# KITAGAWA SEIKI CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第69期(2024/07/01－2025/06/30) (S100WQMF)
> Page: https://vizora.meequs.com/en/company/kitagawa-seiki
> Retrieved: 2026-09-30T22:47:54.941Z

## Company

Kitagawa Seiki, founded in 1957, is a company in Industrial Machinery listed on TSE Standard. It has 151 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITAGAWA SEIKI CO.,LTD. |
| Ticker | 6327 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6327.T) |
| Listing | TSE Standard |
| Head office | 広島県府中市鵜飼町800番地の8 |
| Representative (per filing) | 代表取締役社長 内田 雅敏 |
| Founded | Jan 1957 |
| Share capital | ¥574.8M |
| Employees (consolidated) | 151 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | June |
| Website | kitagawaseiki.co.jp (https://kitagawaseiki.co.jp/) |
| Corporate number | 7240001034181 |
| EDINET | E01713 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100WQMF, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.6 | 110 |
| Profitability | 66.8 | 122 |
| Cash conversion | 20.3 | 116 |
| Efficiency | 52.9 | 122 |

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)

- Kitagawa Seiki brought in ¥6.23B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit -23.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6227215000 → ¥394688000
- Net income → operating cash flow: ¥394688000 → ¥323369000（difference ¥-71319000）
- Main uses of operating cash flow: CapEx ¥161574000 / dividends ¥81036000 / buybacks —
- Change in cash: ¥-78449000
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 | ¥6.23B |  |
| Operating income | ¥624M | Margin 10.0% |
| Net income | ¥394.7M | Margin 6.3% |
| Free cash flow | ¥161.8M |  |
| Employees (consolidated) | 151 |  |
| EPS | ¥46.03 |  |
| Book value per share | ¥582.84 |  |
| Equity ratio | 59.1% |  |
| Shares outstanding | 8,449,600 |  |
| Treasury shares | 305,200 |  |
| Shareholders | 3,608 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 39.1% | Cash ÷ revenue 53.9% |
| Vs. industry median margin | +2.4 pp | Industrial Machinery |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4266550000 | ¥6227215000 | +46.0% |
| Operating income | ¥480821000 | ¥623955000 | +29.8% |
| Operating margin | 11.3% | 10.0% | -1.2 pp |
| Employees | 145 people | 151 people | +4.1% |
| Cash and equivalents | ¥1709195000 | ¥3357105000 | +96.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,227 | 100.0% | S100WQMF |
| Cost of revenue | 4,865 | 78.1% | S100WQMF |
| Gross profit | 1,363 | 21.9% | S100WQMF |
| SG&A | 739 | 11.9% | S100WQMF |
| Operating income | 624 | 10.0% | S100WQMF |
| Ordinary income | 600 | 9.6% | S100WQMF |
| Pretax income | 600 | 9.6% | S100WQMF |
| Income tax | 205 | 3.3% | S100WQMF |
| Net income | 395 | 6.3% | S100WQMF |
| Net income attributable to owners | 395 | 6.3% | S100WQMF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 12 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.9% → Operating margin 10.0% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.9%; Core profit growth: -23.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.76×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,934 | 6,227 | 293 | +4.9% |
| Gross profit | 1,435 | 1,363 | -72 | -5.0% |
| Operating income | 816 | 624 | -192 | -23.5% |
| Net income attributable to owners | 633 | 395 | -238 | -37.6% |
| Operating cash flow | 504 | 323 | -181 | -35.8% |
| Free cash flow | 426 | 162 | -264 | -62.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 5,409 | 577 | 10.7% | 160 | -349 | -465 | S100JUMB |
| FY ending Jun 2020 | 4,267 | 481 | 11.3% | 326 | 728 | 688 | S100MI55 |
| FY ending Jun 2021 | 4,819 | 541 | 11.2% | 492 | 221 | 179 | S100P7NP |
| FY ending Jun 2022 | 5,032 | 513 | 10.2% | 588 | 1,400 | 1,090 | S100RX22 |
| FY ending Jun 2023 | 6,462 | 735 | 11.4% | 703 | 187 | 55 | S100UFJO |
| FY ending Jun 2024 | 5,934 | 816 | 13.8% | 633 | 504 | 426 | S100WQMF |
| FY ending Jun 2025 | 6,227 | 624 | 10.0% | 395 | 323 | 162 | S100WQMF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.2M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 154 | 154 | 157 | 154 | 151 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.3M | ¥5M | ¥5.5M |
| Average age (parent company) | 42.4 years | 42.9 years | 43.4 years | 44.6 years | 44.7 years |
| Average tenure (parent company) | 17.4 years | 18.4 years | 18.8 years | 19.6 years | 19.6 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +4.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 323 | 5.2% | S100WQMF |
| Capital expenditure | 162 | 2.6% | S100WQMF |
| Free cash flow | 162 | 2.6% | 算出 |
| Investing cash flow | -172 | -2.8% | S100WQMF |
| Financing cash flow | -202 | -3.3% | S100WQMF |
| Dividends paid | 81 | 1.3% | S100WQMF |
| Change in cash | -78 | -1.3% | S100WQMF |
| Cash and equivalents | 3,357 | 53.9% | S100WQMF |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,493 | 2,610 | 2,498 | 3,436 | 3,357 | S100RX22, S100UFJO, S100WQMF |
| Total assets | 5,854 | 8,836 | 8,941 | 8,431 | 8,591 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Net assets | 2,228 | 2,775 | 3,502 | 4,763 | 5,078 | S100RX22, S100UFJO, S100WQMF |
| Share capital | 300 | 300 | 300 | 575 | 575 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Trade receivables | 1,444 | — | — | — | — | S100P7NP |
| Property, plant and equipment | 1,536 | 1,754 | 1,797 | 1,781 | 1,844 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Intangible assets excluding goodwill | 21 | 26 | 23 | 18 | 21 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Investment securities | 107 | 72 | 149 | 123 | 122 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Current assets | 4,076 | 6,850 | 6,834 | 6,449 | 6,504 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Current liabilities | 2,725 | 5,114 | 4,588 | 2,911 | 2,855 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Trade payables | 356 | 544 | 321 | 255 | 291 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Short-term borrowings | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Long-term borrowings | 542 | 563 | 442 | 320 | 199 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Total liabilities | 3,626 | 6,061 | 5,439 | 3,668 | 3,514 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Equity attributable to owners of parent | 2,168 | 2,725 | 3,403 | 4,667 | 4,999 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Retained earnings | 1,539 | 2,092 | 2,753 | 3,329 | 3,642 | S100P7NP, S100RX22, S100UFJO, S100WQMF |
| Treasury stock | -333 | -328 | -308 | -186 | -171 | S100P7NP, S100RX22, S100UFJO, S100WQMF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100WQMF |
| Property, plant and equipment | 22% | S100WQMF |
| Intangibles and goodwill | 0% | S100WQMF |
| Investment securities | 1% | S100WQMF |
| Other assets | 38% | S100WQMF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100WQMF |
| Other liabilities | 38% | S100WQMF |
| Equity | 59% | S100WQMF |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,854 | 8,836 | 8,941 | 8,431 | 8,591 |
| Equity | 2,228 | 2,775 | 3,502 | 4,763 | 5,078 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,493 | 2,610 | 2,498 | 3,436 | 3,357 |

## 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) | 29.6% | S100WQMF |
| Fixed assets ÷ total assets | 21.5% | S100WQMF |
| Goodwill ÷ parent equity | — | —, S100WQMF |

### 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) | 39.1% |
| Cash ÷ revenue | 53.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.8% |
| Cash vs. profit gap | -71 JPY mn (of net income -18.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.5% |
| Shareholder payments — dividends / FCF | 50.1% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 53.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.2% | 0.82× | 8.4% | 2.70× | 22.7% | S100P7NP |
| 2022 | 11.7% | 0.69× | 8.0% | 3.00× | 24.0% | S100RX22 |
| 2023 | 10.9% | 0.73× | 7.9% | 2.90× | 22.9% | S100UFJO |
| 2024 | 10.7% | 0.68× | 7.3% | 2.15× | 15.7% | S100WQMF |
| 2025 | 6.3% | 0.73× | 4.6% | 1.76× | 8.2% | S100WQMF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北川精機取引先持株会 | Major shareholder | 9.4% | 2025-06-30 |
| 内田 雅敏 | Major shareholder | 7.7% | 2025-06-30 |
| 株式会社北川興産 | Major shareholder | 6.0% | 2025-06-30 |
| 株式会社広島銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.3% | 2025-06-30 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 3.3% | 2025-06-30 |
| LIM JAPAN EVENT MASTER FUND (常任代理人 立花証券株式会社) | Major shareholder | 3.1% | 2025-06-30 |
| LIM OPPORTUNITIC FUND 3LP (常任代理人 立花証券株式会社) | Major shareholder | 3.1% | 2025-06-30 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 2.8% | 2025-06-30 |
| 内田 由美 | Major shareholder | 2.8% | 2025-06-30 |
| LIM OPPORTUNISTIC FUND 3 LP (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2024/07/01－2025/06/30) | S100WQMF | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQMF,, |
| 有価証券報告書－第68期(2023/07/01－2024/06/30) | S100UFJO | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFJO,, |
| 有価証券報告書－第67期(2022/07/01－2023/06/30) | S100RX22 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX22,, |
| 有価証券報告書－第66期(令和3年7月1日－令和4年6月30日) | S100P7NP | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P7NP,, |
| 有価証券報告書－第65期(令和2年7月1日－令和3年6月30日) | S100MI55 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI55,, |
| 訂正有価証券報告書－第64期(令和1年7月1日－令和2年6月30日) | S100JUMB | 2020-10-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JUMB,, |

## 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).