.0% | S100XB9B |
| Ordinary income | 766 | 4.4% | S100XB9B |
| Pretax income | 892 | 5.1% | S100XB9B |
| Income tax | 364 | 2.1% | S100XB9B |
| Net income | 528 | 3.0% | S100XB9B |
| Net income attributable to owners | 528 | 3.0% | S100XB9B |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 18 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.4% → Operating margin 4.0% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.3%; Core profit growth: -20.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -72.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,546 | 17,594 | 49 | +0.3% |
| Gross profit | 3,967 | 3,940 | -27 | -0.7% |
| Operating income | 873 | 698 | -176 | -20.1% |
| Net income attributable to owners | 689 | 528 | -160 | -23.3% |
| Operating cash flow | 1,470 | 505 | -965 | -65.7% |
| Free cash flow | 1,303 | 220 | -1,083 | -83.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 13,657 | 880 | 6.4% | 631 | -172 | -349 | S100KDQF |
| FY ending Sep 2020 | 14,410 | 900 | 6.2% | 629 | 653 | 577 | S100N3GF |
| FY ending Sep 2021 | 18,047 | 1,331 | 7.4% | 919 | 1,355 | 959 | S100PU6L |
| FY ending Sep 2022 | 16,839 | 927 | 5.5% | 324 | 1,275 | 1,201 | S100SI30 |
| FY ending Sep 2023 | 16,895 | 943 | 5.6% | 744 | 416 | 347 | S100UZ7P |
| FY ending Sep 2024 | 17,546 | 873 | 5.0% | 689 | 1,470 | 1,303 | S100XB9B |
| FY ending Sep 2025 | 17,594 | 698 | 4.0% | 528 | 505 | 220 | S100XB9B |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.2M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 303 | 306 | 287 | 292 | 337 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.7M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 44.0 years | 45.0 years | 45.0 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 13.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +15.4% · Revenue (consolidated) +0.3%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 14,745 | 83.8% | 1,204 | 8.2% |
| Disaster prevention security | 2,849 | 16.2% | 311 | 10.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction business | 83.8% | 79.5% | -4.3 | 8.2% |
| Disaster prevention security | 16.2% | 20.5% | 4.3 | 10.9% |

Segment → industry: Construction business → Disaster Prevention & Infrastructure Maintenance / Construction business → General Contractors / Disaster prevention security → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 505 | 2.9% | S100XB9B |
| Capital expenditure | 285 | 1.6% | S100XB9B |
| Free cash flow | 220 | 1.2% | 算出 |
| Investing cash flow | -1,328 | -7.5% | S100XB9B |
| Financing cash flow | -297 | -1.7% | S100XB9B |
| Dividends paid | 114 | 0.6% | S100XB9B |
| Change in cash | -1,120 | -6.4% | S100XB9B |
| Cash and equivalents | 5,311 | 30.2% | S100XB9B |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,760 | 4,756 | 5,203 | 6,430 | 5,311 | S100SI30, S100UZ7P, S100XB9B |
| Total assets | 12,735 | 13,105 | 13,439 | 13,928 | 14,326 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Net assets | 7,721 | 7,969 | 8,608 | 9,117 | 9,520 | S100SI30, S100UZ7P, S100XB9B |
| Share capital | 414 | 414 | 414 | 414 | 414 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Property, plant and equipment | 2,289 | 2,117 | 1,697 | 1,767 | 1,951 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Intangible assets excluding goodwill | 1,167 | 1,023 | 886 | 983 | 1,005 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Goodwill | 836 | 732 | 627 | 523 | 643 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Investment securities | 682 | 694 | 692 | 531 | 516 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Current assets | 8,494 | 9,089 | 10,101 | 10,520 | 10,602 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Current liabilities | 4,229 | 4,472 | 4,286 | 4,227 | 4,361 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Long-term borrowings | 560 | 445 | 330 | 214 | 105 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Total liabilities | 5,014 | 5,136 | 4,831 | 4,810 | 4,806 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Equity attributable to owners of parent | 7,426 | 7,673 | 8,283 | 8,872 | 9,285 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Retained earnings | 6,323 | 6,570 | 7,228 | 7,816 | 8,230 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |
| Treasury stock | -10 | -10 | -57 | -57 | -57 | S100PU6L, S100SI30, S100UZ7P, S100XB9B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100XB9B |
| Property, plant and equipment | 14% | S100XB9B |
| Intangibles and goodwill | 11% | S100XB9B |
| Investment securities | 4% | S100XB9B |
| Other assets | 34% | S100XB9B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100XB9B |
| Equity | 66% | S100XB9B |
| Other liabilities | 0% | S100XB9B |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,735 | 13,105 | 13,439 | 13,928 | 14,326 |
| Equity | 7,721 | 7,969 | 8,608 | 9,117 | 9,520 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,760 | 4,756 | 5,203 | 6,430 | 5,311 |

## 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) | 11.1% | S100XB9B |
| Fixed assets ÷ total assets | 13.6% | S100XB9B |
| Goodwill ÷ parent equity | 6.9% | S100XB9B |

Goodwill over 4 years: 836 → 643 JPY; total investing cash flow: -1,446 JPY. This does not imply causation.

### 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) | 37.1% |
| Cash ÷ revenue | 30.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.3% |
| Cash vs. profit gap | -23 JPY mn (of net income -4.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.6% |
| Shareholder payments — dividends / FCF | 51.8% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 263.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.1% | 1.42× | 7.2% | 1.72× | 12.4% | S100PU6L |
| 2022 | 1.9% | 1.30× | 2.5% | 1.71× | 4.3% | S100SI30 |
| 2023 | 4.4% | 1.27× | 5.6% | 1.66× | 9.3% | S100UZ7P |
| 2024 | 3.9% | 1.28× | 5.0% | 1.60× | 8.0% | S100XB9B |
| 2025 | 3.0% | 1.25× | 3.7% | 1.56× | 5.8% | S100XB9B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社FCP18 | Major shareholder | 28.7% | 2025-09-30 |
| 伊藤忠丸紅住商テクノスチール株式会社 | Major shareholder | 4.2% | 2025-09-30 |
| 株式会社福岡銀行 | Major shareholder | 3.5% | 2025-09-30 |
| 日鉄建材株式会社 | Major shareholder | 3.2% | 2025-09-30 |
| 株式会社西日本シティ銀行 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社にしけい | Major shareholder | 2.7% | 2025-09-30 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社スノーボールキャピタル | Major shareholder | 1.8% | 2025-09-30 |
| ＪＦＥ建材株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| 日鉄神鋼建材株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| 日本乾溜工業従業員持株会 | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2024/10/01－2025/09/30) | S100XB9B | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB9B,, |
| 有価証券報告書－第87期(2023/10/01－2024/09/30) | S100UZ7P | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ7P,, |
| 有価証券報告書－第86期(2022/10/01－2023/09/30) | S100SI30 | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI30,, |
| 有価証券報告書－第85期(令和3年10月1日－令和4年9月30日) | S100PU6L | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU6L,, |
| 有価証券報告書－第84期(令和2年10月1日－令和3年9月30日) | S100N3GF | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3GF,, |
| 有価証券報告書－第83期(令和1年10月1日－令和2年9月30日) | S100KDQF | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDQF,, |

## 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).