# KITAKEI CO.,LTD: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2024/11/21－2025/11/20) (S100XM1D)
> Page: https://vizora.meequs.com/en/company/kitakei
> Retrieved: 2026-09-30T18:07:27.716Z

## Company

Kitakei, founded in 1977, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 383 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITAKEI CO., LTD. |
| Ticker | 9872 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9872.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区南本町三丁目6番14号イトウビル |
| Representative (per filing) | 代表取締役社長 北村誠 |
| Founded | Nov 1977 |
| Share capital | ¥2.22B |
| Employees (consolidated) | 383 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | November |
| Website | www.kitakei.jp (https://www.kitakei.jp/) |
| Corporate number | 7120001077804 |
| EDINET | E02722 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XM1D, filed 2026-02-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-11-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 15.9 | 185 |
| Cash conversion | 5.3 | 179 |
| Efficiency | 78.1 | 185 |

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)

- Kitakei brought in ¥59B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -3.8% from the prior year, operating profit -22.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥59B |  |
| Operating income | ¥713M | Margin 1.2% |
| Net income | ¥551M | Margin 0.9% |
| Free cash flow | -¥582M |  |
| Employees (consolidated) | 383 |  |
| EPS | ¥59.38 |  |
| Book value per share | ¥1514.55 |  |
| Equity ratio | 50.5% |  |
| Shares outstanding | 10,011,841 |  |
| Treasury shares | 729,400 |  |
| Shareholders | 7,327 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 39.9% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | -1.7 pp | Specialty Trading & Wholesale |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥53027429000 | ¥58977000000 | +11.2% |
| Operating income | ¥598186000 | ¥713000000 | +19.2% |
| Operating margin | 1.1% | 1.2% | +0.1 pp |
| Employees | 361 people | 383 people | +6.1% |
| Cash and equivalents | ¥10311770000 | ¥11103000000 | +7.7% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,977 | 100.0% | S100XM1D |
| Cost of revenue | 52,509 | 89.0% | S100XM1D |
| Gross profit | 6,468 | 11.0% | S100XM1D |
| SG&A | 5,754 | 9.8% | S100XM1D |
| Operating income | 713 | 1.2% | S100XM1D |
| Ordinary income | 906 | 1.5% | S100XM1D |
| Pretax income | 906 | 1.5% | S100XM1D |
| Income tax | 355 | 0.6% | S100XM1D |
| Net income | 551 | 0.9% | S100XM1D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 10 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 11.0% → Operating margin 1.2% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.8%; Core profit growth: -22.5%
Operating leverage (core profit growth ÷ revenue growth): 5.97×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 61,286 | 58,977 | -2,309 | -3.8% |
| Gross profit | 6,591 | 6,468 | -123 | -1.9% |
| Operating income | 920 | 713 | -207 | -22.5% |
| Operating cash flow | 603 | -471 | -1,074 | -178.1% |
| Free cash flow | 536 | -582 | -1,118 | -208.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 56,557 | 818 | 1.4% | 570 | 998 | 880 | S100KTO7 |
| FY ending Nov 2020 | 53,763 | 525 | 1.0% | 659 | 644 | 406 | S100KTO7 |
| FY ending Nov 2020 | 53,027 | 598 | 1.1% | 659 | 644 | — | S100NI1A |
| FY ending Nov 2021 | 57,226 | 811 | 1.4% | 644 | -93 | -168 | S100Q9K4 |
| FY ending Nov 2022 | 60,875 | 823 | 1.4% | 641 | 353 | 153 | S100SX17 |
| FY ending Nov 2023 | 62,369 | 974 | 1.6% | 813 | 1,826 | 1,648 | S100V9JT |
| FY ending Nov 2024 | 61,286 | 920 | 1.5% | 718 | 603 | 536 | S100XM1D |
| FY ending Nov 2025 | 58,977 | 713 | 1.2% | 551 | -471 | -582 | S100XM1D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥154M |
| Operating income per employee (consolidated) | ¥1.9M |
| 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 376 | 374 | 385 | 389 | 383 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6.1M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 40.7 years | 41.2 years | 41.6 years | 41.5 years | 41.6 years |
| Average tenure (parent company) | 12.2 years | 12.8 years | 12.9 years | 12.8 years | 13.0 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) -3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -471 | -0.8% | S100XM1D |
| Capital expenditure | 111 | 0.2% | S100XM1D |
| Free cash flow | -582 | -1.0% | 算出 |
| Investing cash flow | -14 | -0.0% | S100XM1D |
| Financing cash flow | -258 | -0.4% | S100XM1D |
| Dividends paid | 258 | 0.4% | S100XM1D |
| Change in cash | -745 | -1.3% | S100XM1D |
| Cash and equivalents | 11,103 | 18.8% | S100XM1D |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,321 | 10,254 | 11,648 | 11,848 | 11,103 | S100SX17, S100V9JT, S100XM1D |
| Total assets | 27,382 | 28,698 | 29,009 | 29,082 | 27,849 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Net assets | 12,400 | 12,817 | 13,355 | 13,748 | 14,058 | S100SX17, S100V9JT, S100XM1D |
| Share capital | 2,220 | 2,220 | 2,220 | 2,220 | 2,220 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Property, plant and equipment | 1,707 | 1,689 | 1,713 | 1,669 | 1,646 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Intangible assets excluding goodwill | 67 | 165 | 197 | 184 | 214 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Investment securities | 725 | 724 | 737 | 553 | 678 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Current assets | 23,887 | 25,116 | 25,263 | 25,565 | 24,213 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Current liabilities | 14,011 | 14,909 | 14,634 | 14,284 | 12,729 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Total liabilities | 14,981 | 15,881 | 15,653 | 15,333 | 13,790 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Equity attributable to owners of parent | 12,248 | 12,666 | 13,256 | 13,638 | 13,931 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Retained earnings | 7,383 | 7,801 | 8,391 | 8,771 | 9,062 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |
| Treasury stock | -206 | -206 | -207 | -206 | -205 | S100Q9K4, S100SX17, S100V9JT, S100XM1D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XM1D |
| Property, plant and equipment | 6% | S100XM1D |
| Intangibles and goodwill | 1% | S100XM1D |
| Investment securities | 2% | S100XM1D |
| Other assets | 51% | S100XM1D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XM1D |
| Equity | 50% | S100XM1D |
| Other liabilities | 0% | S100XM1D |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,382 | 28,698 | 29,009 | 29,082 | 27,849 |
| Equity | 12,400 | 12,817 | 13,355 | 13,748 | 14,058 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,321 | 10,254 | 11,648 | 11,848 | 11,103 |

## 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) | 2.8% | S100XM1D |
| Fixed assets ÷ total assets | 5.9% | S100XM1D |
| Goodwill ÷ parent equity | — | —, S100XM1D |

### 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) | 39.9% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -66.1% |
| Cash vs. profit gap | -1,022 JPY mn (of net income -185.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.1% | 2.09× | 2.4% | 2.24× | 5.3% | S100Q9K4 |
| 2022 | 1.1% | 2.17× | 2.3% | 2.25× | 5.1% | S100SX17 |
| 2023 | 1.3% | 2.16× | 2.8% | 2.23× | 6.3% | S100V9JT |
| 2024 | 1.2% | 2.11× | 2.5% | 2.16× | 5.3% | S100XM1D |
| 2025 | 0.9% | 2.07× | 1.9% | 2.07× | 4.0% | S100XM1D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北 村 良 一 | Major shareholder | 15.4% | 2025-11-20 |
| 有限会社ケイアンドエム | Major shareholder | 14.0% | 2025-11-20 |
| 北 村 誠 | Major shareholder | 6.7% | 2025-11-20 |
| 北 村 裕 三 | Major shareholder | 5.3% | 2025-11-20 |
| 吉野石膏株式会社 | Major shareholder | 3.8% | 2025-11-20 |
| 北恵社員持株会 | Major shareholder | 3.4% | 2025-11-20 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員 光通信株式会社 | Major shareholder | 2.9% | 2025-11-20 |
| 株式会社りそな銀行 | Major shareholder | 2.1% | 2025-11-20 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.0% | 2025-11-20 |
| ＩＮＴＥＲＡＣＴＩＶＥＢＲＯＫＥＲＳ 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 | 1.7% | 2025-11-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2024/11/21－2025/11/20) | S100XM1D | 2026-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XM1D,, |
| 有価証券報告書－第66期(2023/11/21－2024/11/20) | S100V9JT | 2025-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V9JT,, |
| 有価証券報告書－第65期(2022/11/21－2023/11/20) | S100SX17 | 2024-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SX17,, |
| 有価証券報告書－第64期(2021/11/21－2022/11/20) | S100Q9K4 | 2023-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9K4,, |
| 有価証券報告書－第63期(令和2年11月21日－令和3年11月20日) | S100NI1A | 2022-02-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NI1A,, |
| 有価証券報告書－第62期(令和1年11月21日－令和2年11月20日) | S100KTO7 | 2021-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KTO7,, |

## 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).