# KITAC CORPORATION: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2024/10/21－2025/10/20) (S100XFRF)
> Page: https://vizora.meequs.com/en/company/kitac
> Retrieved: 2026-09-30T18:04:24.574Z

## Company

Kitac is a company in Advertising listed on TSE Standard. It has 197 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITAC CORPORATION |
| Ticker | 4707 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4707.T) |
| Listing | TSE Standard |
| Head office | 新潟市中央区新光町10番地2 |
| Representative (per filing) | 代表取締役社長 中山正子 |
| Share capital | ¥479.9M |
| Employees (consolidated) | 197 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | October |
| Website | kitac.co.jp (https://kitac.co.jp/) |
| Corporate number | 2110001001637 |
| EDINET | E05015 |
| Industries (Vizora) | Advertising, Printing, Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XFRF, filed 2026-01-19). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-10-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 16.3 | 40 |
| Cash conversion | 43.4 | 38 |
| Efficiency | 6.3 | 40 |

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 89% of Kitac's sales come from Construction consultant, with Real estate rent and other and WebSolutionBusinessReportableSegmentMember making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -59.7%.

## Company structure

- Segment revenue mix: Construction consultant 89.4%、Real estate rent and other 5.4%、WebSolutionBusinessReportableSegmentMember 5.2%
- Revenue → net income: ¥3467586000 → ¥207981000
- Net income → operating cash flow: ¥207981000 → ¥106863000（difference ¥-101118000）
- Main uses of operating cash flow: CapEx ¥283267000 / dividends ¥28095000 / buybacks —
- Change in cash: ¥-58185000
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 | ¥3.47B |  |
| Operating income | ¥146.1M | Margin 4.2% |
| Net income | ¥208M | Margin 6.0% |
| Free cash flow | -¥176.4M |  |
| Largest business | Construction consultant | of segment revenue 89.4% |
| Employees (consolidated) | 197 |  |
| EPS | ¥38.79 |  |
| Book value per share | ¥624.3 |  |
| Equity ratio | 55.6% |  |
| Shares outstanding | 5,969,024 |  |
| Treasury shares | 368,500 |  |
| Shareholders | 1,777 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 2.5% | Cash ÷ revenue 4.5% |
| Vs. industry median margin | -4.5 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 2% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2838291000 | ¥3467586000 | — |
| Operating income | ¥232383000 | ¥146097000 | — |
| Operating margin | 8.2% | 4.2% | -4 pp |
| Employees | 170 people | 197 people | — |
| Cash and equivalents | ¥163393000 | ¥155778000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 建設コンサルタント事業 → 建設コンサルタント事業 | 89.4% |
| 建設コンサルタント事業 → 事業再編・廃止 | 4.5% |
| 不動産賃貸等事業 → 不動産賃貸等事業 | 5.4% |
| 不動産賃貸等事業 → 事業再編・廃止 | 0.8% |
| 新設・再編 → ＷＥＢソリューション事業 | 5.2% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction consultant | — | — | ¥3100327000 | — | 2 |
| Real estate rent and other | — | — | ¥186127000 | — | 2 |
| WebSolutionBusinessReportableSegmentMember | 2 years | +34.4% | ¥181131000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,468 | 100.0% | S100XFRF |
| Cost of revenue | 2,444 | 70.5% | S100XFRF |
| Gross profit | 1,024 | 29.5% | S100XFRF |
| SG&A | 877 | 25.3% | S100XFRF |
| Operating income | 146 | 4.2% | S100XFRF |
| Ordinary income | 164 | 4.7% | S100XFRF |
| Pretax income | 294 | 8.5% | S100XFRF |
| Income tax | 86 | 2.5% | S100XFRF |
| Net income | 208 | 6.0% | S100XFRF |
| Net income attributable to owners | 208 | 6.0% | S100XFRF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 25 |
| Operating income | 4 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.5% → Operating margin 4.2% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -59.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -16.02×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,343 | 3,468 | 125 | +3.7% |
| Gross profit | 1,106 | 1,024 | -82 | -7.4% |
| Operating income | 363 | 146 | -217 | -59.7% |
| Net income attributable to owners | 280 | 208 | -72 | -25.6% |
| Operating cash flow | 339 | 107 | -232 | -68.5% |
| Free cash flow | 264 | -176 | -440 | -166.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 2,726 | 247 | 9.1% | 192 | 474 | 431 | S100KHWE |
| FY ending Oct 2020 | 2,838 | 232 | 8.2% | 179 | 46 | -19 | S100KHWE |
| FY ending Oct 2021 | 2,545 | -8 | -0.3% | 31 | 311 | 216 | S100PY8R |
| FY ending Oct 2022 | 2,702 | 77 | 2.9% | 91 | -53 | -294 | S100SMF4 |
| FY ending Oct 2023 | 2,882 | 167 | 5.8% | 173 | 56 | -44 | S100V3JP |
| FY ending Oct 2024 | 3,343 | 363 | 10.8% | 280 | 339 | 264 | S100XFRF |
| FY ending Oct 2025 | 3,468 | 146 | 4.2% | 208 | 107 | -176 | S100XFRF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.6M |
| Operating income per employee (consolidated) | ¥741.6K |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 188 | 187 | 184 | 191 | 197 |
| Average salary (parent company) | ¥5M | ¥4.9M | ¥5M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 42.8 years | 43.4 years | 44.8 years | 45.1 years | 45.5 years |
| Average tenure (parent company) | 11.8 years | 12.0 years | 12.8 years | 13.0 years | 13.1 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction consultant | 3,100 | 89.4% | — | — |
| WebSolutionBusinessReportableSegmentMember | 181 | 5.2% | — | — |
| Real estate rent and other | 186 | 5.4% | — | — |

### 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 |
| --- | ---: |
| Construction consultant | 89.4% |
| WebSolutionBusinessReportableSegmentMember | 5.2% |
| Real estate rent and other | 5.4% |

Segment → industry: WebSolutionBusinessReportableSegmentMember → Advertising / WebSolutionBusinessReportableSegmentMember → Printing / Real estate rent and other → Real Estate Development & Leasing / Construction consultant → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 107 | 3.1% | S100XFRF |
| Capital expenditure | 283 | 8.2% | S100XFRF |
| Free cash flow | -176 | -5.1% | 算出 |
| Investing cash flow | -141 | -4.1% | S100XFRF |
| Financing cash flow | -24 | -0.7% | S100XFRF |
| Dividends paid | 28 | 0.8% | S100XFRF |
| Change in cash | -58 | -1.7% | S100XFRF |
| Cash and equivalents | 156 | 4.5% | S100XFRF |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 277 | 172 | 137 | 214 | 156 | S100SMF4, S100V3JP, S100XFRF |
| Total assets | 5,453 | 5,766 | 5,983 | 6,065 | 6,354 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Net assets | 2,656 | 2,856 | 3,027 | 3,294 | 3,533 | S100SMF4, S100V3JP, S100XFRF |
| Share capital | 480 | 480 | 480 | 480 | 480 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Property, plant and equipment | 3,999 | 4,126 | 4,123 | 4,104 | 4,282 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Intangible assets excluding goodwill | 44 | 31 | 86 | 85 | 54 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Investment securities | 236 | 225 | 217 | 236 | 313 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Current assets | 1,043 | 1,243 | 1,376 | 1,532 | 1,617 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Current liabilities | 1,134 | 1,493 | 2,029 | 2,210 | 2,200 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Short-term borrowings | 300 | 600 | 1,000 | 900 | 1,300 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Long-term borrowings | 510 | 435 | 235 | 352 | 363 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Bonds | 750 | 600 | 300 | — | — | S100PY8R, S100SMF4, S100V3JP |
| Interest-bearing debt | 1,560 | 1,635 | 1,535 | — | — | 算出 |
| Total liabilities | 2,797 | 2,910 | 2,956 | 2,771 | 2,822 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Equity attributable to owners of parent | 2,648 | 2,849 | 2,994 | 3,246 | 3,426 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Retained earnings | 1,973 | 2,173 | 2,319 | 2,570 | 2,750 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |
| Treasury stock | -111 | -111 | -111 | -111 | -111 | S100PY8R, S100SMF4, S100V3JP, S100XFRF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XFRF |
| Property, plant and equipment | 67% | S100XFRF |
| Intangibles and goodwill | 1% | S100XFRF |
| Investment securities | 5% | S100XFRF |
| Other assets | 24% | S100XFRF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XFRF |
| Equity | 56% | S100XFRF |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,453 | 5,766 | 5,983 | 6,065 | 6,354 |
| Equity | 2,656 | 2,856 | 3,027 | 3,294 | 3,533 |
| Interest-bearing debt | 1,560 | 1,635 | 1,535 | — | — |
| Cash | 277 | 172 | 137 | 214 | 156 |

## 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) | 123.5% | S100XFRF |
| Fixed assets ÷ total assets | 67.4% | S100XFRF |
| Goodwill ÷ parent equity | — | —, S100XFRF |

### 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) | 2.5% |
| Cash ÷ revenue | 4.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.1% |
| Cash vs. profit gap | -101 JPY mn (of net income -48.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 132.2% |

## 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 | 1.2% | 0.47× | 0.6% | 2.06× | 1.2% | S100PY8R |
| 2022 | 3.4% | 0.48× | 1.6% | 2.04× | 3.3% | S100SMF4 |
| 2023 | 6.0% | 0.49× | 3.0% | 2.01× | 5.9% | S100V3JP |
| 2024 | 8.4% | 0.55× | 4.6% | 1.93× | 9.0% | S100XFRF |
| 2025 | 6.0% | 0.56× | 3.3% | 1.86× | 6.2% | S100XFRF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中山 輝也 | Major shareholder | 14.6% | 2025-10-20 |
| 中山 正子 | Major shareholder | 8.3% | 2025-10-20 |
| 東京中小企業投資育成株式会社 | Major shareholder | 4.1% | 2025-10-20 |
| キタック社員持株会 | Major shareholder | 3.8% | 2025-10-20 |
| 株式会社第四北越銀行 | Major shareholder | 3.7% | 2025-10-20 |
| 公益財団法人知足美術館 | Major shareholder | 3.6% | 2025-10-20 |
| 中山 道子 | Major shareholder | 3.5% | 2025-10-20 |
| 五十嵐 英輝 | Major shareholder | 3.4% | 2025-10-20 |
| 株式会社ナカノアイシステム | Major shareholder | 3.2% | 2025-10-20 |
| パシフィックコンサルタンツ株式会社 | Major shareholder | 3.2% | 2025-10-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2024/10/21－2025/10/20) | S100XFRF | 2026-01-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XFRF,, |
| 有価証券報告書－第52期(2023/10/21－2024/10/20) | S100V3JP | 2025-01-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V3JP,, |
| 有価証券報告書－第51期(2022/10/21－2023/10/20) | S100SMF4 | 2024-01-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SMF4,, |
| 有価証券報告書－第50期(2021/10/21－2022/10/20) | S100PY8R | 2023-01-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PY8R,, |
| 有価証券報告書－第49期(令和2年10月21日－令和3年10月20日) | S100N7DP | 2022-01-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N7DP,, |
| 有価証券報告書－第48期(令和1年10月21日－令和2年10月20日) | S100KHWE | 2021-01-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KHWE,, |

## 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).