# FUJICOPIAN CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/01/01－2025/12/31) (S100XUTV)
> Page: https://vizora.meequs.com/en/company/fujicopian
> Retrieved: 2026-09-30T19:03:18.041Z

## Company

Fujicopian, founded in 1950, is a company in Chemicals listed on TSE Standard. It has 551 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJICOPIAN CO.,LTD. |
| Ticker | 7957 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7957.T) |
| Listing | TSE Standard |
| Head office | 大阪市西淀川区御幣島五丁目4番14号 |
| Representative (per filing) | 代表取締役社長 佐々木 敏樹 |
| Founded | Mar 1950 |
| Share capital | ¥4.79B |
| Employees (consolidated) | 551 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | December |
| Website | www.fujicopian.com (https://www.fujicopian.com/) |
| Corporate number | 8120001050578 |
| EDINET | E02402 |
| Industries (Vizora) | Chemicals, Stationery & Office Supplies |

> Profile source: annual securities report (S100XUTV, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.4 | 16 |
| Profitability | 9.4 | 16 |
| Efficiency | 9.4 | 16 |

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 95% of Fujicopian's sales come from Character printing recording media and office consumables related business, with Plastic molding business making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -5.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.48B |  |
| Operating income | -¥230.2M | Margin -2.7% |
| Net income | -¥2.7B | Margin -31.9% |
| Free cash flow | -¥475.3M |  |
| Largest business | Character printing recording media and office consumables related business | of segment revenue 94.9% |
| Employees (consolidated) | 551 |  |
| EPS | ¥-1747.18 |  |
| Book value per share | ¥4499.29 |  |
| Equity ratio | 57.4% |  |
| Shares outstanding | 1,789,000 |  |
| Treasury shares | 258,800 |  |
| Shareholders | 953 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 18.3% | Cash ÷ revenue 30.0% |
| Vs. industry median margin | -7.3 pp | Stationery & Office Supplies |
| ROA | -17.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7544618000 | ¥8475562000 | +12.3% |
| Operating income | ¥-115463000 | ¥-230209000 | — |
| Operating margin | -1.5% | -2.7% | -1.2 pp |
| Employees | 598 people | 551 people | -7.9% |
| Cash and equivalents | ¥4578459000 | ¥2541657000 | -44.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 印字記録媒体および事務用消耗品関連事業 → 印字記録媒体および事務用消耗品関連事業 | 94.9% |
| 印字記録媒体および事務用消耗品関連事業 → 事業再編・廃止 | 0.1% |
| プラスチック成形関連事業 → プラスチック成形関連事業 | 5.1% |
| 新設・再編 → プラスチック成形関連事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,476 | 100.0% | S100XUTV |
| Cost of revenue | 6,680 | 78.8% | S100XUTV |
| Gross profit | 1,795 | 21.2% | S100XUTV |
| SG&A | 2,026 | 23.9% | S100XUTV |
| Operating income | -230 | -2.7% | S100XUTV |
| Ordinary income | -163 | -1.9% | S100XUTV |
| Pretax income | -2,663 | -31.4% | S100XUTV |
| Income tax | 38 | 0.5% | S100XUTV |
| Net income | -2,701 | -31.9% | S100XUTV |
| Net income attributable to owners | -2,701 | -31.9% | S100XUTV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 24 |
| Operating income | -3 |
| (Ref.) Net income | -32 |

### Margin funnel

Gross margin 21.2% → Operating margin -2.7% → Net margin -31.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,984 | 8,476 | -509 | -5.7% |
| Gross profit | 2,106 | 1,795 | -311 | -14.8% |
| Operating income | -16 | -230 | -215 | — |
| Net income attributable to owners | 398 | -2,701 | -3,099 | -779.1% |
| Operating cash flow | 300 | 102 | -198 | -66.0% |
| Free cash flow | -362 | -475 | -113 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 8,978 | 430 | 4.8% | 315 | 680 | -79 | S100KZKK |
| FY ending Dec 2020 | 7,545 | -115 | -1.5% | -181 | 795 | 134 | S100NQGT |
| FY ending Dec 2021 | 8,599 | 350 | 4.1% | 370 | 899 | 208 | S100QFGZ |
| FY ending Dec 2022 | 9,851 | 546 | 5.5% | 490 | 707 | -281 | S100T408 |
| FY ending Dec 2023 | 8,225 | -774 | -9.4% | -856 | -47 | -881 | S100VGSH |
| FY ending Dec 2024 | 8,984 | -16 | -0.2% | 398 | 300 | -362 | S100XUTV |
| FY ending Dec 2025 | 8,476 | -230 | -2.7% | -2,701 | 102 | -475 | S100XUTV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.4M |
| Operating income per employee (consolidated) | -¥417.8K |
| Net income per employee (consolidated) | -¥4.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 628 | 622 | 611 | 583 | 551 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5M | ¥5M | ¥5M |
| Average age (parent company) | 43.4 years | 43.7 years | 43.1 years | 42.8 years | 42.1 years |
| Average tenure (parent company) | 19.4 years | 19.6 years | 18.8 years | 18.2 years | 17.1 years |

Year over year: Employees (consolidated) -5.5% · Revenue (consolidated) -5.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Character printing recording media and office consumables related business | 8,039 | 94.9% | — | — |
| Plastic molding business | 436 | 5.1% | — | — |

### 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 |
| --- | ---: |
| Character printing recording media and office consumables related business | 94.9% |
| Plastic molding business | 5.1% |

Segment → industry: Plastic molding business → Chemicals / Character printing recording media and office consumables related business → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 102 | 1.2% | S100XUTV |
| Capital expenditure | 577 | 6.8% | S100XUTV |
| Free cash flow | -475 | -5.6% | 算出 |
| Investing cash flow | -533 | -6.3% | S100XUTV |
| Financing cash flow | 60 | 0.7% | S100XUTV |
| Dividends paid | 119 | 1.4% | S100XUTV |
| Share buyback | 0 | 0.0% | S100XUTV |
| Change in cash | -316 | -3.7% | S100XUTV |
| Cash and equivalents | 2,542 | 30.0% | S100XUTV |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,326 | 4,271 | 3,235 | 2,858 | 2,542 | S100T408, S100VGSH, S100XUTV |
| Total assets | 16,222 | 17,823 | 16,165 | 16,443 | 13,872 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Net assets | 10,479 | 11,136 | 10,344 | 10,566 | 7,968 | S100T408, S100VGSH, S100XUTV |
| Share capital | 4,792 | 4,792 | 4,792 | 4,792 | 4,792 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Trade receivables | 1,964 | 2,143 | 1,884 | 2,328 | 1,948 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Property, plant and equipment | 5,948 | 6,349 | 6,270 | 6,291 | 4,557 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Intangible assets excluding goodwill | 159 | 483 | 482 | 476 | 41 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Investment securities | 1,212 | 1,188 | 1,430 | 1,265 | 1,516 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Current assets | 8,694 | 9,592 | 7,780 | 8,180 | 7,600 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Current liabilities | 2,588 | 3,682 | 2,985 | 3,229 | 2,836 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Trade payables | 515 | 589 | 437 | 464 | 324 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Short-term borrowings | 143 | 81 | — | — | — | S100QFGZ, S100T408 |
| Long-term borrowings | 2,145 | 1,964 | 1,597 | 1,508 | 1,917 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Total liabilities | 5,743 | 6,687 | 5,821 | 5,877 | 5,903 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Equity attributable to owners of parent | 10,038 | 10,428 | 9,424 | 9,760 | 6,940 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Retained earnings | 2,672 | 3,063 | 2,058 | 2,394 | -426 | S100QFGZ, S100T408, S100VGSH, S100XUTV |
| Treasury stock | -422 | -422 | -422 | -422 | -422 | S100QFGZ, S100T408, S100VGSH, S100XUTV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XUTV |
| Receivables | 14% | S100XUTV |
| Property, plant and equipment | 33% | S100XUTV |
| Intangibles and goodwill | 0% | S100XUTV |
| Investment securities | 11% | S100XUTV |
| Other assets | 24% | S100XUTV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XUTV |
| Other liabilities | 40% | S100XUTV |
| Equity | 58% | S100XUTV |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,222 | 17,823 | 16,165 | 16,443 | 13,872 |
| Equity | 10,479 | 11,136 | 10,344 | 10,566 | 7,968 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,326 | 4,271 | 3,235 | 2,858 | 2,542 |

## 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) | 53.8% | S100XUTV |
| Fixed assets ÷ total assets | 32.8% | S100XUTV |
| Goodwill ÷ parent equity | — | —, S100XUTV |

### 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) | 18.3% |
| Cash ÷ revenue | 30.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,803 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 523.0% |

## 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 | 4.3% | 0.53× | 2.3% | 1.62× | 3.7% | S100QFGZ |
| 2022 | 5.0% | 0.58× | 2.9% | 1.66× | 4.8% | S100T408 |
| 2023 | — | —× | -5.0% | —× | — | S100VGSH |
| 2024 | 4.4% | 0.55× | 2.4% | 1.70× | 4.1% | S100XUTV |
| 2025 | — | —× | -17.8% | —× | — | S100XUTV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴花株式会社 | Major shareholder | 16.9% | 2025-12-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 7.2% | 2025-12-31 |
| トーア再保険株式会社 | Major shareholder | 7.1% | 2025-12-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 5.0% | 2025-12-31 |
| オー・ジー株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| 赤 城 耕太郎 | Major shareholder | 3.5% | 2025-12-31 |
| 赤 城 貫太郎 | Major shareholder | 3.3% | 2025-12-31 |
| フジコピアン従業員持株会 | Major shareholder | 2.8% | 2025-12-31 |
| 大 田 太 郎 | Major shareholder | 2.4% | 2025-12-31 |
| 前 川 貞 夫 | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/01/01－2025/12/31) | S100XUTV | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUTV,, |
| 有価証券報告書－第75期(2024/01/01－2024/12/31) | S100VGSH | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGSH,, |
| 有価証券報告書－第74期(2023/01/01－2023/12/31) | S100T408 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T408,, |
| 有価証券報告書－第73期(2022/01/01－2022/12/31) | S100QFGZ | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFGZ,, |
| 有価証券報告書－第72期(令和3年1月1日－令和3年12月31日) | S100NQGT | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQGT,, |
| 有価証券報告書－第71期(令和2年1月1日－令和2年12月31日) | S100KZKK | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZKK,, |

## 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).