# ITOKI  CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/01/01－2025/12/31) (S100XRIU)
> Page: https://vizora.meequs.com/en/company/itoki
> Retrieved: 2026-09-30T21:01:28.069Z

## Company

Itoki, founded in 1950, is a company in Industrial Machinery listed on TSE Prime. It has 4,164 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITOKI CORPORATION |
| Ticker | 7972 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7972.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区淡路町一丁目6番11号(同所は登記上の本店所在地であり、実際の業務は「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 湊 宏司 |
| Founded | Apr 1950 |
| Share capital | ¥7.35B |
| Employees (consolidated) | 4,164 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.itoki.jp (https://www.itoki.jp/) |
| Corporate number | 9120001014301 |
| EDINET | E02371 |
| Industries (Vizora) | Industrial Machinery, Stationery & Office Supplies |

> Profile source: annual securities report (S100XRIU, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.9 | 16 |
| Profitability | 78.1 | 16 |
| Cash conversion | 50 | 13 |
| Efficiency | 78.1 | 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)

- About 73% of Itoki's sales come from Workplace business, with Facilities equipment / Public business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +35.8%.

## Company structure

- Segment revenue mix: Workplace business 72.6%、Facilities equipment / Public business 26.4%、Other 1.0%
- Revenue → net income: ¥153682000000 → ¥9400000000
- Net income → operating cash flow: ¥9400000000 → ¥8942000000（difference ¥-458000000）
- Main uses of operating cash flow: CapEx ¥6017000000 / dividends ¥2704000000 / buybacks —
- Change in cash: ¥-787000000
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 | ¥153.7B |  |
| Operating income | ¥13.7B | Margin 8.9% |
| Net income | ¥9.38B | Margin 6.1% |
| Free cash flow | ¥2.92B |  |
| Largest business | Workplace business | of segment revenue 72.6% |
| Employees (consolidated) | 4,164 |  |
| EPS | ¥158.69 |  |
| Book value per share | ¥884.09 |  |
| Equity ratio | 43.4% |  |
| Shares outstanding | 53,382,000 |  |
| Treasury shares | 3,974,900 |  |
| Shareholders | 6,557 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 15.9% | Net cash -¥7.1B · Cash ÷ revenue 13.5% |
| Vs. industry median margin | +4.3 pp | Stationery & Office Supplies |
| ROE | 18.5% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116210000000 | ¥153682000000 | +32.2% |
| Operating income | ¥1798000000 | ¥13685000000 | +661.1% |
| Operating margin | 1.5% | 8.9% | +7.4 pp |
| Employees | 4,062 people | 4,164 people | +2.5% |
| Cash and equivalents | ¥16697000000 | ¥20820000000 | +24.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ワークプレイス事業 → ワークプレイス事業 | 35.7% |
| オフィス関連事業 → 事業再編・廃止 | 27.8% |
| 設備機器・パブリック事業 → 設備機器・パブリック事業 | 13.6% |
| 設備機器関連事業 → 事業再編・廃止 | 21.1% |
| IT・シェアリング事業 → 事業再編・廃止 | 0.7% |
| その他 → その他 | 1.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ワークプレイス事業 | 36.8% |
| 新設・再編 → 設備機器・パブリック事業 | 12.8% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Workplace business | 5 years | +6.1% | ¥111530000000 | 9.9% | 2 |
| Facilities equipment / Public business | 5 years | +5.1% | ¥40569000000 | 6.1% | 2 |
| Other | 5 years | -9.6% | ¥1582000000 | 12.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 153,682 | 100.0% | S100XRIU |
| Cost of revenue | 88,870 | 57.8% | S100XRIU |
| Gross profit | 64,812 | 42.2% | S100XRIU |
| SG&A | 51,126 | 33.3% | S100XRIU |
| Operating income | 13,685 | 8.9% | S100XRIU |
| Ordinary income | 13,739 | 8.9% | S100XRIU |
| Pretax income | 14,099 | 9.2% | S100XRIU |
| Income tax | 4,699 | 3.1% | S100XRIU |
| Net income | 9,400 | 6.1% | S100XRIU |
| Net income attributable to owners | 9,382 | 6.1% | S100XRIU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 33 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 42.2% → Operating margin 8.9% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +35.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.26×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 138,460 | 153,682 | 15,222 | +11.0% |
| Gross profit | 55,200 | 64,812 | 9,612 | +17.4% |
| Operating income | 10,077 | 13,685 | 3,608 | +35.8% |
| Net income attributable to owners | 7,183 | 9,382 | 2,199 | +30.6% |
| Operating cash flow | -1,000 | 8,942 | 9,942 | — |
| Free cash flow | -7,036 | 2,925 | 9,961 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 122,174 | 903 | 0.7% | -550 | 3,586 | 635 | S100L6PG |
| FY ending Dec 2020 | 116,210 | 1,798 | 1.5% | -235 | 4,561 | 2,832 | S100NPM0 |
| FY ending Dec 2021 | 115,905 | 2,560 | 2.2% | 1,166 | 2,774 | 664 | S100QF9H |
| FY ending Dec 2022 | 123,324 | 4,582 | 3.7% | 5,294 | 5,804 | 1,659 | S100T4WS |
| FY ending Dec 2023 | 132,985 | 8,523 | 6.4% | 5,905 | 6,321 | 1,770 | S100VGFT |
| FY ending Dec 2024 | 138,460 | 10,077 | 7.3% | 7,183 | -1,000 | -7,036 | S100XRIU |
| FY ending Dec 2025 | 153,682 | 13,685 | 8.9% | 9,382 | 8,942 | 2,925 | S100XRIU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.9M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,973 | 3,793 | 3,892 | 3,957 | 4,164 |
| Average salary (parent company) | ¥6.4M | ¥6.9M | ¥7.2M | ¥7.1M | ¥7.6M |
| Average age (parent company) | 42.6 years | 43.1 years | 42.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 15.9 years | 16.3 years | 15.0 years | 13.0 years | 13.0 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +11.0%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Workplace business | 111,530 | 72.6% | 10,998 | 9.9% |
| Facilities equipment / Public business | 40,569 | 26.4% | 2,493 | 6.1% |
| Other | 1,582 | 1.0% | 193 | 12.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Workplace business | 72.6% | 80.4% | 7.8 | 9.9% |
| Facilities equipment / Public business | 26.4% | 18.2% | -8.2 | 6.1% |
| Other | 1.0% | 1.4% | 0.4 | 12.2% |

Segment → industry: Facilities equipment / Public business → Industrial Machinery / Workplace business → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,942 | 5.8% | S100XRIU |
| Capital expenditure | 6,017 | 3.9% | S100XRIU |
| Free cash flow | 2,925 | 1.9% | 算出 |
| Investing cash flow | -3,847 | -2.5% | S100XRIU |
| Financing cash flow | -5,941 | -3.9% | S100XRIU |
| Dividends paid | 2,704 | 1.8% | S100XRIU |
| Change in cash | -787 | -0.5% | S100XRIU |
| Cash and equivalents | 20,820 | 13.5% | S100XRIU |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,797 | 25,420 | 23,664 | 21,494 | 20,820 | S100T4WS, S100VGFT, S100XRIU |
| Total assets | 103,898 | 115,288 | 117,437 | 120,521 | 130,724 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Net assets | 45,076 | 49,910 | 54,999 | 49,342 | 56,813 | S100T4WS, S100VGFT, S100XRIU |
| Share capital | 5,294 | 5,294 | 5,294 | 7,351 | 7,351 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Trade receivables | 26,783 | — | — | — | — | S100QF9H |
| Property, plant and equipment | 24,417 | 24,978 | 24,792 | 26,130 | 26,525 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Intangible assets excluding goodwill | 4,114 | 1,819 | 2,292 | 5,111 | 6,074 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Goodwill | 1,317 | 517 | 341 | 671 | 714 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Investment securities | 5,512 | 5,057 | 5,835 | 6,548 | 6,659 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Current assets | 57,753 | 71,027 | 73,304 | 70,624 | 79,406 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Current liabilities | 42,544 | 49,099 | 47,340 | 55,426 | 49,580 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Trade payables | 12,335 | 12,674 | 12,218 | 8,711 | 9,380 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Short-term borrowings | 9,682 | 9,463 | 8,487 | 21,279 | 12,830 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Long-term borrowings | 6,098 | 6,731 | 6,007 | 6,505 | 10,089 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Bonds | 60 | — | — | 16 | 5,000 | S100QF9H, S100XRIU |
| Interest-bearing debt | 15,840 | — | — | 27,800 | 27,919 | 算出 |
| Total liabilities | 58,822 | 65,377 | 62,437 | 71,178 | 73,910 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Non-controlling interests | 145 | 39 | 39 | 82 | 104 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Equity attributable to owners of parent | 44,301 | 49,185 | 53,465 | 47,155 | 54,171 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Retained earnings | 29,530 | 34,387 | 38,617 | 36,189 | 42,812 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |
| Treasury stock | -161 | -134 | -111 | -8,078 | -7,684 | S100QF9H, S100T4WS, S100VGFT, S100XRIU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XRIU |
| Property, plant and equipment | 20% | S100XRIU |
| Intangibles and goodwill | 5% | S100XRIU |
| Investment securities | 5% | S100XRIU |
| Other assets | 54% | S100XRIU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XRIU |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 28% | S100XRIU |
| Equity | 44% | S100XRIU |
| Other liabilities | 0% | S100XRIU |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 103,898 | 115,288 | 117,437 | 120,521 | 130,724 |
| Equity | 45,076 | 49,910 | 54,999 | 49,342 | 56,813 |
| Interest-bearing debt | 15,840 | — | — | 27,800 | 27,919 |
| Cash | 15,797 | 25,420 | 23,664 | 21,494 | 20,820 |

## 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) | 17.3% | S100XRIU |
| Fixed assets ÷ total assets | 20.3% | S100XRIU |
| Goodwill ÷ parent equity | 1.3% | S100XRIU |

Goodwill over 4 years: 1,317 → 714 JPY; total investing cash flow: -11,213 JPY. This does not imply causation.

### 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) | 15.9% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | -¥7.1B |
| Net debt ÷ operating cash flow | 0.79× |
| Cash conversion (operating CF ÷ operating income) | 65.3% |
| Cash vs. profit gap | -440 JPY mn (of net income -4.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.8% |
| Shareholder payments — dividends / FCF | 92.4% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 43.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.0% | 1.12× | 1.1% | 2.35× | 2.6% | S100QF9H |
| 2022 | 4.3% | 1.13× | 4.8% | 2.34× | 11.3% | S100T4WS |
| 2023 | 4.4% | 1.14× | 5.1% | 2.27× | 11.5% | S100VGFT |
| 2024 | 5.2% | 1.16× | 6.0% | 2.36× | 14.3% | S100XRIU |
| 2025 | 6.1% | 1.22× | 7.5% | 2.48× | 18.5% | S100XRIU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 14.0% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 8.9% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 4.5% | 2025-12-31 |
| ㈱アシスト | Major shareholder | 3.3% | 2025-12-31 |
| イトーキ協力会社持株会 | Major shareholder | 2.9% | 2025-12-31 |
| ＧＯＬＤＭＡＮ,ＳＡＣＨＳ＆ＣＯ.ＲＥＧ（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.3% | 2025-12-31 |
| ㈱みずほ銀行 | Major shareholder | 2.3% | 2025-12-31 |
| ㈱三井住友銀行 | Major shareholder | 2.2% | 2025-12-31 |
| 山田 匡通 | Major shareholder | 1.8% | 2025-12-31 |
| 伊藤 佐紀 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/01/01－2025/12/31) | S100XRIU | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRIU,, |
| 有価証券報告書－第75期(2024/01/01－2024/12/31) | S100VGFT | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGFT,, |
| 有価証券報告書－第74期(2023/01/01－2023/12/31) | S100T4WS | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4WS,, |
| 有価証券報告書－第73期(2022/01/01－2022/12/31) | S100QF9H | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF9H,, |
| 有価証券報告書－第72期(令和3年1月1日－令和3年12月31日) | S100NPM0 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPM0,, |
| 訂正有価証券報告書－第71期(令和2年1月1日－令和2年12月31日) | S100L6PG | 2021-04-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L6PG,, |

## 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).