# KAITORIOKOKU Co.,Ltd: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/03/01－2026/02/28) (S100Y6PJ)
> Page: https://vizora.meequs.com/en/company/kaitoriokoku
> Retrieved: 2026-09-30T23:06:45.965Z

## Company

Kaitoriokoku, founded in 1961, is a company in Secondhand Retail listed on TSE Standard. It has 175 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAITORI OKOKU CO.,LTD. |
| Ticker | 3181 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3181.T) |
| Listing | TSE Standard |
| Head office | 名古屋市港区川西通五丁目12番地 |
| Representative (per filing) | 代表取締役社長 嶋本 匡能 |
| Founded | Mar 1961 |
| Share capital | ¥66.9M |
| Employees (consolidated) | 175 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | February |
| Website | www.okoku.jp (https://www.okoku.jp/) |
| Corporate number | 8180001071932 |
| EDINET | E27202 |
| Industries (Vizora) | Secondhand Retail |

> Profile source: annual securities report (S100Y6PJ, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 17 |
| Profitability | 62.5 | 20 |
| Cash conversion | 50 | 15 |
| Efficiency | 37.5 | 20 |

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)

- Kaitoriokoku brought in ¥9.33B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +20.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9330889000 → ¥358062000
- Net income → operating cash flow: ¥358062000 → ¥463963000（difference ¥105901000）
- Main uses of operating cash flow: CapEx ¥454644000 / dividends ¥36508000 / buybacks ¥37000
- Change in cash: ¥481103000
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 | ¥9.33B |  |
| Operating income | ¥507.1M | Margin 5.4% |
| Net income | ¥358.1M | Margin 3.8% |
| Free cash flow | ¥9.3M |  |
| Employees (consolidated) | 175 |  |
| EPS | ¥97.87 |  |
| Book value per share | ¥928.88 |  |
| Equity ratio | 57.1% |  |
| Shares outstanding | 3,680,950 |  |
| Treasury shares | 19,900 |  |
| Shareholders | 1,821 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 23.7% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | +2.1 pp | Secondhand Retail |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4893308000 | ¥9330889000 | +90.7% |
| Operating income | ¥125896000 | ¥507081000 | +302.8% |
| Operating margin | 2.6% | 5.4% | +2.9 pp |
| Employees | 131 people | 175 people | +33.6% |
| Cash and equivalents | ¥1088689000 | ¥1413462000 | +29.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,331 | 100.0% | S100Y6PJ |
| Cost of revenue | 4,488 | 48.1% | 算出 |
| Gross profit | 4,843 | 51.9% | S100Y6PJ |
| SG&A | 4,336 | 46.5% | S100Y6PJ |
| Operating income | 507 | 5.4% | S100Y6PJ |
| Ordinary income | 546 | 5.9% | S100Y6PJ |
| Pretax income | 527 | 5.7% | S100Y6PJ |
| Income tax | 169 | 1.8% | S100Y6PJ |
| Net income | 358 | 3.8% | S100Y6PJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 47 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 51.9% → Operating margin 5.4% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +20.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.04×
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 | 7,823 | 9,331 | 1,508 | +19.3% |
| Gross profit | 4,129 | 4,843 | 714 | +17.3% |
| Operating income | 422 | 507 | 85 | +20.1% |
| Operating cash flow | 107 | 464 | 357 | +332.0% |
| Free cash flow | -157 | 9 | 166 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 4,893 | 109 | 2.2% | 63 | 243 | 206 | S100LDMT |
| FY ending Feb 2021 | 4,893 | 126 | 2.6% | 102 | 371 | 310 | S100NYL0 |
| FY ending Feb 2022 | 4,951 | 195 | 3.9% | 123 | -54 | -124 | S100QT41 |
| FY ending Feb 2023 | 5,866 | 387 | 6.6% | 274 | 192 | 101 | S100T8C7 |
| FY ending Feb 2024 | 6,739 | 496 | 7.4% | 360 | 355 | 286 | S100VTY6 |
| FY ending Feb 2025 | 7,823 | 422 | 5.4% | 328 | 107 | -157 | S100Y6PJ |
| FY ending Feb 2026 | 9,331 | 507 | 5.4% | 358 | 464 | 9 | S100Y6PJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.3M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2M |

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) | 125 | 131 | 134 | 181 | 175 |
| Average salary (parent company) | ¥4M | ¥4.3M | ¥4.7M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 36.0 years | 35.0 years | 36.0 years | 38.0 years | 37.0 years |
| Average tenure (parent company) | 7.0 years | 7.0 years | 8.0 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) -3.3% · Revenue (consolidated) +19.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 464 | 5.0% | S100Y6PJ |
| Capital expenditure | 455 | 4.9% | S100Y6PJ |
| Free cash flow | 9 | 0.1% | 算出 |
| Investing cash flow | -250 | -2.7% | S100Y6PJ |
| Financing cash flow | 267 | 2.9% | S100Y6PJ |
| Dividends paid | 37 | 0.4% | S100Y6PJ |
| Share buyback | 0 | 0.0% | S100Y6PJ |
| Change in cash | 481 | 5.2% | S100Y6PJ |
| Cash and equivalents | 1,413 | 15.1% | S100Y6PJ |

## 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 | 909 | 1,019 | 1,265 | 932 | 1,413 | S100T8C7, S100VTY6, S100Y6PJ |
| Total assets | 3,447 | 3,955 | 4,447 | 5,228 | 5,957 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Net assets | 2,120 | 2,398 | 2,751 | 3,063 | 3,401 | S100T8C7, S100VTY6, S100Y6PJ |
| Share capital | 30 | 38 | 49 | 59 | 67 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Property, plant and equipment | 565 | 620 | 677 | 830 | 1,074 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Intangible assets excluding goodwill | 32 | 12 | 27 | 89 | 87 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Investment securities | 250 | 250 | 250 | 150 | 100 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Current assets | 2,198 | 2,641 | 3,019 | 3,518 | 4,010 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Current liabilities | 608 | 793 | 967 | 989 | 1,242 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Long-term borrowings | 596 | 631 | 574 | 927 | 1,109 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Total liabilities | 1,327 | 1,557 | 1,696 | 2,165 | 2,557 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Equity attributable to owners of parent | 2,120 | 2,398 | 2,751 | 3,063 | 3,401 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Retained earnings | 1,505 | 1,767 | 2,098 | 2,390 | 2,712 | S100QT41, S100T8C7, S100VTY6, S100Y6PJ |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100T8C7, S100VTY6, S100Y6PJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Y6PJ |
| Property, plant and equipment | 18% | S100Y6PJ |
| Intangibles and goodwill | 1% | S100Y6PJ |
| Investment securities | 2% | S100Y6PJ |
| Other assets | 55% | S100Y6PJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100Y6PJ |
| Equity | 57% | S100Y6PJ |

### 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 | 3,447 | 3,955 | 4,447 | 5,228 | 5,957 |
| Equity | 2,120 | 2,398 | 2,751 | 3,063 | 3,401 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 909 | 1,019 | 1,265 | 932 | 1,413 |

## 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) | 11.5% | S100Y6PJ |
| Fixed assets ÷ total assets | 18.0% | S100Y6PJ |
| Goodwill ÷ parent equity | — | —, S100Y6PJ |

### 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) | 23.7% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.5% |
| Cash vs. profit gap | 106 JPY mn (of net income 29.6%) |
| Shareholder returns / net income | 10.2% |
| Shareholder returns / FCF | 392.2% |
| Shareholder payments — dividends / net income | 10.2% |
| Shareholder payments — dividends / FCF | 391.8% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 53.9% |

## 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 | 2.5% | 1.44× | 3.6% | 1.63× | 5.8% | S100QT41 |
| 2023 | 4.7% | 1.58× | 7.4% | 1.64× | 12.1% | S100T8C7 |
| 2024 | 5.3% | 1.60× | 8.6% | 1.63× | 14.0% | S100VTY6 |
| 2025 | 4.2% | 1.62× | 6.8% | 1.66× | 11.3% | S100Y6PJ |
| 2026 | 3.8% | 1.67× | 6.4% | 1.73× | 11.1% | S100Y6PJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社カルチャービジネス | Major shareholder | 36.2% | 2026-02-28 |
| 長谷川 太一 | Major shareholder | 5.9% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 4.9% | 2026-02-28 |
| 長谷川 和夫 | Major shareholder | 3.0% | 2026-02-28 |
| ヨシダ トモヒロ | Major shareholder | 2.9% | 2026-02-28 |
| 壬生 順三 | Major shareholder | 1.8% | 2026-02-28 |
| 買取王国社員持株会 | Major shareholder | 1.7% | 2026-02-28 |
| NOMURA PB NOMINEES LIMITED OMNIBUS MARGIN（CASHPB）(常任代理人 野村證券株式会社） | Major shareholder | 1.6% | 2026-02-28 |
| 増田 千華 | Major shareholder | 1.4% | 2026-02-28 |
| 長谷川 ちひろ | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y6PJ | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6PJ,, |
| 有価証券報告書－第26期(2024/03/01－2025/02/28) | S100VTY6 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTY6,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100T8C7 | 2024-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T8C7,, |
| 有価証券報告書－第24期(2022/03/01－2023/02/28) | S100QT41 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT41,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100NYL0 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYL0,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LDMT | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDMT,, |

## 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).