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

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/04/01－2026/03/31) (S100YGXU)
> Page: https://vizora.meequs.com/en/company/katitas
> Retrieved: 2026-09-30T21:34:54.236Z

## Company

Katitas, founded in 1978, is a company in Homebuilders listed on TSE Prime. It has 1,002 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KATITAS Co., Ltd. |
| Ticker | 8919 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8919.T) |
| Listing | TSE Prime |
| Head office | 群馬県桐生市美原町4番2号 |
| Representative (per filing) | 代表取締役社長 新井 健資 |
| Founded | Sep 1978 |
| Share capital | ¥3.78B |
| Employees (consolidated) | 1,002 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | katitas.co.jp (https://katitas.co.jp/) |
| Corporate number | 6070001016685 |
| EDINET | E33622 |
| Industries (Vizora) | Homebuilders |

> Profile source: annual securities report (S100YGXU, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Homebuilders (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.7 | 23 |
| Profitability | 94.2 | 26 |
| Cash conversion | 39.6 | 24 |
| Efficiency | 82.7 | 26 |

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)

- Katitas brought in ¥151.9B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +17.2% from the prior year, operating profit +28.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥151.9B |  |
| Operating income | ¥18.3B | Margin 12.0% |
| Net income | ¥12.5B | Margin 8.2% |
| Free cash flow | -¥5.3B |  |
| Employees (consolidated) | 1,002 |  |
| EPS | ¥128.81 |  |
| Diluted EPS | ¥128.76 |  |
| Book value per share | ¥524.08 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 78,650,640 |  |
| Treasury shares | 409,400 |  |
| Shareholders | 5,408 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 8.8% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | +6.6 pp | Homebuilders |
| ROE | 25.2% | Derived from disclosed figures |
| ROA | 14.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥97735000000 | ¥151851000000 | +55.4% |
| Operating income | ¥11343000000 | ¥18279000000 | +61.1% |
| Operating margin | 11.6% | 12.0% | +0.4 pp |
| Employees | 749 people | 1,002 people | +33.8% |
| Cash and equivalents | ¥19109000000 | ¥8228000000 | -56.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 151,851 | 100.0% | S100YGXU |
| Cost of revenue | 116,480 | 76.7% | S100YGXU |
| Gross profit | 35,371 | 23.3% | S100YGXU |
| SG&A | 17,091 | 11.3% | S100YGXU |
| Operating income | 18,279 | 12.0% | S100YGXU |
| Ordinary income | 17,809 | 11.7% | S100YGXU |
| Pretax income | 17,802 | 11.7% | S100YGXU |
| Income tax | 5,332 | 3.5% | S100YGXU |
| Net income | 12,470 | 8.2% | S100YGXU |
| Net income attributable to owners | 12,470 | 8.2% | S100YGXU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.3% → Operating margin 12.0% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.2%; Core profit growth: +28.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.66×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 129,537 | 151,851 | 22,314 | +17.2% |
| Gross profit | 30,702 | 35,371 | 4,669 | +15.2% |
| Operating income | 14,222 | 18,279 | 4,057 | +28.5% |
| Net income attributable to owners | 9,550 | 12,470 | 2,920 | +30.6% |
| Operating cash flow | 1,162 | -5,197 | -6,359 | -547.2% |
| Free cash flow | 1,003 | -5,305 | -6,308 | -628.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 89,978 | 10,121 | 11.2% | 5,190 | 2,392 | 2,376 | S100LQQT |
| FY ending Mar 2021 | 97,735 | 11,343 | 11.6% | 7,440 | 14,724 | 14,711 | S100OIGM |
| FY ending Mar 2022 | 101,269 | 13,127 | 13.0% | 6,845 | -2,490 | -2,502 | S100R69X |
| FY ending Mar 2023 | 121,341 | 14,060 | 11.6% | 6,091 | -1,467 | -1,565 | S100TSCE |
| FY ending Mar 2024 | 126,718 | 12,672 | 10.0% | 8,497 | 9,502 | 9,311 | S100W49Q |
| FY ending Mar 2025 | 129,537 | 14,222 | 11.0% | 9,550 | 1,162 | 1,003 | S100YGXU |
| FY ending Mar 2026 | 151,851 | 18,279 | 12.0% | 12,470 | -5,197 | -5,305 | S100YGXU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥151.5M |
| Operating income per employee (consolidated) | ¥18.2M |
| Net income per employee (consolidated) | ¥12.4M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 783 | 832 | 859 | 922 | 1,002 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.1M | ¥5.4M | ¥5.9M |
| Average age (parent company) | 35.4 years | 34.6 years | 33.1 years | 33.7 years | 32.3 years |
| Average tenure (parent company) | 6.7 years | 6.6 years | 6.6 years | 6.6 years | 6.2 years |

Year over year: Employees (consolidated) +8.7% · Revenue (consolidated) +17.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5,197 | -3.4% | S100YGXU |
| Capital expenditure | 108 | 0.1% | S100YGXU |
| Free cash flow | -5,305 | -3.5% | 算出 |
| Investing cash flow | -108 | -0.1% | S100YGXU |
| Financing cash flow | -5,232 | -3.4% | S100YGXU |
| Dividends paid | 5,232 | 3.4% | S100YGXU |
| Change in cash | -10,538 | -6.9% | S100YGXU |
| Cash and equivalents | 8,228 | 5.4% | S100YGXU |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,409 | 8,728 | 22,027 | 18,766 | 8,228 | S100TSCE, S100W49Q, S100YGXU |
| Total assets | 62,644 | 66,304 | 77,366 | 83,329 | 93,245 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Net assets | 32,752 | 35,768 | 40,341 | 45,719 | 53,059 | S100TSCE, S100W49Q, S100YGXU |
| Share capital | 3,778 | 3,778 | 3,778 | 3,778 | 3,778 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Property, plant and equipment | 697 | 726 | 758 | 800 | 810 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Intangible assets excluding goodwill | 230 | 51 | 151 | 155 | 145 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Goodwill | 198 | — | — | — | — | S100R69X |
| Current assets | 60,773 | 64,505 | 75,334 | 81,050 | 90,620 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Current liabilities | 11,252 | 11,944 | 10,441 | 11,028 | 32,108 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Long-term borrowings | 18,500 | 18,500 | 26,500 | 26,500 | 8,000 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Total liabilities | 29,891 | 30,535 | 37,025 | 37,610 | 40,186 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Equity attributable to owners of parent | 32,562 | 35,655 | 40,289 | 45,719 | 53,059 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Retained earnings | 25,813 | 28,685 | 33,139 | 38,395 | 45,625 | S100R69X, S100TSCE, S100W49Q, S100YGXU |
| Treasury stock | -679 | -448 | -332 | -219 | -195 | S100R69X, S100TSCE, S100W49Q, S100YGXU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGXU |
| Property, plant and equipment | 1% | S100YGXU |
| Intangibles and goodwill | 0% | S100YGXU |
| Other assets | 90% | S100YGXU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YGXU |
| Equity | 57% | S100YGXU |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 62,644 | 66,304 | 77,366 | 83,329 | 93,245 |
| Equity | 32,752 | 35,768 | 40,341 | 45,719 | 53,059 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,409 | 8,728 | 22,027 | 18,766 | 8,228 |

## 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) | 0.5% | S100YGXU |
| Fixed assets ÷ total assets | 0.9% | S100YGXU |
| Goodwill ÷ parent equity | — | —, S100YGXU |

### 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) | 8.8% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -28.4% |
| Cash vs. profit gap | -17,667 JPY mn (of net income -141.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 6.8% | 1.62× | 10.9% | 1.92× | 21.0% | S100R69X |
| 2023 | 5.0% | 1.88× | 9.4% | 1.89× | 17.9% | S100TSCE |
| 2024 | 6.7% | 1.76× | 11.8% | 1.89× | 22.4% | S100W49Q |
| 2025 | 7.4% | 1.61× | 11.9% | 1.87× | 22.2% | S100YGXU |
| 2026 | 8.2% | 1.72× | 14.1% | 1.79× | 25.2% | S100YGXU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ニトリホールディングス | Major shareholder | 34.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 みずほ銀行決済営業部） | Major shareholder | 6.8% | 2026-03-31 |
| STICHTING PENSIOENFONDS ZORG EN WELZIJN （常任代理人 シティバンク エヌ・エイ東京支店カストディ業務部） | Major shareholder | 2.6% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 （常任代理人 みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| NORTHERN TRUST CO．（AVFC）RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YGXU | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGXU,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W49Q | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W49Q,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TSCE | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSCE,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R69X | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R69X,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OIGM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIGM,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LQQT | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQQT,, |

## 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).