# BUNKYODO GROUP HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2024/09/01－2025/08/31) (S100X6SE)
> Page: https://vizora.meequs.com/en/company/bunkyodo-group-holdings
> Retrieved: 2026-09-30T21:58:41.363Z

## Company

Bunkyodo Group Holdings, founded in 1949, is a company in Publishing & Bookstores listed on TSE Standard. It has 131 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BUNKYODO GROUP HOLDINGS CO.,LTD. |
| Ticker | 9978 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9978.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市高津区久本三丁目1番28号 |
| Representative (per filing) | 代表取締役社長 佐藤 協治 |
| Founded | Dec 1949 |
| Share capital | ¥50M |
| Employees (consolidated) | 131 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | August |
| Website | www.bunkyodo.co.jp (https://www.bunkyodo.co.jp/) |
| Corporate number | 8020001066972 |
| EDINET | E03221 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100X6SE, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.7 | 17 |
| Profitability | 13.2 | 19 |
| Efficiency | 86.8 | 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)

- Bunkyodo Group Holdings brought in ¥14.5B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -3.1% from the prior year, operating profit -381.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.5B |  |
| Operating income | -¥88.9M | Margin -0.6% |
| Net income | -¥154.9M | Margin -1.1% |
| Free cash flow | -¥58.3M |  |
| Employees (consolidated) | 131 |  |
| EPS | ¥-3.61 |  |
| Book value per share | ¥-16.6 |  |
| Equity ratio | 12.1% |  |
| Shares outstanding | 43,849,994 |  |
| Treasury shares | 28,000 |  |
| Shareholders | 30,392 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 7.6% |
| Vs. industry median margin | -6.1 pp | Publishing & Bookstores |
| ROA | -1.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21304978000 | ¥14456385000 | -32.1% |
| Operating income | ¥414280000 | ¥-88859000 | -121.4% |
| Operating margin | 1.9% | -0.6% | -2.6 pp |
| Employees | 210 people | 131 people | -37.6% |
| Cash and equivalents | ¥1587418000 | ¥1097437000 | -30.9% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,456 | 100.0% | S100X6SE |
| Cost of revenue | 10,340 | 71.5% | S100X6SE |
| Gross profit | 4,117 | 28.5% | S100X6SE |
| SG&A | 4,205 | 29.1% | S100X6SE |
| Operating income | -89 | -0.6% | S100X6SE |
| Ordinary income | -83 | -0.6% | S100X6SE |
| Pretax income | -142 | -1.0% | S100X6SE |
| Income tax | 13 | 0.1% | S100X6SE |
| Net income | -155 | -1.1% | S100X6SE |
| Net income attributable to owners | -155 | -1.1% | S100X6SE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 29 |
| Operating income | -1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 28.5% → Operating margin -0.6% → Net margin -1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,925 | 14,456 | -469 | -3.1% |
| Gross profit | 4,178 | 4,117 | -62 | -1.5% |
| Operating income | 32 | -89 | -120 | -381.9% |
| Net income attributable to owners | 43 | -155 | -198 | -461.6% |
| Operating cash flow | 798 | 26 | -771 | -96.7% |
| Free cash flow | 779 | -58 | -837 | -107.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 24,389 | -497 | -2.0% | -3,981 | 101 | -60 | S100K9AK |
| FY ending Aug 2020 | 21,305 | 414 | 1.9% | 288 | 798 | 718 | S100MXXO |
| FY ending Aug 2021 | 18,782 | 365 | 1.9% | 366 | 350 | 244 | S100PQ09 |
| FY ending Aug 2022 | 16,486 | 52 | 0.3% | 73 | 238 | 17 | S100SDR7 |
| FY ending Aug 2023 | 15,471 | 73 | 0.5% | 97 | 55 | 5 | S100UV4X |
| FY ending Aug 2024 | 14,925 | 32 | 0.2% | 43 | 798 | 779 | S100X6SE |
| FY ending Aug 2025 | 14,456 | -89 | -0.6% | -155 | 26 | -58 | S100X6SE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥110.4M |
| Operating income per employee (consolidated) | -¥678.3K |
| Net income per employee (consolidated) | -¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 168 | 165 | 153 | 140 | 131 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥5.9M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 52.0 years | 53.0 years | 54.0 years | 55.2 years | 50.7 years |
| Average tenure (parent company) | 18.0 years | 19.0 years | 20.0 years | 21.3 years | 24.6 years |

Year over year: Employees (consolidated) -6.4% · Revenue (consolidated) -3.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 26 | 0.2% | S100X6SE |
| Capital expenditure | 84 | 0.6% | S100X6SE |
| Free cash flow | -58 | -0.4% | 算出 |
| Investing cash flow | -85 | -0.6% | S100X6SE |
| Financing cash flow | -369 | -2.6% | S100X6SE |
| Change in cash | -428 | -3.0% | S100X6SE |
| Cash and equivalents | 1,097 | 7.6% | S100X6SE |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,552 | 1,130 | 871 | 1,526 | 1,097 | S100SDR7, S100UV4X, S100X6SE |
| Total assets | 10,800 | 10,127 | 9,915 | 10,050 | 9,559 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Net assets | 1,098 | 1,171 | 1,268 | 1,311 | 1,156 | S100SDR7, S100UV4X, S100X6SE |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Trade receivables | 561 | — | — | — | — | S100PQ09 |
| Property, plant and equipment | 931 | 1,027 | 993 | 943 | 922 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Intangible assets excluding goodwill | 49 | 53 | 62 | 55 | 47 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Investment securities | 92 | 69 | 69 | 69 | 69 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Current assets | 8,290 | 7,591 | 7,458 | 7,716 | 7,289 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Current liabilities | 6,895 | 6,430 | 6,657 | 6,823 | 7,955 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Trade payables | 3,398 | 3,226 | 3,256 | 3,480 | 3,560 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Short-term borrowings | 2,744 | 2,569 | 2,432 | 2,349 | 2,166 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Long-term borrowings | 2,312 | 2,029 | 1,515 | 1,458 | — | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Total liabilities | 9,702 | 8,956 | 8,647 | 8,739 | 8,403 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Equity attributable to owners of parent | 1,098 | 1,171 | 1,268 | 1,311 | 1,156 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Retained earnings | 979 | 1,052 | 1,148 | 1,191 | 1,036 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |
| Treasury stock | -18 | -18 | -18 | -18 | -18 | S100PQ09, S100SDR7, S100UV4X, S100X6SE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100X6SE |
| Property, plant and equipment | 10% | S100X6SE |
| Intangibles and goodwill | 0% | S100X6SE |
| Investment securities | 1% | S100X6SE |
| Other assets | 78% | S100X6SE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 37% | S100X6SE |
| Other liabilities | 51% | S100X6SE |
| Equity | 12% | S100X6SE |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,800 | 10,127 | 9,915 | 10,050 | 9,559 |
| Equity | 1,098 | 1,171 | 1,268 | 1,311 | 1,156 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,552 | 1,130 | 871 | 1,526 | 1,097 |

## 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) | 6.4% | S100X6SE |
| Fixed assets ÷ total assets | 9.6% | S100X6SE |
| Goodwill ÷ parent equity | — | —, S100X6SE |

### 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) | 11.5% |
| Cash ÷ revenue | 7.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 181 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 326.9% |

## 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 | 1.9% | 1.74× | 3.4% | 9.83× | 33.3% | S100PQ09 |
| 2022 | 0.4% | 1.58× | 0.7% | 9.22× | 6.5% | S100SDR7 |
| 2023 | 0.6% | 1.54× | 1.0% | 8.22× | 7.9% | S100UV4X |
| 2024 | 0.3% | 1.50× | 0.4% | 7.74× | 3.3% | S100X6SE |
| 2025 | — | —× | -1.6% | —× | — | S100X6SE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日販グループホールディングス株式会社 | Major shareholder | 9.0% | 2025-08-31 |
| 大日本印刷株式会社 | Major shareholder | 7.6% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 2.3% | 2025-08-31 |
| 前田 喜美子 | Major shareholder | 1.9% | 2025-08-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2025-08-31 |
| 加賀美 武飛 | Major shareholder | 1.4% | 2025-08-31 |
| 株式会社横浜銀行 | Major shareholder | 1.4% | 2025-08-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 0.9% | 2025-08-31 |
| 熊谷 正昭 | Major shareholder | 0.8% | 2025-08-31 |
| 砂川 亮 | Major shareholder | 0.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2024/09/01－2025/08/31) | S100X6SE | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6SE,, |
| 有価証券報告書－第74期(2023/09/01－2024/08/31) | S100UV4X | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV4X,, |
| 有価証券報告書－第73期(2022/09/01－2023/08/31) | S100SDR7 | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDR7,, |
| 有価証券報告書－第72期(令和3年9月1日－令和4年8月31日) | S100PQ09 | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PQ09,, |
| 有価証券報告書－第71期(令和2年9月1日－令和3年8月31日) | S100MXXO | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXXO,, |
| 有価証券報告書－第70期(令和1年9月1日－令和2年8月31日) | S100K9AK | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9AK,, |

## 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).