# ktk INC.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2024/08/21－2025/08/20) (S100WXKZ)
> Page: https://vizora.meequs.com/en/company/ktk
> Retrieved: 2026-09-30T18:28:22.374Z

## Company

ktk, founded in 1971, is a company in IT Services & System Integration listed on TSE Standard. It has 309 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ktk INC. |
| Ticker | 3035 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3035.T) |
| Listing | TSE Standard |
| Head office | 名古屋市東区泉二丁目3番3号 |
| Representative (per filing) | 代表取締役社長 青山英生 |
| Founded | Jun 1971 |
| Share capital | ¥294.7M |
| Employees (consolidated) | 309 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | August |
| Website | www.ktk.gr.jp (https://www.ktk.gr.jp/) |
| Corporate number | 9180001016399 |
| EDINET | E02995 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale, Stationery & Office Supplies |

> Profile source: annual securities report (S100WXKZ, filed 2025-11-11). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-08-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.6 | 16 |
| Profitability | 28.1 | 16 |
| Cash conversion | 42.3 | 13 |
| Efficiency | 96.9 | 16 |

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 77% of ktk's sales come from Supply, with ItSolution making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit +11.3%.

## Company structure

- Segment revenue mix: Supply 76.9%、ItSolution 23.1%
- Revenue → net income: ¥18927608000 → ¥332198000
- Net income → operating cash flow: ¥332198000 → ¥264573000（difference ¥-67625000）
- Main uses of operating cash flow: CapEx ¥61957000 / dividends ¥90184000 / buybacks —
- Change in cash: ¥308835000
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 | ¥18.9B |  |
| Operating income | ¥426.7M | Margin 2.3% |
| Net income | ¥332.2M | Margin 1.8% |
| Free cash flow | ¥202.6M |  |
| Largest business | Supply | of segment revenue 76.9% |
| Employees (consolidated) | 309 |  |
| EPS | ¥45.59 |  |
| Book value per share | ¥608.33 |  |
| Equity ratio | 48.0% |  |
| Shares outstanding | 5,725,000 |  |
| Treasury shares | 265,600 |  |
| Shareholders | 1,351 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 23.5% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | -0.6 pp | Specialty Trading & Wholesale |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16658304000 | ¥18927608000 | +13.6% |
| Operating income | ¥317552000 | ¥426713000 | +34.4% |
| Operating margin | 1.9% | 2.3% | +0.3 pp |
| Employees | 294 people | 309 people | +5.1% |
| Cash and equivalents | ¥2350348000 | ¥2197752000 | -6.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → サプライ事業 | 76.9% |
| 新設・再編 → ITソリューション事業 | 23.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,928 | 100.0% | S100WXKZ |
| Cost of revenue | 14,476 | 76.5% | S100WXKZ |
| Gross profit | 4,452 | 23.5% | S100WXKZ |
| SG&A | 4,025 | 21.3% | S100WXKZ |
| Operating income | 427 | 2.3% | S100WXKZ |
| Ordinary income | 515 | 2.7% | S100WXKZ |
| Pretax income | 550 | 2.9% | S100WXKZ |
| Income tax | 218 | 1.2% | S100WXKZ |
| Net income | 332 | 1.8% | S100WXKZ |
| Net income attributable to owners | 332 | 1.8% | S100WXKZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 21 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.5% → Operating margin 2.3% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.5%; Core profit growth: +11.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.50×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,110 | 18,928 | 818 | +4.5% |
| Gross profit | 4,237 | 4,452 | 215 | +5.1% |
| Operating income | 383 | 427 | 43 | +11.3% |
| Net income attributable to owners | 345 | 332 | -13 | -3.8% |
| Operating cash flow | 283 | 265 | -18 | -6.4% |
| Free cash flow | 147 | 203 | 56 | +38.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 16,699 | 286 | 1.7% | 216 | 195 | 146 | S100K088 |
| FY ending Aug 2020 | 16,658 | 318 | 1.9% | 234 | 547 | 505 | S100MOIM |
| FY ending Aug 2021 | 17,286 | 449 | 2.6% | 333 | 400 | 316 | S100R0WE |
| FY ending Aug 2022 | 17,199 | 404 | 2.3% | 315 | -189 | -227 | S100S4HP |
| FY ending Aug 2023 | 17,612 | 361 | 2.1% | 310 | 405 | 311 | S100UM88 |
| FY ending Aug 2024 | 18,110 | 383 | 2.1% | 345 | 283 | 147 | S100WXKZ |
| FY ending Aug 2025 | 18,928 | 427 | 2.3% | 332 | 265 | 203 | S100WXKZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.3M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 299 | 303 | 296 | 302 | 309 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.4M | ¥4.5M | ¥4.6M |
| Average age (parent company) | 39.4 years | 39.8 years | 40.4 years | 40.9 years | 41.8 years |
| Average tenure (parent company) | 10.9 years | 11.4 years | 11.9 years | 12.5 years | 13.1 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supply | 14,554 | 76.9% | 832 | 5.7% |
| ItSolution | 4,374 | 23.1% | 161 | 3.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Supply | 76.9% | 83.8% | 6.9 | 5.7% |
| ItSolution | 23.1% | 16.2% | -6.9 | 3.7% |

Segment → industry: ItSolution → IT Services & System Integration / Supply → Specialty Trading & Wholesale / Supply → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 265 | 1.4% | S100WXKZ |
| Capital expenditure | 62 | 0.3% | S100WXKZ |
| Free cash flow | 203 | 1.1% | 算出 |
| Investing cash flow | 38 | 0.2% | S100WXKZ |
| Financing cash flow | 6 | 0.0% | S100WXKZ |
| Dividends paid | 90 | 0.5% | S100WXKZ |
| Change in cash | 309 | 1.6% | S100WXKZ |
| Cash and equivalents | 2,198 | 11.6% | S100WXKZ |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,285 | 1,868 | 1,882 | 1,889 | 2,198 | S100S4HP, S100UM88, S100WXKZ |
| Total assets | 8,447 | 8,378 | 8,453 | 8,867 | 9,335 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Net assets | 3,405 | 3,619 | 3,876 | 4,211 | 4,478 | S100S4HP, S100UM88, S100WXKZ |
| Share capital | 295 | 295 | 295 | 295 | 295 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Trade receivables | 2,444 | — | — | — | — | S100R0WE |
| Property, plant and equipment | 1,672 | 1,637 | 1,585 | 1,595 | 1,554 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Intangible assets excluding goodwill | 96 | 322 | 345 | 346 | 308 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Goodwill | 63 | 288 | 241 | 194 | 147 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Investment securities | 500 | 461 | 533 | 619 | 642 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Current assets | 5,664 | 5,424 | 5,479 | 5,753 | 6,261 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Current liabilities | 4,567 | 4,302 | 4,113 | 4,168 | 4,363 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Trade payables | 1,501 | 1,411 | 1,369 | 1,544 | 1,499 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Short-term borrowings | 876 | 1,061 | 853 | 853 | 969 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Long-term borrowings | 93 | 77 | 55 | 44 | 25 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Total liabilities | 5,041 | 4,760 | 4,577 | 4,656 | 4,857 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Equity attributable to owners of parent | 3,278 | 3,525 | 3,730 | 4,000 | 4,251 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Retained earnings | 2,452 | 2,687 | 2,881 | 3,142 | 3,385 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |
| Treasury stock | -132 | -121 | -110 | -104 | -98 | S100R0WE, S100S4HP, S100UM88, S100WXKZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100WXKZ |
| Property, plant and equipment | 17% | S100WXKZ |
| Intangibles and goodwill | 5% | S100WXKZ |
| Investment securities | 7% | S100WXKZ |
| Other assets | 48% | S100WXKZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100WXKZ |
| Other liabilities | 36% | S100WXKZ |
| Equity | 48% | S100WXKZ |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,447 | 8,378 | 8,453 | 8,867 | 9,335 |
| Equity | 3,405 | 3,619 | 3,876 | 4,211 | 4,478 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,285 | 1,868 | 1,882 | 1,889 | 2,198 |

## 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) | 8.2% | S100WXKZ |
| Fixed assets ÷ total assets | 16.6% | S100WXKZ |
| Goodwill ÷ parent equity | 3.5% | S100WXKZ |

Goodwill over 4 years: 63 → 147 JPY; total investing cash flow: -497 JPY. This does not imply causation.

### 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) | 23.5% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 62.0% |
| Cash vs. profit gap | -68 JPY mn (of net income -20.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.1% |
| Shareholder payments — dividends / FCF | 44.5% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 14.3% |

## 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 | 1.9% | 2.05× | 3.9% | 2.58× | 10.2% | S100R0WE |
| 2022 | 1.8% | 2.04× | 3.7% | 2.47× | 9.3% | S100S4HP |
| 2023 | 1.8% | 2.09× | 3.7% | 2.32× | 8.6% | S100UM88 |
| 2024 | 1.9% | 2.09× | 4.0% | 2.24× | 8.9% | S100WXKZ |
| 2025 | 1.8% | 2.08× | 3.7% | 2.21× | 8.1% | S100WXKZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 青雲堂株式会社 | Major shareholder | 18.5% | 2025-08-20 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 7.3% | 2025-08-20 |
| いずも産業株式会社 | Major shareholder | 4.3% | 2025-08-20 |
| 川島和之 | Major shareholder | 4.2% | 2025-08-20 |
| 青山知広 | Major shareholder | 3.1% | 2025-08-20 |
| 青山英生 | Major shareholder | 2.9% | 2025-08-20 |
| 青山深雪 | Major shareholder | 2.4% | 2025-08-20 |
| 株式会社あいち銀行 | Major shareholder | 1.9% | 2025-08-20 |
| 厚東和寿 | Major shareholder | 1.8% | 2025-08-20 |
| 中西京子 | Major shareholder | 1.6% | 2025-08-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2024/08/21－2025/08/20) | S100WXKZ | 2025-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXKZ,, |
| 有価証券報告書－第53期(2023/08/21－2024/08/20) | S100UM88 | 2024-11-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UM88,, |
| 有価証券報告書－第52期(2022/08/21－2023/08/20) | S100S4HP | 2023-11-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S4HP,, |
| 訂正有価証券報告書－第51期(2021/08/21－2022/08/20) | S100R0WE | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0WE,, |
| 有価証券報告書－第50期(令和2年8月21日－令和3年8月20日) | S100MOIM | 2021-11-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOIM,, |
| 有価証券報告書－第49期(令和1年8月21日－令和2年8月20日) | S100K088 | 2020-11-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K088,, |

## 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).