# KYORITSU: 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45期(2025/04/01－2026/03/31) (S100YJSY)
> Page: https://vizora.meequs.com/en/company/kyoritsu
> Retrieved: 2026-09-30T22:08:17.137Z

## Company

Kyoritsu, founded in 1981, is a company in Business Process Outsourcing listed on TSE Standard. It has 626 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYORITSU CO., LTD. |
| Ticker | 7795 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7795.T) |
| Listing | TSE Standard |
| Head office | 東京都板橋区清水町36番1号 |
| Representative (per filing) | 代表取締役社長 景山豊 |
| Founded | May 1981 |
| Share capital | ¥3.39B |
| Employees (consolidated) | 626 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.kyoritsu-hd.co.jp (https://www.kyoritsu-hd.co.jp/) |
| Corporate number | 5010902023530 |
| EDINET | E37814 |
| Industries (Vizora) | Business Process Outsourcing, Advertising, Printing, Waste Management & Recycling |

> Profile source: annual securities report (S100YJSY, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63 | 23 |
| Profitability | 44.6 | 28 |
| Cash conversion | 47.9 | 24 |
| Efficiency | 58.9 | 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)

- About 68% of Kyoritsu's sales come from Print Media business, with Information and digital business and Environmental business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.4% from the prior year, operating profit +12.5%.

## Company structure

- Segment revenue mix: Print Media business 68.1%、Information and digital business 25.1%、Environmental business 4.6%、BPO business 2.2%
- Revenue → net income: ¥42920314000 → ¥1174170000
- Net income → operating cash flow: ¥1174170000 → ¥2255418000（difference ¥1081248000）
- Main uses of operating cash flow: CapEx ¥1845482000 / dividends ¥345541000 / buybacks ¥309787000
- Change in cash: ¥-1033481000
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 | ¥42.9B |  |
| Operating income | ¥1.41B | Margin 3.3% |
| Net income | ¥1.17B | Margin 2.7% |
| Free cash flow | ¥409.9M |  |
| Largest business | Print Media business | of segment revenue 68.1% |
| Employees (consolidated) | 626 |  |
| EPS | ¥5.23 |  |
| Book value per share | ¥334.97 |  |
| Equity ratio | 43.3% |  |
| Shares outstanding | 49,235,000 |  |
| Treasury shares | 7,237,000 |  |
| Shareholders | 13,435 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 19.0% |
| Vs. industry median margin | -0.1 pp | Printing |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 12%

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40263547000 | ¥42920314000 | +6.6% |
| Operating income | ¥1330814000 | ¥1405322000 | +5.6% |
| Operating margin | 3.3% | 3.3% | 0 pp |
| Employees | 667 people | 626 people | -6.1% |
| Cash and equivalents | ¥10514232000 | ¥8162915000 | -22.4% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 印刷事業 → 事業再編・廃止 | 84.1% |
| 環境事業 → 環境事業 | 1.3% |
| デジタル事業 → 事業再編・廃止 | 1.1% |
| ＢＰＯ事業 → ＢＰＯ事業 | 2.2% |
| ＢＰＯ事業 → 事業再編・廃止 | 11.3% |
| 新設・再編 → 情報デジタル事業 | 25.1% |
| 新設・再編 → プリントメディア事業 | 68.1% |
| 新設・再編 → 環境事業 | 3.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Print Media business | 2 years | -3.9% | ¥29209071000 | 3.0% | 2 |
| Information and digital business | 2 years | +26.2% | ¥10791340000 | 5.7% | 2 |
| Environmental business | 3 years | +54.6% | ¥1992123000 | 12.1% | 2 |
| BPO business | 3 years | -44.5% | ¥927778000 | 9.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,920 | 100.0% | S100YJSY |
| Cost of revenue | 37,727 | 87.9% | S100YJSY |
| Gross profit | 5,193 | 12.1% | S100YJSY |
| SG&A | 3,788 | 8.8% | S100YJSY |
| Operating income | 1,405 | 3.3% | S100YJSY |
| Ordinary income | 1,293 | 3.0% | S100YJSY |
| Pretax income | 1,877 | 4.4% | S100YJSY |
| Income tax | 703 | 1.6% | S100YJSY |
| Net income | 1,174 | 2.7% | S100YJSY |
| Net income attributable to owners | 1,174 | 2.7% | S100YJSY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.1% → Operating margin 3.3% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.4%; Core profit growth: +12.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.96×
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 | 40,353 | 42,920 | 2,567 | +6.4% |
| Gross profit | 4,515 | 5,193 | 679 | +15.0% |
| Operating income | 1,249 | 1,405 | 156 | +12.5% |
| Net income attributable to owners | 716 | 1,174 | 459 | +64.1% |
| Operating cash flow | 1,197 | 2,255 | 1,059 | +88.4% |
| Free cash flow | 396 | 410 | 14 | +3.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 40,264 | 1,331 | 3.3% | 457 | 1,021 | 64 | S100TUIF |
| FY ending Mar 2024 | 40,022 | 1,645 | 4.1% | 908 | 4,585 | 3,349 | S100W53O |
| FY ending Mar 2025 | 40,353 | 1,249 | 3.1% | 716 | 1,197 | 396 | S100YJSY |
| FY ending Mar 2026 | 42,920 | 1,405 | 3.3% | 1,174 | 2,255 | 410 | S100YJSY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.6M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 667 | 615 | 628 | 626 |
| Average salary (parent company) | ¥5.3M | ¥5.9M | ¥6.2M | ¥5.9M |
| Average age (parent company) | 56.9 years | 55.7 years | 56.7 years | 52.1 years |
| Average tenure (parent company) | 0.4 years | 0.7 years | 1.7 years | 1.8 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +6.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information and digital business | 10,791 | 25.1% | 611 | 5.7% |
| Print Media business | 29,209 | 68.1% | 870 | 3.0% |
| Environmental business | 1,992 | 4.6% | 241 | 12.1% |
| BPO business | 928 | 2.2% | 86 | 9.2% |

### 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 digital business | 25.1% | 33.8% | 8.7 | 5.7% |
| Print Media business | 68.1% | 48.1% | -19.9 | 3.0% |
| Environmental business | 4.6% | 13.3% | 8.7 | 12.1% |
| BPO business | 2.2% | 4.7% | 2.6 | 9.2% |

Segment → industry: BPO business → Business Process Outsourcing / Information and digital business → Advertising / Print Media business → Printing / Environmental business → Waste Management & Recycling

## 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 | 2,255 | 5.3% | S100YJSY |
| Capital expenditure | 1,845 | 4.3% | S100YJSY |
| Free cash flow | 410 | 1.0% | 算出 |
| Investing cash flow | -1,994 | -4.6% | S100YJSY |
| Financing cash flow | -1,295 | -3.0% | S100YJSY |
| Dividends paid | 346 | 0.8% | S100YJSY |
| Share buyback | 310 | 0.7% | S100YJSY |
| Change in cash | -1,033 | -2.4% | S100YJSY |
| Cash and equivalents | 8,163 | 19.0% | S100YJSY |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,514 | 12,561 | 9,196 | 8,163 | S100W53O, S100YJSY |
| Total assets | 42,878 | 42,807 | 42,270 | 41,044 | S100TUIF, S100W53O, S100YJSY |
| Net assets | 16,175 | 17,005 | 17,643 | 17,770 | S100W53O, S100YJSY |
| Share capital | 3,375 | 3,394 | 3,394 | 3,394 | S100TUIF, S100W53O, S100YJSY |
| Inventories | 1,320 | 1,116 | 1,138 | 1,402 | S100TUIF, S100W53O, S100YJSY |
| Property, plant and equipment | 16,950 | 17,019 | 16,868 | 16,623 | S100TUIF, S100W53O, S100YJSY |
| Intangible assets excluding goodwill | 1,246 | 971 | 1,492 | 2,198 | S100TUIF, S100W53O, S100YJSY |
| Goodwill | 962 | 735 | 1,286 | 1,985 | S100TUIF, S100W53O, S100YJSY |
| Investment securities | 1,626 | 1,858 | 3,343 | 3,165 | S100TUIF, S100W53O, S100YJSY |
| Current assets | 22,532 | 22,632 | 19,330 | 18,095 | S100TUIF, S100W53O, S100YJSY |
| Current liabilities | 15,893 | 15,759 | 14,561 | 13,823 | S100TUIF, S100W53O, S100YJSY |
| Trade payables | 4,174 | 4,085 | 3,609 | 3,417 | S100TUIF, S100W53O, S100YJSY |
| Long-term borrowings | 8,045 | 7,678 | 7,859 | 7,620 | S100TUIF, S100W53O, S100YJSY |
| Bonds | 50 | — | — | — | S100TUIF |
| Total liabilities | 26,703 | 25,802 | 24,627 | 23,274 | S100TUIF, S100W53O, S100YJSY |
| Non-controlling interests | 3 | 8 | — | — | S100TUIF, S100W53O |
| Equity attributable to owners of parent | 15,287 | 16,015 | 16,529 | 17,047 | S100TUIF, S100W53O, S100YJSY |
| Retained earnings | 9,541 | 10,209 | 10,748 | 11,577 | S100TUIF, S100W53O, S100YJSY |
| Treasury stock | -998 | -975 | -1,008 | -1,318 | S100TUIF, S100W53O, S100YJSY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJSY |
| Inventories | 3% | S100YJSY |
| Property, plant and equipment | 41% | S100YJSY |
| Intangibles and goodwill | 10% | S100YJSY |
| Investment securities | 8% | S100YJSY |
| Other assets | 18% | S100YJSY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJSY |
| Other liabilities | 49% | S100YJSY |
| Equity | 43% | S100YJSY |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 42,878 | 42,807 | 42,270 | 41,044 |
| Equity | 16,175 | 17,005 | 17,643 | 17,770 |
| Interest-bearing debt | — | — | — | — |
| Cash | 10,514 | 12,561 | 9,196 | 8,163 |

## 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) | 38.7% | S100YJSY |
| Fixed assets ÷ total assets | 40.5% | S100YJSY |
| Goodwill ÷ parent equity | 11.6% | S100YJSY |

### 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) | 19.9% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 160.5% |
| Cash vs. profit gap | 1,081 JPY mn (of net income 92.1%) |
| Shareholder returns / net income | 55.8% |
| Shareholder returns / FCF | 159.9% |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | 84.3% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 88.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.1% | 0.94× | 1.1% | 2.80× | 3.0% | S100TUIF |
| 2024 | 2.3% | 0.93× | 2.1% | 2.74× | 5.8% | S100W53O |
| 2025 | 1.8% | 0.95× | 1.7% | 2.61× | 4.4% | S100YJSY |
| 2026 | 2.7% | 1.03× | 2.8% | 2.48× | 7.0% | S100YJSY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野田 勝憲 | Major shareholder | 8.3% | 2026-03-31 |
| 共栄会 | Major shareholder | 6.6% | 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 | 5.6% | 2026-03-31 |
| 東京インキ㈱ | Major shareholder | 5.4% | 2026-03-31 |
| ㈱小森コーポレーション | Major shareholder | 4.8% | 2026-03-31 |
| 井奥 貞雄 | Major shareholder | 4.3% | 2026-03-31 |
| タイヘイ㈱ | Major shareholder | 3.6% | 2026-03-31 |
| 景山 豊 | Major shareholder | 2.7% | 2026-03-31 |
| 田坂 優英 | Major shareholder | 2.7% | 2026-03-31 |
| ＫＹＯＲＩＴＳＵ社員持株会 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YJSY | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJSY,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W53O | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W53O,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TUIF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUIF,, |
| 訂正有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R9XF | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9XF,, |

## 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).