# Fujibo Holdings, Inc.: 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206期(2025/04/01－2026/03/31) (S100YIS2)
> Page: https://vizora.meequs.com/en/company/fujibo-holdings
> Retrieved: 2026-09-30T22:25:46.709Z

## Company

Fujibo Holdings, founded in 1896, is a company in Textiles & Fibers listed on TSE Prime. It has 1,324 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fujibo Holdings, Inc. |
| Ticker | 3104 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3104.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋人形町一丁目18番12号 |
| Representative (per filing) | 代表取締役社長 井上 雅偉 |
| Founded | Mar 1896 |
| Share capital | ¥6.67B |
| Employees (consolidated) | 1,324 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.fujibo.co.jp (https://www.fujibo.co.jp/) |
| Corporate number | 3010001034927 |
| EDINET | E00543 |
| Industries (Vizora) | Textiles & Fibers, Chemicals, Semiconductor Materials, Apparel |

> Profile source: annual securities report (S100YIS2, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.2 | 23 |
| Profitability | 64.6 | 24 |
| Cash conversion | 52.1 | 24 |
| Efficiency | 64.6 | 24 |

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 49% of Fujibo Holdings's sales come from Abrasive, with Chemical industry products and Lifestyle Apparel making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +25.7%.

## Company structure

- Segment revenue mix: Abrasive 49.1%、Chemical industry products 30.7%、Lifestyle Apparel 13.8%、Other 6.4%
- Revenue → net income: ¥45929000000 → ¥5612000000
- Net income → operating cash flow: ¥5612000000 → ¥10143000000（difference ¥4531000000）
- Main uses of operating cash flow: CapEx ¥6446000000 / dividends ¥1635000000 / buybacks ¥680000000
- Change in cash: ¥1469000000
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 | ¥45.9B |  |
| Operating income | ¥8.14B | Margin 17.7% |
| Net income | ¥5.61B | Margin 12.2% |
| Free cash flow | ¥3.7B |  |
| Largest business | Abrasive | of segment revenue 49.1% |
| Employees (consolidated) | 1,324 |  |
| EPS | ¥59.9 |  |
| Book value per share | ¥769.54 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 11,354,000 |  |
| Treasury shares | 114,700 |  |
| Shareholders | 3,475 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | +2.9 pp | Semiconductor Materials |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36932000000 | ¥45929000000 | +24.4% |
| Operating income | ¥5285000000 | ¥8143000000 | +54.1% |
| Operating margin | 14.3% | 17.7% | +3.4 pp |
| Employees | 1,156 people | 1,324 people | +14.5% |
| Cash and equivalents | ¥4571000000 | ¥9517000000 | +108.2% |

### 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 |
| --- | ---: |
| 研磨材事業 → 研磨材事業 | 29.9% |
| 化学工業品事業 → 化学工業品事業 | 30.7% |
| 化学工業品事業 → 事業再編・廃止 | 0.3% |
| 繊維事業 → 事業再編・廃止 | 16.1% |
| 生活衣料事業 → 生活衣料事業 | 13.8% |
| 生活衣料事業 → 事業再編・廃止 | 2.3% |
| その他 → その他 | 6.4% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 研磨材事業 | 19.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Abrasive | 5 years | +11.4% | ¥22561000000 | 28.3% | 2 |
| Chemical industry products | 5 years | +0.6% | ¥14113000000 | 10.0% | 2 |
| Lifestyle Apparel | 5 years | -2.2% | ¥6323000000 | 6.9% | 2 |
| Other | 5 years | -0.7% | ¥2930000000 | -3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,929 | 100.0% | S100YIS2 |
| Cost of revenue | 28,992 | 63.1% | S100YIS2 |
| Gross profit | 16,937 | 36.9% | S100YIS2 |
| SG&A | 8,793 | 19.1% | S100YIS2 |
| Operating income | 8,143 | 17.7% | S100YIS2 |
| Ordinary income | 8,356 | 18.2% | S100YIS2 |
| Pretax income | 7,626 | 16.6% | S100YIS2 |
| Income tax | 2,013 | 4.4% | S100YIS2 |
| Net income | 5,612 | 12.2% | S100YIS2 |
| Net income attributable to owners | 5,612 | 12.2% | S100YIS2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 19 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 36.9% → Operating margin 17.7% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +25.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.66×
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 | 42,912 | 45,929 | 3,017 | +7.0% |
| Gross profit | 14,884 | 16,937 | 2,053 | +13.8% |
| Operating income | 6,476 | 8,143 | 1,667 | +25.7% |
| Net income attributable to owners | 4,477 | 5,612 | 1,135 | +25.4% |
| Operating cash flow | 8,656 | 10,143 | 1,487 | +17.2% |
| Free cash flow | 1,905 | 3,697 | 1,792 | +94.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,701 | 4,079 | 10.5% | 2,269 | 6,548 | 2,370 | S100LSX0 |
| FY ending Mar 2021 | 36,932 | 5,285 | 14.3% | 4,315 | 6,792 | 923 | S100OJAL |
| FY ending Mar 2022 | 35,916 | 5,877 | 16.4% | 4,455 | 9,107 | 5,328 | S100RG22 |
| FY ending Mar 2023 | 37,669 | 4,872 | 12.9% | 3,399 | 5,175 | 2,547 | S100TTLJ |
| FY ending Mar 2024 | 36,108 | 2,818 | 7.8% | 2,117 | 4,987 | 1,705 | S100W5BI |
| FY ending Mar 2025 | 42,912 | 6,476 | 15.1% | 4,477 | 8,656 | 1,905 | S100YIS2 |
| FY ending Mar 2026 | 45,929 | 8,143 | 17.7% | 5,612 | 10,143 | 3,697 | S100YIS2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.7M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 1,195 | 1,273 | 1,299 | 1,319 | 1,324 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.2M | ¥6.7M | ¥7.3M |
| Average age (parent company) | 45.0 years | 43.0 years | 41.1 years | 41.0 years | 40.9 years |
| Average tenure (parent company) | 18.1 years | 16.1 years | 14.1 years | 13.1 years | 13.7 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Abrasive | 22,561 | 49.1% | 6,385 | 28.3% |
| Chemical industry products | 14,113 | 30.7% | 1,417 | 10.0% |
| Lifestyle Apparel | 6,323 | 13.8% | 438 | 6.9% |
| Other | 2,930 | 6.4% | -98 | -3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Abrasive | 49.1% | 77.5% | 28.4 | 28.3% |
| Chemical industry products | 30.7% | 17.2% | -13.5 | 10.0% |
| Lifestyle Apparel | 13.8% | 5.3% | -8.5 | 6.9% |
| Other | 6.4% | — | — | -3.3% |

Loss-making segment (excluded from profit shares): Other -98 JPY mn

Segment → industry: Lifestyle Apparel → Textiles & Fibers / Chemical industry products → Chemicals / Abrasive → Semiconductor Materials / Lifestyle Apparel → Apparel

## 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 | 10,143 | 22.1% | S100YIS2 |
| Capital expenditure | 6,446 | 14.0% | S100YIS2 |
| Free cash flow | 3,697 | 8.0% | 算出 |
| Investing cash flow | -6,115 | -13.3% | S100YIS2 |
| Financing cash flow | -2,621 | -5.7% | S100YIS2 |
| Dividends paid | 1,635 | 3.6% | S100YIS2 |
| Share buyback | 680 | 1.5% | S100YIS2 |
| Change in cash | 1,469 | 3.2% | S100YIS2 |
| Cash and equivalents | 9,517 | 20.7% | S100YIS2 |

## 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 | 8,315 | 8,090 | 8,245 | 8,048 | 9,517 | S100TTLJ, S100W5BI, S100YIS2 |
| Total assets | 58,531 | 61,368 | 62,512 | 66,608 | 71,816 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Net assets | 40,497 | 42,920 | 43,973 | 47,460 | 51,691 | S100TTLJ, S100W5BI, S100YIS2 |
| Share capital | 6,673 | 6,673 | 6,673 | 6,673 | 6,673 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Property, plant and equipment | 32,572 | 33,968 | 33,962 | 36,776 | 41,220 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Intangible assets excluding goodwill | 605 | 1,397 | 1,217 | 1,073 | 376 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Goodwill | 317 | 1,142 | 1,002 | 862 | — | S100RG22, S100TTLJ, S100W5BI |
| Investment securities | 2,029 | 2,175 | 2,773 | 2,923 | 3,864 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Current assets | 22,544 | 23,003 | 23,689 | 25,052 | 25,580 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Current liabilities | 11,476 | 11,869 | 11,756 | 12,499 | 13,305 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Trade payables | 4,955 | 4,087 | 4,156 | 4,772 | 3,704 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Short-term borrowings | 1,306 | 1,292 | 1,223 | 321 | 134 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Long-term borrowings | 60 | 26 | 210 | 150 | 90 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Total liabilities | 18,034 | 18,448 | 18,539 | 19,148 | 20,124 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Equity attributable to owners of parent | 38,015 | 40,179 | 40,569 | 43,765 | 47,027 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Retained earnings | 29,676 | 31,815 | 32,684 | 35,846 | 39,760 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |
| Treasury stock | -530 | -515 | -1,002 | -28 | -684 | S100RG22, S100TTLJ, S100W5BI, S100YIS2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YIS2 |
| Property, plant and equipment | 57% | S100YIS2 |
| Intangibles and goodwill | 1% | S100YIS2 |
| Investment securities | 5% | S100YIS2 |
| Other assets | 24% | S100YIS2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YIS2 |
| Other liabilities | 23% | S100YIS2 |
| Equity | 72% | S100YIS2 |
| Other liabilities | 0% | S100YIS2 |

### 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 | 58,531 | 61,368 | 62,512 | 66,608 | 71,816 |
| Equity | 40,497 | 42,920 | 43,973 | 47,460 | 51,691 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,315 | 8,090 | 8,245 | 8,048 | 9,517 |

## 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) | 89.7% | S100YIS2 |
| Fixed assets ÷ total assets | 57.4% | S100YIS2 |
| Goodwill ÷ parent equity | — | —, S100YIS2 |

### 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) | 13.3% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.6% |
| Cash vs. profit gap | 4,531 JPY mn (of net income 80.7%) |
| Shareholder returns / net income | 41.3% |
| Shareholder returns / FCF | 62.6% |
| Shareholder payments — dividends / net income | 29.1% |
| Shareholder payments — dividends / FCF | 44.2% |
| CapEx intensity (capex ÷ revenue) | 14.0% |
| Investing CF relative to operating CF | 60.3% |

## 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 | 12.4% | 0.61× | 7.6% | 1.54× | 11.7% | S100RG22 |
| 2023 | 9.0% | 0.63× | 5.7% | 1.53× | 8.7% | S100TTLJ |
| 2024 | 5.9% | 0.58× | 3.4% | 1.53× | 5.2% | S100W5BI |
| 2025 | 10.4% | 0.66× | 6.9% | 1.53× | 10.6% | S100YIS2 |
| 2026 | 12.2% | 0.66× | 8.1% | 1.52× | 12.4% | S100YIS2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.5% | 2026-03-31 |
| MLI FOR SEGREGATED PB CLIENT(常任代理人 BOFA証券㈱) | Major shareholder | 4.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 4.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 3.6% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT／COLLATERAL(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.0% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第206期(2025/04/01－2026/03/31) | S100YIS2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIS2,, |
| 有価証券報告書－第205期(2024/04/01－2025/03/31) | S100W5BI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5BI,, |
| 有価証券報告書－第204期(2023/04/01－2024/03/31) | S100TTLJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTLJ,, |
| 訂正有価証券報告書－第203期(2022/04/01－2023/03/31) | S100RG22 | 2023-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RG22,, |
| 有価証券報告書－第202期(令和3年4月1日－令和4年3月31日) | S100OJAL | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJAL,, |
| 有価証券報告書－第201期(令和2年4月1日－令和3年3月31日) | S100LSX0 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSX0,, |

## 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).