# FUKUSHIMA PRINTING CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第73期(2024/08/21－2025/08/20) (S100X17L)
> Page: https://vizora.meequs.com/en/company/fukushima-printing
> Retrieved: 2026-09-30T19:06:26.448Z

## Company

Fukushima Printing, founded in 1952, is a company in Printing listed on Nagoya. It has 428 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUKUSHIMA PRINTING CO.,LTD. |
| Ticker | 7870 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7870.T) |
| Listing | Nagoya |
| Head office | 石川県金沢市佐奇森町ル6番地 |
| Representative (per filing) | 代表取締役社長 松井 睦 |
| Founded | Sep 1952 |
| Share capital | ¥460M |
| Employees (consolidated) | 428 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | August |
| Website | www.fuku.co.jp (https://www.fuku.co.jp/) |
| Corporate number | 2220001005602 |
| EDINET | E00722 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100X17L, filed 2025-11-14). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-08-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.2 | 23 |
| Profitability | 48.2 | 28 |
| Cash conversion | 93.8 | 24 |
| Efficiency | 66.1 | 28 |

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)

- Fukushima Printing brought in ¥7.33B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +1301.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7331485000 → ¥163592000
- Net income → operating cash flow: ¥163592000 → ¥831117000（difference ¥667525000）
- Main uses of operating cash flow: CapEx ¥84362000 / dividends ¥56610000 / buybacks ¥77440000
- Change in cash: ¥412549000
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 | ¥7.33B |  |
| Operating income | ¥247.4M | Margin 3.4% |
| Net income | ¥163.6M | Margin 2.2% |
| Free cash flow | ¥746.8M |  |
| Employees (consolidated) | 428 |  |
| EPS | ¥29 |  |
| Book value per share | ¥949.97 |  |
| Equity ratio | 76.3% |  |
| Shares outstanding | 6,000,000 |  |
| Treasury shares | 435,800 |  |
| Shareholders | 1,833 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 23.2% | Cash ÷ revenue 22.0% |
| Vs. industry median margin | 0 pp | Printing |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -4% while operating income rose 1302%
- FY2025, operating cash flow is 5.1× net income
- FY2025, buybacks were 1.4× dividends

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7730657000 | ¥7331485000 | -5.2% |
| Operating income | ¥208554000 | ¥247425000 | +18.6% |
| Operating margin | 2.7% | 3.4% | +0.7 pp |
| Employees | 450 people | 428 people | -4.9% |
| Cash and equivalents | ¥911545000 | ¥1609590000 | +76.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,331 | 100.0% | S100X17L |
| Cost of revenue | 5,642 | 77.0% | S100X17L |
| Gross profit | 1,689 | 23.0% | S100X17L |
| SG&A | 1,442 | 19.7% | S100X17L |
| Operating income | 247 | 3.4% | S100X17L |
| Ordinary income | 247 | 3.4% | S100X17L |
| Pretax income | 247 | 3.4% | S100X17L |
| Income tax | 83 | 1.1% | S100X17L |
| Net income | 164 | 2.2% | S100X17L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 20 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.0% → Operating margin 3.4% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +1301.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 137.78×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,699 | 7,331 | 633 | +9.4% |
| Gross profit | 1,429 | 1,689 | 261 | +18.2% |
| Operating income | 18 | 247 | 230 | +1301.8% |
| Operating cash flow | 975 | 831 | -144 | -14.7% |
| Free cash flow | 729 | 747 | 18 | +2.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 7,780 | 390 | 5.0% | 267 | 880 | 104 | S100KJMW |
| FY ending Aug 2020 | 7,731 | 209 | 2.7% | 140 | 1,195 | 832 | S100MWGX |
| FY ending Aug 2021 | 8,552 | 586 | 6.9% | 407 | 1,226 | 665 | S100PN9H |
| FY ending Aug 2022 | 7,673 | 330 | 4.3% | 234 | 388 | -256 | S100SB3T |
| FY ending Aug 2023 | 7,163 | 103 | 1.4% | 62 | 756 | -13 | S100UPEW |
| FY ending Aug 2024 | 6,699 | 18 | 0.3% | 6 | 975 | 729 | S100X17L |
| FY ending Aug 2025 | 7,331 | 247 | 3.4% | 164 | 831 | 747 | S100X17L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.1M |
| Operating income per employee (consolidated) | ¥578.1K |
| Net income per employee (consolidated) | ¥382.2K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 458 | 459 | 448 | 445 | 428 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥5.2M | ¥5.1M | ¥5.1M |
| Average age (parent company) | 42.3 years | 43.1 years | 43.5 years | 44.1 years | 44.3 years |
| Average tenure (parent company) | 16.0 years | 17.0 years | 17.1 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) +9.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 831 | 11.3% | S100X17L |
| Capital expenditure | 84 | 1.2% | S100X17L |
| Free cash flow | 747 | 10.2% | 算出 |
| Investing cash flow | -93 | -1.3% | S100X17L |
| Financing cash flow | -326 | -4.4% | S100X17L |
| Dividends paid | 57 | 0.8% | S100X17L |
| Share buyback | 77 | 1.1% | S100X17L |
| Change in cash | 413 | 5.6% | S100X17L |
| Cash and equivalents | 1,610 | 22.0% | S100X17L |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,302 | 775 | 734 | 1,197 | 1,610 | S100SB3T, S100UPEW, S100X17L |
| Total assets | 7,650 | 7,275 | 7,247 | 6,902 | 6,924 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Net assets | 5,181 | 5,270 | 5,274 | 5,234 | 5,286 | S100SB3T, S100UPEW, S100X17L |
| Share capital | 460 | 460 | 460 | 460 | 460 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Property, plant and equipment | 4,183 | 4,102 | 4,218 | 3,797 | 3,361 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Intangible assets excluding goodwill | 158 | 188 | 179 | 196 | 157 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Investment securities | 119 | 162 | 169 | 188 | 231 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Current assets | 3,017 | 2,693 | 2,564 | 2,580 | 3,015 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Current liabilities | 1,895 | 1,428 | 1,270 | 1,191 | 1,296 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Short-term borrowings | 370 | 470 | 270 | 270 | 250 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Long-term borrowings | 15 | 200 | 463 | 384 | 306 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Total liabilities | 2,469 | 2,006 | 1,973 | 1,668 | 1,638 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Equity attributable to owners of parent | 5,155 | 5,199 | 5,197 | 5,144 | 5,174 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Retained earnings | 4,410 | 4,556 | 4,549 | 4,491 | 4,598 | S100PN9H, S100SB3T, S100UPEW, S100X17L |
| Treasury stock | -0 | -102 | -97 | -92 | -169 | S100PN9H, S100SB3T, S100UPEW, S100X17L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100X17L |
| Property, plant and equipment | 49% | S100X17L |
| Intangibles and goodwill | 2% | S100X17L |
| Investment securities | 3% | S100X17L |
| Other assets | 23% | S100X17L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100X17L |
| Equity | 76% | S100X17L |
| Other liabilities | 0% | S100X17L |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,650 | 7,275 | 7,247 | 6,902 | 6,924 |
| Equity | 5,181 | 5,270 | 5,274 | 5,234 | 5,286 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,302 | 775 | 734 | 1,197 | 1,610 |

## 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) | 45.8% | S100X17L |
| Fixed assets ÷ total assets | 48.5% | S100X17L |
| Goodwill ÷ parent equity | — | —, S100X17L |

### 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) | 23.2% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 335.9% |
| Cash vs. profit gap | 668 JPY mn (of net income 408.0%) |
| Shareholder returns / net income | 81.9% |
| Shareholder returns / FCF | 18.0% |
| Shareholder payments — dividends / net income | 34.6% |
| Shareholder payments — dividends / FCF | 7.6% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 11.1% |

## 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 | 4.8% | 1.12× | 5.3% | 1.48× | 7.9% | S100PN9H |
| 2022 | 3.1% | 1.03× | 3.1% | 1.44× | 4.5% | S100SB3T |
| 2023 | 0.9% | 0.99× | 0.9% | 1.40× | 1.2% | S100UPEW |
| 2024 | 0.1% | 0.95× | 0.1% | 1.37× | 0.1% | S100X17L |
| 2025 | 2.2% | 1.06× | 2.4% | 1.34× | 3.2% | S100X17L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アジリスト | Major shareholder | 27.0% | 2025-08-20 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 8.5% | 2025-08-20 |
| 北国総合リース株式会社 | Major shareholder | 5.5% | 2025-08-20 |
| 福島印刷従業員持株会 | Major shareholder | 3.6% | 2025-08-20 |
| 株式会社ダイトクコーポレーション | Major shareholder | 3.2% | 2025-08-20 |
| 山崎久子 | Major shareholder | 2.2% | 2025-08-20 |
| 三菱王子紙販売株式会社 | Major shareholder | 2.0% | 2025-08-20 |
| 株式会社北國銀行 | Major shareholder | 1.6% | 2025-08-20 |
| 渡邉一徳 | Major shareholder | 1.3% | 2025-08-20 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.1% | 2025-08-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2024/08/21－2025/08/20) | S100X17L | 2025-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X17L,, |
| 有価証券報告書－第72期(2023/08/21－2024/08/20) | S100UPEW | 2024-11-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UPEW,, |
| 有価証券報告書－第71期(2022/08/21－2023/08/20) | S100SB3T | 2023-11-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SB3T,, |
| 有価証券報告書－第70期(令和3年8月21日－令和4年8月20日) | S100PN9H | 2022-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PN9H,, |
| 有価証券報告書－第69期(令和2年8月21日－令和3年8月20日) | S100MWGX | 2021-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MWGX,, |
| 訂正有価証券報告書－第68期(令和1年8月21日－令和2年8月20日) | S100KJMW | 2021-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KJMW,, |

## 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).