# KIMURA UNITY 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55期(2025/04/01－2026/03/31) (S100YCXZ)
> Page: https://vizora.meequs.com/en/company/kimura-unity
> Retrieved: 2026-09-30T20:23:42.144Z

## Company

Kimura Unity, founded in 1951, is a company in IT Services & System Integration listed on TSE Standard. It has 2,328 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIMURA UNITY CO.,LTD. |
| Ticker | 9368 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9368.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区錦三丁目8番32号 |
| Representative (per filing) | 代表取締役社長 成瀬 茂広 |
| Founded | Mar 1951 |
| Share capital | ¥3.6B |
| Employees (consolidated) | 2,328 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.kimura-unity.co.jp (https://www.kimura-unity.co.jp/) |
| Corporate number | 3180001035446 |
| EDINET | E04357 |
| Industries (Vizora) | IT Services & System Integration, Electric Power & Gas, Leasing, HR & Staffing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YCXZ, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.2 | 37 |
| Profitability | 83.3 | 39 |
| Cash conversion | 6.6 | 38 |
| Efficiency | 65.4 | 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 71% of Kimura Unity's sales come from Logistics Service, with Mobility Service and IT Solution Service making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +7.7%.

## Company structure

- Segment revenue mix: Logistics Service 71.1%、Mobility Service 23.0%、IT Solution Service 4.1%、Temporary Staffing Service 1.7%、Other 0.1%
- Revenue → net income: ¥64546000000 → ¥3377000000
- Net income → operating cash flow: ¥3377000000 → ¥3674000000（difference ¥297000000）
- Main uses of operating cash flow: CapEx ¥715000000 / dividends ¥1377000000 / buybacks —
- Change in cash: ¥-276000000
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 | ¥64.5B |  |
| Operating income | ¥4.96B | Margin 7.7% |
| Net income | ¥3.2B | Margin 5.0% |
| Free cash flow | ¥2.96B |  |
| Largest business | Logistics Service | of segment revenue 71.1% |
| Employees (consolidated) | 2,328 |  |
| EPS | ¥76.59 |  |
| Book value per share | ¥813.64 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 47,087,600 |  |
| Treasury shares | 5,961,500 |  |
| Shareholders | 24,007 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | +1.9 pp | Warehouses & Logistics Facilities |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, employees -2% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51782000000 | ¥64546000000 | +24.6% |
| Operating income | ¥2434000000 | ¥4957000000 | +103.7% |
| Operating margin | 4.7% | 7.7% | +3 pp |
| Employees | 2,491 people | 2,328 people | -6.5% |
| Cash and equivalents | ¥7956000000 | ¥11328000000 | +42.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 物流サービス事業 → 物流サービス事業 | 69.3% |
| 自動車サービス事業 → 事業再編・廃止 | 27.5% |
| 情報サービス事業 → 情報サービス事業 | 2.7% |
| 人材サービス事業 → 人材サービス事業 | 0.4% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 物流サービス事業 | 1.8% |
| 新設・再編 → モビリティサービス事業 | 23.0% |
| 新設・再編 → 情報サービス事業 | 1.4% |
| 新設・再編 → 人材サービス事業 | 1.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Logistics Service | 5 years | +5.0% | ¥45864000000 | 10.9% | 2 |
| Mobility Service | 2 years | +0.6% | ¥14842000000 | 8.2% | 2 |
| IT Solution Service | 5 years | +13.7% | ¥2676000000 | 13.7% | 2 |
| Temporary Staffing Service | 5 years | +40.0% | ¥1118000000 | 8.9% | 2 |
| Other | 5 years | -0.4% | ¥44000000 | 54.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,546 | 100.0% | S100YCXZ |
| Cost of revenue | 51,623 | 80.0% | S100YCXZ |
| Gross profit | 12,922 | 20.0% | S100YCXZ |
| SG&A | 7,965 | 12.3% | S100YCXZ |
| Operating income | 4,957 | 7.7% | S100YCXZ |
| Ordinary income | 5,769 | 8.9% | S100YCXZ |
| Pretax income | 5,096 | 7.9% | S100YCXZ |
| Income tax | 1,718 | 2.7% | S100YCXZ |
| Net income | 3,377 | 5.2% | S100YCXZ |
| Net income attributable to owners | 3,203 | 5.0% | S100YCXZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 12 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.0% → Operating margin 7.7% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +7.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.38×
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 | 61,129 | 64,546 | 3,417 | +5.6% |
| Gross profit | 12,424 | 12,922 | 498 | +4.0% |
| Operating income | 4,603 | 4,957 | 354 | +7.7% |
| Net income attributable to owners | 3,300 | 3,203 | -97 | -2.9% |
| Operating cash flow | 4,844 | 3,674 | -1,170 | -24.2% |
| Free cash flow | 4,156 | 2,959 | -1,197 | -28.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 54,309 | 2,555 | 4.7% | 1,657 | 3,805 | 2,408 | S100LNZX |
| FY ending Mar 2021 | 51,782 | 2,434 | 4.7% | 1,603 | 3,245 | 2,752 | S100OCZV |
| FY ending Mar 2022 | 57,082 | 2,938 | 5.1% | 2,181 | 2,030 | 1,281 | S100R262 |
| FY ending Mar 2023 | 59,139 | 3,269 | 5.5% | 2,471 | 4,493 | 3,572 | S100TOVV |
| FY ending Mar 2024 | 61,493 | 4,109 | 6.7% | 3,168 | 5,540 | 4,962 | S100VZMM |
| FY ending Mar 2025 | 61,129 | 4,603 | 7.5% | 3,300 | 4,844 | 4,156 | S100YCXZ |
| FY ending Mar 2026 | 64,546 | 4,957 | 7.7% | 3,203 | 3,674 | 2,959 | S100YCXZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.7M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 2,429 | 2,415 | 2,395 | 2,377 | 2,328 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥5.9M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 43.6 years | 43.5 years | 43.6 years | 43.6 years | 43.6 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 18.0 years | 18.0 years | 17.0 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics Service | 45,864 | 71.1% | 4,991 | 10.9% |
| Mobility Service | 14,842 | 23.0% | 1,213 | 8.2% |
| IT Solution Service | 2,676 | 4.1% | 366 | 13.7% |
| Temporary Staffing Service | 1,118 | 1.7% | 99 | 8.9% |
| Other | 44 | 0.1% | 24 | 54.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics Service | 71.1% | 74.6% | 3.5 | 10.9% |
| Mobility Service | 23.0% | 18.1% | -4.9 | 8.2% |
| IT Solution Service | 4.1% | 5.5% | 1.3 | 13.7% |
| Temporary Staffing Service | 1.7% | 1.5% | -0.3 | 8.9% |
| Other | 0.1% | 0.4% | 0.3 | 54.5% |

Segment → industry: IT Solution Service → IT Services & System Integration / Other → Electric Power & Gas / Mobility Service → Leasing / Temporary Staffing Service → HR & Staffing / Logistics Service → Warehouses & Logistics Facilities

## 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 | 3,674 | 5.7% | S100YCXZ |
| Capital expenditure | 715 | 1.1% | S100YCXZ |
| Free cash flow | 2,959 | 4.6% | 算出 |
| Investing cash flow | -414 | -0.6% | S100YCXZ |
| Financing cash flow | -3,625 | -5.6% | S100YCXZ |
| Dividends paid | 1,377 | 2.1% | S100YCXZ |
| Change in cash | -276 | -0.4% | S100YCXZ |
| Cash and equivalents | 11,328 | 17.6% | S100YCXZ |

## 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 | 8,218 | 9,258 | 11,972 | 11,605 | 11,328 | S100TOVV, S100VZMM, S100YCXZ |
| Total assets | 56,024 | 57,770 | 64,711 | 64,549 | 71,341 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Net assets | 33,519 | 35,114 | 40,454 | 41,171 | 46,302 | S100TOVV, S100VZMM, S100YCXZ |
| Share capital | 3,580 | 3,596 | 3,596 | 3,596 | 3,596 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Property, plant and equipment | 18,260 | 19,099 | 19,003 | 18,723 | 17,845 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Intangible assets excluding goodwill | 1,175 | 1,133 | 1,032 | 1,250 | 1,362 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Goodwill | 29 | 12 | — | — | — | S100R262, S100TOVV |
| Investment securities | 5,313 | 5,456 | 7,646 | 6,634 | 8,936 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Current assets | 28,157 | 27,993 | 29,758 | 29,169 | 31,262 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Current liabilities | 12,567 | 13,830 | 13,467 | 13,507 | 14,922 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Short-term borrowings | 845 | 975 | 1,042 | 1,162 | 626 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Long-term borrowings | 3,000 | 1,000 | 2,000 | 2,000 | — | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Bonds | — | 1,000 | 1,000 | — | — | S100TOVV, S100VZMM |
| Interest-bearing debt | — | 2,975 | 4,042 | — | — | 算出 |
| Total liabilities | 22,505 | 22,656 | 24,256 | 23,378 | 25,039 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Non-controlling interests | 1,549 | 1,661 | 1,779 | 1,959 | 2,021 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Equity attributable to owners of parent | 29,717 | 30,456 | 31,678 | 32,164 | 34,024 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Retained earnings | 22,725 | 24,487 | 26,502 | 28,504 | 30,331 | S100R262, S100TOVV, S100VZMM, S100YCXZ |
| Treasury stock | -2 | -1,058 | -1,860 | -3,390 | -3,367 | S100R262, S100TOVV, S100VZMM, S100YCXZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YCXZ |
| Property, plant and equipment | 25% | S100YCXZ |
| Intangibles and goodwill | 2% | S100YCXZ |
| Investment securities | 12% | S100YCXZ |
| Other assets | 45% | S100YCXZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YCXZ |
| Equity | 65% | S100YCXZ |

### 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 | 56,024 | 57,770 | 64,711 | 64,549 | 71,341 |
| Equity | 33,519 | 35,114 | 40,454 | 41,171 | 46,302 |
| Interest-bearing debt | — | 2,975 | 4,042 | — | — |
| Cash | 8,218 | 9,258 | 11,972 | 11,605 | 11,328 |

## 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) | 27.6% | S100YCXZ |
| Fixed assets ÷ total assets | 25.0% | S100YCXZ |
| Goodwill ÷ parent equity | — | —, S100YCXZ |

### 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) | 15.9% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.1% |
| Cash vs. profit gap | 471 JPY mn (of net income 14.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.0% |
| Shareholder payments — dividends / FCF | 46.5% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 11.3% |

## 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 | 3.8% | 1.02× | 3.9% | 1.89× | 7.3% | S100R262 |
| 2023 | 4.2% | 1.04× | 4.3% | 1.89× | 8.2% | S100TOVV |
| 2024 | 5.2% | 1.00× | 5.2% | 1.97× | 10.2% | S100VZMM |
| 2025 | 5.4% | 0.95× | 5.1% | 2.02× | 10.3% | S100YCXZ |
| 2026 | 5.0% | 0.95× | 4.7% | 2.05× | 9.7% | S100YCXZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木村株式会社 | Major shareholder | 29.4% | 2026-03-31 |
| 豊田通商株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 絲丹株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| キムラユニティー社員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 木村 幸夫 | Major shareholder | 2.4% | 2026-03-31 |
| 橋本 佳代子 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 木村 昭二 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社ｍｅｉｔｏ | Major shareholder | 1.2% | 2026-03-31 |
| 菊水化学工業株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YCXZ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCXZ,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100VZMM | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZMM,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TOVV | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOVV,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R262 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R262,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100OCZV | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCZV,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LNZX | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNZX,, |

## 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).