# ASAHI PRINTING 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110期(2025/04/01－2026/03/31) (S100YEXW)
> Page: https://vizora.meequs.com/en/company/asahi-printing
> Retrieved: 2026-09-30T18:33:02.625Z

## Company

Asahi Printing, founded in 1946, is a company in HR & Staffing listed on TSE Standard. It has 1,760 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI PRINTING CO.,LTD. |
| Ticker | 3951 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3951.T) |
| Listing | TSE Standard |
| Head office | 富山県富山市一番町1番1号 一番町スクエアビル |
| Representative (per filing) | 代表取締役社長 朝日 重紀 |
| Founded | May 1946 |
| Share capital | ¥2.23B |
| Employees (consolidated) | 1,760 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.asahi-pp.co.jp (https://www.asahi-pp.co.jp/) |
| Corporate number | 3230001000097 |
| EDINET | E00714 |
| Industries (Vizora) | HR & Staffing, Printing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEXW, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.7 | 23 |
| Profitability | 55.4 | 28 |
| Cash conversion | 68.8 | 24 |
| Efficiency | 12.5 | 28 |

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 90% of Asahi Printing's sales come from Printed Packaging Materials Business, with Packaging Machinery Sales Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit -21.8%.

## Company structure

- Segment revenue mix: Printed Packaging Materials Business 89.6%、Packaging Machinery Sales Business 9.3%、Other 1.1%
- Revenue → net income: ¥44642000000 → ¥1649000000
- Net income → operating cash flow: ¥1649000000 → ¥3209000000（difference ¥1560000000）
- Main uses of operating cash flow: CapEx ¥2871000000 / dividends ¥805000000 / buybacks ¥500000000
- Change in cash: ¥-3363000000
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 | ¥44.6B |  |
| Operating income | ¥1.62B | Margin 3.6% |
| Net income | ¥1.59B | Margin 3.6% |
| Free cash flow | ¥338M |  |
| Largest business | Printed Packaging Materials Business | of segment revenue 89.6% |
| Employees (consolidated) | 1,760 |  |
| EPS | ¥73.97 |  |
| Book value per share | ¥1443.21 |  |
| Equity ratio | 51.5% |  |
| Shares outstanding | 22,890,000 |  |
| Treasury shares | 2,206,700 |  |
| Shareholders | 5,633 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | +0.2 pp | Printing |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40143337000 | ¥44642000000 | +11.2% |
| Operating income | ¥2004675000 | ¥1623000000 | -19.0% |
| Operating margin | 5.0% | 3.6% | -1.4 pp |
| Employees | 1,688 people | 1,760 people | +4.3% |
| Cash and equivalents | ¥7549410000 | ¥6614000000 | -12.4% |

### 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 |
| --- | ---: |
| 印刷包材事業 → 印刷包材事業 | 89.5% |
| 包装システム販売事業 → 包装システム販売事業 | 9.3% |
| 包装システム販売事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 0.7% |
| 新設・再編 → 印刷包材事業 | 0.1% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Printed Packaging Materials Business | 5 years | +2.2% | ¥39995000000 | — | 2 |
| Packaging Machinery Sales Business | 5 years | +1.0% | ¥4147000000 | — | 2 |
| Other | 5 years | +11.9% | ¥499000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,642 | 100.0% | S100YEXW |
| Cost of revenue | 34,909 | 78.2% | S100YEXW |
| Gross profit | 9,732 | 21.8% | S100YEXW |
| SG&A | 8,108 | 18.2% | S100YEXW |
| Operating income | 1,623 | 3.6% | S100YEXW |
| Ordinary income | 1,897 | 4.2% | S100YEXW |
| Pretax income | 2,225 | 5.0% | S100YEXW |
| Income tax | 576 | 1.3% | S100YEXW |
| Net income | 1,649 | 3.7% | S100YEXW |
| Net income attributable to owners | 1,592 | 3.6% | S100YEXW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 18 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 21.8% → Operating margin 3.6% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.6%; Core profit growth: -21.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -13.76×
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 | 43,945 | 44,642 | 697 | +1.6% |
| Gross profit | 9,893 | 9,732 | -161 | -1.6% |
| Operating income | 2,076 | 1,623 | -453 | -21.8% |
| Net income attributable to owners | 1,704 | 1,592 | -112 | -6.6% |
| Operating cash flow | 4,530 | 3,209 | -1,321 | -29.2% |
| Free cash flow | 396 | 338 | -58 | -14.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,460 | 1,837 | 4.5% | 1,488 | 2,503 | -3,644 | S100LNO8 |
| FY ending Mar 2021 | 40,143 | 2,005 | 5.0% | 1,640 | 4,467 | 109 | S100OIL8 |
| FY ending Mar 2022 | 38,807 | 2,296 | 5.9% | 1,776 | 4,573 | 3,728 | S100R5TI |
| FY ending Mar 2023 | 40,303 | 2,260 | 5.6% | 1,708 | 4,575 | 1,951 | S100TWHE |
| FY ending Mar 2024 | 41,871 | 2,031 | 4.9% | 1,628 | 3,550 | 650 | S100W1S2 |
| FY ending Mar 2025 | 43,945 | 2,076 | 4.7% | 1,704 | 4,530 | 396 | S100YEXW |
| FY ending Mar 2026 | 44,642 | 1,623 | 3.6% | 1,592 | 3,209 | 338 | S100YEXW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.4M |
| Operating income per employee (consolidated) | ¥922.2K |
| Net income per employee (consolidated) | ¥904.5K |

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) | 1,684 | 1,690 | 1,873 | 1,850 | 1,760 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.5M | ¥4.7M | ¥5M |
| Average age (parent company) | 35.5 years | 36.1 years | 36.5 years | 37.0 years | 37.4 years |
| Average tenure (parent company) | 12.7 years | 13.2 years | 13.5 years | 14.0 years | 14.3 years |

Year over year: Employees (consolidated) -4.9% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Printed Packaging Materials Business | 39,995 | 89.6% | — | — |
| Packaging Machinery Sales Business | 4,147 | 9.3% | — | — |
| Other | 499 | 1.1% | — | — |

### 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 |
| --- | ---: |
| Printed Packaging Materials Business | 89.6% |
| Packaging Machinery Sales Business | 9.3% |
| Other | 1.1% |

Segment → industry: Other → HR & Staffing / Printed Packaging Materials Business → Printing / Packaging Machinery Sales Business → Specialty Trading & Wholesale

## 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 | 3,209 | 7.2% | S100YEXW |
| Capital expenditure | 2,871 | 6.4% | S100YEXW |
| Free cash flow | 338 | 0.8% | 算出 |
| Investing cash flow | -2,903 | -6.5% | S100YEXW |
| Financing cash flow | -3,766 | -8.4% | S100YEXW |
| Dividends paid | 805 | 1.8% | S100YEXW |
| Share buyback | 500 | 1.1% | S100YEXW |
| Change in cash | -3,363 | -7.5% | S100YEXW |
| Cash and equivalents | 6,614 | 14.8% | S100YEXW |

## 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 | 14,734 | 10,855 | 8,944 | 9,978 | 6,614 | S100TWHE, S100W1S2, S100YEXW |
| Total assets | 69,226 | 65,138 | 68,698 | 70,462 | 69,175 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Net assets | 31,649 | 32,828 | 34,171 | 35,572 | 36,735 | S100TWHE, S100W1S2, S100YEXW |
| Share capital | 2,229 | 2,229 | 2,229 | 2,228 | 2,228 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Property, plant and equipment | 29,411 | 29,082 | 30,509 | 32,447 | 33,496 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Intangible assets excluding goodwill | 918 | 984 | 2,370 | 2,420 | 2,443 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Goodwill | 405 | 392 | 1,260 | 1,293 | 1,240 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Investment securities | 4,823 | 4,710 | 5,160 | 4,615 | 5,080 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Current assets | 32,735 | 28,934 | 28,970 | 29,578 | 26,303 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Current liabilities | 19,600 | 16,746 | 15,538 | 14,419 | 14,246 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Short-term borrowings | 30 | 30 | 75 | 99 | 30 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Long-term borrowings | 10,883 | 7,873 | 10,599 | 11,773 | 12,821 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Bonds | 3,500 | 3,500 | 3,500 | 3,500 | — | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Interest-bearing debt | 14,413 | 11,403 | 14,174 | 15,372 | — | 算出 |
| Total liabilities | 37,576 | 32,310 | 34,527 | 34,890 | 32,440 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Non-controlling interests | 314 | 331 | 1,120 | 1,297 | 1,099 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Equity attributable to owners of parent | 30,027 | 31,091 | 31,482 | 32,278 | 32,553 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Retained earnings | 26,932 | 27,879 | 28,744 | 29,324 | 30,111 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |
| Treasury stock | -1,525 | -1,387 | -1,860 | -1,581 | -2,070 | S100R5TI, S100TWHE, S100W1S2, S100YEXW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YEXW |
| Property, plant and equipment | 49% | S100YEXW |
| Intangibles and goodwill | 5% | S100YEXW |
| Investment securities | 7% | S100YEXW |
| Other assets | 29% | S100YEXW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YEXW |
| Equity | 53% | S100YEXW |

### 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 | 69,226 | 65,138 | 68,698 | 70,462 | 69,175 |
| Equity | 31,649 | 32,828 | 34,171 | 35,572 | 36,735 |
| Interest-bearing debt | 14,413 | 11,403 | 14,174 | 15,372 | — |
| Cash | 14,734 | 10,855 | 8,944 | 9,978 | 6,614 |

## 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) | 75.0% | S100YEXW |
| Fixed assets ÷ total assets | 48.4% | S100YEXW |
| Goodwill ÷ parent equity | 3.8% | S100YEXW |

Goodwill over 4 years: 405 → 1,240 JPY; total investing cash flow: -14,623 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) | 9.6% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 197.7% |
| Cash vs. profit gap | 1,617 JPY mn (of net income 101.6%) |
| Shareholder returns / net income | 82.0% |
| Shareholder returns / FCF | 386.1% |
| Shareholder payments — dividends / net income | 50.6% |
| Shareholder payments — dividends / FCF | 238.2% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 90.5% |

## 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 | 4.6% | 0.56× | 2.6% | 2.31× | 5.9% | S100R5TI |
| 2023 | 4.2% | 0.60× | 2.5% | 2.20× | 5.6% | S100TWHE |
| 2024 | 3.9% | 0.63× | 2.4% | 2.14× | 5.2% | S100W1S2 |
| 2025 | 3.9% | 0.63× | 2.4% | 2.18× | 5.3% | S100YEXW |
| 2026 | 3.6% | 0.64× | 2.3% | 2.15× | 4.9% | S100YEXW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サンワールド | Major shareholder | 10.2% | 2026-03-31 |
| 朝日印刷持株会 | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社小森コーポレーション | Major shareholder | 5.9% | 2026-03-31 |
| 公益財団法人朝日国際教育財団 | Major shareholder | 3.2% | 2026-03-31 |
| 朝日印刷従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 朝日 重剛 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 合同会社サンパラソル | Major shareholder | 1.9% | 2026-03-31 |
| 新生紙パルプ商事株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YEXW | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEXW,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W1S2 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1S2,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TWHE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWHE,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R5TI | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5TI,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OIL8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIL8,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LNO8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNO8,, |

## 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).