# KONICA MINOLTA, INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第122期(2025/04/01－2026/03/31) (S100YB93)
> Page: https://vizora.meequs.com/en/company/konica-minolta
> Retrieved: 2026-09-30T17:49:32.323Z

## Company

Konica Minolta, founded in 1936, is a company in Robots & Factory Automation listed on TSE Prime. It has 34,363 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KONICA MINOLTA, INC. |
| Ticker | 4902 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4902.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目7番2号 (上記は本社の所在地であり、実際の経理業務は下記の最寄りの連絡場所で行っております。) |
| Representative (per filing) | 取締役代表執行役社長兼CEO 大幸利充 |
| Founded | Dec 1936 |
| Share capital | ¥37.5B |
| Employees (consolidated) | 34,363 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | konicaminolta.jp (https://konicaminolta.jp/) |
| Corporate number | 5010001084367 |
| EDINET | E00989 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices, Chemicals, Printers & Office Equipment |

> Profile source: annual securities report (S100YB93, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.2 | 12 |
| Profitability | 31.8 | 11 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 37.5 | 12 |

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 56% of Konica Minolta's sales come from Digital Workplace Business, with Professional Print Business and Industrial Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -3.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Digital Workplace Business 56.1%、Professional Print Business 23.5%、Industrial Business 11.7%、Imaging solution Business 8.7%、Other 0.1%
- Revenue → net income: ¥1087738000000 → ¥31836000000
- Net income → operating cash flow: ¥31836000000 → ¥86286000000（difference ¥54450000000）
- Main uses of operating cash flow: CapEx ¥61102000000 / dividends ¥2371000000 / buybacks —
- Change in cash: ¥17875000000
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 | ¥1.09T |  |
| Operating income | ¥49.9B | Margin 4.6% |
| Net income | ¥30.3B | Margin 2.8% |
| Free cash flow | ¥25.2B |  |
| Largest business | Digital Workplace Business | of segment revenue 56.1% |
| Employees (consolidated) | 34,363 |  |
| EPS | ¥61.25 |  |
| Diluted EPS | ¥61.06 |  |
| Book value per share | ¥626.95 |  |
| Equity ratio | 43.4% | Derived from disclosed figures |
| Shares outstanding | 502,664,000 |  |
| Treasury shares | 5,849,100 |  |
| Shareholders | 75,913 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 10.2% |
| Vs. industry median margin | -1.1 pp | Printers & Office Equipment |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, segment profit share differs by 20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥863381000000 | ¥1087738000000 | +26.0% |
| Operating income | ¥-16266000000 | ¥49869000000 | — |
| Operating margin | -1.9% | 4.6% | +6.5 pp |
| Employees | 40,979 people | 34,363 people | -16.1% |
| Cash and equivalents | ¥123823000000 | ¥110762000000 | -10.5% |

### 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 |
| --- | ---: |
| デジタルワークプレイス事業 → デジタルワークプレイス事業 | 53.9% |
| プロフェッショナルプリント事業 → プロフェッショナルプリント事業 | 19.6% |
| インダストリー事業 → インダストリー事業 | 11.7% |
| インダストリー事業 → 事業再編・廃止 | 2.0% |
| ヘルスケア事業 → 事業再編・廃止 | 12.6% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → デジタルワークプレイス事業 | 2.2% |
| 新設・再編 → プロフェッショナルプリント事業 | 3.8% |
| 新設・再編 → 画像ソリューション事業 | 8.7% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital Workplace Business | 5 years | +5.6% | ¥610504000000 | 6.1% | 2 |
| Professional Print Business | 5 years | +8.5% | ¥255180000000 | 3.7% | 2 |
| Industrial Business | 5 years | +1.4% | ¥126779000000 | 17.6% | 2 |
| Imaging solution Business | 2 years | -5.2% | ¥94547000000 | -1.4% | 2 |
| Other | 5 years | -10.8% | ¥725000000 | 147.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,087,738 | 100.0% | S100YB93 |
| Cost of revenue | 609,315 | 56.0% | S100YB93 |
| Gross profit | 478,423 | 44.0% | S100YB93 |
| SG&A | 425,232 | 39.1% | S100YB93 |
| Operating income | 49,869 | 4.6% | S100YB93 |
| Pretax income | 43,411 | 4.0% | S100YB93 |
| Income tax | 9,642 | 0.9% | S100YB93 |
| Net income | 31,836 | 2.9% | S100YB93 |
| Net income attributable to owners | 30,268 | 2.8% | S100YB93 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 39 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 44.0% → Operating margin 4.6% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,127,882 | 1,087,738 | -40,144 | -3.6% |
| Gross profit | 479,420 | 478,423 | -997 | -0.2% |
| Operating income | -64,014 | 49,869 | 113,883 | — |
| Net income attributable to owners | -47,484 | 30,268 | 77,752 | — |
| Operating cash flow | 51,093 | 86,286 | 35,193 | +68.9% |
| Free cash flow | 9,730 | 25,184 | 15,454 | +158.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 962,555 | — | — | 31,542 | 68,659 | — | S100MHFT |
| FY ending Mar 2018 | 1,031,256 | — | — | 32,248 | 65,367 | — | S100O9RP |
| FY ending Mar 2019 | 1,059,120 | — | — | 41,705 | 57,166 | — | S100QZSF |
| FY ending Mar 2020 | 996,101 | 8,211 | 0.8% | -3,073 | 30,148 | -19,405 | S100MHFT |
| FY ending Mar 2021 | 863,381 | -16,266 | -1.9% | -15,211 | 78,060 | 37,863 | S100O9RP |
| FY ending Mar 2022 | 911,426 | -22,297 | -2.4% | -26,123 | 37,438 | -23,607 | S100QZSF |
| FY ending Mar 2023 | 1,130,397 | — | — | -103,153 | 13,319 | — | S100YB93 |
| FY ending Mar 2024 | 1,107,705 | 27,543 | 2.5% | 4,521 | 83,338 | 38,212 | S100VX9B |
| FY ending Mar 2025 | 1,127,882 | -64,014 | -5.7% | -47,484 | 51,093 | 9,730 | S100YB93 |
| FY ending Mar 2026 | 1,087,738 | 49,869 | 4.6% | 30,268 | 86,286 | 25,184 | S100YB93 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.7M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥880.8K |

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) | 39,121 | 39,775 | 40,015 | 35,631 | 34,363 |
| Average salary (parent company) | ¥7.5M | — | ¥8M | ¥8.2M | ¥8.4M |
| Average age (parent company) | 46.5 years | — | 46.5 years | 46.3 years | 46.4 years |
| Average tenure (parent company) | 20.8 years | — | 21.3 years | 20.8 years | 20.7 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) -3.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Workplace Business | 610,504 | 56.1% | 37,058 | 6.1% |
| Professional Print Business | 255,180 | 23.5% | 9,347 | 3.7% |
| Industrial Business | 126,779 | 11.7% | 22,268 | 17.6% |
| Imaging solution Business | 94,547 | 8.7% | -1,338 | -1.4% |
| Other | 725 | 0.1% | 1,067 | 147.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital Workplace Business | 56.1% | 53.1% | -3.0 | 6.1% |
| Professional Print Business | 23.5% | 13.4% | -10.1 | 3.7% |
| Industrial Business | 11.7% | 31.9% | 20.3 | 17.6% |
| Imaging solution Business | 8.7% | — | — | -1.4% |
| Other | 0.1% | 1.5% | 1.5 | 147.2% |

Loss-making segment (excluded from profit shares): Imaging solution Business -1,338 JPY mn

Segment → industry: Industrial Business → Robots & Factory Automation / Imaging solution Business → Medical Devices / Industrial Business → Chemicals / Professional Print Business → Printers & Office Equipment / Digital Workplace Business → Printers & Office Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 86,286 | 7.9% | S100YB93 |
| Capital expenditure | 61,102 | 5.6% | S100YB93 |
| Free cash flow | 25,184 | 2.3% | 算出 |
| Investing cash flow | -34,017 | -3.1% | S100YB93 |
| Financing cash flow | -40,267 | -3.7% | S100YB93 |
| Dividends paid | 2,371 | 0.2% | S100YB93 |
| Change in cash | 17,875 | 1.6% | S100YB93 |
| Cash and equivalents | 110,762 | 10.2% | S100YB93 |

## 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 | 117,670 | 180,574 | 127,134 | 89,904 | 110,762 | S100TMYQ, S100YB93, S100VX9B |
| Total assets | 1,338,124 | 1,413,777 | 1,388,052 | 1,217,641 | 1,234,909 | S100QZSF, S100YB93, S100VX9B |
| Net assets | 561,500 | — | 553,382 | 474,079 | 548,971 | S100TMYQ, S100YB93 |
| Share capital | 37,519 | — | 37,519 | 37,519 | 37,519 | S100QZSF, S100VX9B, S100YB93 |
| Property, plant and equipment | 287,749 | — | 282,225 | 265,618 | 259,533 | S100QZSF, S100VX9B, S100YB93 |
| Goodwill | 246,516 | — | 163,798 | 126,313 | 134,209 | S100QZSF, S100VX9B, S100YB93 |
| Current assets | 618,851 | — | 744,225 | 687,805 | 693,017 | S100QZSF, S100VX9B, S100YB93 |
| Total liabilities | 776,623 | — | 834,669 | 743,562 | 685,938 | S100QZSF, S100VX9B, S100YB93 |
| Equity attributable to owners of parent | 549,810 | — | 539,816 | 463,154 | 536,505 | S100QZSF, S100VX9B, S100YB93 |
| Retained earnings | 269,461 | — | 167,927 | 116,401 | 145,680 | S100QZSF, S100VX9B, S100YB93 |
| Treasury stock | -9,517 | — | -8,886 | -8,652 | -8,894 | S100QZSF, S100VX9B, S100YB93 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YB93 |
| Property, plant and equipment | 21% | S100YB93 |
| Intangibles and goodwill | 11% | — |
| Other assets | 59% | S100YB93 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YB93 |
| Equity | 44% | S100YB93 |

### 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 | 1,338,124 | 1,413,777 | 1,388,052 | 1,217,641 | 1,234,909 |
| Equity | 561,500 | — | 553,382 | 474,079 | 548,971 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 117,670 | 180,574 | 127,134 | 89,904 | 110,762 |

## 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) | 23.9% | S100YB93 |
| Fixed assets ÷ total assets | 21.0% | S100YB93 |
| Goodwill ÷ parent equity | 25.0% | S100YB93 |

Goodwill over 4 years: 246,516 → 134,209 JPY; total investing cash flow: -142,441 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) | 9.0% |
| Cash ÷ revenue | 10.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.0% |
| Cash vs. profit gap | 56,018 JPY mn (of net income 185.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.8% |
| Shareholder payments — dividends / FCF | 9.4% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 39.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -2.0% | —× | — | S100QZSF |
| 2023 | — | —× | -7.5% | —× | — | S100YB93 |
| 2024 | 0.4% | 0.79× | 0.3% | 2.60× | 0.8% | S100VX9B |
| 2025 | — | —× | -3.6% | —× | — | S100YB93 |
| 2026 | 2.8% | 0.89× | 2.5% | 2.45× | 6.1% | S100YB93 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 16.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.1% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| MLI FOR SEGREGATED PB CLIENT （常任代理人 BOFA証券株式会社） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ＳＭＢＣ信託銀行 （株式会社三井住友銀行退職給付信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.2% | 2026-03-31 |
| JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 came to ¥1.09T, down from ¥1.13T (-3.6%).
- Profit recovered, though: operating income was ¥49.9B and net income attributable to owners was ¥30.3B, after losses of -¥64B and -¥47.5B the year before.
- Gross profit held nearly flat at ¥478.4B (-0.2%), so the company kept more of each sale even as revenue shrank.
- Operating cash flow rose from ¥51.1B to ¥86.3B (+68.9%).

### Drivers

- Last year's impairment losses, restructuring costs, and costs of exiting non-core businesses did not recur, which lifted operating income sharply
- The Industrial Business grew sales and profit on strong demand for display measuring instruments, films for large LCD panels, and lenses for semiconductor inspection equipment
- Revenue fell mainly because the company narrowed some business areas last year and because sales dropped in the Digital Workplace and Imaging Solution businesses

### Risks

- The company expects US tariff policy to keep dragging out talks with some industrial printing customers
- Office printing could shrink faster than expected over the medium term as work moves from paper to screens
- Currency swings, energy and material prices, and rising memory prices and supply risk keep the outlook uncertain

Cited: Annual Securities Report, 122nd term (Apr 2025–Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 122nd term (Apr 2025–Mar 2026) (Business and other risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YB93 | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB93,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100VX9B | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX9B,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TMYQ | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMYQ,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100QZSF | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZSF,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100O9RP | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9RP,, |
| 訂正有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100MHFT | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHFT,, |

## 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).