K 
Kawai Musical Instruments Manufacturing Co 7952.T · JPY
Consumer Discretionary · Tokyo Stock Exchange · 🇯🇵 Japan
3,035
+1.37%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥72.05bn
FY2017FY2026
Net income
¥1.14bn
FY2017FY2026
Free cash flow
−¥3.45bn
FY2017FY2026
Shareholders' equity
¥46.74bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥72.05bn | ¥72.92bn | ¥80.19bn | ¥87.77bn | ¥85.70bn | ¥67.52bn | ¥71.30bn | ¥72.38bn | ¥70.80bn | ¥66.55bn |
| Gross profit | ¥18.74bn | ¥18.30bn | ¥20.71bn | ¥22.82bn | ¥23.48bn | ¥18.10bn | ¥18.54bn | ¥19.25bn | ¥17.87bn | ¥17.33bn |
| Research and development | — | ¥473.0m | ¥381.0m | ¥454.0m | ¥493.0m | ¥482.0m | ¥639.0m | ¥670.0m | ¥648.0m | ¥672.0m |
| Operating income | ¥113.0m | ¥306.0m | ¥3.25bn | ¥5.05bn | ¥6.70bn | ¥3.49bn | ¥2.96bn | ¥3.67bn | ¥2.75bn | ¥2.32bn |
| Net income | ¥1.14bn | ¥405.0m | ¥2.78bn | ¥3.67bn | ¥5.05bn | ¥2.58bn | ¥1.54bn | ¥2.01bn | ¥1.95bn | ¥1.63bn |
| Diluted earnings per share | 132.64 | 47.08 | 323.62 | 427.17 | 587.11 | 300.18 | 179.76 | 234.26 | 228.29 | 188.91 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥78.88bn | ¥76.04bn | ¥75.37bn | ¥70.82bn | ¥68.39bn | ¥60.70bn | ¥51.76bn | ¥53.23bn | ¥52.91bn | ¥49.83bn |
| Cash and short-term investments | ¥10.76bn | ¥13.30bn | ¥18.23bn | ¥19.32bn | ¥22.66bn | ¥19.47bn | ¥10.39bn | ¥11.80bn | ¥10.98bn | ¥9.82bn |
| Total liabilities | ¥32.13bn | ¥31.50bn | ¥32.23bn | ¥32.36bn | ¥34.84bn | ¥32.77bn | ¥26.04bn | ¥28.22bn | ¥29.60bn | ¥27.79bn |
| Debt | ¥11.31bn | ¥9.51bn | ¥8.74bn | ¥9.22bn | ¥10.43bn | ¥11.65bn | ¥6.22bn | ¥7.10bn | ¥8.24bn | ¥6.30bn |
| Shareholders' equity | ¥46.74bn | ¥44.54bn | ¥42.93bn | ¥38.26bn | ¥33.38bn | ¥27.82bn | ¥25.62bn | ¥24.92bn | ¥23.22bn | ¥21.97bn |
| Shares outstanding | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m | 9m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥630.0m | −¥1.61bn | ¥1.56bn | −¥613.0m | ¥5.08bn | ¥4.94bn | ¥1.57bn | ¥3.71bn | ¥3.16bn | ¥2.58bn |
| Capital spending | −¥2.82bn | −¥1.56bn | −¥1.16bn | −¥1.45bn | −¥1.06bn | −¥867.0m | −¥1.33bn | −¥1.31bn | −¥1.61bn | −¥956.0m |
| Free cash flow | −¥3.45bn | −¥3.17bn | ¥405.0m | −¥2.06bn | ¥4.02bn | ¥4.08bn | ¥246.0m | ¥2.40bn | ¥1.55bn | ¥1.63bn |
| Dividends paid | −¥817.0m | −¥818.0m | −¥731.0m | −¥642.0m | −¥471.0m | −¥471.0m | −¥471.0m | −¥428.0m | −¥444.0m | −¥426.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥17.10bn | ¥18.74bn | ¥18.12bn | ¥17.40bn | ¥17.79bn | ¥18.46bn | ¥18.30bn | ¥18.55bn |
| Gross profit | ¥4.77bn | ¥4.95bn | ¥5.10bn | ¥4.62bn | ¥4.06bn | ¥4.73bn | ¥4.72bn | ¥4.87bn |
| Operating income | −¥256.0m | ¥110.0m | ¥418.0m | ¥85.0m | −¥500.0m | ¥476.0m | ¥63.0m | ¥333.0m |
| Net income | −¥116.0m | ¥684.0m | ¥470.0m | ¥156.0m | −¥169.0m | ¥574.0m | ¥236.0m | −¥123.0m |
| Diluted earnings per share | -13.48 | 79.51 | 54.64 | 18.13 | -19.65 | 66.73 | 27.44 | -14.30 |
| Total assets | ¥79.58bn | ¥78.88bn | ¥76.38bn | ¥73.22bn | ¥74.43bn | ¥76.04bn | ¥70.07bn | ¥72.78bn |
| Cash and short-term investments | ¥10.03bn | ¥10.76bn | ¥12.13bn | ¥11.24bn | ¥13.55bn | ¥13.30bn | ¥13.36bn | ¥14.98bn |
| Debt | ¥8.14bn | ¥11.31bn | ¥6.30bn | ¥10.02bn | ¥5.63bn | ¥8.76bn | ¥5.58bn | ¥7.68bn |
| Shareholders' equity | ¥46.00bn | ¥46.74bn | ¥44.75bn | ¥42.93bn | ¥42.44bn | ¥44.54bn | ¥42.14bn | ¥43.84bn |
Financial ratios
Data as of 24 Sept 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 26.0% | 25.1% | 25.8% | 26.0% | 27.4% | 26.8% | — |
| Operating margin | 0.2% | 0.4% | 4.1% | 5.7% | 7.8% | 5.2% | — |
| Net margin | 1.6% | 0.6% | 3.5% | 4.2% | 5.9% | 3.8% | — |
| Return on equity | 2.4% | 0.9% | 6.5% | 9.6% | 15.1% | 9.3% | — |
| Return on assets | 1.4% | 0.5% | 3.7% | 5.2% | 7.4% | 4.3% | — |
| Free cash flow yield | 7.7% | -0.2% | 9.6% | 3.0% | 21.7% | 20.5% | — |
| Revenue growth | -1.2% | -9.1% | -8.6% | 2.4% | 26.9% | -5.3% | — |
| Earnings growth | 181.7% | -85.4% | -24.2% | -27.2% | 95.6% | 67.0% | — |
| Current ratio | 2.39x | 2.78x | 2.72x | 2.52x | 2.26x | 2.24x | — |
| Debt to equity | 0.24x | 0.20x | 0.19x | 0.23x | 0.31x | 0.41x | — |
| Equity ratio | 59.3% | 58.6% | 57.0% | 54.0% | 48.8% | 45.8% | — |
| Interest coverage | 0.75x | 3.69x | 45.83x | 59.36x | 83.71x | 44.79x | — |
| R&D as a share of sales | — | 0.6% | 0.5% | 0.5% | 0.6% | 0.7% | 0.9% |
| Buybacks as a share of market value | 0.0% | -0.0% | -0.0% | -0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.4% | 1.3% | 0.4% |
| Operating income | -71.8% | -49.7% | -27.1% |
| Net income | -32.3% | -15.1% | -4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.5% | 25.7% | 26.2% | 26.1% |
| Operating margin | 0.3% | 2.8% | 4.1% | 4.1% |
| Net margin | 1.1% | 2.6% | 3.4% | 3.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.1 | 58.3 | 9.2 | 8.3 | 4.4 | 11.4 | 17.3 | 16.8 | 13.3 | 13.6 |
| Price to sales | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.4 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 190.00 | 95.00 | 85.00 | 75.00 | 55.00 | 55.00 | 2.00 | 50.00 |
- 10-to-1 reverse split · 26 Sept 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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