# KITZ CORPORATION: 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112期(2025/01/01－2025/12/31) (S100XS6X)
> Page: https://vizora.meequs.com/en/company/kitz
> Retrieved: 2026-09-30T20:30:39.875Z

## Company

Kitz, founded in 1944, is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 5,469 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KITZ CORPORATION |
| Ticker | 6498 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6498.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番1号 東京汐留ビルディング |
| Representative (per filing) | 代表執行役社長 河野 誠 |
| Founded | Jul 1944 |
| Share capital | ¥21.2B |
| Employees (consolidated) | 5,469 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.kitz.co.jp (https://www.kitz.co.jp/) |
| Corporate number | 2040001001644 |
| EDINET | E01660 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Industrial Machinery |

> Profile source: annual securities report (S100XS6X, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 55.3 | 122 |
| Cash conversion | 43.5 | 116 |
| Efficiency | 88.1 | 122 |
| Financial strength | 50 | 9 |

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 80% of Kitz's sales come from Valve manufacturing business, with Brass bar manufacturing business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +8.7%.

## Company structure

- Segment revenue mix: Valve manufacturing business 80.0%、Brass bar manufacturing business 18.4%、Other 1.6%
- Revenue → net income: ¥176682000000 → ¥11707000000
- Net income → operating cash flow: ¥11707000000 → ¥13634000000（difference ¥1927000000）
- Main uses of operating cash flow: CapEx ¥11288000000 / dividends ¥4189000000 / buybacks ¥108000000
- Change in cash: ¥-2385000000
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 | ¥176.7B |  |
| Operating income | ¥15.5B | Margin 8.7% |
| Net income | ¥11.5B | Margin 6.5% |
| Free cash flow | ¥2.35B |  |
| Largest business | Valve manufacturing business | of segment revenue 80.0% |
| Employees (consolidated) | 5,469 |  |
| EPS | ¥103.3 |  |
| Book value per share | ¥747.21 |  |
| Equity ratio | 64.1% |  |
| Shares outstanding | 87,565,611 |  |
| Treasury shares | 296,600 |  |
| Shareholders | 16,942 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 15.2% | Net cash -¥3.09B · Cash ÷ revenue 15.9% |
| Vs. industry median margin | +1.2 pp | Industrial Machinery |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥84245000000 | ¥176682000000 | +109.7% |
| Operating income | ¥3751000000 | ¥15454000000 | +312.0% |
| Operating margin | 4.5% | 8.7% | +4.3 pp |
| Employees | 5,090 people | 5,469 people | +7.4% |
| Cash and equivalents | ¥33364000000 | ¥28054000000 | -15.9% |

### 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 |
| --- | ---: |
| バルブ事業 → バルブ事業 | 80.0% |
| バルブ事業 → 事業再編・廃止 | 3.2% |
| 伸銅品事業 → 伸銅品事業 | 15.4% |
| その他 → その他 | 1.4% |
| 新設・再編 → 伸銅品事業 | 3.0% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Valve manufacturing business | 5 years | +15.1% | ¥141415000000 | 13.4% | 2 |
| Brass bar manufacturing business | 5 years | +20.2% | ¥32514000000 | 2.7% | 2 |
| Other | 5 years | +18.8% | ¥2752000000 | 6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 176,682 | 100.0% | S100XS6X |
| Cost of revenue | 129,720 | 73.4% | S100XS6X |
| Gross profit | 46,961 | 26.6% | S100XS6X |
| SG&A | 31,506 | 17.8% | S100XS6X |
| Operating income | 15,454 | 8.7% | S100XS6X |
| Ordinary income | 16,071 | 9.1% | S100XS6X |
| Pretax income | 16,418 | 9.3% | S100XS6X |
| Income tax | 4,710 | 2.7% | S100XS6X |
| Net income | 11,707 | 6.6% | S100XS6X |
| Net income attributable to owners | 11,465 | 6.5% | S100XS6X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 18 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.6% → Operating margin 8.7% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +8.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.22×
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 | 172,042 | 176,682 | 4,640 | +2.7% |
| Gross profit | 44,971 | 46,961 | 1,990 | +4.4% |
| Operating income | 14,220 | 15,454 | 1,234 | +8.7% |
| Net income attributable to owners | 11,824 | 11,465 | -359 | -3.0% |
| Operating cash flow | 18,559 | 13,634 | -4,925 | -26.5% |
| Free cash flow | 8,503 | 2,346 | -6,157 | -72.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 127,090 | 6,950 | 5.5% | 4,937 | 13,329 | 6,368 | S100L275 |
| FY ending Dec 2020 | 84,245 | 3,751 | 4.5% | 2,113 | 10,024 | 6,922 | S100NQW2 |
| FY ending Dec 2021 | 135,790 | 8,990 | 6.6% | 4,954 | 8,280 | 4,582 | S100QH6G |
| FY ending Dec 2022 | 159,914 | 11,051 | 6.9% | 8,549 | 8,541 | 1,128 | S100U6JT |
| FY ending Dec 2023 | 166,941 | 13,687 | 8.2% | 10,591 | 16,007 | 7,121 | S100VHYD |
| FY ending Dec 2024 | 172,042 | 14,220 | 8.3% | 11,824 | 18,559 | 8,503 | S100XS6X |
| FY ending Dec 2025 | 176,682 | 15,454 | 8.7% | 11,465 | 13,634 | 2,346 | S100XS6X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 5,153 | 5,352 | 5,382 | 5,415 | 5,469 |
| Average salary (parent company) | ¥5.6M | ¥6.1M | ¥6.3M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 40.5 years | 40.1 years | 40.1 years | 40.1 years | 40.1 years |
| Average tenure (parent company) | 14.4 years | 14.3 years | 14.2 years | 13.9 years | 14.0 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Valve manufacturing business | 141,415 | 80.0% | 18,886 | 13.4% |
| Brass bar manufacturing business | 32,514 | 18.4% | 865 | 2.7% |
| Other | 2,752 | 1.6% | 171 | 6.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Valve manufacturing business | 80.0% | 94.8% | 14.8 | 13.4% |
| Brass bar manufacturing business | 18.4% | 4.3% | -14.1 | 2.7% |
| Other | 1.6% | 0.9% | -0.7 | 6.2% |

Segment → industry: Brass bar manufacturing business → Non-ferrous Metals & Wires / Valve manufacturing business → Industrial Machinery

## 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 | 13,634 | 7.7% | S100XS6X |
| Capital expenditure | 11,288 | 6.4% | S100XS6X |
| Free cash flow | 2,346 | 1.3% | 算出 |
| Investing cash flow | -10,286 | -5.8% | S100XS6X |
| Financing cash flow | -6,066 | -3.4% | S100XS6X |
| Dividends paid | 4,189 | 2.4% | S100XS6X |
| Share buyback | 108 | 0.1% | S100XS6X |
| Change in cash | -2,385 | -1.3% | S100XS6X |
| Cash and equivalents | 28,054 | 15.9% | S100XS6X |

## 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 | 27,658 | 24,076 | 28,398 | 30,440 | 28,054 | S100U6JT, S100VHYD, S100XS6X |
| Total assets | 143,419 | 152,569 | 166,693 | 172,406 | 184,325 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Net assets | 81,253 | 91,042 | 102,207 | 109,809 | 119,790 | S100U6JT, S100VHYD, S100XS6X |
| Share capital | 21,207 | 21,207 | 21,207 | 21,207 | 21,207 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Trade receivables | 19,826 | — | — | — | — | S100QH6G |
| Property, plant and equipment | 41,436 | 45,200 | 49,932 | 54,427 | 61,566 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Intangible assets excluding goodwill | 4,590 | 3,164 | 1,964 | 1,698 | 2,167 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Goodwill | 319 | 301 | 231 | 99 | — | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Investment securities | 6,757 | 7,120 | 6,888 | 5,512 | 5,677 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Current assets | 86,621 | 93,177 | 103,859 | 106,377 | 110,281 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Current liabilities | 32,939 | 23,335 | 26,490 | 35,419 | 27,232 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Trade payables | 8,037 | 8,975 | 8,935 | 9,505 | 9,927 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Short-term borrowings | 816 | 856 | 1,046 | 645 | 568 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Long-term borrowings | 4,575 | 3,361 | 3,487 | 2,564 | 10,573 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Bonds | 20,717 | 30,405 | 30,270 | 20,135 | 20,000 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Interest-bearing debt | 26,108 | 34,622 | 34,803 | 23,344 | 31,141 | 算出 |
| Total liabilities | 62,166 | 61,526 | 64,486 | 62,596 | 64,535 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Non-controlling interests | 884 | 1,081 | 1,333 | 1,423 | 1,633 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Equity attributable to owners of parent | 78,149 | 84,387 | 91,745 | 96,843 | 104,119 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Retained earnings | 51,708 | 57,911 | 65,258 | 70,392 | 77,668 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |
| Treasury stock | -492 | -460 | -459 | -482 | -497 | S100QH6G, S100U6JT, S100VHYD, S100XS6X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XS6X |
| Property, plant and equipment | 34% | S100XS6X |
| Intangibles and goodwill | 1% | S100XS6X |
| Investment securities | 3% | S100XS6X |
| Other assets | 47% | S100XS6X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XS6X |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 13% | S100XS6X |
| Equity | 65% | S100XS6X |

### 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 | 143,419 | 152,569 | 166,693 | 172,406 | 184,325 |
| Equity | 81,253 | 91,042 | 102,207 | 109,809 | 119,790 |
| Interest-bearing debt | 26,108 | 34,622 | 34,803 | 23,344 | 31,141 |
| Cash | 27,658 | 24,076 | 28,398 | 30,440 | 28,054 |

## 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) | 34.8% | S100XS6X |
| Fixed assets ÷ total assets | 33.4% | S100XS6X |
| Goodwill ÷ parent equity | — | —, S100XS6X |

### 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) | 15.2% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | -¥3.09B |
| Net debt ÷ operating cash flow | 0.23× |
| Cash conversion (operating CF ÷ operating income) | 88.2% |
| Cash vs. profit gap | 2,169 JPY mn (of net income 18.9%) |
| Shareholder returns / net income | 37.5% |
| Shareholder returns / FCF | 183.2% |
| Shareholder payments — dividends / net income | 36.5% |
| Shareholder payments — dividends / FCF | 178.6% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 75.4% |

## 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 | 3.6% | 0.95× | 3.5% | 1.84× | 6.3% | S100QH6G |
| 2022 | 5.3% | 1.08× | 5.8% | 1.82× | 10.5% | S100U6JT |
| 2023 | 6.3% | 1.05× | 6.6% | 1.81× | 12.0% | S100VHYD |
| 2024 | 6.9% | 1.01× | 7.0% | 1.80× | 12.5% | S100XS6X |
| 2025 | 6.5% | 0.99× | 6.4% | 1.78× | 11.4% | S100XS6X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 11.1% | 2025-12-31 |
| 北沢会持株会 | Major shareholder | 6.3% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.7% | 2025-12-31 |
| 公益財団法人北澤育英会 | Major shareholder | 3.9% | 2025-12-31 |
| 住友生命保険相互会社 | Major shareholder | 3.9% | 2025-12-31 |
| キッツ取引先持株会 | Major shareholder | 3.8% | 2025-12-31 |
| キッツ従業員持株会 | Major shareholder | 2.1% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.0% | 2025-12-31 |
| セコム損害保険株式会社 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/01/01－2025/12/31) | S100XS6X | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS6X,, |
| 有価証券報告書－第111期(2024/01/01－2024/12/31) | S100VHYD | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHYD,, |
| 訂正有価証券報告書－第110期(2023/01/01－2023/12/31) | S100U6JT | 2024-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U6JT,, |
| 有価証券報告書－第109期(2022/01/01－2022/12/31) | S100QH6G | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH6G,, |
| 有価証券報告書－第108期(令和3年1月1日－令和3年12月31日) | S100NQW2 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQW2,, |
| 有価証券報告書－第107期(令和2年4月1日－令和2年12月31日) | S100L275 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L275,, |

## 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).