# Kanamoto Co., Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2024/11/01－2025/10/31) (S100XGOW)
> Page: https://vizora.meequs.com/en/company/kanamoto
> Retrieved: 2026-09-30T20:24:46.749Z

## Company

Kanamoto, founded in 1964, is a company in Leasing listed on TSE Prime. It has 3,933 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kanamoto Co.,Ltd. |
| Ticker | 9678 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9678.T) |
| Listing | TSE Prime |
| Head office | 札幌市中央区大通東3丁目1番地19 |
| Representative (per filing) | 代表取締役社長 金本 哲男 |
| Founded | Oct 1964 |
| Share capital | ¥17.8B |
| Employees (consolidated) | 3,933 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | October |
| Website | www.kanamoto.ne.jp (https://www.kanamoto.ne.jp/) |
| Corporate number | 8430001003991 |
| EDINET | E04862 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100XGOW, filed 2026-01-21). As of filing

## Key points (generated from figures)

- About 89% of Kanamoto's sales come from Business related to the Construction Equipment Rental Division, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +19.2%.

## Company structure

- Segment revenue mix: Business related to the Construction Equipment Rental Division 89.2%、Other 10.8%
- Revenue → net income: ¥213266000000 → ¥11740000000
- Net income → operating cash flow: ¥11740000000 → ¥47415000000（difference ¥35675000000）
- Main uses of operating cash flow: CapEx ¥4206000000 / dividends ¥3160000000 / buybacks ¥1999000000
- Change in cash: ¥10006000000
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 | ¥213.3B |  |
| Operating income | ¥17.4B | Margin 8.1% |
| Net income | ¥11B | Margin 5.1% |
| Free cash flow | ¥43.2B |  |
| Largest business | Business related to the Construction Equipment Rental Division | of segment revenue 89.2% |
| Employees (consolidated) | 3,933 |  |
| EPS | ¥231.26 |  |
| Book value per share | ¥3263.29 |  |
| Equity ratio | 45.4% |  |
| Shares outstanding | 38,742,000 |  |
| Treasury shares | 3,917,000 |  |
| Shareholders | 5,056 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 28.4% |
| Vs. industry median margin | +1.1 pp | Leasing |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.3× net income
- FY2025, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥179053000000 | ¥213266000000 | +19.1% |
| Operating income | ¥14250000000 | ¥17369000000 | +21.9% |
| Operating margin | 8.0% | 8.1% | +0.2 pp |
| Employees | 3,676 people | 3,933 people | +7.0% |
| Cash and equivalents | ¥48023000000 | ¥60592000000 | +26.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 建設関連 → 建設関連 | 89.2% |
| 建設関連 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 10.2% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 213,266 | 100.0% | S100XGOW |
| Cost of revenue | 148,199 | 69.5% | S100XGOW |
| Gross profit | 65,067 | 30.5% | S100XGOW |
| SG&A | 47,698 | 22.4% | S100XGOW |
| Operating income | 17,369 | 8.1% | S100XGOW |
| Ordinary income | 17,951 | 8.4% | S100XGOW |
| Pretax income | 17,262 | 8.1% | S100XGOW |
| Income tax | 5,522 | 2.6% | S100XGOW |
| Net income | 11,740 | 5.5% | S100XGOW |
| Net income attributable to owners | 10,977 | 5.1% | S100XGOW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 22 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.5% → Operating margin 8.1% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +19.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.58×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 207,218 | 213,266 | 6,048 | +2.9% |
| Gross profit | 60,228 | 65,067 | 4,839 | +8.0% |
| Operating income | 14,569 | 17,369 | 2,800 | +19.2% |
| Net income attributable to owners | 9,013 | 10,977 | 1,964 | +21.8% |
| Operating cash flow | 41,696 | 47,415 | 5,719 | +13.7% |
| Free cash flow | 38,809 | 43,209 | 4,400 | +11.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 180,694 | 17,842 | 9.9% | 11,430 | 39,146 | 34,803 | S100KL26 |
| FY ending Oct 2020 | 179,053 | 14,250 | 8.0% | 8,466 | 40,701 | 37,149 | S100PHIV |
| FY ending Oct 2021 | 189,416 | 14,624 | 7.7% | 8,907 | 39,351 | 35,261 | S100Q0LI |
| FY ending Oct 2022 | 188,028 | 13,229 | 7.0% | 8,345 | 33,158 | 27,894 | S100SO1Y |
| FY ending Oct 2023 | 197,481 | 11,958 | 6.1% | 6,721 | 37,960 | 32,375 | S100V4EV |
| FY ending Oct 2024 | 207,218 | 14,569 | 7.0% | 9,013 | 41,696 | 38,809 | S100XGOW |
| FY ending Oct 2025 | 213,266 | 17,369 | 8.1% | 10,977 | 47,415 | 43,209 | S100XGOW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.2M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,793 | 3,832 | 3,910 | 3,892 | 3,933 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.3M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 38.5 years | 38.9 years | 39.6 years | 40.2 years | 40.5 years |
| Average tenure (parent company) | 11.3 years | 11.9 years | 12.5 years | 13.0 years | 13.2 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business related to the Construction Equipment Rental Division | 190,225 | 89.2% | 15,860 | 8.3% |
| Other | 23,040 | 10.8% | 941 | 4.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Business related to the Construction Equipment Rental Division | 89.2% | 94.4% | 5.2 | 8.3% |
| Other | 10.8% | 5.6% | -5.2 | 4.1% |

Segment → industry: Business related to the Construction Equipment Rental Division → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 47,415 | 22.2% | S100XGOW |
| Capital expenditure | 4,206 | 2.0% | S100XGOW |
| Free cash flow | 43,209 | 20.3% | 算出 |
| Investing cash flow | -4,731 | -2.2% | S100XGOW |
| Financing cash flow | -32,654 | -15.3% | S100XGOW |
| Dividends paid | 3,160 | 1.5% | S100XGOW |
| Share buyback | 1,999 | 0.9% | S100XGOW |
| Change in cash | 10,006 | 4.7% | S100XGOW |
| Cash and equivalents | 60,592 | 28.4% | S100XGOW |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 55,557 | 47,047 | 45,093 | 50,586 | 60,592 | S100SO1Y, S100V4EV, S100XGOW |
| Total assets | 303,754 | 305,320 | 316,440 | 322,853 | 324,088 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Net assets | 134,917 | 140,611 | 143,677 | 149,713 | 157,463 | S100SO1Y, S100V4EV, S100XGOW |
| Share capital | 17,829 | 17,829 | 17,829 | 17,829 | 17,829 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Trade receivables | 39,305 | — | — | — | — | S100Q0LI |
| Property, plant and equipment | 156,135 | 161,728 | 173,977 | 175,070 | 170,668 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Intangible assets excluding goodwill | 6,904 | 6,717 | 5,778 | 4,833 | 3,888 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Goodwill | 4,111 | 3,810 | 3,163 | 2,558 | 1,897 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Investment securities | 9,249 | 9,699 | 10,637 | 11,450 | 13,719 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Current assets | 126,751 | 118,066 | 120,298 | 126,675 | 130,835 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Current liabilities | 87,230 | 82,465 | 87,624 | 92,817 | 84,965 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Trade payables | 37,082 | 33,714 | 36,077 | 25,754 | 13,251 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Short-term borrowings | 960 | 980 | 900 | 720 | 310 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Long-term borrowings | 31,460 | 34,659 | 35,796 | 32,402 | 37,418 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Total liabilities | 168,837 | 164,708 | 172,763 | 173,140 | 166,625 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Non-controlling interests | 7,960 | 8,652 | 9,181 | 9,705 | 10,233 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Equity attributable to owners of parent | 124,226 | 127,616 | 129,198 | 133,883 | 139,891 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Retained earnings | 89,048 | 94,399 | 97,842 | 104,177 | 111,992 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |
| Treasury stock | -1,978 | -3,945 | -5,906 | -7,670 | -9,610 | S100Q0LI, S100SO1Y, S100V4EV, S100XGOW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XGOW |
| Property, plant and equipment | 53% | S100XGOW |
| Intangibles and goodwill | 2% | S100XGOW |
| Investment securities | 4% | S100XGOW |
| Other assets | 22% | S100XGOW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XGOW |
| Other liabilities | 47% | S100XGOW |
| Equity | 49% | S100XGOW |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 303,754 | 305,320 | 316,440 | 322,853 | 324,088 |
| Equity | 134,917 | 140,611 | 143,677 | 149,713 | 157,463 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 55,557 | 47,047 | 45,093 | 50,586 | 60,592 |

## 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) | 80.0% | S100XGOW |
| Fixed assets ÷ total assets | 52.7% | S100XGOW |
| Goodwill ÷ parent equity | 1.4% | S100XGOW |

Goodwill over 4 years: 4,111 → 1,897 JPY; total investing cash flow: -28,863 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) | 18.7% |
| Cash ÷ revenue | 28.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 273.0% |
| Cash vs. profit gap | 36,438 JPY mn (of net income 331.9%) |
| Shareholder returns / net income | 47.0% |
| Shareholder returns / FCF | 11.9% |
| Shareholder payments — dividends / net income | 28.8% |
| Shareholder payments — dividends / FCF | 7.3% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 10.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.7% | 0.62× | 2.9% | 2.45× | 7.2% | S100Q0LI |
| 2022 | 4.4% | 0.62× | 2.7% | 2.42× | 6.6% | S100SO1Y |
| 2023 | 3.4% | 0.64× | 2.2% | 2.42× | 5.2% | S100V4EV |
| 2024 | 4.3% | 0.65× | 2.8% | 2.43× | 6.9% | S100XGOW |
| 2025 | 5.1% | 0.66× | 3.4% | 2.36× | 8.0% | S100XGOW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 10.7% | 2025-10-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2025-10-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 3.4% | 2025-10-31 |
| オリックス㈱ | Major shareholder | 2.8% | 2025-10-31 |
| カナモトキャピタル㈱ | Major shareholder | 2.6% | 2025-10-31 |
| ㈱北海道銀行 | Major shareholder | 2.5% | 2025-10-31 |
| ㈱北洋銀行 | Major shareholder | 2.2% | 2025-10-31 |
| 上田八木短資㈱ | Major shareholder | 2.0% | 2025-10-31 |
| 東京海上日動火災保険㈱ | Major shareholder | 1.9% | 2025-10-31 |
| ＳＭＢＣ日興証券㈱ | Major shareholder | 1.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2024/11/01－2025/10/31) | S100XGOW | 2026-01-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XGOW,, |
| 有価証券報告書－第60期(2023/11/01－2024/10/31) | S100V4EV | 2025-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4EV,, |
| 有価証券報告書－第59期(2022/11/01－2023/10/31) | S100SO1Y | 2024-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SO1Y,, |
| 有価証券報告書－第58期(2021/11/01－2022/10/31) | S100Q0LI | 2023-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0LI,, |
| 訂正有価証券報告書－第57期(令和2年11月1日－令和3年10月31日) | S100PHIV | 2022-11-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PHIV,, |
| 有価証券報告書－第56期(令和1年11月1日－令和2年10月31日) | S100KL26 | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL26,, |

## 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).