# FP CORPORATION: 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64期(2025/04/01－2026/03/31) (S100YDYF)
> Page: https://vizora.meequs.com/en/company/fp
> Retrieved: 2026-09-30T21:06:47.591Z

## Company

FP, founded in 1962, is a company in Food Packaging listed on TSE Prime. It has 5,306 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FP CORPORATION |
| Ticker | 7947 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7947.T) |
| Listing | TSE Prime |
| Head office | 広島県福山市曙町一丁目13番15号 |
| Representative (per filing) | 代表取締役会長 佐藤 守正 |
| Founded | Jul 1962 |
| Share capital | ¥13.2B |
| Employees (consolidated) | 5,306 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.fpco.jp (https://www.fpco.jp/) |
| Corporate number | 5240001029984 |
| EDINET | E02412 |
| Industries (Vizora) | Food Packaging |

> Profile source: annual securities report (S100YDYF, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Food Packaging (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.7 | 15 |
| Profitability | 90 | 15 |
| Cash conversion | 39.3 | 14 |
| Efficiency | 36.7 | 15 |

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)

- FP brought in ¥240.5B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +17.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥240490000000 → ¥14946000000
- Net income → operating cash flow: ¥14946000000 → ¥29981000000（difference ¥15035000000）
- Main uses of operating cash flow: CapEx ¥16532000000 / dividends ¥5778000000 / buybacks ¥0
- Change in cash: ¥6458000000
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 | ¥240.5B |  |
| Operating income | ¥21.6B | Margin 9.0% |
| Net income | ¥14.9B | Margin 6.2% |
| Free cash flow | ¥13.4B |  |
| Employees (consolidated) | 5,306 |  |
| EPS | ¥279.69 |  |
| Book value per share | ¥1701.79 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 84,568,000 |  |
| Treasury shares | 3,691,600 |  |
| Shareholders | 7,892 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 8.4% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | +3.6 pp | Food Packaging |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 5.0% | 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 | ¥187509000000 | ¥240490000000 | +28.3% |
| Operating income | ¥18763000000 | ¥21614000000 | +15.2% |
| Operating margin | 10.0% | 9.0% | -1 pp |
| Employees | 4,753 people | 5,306 people | +11.6% |
| Cash and equivalents | ¥17884000000 | ¥25478000000 | +42.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 240,490 | 100.0% | S100YDYF |
| Cost of revenue | 162,066 | 67.4% | S100YDYF |
| Gross profit | 78,423 | 32.6% | S100YDYF |
| SG&A | 56,809 | 23.6% | S100YDYF |
| Operating income | 21,614 | 9.0% | S100YDYF |
| Ordinary income | 21,768 | 9.1% | S100YDYF |
| Pretax income | 21,457 | 8.9% | S100YDYF |
| Income tax | 6,510 | 2.7% | S100YDYF |
| Net income | 14,946 | 6.2% | S100YDYF |
| Net income attributable to owners | 14,869 | 6.2% | S100YDYF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 24 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 32.6% → Operating margin 9.0% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +17.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.25×
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 | 235,628 | 240,490 | 4,862 | +2.1% |
| Gross profit | 73,071 | 78,423 | 5,352 | +7.3% |
| Operating income | 18,471 | 21,614 | 3,143 | +17.0% |
| Net income attributable to owners | 12,486 | 14,869 | 2,383 | +19.1% |
| Operating cash flow | 27,919 | 29,981 | 2,062 | +7.4% |
| Free cash flow | 12,563 | 13,449 | 886 | +7.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 186,349 | 15,507 | 8.3% | 10,777 | 27,770 | 16,587 | S100LQRJ |
| FY ending Mar 2021 | 187,509 | 18,763 | 10.0% | 12,211 | 31,814 | 14,105 | S100OEQ2 |
| FY ending Mar 2022 | 195,700 | 15,884 | 8.1% | 11,206 | 23,148 | -398 | S100R77A |
| FY ending Mar 2023 | 211,285 | 16,703 | 7.9% | 11,529 | 20,071 | -8,272 | S100TSH9 |
| FY ending Mar 2024 | 222,100 | 16,429 | 7.4% | 11,724 | 29,176 | 17,376 | S100W0NR |
| FY ending Mar 2025 | 235,628 | 18,471 | 7.8% | 12,486 | 27,919 | 12,563 | S100YDYF |
| FY ending Mar 2026 | 240,490 | 21,614 | 9.0% | 14,869 | 29,981 | 13,449 | S100YDYF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.3M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 4,792 | 4,876 | 5,104 | 5,250 | 5,306 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7.2M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 41.0 years | 41.4 years | 41.8 years | 42.1 years | 42.3 years |
| Average tenure (parent company) | 14.0 years | 14.4 years | 16.0 years | 16.5 years | 15.6 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +2.1%

## 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 | 29,981 | 12.5% | S100YDYF |
| Capital expenditure | 16,532 | 6.9% | S100YDYF |
| Free cash flow | 13,449 | 5.6% | 算出 |
| Investing cash flow | -16,594 | -6.9% | S100YDYF |
| Financing cash flow | -6,928 | -2.9% | S100YDYF |
| Dividends paid | 5,778 | 2.4% | S100YDYF |
| Share buyback | 0 | 0.0% | S100YDYF |
| Change in cash | 6,458 | 2.7% | S100YDYF |
| Cash and equivalents | 25,478 | 10.6% | S100YDYF |

## 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 | 19,745 | 22,255 | 23,707 | 19,020 | 25,478 | S100TSH9, S100W0NR, S100YDYF |
| Total assets | 262,695 | 298,623 | 298,580 | 292,226 | 304,062 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Net assets | 132,455 | 140,171 | 145,844 | 154,114 | 165,171 | S100TSH9, S100W0NR, S100YDYF |
| Share capital | 13,150 | 13,150 | 13,150 | 13,150 | 13,150 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Trade receivables | 38,915 | 42,002 | 47,314 | 42,620 | 42,187 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Property, plant and equipment | 163,832 | 179,293 | 172,735 | 173,668 | 177,211 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Intangible assets excluding goodwill | 1,629 | 1,760 | 3,590 | 3,252 | 3,216 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Goodwill | 413 | 224 | 698 | 557 | 494 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Investment securities | 4,569 | 10,898 | 10,959 | 10,274 | 12,178 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Current assets | 87,477 | 101,413 | 105,516 | 98,847 | 105,439 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Current liabilities | 76,807 | 83,883 | 86,201 | 84,372 | 86,218 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Trade payables | — | 26,530 | 28,893 | 28,055 | — | S100TSH9, S100W0NR |
| Short-term borrowings | 14,134 | 14,909 | 14,388 | 14,752 | 15,738 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Long-term borrowings | 46,031 | 67,251 | 58,889 | 46,191 | 45,162 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Total liabilities | 130,239 | 158,452 | 152,735 | 138,111 | 138,891 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Non-controlling interests | 695 | 738 | 712 | 685 | 726 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Equity attributable to owners of parent | 130,577 | 138,298 | 143,244 | 151,221 | 160,377 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Retained earnings | 107,443 | 115,126 | 123,003 | 130,911 | 139,999 | S100R77A, S100TSH9, S100W0NR, S100YDYF |
| Treasury stock | -5,561 | -5,531 | -8,483 | -8,418 | -8,359 | S100R77A, S100TSH9, S100W0NR, S100YDYF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YDYF |
| Receivables | 14% | S100YDYF |
| Property, plant and equipment | 58% | S100YDYF |
| Intangibles and goodwill | 1% | S100YDYF |
| Investment securities | 4% | S100YDYF |
| Other assets | 14% | S100YDYF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YDYF |
| Equity | 54% | S100YDYF |

### 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 | 262,695 | 298,623 | 298,580 | 292,226 | 304,062 |
| Equity | 132,455 | 140,171 | 145,844 | 154,114 | 165,171 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,745 | 22,255 | 23,707 | 19,020 | 25,478 |

## 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) | 73.7% | S100YDYF |
| Fixed assets ÷ total assets | 58.3% | S100YDYF |
| Goodwill ÷ parent equity | 0.3% | S100YDYF |

Goodwill over 4 years: 413 → 494 JPY; total investing cash flow: -99,406 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) | 8.4% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.7% |
| Cash vs. profit gap | 15,112 JPY mn (of net income 101.6%) |
| Shareholder returns / net income | 38.9% |
| Shareholder returns / FCF | 43.0% |
| Shareholder payments — dividends / net income | 38.9% |
| Shareholder payments — dividends / FCF | 43.0% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 55.3% |

## 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 | 5.7% | 0.74× | 4.3% | 2.01× | 8.6% | S100R77A |
| 2023 | 5.5% | 0.75× | 4.1% | 2.09× | 8.6% | S100TSH9 |
| 2024 | 5.3% | 0.74× | 3.9% | 2.12× | 8.3% | S100W0NR |
| 2025 | 5.3% | 0.80× | 4.2% | 2.01× | 8.5% | S100YDYF |
| 2026 | 6.2% | 0.81× | 5.0% | 1.91× | 9.5% | S100YDYF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社小松安弘興産 | Major shareholder | 35.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| 積水化成品工業株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| エフピコ共栄会 | Major shareholder | 2.0% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託積水化成品工業口） | Major shareholder | 1.5% | 2026-03-31 |
| エフピコ社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 第一生命保険株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YDYF | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDYF,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W0NR | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0NR,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TSH9 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSH9,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R77A | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R77A,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OEQ2 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEQ2,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LQRJ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQRJ,, |

## 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).