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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2025/04/01－2026/03/31) (S100YLE6)
> Page: https://vizora.meequs.com/en/company/hiraga
> Retrieved: 2026-09-30T21:01:43.074Z

## Company

Hiraga, founded in 1956, is a company in Printing listed on TSE Standard. It has 305 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIRAGA CO., LTD. |
| Ticker | 7863 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7863.T) |
| Listing | TSE Standard |
| Head office | 東京都練馬区豊玉北三丁目3番10号(同所は登記上の本店所在地で、本社業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 中前圭司 |
| Founded | Jan 1956 |
| Share capital | ¥434.3M |
| Employees (consolidated) | 305 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.pp-hiraga.co.jp (https://www.pp-hiraga.co.jp/) |
| Corporate number | 5011601005828 |
| EDINET | E00734 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100YLE6, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.5 | 23 |
| Profitability | 37.5 | 28 |
| Cash conversion | 52.1 | 24 |
| Efficiency | 87.5 | 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)

- Hiraga brought in ¥9.97B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit -40.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9967190000 → ¥188549000
- Net income → operating cash flow: ¥188549000 → ¥352301000（difference ¥163752000）
- Main uses of operating cash flow: CapEx ¥279540000 / dividends ¥114526000 / buybacks —
- Change in cash: ¥82246000
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 | ¥9.97B |  |
| Operating income | ¥216M | Margin 2.2% |
| Net income | ¥188.5M | Margin 1.9% |
| Free cash flow | ¥72.8M |  |
| Employees (consolidated) | 305 |  |
| EPS | ¥65.58 |  |
| Book value per share | ¥1544.35 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 4,015,585 |  |
| Treasury shares | 1,140,600 |  |
| Shareholders | 871 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 23.5% |
| Vs. industry median margin | -1.3 pp | Printing |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6765261000 | ¥9967190000 | +47.3% |
| Operating income | ¥57438000 | ¥215983000 | +276.0% |
| Operating margin | 0.8% | 2.2% | +1.3 pp |
| Employees | 322 people | 305 people | -5.3% |
| Cash and equivalents | ¥3118481000 | ¥2338376000 | -25.0% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,967 | 100.0% | S100YLE6 |
| Cost of revenue | 8,010 | 80.4% | S100YLE6 |
| Gross profit | 1,957 | 19.6% | S100YLE6 |
| SG&A | 1,741 | 17.5% | S100YLE6 |
| Operating income | 216 | 2.2% | S100YLE6 |
| Ordinary income | 289 | 2.9% | S100YLE6 |
| Pretax income | 289 | 2.9% | S100YLE6 |
| Income tax | 100 | 1.0% | S100YLE6 |
| Net income | 189 | 1.9% | S100YLE6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 18 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.6% → Operating margin 2.2% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.8%; Core profit growth: -40.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -22.86×
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 | 9,792 | 9,967 | 175 | +1.8% |
| Gross profit | 1,930 | 1,957 | 27 | +1.4% |
| Operating income | 365 | 216 | -149 | -40.9% |
| Operating cash flow | 549 | 352 | -196 | -35.8% |
| Free cash flow | 26 | 73 | 47 | +180.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,253 | 260 | 3.2% | 278 | 551 | 250 | S100LHLP |
| FY ending Mar 2021 | 6,765 | 57 | 0.8% | 50 | 760 | 342 | S100OEIO |
| FY ending Mar 2022 | 8,508 | 554 | 6.5% | 386 | 238 | -275 | S100R3QZ |
| FY ending Mar 2023 | 9,011 | 459 | 5.1% | 396 | 470 | 333 | S100TWPD |
| FY ending Mar 2024 | 9,955 | 494 | 5.0% | 565 | 600 | 217 | S100W2YE |
| FY ending Mar 2025 | 9,792 | 365 | 3.7% | 312 | 549 | 26 | S100YLE6 |
| FY ending Mar 2026 | 9,967 | 216 | 2.2% | 189 | 352 | 73 | S100YLE6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.7M |
| Operating income per employee (consolidated) | ¥708.1K |
| Net income per employee (consolidated) | ¥618.2K |

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) | 322 | 303 | 298 | 297 | 305 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.1M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 45.1 years | 46.1 years | 46.1 years | 46.5 years | 46.4 years |
| Average tenure (parent company) | 14.0 years | 15.1 years | 15.1 years | 15.2 years | 14.8 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +1.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 352 | 3.5% | S100YLE6 |
| Capital expenditure | 280 | 2.8% | S100YLE6 |
| Free cash flow | 73 | 0.7% | 算出 |
| Investing cash flow | -294 | -2.9% | S100YLE6 |
| Financing cash flow | 24 | 0.2% | S100YLE6 |
| Dividends paid | 115 | 1.1% | S100YLE6 |
| Change in cash | 82 | 0.8% | S100YLE6 |
| Cash and equivalents | 2,338 | 23.5% | S100YLE6 |

## 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 | 2,694 | 2,315 | 2,446 | 2,256 | 2,338 | S100TWPD, S100W2YE, S100YLE6 |
| Total assets | 7,103 | 6,587 | 7,984 | 7,200 | 7,503 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Net assets | 3,055 | 3,370 | 4,139 | 4,143 | 4,440 | S100TWPD, S100W2YE, S100YLE6 |
| Share capital | 434 | 434 | 434 | 434 | 434 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Property, plant and equipment | 1,377 | 1,323 | 1,814 | 1,676 | 1,855 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Intangible assets excluding goodwill | 54 | 81 | 159 | 163 | 149 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Investment securities | 589 | 526 | 944 | 687 | 1,029 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Current assets | 4,382 | 3,992 | 4,429 | 3,982 | 3,879 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Current liabilities | 2,767 | 2,383 | 3,072 | 2,334 | 2,276 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Short-term borrowings | 730 | 450 | 450 | 400 | 600 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Long-term borrowings | 642 | 233 | 192 | 152 | 111 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Total liabilities | 4,048 | 3,217 | 3,846 | 3,057 | 3,063 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Equity attributable to owners of parent | 2,869 | 3,221 | 3,700 | 3,896 | 3,970 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Retained earnings | 2,589 | 2,942 | 3,420 | 3,617 | 3,690 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |
| Treasury stock | -571 | -571 | -571 | -571 | -571 | S100R3QZ, S100TWPD, S100W2YE, S100YLE6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YLE6 |
| Property, plant and equipment | 25% | S100YLE6 |
| Intangibles and goodwill | 2% | S100YLE6 |
| Investment securities | 14% | S100YLE6 |
| Other assets | 28% | S100YLE6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YLE6 |
| Equity | 59% | S100YLE6 |
| Other liabilities | 0% | S100YLE6 |

### 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 | 7,103 | 6,587 | 7,984 | 7,200 | 7,503 |
| Equity | 3,055 | 3,370 | 4,139 | 4,143 | 4,440 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,694 | 2,315 | 2,446 | 2,256 | 2,338 |

## 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) | 18.6% | S100YLE6 |
| Fixed assets ÷ total assets | 24.7% | S100YLE6 |
| Goodwill ÷ parent equity | — | —, S100YLE6 |

### 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) | 31.2% |
| Cash ÷ revenue | 23.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.1% |
| Cash vs. profit gap | 164 JPY mn (of net income 86.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 60.7% |
| Shareholder payments — dividends / FCF | 157.4% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 83.4% |

## 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 | 4.5% | 1.20× | 5.4% | 2.48× | 13.5% | S100R3QZ |
| 2023 | 4.4% | 1.32× | 5.8% | 2.25× | 13.0% | S100TWPD |
| 2024 | 5.7% | 1.37× | 7.8% | 2.11× | 16.3% | S100W2YE |
| 2025 | 3.2% | 1.29× | 4.1% | 2.00× | 8.2% | S100YLE6 |
| 2026 | 1.9% | 1.36× | 2.6% | 1.87× | 4.8% | S100YLE6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スノーボールキャピタル | Major shareholder | 38.8% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ (常任代理人インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社ナガワ | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.5% | 2026-03-31 |
| ＤＩＣグラフィックス株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 正井 宏治 | Major shareholder | 3.3% | 2026-03-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 大日精化工業株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 平賀従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| タイヘイ株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YLE6 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLE6,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W2YE | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2YE,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TWPD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWPD,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R3QZ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3QZ,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OEIO | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEIO,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LHLP | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LHLP,, |

## 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).