# BUNKEIDO 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73期(2025/04/01－2026/03/31) (S100YCYT)
> Page: https://vizora.meequs.com/en/company/bunkeido
> Retrieved: 2026-09-30T19:07:35.705Z

## Company

Bunkeido, founded in 1953, is a company in Publishing & Bookstores listed on Nagoya. It has 247 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BUNKEIDO CO.,LTD. |
| Ticker | 9471 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9471.T) |
| Listing | Nagoya |
| Head office | 岐阜県羽島市江吉良町江中七丁目1番地 |
| Representative (per filing) | 代表取締役社長 水谷 泰三 |
| Founded | Dec 1953 |
| Share capital | ¥1.92B |
| Employees (consolidated) | 247 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.bunkei.co.jp (https://www.bunkei.co.jp/) |
| Corporate number | 2200001011461 |
| EDINET | E00709 |
| Industries (Vizora) | Publishing & Bookstores, Stationery & Office Supplies |

> Profile source: annual securities report (S100YCYT, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.4 | 17 |
| Profitability | 55.3 | 19 |
| Cash conversion | 21.9 | 16 |
| Efficiency | 23.7 | 19 |

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 69% of Bunkeido's sales come from Publication, with School teaching tools making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit -9.0%.

## Company structure

- Segment revenue mix: Publication 69.1%、School teaching tools 30.9%
- Revenue → net income: ¥12139172000 → ¥552480000
- Net income → operating cash flow: ¥552480000 → ¥352199000（difference ¥-200281000）
- Main uses of operating cash flow: CapEx ¥293529000 / dividends ¥310325000 / buybacks ¥113000
- Change in cash: ¥-294657000
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 | ¥12.1B |  |
| Operating income | ¥782.3M | Margin 6.4% |
| Net income | ¥552.5M | Margin 4.6% |
| Free cash flow | ¥58.7M |  |
| Largest business | Publication | of segment revenue 69.1% |
| Employees (consolidated) | 247 |  |
| EPS | ¥98.14 |  |
| Book value per share | ¥2450.34 |  |
| Equity ratio | 78.7% |  |
| Shares outstanding | 6,600,000 |  |
| Treasury shares | 239,200 |  |
| Shareholders | 1,037 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 33.1% | Cash ÷ revenue 54.2% |
| Vs. industry median margin | +1 pp | Publishing & Bookstores |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13049786000 | ¥12139172000 | -7.0% |
| Operating income | ¥855444000 | ¥782296000 | -8.6% |
| Operating margin | 6.6% | 6.4% | -0.1 pp |
| Employees | 250 people | 247 people | -1.2% |
| Cash and equivalents | ¥5054664000 | ¥6576648000 | +30.1% |

### 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 |
| --- | ---: |
| 出版 → 出版 | 69.1% |
| 出版 → 事業再編・廃止 | 2.1% |
| 教具 → 教具 | 28.8% |
| 新設・再編 → 教具 | 2.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,139 | 100.0% | S100YCYT |
| Cost of revenue | 6,924 | 57.0% | S100YCYT |
| Gross profit | 5,215 | 43.0% | S100YCYT |
| SG&A | 4,433 | 36.5% | S100YCYT |
| Operating income | 782 | 6.4% | S100YCYT |
| Ordinary income | 853 | 7.0% | S100YCYT |
| Pretax income | 855 | 7.0% | S100YCYT |
| Income tax | 302 | 2.5% | S100YCYT |
| Net income | 552 | 4.6% | S100YCYT |
| Net income attributable to owners | 552 | 4.6% | S100YCYT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 37 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 43.0% → Operating margin 6.4% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.7%; Core profit growth: -9.0%
Operating leverage (core profit growth ÷ revenue growth): 3.34×
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 | 12,475 | 12,139 | -336 | -2.7% |
| Gross profit | 5,277 | 5,215 | -62 | -1.2% |
| Operating income | 860 | 782 | -78 | -9.0% |
| Net income attributable to owners | 602 | 552 | -50 | -8.2% |
| Operating cash flow | 645 | 352 | -293 | -45.4% |
| Free cash flow | 271 | 59 | -212 | -78.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,410 | 810 | 6.5% | 554 | 455 | 175 | S100LQNI |
| FY ending Mar 2021 | 13,050 | 855 | 6.6% | 152 | 782 | 415 | S100OBTY |
| FY ending Mar 2022 | 13,198 | 1,154 | 8.7% | 775 | 740 | 496 | S100R0EY |
| FY ending Mar 2023 | 12,750 | 1,069 | 8.4% | 704 | 784 | 440 | S100TRUX |
| FY ending Mar 2024 | 12,872 | 987 | 7.7% | 687 | 473 | 126 | S100W1DA |
| FY ending Mar 2025 | 12,475 | 860 | 6.9% | 602 | 645 | 271 | S100YCYT |
| FY ending Mar 2026 | 12,139 | 782 | 6.4% | 552 | 352 | 59 | S100YCYT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.1M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 242 | 245 | 242 | 240 | 247 |
| Average salary (parent company) | ¥6M | ¥6.5M | ¥6.7M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 41.2 years | 41.1 years | 41.7 years | 41.1 years | 41.1 years |
| Average tenure (parent company) | 14.1 years | 13.8 years | 14.2 years | 13.7 years | 13.6 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) -2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Publication | 8,386 | 69.1% | 1,412 | 16.8% |
| School teaching tools | 3,753 | 30.9% | 414 | 11.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Publication | 69.1% | 77.3% | 8.3 | 16.8% |
| School teaching tools | 30.9% | 22.7% | -8.3 | 11.0% |

Segment → industry: Publication → Publishing & Bookstores / School teaching tools → Stationery & Office Supplies

## 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 | 352 | 2.9% | S100YCYT |
| Capital expenditure | 294 | 2.4% | S100YCYT |
| Free cash flow | 59 | 0.5% | 算出 |
| Investing cash flow | -441 | -3.6% | S100YCYT |
| Financing cash flow | -205 | -1.7% | S100YCYT |
| Dividends paid | 310 | 2.6% | S100YCYT |
| Share buyback | 0 | 0.0% | S100YCYT |
| Change in cash | -295 | -2.4% | S100YCYT |
| Cash and equivalents | 6,577 | 54.2% | S100YCYT |

## 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 | 5,812 | 6,603 | 6,403 | 6,871 | 6,577 | S100TRUX, S100W1DA, S100YCYT |
| Total assets | 19,294 | 19,567 | 19,793 | 20,011 | 19,875 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Net assets | 13,830 | 14,296 | 14,834 | 15,186 | 15,643 | S100TRUX, S100W1DA, S100YCYT |
| Share capital | 1,918 | 1,918 | 1,918 | 1,918 | 1,918 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Trade receivables | 1,275 | 1,299 | 1,301 | 1,237 | 1,189 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Property, plant and equipment | 3,875 | 3,902 | 3,887 | 3,830 | 3,956 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Intangible assets excluding goodwill | 338 | 583 | 653 | 683 | 710 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Investment securities | 1,923 | 1,644 | 1,496 | 1,771 | 1,750 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Current assets | 12,917 | 13,201 | 13,524 | 13,483 | 13,168 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Current liabilities | 4,735 | 4,573 | 4,149 | 4,070 | 3,338 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Trade payables | 1,226 | 1,075 | 918 | 777 | 694 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Short-term borrowings | 365 | 380 | 280 | 435 | 540 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Long-term borrowings | 40 | — | 100 | 100 | 100 | S100R0EY, S100W1DA, S100YCYT |
| Total liabilities | 5,464 | 5,272 | 4,960 | 4,825 | 4,232 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Equity attributable to owners of parent | 13,814 | 14,203 | 14,586 | 14,909 | 15,175 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Retained earnings | 10,335 | 10,704 | 11,067 | 11,369 | 11,616 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |
| Treasury stock | -286 | -271 | -254 | -239 | -222 | S100R0EY, S100TRUX, S100W1DA, S100YCYT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YCYT |
| Receivables | 6% | S100YCYT |
| Property, plant and equipment | 20% | S100YCYT |
| Intangibles and goodwill | 3% | S100YCYT |
| Investment securities | 9% | S100YCYT |
| Other assets | 29% | S100YCYT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YCYT |
| Other liabilities | 18% | S100YCYT |
| Equity | 79% | S100YCYT |
| Other liabilities | 0% | S100YCYT |

### 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 | 19,294 | 19,567 | 19,793 | 20,011 | 19,875 |
| Equity | 13,830 | 14,296 | 14,834 | 15,186 | 15,643 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,812 | 6,603 | 6,403 | 6,871 | 6,577 |

## 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) | 32.6% | S100YCYT |
| Fixed assets ÷ total assets | 19.9% | S100YCYT |
| Goodwill ÷ parent equity | — | —, S100YCYT |

### 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) | 33.1% |
| Cash ÷ revenue | 54.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 45.0% |
| Cash vs. profit gap | -200 JPY mn (of net income -36.3%) |
| Shareholder returns / net income | 56.2% |
| Shareholder returns / FCF | 529.1% |
| Shareholder payments — dividends / net income | 56.2% |
| Shareholder payments — dividends / FCF | 528.9% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 125.3% |

## 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 | 5.9% | 0.68× | 4.0% | 1.40× | 5.6% | S100R0EY |
| 2023 | 5.5% | 0.66× | 3.6% | 1.39× | 5.0% | S100TRUX |
| 2024 | 5.3% | 0.65× | 3.5% | 1.37× | 4.8% | S100W1DA |
| 2025 | 4.8% | 0.63× | 3.0% | 1.35× | 4.1% | S100YCYT |
| 2026 | 4.6% | 0.61× | 2.8% | 1.33× | 3.7% | S100YCYT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社清林溪声会 | Major shareholder | 13.8% | 2026-03-31 |
| 文溪共栄会 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社大垣共立銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 3.7% | 2026-03-31 |
| サンメッセ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 文溪堂従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 水谷 邦照 | Major shareholder | 2.7% | 2026-03-31 |
| 水谷 雄二 | Major shareholder | 2.6% | 2026-03-31 |
| 一般財団法人総合初等教育研究所 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YCYT | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCYT,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W1DA | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1DA,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TRUX | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRUX,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R0EY | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0EY,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OBTY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBTY,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LQNI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQNI,, |

## 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).