# IMURA & Co., Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/02/01－2026/01/31) (S100Y0K4)
> Page: https://vizora.meequs.com/en/company/imura-and
> Retrieved: 2026-09-30T20:58:32.049Z

## Company

Imura &, founded in 1950, is a company in Paper & Pulp listed on TSE Standard. It has 973 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IMURA & Co., Ltd. |
| Ticker | 3955 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3955.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区難波五丁目1番60号 |
| Representative (per filing) | 取締役社長 井村優 |
| Founded | Feb 1950 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 973 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | January |
| Website | www.imura.co.jp (https://www.imura.co.jp/) |
| Corporate number | 1120001074740 |
| EDINET | E00688 |
| Industries (Vizora) | Paper & Pulp, Business Process Outsourcing, Advertising, Printing |

> Profile source: annual securities report (S100Y0K4, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.8 | 17 |
| Profitability | 73.5 | 17 |
| Cash conversion | 14.7 | 17 |
| Efficiency | 61.8 | 17 |

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 69% of Imura &'s sales come from Package solutions, with Mailing and Digital Solutions and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit -13.0%.

## Company structure

- Segment revenue mix: Package solutions 69.2%、Mailing and Digital Solutions 20.8%、Other 10.0%
- Revenue → net income: ¥21831000000 → ¥891000000
- Net income → operating cash flow: ¥891000000 → ¥1032000000（difference ¥141000000）
- Main uses of operating cash flow: CapEx ¥3486000000 / dividends ¥298000000 / buybacks —
- Change in cash: ¥-128000000
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 | ¥21.8B |  |
| Operating income | ¥1.14B | Margin 5.2% |
| Net income | ¥954M | Margin 4.4% |
| Free cash flow | -¥2.45B |  |
| Largest business | Package solutions | of segment revenue 69.2% |
| Employees (consolidated) | 973 |  |
| EPS | ¥123.49 |  |
| Diluted EPS | ¥122.79 |  |
| Book value per share | ¥1722.97 |  |
| Equity ratio | 63.4% |  |
| Shares outstanding | 10,729,370 |  |
| Treasury shares | 731,000 |  |
| Shareholders | 2,799 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | +1.5 pp | Paper & Pulp |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 78% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21237000000 | ¥21831000000 | +2.8% |
| Operating income | ¥873000000 | ¥1137000000 | +30.2% |
| Operating margin | 4.1% | 5.2% | +1.1 pp |
| Employees | 862 people | 973 people | +12.9% |
| Cash and equivalents | ¥2817000000 | ¥2651000000 | -5.9% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| パッケージソリューション事業 → パッケージソリューション事業 | 69.2% |
| パッケージソリューション事業 → 事業再編・廃止 | 6.6% |
| メーリングサービス事業 → 事業再編・廃止 | 16.5% |
| その他 → その他 | 7.7% |
| 新設・再編 → メーリング＆デジタルソリューション事業 | 20.8% |
| 新設・再編 → その他 | 2.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Package solutions | 5 years | -1.3% | ¥15099000000 | 6.6% | 2 |
| Mailing and Digital Solutions | 2 years | +2.4% | ¥4549000000 | 6.2% | 2 |
| Other | 5 years | +5.9% | ¥2182000000 | -8.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,831 | 100.0% | S100Y0K4 |
| Cost of revenue | 16,179 | 74.1% | S100Y0K4 |
| Gross profit | 5,651 | 25.9% | S100Y0K4 |
| SG&A | 4,514 | 20.7% | S100Y0K4 |
| Operating income | 1,137 | 5.2% | S100Y0K4 |
| Ordinary income | 1,184 | 5.4% | S100Y0K4 |
| Pretax income | 1,401 | 6.4% | S100Y0K4 |
| Income tax | 509 | 2.3% | S100Y0K4 |
| Net income | 891 | 4.1% | S100Y0K4 |
| Net income attributable to owners | 954 | 4.4% | S100Y0K4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.9% → Operating margin 5.2% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.4%; Core profit growth: -13.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.93×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,904 | 21,831 | 927 | +4.4% |
| Gross profit | 5,644 | 5,651 | 7 | +0.1% |
| Operating income | 1,307 | 1,137 | -170 | -13.0% |
| Net income attributable to owners | 771 | 954 | 183 | +23.7% |
| Operating cash flow | 1,707 | 1,032 | -675 | -39.5% |
| Free cash flow | -156 | -2,454 | -2,298 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 23,421 | 675 | 2.9% | 501 | 736 | 143 | S100L6XV |
| FY ending Jan 2021 | 21,237 | 873 | 4.1% | 660 | 1,597 | 856 | S100NXN2 |
| FY ending Jan 2022 | 20,234 | 1,097 | 5.4% | 994 | 1,558 | 1,004 | S100QMY7 |
| FY ending Jan 2023 | 21,736 | 1,421 | 6.5% | 1,016 | 807 | -541 | S100TBE1 |
| FY ending Jan 2024 | 20,869 | 1,305 | 6.3% | 950 | 1,968 | 494 | S100VN96 |
| FY ending Jan 2025 | 20,904 | 1,307 | 6.3% | 771 | 1,707 | -156 | S100Y0K4 |
| FY ending Jan 2026 | 21,831 | 1,137 | 5.2% | 954 | 1,032 | -2,454 | S100Y0K4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.4M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥980.5K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 824 | 798 | 779 | 994 | 973 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.8M | ¥5.8M | ¥5.5M |
| Average age (parent company) | 41.5 years | 42.2 years | 42.4 years | 42.8 years | 43.0 years |
| Average tenure (parent company) | 19.2 years | 19.7 years | 19.6 years | 19.8 years | 19.5 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Package solutions | 15,099 | 69.2% | 1,004 | 6.6% |
| Mailing and Digital Solutions | 4,549 | 20.8% | 281 | 6.2% |
| Other | 2,182 | 10.0% | -179 | -8.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Package solutions | 69.2% | 78.1% | 9.0 | 6.6% |
| Mailing and Digital Solutions | 20.8% | 21.9% | 1.0 | 6.2% |
| Other | 10.0% | — | — | -8.2% |

Loss-making segment (excluded from profit shares): Other -179 JPY mn

Segment → industry: Package solutions → Paper & Pulp / Mailing and Digital Solutions → Business Process Outsourcing / Mailing and Digital Solutions → Advertising / Other → Printing / Package solutions → Printing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,032 | 4.7% | S100Y0K4 |
| Capital expenditure | 3,486 | 16.0% | S100Y0K4 |
| Free cash flow | -2,454 | -11.2% | 算出 |
| Investing cash flow | -3,526 | -16.2% | S100Y0K4 |
| Financing cash flow | 2,365 | 10.8% | S100Y0K4 |
| Dividends paid | 298 | 1.4% | S100Y0K4 |
| Change in cash | -128 | -0.6% | S100Y0K4 |
| Cash and equivalents | 2,651 | 12.1% | S100Y0K4 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,861 | 2,636 | 3,047 | 2,779 | 2,651 | S100TBE1, S100VN96, S100Y0K4 |
| Total assets | 19,346 | 19,671 | 20,556 | 23,351 | 28,155 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Net assets | 14,800 | 15,335 | 16,222 | 16,758 | 17,957 | S100TBE1, S100VN96, S100Y0K4 |
| Share capital | 1,197 | 1,197 | 1,197 | 1,197 | 1,197 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Trade receivables | 3,270 | — | — | 3,193 | 3,510 | S100QMY7, S100Y0K4 |
| Property, plant and equipment | 7,327 | 8,469 | 9,130 | 10,486 | 13,389 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Intangible assets excluding goodwill | 222 | 135 | 99 | 946 | 863 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Goodwill | — | — | — | 843 | 755 | S100Y0K4 |
| Investment securities | 1,034 | 1,107 | 1,100 | 960 | 1,279 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Current assets | 9,334 | 8,637 | 8,571 | 8,513 | 9,083 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Current liabilities | 4,079 | 3,826 | 3,701 | 5,801 | 8,524 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Trade payables | 975 | 944 | 867 | 1,059 | — | S100QMY7, S100TBE1, S100VN96 |
| Short-term borrowings | — | — | — | 2,090 | 4,041 | S100Y0K4 |
| Long-term borrowings | 79 | 68 | 58 | 100 | 704 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Total liabilities | 4,546 | 4,335 | 4,333 | 6,593 | 10,198 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Non-controlling interests | 13 | 14 | 15 | 166 | 83 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Equity attributable to owners of parent | 13,742 | 14,441 | 15,115 | 15,453 | 16,135 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Retained earnings | 11,593 | 12,309 | 12,960 | 13,380 | 14,036 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |
| Treasury stock | -426 | -450 | -432 | -522 | -493 | S100QMY7, S100TBE1, S100VN96, S100Y0K4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y0K4 |
| Receivables | 12% | S100Y0K4 |
| Property, plant and equipment | 48% | S100Y0K4 |
| Intangibles and goodwill | 6% | S100Y0K4 |
| Investment securities | 5% | S100Y0K4 |
| Other assets | 20% | S100Y0K4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100Y0K4 |
| Equity | 64% | S100Y0K4 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,346 | 19,671 | 20,556 | 23,351 | 28,155 |
| Equity | 14,800 | 15,335 | 16,222 | 16,758 | 17,957 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,861 | 2,636 | 3,047 | 2,779 | 2,651 |

## 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) | 61.3% | S100Y0K4 |
| Fixed assets ÷ total assets | 47.6% | S100Y0K4 |
| Goodwill ÷ parent equity | 4.7% | S100Y0K4 |

### 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) | 9.4% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.8% |
| Cash vs. profit gap | 78 JPY mn (of net income 8.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.0% |
| Investing CF relative to operating CF | 341.7% |

## 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 | 4.9% | 1.05× | 5.1% | 1.41× | 7.2% | S100QMY7 |
| 2023 | 4.7% | 1.11× | 5.2% | 1.38× | 7.2% | S100TBE1 |
| 2024 | 4.6% | 1.04× | 4.7% | 1.36× | 6.4% | S100VN96 |
| 2025 | 3.7% | 0.95× | 3.5% | 1.44× | 5.0% | S100Y0K4 |
| 2026 | 4.4% | 0.85× | 3.7% | 1.63× | 6.0% | S100Y0K4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イムラ社員持株会 | Major shareholder | 5.3% | 2026-01-31 |
| 井村 優 | Major shareholder | 4.6% | 2026-01-31 |
| 有限会社ケイ・アンド・アイ コーポレーション | Major shareholder | 3.9% | 2026-01-31 |
| 有限会社アイ・エム興産 | Major shareholder | 3.6% | 2026-01-31 |
| 井村 美和 | Major shareholder | 3.2% | 2026-01-31 |
| 井村 光一 | Major shareholder | 3.1% | 2026-01-31 |
| 井村 達男 | Major shareholder | 3.0% | 2026-01-31 |
| 日本紙パルプ商事株式会社 | Major shareholder | 3.0% | 2026-01-31 |
| イムラ取引先持株会 | Major shareholder | 2.9% | 2026-01-31 |
| 井村 美保子 | Major shareholder | 2.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/02/01－2026/01/31) | S100Y0K4 | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0K4,, |
| 有価証券報告書－第75期(2024/02/01－2025/01/31) | S100VN96 | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VN96,, |
| 有価証券報告書－第74期(2023/02/01－2024/01/31) | S100TBE1 | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBE1,, |
| 有価証券報告書－第73期(2022/02/01－2023/01/31) | S100QMY7 | 2023-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMY7,, |
| 有価証券報告書－第72期(令和3年2月1日－令和4年1月31日) | S100NXN2 | 2022-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXN2,, |
| 有価証券報告書－第71期(令和2年2月1日－令和3年1月31日) | S100L6XV | 2021-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L6XV,, |

## 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).