# CRESTEC Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2025/07/01－2026/06/30) (S100Z3BW)
> Page: https://vizora.meequs.com/en/company/crestec
> Retrieved: 2026-09-30T20:58:26.321Z

## Company

Crestec, founded in 1984, is a company in Printing listed on TSE Standard. It has 1,361 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CRESTEC Inc. |
| Ticker | 7812 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7812.T) |
| Listing | TSE Standard |
| Head office | 静岡県浜松市中央区東三方町69番地 |
| Representative (per filing) | 代表取締役社長執行役員 栗沢 威臣 |
| Founded | Sep 1984 |
| Share capital | ¥215.4M |
| Employees (consolidated) | 1,361 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | June |
| Website | www.crestec.co.jp (https://www.crestec.co.jp/) |
| Corporate number | 1080401001547 |
| EDINET | E31622 |
| Industries (Vizora) | Printing, Business Process Outsourcing |

> Profile source: annual securities report (S100Z3BW, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.6 | 23 |
| Profitability | 91.1 | 28 |
| Cash conversion | 56.3 | 24 |
| Efficiency | 51.8 | 28 |
| Financial strength | 90 | 5 |

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 33% of Crestec's sales come from Southeast asia/South asia, with Japan and China making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit +1.8%.

## Company structure

- Segment revenue mix: Southeast asia/South asia 32.7%、Japan 29.6%、China 24.5%、Europe and America 13.2%
- Revenue → net income: ¥18273423000 → ¥1082206000
- Net income → operating cash flow: ¥1082206000 → ¥2206719000（difference ¥1124513000）
- Main uses of operating cash flow: CapEx ¥404743000 / dividends ¥239410000 / buybacks ¥149685000
- Change in cash: ¥1483856000
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 | ¥18.3B |  |
| Operating income | ¥1.34B | Margin 7.3% |
| Net income | ¥982.3M | Margin 5.4% |
| Free cash flow | ¥1.8B |  |
| Largest business | Southeast asia/South asia | of segment revenue 32.7% |
| Employees (consolidated) | 1,361 |  |
| EPS | ¥90.95 |  |
| Book value per share | ¥320.32 |  |
| Equity ratio | 48.0% |  |
| Shares outstanding | 3,248,900 |  |
| Treasury shares | 218,400 |  |
| Shareholders | 1,758 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 34.2% | Net cash ¥2.12B · Cash ÷ revenue 37.9% |
| Vs. industry median margin | +3.9 pp | Printing |
| ROE | 13.9% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, segment profit share differs by -23 points
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17248045000 | ¥18273423000 | +5.9% |
| Operating income | ¥1111067000 | ¥1342920000 | +20.9% |
| Operating margin | 6.4% | 7.3% | +0.9 pp |
| Employees | 1,557 people | 1,361 people | -12.6% |
| Cash and equivalents | ¥3310470000 | ¥6920828000 | +109.1% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 29.3% |
| 中国地域 → 中国地域 | 22.3% |
| 東南アジア／南アジア地域 → 東南アジア／南アジア地域 | 32.7% |
| 東南アジア／南アジア地域 → 事業再編・廃止 | 7.1% |
| 欧米地域 → 欧米地域 | 8.6% |
| 新設・再編 → 日本 | 0.4% |
| 新設・再編 → 中国地域 | 2.1% |
| 新設・再編 → 欧米地域 | 4.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Southeast asia/South asia | 5 years | -2.7% | ¥5980562000 | 9.6% | 2 |
| Japan | 5 years | +1.4% | ¥5416475000 | 1.6% | 2 |
| China | 5 years | +3.0% | ¥4468251000 | 8.6% | 2 |
| Europe and America | 5 years | +10.2% | ¥2408132000 | 12.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,273 | 100.0% | S100Z3BW |
| Cost of revenue | 12,590 | 68.9% | S100Z3BW |
| Gross profit | 5,684 | 31.1% | S100Z3BW |
| SG&A | 4,341 | 23.8% | S100Z3BW |
| Operating income | 1,343 | 7.3% | S100Z3BW |
| Ordinary income | 1,525 | 8.3% | S100Z3BW |
| Pretax income | 1,595 | 8.7% | S100Z3BW |
| Income tax | 513 | 2.8% | S100Z3BW |
| Net income | 1,082 | 5.9% | S100Z3BW |
| Net income attributable to owners | 982 | 5.4% | S100Z3BW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.1% → Operating margin 7.3% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.7%; Core profit growth: +1.8%
Operating leverage (core profit growth ÷ revenue growth): -0.67×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,785 | 18,273 | -512 | -2.7% |
| Gross profit | 5,620 | 5,684 | 64 | +1.1% |
| Operating income | 1,319 | 1,343 | 24 | +1.8% |
| Net income attributable to owners | 737 | 982 | 245 | +33.3% |
| Operating cash flow | 1,981 | 2,207 | 225 | +11.4% |
| Free cash flow | 1,508 | 1,802 | 294 | +19.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 15,965 | 688 | 4.3% | 258 | 1,358 | 998 | S100MI0Z |
| FY ending Jun 2021 | 17,248 | 1,111 | 6.4% | 454 | 1,761 | 965 | S100P8UH |
| FY ending Jun 2022 | 18,610 | 1,238 | 6.7% | 835 | 1,787 | 538 | S100RWUT |
| FY ending Jun 2023 | 21,270 | 1,616 | 7.6% | 852 | 1,721 | 41 | S100UEYW |
| FY ending Jun 2024 | 19,067 | 1,181 | 6.2% | 911 | 2,486 | 1,639 | S100WQQN |
| FY ending Jun 2025 | 18,785 | 1,319 | 7.0% | 737 | 1,981 | 1,508 | S100Z3BW |
| FY ending Jun 2026 | 18,273 | 1,343 | 7.3% | 982 | 2,207 | 1,802 | S100Z3BW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.4M |
| Operating income per employee (consolidated) | ¥986.7K |
| Net income per employee (consolidated) | ¥721.7K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,536 | 1,428 | 1,383 | 1,364 | 1,361 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.1M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 42.7 years | 43.1 years | 43.8 years | 44.9 years | 44.9 years |
| Average tenure (parent company) | 13.0 years | 13.6 years | 14.3 years | 15.3 years | 15.4 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) -2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 5,416 | 29.6% | 86 | 1.6% |
| China | 4,468 | 24.5% | 385 | 8.6% |
| Southeast asia/South asia | 5,981 | 32.7% | 572 | 9.6% |
| Europe and America | 2,408 | 13.2% | 299 | 12.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 29.6% | 6.4% | -23.2 | 1.6% |
| China | 24.5% | 28.7% | 4.2 | 8.6% |
| Southeast asia/South asia | 32.7% | 42.6% | 9.9 | 9.6% |
| Europe and America | 13.2% | 22.3% | 9.1 | 12.4% |

Segment → industry: Japan → Printing / Japan → Business Process Outsourcing / China → Printing / China → Business Process Outsourcing / Southeast asia/South asia → Printing / Southeast asia/South asia → Business Process Outsourcing / Europe and America → Printing / Europe and America → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,207 | 12.1% | S100Z3BW |
| Capital expenditure | 405 | 2.2% | S100Z3BW |
| Free cash flow | 1,802 | 9.9% | 算出 |
| Investing cash flow | -744 | -4.1% | S100Z3BW |
| Financing cash flow | -475 | -2.6% | S100Z3BW |
| Dividends paid | 239 | 1.3% | S100Z3BW |
| Share buyback | 150 | 0.8% | S100Z3BW |
| Change in cash | 1,484 | 8.1% | S100Z3BW |
| Cash and equivalents | 6,921 | 37.9% | S100Z3BW |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,760 | 4,786 | 5,572 | 5,437 | 6,921 | S100UEYW, S100WQQN, S100Z3BW |
| Total assets | 17,629 | 18,455 | 19,769 | 17,784 | 20,260 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Net assets | 6,837 | 7,739 | 9,228 | 8,931 | 10,980 | S100UEYW, S100WQQN, S100Z3BW |
| Share capital | 215 | 215 | 215 | 215 | 215 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Property, plant and equipment | 5,054 | 6,046 | 7,120 | 6,419 | 6,890 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Intangible assets excluding goodwill | 361 | 309 | 264 | 220 | 330 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Goodwill | 147 | 116 | 86 | 56 | 180 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Investment securities | 96 | 102 | 110 | 106 | 133 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Current assets | 11,066 | 11,175 | 11,305 | 10,304 | 12,211 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Current liabilities | 7,987 | 6,896 | 6,712 | 5,328 | 5,959 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Trade payables | 1,392 | 1,255 | 1,145 | 1,011 | 1,033 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Short-term borrowings | 3,974 | 3,355 | 2,904 | 2,192 | 2,634 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Long-term borrowings | 1,732 | 2,682 | 2,164 | 1,733 | 1,798 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Bonds | — | — | 280 | 554 | 373 | S100WQQN, S100Z3BW |
| Interest-bearing debt | — | — | 5,348 | 4,479 | 4,804 | 算出 |
| Total liabilities | 10,792 | 10,716 | 10,540 | 8,853 | 9,280 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Non-controlling interests | 801 | 879 | 1,051 | 979 | 1,265 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Equity attributable to owners of parent | 5,151 | 5,759 | 6,374 | 6,761 | 7,377 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Retained earnings | 4,864 | 5,472 | 6,087 | 6,565 | 7,308 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |
| Treasury stock | -129 | -129 | -129 | -219 | -346 | S100RWUT, S100UEYW, S100WQQN, S100Z3BW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100Z3BW |
| Property, plant and equipment | 34% | S100Z3BW |
| Intangibles and goodwill | 2% | S100Z3BW |
| Investment securities | 1% | S100Z3BW |
| Other assets | 29% | S100Z3BW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100Z3BW |
| Interest-bearing debt | 24% | 算出 |
| Other liabilities | 17% | S100Z3BW |
| Equity | 54% | S100Z3BW |
| Other liabilities | 0% | S100Z3BW |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,629 | 18,455 | 19,769 | 17,784 | 20,260 |
| Equity | 6,837 | 7,739 | 9,228 | 8,931 | 10,980 |
| Interest-bearing debt | — | — | 5,348 | 4,479 | 4,804 |
| Cash | 4,760 | 4,786 | 5,572 | 5,437 | 6,921 |

## 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) | 37.7% | S100Z3BW |
| Fixed assets ÷ total assets | 34.0% | S100Z3BW |
| Goodwill ÷ parent equity | 2.4% | S100Z3BW |

Goodwill over 4 years: 147 → 180 JPY; total investing cash flow: -4,558 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) | 34.2% |
| Cash ÷ revenue | 37.9% |
| Net cash (cash − interest-bearing debt) | ¥2.12B |
| Net debt ÷ operating cash flow | -0.96× |
| Cash conversion (operating CF ÷ operating income) | 164.3% |
| Cash vs. profit gap | 1,224 JPY mn (of net income 124.7%) |
| Shareholder returns / net income | 39.6% |
| Shareholder returns / FCF | 21.6% |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | 13.3% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 33.7% |

## 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 | 4.5% | 1.06× | 4.7% | 3.42× | 16.2% | S100RWUT |
| 2023 | 4.0% | 1.18× | 4.7% | 3.31× | 15.6% | S100UEYW |
| 2024 | 4.8% | 1.00× | 4.8% | 3.15× | 15.0% | S100WQQN |
| 2025 | 3.9% | 1.00× | 3.9% | 2.86× | 11.2% | S100Z3BW |
| 2026 | 5.4% | 0.96× | 5.2% | 2.69× | 13.9% | S100Z3BW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| クレステック従業員持株会 | Major shareholder | 10.9% | 2026-06-30 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 10.1% | 2026-06-30 |
| 髙林 彰 | Major shareholder | 7.7% | 2026-06-30 |
| 日本生命保険相互会社 | Major shareholder | 5.4% | 2026-06-30 |
| 鈴木 一隆 | Major shareholder | 5.3% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-06-30 |
| 株式会社豊橋印刷社 | Major shareholder | 4.1% | 2026-06-30 |
| 冨永 尚志 | Major shareholder | 3.3% | 2026-06-30 |
| 内藤 征吾 | Major shareholder | 1.8% | 2026-06-30 |
| 栗沢 威臣 | Major shareholder | 1.5% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/07/01－2026/06/30) | S100Z3BW | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3BW,, |
| 有価証券報告書－第41期(2024/07/01－2025/06/30) | S100WQQN | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQQN,, |
| 有価証券報告書－第40期(2023/07/01－2024/06/30) | S100UEYW | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEYW,, |
| 有価証券報告書－第39期(2022/07/01－2023/06/30) | S100RWUT | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWUT,, |
| 有価証券報告書－第38期(令和3年7月1日－令和4年6月30日) | S100P8UH | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8UH,, |
| 有価証券報告書－第37期(令和2年7月1日－令和3年6月30日) | S100MI0Z | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI0Z,, |

## 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).