# Kitazato Corporation: 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19期(2025/04/01－2026/03/31) (S100YIB6)
> Page: https://vizora.meequs.com/en/company/kitazato
> Retrieved: 2026-09-30T19:05:00.629Z

## Company

Kitazato, founded in 2005, is a company in Medical Devices listed on TSE Prime. It has 83 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kitazato Corporation |
| Ticker | 368A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/368A.T) |
| Listing | TSE Prime |
| Head office | 静岡県富士市柳島100番地10 |
| Representative (per filing) | 代表取締役社長 井上 太綬 |
| Founded | Apr 2005 |
| Share capital | ¥10M |
| Employees (consolidated) | 83 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.kitazato.co.jp (https://www.kitazato.co.jp/) |
| Corporate number | 9010001108188 |
| EDINET | E40668 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YIB6, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.9 | 38 |
| Profitability | 98.7 | 39 |
| Cash conversion | 35.5 | 38 |
| Efficiency | 21.8 | 39 |

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)

- Kitazato brought in ¥10.9B in revenue.
- Out of every ¥100 of sales, about ¥54 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +1.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10947000000 → ¥3895000000
- Net income → operating cash flow: ¥3895000000 → ¥3870000000（difference ¥-25000000）
- Main uses of operating cash flow: CapEx ¥239000000 / dividends ¥1640000000 / buybacks —
- Change in cash: ¥1953000000
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 | ¥10.9B |  |
| Operating income | ¥5.86B | Margin 53.5% |
| Net income | ¥3.9B | Margin 35.6% |
| Free cash flow | ¥3.63B |  |
| Employees (consolidated) | 83 |  |
| EPS | ¥95.28 |  |
| Book value per share | ¥495.75 |  |
| Equity ratio | 93.2% |  |
| Shares outstanding | 40,000,000 |  |
| Shareholders | 8,009 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 61.0% | Cash ÷ revenue 122.5% |
| Vs. industry median margin | +42.4 pp | Medical Devices |
| ROE | 20.1% | Derived from disclosed figures |
| ROA | 18.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 54 per ¥100 of revenue
- FY2026, cash is 61% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10080000000 | ¥10947000000 | +8.6% |
| Operating income | ¥5912000000 | ¥5858000000 | -0.9% |
| Operating margin | 58.7% | 53.5% | -5.1 pp |
| Employees | 51 people | 83 people | +62.7% |
| Cash and equivalents | ¥10474000000 | ¥13414000000 | +28.1% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,947 | 100.0% | S100YIB6 |
| Cost of revenue | 3,732 | 34.1% | S100YIB6 |
| Gross profit | 7,214 | 65.9% | S100YIB6 |
| SG&A | 1,355 | 12.4% | S100YIB6 |
| Operating income | 5,858 | 53.5% | S100YIB6 |
| Ordinary income | 5,903 | 53.9% | S100YIB6 |
| Pretax income | 5,904 | 53.9% | S100YIB6 |
| Income tax | 2,009 | 18.4% | S100YIB6 |
| Net income | 3,895 | 35.6% | S100YIB6 |
| Net income attributable to owners | 3,895 | 35.6% | S100YIB6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 12 |
| Operating income | 54 |
| (Ref.) Net income | 36 |

### Margin funnel

Gross margin 65.9% → Operating margin 53.5% → Net margin 35.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +1.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.21×
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 | 10,302 | 10,947 | 645 | +6.3% |
| Gross profit | 6,974 | 7,214 | 240 | +3.4% |
| Operating income | 5,782 | 5,858 | 76 | +1.3% |
| Net income attributable to owners | 3,788 | 3,895 | 107 | +2.8% |
| Operating cash flow | 3,526 | 3,870 | 344 | +9.8% |
| Free cash flow | 2,623 | 3,631 | 1,008 | +38.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 10,080 | 5,912 | 58.7% | 3,972 | 4,500 | 4,415 | S100W8LM |
| FY ending Mar 2025 | 10,302 | 5,782 | 56.1% | 3,788 | 3,526 | 2,623 | S100YIB6 |
| FY ending Mar 2026 | 10,947 | 5,858 | 53.5% | 3,895 | 3,870 | 3,631 | S100YIB6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥131.9M |
| Operating income per employee (consolidated) | ¥70.6M |
| Net income per employee (consolidated) | ¥46.9M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 51 | 74 | 83 |
| Average salary (parent company) | — | ¥4.8M | ¥4.8M |
| Average age (parent company) | — | 40.0 years | 40.3 years |
| Average tenure (parent company) | — | 3.8 years | 4.8 years |

Year over year: Employees (consolidated) +12.2% · Revenue (consolidated) +6.3%

## 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 | 3,870 | 35.4% | S100YIB6 |
| Capital expenditure | 239 | 2.2% | S100YIB6 |
| Free cash flow | 3,631 | 33.2% | 算出 |
| Investing cash flow | -237 | -2.2% | S100YIB6 |
| Financing cash flow | -1,738 | -15.9% | S100YIB6 |
| Dividends paid | 1,640 | 15.0% | S100YIB6 |
| Change in cash | 1,953 | 17.8% | S100YIB6 |
| Cash and equivalents | 13,414 | 122.5% | S100YIB6 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,474 | 11,460 | 13,414 | S100YIB6 |
| Total assets | 17,857 | 19,748 | 21,996 | S100W8LM, S100YIB6 |
| Net assets | 16,060 | 18,249 | 20,504 | S100YIB6 |
| Share capital | 10 | 10 | 10 | S100W8LM, S100YIB6 |
| Property, plant and equipment | 3,764 | 4,552 | 4,582 | S100W8LM, S100YIB6 |
| Intangible assets excluding goodwill | 78 | 61 | 47 | S100W8LM, S100YIB6 |
| Current assets | 13,711 | 14,835 | 17,147 | S100W8LM, S100YIB6 |
| Current liabilities | 1,675 | 1,419 | 1,430 | S100W8LM, S100YIB6 |
| Total liabilities | 1,796 | 1,499 | 1,491 | S100W8LM, S100YIB6 |
| Equity attributable to owners of parent | 16,060 | 18,249 | 20,504 | S100W8LM, S100YIB6 |
| Retained earnings | 16,050 | 18,239 | 20,494 | S100W8LM, S100YIB6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100YIB6 |
| Property, plant and equipment | 21% | S100YIB6 |
| Intangibles and goodwill | 0% | S100YIB6 |
| Other assets | 18% | S100YIB6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100YIB6 |
| Equity | 93% | S100YIB6 |
| Other liabilities | 0% | S100YIB6 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 17,857 | 19,748 | 21,996 |
| Equity | 16,060 | 18,249 | 20,504 |
| Interest-bearing debt | — | — | — |
| Cash | 10,474 | 11,460 | 13,414 |

## 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) | 41.9% | S100YIB6 |
| Fixed assets ÷ total assets | 20.8% | S100YIB6 |
| Goodwill ÷ parent equity | — | —, S100YIB6 |

### 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) | 61.0% |
| Cash ÷ revenue | 122.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.1% |
| Cash vs. profit gap | -25 JPY mn (of net income -0.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.1% |
| Shareholder payments — dividends / FCF | 45.2% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 6.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 39.4% | 0.56× | 22.2% | 1.11× | 24.7% | S100W8LM |
| 2025 | 36.8% | 0.55× | 20.1% | 1.10× | 22.1% | S100YIB6 |
| 2026 | 35.6% | 0.52× | 18.7% | 1.08× | 20.1% | S100YIB6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北里商事株式会社 | Major shareholder | 55.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.2% | 2026-03-31 |
| 井上 太綬(当社代表取締役社長) | Major shareholder | 3.0% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.9% | 2026-03-31 |
| HSBC BANK PLC A/C M AND G(ACS) VALUE PARTNERS CHINA EQUITY FUND（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2026-03-31 |
| BBH FOR BBHTSIL NEUBERGER BERMAN INVESTMENT FUNDS PLC-NEUBERGER BERMAN JAPAN EQUITY ENGAGEMENT FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YIB6 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIB6,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W8LM | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8LM,, |

## 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).