# Kitagawa 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116期(2025/04/01－2026/03/31) (S100YHUP)
> Page: https://vizora.meequs.com/en/company/kitagawa
> Retrieved: 2026-09-30T17:49:14.631Z

## Company

Kitagawa, founded in 1918, is a company in Auto Parts listed on TSE Standard. It has 2,221 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kitagawa Corporation |
| Ticker | 6317 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6317.T) |
| Listing | TSE Standard |
| Head office | 広島県府中市元町77番地の1 |
| Representative (per filing) | 代表取締役社長 岡野 帝男 |
| Founded | Mar 1918 |
| Share capital | ¥8.64B |
| Employees (consolidated) | 2,221 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.kiw.co.jp (https://www.kiw.co.jp/) |
| Corporate number | 4240001034184 |
| EDINET | E01584 |
| Industries (Vizora) | Auto Parts, Machine Tools, Semiconductor Equipment, Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100YHUP, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15 | 110 |
| Profitability | 48.2 | 111 |
| Cash conversion | 6.9 | 108 |
| Efficiency | 14 | 111 |

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 42% of Kitagawa's sales come from Kitagawa Material Technology Company, with Kitagawa Sun Tech Company and Kitagawa Global hand Company making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +43.6%.

## Company structure

- Segment revenue mix: Kitagawa Material Technology Company 41.6%、Kitagawa Sun Tech Company 37.7%、Kitagawa Global hand Company 16.9%、Semiconductor equipment 3.0%、Other 0.8%
- Revenue → net income: ¥58415000000 → ¥3128000000
- Net income → operating cash flow: ¥3128000000 → ¥2049000000（difference ¥-1079000000）
- Main uses of operating cash flow: CapEx ¥3460000000 / dividends ¥554000000 / buybacks ¥2000000
- Change in cash: ¥218000000
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 | ¥58.4B |  |
| Operating income | ¥2.69B | Margin 4.6% |
| Net income | ¥3.13B | Margin 5.4% |
| Free cash flow | -¥1.41B |  |
| Largest business | Kitagawa Material Technology Company | of segment revenue 41.6% |
| Employees (consolidated) | 2,221 |  |
| EPS | ¥146.17 |  |
| Book value per share | ¥4193.87 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 9,650,000 |  |
| Treasury shares | 399,200 |  |
| Shareholders | 10,283 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 13.5% | Cash ÷ revenue 19.6% |
| Vs. industry median margin | -0.2 pp | Auto Parts |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, employees -2% while operating income rose 44%
- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48753000000 | ¥58415000000 | +19.8% |
| Operating income | ¥551000000 | ¥2688000000 | +387.8% |
| Operating margin | 1.1% | 4.6% | +3.5 pp |
| Employees | 2,777 people | 2,221 people | -20.0% |
| Cash and equivalents | ¥10349000000 | ¥11427000000 | +10.4% |

### 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 |
| --- | ---: |
| キタガワ グローバル ハンド カンパニー → キタガワ グローバル ハンド カンパニー | 15.3% |
| キタガワ サン テック カンパニー → キタガワ サン テック カンパニー | 36.3% |
| キタガワ マテリアル テクノロジー カンパニー → キタガワ マテリアル テクノロジー カンパニー | 41.6% |
| キタガワ マテリアル テクノロジー カンパニー → 事業再編・廃止 | 5.9% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → キタガワ グローバル ハンド カンパニー | 1.6% |
| 新設・再編 → キタガワ サン テック カンパニー | 1.4% |
| 新設・再編 → 半導体関連事業 | 3.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Kitagawa Material Technology Company | 5 years | +1.0% | ¥24319000000 | 2.5% | 2 |
| Kitagawa Sun Tech Company | 5 years | +4.4% | ¥22003000000 | 12.8% | 2 |
| Kitagawa Global hand Company | 5 years | +5.7% | ¥9870000000 | 2.2% | 2 |
| Semiconductor equipment | 2 years | +14.3% | ¥1780000000 | 7.8% | 2 |
| Other | 5 years | +2.0% | ¥440000000 | -9.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,415 | 100.0% | S100YHUP |
| Cost of revenue | 48,519 | 83.1% | S100YHUP |
| Gross profit | 9,895 | 16.9% | S100YHUP |
| SG&A | 7,207 | 12.3% | S100YHUP |
| Operating income | 2,688 | 4.6% | S100YHUP |
| Ordinary income | 2,545 | 4.4% | S100YHUP |
| Pretax income | 4,204 | 7.2% | S100YHUP |
| Income tax | 1,076 | 1.8% | S100YHUP |
| Net income | 3,128 | 5.4% | S100YHUP |
| Net income attributable to owners | 3,128 | 5.4% | S100YHUP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 16.9% → Operating margin 4.6% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +43.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 22.00×
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 | 57,280 | 58,415 | 1,135 | +2.0% |
| Gross profit | 9,109 | 9,895 | 786 | +8.6% |
| Operating income | 1,872 | 2,688 | 816 | +43.6% |
| Net income attributable to owners | 1,246 | 3,128 | 1,882 | +151.0% |
| Operating cash flow | 6,152 | 2,049 | -4,103 | -66.7% |
| Free cash flow | 2,943 | -1,411 | -4,354 | -147.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 58,288 | 2,907 | 5.0% | 1,645 | 7,545 | 3,446 | S100LKKD |
| FY ending Mar 2021 | 48,753 | 551 | 1.1% | 244 | 3,105 | -478 | S100OD3S |
| FY ending Mar 2022 | 58,676 | 2,101 | 3.6% | -951 | 3,499 | -1,145 | S100R1BV |
| FY ending Mar 2023 | 59,700 | 194 | 0.3% | -418 | 2,807 | -171 | S100U0RM |
| FY ending Mar 2024 | 61,567 | 1,680 | 2.7% | 1,267 | 4,880 | 1,933 | S100VYLC |
| FY ending Mar 2025 | 57,280 | 1,872 | 3.3% | 1,246 | 6,152 | 2,943 | S100YHUP |
| FY ending Mar 2026 | 58,415 | 2,688 | 4.6% | 3,128 | 2,049 | -1,411 | S100YHUP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.3M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 2,727 | 2,460 | 2,535 | 2,275 | 2,221 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | ¥5.4M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 42.1 years | 42.5 years | 42.7 years | 43.0 years | 43.3 years |
| Average tenure (parent company) | 16.3 years | 16.5 years | 16.8 years | 17.0 years | 17.2 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Kitagawa Global hand Company | 9,870 | 16.9% | 221 | 2.2% |
| Kitagawa Sun Tech Company | 22,003 | 37.7% | 2,806 | 12.8% |
| Kitagawa Material Technology Company | 24,319 | 41.6% | 606 | 2.5% |
| Semiconductor equipment | 1,780 | 3.0% | 138 | 7.8% |
| Other | 440 | 0.8% | -42 | -9.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Kitagawa Global hand Company | 16.9% | 5.9% | -11.0 | 2.2% |
| Kitagawa Sun Tech Company | 37.7% | 74.4% | 36.7 | 12.8% |
| Kitagawa Material Technology Company | 41.6% | 16.1% | -25.6 | 2.5% |
| Semiconductor equipment | 3.0% | 3.7% | 0.6 | 7.8% |
| Other | 0.8% | — | — | -9.5% |

Loss-making segment (excluded from profit shares): Other -42 JPY mn

Segment → industry: Kitagawa Material Technology Company → Auto Parts / Kitagawa Global hand Company → Machine Tools / Semiconductor equipment → Semiconductor Equipment / Kitagawa Sun Tech Company → Industrial Machinery / Kitagawa Sun Tech Company → Construction & Farm Machinery

## 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 | 2,049 | 3.5% | S100YHUP |
| Capital expenditure | 3,460 | 5.9% | S100YHUP |
| Free cash flow | -1,411 | -2.4% | 算出 |
| Investing cash flow | -3,223 | -5.5% | S100YHUP |
| Financing cash flow | 1,319 | 2.3% | S100YHUP |
| Dividends paid | 554 | 0.9% | S100YHUP |
| Share buyback | 2 | 0.0% | S100YHUP |
| Change in cash | 218 | 0.4% | S100YHUP |
| Cash and equivalents | 11,427 | 19.6% | S100YHUP |

## 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 | 8,600 | 8,148 | 10,367 | 11,208 | 11,427 | S100U0RM, S100VYLC, S100YHUP |
| Total assets | 73,311 | 74,480 | 80,142 | 82,000 | 84,912 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Net assets | 36,735 | 37,066 | 40,031 | 41,739 | 45,962 | S100U0RM, S100VYLC, S100YHUP |
| Share capital | 8,640 | 8,640 | 8,640 | 8,640 | 8,640 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Property, plant and equipment | 24,608 | 25,631 | 25,242 | 27,151 | 25,349 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Intangible assets excluding goodwill | 606 | 604 | 1,186 | 1,082 | 969 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Goodwill | — | — | 622 | 534 | 446 | S100VYLC, S100YHUP |
| Investment securities | 3,138 | 3,701 | 4,333 | 4,323 | 5,555 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Current assets | 40,573 | 40,018 | 42,070 | 41,500 | 42,114 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Current liabilities | 22,048 | 23,927 | 25,013 | 25,407 | 22,731 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Trade payables | 5,394 | 5,314 | 4,044 | 3,696 | 3,820 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Short-term borrowings | 2,867 | 3,810 | 4,230 | 3,648 | 6,680 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Long-term borrowings | 9,116 | 7,514 | 8,452 | 8,337 | 8,382 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Total liabilities | 36,576 | 37,413 | 40,111 | 40,260 | 38,950 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Non-controlling interests | 408 | 202 | 4 | 4 | 4 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Equity attributable to owners of parent | 34,146 | 33,034 | 34,112 | 34,773 | 37,363 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Retained earnings | 21,032 | 20,103 | 21,186 | 22,017 | 24,590 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |
| Treasury stock | -617 | -793 | -795 | -777 | -754 | S100R1BV, S100U0RM, S100VYLC, S100YHUP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YHUP |
| Property, plant and equipment | 30% | S100YHUP |
| Intangibles and goodwill | 2% | S100YHUP |
| Investment securities | 7% | S100YHUP |
| Other assets | 48% | S100YHUP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YHUP |
| Other liabilities | 41% | S100YHUP |
| Equity | 54% | S100YHUP |

### 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 | 73,311 | 74,480 | 80,142 | 82,000 | 84,912 |
| Equity | 36,735 | 37,066 | 40,031 | 41,739 | 45,962 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,600 | 8,148 | 10,367 | 11,208 | 11,427 |

## 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) | 43.4% | S100YHUP |
| Fixed assets ÷ total assets | 29.9% | S100YHUP |
| Goodwill ÷ parent equity | 1.2% | S100YHUP |

### 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) | 13.5% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.2% |
| Cash vs. profit gap | -1,079 JPY mn (of net income -34.5%) |
| Shareholder returns / net income | 17.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 157.3% |

## 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 | — | —× | -1.3% | —× | — | S100R1BV |
| 2023 | — | —× | -0.6% | —× | — | S100U0RM |
| 2024 | 2.1% | 0.80× | 1.6% | 2.30× | 3.8% | S100VYLC |
| 2025 | 2.2% | 0.71× | 1.5% | 2.35× | 3.6% | S100YHUP |
| 2026 | 5.4% | 0.70× | 3.7% | 2.31× | 8.7% | S100YHUP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2026-03-31 |
| 北川鉄工所みのり会 | Major shareholder | 8.1% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 4.8% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 北川鉄工所自社株投資会 | Major shareholder | 2.5% | 2026-03-31 |
| 秋元 利規 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| 北川 祐治 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第116期(2025/04/01－2026/03/31) | S100YHUP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHUP,, |
| 有価証券報告書－第115期(2024/04/01－2025/03/31) | S100VYLC | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYLC,, |
| 訂正有価証券報告書－第114期(2023/04/01－2024/03/31) | S100U0RM | 2024-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U0RM,, |
| 有価証券報告書－第113期(2022/04/01－2023/03/31) | S100R1BV | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1BV,, |
| 有価証券報告書－第112期(令和3年4月1日－令和4年3月31日) | S100OD3S | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD3S,, |
| 有価証券報告書－第111期(令和2年4月1日－令和3年3月31日) | S100LKKD | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKKD,, |

## 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).