# Kyodo Printing Co., Ltd.: 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146期(2025/04/01－2026/03/31) (S100YF86)
> Page: https://vizora.meequs.com/en/company/kyodo-printing
> Retrieved: 2026-09-30T22:08:12.718Z

## Company

Kyodo Printing, founded in 1994, is a company in Food Packaging listed on TSE Prime. It has 3,136 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyodo Printing Co., Ltd. |
| Ticker | 7914 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7914.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区小石川四丁目14番12号 |
| Representative (per filing) | 代表取締役社長 大橋 輝臣 |
| Founded | Jan 1994 |
| Share capital | ¥4.51B |
| Employees (consolidated) | 3,136 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.kyodoprinting.co.jp (https://www.kyodoprinting.co.jp/) |
| Corporate number | 8010001002136 |
| EDINET | E00695 |
| Industries (Vizora) | Food Packaging, Business Process Outsourcing, Printing |

> Profile source: annual securities report (S100YF86, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Food Packaging (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 15 |
| Profitability | 10 | 15 |
| Cash conversion | 96.4 | 14 |
| Efficiency | 16.7 | 15 |

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 34% of Kyodo Printing's sales come from Living and Industrial Materials Branch, with Information and communication Branch and Information and security Branch making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit -8.5%.

## Company structure

- Segment revenue mix: Living and Industrial Materials Branch 33.8%、Information and communication Branch 32.9%、Information and security Branch 31.0%、Other 2.3%
- Revenue → net income: ¥98205000000 → ¥3965000000
- Net income → operating cash flow: ¥3965000000 → ¥6589000000（difference ¥2624000000）
- Main uses of operating cash flow: CapEx ¥4928000000 / dividends ¥1728000000 / buybacks ¥958000000
- Change in cash: ¥83000000
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 | ¥98.2B |  |
| Operating income | ¥2.13B | Margin 2.2% |
| Net income | ¥3.96B | Margin 4.0% |
| Free cash flow | ¥1.66B |  |
| Largest business | Living and Industrial Materials Branch | of segment revenue 33.8% |
| Employees (consolidated) | 3,136 |  |
| EPS | ¥146.34 |  |
| Book value per share | ¥2053.52 |  |
| Equity ratio | 52.7% |  |
| Shares outstanding | 30,000,000 |  |
| Treasury shares | 1,425,700 |  |
| Shareholders | 12,849 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | -3.2 pp | Food Packaging |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥91031000000 | ¥98205000000 | +7.9% |
| Operating income | ¥648000000 | ¥2134000000 | +229.3% |
| Operating margin | 0.7% | 2.2% | +1.5 pp |
| Employees | 3,229 people | 3,136 people | -2.9% |
| Cash and equivalents | ¥12760000000 | ¥12366000000 | -3.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 情報コミュニケーション部門 → 情報コミュニケーション部門 | 32.9% |
| 情報コミュニケーション部門 → 事業再編・廃止 | 6.0% |
| 情報セキュリティ部門 → 情報セキュリティ部門 | 28.6% |
| 生活・産業資材部門 → 生活・産業資材部門 | 29.7% |
| その他 → その他 | 2.3% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 情報セキュリティ部門 | 2.4% |
| 新設・再編 → 生活・産業資材部門 | 4.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Living and Industrial Materials Branch | 5 years | +4.1% | ¥33170000000 | 4.6% | 2 |
| Information and communication Branch | 5 years | -1.8% | ¥32344000000 | -0.7% | 2 |
| Information and security Branch | 5 years | +3.2% | ¥30478000000 | 3.7% | 2 |
| Other | 5 years | -1.9% | ¥2211000000 | 12.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 98,205 | 100.0% | S100YF86 |
| Cost of revenue | 77,310 | 78.7% | S100YF86 |
| Gross profit | 20,894 | 21.3% | S100YF86 |
| SG&A | 18,759 | 19.1% | S100YF86 |
| Operating income | 2,134 | 2.2% | S100YF86 |
| Ordinary income | 2,727 | 2.8% | S100YF86 |
| Pretax income | 5,814 | 5.9% | S100YF86 |
| Income tax | 1,849 | 1.9% | S100YF86 |
| Net income | 3,965 | 4.0% | S100YF86 |
| Net income attributable to owners | 3,960 | 4.0% | S100YF86 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 19 |
| Operating income | 2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 21.3% → Operating margin 2.2% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.8%; Core profit growth: -8.5%
Operating leverage (core profit growth ÷ revenue growth): 4.77×
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 | 99,977 | 98,205 | -1,772 | -1.8% |
| Gross profit | 20,132 | 20,894 | 762 | +3.8% |
| Operating income | 2,331 | 2,134 | -197 | -8.5% |
| Net income attributable to owners | 3,310 | 3,960 | 650 | +19.6% |
| Operating cash flow | 6,744 | 6,589 | -155 | -2.3% |
| Free cash flow | 2,627 | 1,661 | -966 | -36.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 100,858 | 1,569 | 1.6% | 1,509 | 10,346 | 1,168 | S100LRNC |
| FY ending Mar 2021 | 91,031 | 648 | 0.7% | 825 | 5,639 | -2,739 | S100OI95 |
| FY ending Mar 2022 | 88,416 | 756 | 0.9% | 683 | 5,421 | -2,473 | S100R5RW |
| FY ending Mar 2023 | 93,363 | 775 | 0.8% | 1,253 | 23,413 | 16,360 | S100TUD4 |
| FY ending Mar 2024 | 96,992 | 1,577 | 1.6% | 1,495 | 3,107 | -254 | S100VZKO |
| FY ending Mar 2025 | 99,977 | 2,331 | 2.3% | 3,310 | 6,744 | 2,627 | S100YF86 |
| FY ending Mar 2026 | 98,205 | 2,134 | 2.2% | 3,960 | 6,589 | 1,661 | S100YF86 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.3M |
| Operating income per employee (consolidated) | ¥680.5K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 3,217 | 3,208 | 3,227 | 3,215 | 3,136 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥6.3M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 43.6 years | 43.9 years | 44.4 years | 45.1 years | 45.6 years |
| Average tenure (parent company) | 16.9 years | 16.0 years | 16.2 years | 16.4 years | 16.3 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information and communication Branch | 32,344 | 32.9% | -222 | -0.7% |
| Information and security Branch | 30,478 | 31.0% | 1,128 | 3.7% |
| Living and Industrial Materials Branch | 33,170 | 33.8% | 1,521 | 4.6% |
| Other | 2,211 | 2.3% | 270 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Information and communication Branch | 32.9% | — | — | -0.7% |
| Information and security Branch | 31.0% | 38.6% | 7.6 | 3.7% |
| Living and Industrial Materials Branch | 33.8% | 52.1% | 18.3 | 4.6% |
| Other | 2.3% | 9.2% | 7.0 | 12.2% |

Loss-making segment (excluded from profit shares): Information and communication Branch -222 JPY mn

Segment → industry: Living and Industrial Materials Branch → Food Packaging / Information and security Branch → Business Process Outsourcing / Living and Industrial Materials Branch → Printing / Information and security Branch → Printing / Information and communication Branch → Printing

## 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 | 6,589 | 6.7% | S100YF86 |
| Capital expenditure | 4,928 | 5.0% | S100YF86 |
| Free cash flow | 1,661 | 1.7% | 算出 |
| Investing cash flow | -1,121 | -1.1% | S100YF86 |
| Financing cash flow | -5,360 | -5.5% | S100YF86 |
| Dividends paid | 1,728 | 1.8% | S100YF86 |
| Share buyback | 958 | 1.0% | S100YF86 |
| Change in cash | 83 | 0.1% | S100YF86 |
| Cash and equivalents | 12,366 | 12.6% | S100YF86 |

## 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 | 8,890 | 10,500 | 10,944 | 12,184 | 12,366 | S100TUD4, S100VZKO, S100YF86 |
| Total assets | 129,121 | 123,471 | 131,815 | 126,168 | 123,801 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Net assets | 61,277 | 57,720 | 63,120 | 62,913 | 65,261 | S100TUD4, S100VZKO, S100YF86 |
| Share capital | 4,510 | 4,510 | 4,510 | 4,510 | 4,510 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Property, plant and equipment | 61,769 | 59,710 | 57,966 | 55,968 | 53,518 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Intangible assets excluding goodwill | 2,094 | 1,550 | 1,522 | 1,530 | 1,527 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Goodwill | 785 | 380 | 140 | — | — | S100R5RW, S100TUD4, S100VZKO |
| Investment securities | 17,402 | 12,802 | 20,549 | 17,501 | 17,652 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Current assets | 44,025 | 45,912 | 48,074 | 47,780 | 47,113 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Current liabilities | 44,531 | 33,800 | 28,504 | 26,262 | 29,672 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Trade payables | 15,606 | 17,627 | 15,345 | 11,764 | 10,461 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Short-term borrowings | 6,840 | 112 | 135 | 156 | 251 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Long-term borrowings | 7,480 | 6,182 | 6,789 | 4,309 | 1,208 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Bonds | 3,000 | — | 5,000 | 5,000 | — | S100R5RW, S100VZKO, S100YF86 |
| Interest-bearing debt | 17,320 | — | 11,924 | 9,465 | — | 算出 |
| Total liabilities | 67,843 | 65,751 | 68,695 | 63,255 | 58,540 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Non-controlling interests | 118 | 30 | 38 | 20 | 26 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Equity attributable to owners of parent | 52,393 | 51,919 | 51,500 | 53,059 | 54,372 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Retained earnings | 47,454 | 47,881 | 48,592 | 51,110 | 50,461 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |
| Treasury stock | -1,216 | -2,160 | -3,289 | -4,248 | -2,286 | S100R5RW, S100TUD4, S100VZKO, S100YF86 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YF86 |
| Property, plant and equipment | 43% | S100YF86 |
| Intangibles and goodwill | 1% | S100YF86 |
| Investment securities | 14% | S100YF86 |
| Other assets | 32% | S100YF86 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YF86 |
| Other liabilities | 39% | S100YF86 |
| Equity | 53% | S100YF86 |

### 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 | 129,121 | 123,471 | 131,815 | 126,168 | 123,801 |
| Equity | 61,277 | 57,720 | 63,120 | 62,913 | 65,261 |
| Interest-bearing debt | 17,320 | — | 11,924 | 9,465 | — |
| Cash | 8,890 | 10,500 | 10,944 | 12,184 | 12,366 |

## 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) | 54.5% | S100YF86 |
| Fixed assets ÷ total assets | 43.2% | S100YF86 |
| Goodwill ÷ parent equity | — | —, S100YF86 |

### 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) | 10.0% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 308.8% |
| Cash vs. profit gap | 2,629 JPY mn (of net income 66.4%) |
| Shareholder returns / net income | 67.8% |
| Shareholder returns / FCF | 161.7% |
| Shareholder payments — dividends / net income | 43.6% |
| Shareholder payments — dividends / FCF | 104.0% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 17.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.8% | 0.68× | 0.5% | 2.46× | 1.3% | S100R5RW |
| 2023 | 1.3% | 0.74× | 1.0% | 2.42× | 2.4% | S100TUD4 |
| 2024 | 1.5% | 0.76× | 1.2% | 2.47× | 2.9% | S100VZKO |
| 2025 | 3.3% | 0.78× | 2.6% | 2.47× | 6.3% | S100YF86 |
| 2026 | 4.0% | 0.79× | 3.2% | 2.33× | 7.4% | S100YF86 |

## 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 | 8.5% | 2026-03-31 |
| 東京インキ株式会社 | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.3% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.1% | 2026-03-31 |
| ａｒｔｉｅｎｃｅ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・ＤＩＣ株式会社口） | Major shareholder | 2.8% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 共同印刷従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第146期(2025/04/01－2026/03/31) | S100YF86 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF86,, |
| 有価証券報告書－第145期(2024/04/01－2025/03/31) | S100VZKO | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZKO,, |
| 有価証券報告書－第144期(2023/04/01－2024/03/31) | S100TUD4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUD4,, |
| 有価証券報告書－第143期(2022/04/01－2023/03/31) | S100R5RW | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5RW,, |
| 有価証券報告書－第142期(令和3年4月1日－令和4年3月31日) | S100OI95 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI95,, |
| 有価証券報告書－第141期(令和2年4月1日－令和3年3月31日) | S100LRNC | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRNC,, |

## 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).