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Kitoku ShinryoKITOKU SHINRYO CO., LTD.2700東証スタンダード卸売業FY ending Dec 2025, consolidated, J-GAAP

Kitoku Shinryo revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed +48.1% from the prior year, operating profit +237.6%.

Five-year trend

Revenue¥176.2B
FY ending Dec 2021: ¥107.8B¥107.8BFY ending Dec 2022: ¥104.7B¥104.7BFY ending Dec 2023: ¥114.8B¥114.8BFY ending Dec 2024: ¥119B¥119BFY ending Dec 2025: ¥176.2B¥176.2BFY21FY22FY23FY24FY25
Operating income¥8.03B
FY ending Dec 2021: ¥526.2M¥526.2MFY ending Dec 2022: ¥1.32B¥1.32BFY ending Dec 2023: ¥2.06B¥2.06BFY ending Dec 2024: ¥2.38B¥2.38BFY ending Dec 2025: ¥8.03B¥8.03BFY21FY22FY23FY24FY25
Operating margin4.6%
FY ending Dec 2021: 0.5%0.5%FY ending Dec 2022: 1.3%1.3%FY ending Dec 2023: 1.8%1.8%FY ending Dec 2024: 2.0%2.0%FY ending Dec 2025: 4.6%4.6%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin3.1%
Asset turnover3.64×
ROA11.4%
ROA11.4%
Financial leverage2.94×
ROE33.6%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin3.1%
2021: 0.5%0.5%2022: 1.0%1.0%2023: 1.3%1.3%2024: 1.4%1.4%2025: 3.1%3.1%2122232425
Asset turnover3.64×
2021: 3.61×3.61×2022: 3.53×3.53×2023: 3.74×3.74×2024: 3.29×3.29×2025: 3.64×3.64×2122232425
ROA11.4%
2021: 1.7%1.7%2022: 3.5%3.5%2023: 4.8%4.8%2024: 4.8%4.8%2025: 11.4%11.4%2122232425
Financial leverage2.94×
2021: 3.06×3.06×2022: 2.89×2.89×2023: 2.69×2.69×2024: 2.79×2.79×2025: 2.94×2.94×2122232425
ROE33.6%
2021: 5.2%5.2%2022: 10.1%10.1%2023: 13.0%13.0%2024: 13.3%13.3%2025: 33.6%33.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20210.5%3.61×1.7%3.06×5.2%
20221.0%3.53×3.5%2.89×10.1%
20231.3%3.74×4.8%2.69×13.0%
20241.4%3.29×4.8%2.79×13.3%
20253.1%3.64×11.4%2.94×33.6%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue2.9%
2020: 4.4%4.4%2021: 4.4%4.4%2022: 4.8%4.8%2023: 4.2%4.2%2024: 4.3%4.3%2025: 2.9%2.9%202122232425
PPE ÷ total assets9.2%
2020: 15.8%15.8%2021: 15.9%15.9%2022: 17.1%17.1%2023: 15.0%15.0%2024: 12.8%12.8%2025: 9.2%9.2%202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days31d
2020: 29d29d2021: 30d30d2022: 31d31d2023: 32d32d2024: 36d36d2025: 31d31d202122232425
Payable days27d
2020: 20d20d2021: 15d15d2022: 18d18d2023: 18d18d2024: 22d22d2025: 27d27d202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue107,813104,704114,835118,999176,191
Cost of revenue101,83897,828106,765109,968160,450
Gross profit5,9756,8768,0709,03015,741
SG&A5,4485,5596,0086,6537,715
Operating income5261,3172,0622,3778,026
Pretax income6141,5352,1072,5017,937
Income tax924525817112,350
Net income attributable to owners5051,0391,4791,7245,521
Operating margin0.5%1.3%1.8%2.0%4.6%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 9%
Receivables 27%
Property, plant and equipment 9%
0%
8%
Other assets 47%

Funding

Trade payables 21%
Other liabilities 42%
Equity 37%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥1.85B¥2.34B¥2.55B¥3.62B¥5.12B
Total assets¥29.9B¥29.4B¥32.1B¥40.2B¥56.6B
Net assets¥10.6B¥11.3B¥13.4B¥15.6B¥21B
Share capital¥529.5M¥529.5M¥529.5M¥529.5M¥529.5M
Trade receivables¥8.89B¥8.89B¥9.93B¥11.7B¥14.9B
Property, plant and equipment¥4.75B¥5.03B¥4.81B¥5.16B¥5.19B
Intangible assets excluding goodwill¥129.3M¥128M¥106.6M¥82.9M¥65.5M
Investment securities¥3.32B¥3.42B¥4.09B¥4.18B¥4.58B
Current assets¥21.3B¥20.4B¥22.7B¥30.2B¥46.3B
Current liabilities¥16.5B¥14.8B¥15.3B¥22B¥32.7B
Trade payables¥4.09B¥4.86B¥5.41B¥6.55B¥12B
Short-term borrowings¥7.34B¥4.23B¥4.62B¥8.53B¥11.8B
Long-term borrowings¥2.24B¥2.81B¥2.64B¥2.03B¥2.58B
Total liabilities¥19.3B¥18B¥18.7B¥24.6B¥35.6B
Non-controlling interests¥247M¥313.3M¥368.1M¥557.9M¥604.1M
Equity attributable to owners of parent¥9.77B¥10.7B¥12.1B¥13.8B¥19B
Retained earnings¥9.15B¥10.1B¥11.5B¥13.1B¥18.3B
Treasury stock-¥288.3M-¥288.9M-¥289M-¥281.1M-¥268.7M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第78期(2025/01/01－2025/12/31)

    ID S100XSQ82026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第77期(2024/01/01－2024/12/31)

    ID S100VGXG2025-03-27Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第76期(2023/01/01－2023/12/31)

    ID S100TBSX2024-04-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(2022/01/01－2022/12/31)

    ID S100QHWE2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(令和3年1月1日－令和3年12月31日)

    ID S100NRQK2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(令和2年1月1日－令和2年12月31日)

    ID S100L2GY2021-03-30Open

Extracted from XBRL: 53 / Derived from other figures: 1

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