# HYOJITO 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60期(2025/04/01－2026/03/31) (S100YKV6)
> Page: https://vizora.meequs.com/en/company/hyojito
> Retrieved: 2026-09-30T21:34:34.085Z

## Company

Hyojito, founded in 1967, is a company in Advertising listed on TSE Standard. It has 455 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HYOJITO Co., Ltd. |
| Ticker | 7368 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7368.T) |
| Listing | TSE Standard |
| Head office | 愛知県名古屋市中村区名駅四丁目2番11号 |
| Representative (per filing) | 代表取締役社長 德毛 孝裕 |
| Founded | Feb 1967 |
| Share capital | ¥923.8M |
| Employees (consolidated) | 455 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.hyojito.co.jp (https://www.hyojito.co.jp/) |
| Corporate number | 7180001040070 |
| EDINET | E36464 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YKV6, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 75 | 86 |
| Cash conversion | 59.3 | 75 |
| Efficiency | 18 | 86 |

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)

- About 74% of Hyojito's sales come from NAVITA Business, with Sign Business and Ad Promotion Business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +7.1%.

## Company structure

- Segment revenue mix: NAVITA Business 73.8%、Sign Business 17.6%、Ad Promotion Business 8.6%
- Revenue → net income: ¥10832411000 → ¥804075000
- Net income → operating cash flow: ¥804075000 → ¥1041624000（difference ¥237549000）
- Main uses of operating cash flow: CapEx ¥389023000 / dividends ¥292746000 / buybacks —
- Change in cash: ¥117145000
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 | ¥10.8B |  |
| Operating income | ¥1.05B | Margin 9.7% |
| Net income | ¥804.1M | Margin 7.4% |
| Free cash flow | ¥652.6M |  |
| Largest business | NAVITA Business | of segment revenue 73.8% |
| Employees (consolidated) | 455 |  |
| EPS | ¥146.77 |  |
| Book value per share | ¥1753.86 |  |
| Equity ratio | 54.0% |  |
| Shares outstanding | 4,720,245 |  |
| Shareholders | 2,623 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 32.5% |
| Vs. industry median margin | +4 pp | Advertising |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13237395000 | ¥10832411000 | — |
| Operating income | ¥1343599000 | ¥1049296000 | — |
| Operating margin | 10.2% | 9.7% | -0.5 pp |
| Employees | 445 people | 455 people | — |
| Cash and equivalents | ¥5246931000 | ¥3523717000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ナビタ事業 → ナビタ事業 | 63.6% |
| アド・プロモーション事業 → アド・プロモーション事業 | 8.6% |
| アド・プロモーション事業 → 事業再編・廃止 | 7.1% |
| サイン事業 → サイン事業 | 17.6% |
| サイン事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → ナビタ事業 | 10.1% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| NAVITA Business | — | — | ¥7991950000 | 14.8% | 2 |
| Sign Business | — | — | ¥1903461000 | -0.4% | 2 |
| Ad Promotion Business | — | — | ¥936999000 | 29.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,832 | 100.0% | S100YKV6 |
| Cost of revenue | 4,849 | 44.8% | S100YKV6 |
| Gross profit | 5,984 | 55.2% | S100YKV6 |
| SG&A | 4,934 | 45.6% | S100YKV6 |
| Operating income | 1,049 | 9.7% | S100YKV6 |
| Ordinary income | 1,139 | 10.5% | S100YKV6 |
| Pretax income | 1,132 | 10.5% | S100YKV6 |
| Income tax | 328 | 3.0% | S100YKV6 |
| Net income | 804 | 7.4% | S100YKV6 |
| Net income attributable to owners | 804 | 7.4% | S100YKV6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 45 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 55.2% → Operating margin 9.7% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,021 | 10,832 | 811 | +8.1% |
| Gross profit | 5,680 | 5,984 | 303 | +5.3% |
| Operating income | 980 | 1,049 | 69 | +7.1% |
| Operating cash flow | 1,742 | 1,042 | -700 | -40.2% |
| Free cash flow | 1,365 | 653 | -712 | -52.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,065 | 1,058 | 8.1% | 807 | 1,318 | 531 | S100M8YM |
| FY ending Mar 2021 | 13,237 | 1,344 | 10.2% | 984 | 2,434 | 1,789 | S100OHIF |
| FY ending Mar 2022 | 9,676 | 725 | 7.5% | 392 | 515 | -291 | S100R3Z1 |
| FY ending Mar 2023 | 9,960 | 550 | 5.5% | 82 | 1,339 | 552 | S100UWNI |
| FY ending Mar 2024 | 10,143 | 743 | 7.3% | 402 | 1,191 | 634 | S100W9NG |
| FY ending Mar 2025 | 10,021 | 980 | 9.8% | 726 | 1,742 | 1,365 | S100W9NG |
| FY ending Mar 2026 | 10,832 | 1,049 | 9.7% | 804 | 1,042 | 653 | S100YKV6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 456 | 457 | 447 | 443 | 455 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥4.9M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 44.8 years | 45.1 years | 45.5 years | 45.8 years | 46.6 years |
| Average tenure (parent company) | 8.3 years | 8.9 years | 9.7 years | 10.4 years | 10.9 years |

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| NAVITA Business | 7,992 | 73.8% | 1,182 | 14.8% |
| Ad Promotion Business | 937 | 8.6% | 280 | 29.9% |
| Sign Business | 1,903 | 17.6% | -7 | -0.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| NAVITA Business | 73.8% | 80.9% | 7.1 | 14.8% |
| Ad Promotion Business | 8.6% | 19.1% | 10.5 | 29.9% |
| Sign Business | 17.6% | — | — | -0.4% |

Loss-making segment (excluded from profit shares): Sign Business -7 JPY mn

Segment → industry: Sign Business → Advertising / Ad Promotion Business → Advertising / NAVITA Business → Advertising

## 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 | 1,042 | 9.6% | S100YKV6 |
| Capital expenditure | 389 | 3.6% | S100YKV6 |
| Free cash flow | 653 | 6.0% | 算出 |
| Investing cash flow | -604 | -5.6% | S100YKV6 |
| Financing cash flow | -321 | -3.0% | S100YKV6 |
| Dividends paid | 293 | 2.7% | S100YKV6 |
| Change in cash | 117 | 1.1% | S100YKV6 |
| Cash and equivalents | 3,524 | 32.5% | S100YKV6 |

## 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 | 4,674 | 3,717 | 4,099 | 3,407 | 3,524 | S100UWNI, S100W9NG, S100YKV6 |
| Total assets | 13,513 | 13,762 | 13,950 | 14,461 | 15,792 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Net assets | 7,491 | 7,292 | 7,420 | 7,864 | 8,524 | S100UWNI, S100W9NG, S100YKV6 |
| Share capital | 924 | 924 | 924 | 924 | 924 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Inventories | 107 | 99 | 91 | 120 | 114 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Property, plant and equipment | 4,740 | 4,274 | 4,056 | 3,868 | 3,828 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Intangible assets excluding goodwill | 214 | 267 | 211 | 221 | 208 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Investment securities | 65 | 68 | 81 | 84 | 410 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Current assets | 7,710 | 8,218 | 8,692 | 7,511 | 10,503 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Current liabilities | 5,824 | 6,261 | 6,301 | 6,357 | 6,951 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Long-term borrowings | — | — | — | — | 52 | S100YKV6 |
| Total liabilities | 6,022 | 6,470 | 6,530 | 6,597 | 7,268 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Equity attributable to owners of parent | 7,465 | 7,264 | 7,383 | 7,826 | 8,337 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Retained earnings | 5,771 | 5,570 | 5,689 | 6,131 | 6,643 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R3Z1, S100UWNI, S100W9NG, S100YKV6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YKV6 |
| Inventories | 1% | S100YKV6 |
| Property, plant and equipment | 24% | S100YKV6 |
| Intangibles and goodwill | 1% | S100YKV6 |
| Investment securities | 3% | S100YKV6 |
| Other assets | 49% | S100YKV6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YKV6 |
| Equity | 54% | S100YKV6 |

### 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 | 13,513 | 13,762 | 13,950 | 14,461 | 15,792 |
| Equity | 7,491 | 7,292 | 7,420 | 7,864 | 8,524 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,674 | 3,717 | 4,099 | 3,407 | 3,524 |

## 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) | 35.3% | S100YKV6 |
| Fixed assets ÷ total assets | 24.2% | S100YKV6 |
| Goodwill ÷ parent equity | — | —, S100YKV6 |

### 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) | 22.3% |
| Cash ÷ revenue | 32.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.3% |
| Cash vs. profit gap | 238 JPY mn (of net income 29.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | 44.9% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 58.0% |

## 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 | 4.0% | 0.72× | 2.9% | 1.81× | 5.2% | S100R3Z1 |
| 2023 | 0.8% | 0.73× | 0.6% | 1.85× | 1.1% | S100UWNI |
| 2024 | 4.0% | 0.73× | 2.9% | 1.89× | 5.5% | S100W9NG |
| 2025 | 7.2% | 0.71× | 5.1% | 1.87× | 9.5% | S100W9NG |
| 2026 | 7.4% | 0.69× | 5.1% | 1.89× | 9.6% | S100YKV6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 喜平会株式会社 | Major shareholder | 21.7% | 2026-03-31 |
| ＹＫＴ株式会社 | Major shareholder | 10.6% | 2026-03-31 |
| ＨＫＯ株式会社 | Major shareholder | 10.6% | 2026-03-31 |
| ＴＹシエル株式会社 | Major shareholder | 9.0% | 2026-03-31 |
| ＭＫＴ株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社ケシオン | Major shareholder | 4.6% | 2026-03-31 |
| HSBC PRIVATE BANK(SUISS E)SA GENEVA-SEGREG HK IND１ CLT ASSET （常任代理人 香港上海銀行東京 支店 セキュリティーズ・サービ シズ・オペレーションズ ) | Major shareholder | 3.9% | 2026-03-31 |
| 吉田 大士 | Major shareholder | 2.9% | 2026-03-31 |
| 野田 賢次郎 | Major shareholder | 2.8% | 2026-03-31 |
| 栗本 肇 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YKV6 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKV6,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W9NG | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9NG,, |
| 訂正有価証券報告書－第58期(2023/04/01－2024/03/31) | S100UWNI | 2024-12-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UWNI,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R3Z1 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3Z1,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OHIF | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHIF,, |
| 訂正有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100M8YM | 2021-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M8YM,, |

## 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).