# Kamakura Shinsho, Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2025/02/01－2026/01/31) (S100Y0J1)
> Page: https://vizora.meequs.com/en/company/kamakura-shinsho
> Retrieved: 2026-09-30T22:24:38.786Z

## Company

Kamakura Shinsho, founded in 1984, is a company in Internet Services & Apps listed on TSE Prime. It has 244 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kamakura Shinsho, Ltd. |
| Ticker | 6184 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6184.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目14番1号 |
| Representative (per filing) | 代表取締役社長COO 小林 史生 |
| Founded | Apr 1984 |
| Share capital | ¥1.67B |
| Employees (consolidated) | 244 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | January |
| Website | www.kamakura-net.co.jp (https://www.kamakura-net.co.jp/) |
| Corporate number | 9010001040382 |
| EDINET | E31871 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100Y0J1, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.8 | 40 |
| Profitability | 63.7 | 51 |
| Cash conversion | 50 | 43 |
| Efficiency | 70.2 | 52 |

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)

- Kamakura Shinsho brought in ¥8.34B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +18.0% from the prior year, operating profit +27.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8335519000 → ¥758934000
- Net income → operating cash flow: ¥758934000 → ¥1305960000（difference ¥547026000）
- Main uses of operating cash flow: CapEx ¥480296000 / dividends ¥741509000 / buybacks —
- Change in cash: ¥2119282000
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 | ¥8.34B |  |
| Operating income | ¥1.16B | Margin 13.9% |
| Net income | ¥765.1M | Margin 9.2% |
| Free cash flow | ¥825.7M |  |
| Employees (consolidated) | 244 |  |
| EPS | ¥20.82 |  |
| Book value per share | ¥151.62 |  |
| Equity ratio | 75.1% |  |
| Shares outstanding | 41,194,972 |  |
| Shareholders | 11,579 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 51.8% | Cash ÷ revenue 50.3% |
| Vs. industry median margin | +6.3 pp | Internet Services & Apps |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, cash is 52% of total assets

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3238413000 | ¥8335519000 | +157.4% |
| Operating income | ¥265879000 | ¥1161949000 | +337.0% |
| Operating margin | 8.2% | 13.9% | +5.7 pp |
| Employees | 139 people | 244 people | +75.5% |
| Cash and equivalents | ¥2245251000 | ¥4193500000 | +86.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,336 | 100.0% | S100Y0J1 |
| Cost of revenue | 3,755 | 45.0% | S100Y0J1 |
| Gross profit | 4,581 | 55.0% | S100Y0J1 |
| SG&A | 3,419 | 41.0% | S100Y0J1 |
| Operating income | 1,162 | 13.9% | S100Y0J1 |
| Ordinary income | 1,165 | 14.0% | S100Y0J1 |
| Pretax income | 1,122 | 13.5% | S100Y0J1 |
| Income tax | 363 | 4.4% | S100Y0J1 |
| Net income | 759 | 9.1% | S100Y0J1 |
| Net income attributable to owners | 765 | 9.2% | S100Y0J1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 41 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 55.0% → Operating margin 13.9% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.0%; Core profit growth: +27.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.53×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,061 | 8,336 | 1,274 | +18.0% |
| Gross profit | 3,924 | 4,581 | 656 | +16.7% |
| Operating income | 911 | 1,162 | 251 | +27.6% |
| Net income attributable to owners | 687 | 765 | 78 | +11.3% |
| Operating cash flow | 598 | 1,306 | 708 | +118.5% |
| Free cash flow | 84 | 826 | 742 | +881.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,263 | 800 | 24.5% | 639 | 326 | 29 | S100L7WJ |
| FY ending Jan 2021 | 3,238 | 266 | 8.2% | 180 | 206 | 34 | S100NY2C |
| FY ending Jan 2022 | 3,826 | 533 | 13.9% | 361 | 530 | 516 | S100QN7G |
| FY ending Jan 2023 | 5,004 | 687 | 13.7% | 454 | 891 | 805 | S100TB45 |
| FY ending Jan 2024 | 5,860 | 816 | 13.9% | 531 | 365 | 11 | S100VN8J |
| FY ending Jan 2025 | 7,061 | 911 | 12.9% | 687 | 598 | 84 | S100Y0J1 |
| FY ending Jan 2026 | 8,336 | 1,162 | 13.9% | 765 | 1,306 | 826 | S100Y0J1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 171 | 190 | 198 | 234 | 244 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥6.1M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 37.2 years | 38.4 years | 37.6 years | 37.3 years | 37.7 years |
| Average tenure (parent company) | 3.1 years | 3.3 years | 3.4 years | 3.0 years | 3.0 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +18.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,306 | 15.7% | S100Y0J1 |
| Capital expenditure | 480 | 5.8% | S100Y0J1 |
| Free cash flow | 826 | 9.9% | 算出 |
| Investing cash flow | -805 | -9.7% | S100Y0J1 |
| Financing cash flow | 1,618 | 19.4% | S100Y0J1 |
| Dividends paid | 742 | 8.9% | S100Y0J1 |
| Change in cash | 2,119 | 25.4% | S100Y0J1 |
| Cash and equivalents | 4,194 | 50.3% | S100Y0J1 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,696 | 2,505 | 1,981 | 2,074 | 4,194 | S100TB45, S100VN8J, S100Y0J1 |
| Total assets | 4,075 | 4,318 | 4,049 | 5,384 | 8,100 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Net assets | 3,661 | 3,388 | 3,153 | 3,769 | 6,349 | S100TB45, S100VN8J, S100Y0J1 |
| Share capital | 1,046 | 1,057 | 1,057 | 1,058 | 1,672 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Property, plant and equipment | 225 | 244 | 233 | 422 | 412 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Intangible assets excluding goodwill | 279 | 203 | 444 | 734 | 1,137 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Goodwill | 104 | 82 | 60 | 106 | 251 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Investment securities | 0 | 0 | 0 | 325 | 226 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Current assets | 3,340 | 3,616 | 3,094 | 3,453 | 5,796 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Current liabilities | 337 | 855 | 819 | 1,145 | 1,380 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Long-term borrowings | 52 | 48 | 41 | 54 | — | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Total liabilities | 414 | 930 | 896 | 1,616 | 1,752 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Non-controlling interests | 10 | 10 | 3 | 79 | 73 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Equity attributable to owners of parent | 3,649 | 3,377 | 3,149 | 3,689 | 6,086 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Retained earnings | 1,598 | 1,974 | 2,410 | 2,949 | 2,973 | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |
| Treasury stock | -0 | -671 | -1,336 | -1,336 | — | S100QN7G, S100TB45, S100VN8J, S100Y0J1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100Y0J1 |
| Property, plant and equipment | 5% | S100Y0J1 |
| Intangibles and goodwill | 17% | S100Y0J1 |
| Investment securities | 3% | S100Y0J1 |
| Other assets | 23% | S100Y0J1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100Y0J1 |
| Equity | 78% | S100Y0J1 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,075 | 4,318 | 4,049 | 5,384 | 8,100 |
| Equity | 3,661 | 3,388 | 3,153 | 3,769 | 6,349 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,696 | 2,505 | 1,981 | 2,074 | 4,194 |

## 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) | 4.9% | S100Y0J1 |
| Fixed assets ÷ total assets | 5.1% | S100Y0J1 |
| Goodwill ÷ parent equity | 4.1% | S100Y0J1 |

Goodwill over 4 years: 104 → 251 JPY; total investing cash flow: -1,713 JPY. This does not imply causation.

### 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) | 51.8% |
| Cash ÷ revenue | 50.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.4% |
| Cash vs. profit gap | 541 JPY mn (of net income 70.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 96.9% |
| Shareholder payments — dividends / FCF | 89.8% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 61.6% |

## 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 | 9.4% | 0.94× | 8.9% | 1.12× | 9.9% | S100QN7G |
| 2023 | 9.1% | 1.19× | 10.8% | 1.19× | 12.9% | S100TB45 |
| 2024 | 9.1% | 1.40× | 12.7% | 1.28× | 16.3% | S100VN8J |
| 2025 | 9.7% | 1.50× | 14.6% | 1.38× | 20.1% | S100Y0J1 |
| 2026 | 9.2% | 1.24× | 11.3% | 1.38× | 15.7% | S100Y0J1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 清水 祐孝 | Major shareholder | 27.6% | 2026-01-31 |
| ＳＯＭＰＯホールディングス株式会社 | Major shareholder | 10.0% | 2026-01-31 |
| 株式会社かまくらホールディングス | Major shareholder | 7.8% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.1% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-01-31 |
| 株式会社ＳＭＢＣ信託銀行 管理信託（Ａ０２０） | Major shareholder | 3.9% | 2026-01-31 |
| 株式会社ＳＭＢＣ信託銀行 管理信託（Ａ０１９） | Major shareholder | 3.9% | 2026-01-31 |
| THE BANK OF NEW YORK 133652（常任代理人 株式会社みずほ銀行） | Major shareholder | 3.6% | 2026-01-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2026-01-31 |
| THE BANK OF NEW YORK MELLON 140051（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/02/01－2026/01/31) | S100Y0J1 | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0J1,, |
| 有価証券報告書－第41期(2024/02/01－2025/01/31) | S100VN8J | 2025-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VN8J,, |
| 有価証券報告書－第40期(2023/02/01－2024/01/31) | S100TB45 | 2024-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TB45,, |
| 有価証券報告書－第39期(2022/02/01－2023/01/31) | S100QN7G | 2023-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN7G,, |
| 有価証券報告書－第38期(令和3年2月1日－令和4年1月31日) | S100NY2C | 2022-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NY2C,, |
| 有価証券報告書－第37期(令和2年2月1日－令和3年1月31日) | S100L7WJ | 2021-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7WJ,, |

## 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).