# Kitanotatsujin Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/03/01－2026/02/28) (S100Y5VV)
> Page: https://vizora.meequs.com/en/company/kitanotatsujin
> Retrieved: 2026-09-30T20:45:02.988Z

## Company

Kitanotatsujin, founded in 2002, is a company in E-commerce listed on TSE Prime. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kitanotatsujin Corporation |
| Ticker | 2930 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2930.T) |
| Listing | TSE Prime |
| Head office | 札幌市中央区北一条西一丁目6番地 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で 行っております。) |
| Representative (per filing) | 代表取締役社長 木下 勝寿 |
| Founded | May 2002 |
| Share capital | ¥274M |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | February |
| Website | www.kitanotatsujin.com (https://www.kitanotatsujin.com/) |
| Corporate number | 8430001028254 |
| EDINET | E26549 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100Y5VV, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 69.1 | 34 |
| Cash conversion | 42.6 | 27 |
| Efficiency | 45.6 | 34 |

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)

- Kitanotatsujin brought in ¥11.2B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -5.2% from the prior year, operating profit -40.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11210259000 → ¥695939000
- Net income → operating cash flow: ¥695939000 → ¥846352000（difference ¥150413000）
- Main uses of operating cash flow: CapEx ¥8437000 / dividends ¥542633000 / buybacks —
- Change in cash: ¥3083000
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 | ¥11.2B |  |
| Operating income | ¥1B | Margin 8.9% |
| Net income | ¥695.9M | Margin 6.2% |
| Free cash flow | ¥837.9M |  |
| Employees (consolidated) | 227 |  |
| EPS | ¥5.2 |  |
| Book value per share | ¥58.6 |  |
| Equity ratio | 84.8% |  |
| Shares outstanding | 141,072,000 |  |
| Treasury shares | 1,628,800 |  |
| Shareholders | 125,259 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 60.1% | Cash ÷ revenue 50.9% |
| Vs. industry median margin | +4 pp | E-commerce |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 60% of total assets
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9270604000 | ¥11210259000 | — |
| Operating income | ¥2031091000 | ¥1000995000 | — |
| Operating margin | 21.9% | 8.9% | -13 pp |
| Employees | 150 people | 227 people | — |
| Cash and equivalents | ¥3612973000 | ¥5701828000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,210 | 100.0% | S100Y5VV |
| Cost of revenue | 2,726 | 24.3% | S100Y5VV |
| Gross profit | 8,484 | 75.7% | S100Y5VV |
| SG&A | 7,483 | 66.8% | S100Y5VV |
| Operating income | 1,001 | 8.9% | S100Y5VV |
| Ordinary income | 1,038 | 9.3% | S100Y5VV |
| Pretax income | 1,036 | 9.2% | S100Y5VV |
| Income tax | 340 | 3.0% | S100Y5VV |
| Net income | 696 | 6.2% | S100Y5VV |
| Net income attributable to owners | 696 | 6.2% | S100Y5VV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 67 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 75.7% → Operating margin 8.9% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.2%; Core profit growth: -40.3%
Operating leverage (core profit growth ÷ revenue growth): 7.73×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,826 | 11,210 | -616 | -5.2% |
| Gross profit | 8,967 | 8,484 | -482 | -5.4% |
| Operating income | 1,675 | 1,001 | -674 | -40.3% |
| Net income attributable to owners | 1,206 | 696 | -510 | -42.3% |
| Operating cash flow | 1,814 | 846 | -968 | -53.3% |
| Free cash flow | 1,639 | 838 | -801 | -48.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 10,093 | 2,915 | 28.9% | 1,975 | 2,143 | 2,053 | S100LFDA |
| FY ending Feb 2021 | 9,271 | 2,031 | 21.9% | 1,388 | 682 | 656 | S100LFDA |
| FY ending Feb 2022 | 9,511 | 2,082 | 21.9% | 1,342 | 1,754 | 1,717 | S100QUYK |
| FY ending Feb 2023 | 9,831 | 510 | 5.2% | 344 | 114 | 8 | S100TI82 |
| FY ending Feb 2024 | 14,666 | 1,449 | 9.9% | 995 | 454 | 302 | S100VT8B |
| FY ending Feb 2025 | 11,826 | 1,675 | 14.2% | 1,206 | 1,814 | 1,639 | S100Y5VV |
| FY ending Feb 2026 | 11,210 | 1,001 | 8.9% | 696 | 846 | 838 | S100Y5VV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.4M |
| Operating income per employee (consolidated) | ¥4.4M |
| 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 188 | 213 | 253 | 220 | 227 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6M | ¥6.5M | ¥7.2M |
| Average age (parent company) | 33.0 years | 32.5 years | 32.2 years | 32.7 years | 33.4 years |
| Average tenure (parent company) | 3.1 years | 3.5 years | 3.4 years | 4.2 years | 4.9 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) -5.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 846 | 7.5% | S100Y5VV |
| Capital expenditure | 8 | 0.1% | S100Y5VV |
| Free cash flow | 838 | 7.5% | 算出 |
| Investing cash flow | -302 | -2.7% | S100Y5VV |
| Financing cash flow | -543 | -4.8% | S100Y5VV |
| Dividends paid | 543 | 4.8% | S100Y5VV |
| Change in cash | 3 | 0.0% | S100Y5VV |
| Cash and equivalents | 5,702 | 50.9% | S100Y5VV |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,211 | 4,828 | 4,783 | 5,699 | 5,702 | S100TI82, S100VT8B, S100Y5VV |
| Total assets | 7,556 | 7,779 | 8,649 | 9,158 | 9,490 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Net assets | 6,146 | 6,187 | 6,997 | 7,867 | 8,048 | S100TI82, S100VT8B, S100Y5VV |
| Share capital | 274 | 274 | 274 | 274 | 274 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Trade receivables | 477 | — | — | — | — | S100QUYK |
| Property, plant and equipment | 123 | 232 | 216 | 272 | 239 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Intangible assets excluding goodwill | 313 | 252 | 258 | 176 | 367 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Goodwill | 280 | 214 | 148 | 82 | 286 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Current assets | 6,808 | 6,992 | 7,709 | 7,960 | 8,109 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Current liabilities | 1,236 | 1,376 | 1,516 | 1,235 | 1,385 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Total liabilities | 1,410 | 1,592 | 1,653 | 1,291 | 1,443 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Equity attributable to owners of parent | 6,146 | 6,187 | 6,997 | 7,867 | 8,048 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Retained earnings | 6,045 | 6,075 | 6,861 | 7,705 | 7,851 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |
| Treasury stock | -431 | -418 | -401 | -374 | -332 | S100QUYK, S100TI82, S100VT8B, S100Y5VV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100Y5VV |
| Property, plant and equipment | 3% | S100Y5VV |
| Intangibles and goodwill | 7% | S100Y5VV |
| Other assets | 30% | S100Y5VV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100Y5VV |
| Equity | 85% | S100Y5VV |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,556 | 7,779 | 8,649 | 9,158 | 9,490 |
| Equity | 6,146 | 6,187 | 6,997 | 7,867 | 8,048 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,211 | 4,828 | 4,783 | 5,699 | 5,702 |

## 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) | 2.1% | S100Y5VV |
| Fixed assets ÷ total assets | 2.5% | S100Y5VV |
| Goodwill ÷ parent equity | 3.6% | S100Y5VV |

Goodwill over 4 years: 280 → 286 JPY; total investing cash flow: -1,054 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) | 60.1% |
| Cash ÷ revenue | 50.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.6% |
| Cash vs. profit gap | 150 JPY mn (of net income 21.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 78.0% |
| Shareholder payments — dividends / FCF | 64.8% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 35.7% |

## 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 | 14.1% | 1.26× | 17.8% | 1.23× | 21.8% | S100QUYK |
| 2023 | 3.5% | 1.28× | 4.5% | 1.24× | 5.6% | S100TI82 |
| 2024 | 6.8% | 1.79× | 12.1% | 1.25× | 15.1% | S100VT8B |
| 2025 | 10.2% | 1.33× | 13.5% | 1.20× | 16.2% | S100Y5VV |
| 2026 | 6.2% | 1.20× | 7.5% | 1.17× | 8.7% | S100Y5VV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木下 勝寿 | Major shareholder | 51.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 4.6% | 2026-02-28 |
| 木下 浩子 | Major shareholder | 1.3% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 0.7% | 2026-02-28 |
| 株式会社日本カストディ銀行 | Major shareholder | 0.5% | 2026-02-28 |
| 堀川 麻子 | Major shareholder | 0.5% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 0.4% | 2026-02-28 |
| セラ ヨシテル | Major shareholder | 0.4% | 2026-02-28 |
| JP MORGAN CHASE BANK 385864 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.3% | 2026-02-28 |
| 豊田 秋雄 | Major shareholder | 0.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/03/01－2026/02/28) | S100Y5VV | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5VV,, |
| 有価証券報告書－第24期(2024/03/01－2025/02/28) | S100VT8B | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT8B,, |
| 有価証券報告書－第23期(2023/03/01－2024/02/29) | S100TI82 | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI82,, |
| 有価証券報告書－第22期(2022/03/01－2023/02/28) | S100QUYK | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUYK,, |
| 有価証券報告書－第21期(令和3年3月1日－令和4年2月28日) | S100O53A | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O53A,, |
| 有価証券報告書－第20期(令和2年3月1日－令和3年2月28日) | S100LFDA | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFDA,, |

## 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).