# KOYOSHA INC.: 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78期(2025/04/01－2026/03/31) (S100YLWX)
> Page: https://vizora.meequs.com/en/company/koyosha
> Retrieved: 2026-09-30T19:51:02.083Z

## Company

Koyosha, founded in 1949, is a company in Printing listed on TSE Standard. It has 172 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOYOSHA INC. |
| Ticker | 7946 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7946.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区湯島二丁目16番16号 |
| Representative (per filing) | 代表取締役社長 犬養 岬太 |
| Founded | Oct 1949 |
| Share capital | ¥100M |
| Employees (consolidated) | 172 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.koyosha-inc.co.jp (https://www.koyosha-inc.co.jp/) |
| Corporate number | 2120001077412 |
| EDINET | E00711 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100YLWX, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.8 | 23 |
| Profitability | 30.4 | 28 |
| Cash conversion | 39.6 | 24 |
| Efficiency | 91.1 | 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)

- Koyosha brought in ¥4.83B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +69.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4830830000 → ¥84090000
- Net income → operating cash flow: ¥84090000 → ¥138794000（difference ¥54704000）
- Main uses of operating cash flow: CapEx ¥44989000 / dividends ¥18072000 / buybacks ¥34539000
- Change in cash: ¥8917000
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 | ¥4.83B |  |
| Operating income | ¥102.4M | Margin 2.1% |
| Net income | ¥84.1M | Margin 1.7% |
| Free cash flow | ¥93.8M |  |
| Employees (consolidated) | 172 |  |
| EPS | ¥37.3 |  |
| Book value per share | ¥713.44 |  |
| Equity ratio | 60.6% |  |
| Shares outstanding | 4,250,500 |  |
| Treasury shares | 1,680,100 |  |
| Shareholders | 669 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 31.1% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | -1.3 pp | Printing |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.9× dividends
- FY2026, employees -1% while operating income rose 69%
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3830617000 | ¥4830830000 | +26.1% |
| Operating income | ¥-154514000 | ¥102412000 | — |
| Operating margin | -4.0% | 2.1% | +6.2 pp |
| Employees | 198 people | 172 people | -13.1% |
| Cash and equivalents | ¥1615780000 | ¥934781000 | -42.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,831 | 100.0% | S100YLWX |
| Cost of revenue | 3,761 | 77.8% | S100YLWX |
| Gross profit | 1,070 | 22.2% | S100YLWX |
| SG&A | 968 | 20.0% | S100YLWX |
| Operating income | 102 | 2.1% | S100YLWX |
| Ordinary income | 139 | 2.9% | S100YLWX |
| Pretax income | 141 | 2.9% | S100YLWX |
| Income tax | 57 | 1.2% | S100YLWX |
| Net income | 84 | 1.7% | S100YLWX |
| Net income attributable to owners | 84 | 1.7% | S100YLWX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 22.2% → Operating margin 2.1% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +69.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 31.52×
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 | 4,727 | 4,831 | 104 | +2.2% |
| Gross profit | 1,014 | 1,070 | 56 | +5.5% |
| Operating income | 60 | 102 | 42 | +69.3% |
| Net income attributable to owners | 61 | 84 | 23 | +38.5% |
| Operating cash flow | 14 | 139 | 125 | +882.3% |
| Free cash flow | -82 | 94 | 176 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,302 | -14 | -0.3% | 36 | 142 | -262 | S100LRO9 |
| FY ending Mar 2021 | 3,831 | -155 | -4.0% | -112 | 202 | 130 | S100OI2P |
| FY ending Mar 2022 | 4,059 | -57 | -1.4% | 34 | 180 | 137 | S100RAQ9 |
| FY ending Mar 2023 | 4,301 | 28 | 0.6% | 58 | 58 | 30 | S100TWZR |
| FY ending Mar 2024 | 4,494 | 72 | 1.6% | 146 | 218 | -1 | S100W8KE |
| FY ending Mar 2025 | 4,727 | 60 | 1.3% | 61 | 14 | -82 | S100YLWX |
| FY ending Mar 2026 | 4,831 | 102 | 2.1% | 84 | 139 | 94 | S100YLWX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥595.4K |
| Net income per employee (consolidated) | ¥488.9K |

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) | 189 | 187 | 181 | 174 | 172 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.7M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 46.1 years | 46.4 years | 45.8 years | 47.6 years | 48.2 years |
| Average tenure (parent company) | 15.5 years | 15.9 years | 16.8 years | 16.9 years | 17.6 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +2.2%

## 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 | 139 | 2.9% | S100YLWX |
| Capital expenditure | 45 | 0.9% | S100YLWX |
| Free cash flow | 94 | 1.9% | 算出 |
| Investing cash flow | 24 | 0.5% | S100YLWX |
| Financing cash flow | -154 | -3.2% | S100YLWX |
| Dividends paid | 18 | 0.4% | S100YLWX |
| Share buyback | 35 | 0.7% | S100YLWX |
| Change in cash | 9 | 0.2% | S100YLWX |
| Cash and equivalents | 935 | 19.4% | S100YLWX |

## 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 | 1,616 | 983 | 1,137 | 926 | 935 | S100TWZR, S100W8KE, S100YLWX |
| Total assets | 4,073 | 3,587 | 3,500 | 3,182 | 3,002 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Net assets | 1,757 | 1,816 | 1,958 | 1,789 | 1,818 | S100TWZR, S100W8KE, S100YLWX |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Property, plant and equipment | 1,045 | 939 | 966 | 881 | 797 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Intangible assets excluding goodwill | 48 | 41 | 30 | 28 | 20 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Investment securities | 3 | 2 | 13 | 113 | 21 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Current assets | 2,797 | 2,442 | 2,349 | 2,090 | 2,102 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Current liabilities | 1,402 | 1,154 | 939 | 724 | 605 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Trade payables | 640 | 701 | 640 | 423 | 325 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Long-term borrowings | 514 | 243 | 274 | 348 | 270 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Total liabilities | 2,316 | 1,771 | 1,543 | 1,393 | 1,184 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Equity attributable to owners of parent | 1,757 | 1,815 | 1,957 | 1,789 | 1,818 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Retained earnings | 476 | 534 | 680 | 707 | 773 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |
| Treasury stock | -924 | -924 | -924 | -411 | -446 | S100RAQ9, S100TWZR, S100W8KE, S100YLWX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YLWX |
| Property, plant and equipment | 26% | S100YLWX |
| Intangibles and goodwill | 1% | S100YLWX |
| Investment securities | 1% | S100YLWX |
| Other assets | 41% | S100YLWX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YLWX |
| Other liabilities | 29% | S100YLWX |
| Equity | 60% | S100YLWX |
| Other liabilities | 0% | S100YLWX |

### 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 | 4,073 | 3,587 | 3,500 | 3,182 | 3,002 |
| Equity | 1,757 | 1,816 | 1,958 | 1,789 | 1,818 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,616 | 983 | 1,137 | 926 | 935 |

## 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) | 16.5% | S100YLWX |
| Fixed assets ÷ total assets | 26.5% | S100YLWX |
| Goodwill ÷ parent equity | — | —, S100YLWX |

### 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) | 31.1% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.5% |
| Cash vs. profit gap | 55 JPY mn (of net income 65.1%) |
| Shareholder returns / net income | 62.6% |
| Shareholder returns / FCF | 56.1% |
| Shareholder payments — dividends / net income | 21.5% |
| Shareholder payments — dividends / FCF | 19.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 17.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.8% | 1.00× | 0.8% | 2.32× | 1.9% | S100RAQ9 |
| 2023 | 1.4% | 1.12× | 1.5% | 2.14× | 3.3% | S100TWZR |
| 2024 | 3.3% | 1.27× | 4.1% | 1.88× | 7.8% | S100W8KE |
| 2025 | 1.3% | 1.41× | 1.8% | 1.78× | 3.2% | S100YLWX |
| 2026 | 1.7% | 1.56× | 2.7% | 1.71× | 4.7% | S100YLWX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 犬養 岬太 | Major shareholder | 28.1% | 2026-03-31 |
| 速見 嘉弘 | Major shareholder | 18.3% | 2026-03-31 |
| 新日本カレンダー株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社ＫＫ | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社石川商会 | Major shareholder | 3.4% | 2026-03-31 |
| 八木 浩志 | Major shareholder | 2.2% | 2026-03-31 |
| 村瀬 仁章 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社研文社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社尾上紙店 | Major shareholder | 1.7% | 2026-03-31 |
| 幸田 和典 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YLWX | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLWX,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W8KE | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8KE,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TWZR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWZR,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100RAQ9 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAQ9,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OI2P | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI2P,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LRO9 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRO9,, |

## 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).