# Hobonichi 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47期(2024/09/01－2025/08/31) (S100X6M7)
> Page: https://vizora.meequs.com/en/company/hobonichi
> Retrieved: 2026-09-30T22:40:41.622Z

## Company

Hobonichi, founded in 1979, is a company in Stationery & Office Supplies listed on TSE Standard. It has 156 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hobonichi Co., Ltd. |
| Ticker | 3560 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3560.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田錦町三丁目18番地 ほぼ日神田ビル |
| Representative (per filing) | 代表取締役社長CEO兼CCO 糸井 重里 |
| Founded | Dec 1979 |
| Share capital | ¥351.1M |
| Employees (consolidated) | 156 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | August |
| Website | www.hobonichi.co.jp (https://www.hobonichi.co.jp/) |
| Corporate number | 1010401048826 |
| EDINET | E32991 |
| Industries (Vizora) | Stationery & Office Supplies |

> Profile source: annual securities report (S100X6M7, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.9 | 16 |
| Profitability | 59.4 | 16 |
| Cash conversion | 19.2 | 13 |
| Efficiency | 84.4 | 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)

- Hobonichi brought in ¥8.68B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +15.2% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8677878000 → ¥448354000
- Net income → operating cash flow: ¥448354000 → ¥158468000（difference ¥-289886000）
- Main uses of operating cash flow: CapEx ¥377332000 / dividends ¥104177000 / buybacks —
- Change in cash: ¥-439418000
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 | ¥8.68B |  |
| Operating income | ¥616.9M | Margin 7.1% |
| Net income | ¥448.4M | Margin 5.2% |
| Free cash flow | -¥218.9M |  |
| Employees (consolidated) | 156 |  |
| EPS | ¥193.15 |  |
| Diluted EPS | ¥193.14 |  |
| Book value per share | ¥2108.05 |  |
| Equity ratio | 70.7% |  |
| Shares outstanding | 2,321,800 |  |
| Treasury shares | 400 |  |
| Shareholders | 4,318 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 10.9% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | +2.5 pp | Stationery & Office Supplies |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5309209000 | ¥8677878000 | +63.4% |
| Operating income | ¥83639000 | ¥616897000 | +637.6% |
| Operating margin | 1.6% | 7.1% | +5.5 pp |
| Employees | 105 people | 156 people | +48.6% |
| Cash and equivalents | ¥1698724000 | ¥755176000 | -55.5% |

### 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 | 8,678 | 100.0% | S100X6M7 |
| Cost of revenue | 3,728 | 43.0% | 算出 |
| Gross profit | 4,950 | 57.0% | S100X6M7 |
| SG&A | 4,333 | 49.9% | S100X6M7 |
| Operating income | 617 | 7.1% | S100X6M7 |
| Ordinary income | 651 | 7.5% | S100X6M7 |
| Pretax income | 651 | 7.5% | S100X6M7 |
| Income tax | 203 | 2.3% | S100X6M7 |
| Net income | 448 | 5.2% | S100X6M7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 50 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 57.0% → Operating margin 7.1% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.2%; Core profit growth: +12.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.84×
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 | 7,535 | 8,678 | 1,143 | +15.2% |
| Gross profit | 4,270 | 4,950 | 680 | +15.9% |
| Operating income | 547 | 617 | 69 | +12.7% |
| Operating cash flow | 402 | 158 | -243 | -60.5% |
| Free cash flow | 20 | -219 | -239 | -1168.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 5,465 | 640 | 11.7% | 441 | 73 | 42 | S100K8OC |
| FY ending Aug 2020 | 5,309 | 84 | 1.6% | 152 | -98 | -211 | S100MWSQ |
| FY ending Aug 2021 | 5,640 | 156 | 2.8% | 197 | 467 | -83 | S100PNWR |
| FY ending Aug 2022 | 5,908 | 275 | 4.7% | 206 | 202 | 50 | S100SC7S |
| FY ending Aug 2023 | 6,818 | 590 | 8.6% | 412 | 163 | -38 | S100UTJI |
| FY ending Aug 2024 | 7,535 | 547 | 7.3% | 399 | 402 | 20 | S100X6M7 |
| FY ending Aug 2025 | 8,678 | 617 | 7.1% | 448 | 158 | -219 | S100X6M7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.6M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 110 | 123 | 128 | 142 | 156 |
| Average salary (parent company) | ¥6.8M | ¥6.6M | ¥6.5M | ¥7M | ¥7M |
| Average age (parent company) | 39.4 years | 38.0 years | 37.8 years | 38.1 years | 38.5 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.0 years | 6.0 years | 6.0 years |

Year over year: Employees (consolidated) +9.9% · Revenue (consolidated) +15.2%

## 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 | 158 | 1.8% | S100X6M7 |
| Capital expenditure | 377 | 4.3% | S100X6M7 |
| Free cash flow | -219 | -2.5% | 算出 |
| Investing cash flow | -486 | -5.6% | S100X6M7 |
| Financing cash flow | -105 | -1.2% | S100X6M7 |
| Dividends paid | 104 | 1.2% | S100X6M7 |
| Change in cash | -439 | -5.1% | S100X6M7 |
| Cash and equivalents | 755 | 8.7% | S100X6M7 |

## 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 | 1,774 | 1,619 | 1,373 | 1,195 | 755 | S100SC7S, S100UTJI, S100X6M7 |
| Total assets | 5,123 | 5,315 | 5,848 | 6,493 | 6,918 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Net assets | 3,791 | 3,864 | 4,200 | 4,524 | 4,894 | S100SC7S, S100UTJI, S100X6M7 |
| Share capital | 350 | 350 | 350 | 350 | 351 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Property, plant and equipment | 385 | 334 | 291 | 266 | 255 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Intangible assets excluding goodwill | 251 | 318 | 418 | 688 | 871 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Investment securities | 319 | 278 | 321 | 362 | 402 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Current assets | 3,881 | 4,000 | 4,360 | 4,700 | 4,890 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Current liabilities | 1,152 | 1,258 | 1,431 | 1,741 | 1,800 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Total liabilities | 1,333 | 1,452 | 1,647 | 1,969 | 2,025 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Equity attributable to owners of parent | 3,683 | 3,784 | 4,092 | 4,387 | 4,732 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Retained earnings | 2,994 | 3,095 | 3,403 | 3,698 | 4,042 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |
| Treasury stock | -1 | -2 | -2 | -2 | -2 | S100PNWR, S100SC7S, S100UTJI, S100X6M7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100X6M7 |
| Property, plant and equipment | 4% | S100X6M7 |
| Intangibles and goodwill | 12% | S100X6M7 |
| Investment securities | 6% | S100X6M7 |
| Other assets | 67% | S100X6M7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100X6M7 |
| Equity | 71% | S100X6M7 |
| Other liabilities | 0% | S100X6M7 |

### 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 | 5,123 | 5,315 | 5,848 | 6,493 | 6,918 |
| Equity | 3,791 | 3,864 | 4,200 | 4,524 | 4,894 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,774 | 1,619 | 1,373 | 1,195 | 755 |

## 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) | 2.9% | S100X6M7 |
| Fixed assets ÷ total assets | 3.7% | S100X6M7 |
| Goodwill ÷ parent equity | — | —, S100X6M7 |

### 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) | 10.9% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 25.7% |
| Cash vs. profit gap | -290 JPY mn (of net income -64.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 306.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.5% | 1.10× | 3.8% | 1.39× | 5.3% | S100PNWR |
| 2022 | 3.5% | 1.13× | 3.9% | 1.40× | 5.5% | S100SC7S |
| 2023 | 6.0% | 1.22× | 7.4% | 1.42× | 10.5% | S100UTJI |
| 2024 | 5.3% | 1.22× | 6.5% | 1.46× | 9.4% | S100X6M7 |
| 2025 | 5.2% | 1.29× | 6.7% | 1.47× | 9.8% | S100X6M7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 糸井 重里 | Major shareholder | 26.7% | 2025-08-31 |
| 池田 あんだ | Major shareholder | 20.7% | 2025-08-31 |
| 山本 英俊 | Major shareholder | 14.1% | 2025-08-31 |
| ほぼ日従業員持株会 | Major shareholder | 4.5% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-08-31 |
| 小泉 絢子 | Major shareholder | 0.9% | 2025-08-31 |
| 永田 泰大 | Major shareholder | 0.9% | 2025-08-31 |
| 松元 太郎 | Major shareholder | 0.8% | 2025-08-31 |
| 齋藤 里香 | Major shareholder | 0.7% | 2025-08-31 |
| 佐藤 智行 | Major shareholder | 0.6% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2024/09/01－2025/08/31) | S100X6M7 | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6M7,, |
| 有価証券報告書－第46期(2023/09/01－2024/08/31) | S100UTJI | 2024-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTJI,, |
| 有価証券報告書－第45期(2022/09/01－2023/08/31) | S100SC7S | 2023-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SC7S,, |
| 有価証券報告書－第44期(令和3年9月1日－令和4年8月31日) | S100PNWR | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNWR,, |
| 有価証券報告書－第43期(令和2年9月1日－令和3年8月31日) | S100MWSQ | 2021-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MWSQ,, |
| 有価証券報告書－第42期(令和1年9月1日－令和2年8月31日) | S100K8OC | 2020-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K8OC,, |

## 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).