# KANTSU HD 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40期(2025/03/01－2026/02/28) (S100Y7I7)
> Page: https://vizora.meequs.com/en/company/kantsu-hd
> Retrieved: 2026-09-30T21:37:32.985Z

## Company

Kantsu HD, founded in 2004, is a company in Software & SaaS listed on TSE Growth. It has 243 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANTSU HD CO.,LTD. (旧英訳名 KANTSU CO.,LTD.) |
| Ticker | 9326 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9326.T) |
| Listing | TSE Growth |
| Head office | 兵庫県尼崎市西向島町111番地の4 |
| Representative (per filing) | 代表取締役社長 達城 利卓 |
| Founded | Apr 2004 |
| Share capital | ¥100M |
| Employees (consolidated) | 243 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | February |
| Website | www.kantsu.com (https://www.kantsu.com/) |
| Corporate number | 7122001008714 |
| EDINET | E35493 |
| Industries (Vizora) | Software & SaaS, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Y7I7, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 6.4 | 39 |
| Cash conversion | 53.9 | 38 |
| Efficiency | 93.6 | 39 |

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 94% of Kantsu HD's sales come from Logistic Service Business, with IT Automation Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +20.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Logistic Service Business 94.4%、IT Automation Business 4.8%、Other 0.8%
- Revenue → net income: ¥18345950000 → ¥206088000
- Net income → operating cash flow: ¥206088000 → ¥494040000（difference ¥287952000）
- Main uses of operating cash flow: CapEx ¥516540000 / dividends ¥100893000 / buybacks —
- Change in cash: ¥461715000
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 | ¥18.3B |  |
| Operating income | ¥319.9M | Margin 1.7% |
| Net income | ¥206.1M | Margin 1.1% |
| Free cash flow | -¥22.5M |  |
| Largest business | Logistic Service Business | of segment revenue 94.4% |
| Employees (consolidated) | 243 |  |
| EPS | ¥22.01 |  |
| Diluted EPS | ¥21.46 |  |
| Book value per share | ¥217.98 |  |
| Equity ratio | 19.2% |  |
| Shares outstanding | 10,308,150 |  |
| Treasury shares | 103,500 |  |
| Shareholders | 4,292 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 13.3% |
| Vs. industry median margin | -4.1 pp | Warehouses & Logistics Facilities |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 90% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9530453000 | ¥18345950000 | — |
| Operating income | ¥418072000 | ¥319926000 | — |
| Operating margin | 4.4% | 1.7% | -2.6 pp |
| Employees | 285 people | 243 people | — |
| Cash and equivalents | ¥2400992000 | ¥2445892000 | — |

### 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 |
| --- | ---: |
| 物流サービス事業 → 物流サービス事業 | 94.4% |
| 物流サービス事業 → 事業再編・廃止 | 1.6% |
| ITオートメーション事業 → ITオートメーション事業 | 3.1% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ITオートメーション事業 | 1.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Logistic Service Business | — | — | ¥17310344000 | 1.9% | 2 |
| IT Automation Business | — | — | ¥884612000 | 4.2% | 2 |
| Other | — | — | ¥150993000 | -33.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,346 | 100.0% | S100Y7I7 |
| Cost of revenue | 16,811 | 91.6% | S100Y7I7 |
| Gross profit | 1,535 | 8.4% | S100Y7I7 |
| SG&A | 1,215 | 6.6% | S100Y7I7 |
| Operating income | 320 | 1.7% | S100Y7I7 |
| Ordinary income | 285 | 1.6% | S100Y7I7 |
| Pretax income | 318 | 1.7% | S100Y7I7 |
| Income tax | 112 | 0.6% | S100Y7I7 |
| Net income | 206 | 1.1% | S100Y7I7 |
| Net income attributable to owners | 206 | 1.1% | S100Y7I7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 6 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 8.4% → Operating margin 1.7% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 15,270 | 18,346 | 3,076 | +20.1% |
| Gross profit | 1,131 | 1,535 | 404 | +35.7% |
| Operating income | -47 | 320 | 367 | — |
| Net income attributable to owners | -848 | 206 | 1,054 | — |
| Operating cash flow | -96 | 494 | 590 | — |
| Free cash flow | -753 | -22 | 731 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 7,302 | 291 | 4.0% | 171 | 398 | 34 | S100LE77 |
| FY ending Feb 2021 | 9,530 | 418 | 4.4% | 283 | 188 | -482 | S100O54K |
| FY ending Feb 2022 | 10,099 | 729 | 7.2% | 464 | 805 | 268 | S100O54K |
| FY ending Feb 2023 | 10,494 | 392 | 3.7% | 628 | 217 | -752 | S100TKYK |
| FY ending Feb 2024 | 11,938 | 410 | 3.4% | 50 | -54 | -676 | S100VUPG |
| FY ending Feb 2025 | 15,270 | -47 | -0.3% | -848 | -96 | -753 | S100Y7I7 |
| FY ending Feb 2026 | 18,346 | 320 | 1.7% | 206 | 494 | -22 | S100Y7I7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥848.1K |

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) | 293 | 187 | 225 | 255 | 243 |
| Average salary (parent company) | ¥3.5M | ¥4.1M | ¥4.4M | ¥4.7M | ¥4.6M |
| Average age (parent company) | 31.4 years | 32.4 years | 33.5 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 4.0 years | 5.3 years | 5.5 years | 4.5 years | 5.7 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) +20.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistic Service Business | 17,310 | 94.4% | 334 | 1.9% |
| IT Automation Business | 885 | 4.8% | 37 | 4.2% |
| Other | 151 | 0.8% | -51 | -33.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistic Service Business | 94.4% | 90.0% | -4.3 | 1.9% |
| IT Automation Business | 4.8% | 10.0% | 5.2 | 4.2% |
| Other | 0.8% | — | — | -33.7% |

Loss-making segment (excluded from profit shares): Other -51 JPY mn

Segment → industry: IT Automation Business → Software & SaaS / Logistic Service Business → Warehouses & Logistics Facilities

## 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 | 494 | 2.7% | S100Y7I7 |
| Capital expenditure | 517 | 2.8% | S100Y7I7 |
| Free cash flow | -22 | -0.1% | 算出 |
| Investing cash flow | -1,060 | -5.8% | S100Y7I7 |
| Financing cash flow | 1,028 | 5.6% | S100Y7I7 |
| Dividends paid | 101 | 0.5% | S100Y7I7 |
| Change in cash | 462 | 2.5% | S100Y7I7 |
| Cash and equivalents | 2,446 | 13.3% | S100Y7I7 |

## 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 | 3,013 | 3,214 | 2,128 | 1,984 | 2,446 | S100O54K, S100VUPG, S100Y7I7 |
| Total assets | 9,485 | 9,472 | 10,309 | 10,319 | 11,699 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Net assets | 2,727 | 3,260 | 3,025 | 2,092 | 2,244 | S100O54K, S100VUPG, S100Y7I7 |
| Share capital | 785 | 788 | 788 | 788 | 100 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Property, plant and equipment | 3,119 | 2,373 | 2,865 | 2,809 | 2,908 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Intangible assets excluding goodwill | 295 | 260 | 288 | 263 | 353 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Goodwill | — | — | 105 | 111 | 110 | S100VUPG, S100Y7I7 |
| Investment securities | — | — | 192 | 3 | 180 | S100VUPG, S100Y7I7 |
| Current assets | 4,674 | 5,154 | 4,829 | 4,942 | 5,734 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Current liabilities | 2,008 | 2,160 | 1,958 | 2,544 | 3,920 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Short-term borrowings | — | — | — | — | 800 | S100Y7I7 |
| Long-term borrowings | 4,077 | 3,228 | 4,459 | 4,910 | 4,788 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Total liabilities | 6,758 | 6,212 | 7,284 | 8,228 | 9,455 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Equity attributable to owners of parent | 2,727 | 3,258 | 3,023 | 2,090 | 2,243 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Retained earnings | 1,170 | 1,696 | 1,641 | 686 | 791 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |
| Treasury stock | -0 | -0 | -174 | -152 | -64 | S100O54K, S100TKYK, S100VUPG, S100Y7I7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y7I7 |
| Property, plant and equipment | 25% | S100Y7I7 |
| Intangibles and goodwill | 4% | S100Y7I7 |
| Investment securities | 1% | S100Y7I7 |
| Other assets | 49% | S100Y7I7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100Y7I7 |
| Equity | 19% | S100Y7I7 |
| Other liabilities | 0% | S100Y7I7 |

### 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 | 9,485 | 9,472 | 10,309 | 10,319 | 11,699 |
| Equity | 2,727 | 3,260 | 3,025 | 2,092 | 2,244 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,013 | 3,214 | 2,128 | 1,984 | 2,446 |

## 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) | 15.8% | S100Y7I7 |
| Fixed assets ÷ total assets | 24.9% | S100Y7I7 |
| Goodwill ÷ parent equity | 4.9% | S100Y7I7 |

### 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) | 20.9% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 154.4% |
| Cash vs. profit gap | 288 JPY mn (of net income 139.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 214.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.6% | 1.06× | 4.9% | 3.48× | 17.0% | S100O54K |
| 2023 | 6.0% | 1.11× | 6.6% | 2.91× | 19.3% | S100TKYK |
| 2024 | 0.4% | 1.21× | 0.5% | 3.15× | 1.6% | S100VUPG |
| 2025 | — | —× | -8.2% | —× | — | S100Y7I7 |
| 2026 | 1.1% | 1.67× | 1.9% | 5.08× | 9.5% | S100Y7I7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ロジ・エステート株式会社 | Major shareholder | 42.9% | 2026-02-28 |
| 吉岡 裕之 | Major shareholder | 4.9% | 2026-02-28 |
| 楽天グループ株式会社 | Major shareholder | 4.9% | 2026-02-28 |
| 達城 利卓 | Major shareholder | 1.5% | 2026-02-28 |
| イワサコ ユウカ | Major shareholder | 1.5% | 2026-02-28 |
| 達城 利元 | Major shareholder | 1.5% | 2026-02-28 |
| 達城 太貴 | Major shareholder | 1.4% | 2026-02-28 |
| キヤノンＩＴソリューションズ株式会社 | Major shareholder | 1.2% | 2026-02-28 |
| 和佐見 勝 | Major shareholder | 1.2% | 2026-02-28 |
| 松岡 正剛 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/03/01－2026/02/28) | S100Y7I7 | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7I7,, |
| 有価証券報告書－第39期(2024/03/01－2025/02/28) | S100VUPG | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUPG,, |
| 訂正有価証券報告書－第38期(2023/03/01－2024/02/29) | S100TKYK | 2024-06-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKYK,, |
| 有価証券報告書－第37期(2022/03/01－2023/02/28) | S100QURI | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QURI,, |
| 有価証券報告書－第36期(令和3年3月1日－令和4年2月28日) | S100O54K | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O54K,, |
| 有価証券報告書－第35期(令和2年3月1日－令和3年2月28日) | S100LE77 | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE77,, |

## 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).