# Kitalive Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/01/01－2025/12/31) (S100XU41)
> Page: https://vizora.meequs.com/en/company/kitalive
> Retrieved: 2026-09-30T21:01:00.281Z

## Company

Kitalive, founded in 2010, is a company in IT Services & System Integration listed on Sapporo. It has 63 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kitalive Inc. |
| Ticker | 5039 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5039.T) |
| Listing | Sapporo |
| Head office | 札幌市北区北七条西一丁目1番地5 |
| Representative (per filing) | 代表取締役社長 嘉屋 雄大 |
| Founded | May 2010 |
| Share capital | ¥125.8M |
| Employees (consolidated) | 63 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.kitalive.co.jp (https://www.kitalive.co.jp/) |
| Corporate number | 6430001072262 |
| EDINET | E37950 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XU41, filed 2026-03-26). As of filing

## Key points (generated from figures)

- Kitalive brought in ¥924.6M in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +10.7% from the prior year, operating profit +15.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥924633000 → ¥124019000
- Net income → operating cash flow: ¥124019000 → ¥107406000（difference ¥-16613000）
- Main uses of operating cash flow: CapEx ¥5534000 / dividends — / buybacks —
- Change in cash: ¥101872000
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 | ¥924.6M |  |
| Operating income | ¥160.4M | Margin 17.3% |
| Net income | ¥124M | Margin 13.4% |
| Free cash flow | ¥101.9M |  |
| Employees (consolidated) | 63 |  |
| EPS | ¥98.98 |  |
| Diluted EPS | ¥88.53 |  |
| Book value per share | ¥751.5 |  |
| Equity ratio | 85.0% |  |
| Shares outstanding | 1,253,000 |  |
| Shareholders | 615 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 79.0% | Cash ÷ revenue 94.7% |
| Vs. industry median margin | +8.4 pp | IT Services & System Integration |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 11.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 79% of total assets
- FY2025, employees -2% while operating income rose 16%

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥577056000 | ¥924633000 | +60.2% |
| Operating income | ¥113065000 | ¥160394000 | +41.9% |
| Operating margin | 19.6% | 17.3% | -2.2 pp |
| Employees | 41 people | 63 people | +53.7% |
| Cash and equivalents | ¥347613000 | ¥875609000 | +151.9% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 925 | 100.0% | S100XU41 |
| Cost of revenue | 546 | 59.0% | S100XU41 |
| Gross profit | 379 | 41.0% | S100XU41 |
| SG&A | 218 | 23.6% | S100XU41 |
| Operating income | 160 | 17.3% | S100XU41 |
| Ordinary income | 170 | 18.4% | S100XU41 |
| Pretax income | 170 | 18.4% | S100XU41 |
| Income tax | 46 | 4.9% | S100XU41 |
| Net income | 124 | 13.4% | S100XU41 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 24 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 41.0% → Operating margin 17.3% → Net margin 13.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.7%; Core profit growth: +15.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.48×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 835 | 925 | 89 | +10.7% |
| Gross profit | 372 | 379 | 7 | +1.9% |
| Operating income | 138 | 160 | 22 | +15.9% |
| Operating cash flow | 117 | 107 | -10 | -8.2% |
| Free cash flow | 100 | 102 | 2 | +2.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 577 | 113 | 19.6% | 77 | 91 | 87 | S100QIF2 |
| FY ending Dec 2022 | 706 | 183 | 26.0% | 128 | 85 | 74 | S100T60E |
| FY ending Dec 2023 | 816 | 197 | 24.1% | 147 | 227 | 203 | S100VIOV |
| FY ending Dec 2024 | 835 | 138 | 16.6% | 105 | 117 | 100 | S100XU41 |
| FY ending Dec 2025 | 925 | 160 | 17.3% | 124 | 107 | 102 | S100XU41 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.7M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 41 | 48 | 54 | 64 | 63 |
| Average salary (parent company) | — | ¥5.8M | ¥5.4M | ¥5.5M | ¥5.3M |
| Average age (parent company) | — | 32.6 years | 33.8 years | 32.6 years | 32.7 years |
| Average tenure (parent company) | — | 3.6 years | 3.8 years | 3.9 years | 4.3 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +10.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 107 | 11.6% | S100XU41 |
| Capital expenditure | 6 | 0.6% | S100XU41 |
| Free cash flow | 102 | 11.0% | 算出 |
| Investing cash flow | -6 | -0.6% | S100XU41 |
| Change in cash | 102 | 11.0% | S100XU41 |
| Cash and equivalents | 876 | 94.7% | S100XU41 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 348 | 472 | 674 | 774 | 876 | S100T60E, S100VIOV, S100XU41 |
| Total assets | 490 | 729 | 844 | 1,005 | 1,108 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Net assets | 373 | 566 | 713 | 818 | 944 | S100T60E, S100VIOV, S100XU41 |
| Share capital | 93 | 126 | 126 | 126 | 126 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Property, plant and equipment | 9 | 17 | 35 | 45 | 44 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Intangible assets excluding goodwill | 25 | 18 | 12 | 5 | 0 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Goodwill | 25 | 18 | 12 | 5 | — | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Current assets | 445 | 674 | 781 | 921 | 1,041 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Current liabilities | 116 | 164 | 131 | 186 | 164 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Total liabilities | 116 | 164 | 131 | 186 | 164 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Equity attributable to owners of parent | 373 | 566 | 713 | 818 | 942 | S100QIF2, S100T60E, S100VIOV, S100XU41 |
| Retained earnings | 187 | 314 | 461 | 566 | 690 | S100QIF2, S100T60E, S100VIOV, S100XU41 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 79% | S100XU41 |
| Property, plant and equipment | 4% | S100XU41 |
| Intangibles and goodwill | 0% | S100XU41 |
| Other assets | 17% | S100XU41 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100XU41 |
| Equity | 85% | S100XU41 |
| Other liabilities | 0% | S100XU41 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 490 | 729 | 844 | 1,005 | 1,108 |
| Equity | 373 | 566 | 713 | 818 | 944 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 348 | 472 | 674 | 774 | 876 |

## 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) | 4.8% | S100XU41 |
| Fixed assets ÷ total assets | 4.0% | S100XU41 |
| Goodwill ÷ parent equity | — | —, S100XU41 |

### 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) | 79.0% |
| Cash ÷ revenue | 94.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.0% |
| Cash vs. profit gap | -17 JPY mn (of net income -13.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 5.2% |

## 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 | 13.4% | 1.18× | 15.8% | 1.31× | 20.7% | S100QIF2 |
| 2022 | 18.1% | 1.16× | 20.9% | 1.30× | 27.2% | S100T60E |
| 2023 | 18.0% | 1.04× | 18.7% | 1.23× | 23.0% | S100VIOV |
| 2024 | 12.5% | 0.90× | 11.3% | 1.21× | 13.7% | S100XU41 |
| 2025 | 13.4% | 0.88× | 11.7% | 1.20× | 14.1% | S100XU41 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テラスカイ | Major shareholder | 50.5% | 2025-12-31 |
| 嘉屋 雄大 | Major shareholder | 16.0% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.8% | 2025-12-31 |
| 株式会社ウイン・コンサル | Major shareholder | 4.8% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 4.8% | 2025-12-31 |
| 内藤 征吾 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.8% | 2025-12-31 |
| 仮谷 仁志 | Major shareholder | 0.7% | 2025-12-31 |
| 藤井 麻紀子 | Major shareholder | 0.7% | 2025-12-31 |
| 重村 尚史 | Major shareholder | 0.7% | 2025-12-31 |
| ＭＹＥＲＳ ＲＯＮＡＬＤ ＪＵＳＴＩＮ | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/01/01－2025/12/31) | S100XU41 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU41,, |
| 有価証券報告書－第9期(2024/01/01－2024/12/31) | S100VIOV | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIOV,, |
| 有価証券報告書－第8期(2023/01/01－2023/12/31) | S100T60E | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T60E,, |
| 有価証券報告書－第7期(2022/01/01－2022/12/31) | S100QIF2 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIF2,, |

## 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).