# KITANO CONSTRUCTION CORP.: 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81期(2025/04/01－2026/03/31) (S100YM22)
> Page: https://vizora.meequs.com/en/company/kitano-construction
> Retrieved: 2026-09-30T18:47:33.505Z

## Company

Kitano Construction is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 1,143 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITANO CONSTRUCTION CORP. |
| Ticker | 1866 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1866.T) |
| Listing | TSE Standard |
| Head office | 長野県長野市県町524番地 |
| Representative (per filing) | 代表取締役会長兼社長 北野 貴裕 |
| Share capital | ¥9.12B |
| Employees (consolidated) | 1,143 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.kitano.co.jp (https://www.kitano.co.jp/) |
| Corporate number | 7100001000742 |
| EDINET | E00175 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Advertising, Hotels & Inns, General Contractors |

> Profile source: annual securities report (S100YM22, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.1 | 84 |
| Profitability | 38.6 | 92 |
| Cash conversion | 13.7 | 91 |
| Efficiency | 49.5 | 92 |

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 95% of Kitano Construction's sales come from Construction Business, with Hotel Business and Advertising agency Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -2.6% from the prior year, operating profit +27.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥78.8B |  |
| Operating income | ¥4.64B | Margin 5.9% |
| Net income | ¥3.49B | Margin 4.4% |
| Free cash flow | -¥5.44B |  |
| Largest business | Construction Business | of segment revenue 95.0% |
| Employees (consolidated) | 1,143 |  |
| EPS | ¥136.13 |  |
| Book value per share | ¥1912.7 |  |
| Equity ratio | 64.2% |  |
| Shares outstanding | 25,347,000 |  |
| Treasury shares | 1,026,600 |  |
| Shareholders | 3,307 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | -1 pp | General Contractors |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, parent-company salary changed +29% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥75265000000 | ¥78791000000 | +4.7% |
| Operating income | ¥2770000000 | ¥4640000000 | +67.5% |
| Operating margin | 3.7% | 5.9% | +2.2 pp |
| Employees | 942 people | 1,143 people | +21.3% |
| Cash and equivalents | ¥12436000000 | ¥11884000000 | -4.4% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 95.0% |
| 建設事業 → 事業再編・廃止 | 2.3% |
| ゴルフ場事業 → ゴルフ場事業 | 0.3% |
| ホテル事業 → ホテル事業 | 0.8% |
| 広告代理店事業 → 広告代理店事業 | 0.9% |
| 広告代理店事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → ゴルフ場事業 | 0.1% |
| 新設・再編 → ホテル事業 | 2.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction Business | 5 years | +0.4% | ¥74867000000 | 5.5% | 2 |
| Hotel Business | 5 years | +37.1% | ¥2933000000 | 15.3% | 2 |
| Advertising agency Business | 5 years | -9.7% | ¥725000000 | 3.0% | 2 |
| Golf course Business | 5 years | +5.2% | ¥265000000 | 3.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 78,791 | 100.0% | S100YM22 |
| Cost of revenue | 67,101 | 85.2% | S100YM22 |
| Gross profit | 11,690 | 14.8% | S100YM22 |
| SG&A | 7,049 | 8.9% | S100YM22 |
| Operating income | 4,640 | 5.9% | S100YM22 |
| Ordinary income | 5,006 | 6.4% | S100YM22 |
| Pretax income | 4,859 | 6.2% | S100YM22 |
| Income tax | 1,360 | 1.7% | S100YM22 |
| Net income | 3,499 | 4.4% | S100YM22 |
| Net income attributable to owners | 3,490 | 4.4% | S100YM22 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.8% → Operating margin 5.9% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.6%; Core profit growth: +27.5%
Operating leverage (core profit growth ÷ revenue growth): -10.77×
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 | 80,853 | 78,791 | -2,062 | -2.6% |
| Gross profit | 9,903 | 11,690 | 1,787 | +18.0% |
| Operating income | 3,640 | 4,640 | 1,000 | +27.5% |
| Net income attributable to owners | 3,381 | 3,490 | 109 | +3.2% |
| Operating cash flow | -6,169 | -4,164 | 2,005 | — |
| Free cash flow | -6,902 | -5,442 | 1,460 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 61,952 | 3,044 | 4.9% | 2,153 | 4,492 | -109 | S100M09J |
| FY ending Mar 2021 | 75,265 | 2,770 | 3.7% | 1,804 | 4,003 | 274 | S100OKFG |
| FY ending Mar 2022 | 60,103 | 2,394 | 4.0% | 1,739 | 2,324 | 1,994 | S100RG47 |
| FY ending Mar 2023 | 85,277 | 3,931 | 4.6% | 1,988 | 16,520 | 16,061 | S100TX0X |
| FY ending Mar 2024 | 84,964 | 4,804 | 5.7% | 3,902 | 1,917 | 1,259 | S100W59A |
| FY ending Mar 2025 | 80,853 | 3,640 | 4.5% | 3,381 | -6,169 | -6,902 | S100YM22 |
| FY ending Mar 2026 | 78,791 | 4,640 | 5.9% | 3,490 | -4,164 | -5,442 | S100YM22 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.9M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 919 | 902 | 1,094 | 1,105 | 1,143 |
| Average salary (parent company) | ¥7.2M | ¥7.7M | ¥7.8M | ¥9M | ¥9.3M |
| Average age (parent company) | 39.4 years | 39.2 years | 44.2 years | 44.3 years | 44.5 years |
| Average tenure (parent company) | 14.6 years | 13.4 years | 16.6 years | 16.5 years | 15.9 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) -2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Business | 74,867 | 95.0% | 4,127 | 5.5% |
| Golf course Business | 265 | 0.3% | 8 | 3.0% |
| Hotel Business | 2,933 | 3.7% | 449 | 15.3% |
| Advertising agency Business | 725 | 0.9% | 22 | 3.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction Business | 95.0% | 89.6% | -5.4 | 5.5% |
| Golf course Business | 0.3% | 0.2% | -0.2 | 3.0% |
| Hotel Business | 3.7% | 9.7% | 6.0 | 15.3% |
| Advertising agency Business | 0.9% | 0.5% | -0.4 | 3.0% |

Segment → industry: Golf course Business → Theme Parks & Leisure Facilities / Advertising agency Business → Advertising / Hotel Business → Hotels & Inns / Construction Business → General Contractors

## 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 | -4,164 | -5.3% | S100YM22 |
| Capital expenditure | 1,278 | 1.6% | S100YM22 |
| Free cash flow | -5,442 | -6.9% | 算出 |
| Investing cash flow | -1,280 | -1.6% | S100YM22 |
| Financing cash flow | -682 | -0.9% | S100YM22 |
| Dividends paid | 668 | 0.8% | S100YM22 |
| Share buyback | 5 | 0.0% | S100YM22 |
| Change in cash | -6,142 | -7.8% | S100YM22 |
| Cash and equivalents | 11,884 | 15.1% | S100YM22 |

## 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 | 13,935 | 25,321 | 25,868 | 18,027 | 11,884 | S100TX0X, S100W59A, S100YM22 |
| Total assets | 65,500 | 74,761 | 77,829 | 75,589 | 80,330 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Net assets | 37,501 | 38,861 | 43,693 | 47,229 | 52,150 | S100TX0X, S100W59A, S100YM22 |
| Share capital | 9,116 | 9,116 | 9,116 | 9,116 | 9,116 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Property, plant and equipment | 20,720 | 20,129 | 19,902 | 19,491 | 18,986 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Intangible assets excluding goodwill | 188 | 244 | 315 | 638 | 741 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Investment securities | 6,140 | 6,534 | 9,360 | 10,954 | 13,349 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Current assets | 35,695 | 44,960 | 45,272 | 41,519 | 43,748 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Current liabilities | 24,721 | 32,077 | 29,490 | 23,968 | 23,183 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Short-term borrowings | 4,000 | — | — | — | — | S100RG47 |
| Total liabilities | 27,999 | 35,899 | 34,135 | 28,360 | 28,180 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Non-controlling interests | 517 | 543 | 558 | 568 | 576 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Equity attributable to owners of parent | 34,796 | 35,562 | 38,175 | 40,331 | 43,182 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Retained earnings | 24,443 | 25,811 | 29,060 | 31,458 | 34,280 | S100RG47, S100TX0X, S100W59A, S100YM22 |
| Treasury stock | -1,951 | -2,554 | -3,189 | -897 | -873 | S100RG47, S100TX0X, S100W59A, S100YM22 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YM22 |
| Property, plant and equipment | 24% | S100YM22 |
| Intangibles and goodwill | 1% | S100YM22 |
| Investment securities | 16% | S100YM22 |
| Other assets | 44% | S100YM22 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YM22 |
| Equity | 65% | S100YM22 |

### 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 | 65,500 | 74,761 | 77,829 | 75,589 | 80,330 |
| Equity | 37,501 | 38,861 | 43,693 | 47,229 | 52,150 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,935 | 25,321 | 25,868 | 18,027 | 11,884 |

## 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) | 24.1% | S100YM22 |
| Fixed assets ÷ total assets | 23.6% | S100YM22 |
| Goodwill ÷ parent equity | — | —, S100YM22 |

### 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) | 14.8% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -89.7% |
| Cash vs. profit gap | -7,654 JPY mn (of net income -219.3%) |
| Shareholder returns / net income | 19.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| 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 | 2.9% | 0.92× | 2.7% | 1.88× | 5.0% | S100RG47 |
| 2023 | 2.3% | 1.22× | 2.8% | 1.99× | 5.7% | S100TX0X |
| 2024 | 4.6% | 1.11× | 5.1% | 2.07× | 10.6% | S100W59A |
| 2025 | 4.2% | 1.05× | 4.4% | 1.95× | 8.6% | S100YM22 |
| 2026 | 4.4% | 1.01× | 4.5% | 1.87× | 8.4% | S100YM22 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般財団法人北野財団 | Major shareholder | 13.2% | 2026-03-31 |
| 公益財団法人北野美術館 | Major shareholder | 8.2% | 2026-03-31 |
| 北野管財合同会社 | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社テル・コーポレーション | Major shareholder | 7.2% | 2026-03-31 |
| 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 | 5.3% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社松屋 | Major shareholder | 2.3% | 2026-03-31 |
| 浅井 輝彦 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YM22 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM22,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W59A | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W59A,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TX0X | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX0X,, |
| 訂正有価証券報告書－第78期(2022/04/01－2023/03/31) | S100RG47 | 2023-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RG47,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OKFG | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKFG,, |
| 訂正有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100M09J | 2021-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M09J,, |

## 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).