# FUJISHOJI CO.,LTD.: 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61期(2025/04/01－2026/03/31) (S100YK8S)
> Page: https://vizora.meequs.com/en/company/fujishoji
> Retrieved: 2026-09-30T21:03:13.831Z

## Company

Fujishoji, founded in 1966, is a company in Pachinko listed on TSE Standard. It has 473 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJISHOJI CO.,LTD. |
| Ticker | 6257 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6257.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区内本町一丁目1番4号 |
| Representative (per filing) | 代表取締役社長 松下 智人 |
| Founded | Oct 1966 |
| Share capital | ¥3.28B |
| Employees (consolidated) | 473 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Corporate number | 6120001099576 |
| EDINET | E02488 |
| Industries (Vizora) | Pachinko |

> Profile source: annual securities report (S100YK8S, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15 | 10 |
| Profitability | 5 | 10 |
| Efficiency | 35 | 10 |

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)

- Fujishoji brought in ¥23.5B in revenue.
- It lost about ¥17 for every ¥100 of sales at the operating level.
- Revenue changed -32.0% from the prior year, operating profit -222.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥23.5B |  |
| Operating income | -¥3.9B | Margin -16.6% |
| Net income | -¥2.08B | Margin -8.8% |
| Free cash flow | -¥6.28B |  |
| Employees (consolidated) | 473 |  |
| EPS | ¥-83.77 |  |
| Book value per share | ¥1852.02 |  |
| Equity ratio | 90.0% |  |
| Shares outstanding | 22,895,500 |  |
| Treasury shares | 1,970,900 |  |
| Shareholders | 8,658 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 33.2% | Cash ÷ revenue 67.2% |
| Vs. industry median margin | -27.3 pp | Pachinko |
| ROA | -4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 33% of total assets
- FY2026, operating loss is 17 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26927000000 | ¥23542000000 | -12.6% |
| Operating income | ¥383000000 | ¥-3902000000 | -1118.8% |
| Operating margin | 1.4% | -16.6% | -18 pp |
| Employees | 465 people | 473 people | +1.7% |
| Cash and equivalents | ¥18286000000 | ¥15815000000 | -13.5% |

### 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 | 23,542 | 100.0% | S100YK8S |
| Cost of revenue | 11,469 | 48.7% | S100YK8S |
| Gross profit | 12,073 | 51.3% | S100YK8S |
| SG&A | 15,976 | 67.9% | S100YK8S |
| Operating income | -3,902 | -16.6% | S100YK8S |
| Ordinary income | -3,711 | -15.8% | S100YK8S |
| Pretax income | -1,955 | -8.3% | S100YK8S |
| Income tax | 128 | 0.5% | S100YK8S |
| Net income | -2,083 | -8.8% | S100YK8S |
| Net income attributable to owners | -2,083 | -8.8% | S100YK8S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 68 |
| Operating income | -17 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 51.3% → Operating margin -16.6% → Net margin -8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 34,597 | 23,542 | -11,055 | -32.0% |
| Gross profit | 17,662 | 12,073 | -5,589 | -31.6% |
| Operating income | 3,192 | -3,902 | -7,094 | -222.2% |
| Net income attributable to owners | 2,568 | -2,083 | -4,651 | -181.1% |
| Operating cash flow | 4,611 | -4,895 | -9,506 | -206.2% |
| Free cash flow | 3,267 | -6,278 | -9,545 | -292.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,172 | -2,054 | -8.2% | -4,719 | 1,854 | -415 | S100LR3D |
| FY ending Mar 2021 | 26,927 | 383 | 1.4% | 122 | -52 | -2,047 | S100PRQR |
| FY ending Mar 2022 | 29,606 | -698 | -2.4% | -1,783 | 3,068 | 982 | S100R8B2 |
| FY ending Mar 2023 | 34,869 | 3,876 | 11.1% | 5,296 | 5,507 | 4,400 | S100TUED |
| FY ending Mar 2024 | 36,983 | 4,880 | 13.2% | 3,643 | 3,733 | 1,537 | S100W7RW |
| FY ending Mar 2025 | 34,597 | 3,192 | 9.2% | 2,568 | 4,611 | 3,267 | S100YK8S |
| FY ending Mar 2026 | 23,542 | -3,902 | -16.6% | -2,083 | -4,895 | -6,278 | S100YK8S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.8M |
| Operating income per employee (consolidated) | -¥8.2M |
| Net income per employee (consolidated) | -¥4.4M |

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) | 457 | 440 | 438 | 458 | 473 |
| Average salary (parent company) | ¥6.4M | ¥7.2M | ¥7.7M | ¥7.9M | ¥6.5M |
| Average age (parent company) | 42.2 years | 42.5 years | 43.1 years | 42.8 years | 43.1 years |
| Average tenure (parent company) | 13.7 years | 15.0 years | 14.8 years | 14.3 years | 14.5 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) -32.0%

## 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 | -4,895 | -20.8% | S100YK8S |
| Capital expenditure | 1,383 | 5.9% | S100YK8S |
| Free cash flow | -6,278 | -26.7% | 算出 |
| Investing cash flow | 322 | 1.4% | S100YK8S |
| Financing cash flow | -1,161 | -4.9% | S100YK8S |
| Dividends paid | 1,150 | 4.9% | S100YK8S |
| Change in cash | -5,735 | -24.4% | S100YK8S |
| Cash and equivalents | 15,815 | 67.2% | S100YK8S |

## 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 | 18,877 | 20,001 | 20,133 | 21,551 | 15,815 | S100TUED, S100W7RW, S100YK8S |
| Total assets | 45,404 | 51,160 | 51,344 | 53,170 | 47,692 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Net assets | 36,626 | 39,788 | 42,941 | 46,778 | 42,935 | S100TUED, S100W7RW, S100YK8S |
| Share capital | 3,281 | 3,281 | 3,281 | 3,281 | 3,281 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Property, plant and equipment | 7,938 | 7,341 | 7,480 | 7,063 | 7,182 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Intangible assets excluding goodwill | 503 | 663 | 872 | 764 | 679 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Investment securities | 2,635 | 4,732 | 5,721 | 9,719 | 8,809 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Current assets | 31,144 | 34,318 | 32,985 | 32,425 | 27,814 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Current liabilities | 6,731 | 9,619 | 6,723 | 4,573 | 3,116 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Total liabilities | 8,777 | 11,372 | 8,403 | 6,391 | 4,756 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Equity attributable to owners of parent | 35,592 | 37,408 | 40,007 | 41,440 | 38,225 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Retained earnings | 31,407 | 35,583 | 38,183 | 37,592 | 34,353 | S100R8B2, S100TUED, S100W7RW, S100YK8S |
| Treasury stock | -2,324 | -4,685 | -4,685 | -2,661 | -2,637 | S100R8B2, S100TUED, S100W7RW, S100YK8S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YK8S |
| Property, plant and equipment | 15% | S100YK8S |
| Intangibles and goodwill | 1% | S100YK8S |
| Investment securities | 19% | S100YK8S |
| Other assets | 32% | S100YK8S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100YK8S |
| Equity | 90% | S100YK8S |
| Other liabilities | 0% | S100YK8S |

### 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 | 45,404 | 51,160 | 51,344 | 53,170 | 47,692 |
| Equity | 36,626 | 39,788 | 42,941 | 46,778 | 42,935 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,877 | 20,001 | 20,133 | 21,551 | 15,815 |

## 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) | 30.5% | S100YK8S |
| Fixed assets ÷ total assets | 15.1% | S100YK8S |
| Goodwill ÷ parent equity | — | —, S100YK8S |

### 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) | 33.2% |
| Cash ÷ revenue | 67.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -2,812 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -3.9% | —× | — | S100R8B2 |
| 2023 | 15.2% | 0.72× | 11.0% | 1.32× | 14.5% | S100TUED |
| 2024 | 9.9% | 0.72× | 7.1% | 1.32× | 9.4% | S100W7RW |
| 2025 | 7.4% | 0.66× | 4.9% | 1.28× | 6.3% | S100YK8S |
| 2026 | — | —× | -4.1% | —× | — | S100YK8S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松元 邦夫 | Major shareholder | 25.3% | 2026-03-31 |
| 松元 正夫 | Major shareholder | 20.0% | 2026-03-31 |
| 株式会社松元ホールディングス | Major shareholder | 13.9% | 2026-03-31 |
| サン電子株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 柳澤 安慶 | Major shareholder | 3.3% | 2026-03-31 |
| 藤商事従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 松元 恵子 | Major shareholder | 1.2% | 2026-03-31 |
| JPMSLLC CLIENT ASSETS SK JPY (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510686 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YK8S | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK8S,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W7RW | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7RW,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TUED | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUED,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R8B2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8B2,, |
| 訂正有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100PRQR | 2022-12-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PRQR,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LR3D | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR3D,, |

## 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).