# Kintetsu Department Store Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第132期(2025/03/01－2026/02/28) (S100Y5TO)
> Page: https://vizora.meequs.com/en/company/d-kintetsu
> Retrieved: 2026-09-30T18:42:56.386Z

## Company

Kintetsu Department Store, founded in 1920, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,954 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kintetsu Department Store Co., Ltd. |
| Ticker | 8244 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8244.T) |
| Listing | TSE Standard |
| Head office | 大阪市阿倍野区阿倍野筋1丁目1番43号 |
| Representative (per filing) | 代表取締役 社長執行役員 梶間 隆弘 |
| Founded | Feb 1920 |
| Share capital | ¥15B |
| Employees (consolidated) | 1,954 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | February |
| Website | www.d-kintetsu.co.jp (https://www.d-kintetsu.co.jp/) |
| Corporate number | 3120001098201 |
| EDINET | E03021 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors, Car Dealers & Used Cars, Department Stores |

> Profile source: annual securities report (S100Y5TO, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Department Stores (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 6 |
| Profitability | 50 | 7 |
| Cash conversion | 50 | 7 |
| Efficiency | 92.9 | 7 |

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 Kintetsu Department Store's sales come from Department store business, with Wholesale and retail business and interior decoration business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.0% from the prior year, operating profit +25.5%.

## Company structure

- Segment revenue mix: Department store business 83.9%、Wholesale and retail business 12.2%、interior decoration business 3.6%、real estate rental 0.3%
- Revenue → net income: ¥125450000000 → ¥3709000000
- Net income → operating cash flow: ¥3709000000 → ¥15234000000（difference ¥11525000000）
- Main uses of operating cash flow: CapEx ¥4134000000 / dividends ¥777000000 / buybacks ¥0
- Change in cash: ¥2069000000
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 | ¥125.5B |  |
| Operating income | ¥6.72B | Margin 5.4% |
| Net income | ¥3.71B | Margin 3.0% |
| Free cash flow | ¥11.1B |  |
| Largest business | Department store business | of segment revenue 83.9% |
| Employees (consolidated) | 1,954 |  |
| EPS | ¥78.37 |  |
| Book value per share | ¥940.91 |  |
| Equity ratio | 36.7% |  |
| Shares outstanding | 40,437,000 |  |
| Treasury shares | 61,700 |  |
| Shareholders | 39,815 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 3.7% | Cash ÷ revenue 3.7% |
| Vs. industry median margin | 0 pp | Department Stores |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income
- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, employees 0% while operating income rose 25%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥218351000000 | ¥125450000000 | -42.5% |
| Operating income | ¥-2020000000 | ¥6718000000 | — |
| Operating margin | -0.9% | 5.4% | +6.3 pp |
| Employees | 2,246 people | 1,954 people | -13.0% |
| Cash and equivalents | ¥5618000000 | ¥4658000000 | -17.1% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 百貨店業 → 百貨店業 | 83.9% |
| 百貨店業 → 事業再編・廃止 | 6.1% |
| 卸・小売業 → 卸・小売業 | 7.0% |
| 内装業 → 内装業 | 1.5% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 卸・小売業 | 5.2% |
| 新設・再編 → 内装業 | 2.1% |
| 新設・再編 → 不動産業 | 0.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Department store business | 5 years | -12.1% | ¥103168000000 | 5.5% | 2 |
| Wholesale and retail business | 5 years | -0.5% | ¥15024000000 | 1.3% | 2 |
| interior decoration business | 5 years | +5.9% | ¥4470000000 | 17.6% | 2 |
| real estate rental | 4 years | +4.1% | ¥340000000 | 70.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 125,450 | 100.0% | S100Y5TO |
| Cost of revenue | 61,682 | 49.2% | S100Y5TO |
| Gross profit | 63,768 | 50.8% | S100Y5TO |
| SG&A | 57,049 | 45.5% | S100Y5TO |
| Operating income | 6,718 | 5.4% | S100Y5TO |
| Ordinary income | 6,613 | 5.3% | S100Y5TO |
| Pretax income | 5,988 | 4.8% | S100Y5TO |
| Income tax | 2,279 | 1.8% | S100Y5TO |
| Net income | 3,709 | 3.0% | S100Y5TO |
| Net income attributable to owners | 3,709 | 3.0% | S100Y5TO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 46 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 50.8% → Operating margin 5.4% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.0%; Core profit growth: +25.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.84×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 115,107 | 125,450 | 10,343 | +9.0% |
| Gross profit | 58,166 | 63,768 | 5,602 | +9.6% |
| Operating income | 5,353 | 6,718 | 1,365 | +25.5% |
| Net income attributable to owners | 3,484 | 3,709 | 225 | +6.5% |
| Operating cash flow | 6,730 | 15,234 | 8,504 | +126.4% |
| Free cash flow | 2,648 | 11,100 | 8,452 | +319.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 283,466 | 4,529 | 1.6% | 3,225 | 9,999 | 3,601 | S100LF4D |
| FY ending Feb 2021 | 218,351 | -2,020 | -0.9% | -4,949 | 4,297 | 306 | S100O4OF |
| FY ending Feb 2022 | 98,146 | -1,399 | -1.4% | -775 | 2,505 | -1,045 | S100QTKX |
| FY ending Feb 2023 | 107,848 | 1,566 | 1.5% | 1,893 | 7,564 | 4,829 | S100THNX |
| FY ending Feb 2024 | 113,506 | 3,902 | 3.4% | 2,777 | 10,170 | 6,785 | S100VSE6 |
| FY ending Feb 2025 | 115,107 | 5,353 | 4.7% | 3,484 | 6,730 | 2,648 | S100Y5TO |
| FY ending Feb 2026 | 125,450 | 6,718 | 5.4% | 3,709 | 15,234 | 11,100 | S100Y5TO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.2M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,225 | 2,142 | 2,103 | 1,962 | 1,954 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.7M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 45.7 years | 46.4 years | 46.9 years | 47.1 years | 46.9 years |
| Average tenure (parent company) | 22.1 years | 22.6 years | 22.8 years | 22.6 years | 22.2 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +9.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Department store business | 103,168 | 83.9% | 5,692 | 5.5% |
| Wholesale and retail business | 15,024 | 12.2% | 196 | 1.3% |
| interior decoration business | 4,470 | 3.6% | 788 | 17.6% |
| real estate rental | 340 | 0.3% | 241 | 70.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Department store business | 83.9% | 82.3% | -1.6 | 5.5% |
| Wholesale and retail business | 12.2% | 2.8% | -9.4 | 1.3% |
| interior decoration business | 3.6% | 11.4% | 7.8 | 17.6% |
| real estate rental | 0.3% | 3.5% | 3.2 | 70.9% |

Segment → industry: real estate rental → Real Estate Development & Leasing / interior decoration business → General Contractors / Wholesale and retail business → Car Dealers & Used Cars / Department store business → Department Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,234 | 12.1% | S100Y5TO |
| Capital expenditure | 4,134 | 3.3% | S100Y5TO |
| Free cash flow | 11,100 | 8.8% | 算出 |
| Investing cash flow | -12,495 | -10.0% | S100Y5TO |
| Financing cash flow | -669 | -0.5% | S100Y5TO |
| Dividends paid | 777 | 0.6% | S100Y5TO |
| Share buyback | 0 | 0.0% | S100Y5TO |
| Change in cash | 2,069 | 1.6% | S100Y5TO |
| Cash and equivalents | 4,658 | 3.7% | S100Y5TO |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,104 | 3,243 | 3,728 | 2,588 | 4,658 | S100THNX, S100VSE6, S100Y5TO |
| Total assets | 119,384 | 118,343 | 115,364 | 114,388 | 124,749 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Net assets | 33,311 | 34,586 | 37,317 | 38,576 | 45,825 | S100THNX, S100VSE6, S100Y5TO |
| Share capital | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Trade receivables | 9,347 | — | — | — | — | S100QTKX |
| Property, plant and equipment | 69,869 | 67,143 | 65,026 | 63,670 | 57,809 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Intangible assets excluding goodwill | 3,467 | 2,679 | 2,047 | 1,836 | 1,852 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Investment securities | 3,511 | 4,148 | 4,084 | 4,082 | 6,270 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Current assets | 24,767 | 26,224 | 27,317 | 27,883 | 41,065 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Current liabilities | 79,145 | 77,484 | 73,380 | 71,890 | 74,746 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Trade payables | 15,312 | 18,310 | 19,102 | 19,170 | 20,456 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Short-term borrowings | 14,246 | 10,256 | 5,145 | 4,623 | 2,192 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Long-term borrowings | 2,595 | 2,328 | 896 | — | — | S100QTKX, S100THNX, S100VSE6 |
| Total liabilities | 86,072 | 83,756 | 78,046 | 75,812 | 78,924 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Equity attributable to owners of parent | 31,765 | 32,848 | 34,963 | 36,114 | 41,645 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Retained earnings | 7,862 | 9,755 | 12,132 | 15,072 | 18,002 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |
| Treasury stock | -87 | -870 | -1,223 | -2,975 | -219 | S100QTKX, S100THNX, S100VSE6, S100Y5TO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y5TO |
| Property, plant and equipment | 46% | S100Y5TO |
| Intangibles and goodwill | 2% | S100Y5TO |
| Investment securities | 5% | S100Y5TO |
| Other assets | 43% | S100Y5TO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100Y5TO |
| Other liabilities | 47% | S100Y5TO |
| Equity | 37% | S100Y5TO |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 119,384 | 118,343 | 115,364 | 114,388 | 124,749 |
| Equity | 33,311 | 34,586 | 37,317 | 38,576 | 45,825 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,104 | 3,243 | 3,728 | 2,588 | 4,658 |

## 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) | 46.1% | S100Y5TO |
| Fixed assets ÷ total assets | 46.3% | S100Y5TO |
| Goodwill ÷ parent equity | — | —, S100Y5TO |

### 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) | 3.7% |
| Cash ÷ revenue | 3.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 226.8% |
| Cash vs. profit gap | 11,525 JPY mn (of net income 310.7%) |
| Shareholder returns / net income | 20.9% |
| Shareholder returns / FCF | 7.0% |
| Shareholder payments — dividends / net income | 20.9% |
| Shareholder payments — dividends / FCF | 7.0% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 82.0% |

## 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 | — | —× | -0.6% | —× | — | S100QTKX |
| 2023 | 1.8% | 0.91× | 1.6% | 3.68× | 5.9% | S100THNX |
| 2024 | 2.4% | 0.97× | 2.4% | 3.45× | 8.2% | S100VSE6 |
| 2025 | 3.0% | 1.00× | 3.0% | 3.23× | 9.8% | S100Y5TO |
| 2026 | 3.0% | 1.05× | 3.1% | 3.08× | 9.5% | S100Y5TO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 近鉄グループホールディングス株式会社 | Major shareholder | 63.1% | 2026-02-28 |
| 株式会社日本カストディ銀行 （りそな銀行再信託分・近畿日本鉄道株式会社退職給付信託口） | Major shareholder | 3.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.3% | 2026-02-28 |
| 近鉄共栄持株会 | Major shareholder | 1.7% | 2026-02-28 |
| 株式会社近鉄エクスプレス | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社奥村組 | Major shareholder | 0.7% | 2026-02-28 |
| 株式会社大林組 | Major shareholder | 0.7% | 2026-02-28 |
| 株式会社きんでん | Major shareholder | 0.7% | 2026-02-28 |
| ＫＮＴ－ＣＴホールディングス株式会社 | Major shareholder | 0.6% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 0.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/03/01－2026/02/28) | S100Y5TO | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5TO,, |
| 有価証券報告書－第131期(2024/03/01－2025/02/28) | S100VSE6 | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSE6,, |
| 有価証券報告書－第130期(2023/03/01－2024/02/29) | S100THNX | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THNX,, |
| 有価証券報告書－第129期(2022/03/01－2023/02/28) | S100QTKX | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTKX,, |
| 有価証券報告書－第128期(令和3年3月1日－令和4年2月28日) | S100O4OF | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4OF,, |
| 有価証券報告書－第127期(令和2年3月1日－令和3年2月28日) | S100LF4D | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF4D,, |

## 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).