# TOPPAN Holdings vs 株式会社ベルシステム24ホールディングス

> Unit: JPY millions (ratios in %)
> Periods: TOPPAN Holdings = FY ending Mar 2026, consolidated, J-GAAP / 株式会社ベルシステム24ホールディングス = FY ending Feb 2026, consolidated, IFRS
> Retrieved: 2026-09-30T19:04:21.604Z

| Metric | TOPPAN Holdings | 株式会社ベルシステム24ホールディングス |
| --- | ---: | ---: |
| Revenue | 1,805,033 | 145,826 |
| Operating income | 67,108 | 12,652 |
| Net income | 64,801 | 8,181 |
| COGS ratio | 76.5% | 81.1% |
| Operating margin | 3.7% | 8.7% |
| Net margin | 3.6% | 5.6% |
| FCF margin | -3.4% | 10.6% |
| Period | FY ending Mar 2026 | FY ending Feb 2026 |
| Source | S100YIAY | S100Y5Z2 |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | TOPPAN Holdings | 株式会社ベルシステム24ホールディングス |
| --- | ---: | ---: |
| Revenue growth | 80.4 (23 peers) | 19.4 (18 peers) |
| Profitability | 62.5 (28 peers) | 78.6 (21 peers) |
| Cash conversion | 31.3 (24 peers) | 55.9 (17 peers) |
| Efficiency | 19.6 (28 peers) | 16.7 (21 peers) |
| Financial strength | 30 (5 peers) | — |

## Company details

- https://vizora.meequs.com/en/company/toppan-holdings/md
- https://vizora.meequs.com/en/company/bell24/md

## 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).