# KIMURATAN CORPORATION: 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63期(2025/04/01－2026/03/31) (S100YER7)
> Page: https://vizora.meequs.com/en/company/kimuratan
> Retrieved: 2026-09-30T20:25:08.447Z

## Company

Kimuratan, founded in 1948, is a company in Baby & Kids Goods listed on TSE Standard. It has 34 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIMURATAN CORPORATION |
| Ticker | 8107 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8107.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区京町83番地三宮センチュリービル |
| Representative (per filing) | 代表取締役社長 九鬼 祐一郎 |
| Founded | May 1948 |
| Share capital | ¥386.6M |
| Employees (consolidated) | 34 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.kimuratan.co.jp (https://www.kimuratan.co.jp/) |
| Corporate number | 8140001007130 |
| EDINET | E02628 |
| Industries (Vizora) | Baby & Kids Goods, Apparel, Condominium Developers, Childcare |

> Profile source: annual securities report (S100YER7, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.4 | 21 |
| Profitability | 14 | 25 |
| Cash conversion | 98 | 25 |
| Efficiency | 6 | 25 |

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 87% of Kimuratan's sales come from Real estate, with Apparel and Wearable making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +44.1% from the prior year, operating profit -32.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.53B |  |
| Operating income | ¥91.3M | Margin 3.6% |
| Net income | -¥98.2M | Margin -3.9% |
| Free cash flow | ¥698.4M |  |
| Largest business | Real estate | of segment revenue 86.9% |
| Employees (consolidated) | 34 |  |
| EPS | ¥-0.66 |  |
| Book value per share | ¥5.64 |  |
| Equity ratio | 16.7% |  |
| Shares outstanding | 275,393,000 |  |
| Treasury shares | 28,800 |  |
| Shareholders | 38,564 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 4.2% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -4.5 pp | Condominium Developers |
| ROA | -1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4708413000 | ¥2533118000 | -46.2% |
| Operating income | ¥-437778000 | ¥91273000 | — |
| Operating margin | -9.3% | 3.6% | +12.9 pp |
| Employees | 115 people | 34 people | -70.4% |
| Cash and equivalents | ¥369398000 | ¥413241000 | +11.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| アパレル事業 → アパレル事業 | 11.6% |
| アパレル事業 → 事業再編・廃止 | 88.4% |
| 新設・再編 → 不動産事業 | 86.9% |
| 新設・再編 → ウェアラブル事業 | 1.5% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate | 4 years | +141.0% | ¥2200799000 | 10.0% | 2 |
| Apparel | 5 years | -42.1% | ¥293628000 | -42.0% | 2 |
| Wearable | — | — | ¥38690000 | -11.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,533 | 100.0% | S100YER7 |
| Cost of revenue | 1,784 | 70.4% | S100YER7 |
| Gross profit | 749 | 29.6% | S100YER7 |
| SG&A | 658 | 26.0% | S100YER7 |
| Operating income | 91 | 3.6% | S100YER7 |
| Ordinary income | -57 | -2.3% | S100YER7 |
| Pretax income | -55 | -2.2% | S100YER7 |
| Income tax | 43 | 1.7% | S100YER7 |
| Net income | -98 | -3.9% | S100YER7 |
| Net income attributable to owners | -98 | -3.9% | S100YER7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 26 |
| Operating income | 4 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 29.6% → Operating margin 3.6% → Net margin -3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +44.1%; Core profit growth: -32.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.73×
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 | 1,758 | 2,533 | 775 | +44.1% |
| Gross profit | 727 | 749 | 23 | +3.1% |
| Operating income | 135 | 91 | -44 | -32.3% |
| Net income attributable to owners | -46 | -98 | -52 | — |
| Operating cash flow | 331 | 1,068 | 737 | +223.0% |
| Free cash flow | 297 | 698 | 402 | +135.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,917 | -457 | -9.3% | -581 | -375 | -390 | S100MK0O |
| FY ending Mar 2021 | 4,708 | -438 | -9.3% | -416 | -248 | -1,015 | S100OKC1 |
| FY ending Mar 2022 | 4,238 | -564 | -13.3% | -893 | -273 | -384 | S100RU29 |
| FY ending Mar 2023 | 3,548 | -724 | -20.4% | -1,135 | -38 | -48 | S100TXAJ |
| FY ending Mar 2024 | 1,285 | 37 | 2.9% | 41 | 67 | 31 | S100W4Z5 |
| FY ending Mar 2025 | 1,758 | 135 | 7.7% | -46 | 331 | 297 | S100YER7 |
| FY ending Mar 2026 | 2,533 | 91 | 3.6% | -98 | 1,068 | 698 | S100YER7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.5M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | -¥2.9M |

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) | 100 | 34 | 20 | 30 | 34 |
| Average salary (parent company) | ¥4M | ¥4.3M | ¥4.1M | ¥4.5M | ¥4.7M |
| Average age (parent company) | 48.9 years | 50.3 years | 51.4 years | 53.3 years | 53.5 years |
| Average tenure (parent company) | 17.8 years | 20.6 years | 22.2 years | 23.1 years | 22.5 years |

Year over year: Employees (consolidated) +13.3% · Revenue (consolidated) +44.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 2,201 | 86.9% | 219 | 10.0% |
| Apparel | 294 | 11.6% | -123 | -42.0% |
| Wearable | 39 | 1.5% | -5 | -11.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 86.9% | 100.0% | 13.1 | 10.0% |
| Apparel | 11.6% | — | — | -42.0% |
| Wearable | 1.5% | — | — | -11.8% |

Loss-making segment (excluded from profit shares): Apparel -123 JPY mn

Loss-making segment (excluded from profit shares): Wearable -5 JPY mn

Segment → industry: Apparel → Baby & Kids Goods / Apparel → Apparel / Real estate → Condominium Developers / Wearable → Childcare

## 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 | 1,068 | 42.2% | S100YER7 |
| Capital expenditure | 370 | 14.6% | S100YER7 |
| Free cash flow | 698 | 27.6% | 算出 |
| Investing cash flow | -602 | -23.8% | S100YER7 |
| Financing cash flow | -257 | -10.1% | S100YER7 |
| Share buyback | 1 | 0.0% | S100YER7 |
| Change in cash | 209 | 8.3% | S100YER7 |
| Cash and equivalents | 413 | 16.3% | S100YER7 |

## 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 | 469 | 56 | 467 | 204 | 413 | S100TXAJ, S100W4Z5, S100YER7 |
| Total assets | 2,587 | 7,630 | 8,304 | 10,091 | 9,846 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Net assets | 120 | 168 | 921 | 1,133 | 1,647 | S100TXAJ, S100W4Z5, S100YER7 |
| Share capital | 2,203 | 2,796 | 3,165 | 3,297 | 387 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Property, plant and equipment | 13 | 6,692 | 6,817 | 7,358 | 7,252 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Intangible assets excluding goodwill | 10 | 490 | 458 | 572 | 569 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Goodwill | — | 490 | 452 | 557 | 555 | S100TXAJ, S100W4Z5, S100YER7 |
| Investment securities | 17 | — | — | 0 | 51 | S100RU29, S100YER7 |
| Current assets | 2,462 | 410 | 991 | 2,118 | 1,930 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Current liabilities | 1,949 | 891 | 773 | 1,325 | 1,337 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Trade payables | 365 | 25 | 24 | — | — | S100RU29, S100TXAJ |
| Short-term borrowings | 630 | 223 | 223 | 609 | 656 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Long-term borrowings | 515 | 6,146 | 6,117 | 7,068 | 6,256 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Total liabilities | 2,468 | 7,461 | 7,383 | 8,959 | 8,199 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Equity attributable to owners of parent | 86 | 138 | 916 | 1,133 | 1,647 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Retained earnings | -3,634 | -4,769 | -4,728 | -4,775 | -76 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |
| Treasury stock | -4 | -4 | -4 | -4 | -5 | S100RU29, S100TXAJ, S100W4Z5, S100YER7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YER7 |
| Property, plant and equipment | 74% | S100YER7 |
| Intangibles and goodwill | 11% | S100YER7 |
| Investment securities | 1% | S100YER7 |
| Other assets | 10% | S100YER7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 83% | S100YER7 |
| Equity | 17% | S100YER7 |

### 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 | 2,587 | 7,630 | 8,304 | 10,091 | 9,846 |
| Equity | 120 | 168 | 921 | 1,133 | 1,647 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 469 | 56 | 467 | 204 | 413 |

## 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) | 286.3% | S100YER7 |
| Fixed assets ÷ total assets | 73.7% | S100YER7 |
| Goodwill ÷ parent equity | 33.7% | S100YER7 |

### 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) | 4.2% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1170.1% |
| Cash vs. profit gap | 1,166 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.6% |
| Investing CF relative to operating CF | 56.3% |

## 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 | — | —× | -34.5% | —× | — | S100RU29 |
| 2023 | — | —× | -22.2% | —× | — | S100TXAJ |
| 2024 | 3.2% | 0.16× | 0.5% | 15.13× | 7.7% | S100W4Z5 |
| 2025 | — | —× | -0.5% | —× | — | S100YER7 |
| 2026 | — | —× | -1.0% | —× | — | S100YER7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 清川 浩志 | Major shareholder | 27.4% | 2026-03-31 |
| 澤田 秀雄 | Major shareholder | 19.7% | 2026-03-31 |
| 株式会社レゾンディレクション | Major shareholder | 5.3% | 2026-03-31 |
| 吉丸 昌宏 | Major shareholder | 4.3% | 2026-03-31 |
| 西川 勝彦 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社木村海苔 | Major shareholder | 0.5% | 2026-03-31 |
| 西田 博行 | Major shareholder | 0.4% | 2026-03-31 |
| 横尾 嘉信 | Major shareholder | 0.4% | 2026-03-31 |
| 佐山 智紀 | Major shareholder | 0.4% | 2026-03-31 |
| 三堀 裕美子 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YER7 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YER7,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W4Z5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4Z5,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TXAJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXAJ,, |
| 訂正有価証券報告書－第60期(2022/04/01－2023/03/31) | S100RU29 | 2023-09-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RU29,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OKC1 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKC1,, |
| 訂正有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100MK0O | 2021-10-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MK0O,, |

## 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).