7421 — Tokyo Intelligence

KAPPA.CREATE CO.,LTD. 7421

カッパ・クリエイト株式会社 · Restaurants · Prime

Governance Compliance: TSE Status: Disclosed English Reports Available

Kappa Create Co., Ltd. engages in the management of restaurants in Japan. The company operates through two reportable segments: Conveyor belt Sushi Business and Delicatessen Business. It also involved in processing and selling food products. Kappa Create Co., Ltd. was founded in 1973 and is headquartered in Yokohama, Japan.

Price

¥1,445

Market Cap

¥71.3B

Ent. Value

¥71.7B

Net Debt

−¥416M

Shares Out.

49.3M

P / E

—

EV / EBIT

134.8×

P / Book

6.98×

P / NCAV

N/M

Div. Yield

0.35%

PRICE

⬇ Excel

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Net Sales	¥73.2B	¥73.2B	¥72.2B	¥70.4B	¥67.2B	¥64.9B
Cost of Sales	¥35.4B	¥35.0B	¥34.7B	¥34.7B	¥33.7B	¥31.5B
Gross Profit	¥37.8B	¥38.3B	¥37.5B	¥35.7B	¥33.5B	¥33.4B
SG&A	¥37.2B	¥36.8B	¥35.8B	¥36.8B	¥35.6B	¥35.0B
Operating Income	¥532M	¥1.4B	¥1.7B	¥-1.1B	¥-2.1B	¥-1.6B
Non-Operating Income	¥423M	¥423M	¥415M	¥435M	¥609M	¥459M
Dividend Income	—	¥75M	¥75M	¥50M	¥56M	¥55M
Interest Income	—	¥18M	¥20M	¥30M	¥34M	¥41M
Non-Operating Expenses	—	¥390M	¥392M	¥435M	¥385M	¥359M
Interest Expense	—	¥200M	¥181M	¥154M	¥116M	¥63M
Ordinary Income	¥592M	¥1.5B	¥1.7B	¥-1.1B	¥-1.9B	¥-1.5B
Pre-tax Income	¥-130M	¥1.2B	¥1.6B	¥-2.8B	¥836M	¥-1.4B
Income Taxes	¥273M	¥162M	¥179M	¥232M	¥43M	¥-289M
Current Tax	—	¥181M	¥188M	¥189M	¥161M	¥163M
Deferred Tax	—	¥-18M	¥-8M	¥43M	¥-118M	¥-453M
Net Income (owners)	¥-394M	¥1.0B	¥1.4B	¥-3.0B	¥736M	¥-1.1B
Minority Interest	—	¥-34M	¥3M	¥-20M	¥56M	¥32M
Comprehensive Income	—	¥1.0B	¥1.4B	¥-3.0B	¥750M	¥-1.1B
EBITDA	¥2.9B	¥3.7B	¥3.9B	¥1.0B	¥-131M	¥359M
EPS	¥-7.99	¥20.77	¥28.29	¥-61.65	¥14.92	¥-23.31
Shares Outstanding	—	49.3M	49.3M	49.3M	49.3M	49.3M
Shares Issued (total)	—	49.4M	49.4M	49.4M	49.4M	49.4M
Treasury Shares	—	0.1M	0.1M	0.1M	0.1M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Total Assets	¥29.0B	¥31.1B	¥30.2B	¥28.9B	¥31.6B	¥32.0B
Current Assets	¥11.8B	¥13.4B	¥13.2B	¥12.5B	¥14.7B	¥13.7B
Cash & Deposits	¥6.0B	¥7.9B	¥7.9B	¥7.5B	¥9.4B	¥7.9B
Trade Receivables	—	¥3.6B	¥3.6B	¥3.4B	¥3.0B	¥3.4B
Non-Current Assets	¥17.1B	¥17.6B	¥17.0B	¥16.4B	¥16.9B	¥18.2B
PP&E	¥12.1B	¥12.3B	¥11.9B	¥11.0B	¥11.0B	¥12.2B
Intangible Assets	—	¥102M	¥143M	¥172M	¥251M	¥263M
Investment Securities	¥871M	¥861M	¥857M	¥851M	¥850M	¥852M
Deferred Tax Assets	—	¥586M	¥571M	¥563M	¥607M	¥489M
Total Liabilities	¥18.7B	¥20.2B	¥20.1B	¥20.2B	¥19.9B	¥21.0B
Current Liabilities	¥11.3B	¥11.7B	¥11.1B	¥10.9B	¥9.5B	¥14.5B
ST Debt	¥2.5B	¥2.5B	¥2.0B	¥1.4B	¥980M	¥4.2B
Taxes Payable	—	¥181M	¥188M	¥189M	¥182M	¥103M
Non-Current Liabilities	¥7.4B	¥8.5B	¥8.9B	¥9.4B	¥10.4B	¥6.5B
Total LT Borrowings	¥4.0B	¥4.7B	¥5.0B	¥4.8B	¥6.7B	¥2.9B
Pension Obligations	—	¥75M	—	—	—	—
Total Equity	¥10.2B	¥10.9B	¥10.1B	¥8.7B	¥11.7B	¥11.0B
Capital Stock	—	¥100M	¥100M	¥100M	¥100M	¥100M
Capital Surplus	—	¥8.6B	¥8.6B	¥11.0B	¥11.0B	¥12.2B
Retained Earnings	¥1.6B	¥2.2B	¥1.4B	¥-2.4B	¥650M	¥-1.3B
Treasury Stock	—	¥-55M	¥-60M	¥-65M	¥-71M	¥-77M
AOCI	—	¥0M	¥-18M	¥-21M	¥-44M	¥-2M
Equity (owners)	¥10.2B	¥10.8B	¥10.1B	¥8.6B	¥11.7B	¥10.9B
Minority Interests	—	¥42M	¥76M	¥72M	¥93M	¥37M

Total Interest-Bearing Debt ⓘ	¥6.5B	¥7.1B	¥7.0B	¥6.1B	¥7.7B	¥7.1B
Net Cash ⓘ	¥-416M	¥800M	¥967M	¥1.4B	¥1.7B	¥829M
NCAV ⓘ	¥-6.9B	¥-6.7B	¥-6.9B	¥-7.7B	¥-5.2B	¥-7.3B
NCAV/Share	—	¥-137	¥-139	¥-157	¥-106	¥-148
BV/Share	—	¥220	¥204	¥175	¥237	¥222

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Operating CF	¥2.5B	¥3.8B	¥3.6B	¥2.5B	¥2.6B	¥-538M
Taxes Paid	—	¥-172M	¥-189M	¥-171M	¥283M	—
Interest Paid	—	¥-231M	¥-192M	¥-165M	¥-153M	¥-104M
Interest Received	—	¥94M	¥96M	¥80M	¥90M	¥96M
D&A	¥2.3B	¥2.3B	¥2.2B	¥2.1B	¥2.0B	¥1.9B
Investing CF	¥-2.1B	¥-1.9B	¥-2.5B	¥-1.1B	¥306M	¥-604M
CapEx	¥1.9B	¥1.7B	¥2.4B	¥1.2B	¥875M	¥549M
Financing CF	¥-2.3B	¥-1.9B	¥-644M	¥-3.3B	¥-1.4B	¥3.1B
Dividends Paid	—	¥-245M	—	¥0M	¥0M	¥0M
LT Debt Repaid	—	¥-2.2B	¥-1.7B	¥-980M	¥-380M	¥-90M
Free Cash Flow	¥666M	¥2.2B	¥1.1B	¥1.3B	¥1.7B	¥-1.1B
Net Change in Cash	—	¥3M	¥419M	¥-1.9B	¥1.5B	¥2.0B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Profitability Ratios
Return on Equity (ROE) ⓘ	-3.7%	9.8%	14.8%	-29.8%	6.5%	-10.5%
Return on Assets (ROA) ⓘ	-1.3%	3.4%	4.7%	-10.0%	2.3%	-3.6%
Gross Margin ⓘ	51.6%	52.3%	52.0%	50.7%	49.9%	51.5%
Operating Margin ⓘ	0.7%	2.0%	2.3%	-1.6%	-3.1%	-2.4%
Net Margin ⓘ	-0.5%	1.4%	1.9%	-4.3%	1.1%	-1.8%
Liquidity Ratios
Current Ratio ⓘ	1.05x	1.15x	1.18x	1.15x	1.55x	0.95x
Quick Ratio ⓘ	1.05x	1.15x	1.18x	1.15x	1.55x	0.95x
Per Share Metrics
Revenue / Share ⓘ	—	¥1,483	¥1,463	¥1,428	¥1,362	¥1,315
BV/Share ⓘ	—	¥220	¥204	¥175	¥237	¥222
NCAV/Share ⓘ	—	¥-137	¥-139	¥-157	¥-106	¥-148
EPS ⓘ	¥-7.99	¥20.77	¥28.29	¥-61.65	¥14.92	¥-23.31
DPS ⓘ	¥0.00	¥5.00	¥5.00	¥0.00	¥0.00	¥0.00
Payout Ratio ⓘ	—	24.1%	17.7%	—	0.0%	—
FCF/Share ⓘ	—	¥44.01	¥22.70	¥27.32	¥34.50	¥-22.03

Market Valuation

Avg daily close price for calendar year × most recently reported EPS / DPS

Metric	CY2023	CY2024	CY2025
Avg P/E ⓘ	101.6× EPS from 2022-03	59.0× EPS from 2024-03	72.9× EPS from 2025-03
Avg Div Yield ⓘ	0.00% DPS from 2023-03	0.30% DPS from 2024-03	0.33% DPS from 2025-03
Avg Daily Close	¥1,516	¥1,668	¥1,514

Growth Rates (CAGR)

Metric	3yr CAGR (FY2022–2025)	5yr CAGR (FY2020–2025)
Stock Price	-1.3%	-0.6%
Sales	+1.3%	+2.4%
FCF/Share	+8.5%	—
EPS	—	—
DPS	—	—
BV/Share	-2.4%	—
NCAV/Share	—	—

🇯🇵 Disclosure Information in Accordance with “Action to Implement Management that is Conscious of Cost of Capital and Stock Price” EN AVAILABLE

Market Segment: Prime Last Updated: 2026-03-06 Status: Disclosed

In conducting management conscious of capital costs and stock price, our policy is to promote management emphasizing capital costs and capital profitability based on balance sheets, rather than focusing solely on sales and profit levels in income statements. Our principal management indicators are as follows.

<Principal Management Indicators>
① ROE: 8.0% or higher
② ROIC: 6.0% or higher
③ Net Debt (Net Interest-Bearing Debt) / EBITDA Ratio: Within 3.0x

<Management Indicator Performance for H1 FY2025 (Latest 12 Months)>
① ROE: 11.4%
② ROIC: 5.8%
③ Net Debt (Net Interest-Bearing Debt) / EBITDA Ratio: ▲0.0x

Our response to realizing management conscious of capital costs and stock price is disclosed on our company website.
https://www.kappa-create.co.jp/ir_info/taiou.html

Status of Dialogue with Shareholders, etc.
The status of dialogue with shareholders and other matters are disclosed in "III-2. IR Activities Status" of this report and on our company website.
https://www.kappa-create.co.jp/ir_info/taiwa.html

EVENT TIMELINE

S Shareholder A Capital Signal

No capital allocation signals recorded for this company.

#	Shareholder	Shares (thou.)	% of Total
1	株式会社ＳＰＣカッパ	24,943	50.5%
2	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社（信託口）	3,159	6.4%
3	Custody Bank of Japan, Ltd. (Trust Account) みずほ信託銀行株式会社退職給付信託みずほ銀行口再信託受信者株式会社日本カストディ銀行	383	0.8%
4	カッパ・クリエイト従業員持株会	261	0.5%
5	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	236	0.5%
6	JPMorgan Chase Bank, N.A. ＪＰＭＯＲＧＡＮＣＨＡＳＥＢＡＮＫ３８５７８１（常任代理人株式会社みずほ銀行決済営業部）	217	0.4%
7	BNY Mellon (Nominee) ＴＨＥＢＡＮＫＯＦＮＥＷＹＯＲＫＭＥＬＬＯＮ１４００４２（常任代理人株式会社みずほ銀行決済営業部）	101	0.2%
8	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口４）	96	0.2%
9	ＢＮＰＰＡＲＩＢＡＳＮＥＷＹＯＲＫＢＲＡＮＣＨ－ＰＲＩＭＥＢＲＯＫＥＲＡＧＥＣＬＥＡＲＡＮＣＥＡＣＣＯＵＮＴ（常任代理人香港上海銀行東京支店カストディ業務部）	55	0.1%
10	Nomura Trust and Banking Co., Ltd. 野村信託銀行株式会社（投信口）	34	0.1%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

7.9%

+1.2% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.7%

+0.7% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

51.2%

-1.0% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2022	2023	2024	2025
式会社SPCカッパ		50.56%	50.56%	50.55%	50.54% -0.01%
The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行		4.97%	5.84%	5.19%	6.40% +1.21%
Custody Bank of Japan, Ltd. (Trust Account) 日本カストディ銀行		1.46%	1.52%	1.50%	1.46% -0.04%
カッパ・クリエイト従業員持株会		0.61%	0.60%	0.57%	0.53% -0.04%
JPMorgan Chase Bank, N.A. NEW ENTRY JP Morgan		—	0.20%	—	0.44% NEW
BNY Mellon (Nominee) NEW ENTRY BNY Mellon	—	—	—	—	0.21% NEW
BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT NEW ENTRY	—	—	—	—	0.11% NEW
Nomura Trust and Banking Co., Ltd. NEW ENTRY 野村信託銀行	—	—	—	—	0.07% NEW
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) last seen 2024	Exited Top 10	—	—	0.32%	—
BNP PARIBAS FINANCIAL MARKETS last seen 2024	Exited Top 10	—	—	0.31%	—
SMBC Nikko Securities Inc. SMBC日興証券 last seen 2024	Exited Top 10	0.12%	0.41%	0.26%	—
BofA証券 last seen 2024	Exited Top 10	—	—	0.20%	—
BNPパリバ証券 last seen 2022	Exited Top 10	0.12%	—	—	—
SIX SIS FOR SWISS NATIONAL BANK last seen 2022	Exited Top 10	0.12%	—	—	—
Morgan Stanley Morgan Stanley last seen 2023	Exited Top 10	—	0.32%	—	—
State Street Bank and Trust Company State Street last seen 2023	Exited Top 10	—	0.32%	—	—
Concentration (HHI) ⓘ		2584	2594	2585	2598

4 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥6M

Holdings 1

Held Company	FY2025 ¥6M total
	Book Val ¥M	Shares
Mizuho Financial Group, Inc. (株)みずほフィナンシャルグループ	6	1,500
Portfolio total	6

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding · Only one fiscal year available

Historical Valuation Mapping