# itamiarts inc.: 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27期(2025/02/01－2026/01/31) (S100Y111)
> Page: https://vizora.meequs.com/en/company/itamiarts
> Retrieved: 2026-09-30T19:42:00.500Z

## Company

itamiarts, founded in 2004, is a company in Printing listed on TSE Growth. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | itamiarts inc. |
| Ticker | 168A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/168A.T) |
| Listing | TSE Growth |
| Head office | 岡山市南区新保660-15 |
| Representative (per filing) | 代表取締役社長 伊丹 一晃 |
| Founded | Dec 2004 |
| Share capital | ¥459.6M |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥3.4M |
| Fiscal year end | January |
| Website | www.itamiarts.co.jp (https://www.itamiarts.co.jp/) |
| Corporate number | 2260001008618 |
| EDINET | E39273 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100Y111, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 69.6 | 28 |
| Cash conversion | 81.3 | 24 |
| Efficiency | 41.1 | 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)

- itamiarts brought in ¥4.76B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +32.1% from the prior year, operating profit -20.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4761203000 → ¥151367000
- Net income → operating cash flow: ¥151367000 → ¥566510000（difference ¥415143000）
- Main uses of operating cash flow: CapEx ¥924814000 / dividends ¥29355000 / buybacks —
- Change in cash: ¥400000
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 | ¥4.76B |  |
| Operating income | ¥216.6M | Margin 4.5% |
| Net income | ¥151.4M | Margin 3.2% |
| Free cash flow | -¥358.3M |  |
| Employees (consolidated) | 189 |  |
| EPS | ¥104.47 |  |
| Diluted EPS | ¥104.21 |  |
| Book value per share | ¥903.77 |  |
| Equity ratio | 26.2% |  |
| Shares outstanding | 1,470,000 |  |
| Shareholders | 1,342 |  |
| Average salary (parent only) | ¥3.4M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | +1.1 pp | Printing |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.7× net income

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2023 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2506542000 | ¥4761203000 | — |
| Operating income | ¥113979000 | ¥216602000 | — |
| Operating margin | 4.5% | 4.5% | 0 pp |
| Employees | 79 people | 189 people | — |
| Cash and equivalents | ¥219950000 | ¥502737000 | — |

### Change in segment revenue mix

Span: FY ending Jan 2023 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,761 | 100.0% | S100Y111 |
| Cost of revenue | 3,048 | 64.0% | S100Y111 |
| Gross profit | 1,714 | 36.0% | S100Y111 |
| SG&A | 1,497 | 31.4% | S100Y111 |
| Operating income | 217 | 4.5% | S100Y111 |
| Ordinary income | 224 | 4.7% | S100Y111 |
| Pretax income | 213 | 4.5% | S100Y111 |
| Income tax | 61 | 1.3% | S100Y111 |
| Net income | 151 | 3.2% | S100Y111 |
| Net income attributable to owners | 151 | 3.2% | S100Y111 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 31 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 36.0% → Operating margin 4.5% → Net margin 3.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,606 | 4,761 | 1,156 | +32.1% |
| Gross profit | 1,471 | 1,714 | 243 | +16.5% |
| Operating income | 272 | 217 | -55 | -20.2% |
| Operating cash flow | 283 | 567 | 283 | +100.1% |
| Free cash flow | -753 | -358 | 395 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2023 | 2,507 | 114 | 4.5% | 92 | 154 | 58 | S100TBYC |
| FY ending Jan 2024 | 3,112 | 193 | 6.2% | 153 | 237 | -2 | S100VO02 |
| FY ending Jan 2025 | 3,606 | 272 | 7.5% | 165 | 283 | -753 | S100VO02 |
| FY ending Jan 2026 | 4,761 | 217 | 4.5% | 151 | 567 | -358 | S100Y111 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.2M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥800.9K |

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

| History | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 79 | 100 | 114 | 189 |
| Average salary (parent company) | — | ¥3.2M | ¥2.9M | ¥3.4M |
| Average age (parent company) | — | 28.3 years | 28.5 years | 28.8 years |
| Average tenure (parent company) | — | 2.9 years | 3.4 years | 3.5 years |

## 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 | 567 | 11.9% | S100Y111 |
| Capital expenditure | 925 | 19.4% | S100Y111 |
| Free cash flow | -358 | -7.5% | 算出 |
| Investing cash flow | -970 | -20.4% | S100Y111 |
| Financing cash flow | 404 | 8.5% | S100Y111 |
| Dividends paid | 29 | 0.6% | S100Y111 |
| Change in cash | 0 | 0.0% | S100Y111 |
| Cash and equivalents | 503 | 10.6% | S100Y111 |

## 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 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 220 | 339 | 502 | 503 | S100VO02, S100Y111 |
| Total assets | 2,227 | 2,527 | 3,645 | 5,061 | S100TBYC, S100VO02, S100Y111 |
| Net assets | 270 | 421 | 1,204 | 1,327 | S100VO02, S100Y111 |
| Share capital | 151 | 151 | 460 | 460 | S100TBYC, S100VO02, S100Y111 |
| Property, plant and equipment | 1,503 | 1,527 | 2,379 | 3,326 | S100TBYC, S100VO02, S100Y111 |
| Intangible assets excluding goodwill | 19 | 25 | 25 | 36 | S100TBYC, S100VO02, S100Y111 |
| Investment securities | 3 | — | — | 7 | S100TBYC, S100Y111 |
| Current assets | 663 | 898 | 1,165 | 1,558 | S100TBYC, S100VO02, S100Y111 |
| Current liabilities | 751 | 811 | 769 | 1,261 | S100TBYC, S100VO02, S100Y111 |
| Long-term borrowings | 1,047 | 1,252 | 1,630 | 2,274 | S100TBYC, S100VO02, S100Y111 |
| Bonds | 100 | — | — | — | S100TBYC |
| Total liabilities | 1,957 | 2,106 | 2,441 | 3,734 | S100TBYC, S100VO02, S100Y111 |
| Equity attributable to owners of parent | 268 | 421 | 1,204 | 1,326 | S100TBYC, S100VO02, S100Y111 |
| Retained earnings | 65 | 218 | 383 | 505 | S100TBYC, S100VO02, S100Y111 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y111 |
| Property, plant and equipment | 66% | S100Y111 |
| Intangibles and goodwill | 1% | S100Y111 |
| Investment securities | 0% | S100Y111 |
| Other assets | 23% | S100Y111 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100Y111 |
| Equity | 26% | S100Y111 |
| Other liabilities | 0% | S100Y111 |

### Balance sheet history

| Metric | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,227 | 2,527 | 3,645 | 5,061 |
| Equity | 270 | 421 | 1,204 | 1,327 |
| Interest-bearing debt | — | — | — | — |
| Cash | 220 | 339 | 502 | 503 |

## 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) | 69.9% | S100Y111 |
| Fixed assets ÷ total assets | 65.7% | S100Y111 |
| Goodwill ÷ parent equity | — | —, S100Y111 |

### 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) | 9.9% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 261.5% |
| Cash vs. profit gap | 415 JPY mn (of net income 274.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 19.4% |
| Investing CF relative to operating CF | 171.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 3.7% | 1.13× | 4.1% | 8.31× | 34.3% | S100TBYC |
| 2024 | 4.9% | 1.31× | 6.4% | 6.90× | 44.5% | S100VO02 |
| 2025 | 4.6% | 1.17× | 5.3% | 3.80× | 20.3% | S100VO02 |
| 2026 | 3.2% | 0.94× | 3.0% | 3.82× | 11.4% | S100Y111 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イタミホールディングス | Major shareholder | 36.0% | 2026-01-31 |
| 伊丹 一晃 | Major shareholder | 14.7% | 2026-01-31 |
| Ｋ＆Ｐパートナーズ３号投資事業有限責任組合 | Major shareholder | 5.6% | 2026-01-31 |
| 日本証券金融株式会社 | Major shareholder | 3.0% | 2026-01-31 |
| 吉本 剛 | Major shareholder | 2.0% | 2026-01-31 |
| 伊丹 礼子 | Major shareholder | 1.6% | 2026-01-31 |
| 黒田 久泰 | Major shareholder | 1.6% | 2026-01-31 |
| 上田八木短資株式会社 | Major shareholder | 1.0% | 2026-01-31 |
| 田口 康幸 | Major shareholder | 0.9% | 2026-01-31 |
| 石井田 澄江 | Major shareholder | 0.9% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/02/01－2026/01/31) | S100Y111 | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y111,, |
| 有価証券報告書－第26期(2024/02/01－2025/01/31) | S100VO02 | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO02,, |
| 有価証券報告書－第25期(2023/02/01－2024/01/31) | S100TBYC | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBYC,, |

## 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).