# KYORITSU MAINTENANCE 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47期(2025/04/01－2026/03/31) (S100YIIM)
> Page: https://vizora.meequs.com/en/company/kyoritsu-maintenance
> Retrieved: 2026-09-30T18:33:06.773Z

## Company

Kyoritsu Maintenance, founded in 1979, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 6,614 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYORITSU MAINTENANCE CO.,LTD. |
| Ticker | 9616 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9616.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区外神田二丁目18番8号 |
| Representative (per filing) | 代表取締役社長 中村 幸治 |
| Founded | Sep 1979 |
| Share capital | ¥23B |
| Employees (consolidated) | 6,614 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.kyoritsugroup.co.jp (https://www.kyoritsugroup.co.jp/) |
| Corporate number | 1010001014427 |
| EDINET | E04908 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Real Estate Brokerage & Management, Takeout & Delivery Meals, Restaurants & Pubs, Condominium Developers, Nursing Care |

> Profile source: annual securities report (S100YIIM, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.4 | 16 |
| Profitability | 44.1 | 17 |
| Cash conversion | 89.3 | 14 |
| Efficiency | 91.2 | 17 |

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 54% of Kyoritsu Maintenance's sales come from Hotels, with Dormitories and Construction making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +20.2% from the prior year, operating profit +21.2%.

## Company structure

- Segment revenue mix: Hotels 54.1%、Dormitories 20.9%、Construction 14.0%、Other 6.9%、Contracted Services 3.3%
- Revenue → net income: ¥275247000000 → ¥18709000000
- Net income → operating cash flow: ¥18709000000 → ¥50921000000（difference ¥32212000000）
- Main uses of operating cash flow: CapEx ¥43633000000 / dividends ¥3701000000 / buybacks ¥0
- Change in cash: ¥4285000000
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 | ¥275.2B |  |
| Operating income | ¥24.8B | Margin 9.0% |
| Net income | ¥18.7B | Margin 6.8% |
| Free cash flow | ¥7.29B |  |
| Largest business | Hotels | of segment revenue 54.1% |
| Employees (consolidated) | 6,614 |  |
| EPS | ¥190.27 |  |
| Diluted EPS | ¥176.36 |  |
| Book value per share | ¥1410.27 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 91,243,000 |  |
| Treasury shares | 324,600 |  |
| Shareholders | 78,325 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 9.4% | Net cash -¥85.9B · Cash ÷ revenue 10.8% |
| Vs. industry median margin | -1.6 pp | Hotels & Inns |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, parent-company salary changed +52% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥121281000000 | ¥275247000000 | +126.9% |
| Operating income | ¥-9057000000 | ¥24845000000 | — |
| Operating margin | -7.5% | 9.0% | +16.5 pp |
| Employees | 5,580 people | 6,614 people | +18.5% |
| Cash and equivalents | ¥24212000000 | ¥29634000000 | +22.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 寮 → 寮 | 20.9% |
| 寮 → 事業再編・廃止 | 17.2% |
| ホテル → ホテル | 38.1% |
| 総合ビルマネジメント → 総合ビルマネジメント | 3.3% |
| 総合ビルマネジメント → 事業再編・廃止 | 2.6% |
| フーズ → フーズ | 0.5% |
| デベロップメント → デベロップメント | 5.0% |
| その他 → その他 | 6.9% |
| その他 → 事業再編・廃止 | 5.5% |
| 新設・再編 → ホテル | 16.1% |
| 新設・再編 → フーズ | 0.2% |
| 新設・再編 → デベロップメント | 9.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Hotels | 5 years | +26.4% | ¥148957000000 | 14.1% | 2 |
| Dormitories | 5 years | +4.5% | ¥57543000000 | 10.8% | 2 |
| Construction | 5 years | +44.8% | ¥38669000000 | 7.9% | 2 |
| Other | 5 years | +4.7% | ¥18912000000 | -1.0% | 2 |
| Contracted Services | 5 years | +4.8% | ¥9039000000 | 3.3% | 2 |
| Food Services | 5 years | +26.5% | ¥2126000000 | 27.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 275,247 | 100.0% | S100YIIM |
| Cost of revenue | 210,360 | 76.4% | S100YIIM |
| Gross profit | 64,886 | 23.6% | S100YIIM |
| SG&A | 40,041 | 14.5% | S100YIIM |
| Operating income | 24,845 | 9.0% | S100YIIM |
| Ordinary income | 26,204 | 9.5% | S100YIIM |
| Pretax income | 24,798 | 9.0% | S100YIIM |
| Income tax | 6,088 | 2.2% | S100YIIM |
| Net income | 18,709 | 6.8% | S100YIIM |
| Net income attributable to owners | 18,709 | 6.8% | S100YIIM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 15 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 23.6% → Operating margin 9.0% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.2%; Core profit growth: +21.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.05×
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 | 228,933 | 275,247 | 46,314 | +20.2% |
| Gross profit | 55,917 | 64,886 | 8,969 | +16.0% |
| Operating income | 20,491 | 24,845 | 4,354 | +21.2% |
| Net income attributable to owners | 14,562 | 18,709 | 4,147 | +28.5% |
| Operating cash flow | 29,449 | 50,921 | 21,472 | +72.9% |
| Free cash flow | -13,627 | 7,288 | 20,915 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 169,770 | 11,205 | 6.6% | 6,927 | 16,460 | -3,398 | S100LQIO |
| FY ending Mar 2021 | 121,281 | -9,057 | -7.5% | -12,164 | -17,835 | -25,467 | S100OIEC |
| FY ending Mar 2022 | 173,701 | 1,431 | 0.8% | 539 | 25,721 | 14,775 | S100RV48 |
| FY ending Mar 2023 | 175,630 | 7,326 | 4.2% | 4,241 | 7,753 | 2,728 | S100TTWT |
| FY ending Mar 2024 | 204,126 | 16,708 | 8.2% | 12,414 | 24,083 | 539 | S100W29G |
| FY ending Mar 2025 | 228,933 | 20,491 | 9.0% | 14,562 | 29,449 | -13,627 | S100YIIM |
| FY ending Mar 2026 | 275,247 | 24,845 | 9.0% | 18,709 | 50,921 | 7,288 | S100YIIM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.6M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 5,639 | 5,682 | 5,939 | 6,213 | 6,614 |
| Average salary (parent company) | ¥3.5M | ¥3.6M | ¥4.3M | ¥4.9M | ¥5.3M |
| Average age (parent company) | 41.9 years | 42.5 years | 39.2 years | 38.8 years | 38.1 years |
| Average tenure (parent company) | 5.5 years | 5.8 years | 6.2 years | 6.1 years | 6.1 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) +20.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dormitories | 57,543 | 20.9% | 6,194 | 10.8% |
| Hotels | 148,957 | 54.1% | 21,053 | 14.1% |
| Contracted Services | 9,039 | 3.3% | 296 | 3.3% |
| Food Services | 2,126 | 0.8% | 590 | 27.8% |
| Construction | 38,669 | 14.0% | 3,048 | 7.9% |
| Other | 18,912 | 6.9% | -181 | -1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dormitories | 20.9% | 19.9% | -1.0 | 10.8% |
| Hotels | 54.1% | 67.5% | 13.4 | 14.1% |
| Contracted Services | 3.3% | 0.9% | -2.3 | 3.3% |
| Food Services | 0.8% | 1.9% | 1.1 | 27.8% |
| Construction | 14.0% | 9.8% | -4.3 | 7.9% |
| Other | 6.9% | — | — | -1.0% |

Loss-making segment (excluded from profit shares): Other -181 JPY mn

Segment → industry: Dormitories → Real Estate Development & Leasing / Hotels → Hotels & Inns / Contracted Services → Real Estate Brokerage & Management / Food Services → Takeout & Delivery Meals / Food Services → Restaurants & Pubs / Construction → Condominium Developers / Construction → Real Estate Development & Leasing / Other → Nursing Care

## 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 | 50,921 | 18.5% | S100YIIM |
| Capital expenditure | 43,633 | 15.9% | S100YIIM |
| Free cash flow | 7,288 | 2.6% | 算出 |
| Investing cash flow | -44,478 | -16.2% | S100YIIM |
| Financing cash flow | -2,166 | -0.8% | S100YIIM |
| Dividends paid | 3,701 | 1.3% | S100YIIM |
| Share buyback | 0 | 0.0% | S100YIIM |
| Change in cash | 4,285 | 1.6% | S100YIIM |
| Cash and equivalents | 29,634 | 10.8% | S100YIIM |

## 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 | 37,565 | 55,651 | 31,431 | 25,349 | 29,634 | S100TTWT, S100W29G, S100YIIM |
| Total assets | 241,723 | 272,308 | 270,921 | 301,470 | 316,655 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Net assets | 70,586 | 74,579 | 86,604 | 99,360 | 145,528 | S100TTWT, S100W29G, S100YIIM |
| Share capital | 7,964 | 7,964 | 7,964 | 7,964 | 22,971 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Property, plant and equipment | 103,218 | 106,954 | 115,303 | 154,974 | 162,107 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Intangible assets excluding goodwill | 3,384 | 4,154 | 4,487 | 4,801 | 4,599 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Investment securities | 3,151 | 3,525 | 15,018 | 16,506 | 18,257 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Current assets | 72,953 | 98,802 | 80,385 | 69,576 | 75,029 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Current liabilities | 49,433 | 67,383 | 71,127 | 108,093 | 78,960 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Trade payables | 6,202 | 7,249 | 9,394 | 9,220 | 8,960 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Short-term borrowings | 14,820 | 23,947 | 26,860 | 26,153 | 29,786 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Long-term borrowings | 61,961 | 75,743 | 62,453 | 78,749 | 81,416 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Bonds | 23,460 | 18,580 | 13,700 | 9,020 | 4,340 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Interest-bearing debt | 100,241 | 118,270 | 103,013 | 113,922 | 115,542 | 算出 |
| Total liabilities | 171,137 | 197,728 | 184,317 | 202,109 | 171,126 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Equity attributable to owners of parent | 70,807 | 74,322 | 85,721 | 97,875 | 143,028 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Retained earnings | 50,383 | 53,845 | 65,167 | 77,193 | 92,197 | S100RV48, S100TTWT, S100W29G, S100YIIM |
| Treasury stock | -361 | -349 | -331 | -299 | -264 | S100RV48, S100TTWT, S100W29G, S100YIIM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YIIM |
| Property, plant and equipment | 51% | S100YIIM |
| Intangibles and goodwill | 2% | S100YIIM |
| Investment securities | 6% | S100YIIM |
| Other assets | 32% | S100YIIM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YIIM |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 15% | S100YIIM |
| Equity | 46% | S100YIIM |
| Other liabilities | 0% | S100YIIM |

### 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 | 241,723 | 272,308 | 270,921 | 301,470 | 316,655 |
| Equity | 70,586 | 74,579 | 86,604 | 99,360 | 145,528 |
| Interest-bearing debt | 100,241 | 118,270 | 103,013 | 113,922 | 115,542 |
| Cash | 37,565 | 55,651 | 31,431 | 25,349 | 29,634 |

## 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) | 58.9% | S100YIIM |
| Fixed assets ÷ total assets | 51.2% | S100YIIM |
| Goodwill ÷ parent equity | — | —, S100YIIM |

### 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) | 9.4% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | -¥85.9B |
| Net debt ÷ operating cash flow | 1.69× |
| Cash conversion (operating CF ÷ operating income) | 205.0% |
| Cash vs. profit gap | 32,212 JPY mn (of net income 172.2%) |
| Shareholder returns / net income | 19.8% |
| Shareholder returns / FCF | 50.8% |
| Shareholder payments — dividends / net income | 19.8% |
| Shareholder payments — dividends / FCF | 50.8% |
| CapEx intensity (capex ÷ revenue) | 15.9% |
| Investing CF relative to operating CF | 87.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.3% | 0.72× | 0.2% | 3.41× | 0.8% | S100RV48 |
| 2023 | 2.4% | 0.68× | 1.7% | 3.54× | 5.8% | S100TTWT |
| 2024 | 6.1% | 0.75× | 4.6% | 3.39× | 15.5% | S100W29G |
| 2025 | 6.4% | 0.80× | 5.1% | 3.12× | 15.9% | S100YIIM |
| 2026 | 6.8% | 0.89× | 6.1% | 2.57× | 15.5% | S100YIIM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱マイルストーン | Major shareholder | 9.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 8.9% | 2026-03-31 |
| 一般財団法人共立国際交流奨学財団 | Major shareholder | 4.5% | 2026-03-31 |
| 石塚 晴久 | Major shareholder | 2.3% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 1.7% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券㈱） | Major shareholder | 1.3% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 1.2% | 2026-03-31 |
| JP MORGAN CHASE BANK （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YIIM | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIIM,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100W29G | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W29G,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TTWT | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTWT,, |
| 訂正有価証券報告書－第44期(2022/04/01－2023/03/31) | S100RV48 | 2023-09-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RV48,, |
| 有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100OIEC | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIEC,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LQIO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQIO,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 大和ハウス | Capital alliance | 大和ハウス工業・コスモスイニシアとの3社間の資本業務提携 | S100YIIM |
| コスモスイニシア | Capital alliance | 大和ハウス工業・コスモスイニシアとの3社間の資本業務提携 | S100YIIM |

## 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).