# FUJI SEAL INTERNATIONAL,INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第68期(2025/04/01－2026/03/31) (S100YPHI)
> Page: https://vizora.meequs.com/en/company/fuji-seal-international
> Retrieved: 2026-09-30T21:13:55.994Z

## Company

Fuji Seal International, founded in 1958, is a company in Food Packaging listed on TSE Prime. It has 5,670 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI SEAL INTERNATIONAL,INC. |
| Ticker | 7864 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7864.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区宮原4丁目1番9号 |
| Representative (per filing) | 取締役 代表執行役社長 CEO 岡﨑 成子 |
| Founded | Oct 1958 |
| Share capital | ¥5.99B |
| Employees (consolidated) | 5,670 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | fujiseal.com (https://fujiseal.com/) |
| Corporate number | 1120001002503 |
| EDINET | E00725 |
| Industries (Vizora) | Food Packaging |

> Profile source: annual securities report (S100YPHI, filed 2026-07-08). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 15 |
| Profitability | 96.7 | 15 |
| Cash conversion | 32.1 | 14 |
| Efficiency | 76.7 | 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)

- About 45% of Fuji Seal International's sales come from japan, with Americas and Europes making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +8.6%.

## Company structure

- Segment revenue mix: japan 45.2%、Americas 31.3%、Europes 15.2%、asean 8.3%
- Revenue → net income: ¥217752000000 → ¥20655000000
- Net income → operating cash flow: ¥20655000000 → ¥21553000000（difference ¥898000000）
- Main uses of operating cash flow: CapEx ¥17289000000 / dividends ¥3934000000 / buybacks ¥1077000000
- Change in cash: ¥6293000000
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 | ¥217.8B |  |
| Operating income | ¥20.5B | Margin 9.4% |
| Net income | ¥20.7B | Margin 9.5% |
| Free cash flow | ¥4.26B |  |
| Largest business | japan | of segment revenue 45.2% |
| Employees (consolidated) | 5,670 |  |
| EPS | ¥237.3 |  |
| Book value per share | ¥1523.74 |  |
| Equity ratio | 71.3% |  |
| Shares outstanding | 60,161,956 |  |
| Treasury shares | 6,460,300 |  |
| Shareholders | 23,896 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 15.6% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | +4 pp | Food Packaging |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥163635000000 | ¥217752000000 | +33.1% |
| Operating income | ¥12428000000 | ¥20463000000 | +64.7% |
| Operating margin | 7.6% | 9.4% | +1.8 pp |
| Employees | 5,741 people | 5,670 people | -1.2% |
| Cash and equivalents | ¥21549000000 | ¥35344000000 | +64.0% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 45.2% |
| 日本 → 事業再編・廃止 | 8.0% |
| 米州 → 米州 | 20.9% |
| 欧州 → 欧州 | 13.3% |
| アセアン → アセアン | 8.0% |
| ＰＡＧＯ → 事業再編・廃止 | 4.7% |
| 新設・再編 → 米州 | 10.4% |
| 新設・再編 → 欧州 | 2.0% |
| 新設・再編 → アセアン | 0.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| japan | 5 years | +1.5% | ¥98347000000 | 9.8% | 2 |
| Americas | 5 years | +13.7% | ¥68248000000 | 9.7% | 2 |
| Europes | 5 years | +7.8% | ¥33178000000 | 7.9% | 2 |
| asean | 5 years | +5.6% | ¥17978000000 | 9.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 217,752 | 100.0% | S100YPHI |
| Cost of revenue | 169,415 | 77.8% | S100YPHI |
| Gross profit | 48,337 | 22.2% | S100YPHI |
| SG&A | 27,873 | 12.8% | S100YPHI |
| Operating income | 20,463 | 9.4% | S100YPHI |
| Ordinary income | 22,009 | 10.1% | S100YPHI |
| Pretax income | 24,324 | 11.2% | S100YPHI |
| Income tax | 3,669 | 1.7% | S100YPHI |
| Net income | 20,655 | 9.5% | S100YPHI |
| Net income attributable to owners | 20,655 | 9.5% | S100YPHI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 22.2% → Operating margin 9.4% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +8.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.37×
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 | 212,345 | 217,752 | 5,407 | +2.5% |
| Gross profit | 44,989 | 48,337 | 3,348 | +7.4% |
| Operating income | 18,844 | 20,463 | 1,619 | +8.6% |
| Net income attributable to owners | 12,199 | 20,655 | 8,456 | +69.3% |
| Operating cash flow | 21,339 | 21,553 | 214 | +1.0% |
| Free cash flow | 14,421 | 4,264 | -10,157 | -70.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 160,925 | 12,635 | 7.9% | 8,808 | 19,086 | 12,295 | S100LL8A |
| FY ending Mar 2021 | 163,635 | 12,428 | 7.6% | 8,375 | 18,847 | 12,095 | S100OE48 |
| FY ending Mar 2022 | 170,321 | 10,572 | 6.2% | 6,117 | 14,021 | 2,838 | S100R1NV |
| FY ending Mar 2023 | 184,035 | 8,194 | 4.5% | 6,869 | 8,269 | -3,356 | S100TOOM |
| FY ending Mar 2024 | 196,624 | 13,309 | 6.8% | 10,277 | 19,930 | 13,630 | S100W1PG |
| FY ending Mar 2025 | 212,345 | 18,844 | 8.9% | 12,199 | 21,339 | 14,421 | S100YPHI |
| FY ending Mar 2026 | 217,752 | 20,463 | 9.4% | 20,655 | 21,553 | 4,264 | S100YPHI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.4M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 5,892 | 5,767 | 5,692 | 5,639 | 5,670 |
| Average salary (parent company) | ¥7.3M | ¥7.1M | ¥7.3M | ¥8.3M | ¥8M |
| Average age (parent company) | 45.2 years | 46.2 years | 45.7 years | 42.3 years | 47.0 years |
| Average tenure (parent company) | 14.5 years | 13.6 years | 10.6 years | 11.8 years | 13.6 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| japan | 98,347 | 45.2% | 9,637 | 9.8% |
| Americas | 68,248 | 31.3% | 6,602 | 9.7% |
| Europes | 33,178 | 15.2% | 2,628 | 7.9% |
| asean | 17,978 | 8.3% | 1,722 | 9.6% |

### 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 | 45.2% | 46.8% | 1.6 | 9.8% |
| Americas | 31.3% | 32.1% | 0.7 | 9.7% |
| Europes | 15.2% | 12.8% | -2.5 | 7.9% |
| asean | 8.3% | 8.4% | 0.1 | 9.6% |

Segment → industry: asean → Food Packaging / Europes → Food Packaging / Americas → Food Packaging / japan → Food Packaging

## 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 | 21,553 | 9.9% | S100YPHI |
| Capital expenditure | 17,289 | 7.9% | S100YPHI |
| Free cash flow | 4,264 | 2.0% | 算出 |
| Investing cash flow | -12,483 | -5.7% | S100YPHI |
| Financing cash flow | -4,361 | -2.0% | S100YPHI |
| Dividends paid | 3,934 | 1.8% | S100YPHI |
| Share buyback | 1,077 | 0.5% | S100YPHI |
| Change in cash | 6,293 | 2.9% | S100YPHI |
| Cash and equivalents | 35,344 | 16.2% | S100YPHI |

## 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 | 24,105 | 17,347 | 22,788 | 29,051 | 35,344 | S100TOOM, S100W1PG, S100YPHI |
| Total assets | 164,646 | 180,004 | 192,684 | 209,822 | 226,082 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Net assets | 109,492 | 120,571 | 132,142 | 145,269 | 161,264 | S100TOOM, S100W1PG, S100YPHI |
| Share capital | 5,990 | 5,990 | 5,990 | 5,990 | 5,990 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Trade receivables | 40,854 | 45,951 | 50,695 | 52,849 | 56,232 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Property, plant and equipment | 55,958 | 61,989 | 62,774 | 65,097 | 75,129 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Intangible assets excluding goodwill | 1,510 | 1,549 | 2,383 | 2,187 | 2,197 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Goodwill | 107 | 50 | 997 | 871 | 936 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Investment securities | 3,776 | 4,059 | 3,568 | 3,530 | 3,135 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Current assets | 101,126 | 110,023 | 117,064 | 133,075 | 138,630 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Current liabilities | 48,596 | 54,769 | 52,917 | 56,220 | 52,919 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Trade payables | 13,758 | 15,279 | 17,474 | 15,811 | 16,408 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Short-term borrowings | 4,382 | 9,034 | 4,020 | 6,000 | 4,000 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Long-term borrowings | 2,387 | 56 | 1,841 | 2,781 | 5,613 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Total liabilities | 55,153 | 59,432 | 60,542 | 64,553 | 64,817 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Equity attributable to owners of parent | 101,758 | 106,740 | 114,024 | 120,574 | 136,508 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Retained earnings | 97,677 | 102,629 | 110,990 | 119,188 | 135,909 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |
| Treasury stock | -8,512 | -8,479 | -9,556 | -11,230 | -12,056 | S100R1NV, S100TOOM, S100W1PG, S100YPHI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YPHI |
| Receivables | 25% | S100YPHI |
| Property, plant and equipment | 33% | S100YPHI |
| Intangibles and goodwill | 1% | S100YPHI |
| Investment securities | 1% | S100YPHI |
| Other assets | 24% | S100YPHI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YPHI |
| Other liabilities | 22% | S100YPHI |
| Equity | 71% | S100YPHI |
| Other liabilities | 0% | S100YPHI |

### 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 | 164,646 | 180,004 | 192,684 | 209,822 | 226,082 |
| Equity | 109,492 | 120,571 | 132,142 | 145,269 | 161,264 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,105 | 17,347 | 22,788 | 29,051 | 35,344 |

## 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) | 34.5% | S100YPHI |
| Fixed assets ÷ total assets | 33.2% | S100YPHI |
| Goodwill ÷ parent equity | 0.7% | S100YPHI |

Goodwill over 4 years: 107 → 936 JPY; total investing cash flow: -54,328 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) | 15.6% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.3% |
| Cash vs. profit gap | 898 JPY mn (of net income 4.3%) |
| Shareholder returns / net income | 24.3% |
| Shareholder returns / FCF | 117.5% |
| Shareholder payments — dividends / net income | 19.0% |
| Shareholder payments — dividends / FCF | 92.3% |
| CapEx intensity (capex ÷ revenue) | 7.9% |
| Investing CF relative to operating CF | 57.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.6% | 1.03× | 3.7% | 1.62× | 6.0% | S100R1NV |
| 2023 | 3.7% | 1.07× | 4.0% | 1.65× | 6.6% | S100TOOM |
| 2024 | 5.2% | 1.06× | 5.5% | 1.69× | 9.3% | S100W1PG |
| 2025 | 5.7% | 1.06× | 6.1% | 1.72× | 10.4% | S100YPHI |
| 2026 | 9.5% | 1.00× | 9.5% | 1.70× | 16.1% | S100YPHI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社創包 | Major shareholder | 14.5% | 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 | 12.0% | 2026-03-31 |
| 公益財団法人フジシール財団 | Major shareholder | 8.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| 藤尾 弘子 | Major shareholder | 3.3% | 2026-03-31 |
| 公益財団法人Innovation of FUJI | Major shareholder | 3.3% | 2026-03-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YPHI | 2026-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YPHI,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W1PG | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1PG,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TOOM | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOOM,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R1NV | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1NV,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OE48 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE48,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LL8A | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL8A,, |

## 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).