K.R.S.Corporation

株式会社キユーソー流通システム

Warehousing & Harbor Transportation Services

← Companies

Price

¥3,180

Market Cap

¥79.0B

Ent. Value

¥118.1B

Net Debt

−¥39.0B

Shares Out.

24.9M

P / E

29.8×

EV / EBIT

20.9×

P / Book

1.75×

P / NCAV

N/M

Div. Yield

0.86%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥202.6B	¥195.2B	¥184.6B	¥179.6B	¥176.0B
SG&A	¥6.7B	¥6.6B	¥6.3B	¥6.0B	¥6.0B
Operating Income	¥5.6B	¥5.6B	¥4.0B	¥3.7B	¥3.6B
Non-Operating Income	¥497M	¥545M	¥392M	¥370M	¥408M
Dividend Income	¥52M	¥48M	¥37M	¥41M	¥36M
Interest Income	¥27M	¥8M	¥15M	¥6M	¥42M
Non-Operating Expenses	¥1.3B	¥1.2B	¥953M	¥805M	¥740M
Interest Expense	¥1.2B	¥1.1B	¥818M	¥649M	¥617M
Ordinary Income	¥4.8B	¥4.9B	¥3.5B	¥3.3B	¥3.3B
Pre-tax Income	¥4.8B	¥4.9B	¥-56M	¥3.1B	¥3.2B
Income Taxes	¥1.6B	¥1.5B	¥841M	¥1.3B	¥1.2B
Current Tax	¥1.7B	¥1.6B	¥1.2B	¥1.1B	¥1.2B
Deferred Tax	¥-100M	¥-131M	¥-370M	¥199M	¥-20M
Net Income (owners)	¥2.6B	¥2.7B	¥-1.3B	¥1.5B	¥1.6B
Minority Interest	¥551M	¥722M	¥437M	¥344M	¥442M
Comprehensive Income	¥3.2B	¥3.9B	¥-74M	¥5.0B	¥3.4B
EBITDA	¥13.3B	¥12.8B	¥11.0B	¥10.3B	¥9.8B
Goodwill Amort. (J-GAAP)	¥253M	¥261M	¥250M	¥234M	¥251M
EPS	¥106.54	¥107.04	¥-53.70	¥58.67	¥62.81
Shares Outstanding	24.9M	24.9M	24.9M	24.9M	12.4M
Shares Issued (total)	25.4M	25.4M	25.4M	25.4M	12.7M
Treasury Shares	0.5M	0.5M	0.5M	0.5M	0.2M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥136.6B	¥130.6B	¥118.9B	¥119.0B	¥110.8B
Current Assets	¥32.4B	¥32.4B	¥28.0B	¥29.3B	¥27.5B
Cash & Deposits	¥4.5B	¥5.5B	¥3.9B	¥5.0B	¥3.8B
Inventories	¥69M	¥72M	¥63M	¥80M	¥85M
Non-Current Assets	¥104.2B	¥98.3B	¥90.8B	¥89.6B	¥83.3B
PP&E	¥81.8B	¥77.8B	¥73.2B	¥73.8B	¥69.1B
Goodwill	¥1.2B	¥1.6B	¥1.9B	¥2.1B	¥1.9B
Intangible Assets	¥6.8B	¥6.4B	¥5.8B	¥5.6B	¥5.1B
Investment Securities	¥4.5B	¥4.1B	¥2.7B	¥2.3B	¥1.8B
Deferred Tax Assets	¥543M	¥573M	¥782M	¥595M	¥832M
Total Liabilities	¥79.4B	¥76.0B	¥67.4B	¥66.8B	¥63.0B
Current Liabilities	¥45.0B	¥44.5B	¥37.6B	¥37.4B	¥34.6B
ST Debt	¥15.3B	¥14.5B	¥12.0B	¥12.1B	¥9.6B
Taxes Payable	¥873M	¥1.1B	¥688M	¥569M	¥720M
Non-Current Liabilities	¥34.4B	¥31.5B	¥29.8B	¥29.5B	¥28.4B
Total LT Borrowings	¥28.2B	¥25.8B	¥24.3B	¥23.7B	¥23.1B
Pension Obligations	¥319M	¥327M	¥334M	¥322M	¥395M
Deferred Tax Liab.	¥2.2B	¥2.0B	¥2.0B	¥1.8B	¥1.6B
Total Equity	¥57.2B	¥54.7B	¥51.5B	¥52.2B	¥47.9B
Capital Stock	¥4.1B	¥4.1B	¥4.1B	¥4.1B	¥4.1B
Capital Surplus	¥4.2B	¥4.2B	¥4.2B	¥4.2B	¥4.2B
Retained Earnings	¥33.5B	¥31.4B	¥29.4B	¥31.3B	¥30.4B
Treasury Stock	¥-361M	¥-361M	¥-361M	¥-361M	¥-361M
AOCI	¥3.9B	¥3.6B	¥2.9B	¥2.2B	¥183M
Equity (owners)	¥41.4B	¥39.4B	¥37.3B	¥39.2B	¥38.3B
Minority Interests	¥11.9B	¥11.8B	¥11.3B	¥10.8B	¥9.4B

Total Interest-Bearing Debt ⓘ	¥43.5B	¥40.3B	¥36.3B	¥35.8B	¥32.8B
Net Cash ⓘ	¥-39.0B	¥-34.8B	¥-32.5B	¥-30.8B	¥-29.0B
NCAV ⓘ	¥-47.0B	¥-43.6B	¥-39.4B	¥-37.5B	¥-35.5B
NCAV/Share	¥-1,892	¥-1,755	¥-1,584	¥-1,508	¥-2,853
BV/Share	¥1,664	¥1,583	¥1,499	¥1,576	¥3,081

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥9.6B	¥12.3B	¥9.1B	¥8.1B	¥7.6B
Interest Paid	¥-1.2B	¥-1.1B	¥-816M	¥-649M	¥-618M
Interest Received	¥81M	¥55M	¥53M	¥50M	¥80M
D&A	¥7.4B	¥6.9B	¥6.7B	¥6.4B	¥5.9B
Goodwill Amort.	¥253M	¥261M	¥250M	¥234M	¥251M
Investing CF	¥-12.6B	¥-12.6B	¥-8.3B	¥-7.8B	¥-11.3B
CapEx	¥11.3B	¥11.3B	¥7.6B	¥7.0B	¥11.6B
Purchase Investments	¥-13M	¥-12M	¥-11M	¥-19M	¥-11M
Proceeds from Invest.	¥2M	—	¥0M	¥113M	¥48M
Financing CF	¥2.1B	¥1.9B	¥-1.9B	¥499M	¥-2.2B
Dividends Paid	¥-634M	¥-571M	¥-572M	¥-571M	¥-571M
Share Buybacks	—	¥0M	—	¥0M	¥0M
LT Debt Repaid	¥-7.0B	¥-6.9B	¥-5.6B	¥-5.3B	¥-4.6B
Free Cash Flow	¥-1.7B	¥1.1B	¥1.5B	¥1.1B	¥-4.0B
Net Change in Cash	¥-941M	¥1.6B	¥-1.1B	¥1.2B	¥-5.5B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	6.0%	6.4%	-2.6%	3.7%	4.2%
ROA	2.0%	2.1%	-1.1%	1.3%	1.4%
EPS	¥106.54	¥107.04	¥-53.70	¥58.67	¥62.81
DPS	¥27.50	¥23.50	¥23.00	¥23.00	¥46.00
BPS	¥1,822.13	¥1,725.99	¥1,616.98	¥1,665.15	¥1,547.89
FCF/Share	¥-68	¥42	¥59	¥46	¥-321
NCAV/Share	¥-1,892	¥-1,755	¥-1,584	¥-1,508	¥-2,853
Payout Ratio	25.8%	22.0%	—	39.2%	73.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 1

Date	Activist	Stake	Event	Flag	Demands	Source
2024-11-29	Mitsubishi Logistics Corporation	5.0%	initial_5pct	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	キユーピー株式会社	10,760	43.29%
2	株式会社中島董商店	1,474	5.93%
3	三菱倉庫株式会社	1,267	5.10%
4	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	1,248	5.02%
5	ＭＳＩＰＣＬＩＥＮＴＳＥＣＵＲＩＴＩＥＳ（常任代理人モルガン・スタンレーＭＵＦＧ証券株式会社）	987	3.97%
6	キユーソー持株会	671	2.70%
7	ＪＰモルガン証券株式会社	519	2.09%
8	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行	509	2.05%
9	野村證券株式会社	375	1.51%
10	ＪＰＪＰＭＳＥＬＵＸＲＥＵＢＳＡＧＬＯＮＤＯＮＢＲＡＮＣＨＥＱＣＯ（常任代理人株式会社三菱ＵＦＪ銀行）	246	0.99%

as of 2025-11-30 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

7.1%

-0.9% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

65.6%

+2.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
キユーピー		43.29%	43.29%	43.29%
式会社中島董商店		5.93%	5.93%	5.93%
三菱倉庫		—	5.10%	5.10%
日本マスタートラスト信託銀行		3.89%	5.55%	5.02% -0.53%
ＭＳＩＰＣＬＩＥＮＴＳＥＣＵＲＩＴＩＥＳ		1.40%	3.49%	3.97% +0.48%
キユーソー持株会		2.65%	2.73%	2.70% -0.03%
ＪＰモルガン証券 NEW ENTRY	—	—	—	2.09% NEW
日本カストディ銀行		3.49%	2.38%	2.05% -0.33%
野村證券 NEW ENTRY	—	—	—	1.51% NEW
ＪＰＪＰＭＳＥＬＵＸＲＥＵＢＳＡＧＬＯＮＤＯＮＢＲＡＮＣＨＥＱＣＯ NEW ENTRY	—	—	—	0.99% NEW
キユーソー流通システムグループ従業員持株会 last seen 2024	Exited Top 10	1.32%	1.06%	—
ＤＦＡＩＮＴＬ SMALL ＣＡＰＶＡＬＵＥＰＯＲＴＦＯＬＩＯ last seen 2024	Exited Top 10	—	0.87%	—
東洋水産 last seen 2024	Exited Top 10	—	0.87%	—
第一生命保険 last seen 2023	Exited Top 10	0.91%	—	—
みずほ銀行 last seen 2023	Exited Top 10	0.94%	—	—
三井住友銀行 last seen 2023	Exited Top 10	1.17%	—	—
Concentration (HHI) ⓘ		1950	1994	1995

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

Portfolio Book Value ¥2,101M +30% since 2023

Holdings 14 +1 new 1 exited

Trend 3 building vs 2023

Held Company	FY2025 ¥2,101M total		FY2023 ¥1,612M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TOYO SUISAN KAISHA, LTD. 東洋水産株式会社	1,121	100,000	787	100,000	M
TAKARA HOLDINGS INC. 宝ホールディングス株式会社	208	139,000	168	139,000	M
EZAKI GLICO CO.,LTD. 江崎グリコ株式会社	201	+2.4% ↑ 36,586	145	35,713
Kenko Mayonnaise Co., Ltd. ケンコーマヨネーズ株式会社	196	100,000	161	100,000	M
BOURBON CORPORATION 株式会社ブルボン	70	+4.5% ↑ 28,951	62	27,704
ROKKO BUTTER CO., LTD. 六甲バター株式会社	64	51,050	70	51,050	M
TOHO Co.,Ltd. 株式会社トーホー	56	16,000	49	16,000
株式会社ＧｅｎｋｉＧｌｏｂａｌＤｉｎｉｎｇＣｏｎｃｅｐｔｓ	49	NEW New 16,065	—
YUTAKA FOODS CORPORATION ユタカフーズ株式会社	43	20,800	36	20,800	M
Seven & i Holdings Co., Ltd. 株式会社セブン＆アイ・ホールディングス	33	+200.0% ↑ 15,570	28	5,190
NAKAMURAYA CO.,LTD. 株式会社中村屋	31	10,300	31	10,300	M
HAGOROMO FOODS CORPORATION はごろもフーズ株式会社	19	6,000	18	6,000	M
ARIAKE JAPAN Co.,Ltd. アリアケジャパン株式会社	5	1,000	4	1,000
DOUTOR NICHIRES Holdings.,Co Ltd. 株式会社ドトール・日レスホールディングス	5	2,000	4	2,000
元気寿司株式会社	—	−100% Exit —	49	15,548
Portfolio total	2,101		1,612

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