# KG Intelligence CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2024/12/21－2025/12/20) (S100XPFN)
> Page: https://vizora.meequs.com/en/company/kg-intelligence
> Retrieved: 2026-09-30T19:49:35.802Z

## Company

KG Intelligence, founded in 1950, is a company in HR & Staffing listed on TSE Standard. It has 176 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KG Intelligence CO., LTD. |
| Ticker | 2408 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2408.T) |
| Listing | TSE Standard |
| Head office | 香川県高松市今里町二丁目11番地17 |
| Representative (per filing) | 代表取締役社長 益田武美 |
| Founded | Nov 1950 |
| Share capital | ¥1.01B |
| Employees (consolidated) | 176 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | December |
| Website | www.kg-net.co.jp (https://www.kg-net.co.jp/) |
| Corporate number | 8470001001397 |
| EDINET | E05416 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XPFN, filed 2026-03-09). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.1 | 68 |
| Profitability | 76.7 | 88 |
| Cash conversion | 30.6 | 80 |
| Efficiency | 2.8 | 88 |

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)

- KG Intelligence brought in ¥2.74B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +44.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2736105000 → ¥335805000
- Net income → operating cash flow: ¥335805000 → ¥349323000（difference ¥13518000）
- Main uses of operating cash flow: CapEx ¥136499000 / dividends ¥262770000 / buybacks —
- Change in cash: ¥-43497000
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 | ¥2.74B |  |
| Operating income | ¥440.8M | Margin 16.1% |
| Net income | ¥335.8M | Margin 12.3% |
| Free cash flow | ¥212.8M |  |
| Employees (consolidated) | 176 |  |
| EPS | ¥46.77 |  |
| Book value per share | ¥826.91 |  |
| Equity ratio | 87.4% |  |
| Shares outstanding | 7,398,000 |  |
| Treasury shares | 77,900 |  |
| Shareholders | 4,768 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | +7.5 pp | HR & Staffing |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1911075000 | ¥2736105000 | +43.2% |
| Operating income | ¥-367658000 | ¥440755000 | — |
| Operating margin | -19.2% | 16.1% | +35.3 pp |
| Employees | 232 people | 176 people | -24.1% |
| Cash and equivalents | ¥456429000 | ¥620946000 | +36.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,736 | 100.0% | S100XPFN |
| SG&A | 388 | 14.2% | S100XPFN |
| Operating income | 441 | 16.1% | S100XPFN |
| Ordinary income | 460 | 16.8% | S100XPFN |
| Pretax income | 460 | 16.8% | S100XPFN |
| Income tax | 124 | 4.5% | S100XPFN |
| Net income | 336 | 12.3% | S100XPFN |
| Net income attributable to owners | 336 | 12.3% | S100XPFN |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 84 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Operating margin 16.1% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +44.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,467 | 2,736 | 269 | +10.9% |
| Operating income | 305 | 441 | 136 | +44.6% |
| Net income attributable to owners | 241 | 336 | 95 | +39.3% |
| Operating cash flow | -293 | 349 | 642 | — |
| Free cash flow | -326 | 213 | 538 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,468 | -229 | -9.3% | -317 | -117 | -131 | S100KX8R |
| FY ending Dec 2020 | 1,911 | -368 | -19.2% | -385 | -333 | -344 | S100NNPL |
| FY ending Dec 2021 | 2,172 | 33 | 1.5% | 72 | 365 | 356 | S100QDHV |
| FY ending Dec 2022 | 2,488 | 257 | 10.3% | 338 | 505 | 491 | S100T0Z8 |
| FY ending Dec 2023 | 2,657 | 368 | 13.8% | 371 | 282 | 264 | S100VDDB |
| FY ending Dec 2024 | 2,467 | 305 | 12.4% | 241 | -293 | -326 | S100XPFN |
| FY ending Dec 2025 | 2,736 | 441 | 16.1% | 336 | 349 | 213 | S100XPFN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.5M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 215 | 209 | 188 | 176 | 176 |
| Average salary (parent company) | ¥4.1M | ¥4.4M | ¥4.4M | ¥4.3M | ¥4.9M |
| Average age (parent company) | 39.5 years | 40.3 years | 40.4 years | 41.1 years | 41.6 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | 12.0 years | 12.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +10.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 349 | 12.8% | S100XPFN |
| Capital expenditure | 136 | 5.0% | S100XPFN |
| Free cash flow | 213 | 7.8% | 算出 |
| Investing cash flow | -130 | -4.8% | S100XPFN |
| Financing cash flow | -263 | -9.6% | S100XPFN |
| Dividends paid | 263 | 9.6% | S100XPFN |
| Change in cash | -43 | -1.6% | S100XPFN |
| Cash and equivalents | 621 | 22.7% | S100XPFN |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 929 | 1,126 | 1,085 | 664 | 621 | S100T0Z8, S100VDDB, S100XPFN |
| Total assets | 6,592 | 7,158 | 7,441 | 6,729 | 6,890 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Net assets | 5,390 | 5,663 | 5,955 | 5,908 | 6,022 | S100T0Z8, S100VDDB, S100XPFN |
| Share capital | 1,010 | 1,010 | 1,010 | 1,010 | 1,010 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Trade receivables | 376 | — | — | — | — | S100QDHV |
| Property, plant and equipment | 1,529 | 1,058 | 1,036 | 1,007 | 1,117 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Intangible assets excluding goodwill | 18 | 24 | 27 | 40 | 44 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Investment securities | 26 | 32 | 42 | 57 | 116 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Current assets | 4,919 | 5,952 | 6,187 | 5,522 | 5,530 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Current liabilities | 888 | 1,179 | 1,177 | 540 | 604 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Total liabilities | 1,201 | 1,494 | 1,485 | 821 | 868 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Equity attributable to owners of parent | 5,382 | 5,648 | 5,935 | 5,886 | 5,958 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Retained earnings | 3,465 | 3,731 | 4,018 | 3,924 | 3,997 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |
| Treasury stock | -77 | -77 | -77 | -36 | -36 | S100QDHV, S100T0Z8, S100VDDB, S100XPFN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XPFN |
| Property, plant and equipment | 16% | S100XPFN |
| Intangibles and goodwill | 1% | S100XPFN |
| Investment securities | 2% | S100XPFN |
| Other assets | 72% | S100XPFN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100XPFN |
| Equity | 87% | S100XPFN |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,592 | 7,158 | 7,441 | 6,729 | 6,890 |
| Equity | 5,390 | 5,663 | 5,955 | 5,908 | 6,022 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 929 | 1,126 | 1,085 | 664 | 621 |

## 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) | 40.8% | S100XPFN |
| Fixed assets ÷ total assets | 16.2% | S100XPFN |
| Goodwill ÷ parent equity | — | —, S100XPFN |

### 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) | 9.0% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.3% |
| Cash vs. profit gap | 14 JPY mn (of net income 4.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 78.3% |
| Shareholder payments — dividends / FCF | 123.5% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 37.2% |

## 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 | 3.3% | 0.33× | 1.1% | 1.22× | 1.3% | S100QDHV |
| 2022 | 13.6% | 0.36× | 4.9% | 1.25× | 6.1% | S100T0Z8 |
| 2023 | 14.0% | 0.36× | 5.1% | 1.26× | 6.4% | S100VDDB |
| 2024 | 9.8% | 0.35× | 3.4% | 1.20× | 4.1% | S100XPFN |
| 2025 | 12.3% | 0.40× | 4.9% | 1.15× | 5.7% | S100XPFN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＯＨＡＮＡ | Major shareholder | 45.8% | 2025-12-20 |
| 株式会社百十四銀行 | Major shareholder | 3.6% | 2025-12-20 |
| 益田 武美 | Major shareholder | 3.0% | 2025-12-20 |
| 須田 幸正 | Major shareholder | 2.6% | 2025-12-20 |
| ＫＧ社員持株会 | Major shareholder | 2.1% | 2025-12-20 |
| 株式会社香川銀行 | Major shareholder | 1.8% | 2025-12-20 |
| 株式会社中国銀行 | Major shareholder | 1.7% | 2025-12-20 |
| 株式会社伊予銀行 | Major shareholder | 1.5% | 2025-12-20 |
| 天井 智子 | Major shareholder | 1.4% | 2025-12-20 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.9% | 2025-12-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2024/12/21－2025/12/20) | S100XPFN | 2026-03-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XPFN,, |
| 有価証券報告書－第45期(2023/12/21－2024/12/20) | S100VDDB | 2025-03-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VDDB,, |
| 有価証券報告書－第44期(2022/12/21－2023/12/20) | S100T0Z8 | 2024-03-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T0Z8,, |
| 有価証券報告書－第43期(2021/12/21－2022/12/20) | S100QDHV | 2023-03-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDHV,, |
| 有価証券報告書－第42期(令和2年12月21日－令和3年12月20日) | S100NNPL | 2022-03-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NNPL,, |
| 有価証券報告書－第41期(令和1年12月21日－令和2年12月20日) | S100KX8R | 2021-03-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KX8R,, |

## 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).