# CHUOKEIZAI-SHA HOLDINGS,INC.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第88期(2024/10/01－2025/09/30) (S100XB7E)
> Page: https://vizora.meequs.com/en/company/chuokeizai-sha-holdings
> Retrieved: 2026-09-30T19:58:21.142Z

## Company

Chuokeizai-Sha Holdings, founded in 1948, is a company in Publishing & Bookstores listed on TSE Standard. It has 91 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUOKEIZAI-SHA HOLDINGS,INC. |
| Ticker | 9476 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9476.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田神保町1丁目35番地 |
| Representative (per filing) | 代表取締役社長 山本憲央 |
| Founded | Oct 1948 |
| Share capital | ¥383.3M |
| Employees (consolidated) | 91 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | www.chuokeizai.co.jp (https://www.chuokeizai.co.jp/) |
| Corporate number | 1010001022710 |
| EDINET | E00723 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100XB7E, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 17 |
| Profitability | 65.8 | 19 |
| Cash conversion | 78.1 | 16 |
| Efficiency | 18.4 | 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)

- Chuokeizai-Sha Holdings brought in ¥3.26B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +96.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3256664000 → ¥245313000
- Net income → operating cash flow: ¥245313000 → ¥365138000（difference ¥119825000）
- Main uses of operating cash flow: CapEx ¥6047000 / dividends ¥39512000 / buybacks ¥28000
- Change in cash: ¥355230000
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 | ¥3.26B |  |
| Operating income | ¥234.5M | Margin 7.2% |
| Net income | ¥245.3M | Margin 7.5% |
| Free cash flow | ¥359.1M |  |
| Employees (consolidated) | 91 |  |
| EPS | ¥57.57 |  |
| Book value per share | ¥902.86 |  |
| Equity ratio | 71.5% |  |
| Shares outstanding | 4,398,464 |  |
| Treasury shares | 239,400 |  |
| Shareholders | 1,487 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 34.6% | Cash ÷ revenue 64.7% |
| Vs. industry median margin | +1.8 pp | Publishing & Bookstores |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3009588000 | ¥3256664000 | +8.2% |
| Operating income | ¥5817000 | ¥234501000 | +3931.3% |
| Operating margin | 0.2% | 7.2% | +7 pp |
| Employees | 106 people | 91 people | -14.2% |
| Cash and equivalents | ¥1866658000 | ¥2107732000 | +12.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,257 | 100.0% | S100XB7E |
| Cost of revenue | 2,056 | 63.1% | S100XB7E |
| Gross profit | 1,201 | 36.9% | S100XB7E |
| SG&A | 966 | 29.7% | S100XB7E |
| Operating income | 235 | 7.2% | S100XB7E |
| Ordinary income | 255 | 7.8% | S100XB7E |
| Pretax income | 313 | 9.6% | S100XB7E |
| Income tax | 68 | 2.1% | S100XB7E |
| Net income | 245 | 7.5% | S100XB7E |
| Net income attributable to owners | 245 | 7.5% | S100XB7E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 30 |
| Operating income | 7 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 36.9% → Operating margin 7.2% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +96.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 19.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,100 | 3,257 | 156 | +5.0% |
| Gross profit | 1,093 | 1,201 | 107 | +9.8% |
| Operating income | 120 | 235 | 115 | +96.2% |
| Net income attributable to owners | -172 | 245 | 418 | — |
| Operating cash flow | 414 | 365 | -49 | -11.8% |
| Free cash flow | 405 | 359 | -46 | -11.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,077 | 70 | 2.3% | 50 | 206 | -226 | S100KGAD |
| FY ending Sep 2020 | 3,010 | 6 | 0.2% | -18 | 98 | 91 | S100N2IM |
| FY ending Sep 2021 | 3,156 | 163 | 5.2% | 147 | 52 | 1 | S100PTB5 |
| FY ending Sep 2022 | 3,170 | 146 | 4.6% | 172 | 203 | -327 | S100SH6M |
| FY ending Sep 2023 | 3,031 | 90 | 3.0% | 54 | -179 | -661 | S100UXSI |
| FY ending Sep 2024 | 3,100 | 120 | 3.9% | -172 | 414 | 405 | S100XB7E |
| FY ending Sep 2025 | 3,257 | 235 | 7.2% | 245 | 365 | 359 | S100XB7E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 102 | 94 | 90 | 87 | 91 |
| Average salary (parent company) | ¥6.2M | ¥6.9M | ¥6.8M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 39.0 years | 40.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 13.0 years | 13.0 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +5.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 365 | 11.2% | S100XB7E |
| Capital expenditure | 6 | 0.2% | S100XB7E |
| Free cash flow | 359 | 11.0% | 算出 |
| Investing cash flow | 57 | 1.8% | S100XB7E |
| Financing cash flow | -67 | -2.1% | S100XB7E |
| Dividends paid | 40 | 1.2% | S100XB7E |
| Share buyback | 0 | 0.0% | S100XB7E |
| Change in cash | 355 | 10.9% | S100XB7E |
| Cash and equivalents | 2,108 | 64.7% | S100XB7E |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,838 | 1,949 | 1,450 | 1,753 | 2,108 | S100SH6M, S100UXSI, S100XB7E |
| Total assets | 5,282 | 5,723 | 5,932 | 5,822 | 6,086 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Net assets | 4,094 | 4,204 | 4,258 | 4,153 | 4,354 | S100SH6M, S100UXSI, S100XB7E |
| Share capital | 383 | 383 | 383 | 383 | 383 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Trade receivables | 1,016 | — | — | — | — | S100PTB5 |
| Property, plant and equipment | 1,114 | 1,633 | 2,088 | 2,040 | 1,999 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Intangible assets excluding goodwill | 29 | 27 | 26 | 6 | 5 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Investment securities | 237 | 242 | 280 | 319 | 308 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Current assets | 3,730 | 3,633 | 3,355 | 3,384 | 3,694 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Current liabilities | 797 | 852 | 806 | 796 | 856 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Trade payables | 429 | 262 | 224 | 211 | 225 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Long-term borrowings | — | 277 | 455 | 430 | 405 | S100SH6M, S100UXSI, S100XB7E |
| Total liabilities | 1,188 | 1,520 | 1,674 | 1,669 | 1,732 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Equity attributable to owners of parent | 4,021 | 4,156 | 4,173 | 4,038 | 4,242 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Retained earnings | 3,732 | 3,867 | 3,883 | 3,671 | 3,875 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |
| Treasury stock | -300 | -300 | -334 | -262 | -262 | S100PTB5, S100SH6M, S100UXSI, S100XB7E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XB7E |
| Property, plant and equipment | 33% | S100XB7E |
| Intangibles and goodwill | 0% | S100XB7E |
| Investment securities | 5% | S100XB7E |
| Other assets | 27% | S100XB7E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XB7E |
| Other liabilities | 25% | S100XB7E |
| Equity | 71% | S100XB7E |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,282 | 5,723 | 5,932 | 5,822 | 6,086 |
| Equity | 4,094 | 4,204 | 4,258 | 4,153 | 4,354 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,838 | 1,949 | 1,450 | 1,753 | 2,108 |

## 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) | 61.4% | S100XB7E |
| Fixed assets ÷ total assets | 32.9% | S100XB7E |
| Goodwill ÷ parent equity | — | —, S100XB7E |

### 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) | 34.6% |
| Cash ÷ revenue | 64.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 155.7% |
| Cash vs. profit gap | 120 JPY mn (of net income 48.8%) |
| Shareholder returns / net income | 16.1% |
| Shareholder returns / FCF | 11.0% |
| Shareholder payments — dividends / net income | 16.1% |
| Shareholder payments — dividends / FCF | 11.0% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 15.6% |

## 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 | 4.7% | 0.60× | 2.8% | 1.31× | 3.7% | S100PTB5 |
| 2022 | 5.4% | 0.58× | 3.1% | 1.35× | 4.2% | S100SH6M |
| 2023 | 1.8% | 0.52× | 0.9% | 1.40× | 1.3% | S100UXSI |
| 2024 | — | —× | -2.9% | —× | — | S100XB7E |
| 2025 | 7.5% | 0.55× | 4.1% | 1.44× | 5.9% | S100XB7E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山 本 時 男 | Major shareholder | 10.8% | 2025-09-30 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841（常任代理人 香港上海銀行東京支店セキュリティーズ・サービスオペレーションズ） | Major shareholder | 8.0% | 2025-09-30 |
| ㈱日本カストディ銀行(信託Ｅ口) | Major shareholder | 6.5% | 2025-09-30 |
| ㈱トリプルＡ | Major shareholder | 5.8% | 2025-09-30 |
| ㈱インターパブイーストアジア | Major shareholder | 5.7% | 2025-09-30 |
| 渡 辺 敏 行 | Major shareholder | 5.5% | 2025-09-30 |
| ㈱プランニングセンター | Major shareholder | 5.4% | 2025-09-30 |
| 山 本 浩 平 | Major shareholder | 3.2% | 2025-09-30 |
| 内 藤 征 吾 | Major shareholder | 2.6% | 2025-09-30 |
| ㈱スノーボールキャピタル | Major shareholder | 2.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2024/10/01－2025/09/30) | S100XB7E | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB7E,, |
| 有価証券報告書－第87期(2023/10/01－2024/09/30) | S100UXSI | 2024-12-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UXSI,, |
| 有価証券報告書－第86期(2022/10/01－2023/09/30) | S100SH6M | 2023-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SH6M,, |
| 有価証券報告書－第85期(令和3年10月1日－令和4年9月30日) | S100PTB5 | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTB5,, |
| 有価証券報告書－第84期(令和2年10月1日－令和3年9月30日) | S100N2IM | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2IM,, |
| 訂正有価証券報告書－第83期(令和1年10月1日－令和2年9月30日) | S100KGAD | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGAD,, |

## 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).