# KNT-CT Holdings Co.,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89期(2025/04/01－2026/03/31) (S100Y9UU)
> Page: https://vizora.meequs.com/en/company/knt-ct-holdings
> Retrieved: 2026-09-30T22:21:38.551Z

## Company

KNT-CT Holdings, founded in 1941, is a company in Travel Agencies listed on TSE Standard. It has 3,305 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KNT-CT Holdings Co.,Ltd. |
| Ticker | 9726 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9726.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目6番1号 |
| Representative (per filing) | 代表取締役社長 小山 佳延 |
| Founded | Oct 1941 |
| Share capital | ¥100M |
| Employees (consolidated) | 3,305 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.kntcthd.co.jp (https://www.kntcthd.co.jp/) |
| Corporate number | 6010001008671 |
| EDINET | E04348 |
| Industries (Vizora) | Travel Agencies |

> Profile source: annual securities report (S100Y9UU, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 6 |
| Profitability | 31.8 | 11 |
| Cash conversion | 50 | 9 |
| Efficiency | 95.5 | 11 |

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)

- KNT-CT Holdings brought in ¥297.1B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +0.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥297065000000 → ¥9698000000
- Net income → operating cash flow: ¥9698000000 → ¥7062000000（difference ¥-2636000000）
- Main uses of operating cash flow: CapEx ¥2735000000 / dividends — / buybacks —
- Change in cash: ¥3986000000
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 | ¥297.1B |  |
| Operating income | ¥6.07B | Margin 2.0% |
| Net income | ¥9.68B | Margin 3.3% |
| Free cash flow | ¥4.33B |  |
| Employees (consolidated) | 3,305 |  |
| EPS | ¥390.16 |  |
| Book value per share | ¥366.72 |  |
| Equity ratio | 42.3% |  |
| Shares outstanding | 27,331,013 |  |
| Treasury shares | 11,700 |  |
| Shareholders | 10,110 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 62.8% | Cash ÷ revenue 31.0% |
| Vs. industry median margin | -0.4 pp | Travel Agencies |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, cash is 63% of total assets
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥87889000000 | ¥297065000000 | +238.0% |
| Operating income | ¥-27082000000 | ¥6071000000 | — |
| Operating margin | -30.8% | 2.0% | +32.9 pp |
| Employees | 5,451 people | 3,305 people | -39.4% |
| Cash and equivalents | ¥23805000000 | ¥92060000000 | +286.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 297,065 | 100.0% | S100Y9UU |
| Cost of revenue | 240,861 | 81.1% | S100Y9UU |
| Gross profit | 56,204 | 18.9% | S100Y9UU |
| SG&A | 50,132 | 16.9% | S100Y9UU |
| Operating income | 6,071 | 2.0% | S100Y9UU |
| Ordinary income | 7,555 | 2.5% | S100Y9UU |
| Pretax income | 7,551 | 2.5% | S100Y9UU |
| Income tax | -2,147 | -0.7% | S100Y9UU |
| Net income | 9,698 | 3.3% | S100Y9UU |
| Net income attributable to owners | 9,682 | 3.3% | S100Y9UU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 17 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.9% → Operating margin 2.0% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +0.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.06×
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 | 274,516 | 297,065 | 22,549 | +8.2% |
| Gross profit | 52,941 | 56,204 | 3,263 | +6.2% |
| Operating income | 6,040 | 6,071 | 31 | +0.5% |
| Net income attributable to owners | 7,680 | 9,682 | 2,002 | +26.1% |
| Operating cash flow | 4,223 | 7,062 | 2,839 | +67.2% |
| Free cash flow | 3,482 | 4,327 | 845 | +24.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 385,362 | -1,608 | -0.4% | -7,443 | -18,916 | -22,016 | S100LJCQ |
| FY ending Mar 2021 | 87,889 | -27,082 | -30.8% | -28,456 | -24,167 | -25,612 | S100O7ZD |
| FY ending Mar 2022 | 139,957 | -7,686 | -5.5% | -5,771 | -8,244 | -9,488 | S100R2DV |
| FY ending Mar 2023 | 252,152 | 11,410 | 4.5% | 11,790 | 14,993 | 14,243 | S100TLHX |
| FY ending Mar 2024 | 255,427 | 7,272 | 2.8% | 7,540 | 13,960 | 13,239 | S100VX0N |
| FY ending Mar 2025 | 274,516 | 6,040 | 2.2% | 7,680 | 4,223 | 3,482 | S100Y9UU |
| FY ending Mar 2026 | 297,065 | 6,071 | 2.0% | 9,682 | 7,062 | 4,327 | S100Y9UU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.9M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥2.9M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,711 | 3,343 | 3,226 | 3,183 | 3,305 |
| Average salary (parent company) | ¥5.4M | ¥6.4M | ¥6.9M | ¥7.1M | ¥6.5M |
| Average age (parent company) | 45.7 years | 46.6 years | 46.3 years | 45.2 years | 43.5 years |
| Average tenure (parent company) | 20.7 years | 21.4 years | 20.9 years | 21.0 years | 18.0 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +8.2%

## 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 | 7,062 | 2.4% | S100Y9UU |
| Capital expenditure | 2,735 | 0.9% | S100Y9UU |
| Free cash flow | 4,327 | 1.5% | 算出 |
| Investing cash flow | -3,120 | -1.1% | S100Y9UU |
| Financing cash flow | -61 | -0.0% | S100Y9UU |
| Change in cash | 3,986 | 1.3% | S100Y9UU |
| Cash and equivalents | 92,060 | 31.0% | S100Y9UU |

## 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 | 55,780 | 70,900 | 84,947 | 88,073 | 92,060 | S100TLHX, S100VX0N, S100Y9UU |
| Total assets | 102,341 | 138,671 | 132,082 | 136,734 | 146,662 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Net assets | 24,315 | 35,925 | 44,172 | 51,321 | 62,139 | S100TLHX, S100VX0N, S100Y9UU |
| Share capital | 8,041 | 100 | 100 | 100 | 100 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Property, plant and equipment | 408 | 882 | 1,086 | 1,014 | 1,342 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Intangible assets excluding goodwill | 505 | 809 | 996 | 1,187 | 2,887 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Investment securities | 3,891 | 4,013 | 5,197 | 4,481 | 5,452 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Current assets | 91,967 | 126,854 | 119,491 | 123,774 | 128,816 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Current liabilities | 75,002 | 99,998 | 85,732 | 83,214 | 82,962 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Total liabilities | 78,025 | 102,745 | 87,910 | 85,412 | 84,522 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Non-controlling interests | 31 | 47 | 56 | 62 | 118 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Equity attributable to owners of parent | 22,531 | 34,297 | 41,837 | 49,516 | 59,200 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Retained earnings | -32,700 | -20,910 | -13,369 | -5,689 | 20,466 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |
| Treasury stock | -14 | -15 | -16 | -17 | -18 | S100R2DV, S100TLHX, S100VX0N, S100Y9UU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100Y9UU |
| Property, plant and equipment | 1% | S100Y9UU |
| Intangibles and goodwill | 2% | S100Y9UU |
| Investment securities | 4% | S100Y9UU |
| Other assets | 30% | S100Y9UU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100Y9UU |
| Equity | 42% | S100Y9UU |
| Other liabilities | 0% | S100Y9UU |

### 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 | 102,341 | 138,671 | 132,082 | 136,734 | 146,662 |
| Equity | 24,315 | 35,925 | 44,172 | 51,321 | 62,139 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 55,780 | 70,900 | 84,947 | 88,073 | 92,060 |

## 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) | 0.5% | S100Y9UU |
| Fixed assets ÷ total assets | 0.9% | S100Y9UU |
| Goodwill ÷ parent equity | — | —, S100Y9UU |

### 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) | 62.8% |
| Cash ÷ revenue | 31.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.3% |
| Cash vs. profit gap | -2,620 JPY mn (of net income -27.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 44.2% |

## 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 | — | —× | -5.6% | —× | — | S100R2DV |
| 2023 | 4.7% | 2.09× | 9.8% | 4.24× | 41.5% | S100TLHX |
| 2024 | 3.0% | 1.89× | 5.6% | 3.56× | 19.8% | S100VX0N |
| 2025 | 2.8% | 2.04× | 5.7% | 2.94× | 16.8% | S100Y9UU |
| 2026 | 3.3% | 2.10× | 6.8% | 2.61× | 17.8% | S100Y9UU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 近鉄グループホールディングス 株式会社 | Major shareholder | 53.6% | 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 | 10.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社 （近畿日本鉄道株式会社 退職給付信託口） | Major shareholder | 7.0% | 2026-03-31 |
| 近鉄バス株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社箱根高原ホテル | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社近鉄エクスプレス | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社近鉄百貨店 | Major shareholder | 1.0% | 2026-03-31 |
| 後藤 次郎 | Major shareholder | 0.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100Y9UU | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9UU,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100VX0N | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX0N,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TLHX | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLHX,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R2DV | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2DV,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100O7ZD | 2022-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7ZD,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LJCQ | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJCQ,, |

## 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).