# HIKARI BUSINESS FORM CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/01/01－2025/12/31) (S100XSVY)
> Page: https://vizora.meequs.com/en/company/hikari-business-form
> Retrieved: 2026-09-30T19:14:03.023Z

## Company

Hikari Business Form, founded in 1968, is a company in Printing listed on TSE Standard. It has 391 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIKARI BUSINESS FORM CO., LTD. |
| Ticker | 3948 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3948.T) |
| Listing | TSE Standard |
| Head office | 東京都八王子市東浅川町553番地 (上記は登記上の本店所在地であり、実際の本社業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 松本 康宏 |
| Founded | Feb 1968 |
| Share capital | ¥798.3M |
| Employees (consolidated) | 391 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Corporate number | 5010101003318 |
| EDINET | E00708 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100XSVY, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.3 | 23 |
| Profitability | 41.1 | 28 |
| Cash conversion | 27.1 | 24 |
| Efficiency | 16.1 | 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)

- Hikari Business Form brought in ¥7.74B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +13.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7743777000 → ¥151742000
- Net income → operating cash flow: ¥151742000 → ¥257644000（difference ¥105902000）
- Main uses of operating cash flow: CapEx ¥201565000 / dividends ¥221110000 / buybacks ¥213169000
- Change in cash: ¥-502499000
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 | ¥7.74B |  |
| Operating income | ¥202.2M | Margin 2.6% |
| Net income | ¥151.7M | Margin 2.0% |
| Free cash flow | ¥56.1M |  |
| Employees (consolidated) | 391 |  |
| EPS | ¥27.73 |  |
| Book value per share | ¥1741.56 |  |
| Equity ratio | 81.1% |  |
| Shares outstanding | 5,815,294 |  |
| Treasury shares | 434,100 |  |
| Shareholders | 2,105 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 28.6% | Cash ÷ revenue 42.7% |
| Vs. industry median margin | -0.8 pp | Printing |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 29% of total assets
- FY2025, employees 0% while operating income rose 13%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7256557000 | ¥7743777000 | +6.7% |
| Operating income | ¥445508000 | ¥202174000 | -54.6% |
| Operating margin | 6.1% | 2.6% | -3.5 pp |
| Employees | 381 people | 391 people | +2.6% |
| Cash and equivalents | ¥2176907000 | ¥3307864000 | +52.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,744 | 100.0% | S100XSVY |
| Cost of revenue | 6,093 | 78.7% | S100XSVY |
| Gross profit | 1,651 | 21.3% | S100XSVY |
| SG&A | 1,449 | 18.7% | S100XSVY |
| Operating income | 202 | 2.6% | S100XSVY |
| Ordinary income | 280 | 3.6% | S100XSVY |
| Pretax income | 259 | 3.3% | S100XSVY |
| Income tax | 107 | 1.4% | S100XSVY |
| Net income | 152 | 2.0% | S100XSVY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 19 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.3% → Operating margin 2.6% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +13.2%
Operating leverage (core profit growth ÷ revenue growth): -6.11×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,915 | 7,744 | -171 | -2.2% |
| Gross profit | 1,614 | 1,651 | 37 | +2.3% |
| Operating income | 179 | 202 | 24 | +13.2% |
| Operating cash flow | 225 | 258 | 33 | +14.8% |
| Free cash flow | 125 | 56 | -68 | -55.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 7,411 | 416 | 5.6% | 295 | 688 | 622 | S100L1XE |
| FY ending Dec 2020 | 7,257 | 446 | 6.1% | 355 | 750 | 696 | S100NRUO |
| FY ending Dec 2021 | 9,565 | 1,200 | 12.5% | 819 | 1,097 | 1,068 | S100QGEM |
| FY ending Dec 2022 | 11,995 | 1,969 | 16.4% | 1,272 | 1,588 | 1,506 | S100T4ZM |
| FY ending Dec 2023 | 9,876 | 1,270 | 12.9% | 748 | 471 | 382 | S100VGWF |
| FY ending Dec 2024 | 7,915 | 179 | 2.3% | 161 | 225 | 125 | S100XSVY |
| FY ending Dec 2025 | 7,744 | 202 | 2.6% | 152 | 258 | 56 | S100XSVY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.8M |
| Operating income per employee (consolidated) | ¥517.1K |
| Net income per employee (consolidated) | ¥388.1K |

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) | 387 | 379 | 390 | 392 | 391 |
| Average salary (parent company) | ¥5.3M | ¥6M | ¥5.7M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 42.2 years | 42.2 years | 42.1 years | 41.9 years | 42.3 years |
| Average tenure (parent company) | 15.1 years | 15.2 years | 14.9 years | 14.9 years | 15.3 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) -2.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 258 | 3.3% | S100XSVY |
| Capital expenditure | 202 | 2.6% | S100XSVY |
| Free cash flow | 56 | 0.7% | 算出 |
| Investing cash flow | -240 | -3.1% | S100XSVY |
| Financing cash flow | -520 | -6.7% | S100XSVY |
| Dividends paid | 221 | 2.9% | S100XSVY |
| Share buyback | 213 | 2.8% | S100XSVY |
| Change in cash | -502 | -6.5% | S100XSVY |
| Cash and equivalents | 3,308 | 42.7% | S100XSVY |

## 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 | 3,153 | 4,085 | 3,984 | 3,810 | 3,308 | S100T4ZM, S100VGWF, S100XSVY |
| Total assets | 10,798 | 11,881 | 11,376 | 11,099 | 11,555 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Net assets | 7,907 | 8,919 | 9,427 | 9,336 | 9,372 | S100T4ZM, S100VGWF, S100XSVY |
| Share capital | 798 | 798 | 798 | 798 | 798 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Property, plant and equipment | 4,226 | 3,982 | 3,878 | 3,740 | 3,939 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Intangible assets excluding goodwill | 34 | 33 | 26 | 16 | 16 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Investment securities | 955 | 1,019 | 1,203 | 1,227 | 1,809 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Current assets | 4,875 | 6,094 | 5,433 | 5,261 | 4,888 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Current liabilities | 2,321 | 2,550 | 1,467 | 1,299 | 1,366 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Total liabilities | 2,892 | 2,962 | 1,949 | 1,763 | 2,184 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Equity attributable to owners of parent | 7,692 | 8,763 | 9,083 | 8,931 | 8,659 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Retained earnings | 6,322 | 7,393 | 7,853 | 7,718 | 7,649 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |
| Treasury stock | -35 | -34 | -175 | -193 | -397 | S100QGEM, S100T4ZM, S100VGWF, S100XSVY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XSVY |
| Property, plant and equipment | 34% | S100XSVY |
| Intangibles and goodwill | 0% | S100XSVY |
| Investment securities | 16% | S100XSVY |
| Other assets | 21% | S100XSVY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XSVY |
| Equity | 81% | S100XSVY |
| Other liabilities | 0% | S100XSVY |

### 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 | 10,798 | 11,881 | 11,376 | 11,099 | 11,555 |
| Equity | 7,907 | 8,919 | 9,427 | 9,336 | 9,372 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,153 | 4,085 | 3,984 | 3,810 | 3,308 |

## 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) | 50.9% | S100XSVY |
| Fixed assets ÷ total assets | 34.1% | S100XSVY |
| Goodwill ÷ parent equity | — | —, S100XSVY |

### 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) | 28.6% |
| Cash ÷ revenue | 42.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 127.4% |
| Cash vs. profit gap | 106 JPY mn (of net income 69.8%) |
| Shareholder returns / net income | 286.2% |
| Shareholder returns / FCF | 774.4% |
| Shareholder payments — dividends / net income | 145.7% |
| Shareholder payments — dividends / FCF | 394.3% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 93.1% |

## 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 | 8.6% | 0.89× | 7.6% | 1.40× | 10.7% | S100QGEM |
| 2022 | 10.6% | 1.06× | 11.2% | 1.38× | 15.5% | S100T4ZM |
| 2023 | 7.6% | 0.85× | 6.4% | 1.30× | 8.4% | S100VGWF |
| 2024 | 2.0% | 0.70× | 1.4% | 1.25× | 1.8% | S100XSVY |
| 2025 | 2.0% | 0.68× | 1.3% | 1.29× | 1.7% | S100XSVY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＳＧ投資事業組合 | Major shareholder | 10.8% | 2025-12-31 |
| 内外カーボンインキ㈱ | Major shareholder | 10.2% | 2025-12-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED・HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028・394841 （常任代理人 香港上海銀行東京支店） | Major shareholder | 6.2% | 2025-12-31 |
| 村上 文江 | Major shareholder | 4.7% | 2025-12-31 |
| LNS MANAGEMENT PTE.LTD. （常任代理人 立花証券㈱） | Major shareholder | 4.5% | 2025-12-31 |
| 瀬戸 政春 | Major shareholder | 3.2% | 2025-12-31 |
| 光ビジネスフォーム 従業員持株会 | Major shareholder | 2.9% | 2025-12-31 |
| エム・ビー・エス㈱ | Major shareholder | 2.6% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-12-31 |
| ㈱ミヤコシ | Major shareholder | 2.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/01/01－2025/12/31) | S100XSVY | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSVY,, |
| 有価証券報告書－第57期(2024/01/01－2024/12/31) | S100VGWF | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGWF,, |
| 有価証券報告書－第56期(2023/01/01－2023/12/31) | S100T4ZM | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4ZM,, |
| 有価証券報告書－第55期(2022/01/01－2022/12/31) | S100QGEM | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGEM,, |
| 有価証券報告書－第54期(令和3年1月1日－令和3年12月31日) | S100NRUO | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRUO,, |
| 有価証券報告書－第53期(令和2年1月1日－令和2年12月31日) | S100L1XE | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1XE,, |

## 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).