# KITABO CO.,Ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第103期(2025/04/01－2026/03/31) (S100YXKX)
> Page: https://vizora.meequs.com/en/company/kitabo
> Retrieved: 2026-09-30T20:30:40.261Z

## Company

Kitabo, founded in 1948, is a company in Textiles & Fibers listed on TSE Standard. It has 148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITABO CO.,LTD(旧英訳名 KITANIHON SPINNING CO.,LTD) |
| Ticker | 3409 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3409.T) |
| Listing | TSE Standard |
| Head office | 石川県白山市福留町201番地1 |
| Representative (per filing) | 代表取締役社長 粕谷俊昭 |
| Founded | Oct 1948 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 148 |
| Average salary (parent only) | ¥3.6M |
| Fiscal year end | March |
| Website | www.ktbo.co.jp (https://www.ktbo.co.jp/) |
| Corporate number | 5220001002217 |
| EDINET | E00566 |
| Industries (Vizora) | Textiles & Fibers, Crypto & Blockchain, Waste Management & Recycling |

> Profile source: annual securities report (S100YXKX, filed 2026-08-19). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.4 | 14 |
| Profitability | 3.1 | 16 |
| Efficiency | 53.1 | 16 |

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 43% of Kitabo's sales come from TEXTILE BUSINESS, with Spinning business segments and HEALTHCARE BUSINESS making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed -7.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.51B |  |
| Operating income | -¥137.4M | Margin -9.1% |
| Net income | -¥135.5M | Margin -9.0% |
| Free cash flow | -¥308.8M |  |
| Largest business | TEXTILE BUSINESS | of segment revenue 43.4% |
| Employees (consolidated) | 148 |  |
| EPS | ¥-3.91 |  |
| Book value per share | ¥50.52 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 31,790,000 |  |
| Treasury shares | 244,200 |  |
| Shareholders | 4,310 |  |
| Average salary (parent only) | ¥3.6M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 31.5% |
| Vs. industry median margin | -12.5 pp | Textiles & Fibers |
| ROA | -5.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥615391000 | ¥1506005000 | +144.7% |
| Operating income | ¥-114830000 | ¥-137437000 | — |
| Operating margin | -18.7% | -9.1% | +9.5 pp |
| Employees | 66 people | 148 people | +124.2% |
| Cash and equivalents | ¥480230000 | ¥474850000 | -1.1% |

### 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 |
| --- | ---: |
| 紡績事業 → 紡績事業 | 20.4% |
| 紡績事業 → 事業再編・廃止 | 23.3% |
| テキスタイル事業 → テキスタイル事業 | 43.4% |
| テキスタイル事業 → 事業再編・廃止 | 11.4% |
| ヘルスケア事業 → ヘルスケア事業 | 1.5% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ヘルスケア事業 | 18.8% |
| 新設・再編 → リサイクル事業 | 15.9% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| TEXTILE BUSINESS | 5 years | +15.3% | ¥687406000 | 12.1% | 2 |
| Spinning business segments | 5 years | +3.8% | ¥323859000 | -1.2% | 2 |
| HEALTHCARE BUSINESS | 5 years | +104.6% | ¥321361000 | 10.7% | 2 |
| RECYCLING BUSINESS | 4 years | +24.5% | ¥252353000 | 10.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,506 | 100.0% | S100YXKX |
| Cost of revenue | 1,284 | 85.3% | S100YXKX |
| Gross profit | 222 | 14.7% | S100YXKX |
| SG&A | 360 | 23.9% | S100YXKX |
| Operating income | -137 | -9.1% | S100YXKX |
| Ordinary income | -132 | -8.7% | S100YXKX |
| Pretax income | -131 | -8.7% | S100YXKX |
| Income tax | 4 | 0.3% | S100YXKX |
| Net income | -135 | -9.0% | S100YXKX |
| Net income attributable to owners | -135 | -9.0% | S100YXKX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 24 |
| Operating income | -9 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 14.7% → Operating margin -9.1% → Net margin -9.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,631 | 1,506 | -125 | -7.7% |
| Gross profit | 234 | 222 | -11 | -4.9% |
| Operating income | -49 | -137 | -88 | — |
| Net income attributable to owners | -56 | -135 | -80 | — |
| Operating cash flow | -8 | -295 | -287 | — |
| Free cash flow | -43 | -309 | -266 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 615 | -115 | -18.7% | -61 | -102 | -131 | S100ONB9 |
| FY ending Mar 2022 | 830 | -140 | -16.9% | -128 | -161 | -260 | S100R6HZ |
| FY ending Mar 2023 | 1,186 | -155 | -13.0% | -271 | -92 | -323 | S100TY7E |
| FY ending Mar 2024 | 1,307 | -61 | -4.7% | -116 | -97 | -148 | S100W9JJ |
| FY ending Mar 2025 | 1,631 | -49 | -3.0% | -56 | -8 | -43 | S100YXKX |
| FY ending Mar 2026 | 1,506 | -137 | -9.1% | -135 | -295 | -309 | S100YXKX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.2M |
| Operating income per employee (consolidated) | -¥928.6K |
| Net income per employee (consolidated) | -¥915.5K |

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) | 74 | 82 | 81 | 83 | 148 |
| Average salary (parent company) | ¥3.2M | ¥3.3M | ¥3.5M | ¥3.2M | ¥3.6M |
| Average age (parent company) | 44.3 years | 44.8 years | 45.8 years | 46.7 years | 45.2 years |
| Average tenure (parent company) | 14.5 years | 13.5 years | 13.8 years | 13.4 years | 12.6 years |

Year over year: Employees (consolidated) +78.3% · Revenue (consolidated) -7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Spinning business segments | 324 | 21.5% | -4 | -1.2% |
| TEXTILE BUSINESS | 687 | 45.6% | 83 | 12.1% |
| HEALTHCARE BUSINESS | 321 | 21.3% | 34 | 10.7% |
| RECYCLING BUSINESS | 252 | 16.8% | 26 | 10.2% |
| Decrease (increase) in crypto assets | -79 | -5.2% | -88 | 111.6% |
| Other | — | 0.0% | -1 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Spinning business segments | — | -1.2% |
| TEXTILE BUSINESS | 58.1% | 12.1% |
| HEALTHCARE BUSINESS | 23.9% | 10.7% |
| RECYCLING BUSINESS | 18.0% | 10.2% |
| Decrease (increase) in crypto assets | — | — |
| Other | — | — |

Loss-making segment (excluded from profit shares): Spinning business segments -4 JPY mn

Loss-making segment (excluded from profit shares): Decrease (increase) in crypto assets -88 JPY mn

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: TEXTILE BUSINESS → Textiles & Fibers / Spinning business segments → Textiles & Fibers / Decrease (increase) in crypto assets → Crypto & Blockchain / RECYCLING BUSINESS → Waste Management & Recycling

## 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 | -295 | -19.6% | S100YXKX |
| Capital expenditure | 14 | 0.9% | S100YXKX |
| Free cash flow | -309 | -20.5% | 算出 |
| Investing cash flow | 57 | 3.8% | S100YXKX |
| Financing cash flow | 198 | 13.1% | S100YXKX |
| Change in cash | -38 | -2.5% | S100YXKX |
| Cash and equivalents | 475 | 31.5% | S100YXKX |

## 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 | 309 | 287 | 216 | 513 | 475 | S100TY7E, S100W9JJ, S100YXKX |
| Total assets | 2,070 | 2,071 | 1,857 | 2,154 | 2,790 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Net assets | 1,080 | 960 | 899 | 1,190 | 1,631 | S100TY7E, S100W9JJ, S100YXKX |
| Share capital | 1,118 | 1,198 | 1,223 | 1,379 | 1,512 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Trade receivables | 117 | 139 | 190 | 227 | 335 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Property, plant and equipment | 1,198 | 1,256 | 1,061 | 1,082 | 1,197 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Intangible assets excluding goodwill | 102 | 55 | 1 | 1 | 210 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Goodwill | 101 | 55 | — | — | 208 | S100R6HZ, S100TY7E, S100YXKX |
| Investment securities | 167 | 138 | 145 | 141 | 177 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Current assets | 568 | 588 | 618 | 895 | 1,146 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Current liabilities | 577 | 687 | 635 | 542 | 700 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Trade payables | 46 | 36 | 61 | 65 | 100 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Short-term borrowings | 432 | 540 | 432 | 312 | 312 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Long-term borrowings | 184 | 187 | 85 | 184 | 168 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Total liabilities | 990 | 1,111 | 958 | 964 | 1,159 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Non-controlling interests | — | — | — | — | 68 | S100YXKX |
| Equity attributable to owners of parent | 615 | 505 | 439 | 696 | 1,055 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Retained earnings | -887 | -1,158 | -1,273 | -1,329 | -1,465 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |
| Treasury stock | -33 | -33 | -33 | -33 | -33 | S100R6HZ, S100TY7E, S100W9JJ, S100YXKX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YXKX |
| Receivables | 12% | S100YXKX |
| Property, plant and equipment | 43% | S100YXKX |
| Intangibles and goodwill | 15% | S100YXKX |
| Investment securities | 6% | S100YXKX |
| Other assets | 7% | S100YXKX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YXKX |
| Other liabilities | 38% | S100YXKX |
| Equity | 58% | S100YXKX |
| Other liabilities | 0% | S100YXKX |

### 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 | 2,070 | 2,071 | 1,857 | 2,154 | 2,790 |
| Equity | 1,080 | 960 | 899 | 1,190 | 1,631 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 309 | 287 | 216 | 513 | 475 |

## 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) | 79.5% | S100YXKX |
| Fixed assets ÷ total assets | 42.9% | S100YXKX |
| Goodwill ÷ parent equity | 19.8% | S100YXKX |

Goodwill over 4 years: 101 → 208 JPY; total investing cash flow: -360 JPY. This does not imply causation.

### 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) | 17.0% |
| Cash ÷ revenue | 31.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -159 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| 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 | — | —× | -6.2% | —× | — | S100R6HZ |
| 2023 | — | —× | -13.1% | —× | — | S100TY7E |
| 2024 | — | —× | -5.9% | —× | — | S100W9JJ |
| 2025 | — | —× | -2.8% | —× | — | S100YXKX |
| 2026 | — | —× | -5.5% | —× | — | S100YXKX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| PT ASIA PLASTIK VICTORI (常任代理人横山雅明) | Major shareholder | 20.8% | 2026-03-31 |
| ミツワ樹脂工業株式会社 | Major shareholder | 15.4% | 2026-03-31 |
| 株式会社スカイサルーントラベル | Major shareholder | 6.2% | 2026-03-31 |
| 証券金融株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 本多 敏行 | Major shareholder | 2.8% | 2026-03-31 |
| 中原証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 直山 秀人 | Major shareholder | 2.1% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社LULインターナショナル | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YXKX | 2026-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXKX,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W9JJ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9JJ,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TY7E | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY7E,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R6HZ | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6HZ,, |
| 訂正有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100ONB9 | 2022-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONB9,, |
| 訂正有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100M14U | 2021-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M14U,, |

## 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).