# Kitahama Capital Partners Co.,Ltd.: 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34期(2025/04/01－2026/03/31) (S100YNIS)
> Page: https://vizora.meequs.com/en/company/kitahama-capital-partners
> Retrieved: 2026-09-30T20:33:29.579Z

## Company

Kitahama Capital Partners, founded in 1992, is a company in Investment Funds listed on TSE Standard. It has 38 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kitahama Capital Partners Co., Ltd. |
| Ticker | 2134 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2134.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区北浜一丁目1番14号 (2026年5月11日から本店所在地 大阪市中央区北浜二丁目1番17号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役会長 前田健晴 |
| Founded | Sep 1992 |
| Share capital | ¥8.02B |
| Employees (consolidated) | 38 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | kitahamabank.co.jp (https://kitahamabank.co.jp/) |
| Corporate number | 4120001048543 |
| EDINET | E03745 |
| Industries (Vizora) | Investment Funds |

> Profile source: annual securities report (S100YNIS, filed 2026-06-30). As of filing

## Key points (generated from figures)

- Kitahama Capital Partners brought in ¥1.91B in revenue.
- It lost about ¥52 for every ¥100 of sales at the operating level.
- Revenue changed +172.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.91B |  |
| Operating income | -¥989.9M | Margin -51.8% |
| Net income | -¥1.27B | Margin -66.4% |
| Free cash flow | -¥1.6B |  |
| Largest business | Investment | of segment revenue 100.0% |
| Employees (consolidated) | 38 |  |
| EPS | ¥-2.73 |  |
| Book value per share | ¥9.93 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 547,690,993 |  |
| Shareholders | 95,738 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 8.0% | Cash ÷ revenue 28.5% |
| Vs. industry median margin | -61.6 pp | Investment Funds |
| ROA | -26.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 4.9× its level five years ago
- FY2026, parent-company salary changed +100% over five years
- FY2026, operating loss is 52 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥473473000 | ¥1910063000 | +303.4% |
| Operating income | ¥-343647000 | ¥-989940000 | — |
| Operating margin | -72.6% | -51.8% | +20.8 pp |
| Employees | 26 people | 38 people | +46.2% |
| Cash and equivalents | ¥112251000 | ¥544767000 | +385.3% |

### 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 |
| --- | ---: |
| 投資事業 → 投資事業 | 100.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,910 | 100.0% | S100YNIS |
| Cost of revenue | 1,237 | 64.7% | S100YNIS |
| Gross profit | 673 | 35.3% | S100YNIS |
| SG&A | 1,663 | 87.1% | S100YNIS |
| Operating income | -990 | -51.8% | S100YNIS |
| Ordinary income | -1,185 | -62.0% | S100YNIS |
| Pretax income | -1,043 | -54.6% | S100YNIS |
| Income tax | 10 | 0.5% | S100YNIS |
| Net income | -1,053 | -55.1% | S100YNIS |
| Net income attributable to owners | -1,268 | -66.4% | S100YNIS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 87 |
| Operating income | -52 |
| (Ref.) Net income | -66 |

### Margin funnel

Gross margin 35.3% → Operating margin -51.8% → Net margin -66.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 702 | 1,910 | 1,208 | +172.2% |
| Gross profit | 230 | 673 | 443 | +192.3% |
| Operating income | -579 | -990 | -411 | — |
| Net income attributable to owners | -835 | -1,268 | -433 | — |
| Operating cash flow | -1,579 | -1,293 | 286 | — |
| Free cash flow | -1,758 | -1,600 | 158 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 507 | -574 | -113.1% | -1,774 | -543 | -744 | S100M2B7 |
| FY ending Mar 2021 | 473 | -344 | -72.6% | -757 | -417 | -461 | S100OOPO |
| FY ending Mar 2022 | 387 | -579 | -149.8% | -1,246 | -490 | -994 | S100R9MV |
| FY ending Mar 2023 | 381 | -482 | -126.4% | -904 | -592 | -597 | S100TYBD |
| FY ending Mar 2024 | 234 | -331 | -141.1% | -489 | -468 | -478 | S100W9WY |
| FY ending Mar 2025 | 702 | -579 | -82.5% | -835 | -1,579 | -1,758 | S100YNIS |
| FY ending Mar 2026 | 1,910 | -990 | -51.8% | -1,268 | -1,293 | -1,600 | S100YNIS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.3M |
| Operating income per employee (consolidated) | -¥26.1M |
| Net income per employee (consolidated) | -¥33.4M |

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) | 28 | 31 | 40 | 19 | 38 |
| Average salary (parent company) | ¥3.3M | ¥4.2M | — | ¥5.1M | ¥6.7M |
| Average age (parent company) | 32.5 years | 32.0 years | 33.0 years | 35.0 years | 38.2 years |
| Average tenure (parent company) | 1.5 years | 2.0 years | 2.0 years | 4.0 years | 2.4 years |

Year over year: Employees (consolidated) +100.0% · Revenue (consolidated) +172.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Investment | 1,910 | 100.0% | -990 | -51.8% |

## 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 | -1,293 | -67.7% | S100YNIS |
| Capital expenditure | 307 | 16.0% | S100YNIS |
| Free cash flow | -1,600 | -83.7% | 算出 |
| Investing cash flow | -1,696 | -88.8% | S100YNIS |
| Financing cash flow | 3,277 | 171.6% | S100YNIS |
| Change in cash | 288 | 15.1% | S100YNIS |
| Cash and equivalents | 545 | 28.5% | S100YNIS |

## 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 | 76 | 160 | 63 | 256 | 545 | S100TYBD, S100W9WY, S100YNIS |
| Total assets | 1,786 | 1,324 | 1,216 | 2,686 | 6,791 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Net assets | 880 | 658 | 153 | 2,040 | 5,455 | S100TYBD, S100W9WY, S100YNIS |
| Share capital | 4,083 | 4,379 | 4,422 | 5,761 | 8,022 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Inventories | — | — | — | 49 | 332 | S100YNIS |
| Property, plant and equipment | 952 | 651 | 694 | 1,285 | 1,603 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Intangible assets excluding goodwill | 84 | 5 | 46 | 343 | 711 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Goodwill | 83 | 5 | 44 | 342 | 702 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Investment securities | 1 | 89 | 48 | 60 | 757 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Current assets | 579 | 443 | 317 | 891 | 2,872 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Current liabilities | 700 | 470 | 806 | 473 | 1,036 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Short-term borrowings | 159 | 201 | 429 | 32 | 360 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Long-term borrowings | 155 | 148 | 112 | 60 | 272 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Total liabilities | 907 | 666 | 1,063 | 646 | 1,335 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Non-controlling interests | — | 3 | — | 9 | 221 | S100TYBD, S100YNIS |
| Equity attributable to owners of parent | 839 | 617 | 122 | 1,977 | 5,231 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Retained earnings | -7,192 | -8,096 | -8,587 | -9,409 | -10,678 | S100R9MV, S100TYBD, S100W9WY, S100YNIS |
| Treasury stock | — | — | — | — | 0 | S100YNIS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YNIS |
| Inventories | 5% | S100YNIS |
| Property, plant and equipment | 24% | S100YNIS |
| Intangibles and goodwill | 21% | S100YNIS |
| Investment securities | 11% | S100YNIS |
| Other assets | 31% | S100YNIS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YNIS |
| Equity | 80% | S100YNIS |
| Other liabilities | 0% | S100YNIS |

### 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 | 1,786 | 1,324 | 1,216 | 2,686 | 6,791 |
| Equity | 880 | 658 | 153 | 2,040 | 5,455 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 76 | 160 | 63 | 256 | 545 |

## 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) | 83.9% | S100YNIS |
| Fixed assets ÷ total assets | 23.6% | S100YNIS |
| Goodwill ÷ parent equity | 13.4% | S100YNIS |

Goodwill over 4 years: 83 → 702 JPY; total investing cash flow: -2,699 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) | 8.0% |
| Cash ÷ revenue | 28.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -25 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.0% |
| 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 | — | —× | -69.8% | —× | — | S100R9MV |
| 2023 | — | —× | -58.1% | —× | — | S100TYBD |
| 2024 | — | —× | -38.5% | —× | — | S100W9WY |
| 2025 | — | —× | -42.8% | —× | — | S100YNIS |
| 2026 | — | —× | -26.8% | —× | — | S100YNIS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ａｄｏ Ｐｌｕｓ | Major shareholder | 20.0% | 2026-03-31 |
| 八木 大輔 | Major shareholder | 0.9% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD （常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 0.8% | 2026-03-31 |
| 山田 祥美 | Major shareholder | 0.7% | 2026-03-31 |
| 前田 健晴 | Major shareholder | 0.5% | 2026-03-31 |
| 鈴木 孝東 | Major shareholder | 0.4% | 2026-03-31 |
| 小林 直史 | Major shareholder | 0.3% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 0.3% | 2026-03-31 |
| 中島 貴子 | Major shareholder | 0.3% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/03/31) | S100YNIS | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNIS,, |
| 有価証券報告書－第33期(2024/04/01－2025/03/31) | S100W9WY | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9WY,, |
| 有価証券報告書－第32期(2023/04/01－2024/03/31) | S100TYBD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYBD,, |
| 有価証券報告書－第31期(2022/04/01－2023/03/31) | S100R9MV | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9MV,, |
| 訂正有価証券報告書－第30期(令和3年4月1日－令和4年3月31日) | S100OOPO | 2022-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOPO,, |
| 有価証券報告書－第29期(令和2年4月1日－令和3年3月31日) | S100M2B7 | 2021-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2B7,, |

## 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).