# KITAZAWASANGYOco.,ltd.: 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79期(2025/04/01－2026/03/31) (S100YKDH)
> Page: https://vizora.meequs.com/en/company/kitazawasangyoco
> Retrieved: 2026-09-30T18:33:08.687Z

## Company

KITAZAWASANGYOco., founded in 1951, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 382 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITAZAWA SANGYO CO.,LTD. |
| Ticker | 9930 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9930.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区代官山町6番6号 |
| Representative (per filing) | 代表取締役社長 北川正樹 |
| Founded | Mar 1951 |
| Share capital | ¥3.24B |
| Employees (consolidated) | 382 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.kitazawasangyo.co.jp (https://www.kitazawasangyo.co.jp/) |
| Corporate number | 3011001006107 |
| EDINET | E01398 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100YKDH, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.8 | 110 |
| Profitability | 9.4 | 122 |
| Cash conversion | 0.4 | 116 |
| Efficiency | 66.8 | 122 |

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 98% of KITAZAWASANGYOco.'s sales come from Commercial kitchen equipment, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -9.8% from the prior year, operating profit -68.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14B |  |
| Operating income | ¥266.6M | Margin 1.9% |
| Net income | ¥220.4M | Margin 1.6% |
| Free cash flow | -¥852.2M |  |
| Largest business | Commercial kitchen equipment | of segment revenue 97.6% |
| Employees (consolidated) | 382 |  |
| EPS | ¥15.73 |  |
| Book value per share | ¥602.26 |  |
| Equity ratio | 66.9% |  |
| Shares outstanding | 23,818,000 |  |
| Treasury shares | 5,228,300 |  |
| Shareholders | 2,605 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 22.5% |
| Vs. industry median margin | -1 pp | Specialty Trading & Wholesale |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14298926000 | ¥14031258000 | -1.9% |
| Operating income | ¥16460000 | ¥266645000 | +1520.0% |
| Operating margin | 0.1% | 1.9% | +1.8 pp |
| Employees | 470 people | 382 people | -18.7% |
| Cash and equivalents | ¥4089592000 | ¥3157824000 | -22.8% |

### 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 |
| --- | ---: |
| 業務用厨房関連事業 → 業務用厨房関連事業 | 97.6% |
| 業務用厨房関連事業 → 事業再編・廃止 | 0.0% |
| 不動産賃貸事業 → 不動産賃貸事業 | 2.3% |
| 新設・再編 → 不動産賃貸事業 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,031 | 100.0% | S100YKDH |
| Cost of revenue | 9,641 | 68.7% | S100YKDH |
| Gross profit | 4,391 | 31.3% | S100YKDH |
| SG&A | 4,124 | 29.4% | S100YKDH |
| Operating income | 267 | 1.9% | S100YKDH |
| Ordinary income | 368 | 2.6% | S100YKDH |
| Pretax income | 454 | 3.2% | S100YKDH |
| Income tax | 233 | 1.7% | S100YKDH |
| Net income | 220 | 1.6% | S100YKDH |
| Net income attributable to owners | 220 | 1.6% | S100YKDH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 29 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 31.3% → Operating margin 1.9% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.8%; Core profit growth: -68.3%
Operating leverage (core profit growth ÷ revenue growth): 6.95×
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 | 15,562 | 14,031 | -1,530 | -9.8% |
| Gross profit | 4,531 | 4,391 | -141 | -3.1% |
| Operating income | 842 | 267 | -575 | -68.3% |
| Net income attributable to owners | 648 | 220 | -428 | -66.0% |
| Operating cash flow | -260 | -700 | -439 | — |
| Free cash flow | -1,194 | -852 | 342 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,399 | 301 | 1.8% | 151 | 134 | -481 | S100LSJN |
| FY ending Mar 2021 | 14,299 | 16 | 0.1% | -38 | 543 | 282 | S100OJ9K |
| FY ending Mar 2022 | 15,602 | 369 | 2.4% | 155 | 552 | 429 | S100RHCT |
| FY ending Mar 2023 | 16,222 | 700 | 4.3% | 455 | 342 | -145 | S100TW66 |
| FY ending Mar 2024 | 16,472 | 994 | 6.0% | 665 | 1,444 | 1,193 | S100W6NO |
| FY ending Mar 2025 | 15,562 | 842 | 5.4% | 648 | -260 | -1,194 | S100YKDH |
| FY ending Mar 2026 | 14,031 | 267 | 1.9% | 220 | -700 | -852 | S100YKDH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥698K |
| Net income per employee (consolidated) | ¥576.8K |

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) | 459 | 440 | 419 | 400 | 382 |
| Average salary (parent company) | ¥4.4M | ¥4.4M | ¥4.6M | ¥4.8M | ¥5M |
| Average age (parent company) | 43.0 years | 43.0 years | 44.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 14.1 years | 14.1 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) -9.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Commercial kitchen equipment | 13,698 | 97.6% | 1,118 | 8.2% |
| Leasing | 334 | 2.4% | 189 | 56.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Commercial kitchen equipment | 97.6% | 85.5% | -12.1 | 8.2% |
| Leasing | 2.4% | 14.5% | 12.1 | 56.7% |

Segment → industry: Leasing → Real Estate Development & Leasing / Commercial kitchen equipment → Specialty Trading & Wholesale / Commercial kitchen equipment → Industrial Machinery

## 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 | -700 | -5.0% | S100YKDH |
| Capital expenditure | 153 | 1.1% | S100YKDH |
| Free cash flow | -852 | -6.1% | 算出 |
| Investing cash flow | 163 | 1.2% | S100YKDH |
| Financing cash flow | -186 | -1.3% | S100YKDH |
| Dividends paid | 186 | 1.3% | S100YKDH |
| Share buyback | 0 | 0.0% | S100YKDH |
| Change in cash | -722 | -5.1% | S100YKDH |
| Cash and equivalents | 3,158 | 22.5% | S100YKDH |

## 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 | 4,437 | 4,081 | 5,173 | 3,880 | 3,158 | S100TW66, S100W6NO, S100YKDH |
| Total assets | 16,745 | 17,246 | 18,832 | 18,088 | 16,985 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Net assets | 8,904 | 9,360 | 10,336 | 10,783 | 11,356 | S100TW66, S100W6NO, S100YKDH |
| Share capital | 3,236 | 3,236 | 3,236 | 3,236 | 3,236 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Trade receivables | 2,481 | 2,852 | 2,517 | 2,817 | 1,867 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Property, plant and equipment | 5,483 | 5,490 | 5,426 | 5,547 | 5,432 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Intangible assets excluding goodwill | 203 | 417 | 865 | 802 | 633 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Investment securities | 1,950 | 2,200 | 2,720 | 2,687 | 3,513 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Current assets | 8,635 | 8,767 | 9,552 | 8,730 | 7,243 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Current liabilities | 6,510 | 6,834 | 7,471 | 6,355 | 4,450 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Trade payables | 3,665 | 3,841 | 3,751 | 1,308 | 1,018 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Short-term borrowings | 2,119 | 2,119 | 2,119 | 2,100 | 2,100 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Total liabilities | 7,841 | 7,885 | 8,496 | 7,304 | 5,630 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Equity attributable to owners of parent | 8,231 | 8,594 | 9,166 | 9,666 | 9,700 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Retained earnings | 2,973 | 3,336 | 3,908 | 4,408 | 4,442 | S100RHCT, S100TW66, S100W6NO, S100YKDH |
| Treasury stock | -942 | -942 | -943 | -943 | -943 | S100RHCT, S100TW66, S100W6NO, S100YKDH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YKDH |
| Receivables | 11% | S100YKDH |
| Property, plant and equipment | 32% | S100YKDH |
| Intangibles and goodwill | 4% | S100YKDH |
| Investment securities | 21% | S100YKDH |
| Other assets | 14% | S100YKDH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YKDH |
| Other liabilities | 27% | S100YKDH |
| Equity | 67% | S100YKDH |

### 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 | 16,745 | 17,246 | 18,832 | 18,088 | 16,985 |
| Equity | 8,904 | 9,360 | 10,336 | 10,783 | 11,356 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,437 | 4,081 | 5,173 | 3,880 | 3,158 |

## 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) | 38.7% | S100YKDH |
| Fixed assets ÷ total assets | 32.0% | S100YKDH |
| Goodwill ÷ parent equity | — | —, S100YKDH |

### 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) | 18.6% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -262.3% |
| Cash vs. profit gap | -920 JPY mn (of net income -417.4%) |
| Shareholder returns / net income | 84.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 84.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| 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 | 1.0% | 0.93× | 0.9% | 2.03× | 1.9% | S100RHCT |
| 2023 | 2.8% | 0.95× | 2.7% | 2.02× | 5.4% | S100TW66 |
| 2024 | 4.0% | 0.91× | 3.7% | 2.03× | 7.5% | S100W6NO |
| 2025 | 4.2% | 0.84× | 3.5% | 1.96× | 6.9% | S100YKDH |
| 2026 | 1.6% | 0.80× | 1.3% | 1.81× | 2.3% | S100YKDH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北沢持株会 | Major shareholder | 8.4% | 2026-03-31 |
| 株式会社テンポスホールディングス | Major shareholder | 7.8% | 2026-03-31 |
| ＵＨＰartners２投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| ＵＨＰartners３投資事業有限責任組合 | Major shareholder | 6.1% | 2026-03-31 |
| ガリレイ株式会社 | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.9% | 2026-03-31 |
| 北沢産業従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社インテリックス | Major shareholder | 2.0% | 2026-03-31 |
| フィリップ証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YKDH | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKDH,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W6NO | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6NO,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TW66 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW66,, |
| 訂正有価証券報告書－第76期(2022/04/01－2023/03/31) | S100RHCT | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHCT,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OJ9K | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ9K,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LSJN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSJN,, |

## 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).