# KInjiro 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45期(2025/01/01－2025/12/31) (S100XR7V)
> Page: https://vizora.meequs.com/en/company/kinjiro
> Retrieved: 2026-09-30T17:49:18.095Z

## Company

KInjiro, founded in 1981, is a company in Software & SaaS listed on TSE Growth. It has 321 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kinjiro Co.,Ltd. |
| Ticker | 4013 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4013.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区外神田四丁目14番1号(上記は登記上の本店所在地であり、実際の本社業務は「最寄りの連絡場所」にて行っております。) |
| Representative (per filing) | 代表取締役執行役員社長COO 加村 光造 |
| Founded | Apr 1981 |
| Share capital | ¥4.1B |
| Employees (consolidated) | 321 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.kinjiro-e.com (https://www.kinjiro-e.com/) |
| Corporate number | 5180001039651 |
| EDINET | E35967 |
| Industries (Vizora) | Software & SaaS, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XR7V, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.8 | 105 |
| Profitability | 83.1 | 145 |
| Cash conversion | 74.6 | 128 |
| Efficiency | 5.9 | 145 |

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 97% of KInjiro's sales come from HRM segment, with Real estate rental segment making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +22.7% from the prior year, operating profit +108.4%.

## Company structure

- Segment revenue mix: HRM segment 97.1%、Real estate rental segment 2.9%
- Revenue → net income: ¥5370470000 → ¥1013085000
- Net income → operating cash flow: ¥1013085000 → ¥2201400000（difference ¥1188315000）
- Main uses of operating cash flow: CapEx ¥994961000 / dividends ¥168716000 / buybacks —
- Change in cash: ¥-1236609000
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 | ¥5.37B |  |
| Operating income | ¥1.52B | Margin 28.3% |
| Net income | ¥1.01B | Margin 18.9% |
| Free cash flow | ¥1.21B |  |
| Largest business | HRM segment | of segment revenue 97.1% |
| Employees (consolidated) | 321 |  |
| EPS | ¥50.69 |  |
| Book value per share | ¥521.75 |  |
| Equity ratio | 74.6% |  |
| Shares outstanding | 20,840,000 |  |
| Treasury shares | 976,200 |  |
| Shareholders | 4,022 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 21.8% | Cash ÷ revenue 55.8% |
| Vs. industry median margin | +15.9 pp | Software & SaaS |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, one segment accounts for 95% of positive segment profit
- FY2025, operating income keeps 28 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3432574000 | ¥5370470000 | +56.5% |
| Operating income | ¥562287000 | ¥1521377000 | +170.6% |
| Operating margin | 16.4% | 28.3% | +11.9 pp |
| Employees | 268 people | 321 people | +19.8% |
| Cash and equivalents | ¥9153419000 | ¥2994739000 | -67.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → HRM事業 | 97.1% |
| 新設・再編 → 不動産賃貸事業 | 2.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,370 | 100.0% | S100XR7V |
| Cost of revenue | 1,715 | 31.9% | S100XR7V |
| Gross profit | 3,655 | 68.1% | S100XR7V |
| SG&A | 2,134 | 39.7% | S100XR7V |
| Operating income | 1,521 | 28.3% | S100XR7V |
| Ordinary income | 1,525 | 28.4% | S100XR7V |
| Pretax income | 1,525 | 28.4% | S100XR7V |
| Income tax | 512 | 9.5% | S100XR7V |
| Net income | 1,013 | 18.9% | S100XR7V |
| Net income attributable to owners | 1,013 | 18.9% | S100XR7V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 40 |
| Operating income | 28 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 68.1% → Operating margin 28.3% → Net margin 18.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.7%; Core profit growth: +108.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.78×
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 | 4,377 | 5,370 | 994 | +22.7% |
| Gross profit | 2,651 | 3,655 | 1,004 | +37.9% |
| Operating income | 730 | 1,521 | 792 | +108.4% |
| Net income attributable to owners | 462 | 1,013 | 551 | +119.4% |
| Operating cash flow | 1,156 | 2,201 | 1,046 | +90.5% |
| Free cash flow | 210 | 1,206 | 996 | +473.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,189 | 459 | 14.4% | 332 | 546 | 302 | S100L1WW |
| FY ending Dec 2020 | 3,433 | 562 | 16.4% | 329 | 687 | 457 | S100NR28 |
| FY ending Dec 2021 | 3,324 | 262 | 7.9% | 163 | 179 | -383 | S100QG7P |
| FY ending Dec 2022 | 3,552 | 444 | 12.5% | 305 | 410 | -5,308 | S100T430 |
| FY ending Dec 2023 | 3,923 | 572 | 14.6% | 370 | 1,467 | 396 | S100VG3N |
| FY ending Dec 2024 | 4,377 | 730 | 16.7% | 462 | 1,156 | 210 | S100XR7V |
| FY ending Dec 2025 | 5,370 | 1,521 | 28.3% | 1,013 | 2,201 | 1,206 | S100XR7V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.7M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 277 | 318 | 312 | 308 | 321 |
| Average salary (parent company) | ¥5.6M | ¥5.5M | ¥5.7M | ¥6.1M | ¥6.7M |
| Average age (parent company) | 36.0 years | 36.2 years | 36.6 years | 36.5 years | 37.0 years |
| Average tenure (parent company) | 5.8 years | 6.3 years | 7.0 years | 7.5 years | 7.9 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +22.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HRM segment | 5,216 | 97.1% | 1,452 | 27.8% |
| Real estate rental segment | 154 | 2.9% | 70 | 45.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| HRM segment | 97.1% | 95.4% | -1.7 | 27.8% |
| Real estate rental segment | 2.9% | 4.6% | 1.7 | 45.2% |

Segment → industry: HRM segment → Software & SaaS / Real estate rental segment → Real Estate Development & Leasing

## 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 | 2,201 | 41.0% | S100XR7V |
| Capital expenditure | 995 | 18.5% | S100XR7V |
| Free cash flow | 1,206 | 22.5% | 算出 |
| Investing cash flow | -3,005 | -55.9% | S100XR7V |
| Financing cash flow | -430 | -8.0% | S100XR7V |
| Dividends paid | 169 | 3.1% | S100XR7V |
| Change in cash | -1,237 | -23.0% | S100XR7V |
| Cash and equivalents | 2,995 | 55.8% | S100XR7V |

## 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 | 7,529 | 4,455 | 4,469 | 4,231 | 2,995 | S100T430, S100VG3N, S100XR7V |
| Total assets | 9,778 | 12,653 | 12,787 | 12,814 | 13,733 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Net assets | 8,854 | 8,755 | 8,996 | 9,370 | 10,249 | S100T430, S100VG3N, S100XR7V |
| Share capital | 4,099 | 4,099 | 4,099 | 4,099 | 4,099 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Trade receivables | 588 | 694 | 701 | 831 | 847 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Inventories | 49 | 74 | 67 | 52 | 92 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Property, plant and equipment | 643 | 5,816 | 5,942 | 5,838 | 5,595 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Intangible assets excluding goodwill | 485 | 737 | 1,080 | 1,272 | 1,600 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Investment securities | — | 68 | 48 | 51 | 49 | S100T430, S100VG3N, S100XR7V |
| Current assets | 8,373 | 5,669 | 5,334 | 5,226 | 6,030 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Current liabilities | 692 | 1,077 | 1,255 | 1,200 | 1,525 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Trade payables | 65 | 73 | 49 | 59 | 52 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Short-term borrowings | 40 | — | — | — | — | S100QG7P |
| Long-term borrowings | 50 | 2,530 | 2,215 | 1,915 | 1,624 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Total liabilities | 924 | 3,898 | 3,791 | 3,444 | 3,484 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Equity attributable to owners of parent | 8,849 | 8,745 | 8,998 | 9,358 | 10,243 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Retained earnings | 1,693 | 1,820 | 2,018 | 2,303 | 3,141 | S100QG7P, S100T430, S100VG3N, S100XR7V |
| Treasury stock | -1,000 | -1,230 | -1,176 | -1,101 | -1,054 | S100QG7P, S100T430, S100VG3N, S100XR7V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XR7V |
| Receivables | 6% | S100XR7V |
| Inventories | 1% | S100XR7V |
| Property, plant and equipment | 41% | S100XR7V |
| Intangibles and goodwill | 12% | S100XR7V |
| Investment securities | 0% | S100XR7V |
| Other assets | 18% | S100XR7V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100XR7V |
| Other liabilities | 25% | S100XR7V |
| Equity | 75% | S100XR7V |
| Other liabilities | 0% | S100XR7V |

### 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 | 9,778 | 12,653 | 12,787 | 12,814 | 13,733 |
| Equity | 8,854 | 8,755 | 8,996 | 9,370 | 10,249 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,529 | 4,455 | 4,469 | 4,231 | 2,995 |

## 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) | 104.2% | S100XR7V |
| Fixed assets ÷ total assets | 40.7% | S100XR7V |
| Goodwill ÷ parent equity | — | —, S100XR7V |

### 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) | 21.8% |
| Cash ÷ revenue | 55.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.7% |
| Cash vs. profit gap | 1,188 JPY mn (of net income 117.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.7% |
| Shareholder payments — dividends / FCF | 14.0% |
| CapEx intensity (capex ÷ revenue) | 18.5% |
| Investing CF relative to operating CF | 136.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.9% | 0.34× | 1.7% | 1.11× | 1.8% | S100QG7P |
| 2022 | 8.6% | 0.32× | 2.7% | 1.27× | 3.5% | S100T430 |
| 2023 | 9.4% | 0.31× | 2.9% | 1.43× | 4.2% | S100VG3N |
| 2024 | 10.6% | 0.34× | 3.6% | 1.39× | 5.0% | S100XR7V |
| 2025 | 18.9% | 0.40× | 7.6% | 1.35× | 10.3% | S100XR7V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エヌイーシステムサービス株式会社 | Major shareholder | 36.1% | 2025-12-31 |
| 加村 稔 | Major shareholder | 9.7% | 2025-12-31 |
| 勤次郎持株会 | Major shareholder | 7.9% | 2025-12-31 |
| ＭＫ株式会社 | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.8% | 2025-12-31 |
| 三菱UFJキャピタル株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 良原 一行 | Major shareholder | 2.1% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.9% | 2025-12-31 |
| 加村 光子 | Major shareholder | 1.6% | 2025-12-31 |
| 松浦 幹治 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/01/01－2025/12/31) | S100XR7V | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XR7V,, |
| 訂正有価証券報告書－第44期(2024/01/01－2024/12/31) | S100VG3N | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG3N,, |
| 有価証券報告書－第43期(2023/01/01－2023/12/31) | S100T430 | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T430,, |
| 有価証券報告書－第42期(2022/01/01－2022/12/31) | S100QG7P | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG7P,, |
| 有価証券報告書－第41期(令和3年1月1日－令和3年12月31日) | S100NR28 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR28,, |
| 有価証券報告書－第40期(令和2年1月1日－令和2年12月31日) | S100L1WW | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1WW,, |

## 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).