# Kanamic Network Co.,LTD: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/10/01－2025/09/30) (S100XAZ4)
> Page: https://vizora.meequs.com/en/company/kanamicnetwork
> Retrieved: 2026-09-30T20:57:44.258Z

## Company

Kanamic Network, founded in 2000, is a company in IT Services & System Integration listed on TSE Prime. It has 310 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kanamic Network Co.,LTD |
| Ticker | 3939 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3939.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長 山本 拓真 |
| Founded | Oct 2000 |
| Share capital | ¥192.1M |
| Employees (consolidated) | 310 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | September |
| Website | www.kanamicnetwork.co.jp (https://www.kanamicnetwork.co.jp/) |
| Corporate number | 9010701012714 |
| EDINET | E32603 |
| Industries (Vizora) | IT Services & System Integration, Health Tech |

> Profile source: annual securities report (S100XAZ4, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Health Tech (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 14 |
| Profitability | 86.1 | 18 |
| Cash conversion | 38.2 | 17 |
| Efficiency | 52.8 | 18 |

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 65% of Kanamic Network's sales come from Medical and Nursing Care Cloud Platform Business, with Healthy Lifespan Extension Business and Solutions Development Business making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit +11.6%.

## Company structure

- Segment revenue mix: Medical and Nursing Care Cloud Platform Business 65.1%、Healthy Lifespan Extension Business 21.6%、Solutions Development Business 13.3%
- Revenue → net income: ¥5500786000 → ¥1111528000
- Net income → operating cash flow: ¥1111528000 → ¥1292904000（difference ¥181376000）
- Main uses of operating cash flow: CapEx ¥378698000 / dividends ¥308472000 / buybacks —
- Change in cash: ¥-102939000
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 | ¥5.5B |  |
| Operating income | ¥1.61B | Margin 29.2% |
| Net income | ¥1.11B | Margin 20.2% |
| Free cash flow | ¥914.2M |  |
| Largest business | Medical and Nursing Care Cloud Platform Business | of segment revenue 65.1% |
| Employees (consolidated) | 310 |  |
| EPS | ¥22.45 |  |
| Book value per share | ¥99.73 |  |
| Equity ratio | 71.1% |  |
| Shares outstanding | 48,132,000 |  |
| Treasury shares | 674,700 |  |
| Shareholders | 12,784 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 50.9% | Cash ÷ revenue 60.5% |
| Vs. industry median margin | +15.4 pp | Health Tech |
| ROE | 26.3% | Derived from disclosed figures |
| ROA | 17.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.6× its level five years ago
- FY2025, one segment accounts for 86% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1881444000 | ¥5500786000 | +192.4% |
| Operating income | ¥654473000 | ¥1606662000 | +145.5% |
| Operating margin | 34.8% | 29.2% | -5.6 pp |
| Employees | 77 people | 310 people | +302.6% |
| Cash and equivalents | ¥1706530000 | ¥3327111000 | +95.0% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 医療・介護クラウドプラットフォーム事業 | 65.1% |
| 新設・再編 → 健康寿命延伸事業 | 21.6% |
| 新設・再編 → ソリューション開発事業 | 13.3% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical and Nursing Care Cloud Platform Business | 2 years | +12.1% | ¥3582874000 | 41.8% | 2 |
| Healthy Lifespan Extension Business | 2 years | +18.5% | ¥1187551000 | 13.2% | 2 |
| Solutions Development Business | 2 years | +277.3% | ¥730360000 | 10.6% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,501 | 100.0% | S100XAZ4 |
| Cost of revenue | 1,964 | 35.7% | S100XAZ4 |
| Gross profit | 3,536 | 64.3% | S100XAZ4 |
| SG&A | 1,930 | 35.1% | S100XAZ4 |
| Operating income | 1,607 | 29.2% | S100XAZ4 |
| Ordinary income | 1,613 | 29.3% | S100XAZ4 |
| Pretax income | 1,613 | 29.3% | S100XAZ4 |
| Income tax | 501 | 9.1% | S100XAZ4 |
| Net income | 1,112 | 20.2% | S100XAZ4 |
| Net income attributable to owners | 1,112 | 20.2% | S100XAZ4 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 35 |
| Operating income | 29 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 64.3% → Operating margin 29.2% → Net margin 20.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.9%; Core profit growth: +11.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.18×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,007 | 5,501 | 493 | +9.9% |
| Gross profit | 3,072 | 3,536 | 464 | +15.1% |
| Operating income | 1,439 | 1,607 | 168 | +11.6% |
| Net income attributable to owners | 920 | 1,112 | 192 | +20.8% |
| Operating cash flow | 1,514 | 1,293 | -221 | -14.6% |
| Free cash flow | 1,153 | 914 | -239 | -20.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 1,881 | 654 | 34.8% | 473 | 635 | 532 | S100N489 |
| FY ending Sep 2021 | 2,081 | 842 | 40.5% | 580 | 757 | 534 | S100PUK1 |
| FY ending Sep 2022 | 2,503 | 963 | 38.5% | 686 | 803 | 479 | S100SJ10 |
| FY ending Sep 2023 | 3,746 | 1,096 | 29.3% | 763 | 1,430 | 789 | S100UZAH |
| FY ending Sep 2024 | 5,007 | 1,439 | 28.7% | 920 | 1,514 | 1,153 | S100XAZ4 |
| FY ending Sep 2025 | 5,501 | 1,607 | 29.2% | 1,112 | 1,293 | 914 | S100XAZ4 |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.7M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 84 | 181 | 286 | 279 | 310 |
| Average salary (parent company) | ¥5.1M | ¥5.6M | ¥5.6M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 40.1 years | 40.0 years | 40.6 years | 42.6 years | 43.4 years |
| Average tenure (parent company) | 5.6 years | 5.9 years | 6.3 years | 7.4 years | 7.7 years |

Year over year: Employees (consolidated) +11.1% · Revenue (consolidated) +9.9%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical and Nursing Care Cloud Platform Business | 3,583 | 65.1% | 1,499 | 41.8% |
| Healthy Lifespan Extension Business | 1,188 | 21.6% | 157 | 13.2% |
| Solutions Development Business | 730 | 13.3% | 77 | 10.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical and Nursing Care Cloud Platform Business | 65.1% | 86.5% | 21.3 | 41.8% |
| Healthy Lifespan Extension Business | 21.6% | 9.1% | -12.5 | 13.2% |
| Solutions Development Business | 13.3% | 4.5% | -8.8 | 10.6% |

Segment → industry: Solutions Development Business → IT Services & System Integration / Healthy Lifespan Extension Business → Health Tech / Medical and Nursing Care Cloud Platform Business → Health Tech

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,293 | 23.5% | S100XAZ4 |
| Capital expenditure | 379 | 6.9% | S100XAZ4 |
| Free cash flow | 914 | 16.6% | 算出 |
| Investing cash flow | -744 | -13.5% | S100XAZ4 |
| Financing cash flow | -651 | -11.8% | S100XAZ4 |
| Dividends paid | 308 | 5.6% | S100XAZ4 |
| Change in cash | -103 | -1.9% | S100XAZ4 |
| Cash and equivalents | 3,327 | 60.5% | S100XAZ4 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,711 | 4,553 | 2,873 | 3,430 | 3,327 | S100SJ10, S100UZAH, S100XAZ4 |
| Total assets | 4,395 | 6,506 | 5,653 | 6,176 | 6,542 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Net assets | 1,959 | 2,549 | 3,175 | 3,835 | 4,649 | S100SJ10, S100UZAH, S100XAZ4 |
| Share capital | 192 | 192 | 192 | 192 | 192 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Property, plant and equipment | 79 | 730 | 1,000 | 906 | 997 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Intangible assets excluding goodwill | 364 | 667 | 1,098 | 1,092 | 1,457 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Goodwill | — | 169 | 525 | 470 | 794 | S100SJ10, S100UZAH, S100XAZ4 |
| Current assets | 3,859 | 4,874 | 3,234 | 3,859 | 3,756 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Current liabilities | 420 | 916 | 1,406 | 1,579 | 1,360 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Long-term borrowings | — | 741 | 860 | 580 | 306 | S100SJ10, S100UZAH, S100XAZ4 |
| Bonds | — | 175 | 65 | 15 | — | S100SJ10, S100UZAH, S100XAZ4 |
| Total liabilities | 2,436 | 3,957 | 2,478 | 2,341 | 1,893 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Equity attributable to owners of parent | 1,953 | 2,537 | 3,167 | 3,826 | 4,629 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Retained earnings | 2,066 | 2,628 | 3,248 | 3,907 | 4,710 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |
| Treasury stock | -437 | -415 | -405 | -405 | -405 | S100PUK1, S100SJ10, S100UZAH, S100XAZ4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XAZ4 |
| Property, plant and equipment | 15% | S100XAZ4 |
| Intangibles and goodwill | 34% | S100XAZ4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100XAZ4 |
| Equity | 71% | S100XAZ4 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,395 | 6,506 | 5,653 | 6,176 | 6,542 |
| Equity | 1,959 | 2,549 | 3,175 | 3,835 | 4,649 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,711 | 4,553 | 2,873 | 3,430 | 3,327 |

## 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) | 18.1% | S100XAZ4 |
| Fixed assets ÷ total assets | 15.2% | S100XAZ4 |
| Goodwill ÷ parent equity | 17.1% | S100XAZ4 |

### 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) | 50.9% |
| Cash ÷ revenue | 60.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.5% |
| Cash vs. profit gap | 181 JPY mn (of net income 16.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.8% |
| Shareholder payments — dividends / FCF | 33.7% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 57.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 27.9% | 0.47× | 13.2% | 2.25× | 29.7% | S100PUK1 |
| 2022 | 27.4% | 0.46× | 12.6% | 2.43× | 30.5% | S100SJ10 |
| 2023 | 20.4% | 0.62× | 12.6% | 2.13× | 26.8% | S100UZAH |
| 2024 | 18.4% | 0.85× | 15.6% | 1.69× | 26.3% | S100XAZ4 |
| 2025 | 20.2% | 0.87× | 17.5% | 1.50× | 26.3% | S100XAZ4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＨＯ | Major shareholder | 28.8% | 2025-09-30 |
| 山本 拓真 | Major shareholder | 14.1% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.0% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2025-09-30 |
| ＣＡＣＥＩＳ ＢＡＮＫ／ＱＵＩＮＴＥＴ ＬＵＸＥＭＢＯＵＲＧ ＳＵＢ ＡＣ ／ ＵＣＩＴＳ ＣＵＳＴＯＭＥＲＳ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.9% | 2025-09-30 |
| 山本 洋子 | Major shareholder | 3.0% | 2025-09-30 |
| 山本 稔 | Major shareholder | 1.9% | 2025-09-30 |
| 山本 景士 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2025-09-30 |
| 鈴木 正己 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XAZ4 | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAZ4,, |
| 有価証券報告書－第24期(2023/10/01－2024/09/30) | S100UZAH | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZAH,, |
| 有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SJ10 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ10,, |
| 有価証券報告書－第22期(令和3年10月1日－令和4年9月30日) | S100PUK1 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUK1,, |
| 有価証券報告書－第21期(令和2年10月1日－令和3年9月30日) | S100N489 | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N489,, |
| 有価証券報告書－第20期(令和1年10月1日－令和2年9月30日) | S100KCL4 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KCL4,, |

## 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).