# KYORITSU AIR TECH INC.: 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55期(2025/01/01－2025/12/31) (S100XUIL)
> Page: https://vizora.meequs.com/en/company/kyoritsu-air-tech
> Retrieved: 2026-09-30T19:50:14.482Z

## Company

Kyoritsu AIR Tech, founded in 1971, is a company in Air Conditioning listed on TSE Standard. It has 333 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYORITSU AIR TECH INC. |
| Ticker | 5997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5997.T) |
| Listing | TSE Standard |
| Head office | 福岡県糟屋郡篠栗町和田5丁目7番1号 |
| Representative (per filing) | 代表取締役社長 久野 幸男 |
| Founded | Feb 1971 |
| Share capital | ¥1.68B |
| Employees (consolidated) | 333 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Corporate number | 2290001038257 |
| EDINET | E01431 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100XUIL, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 11 |
| Profitability | 4.5 | 11 |
| Cash conversion | 13.6 | 11 |
| Efficiency | 50 | 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)

- Kyoritsu AIR Tech brought in ¥11.9B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit -12.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11923263000 → ¥464647000
- Net income → operating cash flow: ¥464647000 → ¥283361000（difference ¥-181286000）
- Main uses of operating cash flow: CapEx ¥390589000 / dividends ¥96221000 / buybacks —
- Change in cash: ¥-232220000
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 | ¥11.9B |  |
| Operating income | ¥597.9M | Margin 5.0% |
| Net income | ¥461M | Margin 3.9% |
| Free cash flow | -¥107.2M |  |
| Employees (consolidated) | 333 |  |
| EPS | ¥87.31 |  |
| Book value per share | ¥1947.53 |  |
| Equity ratio | 62.6% |  |
| Shares outstanding | 6,000,000 |  |
| Treasury shares | 1,175,300 |  |
| Shareholders | 1,823 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 25.0% | Cash ÷ revenue 32.9% |
| Vs. industry median margin | -5.7 pp | Air Conditioning |
| ROE | 5.3% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9924459000 | ¥11923263000 | +20.1% |
| Operating income | ¥609668000 | ¥597947000 | -1.9% |
| Operating margin | 6.1% | 5.0% | -1.1 pp |
| Employees | 339 people | 333 people | -1.8% |
| Cash and equivalents | ¥3542414000 | ¥3920581000 | +10.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,923 | 100.0% | S100XUIL |
| Cost of revenue | 9,012 | 75.6% | S100XUIL |
| Gross profit | 2,912 | 24.4% | S100XUIL |
| SG&A | 2,314 | 19.4% | S100XUIL |
| Operating income | 598 | 5.0% | S100XUIL |
| Ordinary income | 645 | 5.4% | S100XUIL |
| Pretax income | 646 | 5.4% | S100XUIL |
| Income tax | 181 | 1.5% | S100XUIL |
| Net income | 465 | 3.9% | S100XUIL |
| Net income attributable to owners | 461 | 3.9% | S100XUIL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 19 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.4% → Operating margin 5.0% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.6%; Core profit growth: -12.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.78×
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 | 11,732 | 11,923 | 191 | +1.6% |
| Gross profit | 2,950 | 2,912 | -38 | -1.3% |
| Operating income | 685 | 598 | -87 | -12.7% |
| Net income attributable to owners | 499 | 461 | -38 | -7.6% |
| Operating cash flow | 991 | 283 | -707 | -71.4% |
| Free cash flow | 545 | -107 | -652 | -119.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,245 | 952 | 8.5% | 662 | 826 | 531 | S100L1WS |
| FY ending Dec 2020 | 9,924 | 610 | 6.1% | 432 | 1,063 | 538 | S100NRTK |
| FY ending Dec 2021 | 9,893 | 640 | 6.5% | 553 | 865 | -268 | S100QHLK |
| FY ending Dec 2022 | 10,596 | 503 | 4.7% | 364 | 420 | -21 | S100T5B6 |
| FY ending Dec 2023 | 11,897 | 692 | 5.8% | 489 | 750 | 572 | S100VI2I |
| FY ending Dec 2024 | 11,732 | 685 | 5.8% | 499 | 991 | 545 | S100XUIL |
| FY ending Dec 2025 | 11,923 | 598 | 5.0% | 461 | 283 | -107 | S100XUIL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 330 | 333 | 339 | 341 | 333 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.4M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 43.9 years | 45.1 years | 45.3 years | 45.6 years | 46.6 years |
| Average tenure (parent company) | 18.2 years | 18.8 years | 19.3 years | 19.8 years | 20.6 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +1.6%

## 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 | 283 | 2.4% | S100XUIL |
| Capital expenditure | 391 | 3.3% | S100XUIL |
| Free cash flow | -107 | -0.9% | 算出 |
| Investing cash flow | -420 | -3.5% | S100XUIL |
| Financing cash flow | -101 | -0.8% | S100XUIL |
| Dividends paid | 96 | 0.8% | S100XUIL |
| Change in cash | -232 | -1.9% | S100XUIL |
| Cash and equivalents | 3,921 | 32.9% | S100XUIL |

## 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 | 3,427 | 3,389 | 3,923 | 4,153 | 3,921 | S100T5B6, S100VI2I, S100XUIL |
| Total assets | 13,034 | 13,840 | 14,987 | 15,528 | 15,701 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Net assets | 7,409 | 7,683 | 8,407 | 9,095 | 9,862 | S100T5B6, S100VI2I, S100XUIL |
| Share capital | 1,683 | 1,683 | 1,683 | 1,683 | 1,683 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Trade receivables | 1,860 | 1,853 | 2,126 | 2,141 | 1,883 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Property, plant and equipment | 4,448 | 4,591 | 4,522 | 4,754 | 5,162 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Intangible assets excluding goodwill | 159 | 163 | 143 | 114 | 83 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Investment securities | 311 | 320 | 450 | 781 | 1,248 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Current assets | 7,831 | 8,482 | 9,577 | 9,650 | 8,992 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Current liabilities | 4,797 | 5,293 | 5,736 | 5,576 | 4,913 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Trade payables | 820 | 875 | 1,003 | 905 | 776 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Short-term borrowings | 1,950 | 2,050 | 2,050 | 1,950 | 1,950 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Total liabilities | 5,625 | 6,157 | 6,580 | 6,433 | 5,839 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Non-controlling interests | — | — | 19 | 23 | 27 | S100VI2I, S100XUIL |
| Equity attributable to owners of parent | 7,352 | 7,625 | 8,175 | 8,583 | 8,951 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Retained earnings | 4,570 | 4,838 | 5,372 | 5,775 | 6,139 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |
| Treasury stock | -498 | -494 | -491 | -488 | -486 | S100QHLK, S100T5B6, S100VI2I, S100XUIL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XUIL |
| Receivables | 12% | S100XUIL |
| Property, plant and equipment | 33% | S100XUIL |
| Intangibles and goodwill | 0% | S100XUIL |
| Investment securities | 8% | S100XUIL |
| Other assets | 22% | S100XUIL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XUIL |
| Other liabilities | 32% | S100XUIL |
| Equity | 63% | S100XUIL |
| Other liabilities | 0% | S100XUIL |

### 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 | 13,034 | 13,840 | 14,987 | 15,528 | 15,701 |
| Equity | 7,409 | 7,683 | 8,407 | 9,095 | 9,862 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,427 | 3,389 | 3,923 | 4,153 | 3,921 |

## 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) | 43.3% | S100XUIL |
| Fixed assets ÷ total assets | 32.9% | S100XUIL |
| Goodwill ÷ parent equity | — | —, S100XUIL |

### 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) | 25.0% |
| Cash ÷ revenue | 32.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 47.4% |
| Cash vs. profit gap | -178 JPY mn (of net income -38.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 148.1% |

## 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 | 5.6% | 0.76× | 4.2% | 1.77× | 7.5% | S100QHLK |
| 2022 | 3.4% | 0.79× | 2.7% | 1.79× | 4.9% | S100T5B6 |
| 2023 | 4.1% | 0.83× | 3.4% | 1.82× | 6.2% | S100VI2I |
| 2024 | 4.3% | 0.77× | 3.3% | 1.82× | 6.0% | S100XUIL |
| 2025 | 3.9% | 0.76× | 3.0% | 1.78× | 5.3% | S100XUIL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 久野幸男 | Major shareholder | 11.0% | 2025-12-31 |
| 協立エアテック社員持株会 | Major shareholder | 10.1% | 2025-12-31 |
| 住友生命保険相互会社 | Major shareholder | 7.7% | 2025-12-31 |
| 協立エアテック協栄会 | Major shareholder | 5.6% | 2025-12-31 |
| ㈱西日本シティ銀行 | Major shareholder | 4.9% | 2025-12-31 |
| ㈱福岡銀行 | Major shareholder | 4.9% | 2025-12-31 |
| BNPパリバ（フランクフルト）2Sジャスデック・ジャーマン・レジデンツ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.9% | 2025-12-31 |
| 水元公仁 | Major shareholder | 3.3% | 2025-12-31 |
| ㈱南陽 | Major shareholder | 3.0% | 2025-12-31 |
| アリウエル㈱ | Major shareholder | 2.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/01/01－2025/12/31) | S100XUIL | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUIL,, |
| 有価証券報告書－第54期(2024/01/01－2024/12/31) | S100VI2I | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI2I,, |
| 有価証券報告書－第53期(2023/01/01－2023/12/31) | S100T5B6 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5B6,, |
| 有価証券報告書－第52期(2022/01/01－2022/12/31) | S100QHLK | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHLK,, |
| 有価証券報告書－第51期(令和3年1月1日－令和3年12月31日) | S100NRTK | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRTK,, |
| 有価証券報告書－第50期(令和2年1月1日－令和2年12月31日) | S100L1WS | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1WS,, |

## 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).