# KITOKU SHINRYO CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/01/01－2025/12/31) (S100XSQ8)
> Page: https://vizora.meequs.com/en/company/kitoku-shinryo
> Retrieved: 2026-09-30T17:56:55.383Z

## Company

Kitoku Shinryo is a company in Livestock, Feed & Fertilizer listed on TSE Standard. It has 385 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITOKU SHINRYO CO., LTD. |
| Ticker | 2700 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2700.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田小川町二丁目8番地 |
| Representative (per filing) | 代表取締役社長 鎌田 慶彦 |
| Share capital | ¥529.5M |
| Employees (consolidated) | 385 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | December |
| Website | www.kitoku-shinryo.co.jp (https://www.kitoku-shinryo.co.jp/) |
| Corporate number | 4010001040882 |
| EDINET | E02934 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Food Ingredients, Processed Foods, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XSQ8, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.5 | 179 |
| Profitability | 73.2 | 185 |
| Cash conversion | 9.2 | 179 |
| Efficiency | 96.5 | 185 |

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 86% of Kitoku Shinryo's sales come from Rice business, with Egg business and Feed business making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥176.2B |  |
| Operating income | ¥8.03B | Margin 4.6% |
| Net income | ¥5.52B | Margin 3.1% |
| Free cash flow | -¥1.74B |  |
| Largest business | Rice business | of segment revenue 85.9% |
| Employees (consolidated) | 385 |  |
| EPS | ¥673.2 |  |
| Book value per share | ¥2346.86 |  |
| Equity ratio | 36.1% |  |
| Shares outstanding | 8,530,000 |  |
| Treasury shares | 351,400 |  |
| Shareholders | 4,320 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 2.9% |
| Vs. industry median margin | +1.7 pp | Specialty Trading & Wholesale |
| ROE | 33.6% | Derived from disclosed figures |
| ROA | 11.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 91% of positive segment profit
- FY2025, parent-company salary changed +33% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107596500000 | ¥176191339000 | +63.8% |
| Operating income | ¥-42964000 | ¥8025718000 | — |
| Operating margin | -0.0% | 4.6% | +4.6 pp |
| Employees | 379 people | 385 people | +1.6% |
| Cash and equivalents | ¥1847505000 | ¥5117494000 | +177.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 米穀事業 → 米穀事業 | 85.8% |
| 飼料事業 → 飼料事業 | 6.0% |
| 飼料事業 → 事業再編・廃止 | 0.3% |
| 鶏卵事業 → 鶏卵事業 | 4.6% |
| 食品事業 → 食品事業 | 1.9% |
| 食品事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 米穀事業 | 0.1% |
| 新設・再編 → 鶏卵事業 | 1.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Rice business | 5 years | +10.4% | ¥151325910000 | 5.8% | 2 |
| Egg business | 5 years | +17.1% | ¥10882710000 | 2.6% | 2 |
| Feed business | 5 years | +9.4% | ¥10556467000 | 5.1% | 2 |
| Food business | 5 years | -1.0% | ¥3426252000 | 1.1% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 176,191 | 100.0% | S100XSQ8 |
| Cost of revenue | 160,450 | 91.1% | S100XSQ8 |
| Gross profit | 15,741 | 8.9% | S100XSQ8 |
| SG&A | 7,715 | 4.4% | S100XSQ8 |
| Operating income | 8,026 | 4.6% | S100XSQ8 |
| Ordinary income | 8,169 | 4.6% | S100XSQ8 |
| Pretax income | 7,937 | 4.5% | S100XSQ8 |
| Income tax | 2,350 | 1.3% | S100XSQ8 |
| Net income | 5,587 | 3.2% | S100XSQ8 |
| Net income attributable to owners | 5,521 | 3.1% | S100XSQ8 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 4 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 8.9% → Operating margin 4.6% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +48.1%; Core profit growth: +237.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.94×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 118,999 | 176,191 | 57,193 | +48.1% |
| Gross profit | 9,030 | 15,741 | 6,711 | +74.3% |
| Operating income | 2,377 | 8,026 | 5,649 | +237.6% |
| Net income attributable to owners | 1,724 | 5,521 | 3,797 | +220.2% |
| Operating cash flow | -930 | -1,166 | -236 | — |
| Free cash flow | -1,753 | -1,744 | 9 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 117,612 | 77 | 0.1% | 677 | 2,019 | 1,576 | S100L2GY |
| FY ending Dec 2020 | 107,597 | -43 | -0.0% | 63 | 705 | 386 | S100NRQK |
| FY ending Dec 2021 | 107,813 | 526 | 0.5% | 505 | 774 | 405 | S100QHWE |
| FY ending Dec 2022 | 104,704 | 1,317 | 1.3% | 1,039 | 4,344 | 3,679 | S100TBSX |
| FY ending Dec 2023 | 114,835 | 2,062 | 1.8% | 1,479 | 465 | 154 | S100VGXG |
| FY ending Dec 2024 | 118,999 | 2,377 | 2.0% | 1,724 | -930 | -1,753 | S100XSQ8 |
| FY ending Dec 2025 | 176,191 | 8,026 | 4.6% | 5,521 | -1,166 | -1,744 | S100XSQ8 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥457.6M |
| Operating income per employee (consolidated) | ¥20.8M |
| Net income per employee (consolidated) | ¥14.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 379 | 389 | 383 | 374 | 385 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.4M | ¥6.6M | ¥7.8M |
| Average age (parent company) | 41.2 years | 41.2 years | 41.7 years | 42.5 years | 42.3 years |
| Average tenure (parent company) | 14.8 years | 14.9 years | 15.5 years | 15.7 years | 15.7 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +48.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Rice business | 151,326 | 85.9% | 8,729 | 5.8% |
| Feed business | 10,556 | 6.0% | 540 | 5.1% |
| Egg business | 10,883 | 6.2% | 288 | 2.6% |
| Food business | 3,426 | 1.9% | 38 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Rice business | 85.9% | 91.0% | 5.1 | 5.8% |
| Feed business | 6.0% | 5.6% | -0.4 | 5.1% |
| Egg business | 6.2% | 3.0% | -3.2 | 2.6% |
| Food business | 1.9% | 0.4% | -1.5 | 1.1% |

Segment → industry: Egg business → Livestock, Feed & Fertilizer / Feed business → Livestock, Feed & Fertilizer / Food business → Food Ingredients / Food business → Processed Foods / Egg business → Specialty Trading & Wholesale / Feed business → Specialty Trading & Wholesale / Rice business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,166 | -0.7% | S100XSQ8 |
| Capital expenditure | 578 | 0.3% | S100XSQ8 |
| Free cash flow | -1,744 | -1.0% | 算出 |
| Investing cash flow | -729 | -0.4% | S100XSQ8 |
| Financing cash flow | 3,382 | 1.9% | S100XSQ8 |
| Dividends paid | 327 | 0.2% | S100XSQ8 |
| Share buyback | 0 | 0.0% | S100XSQ8 |
| Change in cash | 1,494 | 0.8% | S100XSQ8 |
| Cash and equivalents | 5,117 | 2.9% | S100XSQ8 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,849 | 2,343 | 2,546 | 3,623 | 5,117 | S100TBSX, S100VGXG, S100XSQ8 |
| Total assets | 29,864 | 29,382 | 32,106 | 40,170 | 56,613 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Net assets | 10,580 | 11,338 | 13,391 | 15,560 | 21,035 | S100TBSX, S100VGXG, S100XSQ8 |
| Share capital | 530 | 530 | 530 | 530 | 530 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Trade receivables | 8,888 | 8,894 | 9,927 | 11,698 | 14,888 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Property, plant and equipment | 4,751 | 5,027 | 4,808 | 5,161 | 5,186 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Intangible assets excluding goodwill | 129 | 128 | 107 | 83 | 65 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Investment securities | 3,321 | 3,419 | 4,092 | 4,179 | 4,582 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Current assets | 21,279 | 20,414 | 22,721 | 30,230 | 46,305 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Current liabilities | 16,466 | 14,768 | 15,332 | 21,994 | 32,725 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Trade payables | 4,094 | 4,856 | 5,406 | 6,552 | 11,965 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Short-term borrowings | 7,342 | 4,233 | 4,617 | 8,529 | 11,753 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Long-term borrowings | 2,238 | 2,808 | 2,641 | 2,030 | 2,578 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Total liabilities | 19,284 | 18,044 | 18,715 | 24,610 | 35,578 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Non-controlling interests | 247 | 313 | 368 | 558 | 604 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Equity attributable to owners of parent | 9,770 | 10,724 | 12,097 | 13,823 | 19,044 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Retained earnings | 9,148 | 10,103 | 11,476 | 13,132 | 18,326 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |
| Treasury stock | -288 | -289 | -289 | -281 | -269 | S100QHWE, S100TBSX, S100VGXG, S100XSQ8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XSQ8 |
| Receivables | 27% | S100XSQ8 |
| Property, plant and equipment | 9% | S100XSQ8 |
| Intangibles and goodwill | 0% | S100XSQ8 |
| Investment securities | 8% | S100XSQ8 |
| Other assets | 47% | S100XSQ8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 21% | S100XSQ8 |
| Other liabilities | 42% | S100XSQ8 |
| Equity | 37% | S100XSQ8 |
| Other liabilities | 0% | S100XSQ8 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,864 | 29,382 | 32,106 | 40,170 | 56,613 |
| Equity | 10,580 | 11,338 | 13,391 | 15,560 | 21,035 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,849 | 2,343 | 2,546 | 3,623 | 5,117 |

## 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) | 2.9% | S100XSQ8 |
| Fixed assets ÷ total assets | 9.2% | S100XSQ8 |
| Goodwill ÷ parent equity | — | —, S100XSQ8 |

### 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) | 9.0% |
| Cash ÷ revenue | 2.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -14.5% |
| Cash vs. profit gap | -6,687 JPY mn (of net income -121.1%) |
| Shareholder returns / net income | 5.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 5.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.5% | 3.61× | 1.7% | 3.06× | 5.2% | S100QHWE |
| 2022 | 1.0% | 3.53× | 3.5% | 2.89× | 10.1% | S100TBSX |
| 2023 | 1.3% | 3.74× | 4.8% | 2.69× | 13.0% | S100VGXG |
| 2024 | 1.4% | 3.29× | 4.8% | 2.79× | 13.3% | S100XSQ8 |
| 2025 | 3.1% | 3.64× | 11.4% | 2.94× | 33.6% | S100XSQ8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木村 良 | Major shareholder | 6.1% | 2025-12-31 |
| 濱田精麦株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| 株式会社神明ホールディングス | Major shareholder | 4.9% | 2025-12-31 |
| 大和産業株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| 全国農業協同組合連合会 | Major shareholder | 3.7% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.7% | 2025-12-31 |
| 農林中央金庫 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.3% | 2025-12-31 |
| 木徳神糧従業員持株会 | Major shareholder | 2.1% | 2025-12-31 |
| ヤマエ久野株式会社 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/01/01－2025/12/31) | S100XSQ8 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSQ8,, |
| 有価証券報告書－第77期(2024/01/01－2024/12/31) | S100VGXG | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGXG,, |
| 訂正有価証券報告書－第76期(2023/01/01－2023/12/31) | S100TBSX | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBSX,, |
| 有価証券報告書－第75期(2022/01/01－2022/12/31) | S100QHWE | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHWE,, |
| 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) | S100NRQK | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRQK,, |
| 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) | S100L2GY | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2GY,, |

## 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).