# LION OFFICE PRODUCTS CORP.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第125期(2024/10/01－2025/09/30) (S100XCRL)
> Page: https://vizora.meequs.com/en/company/lion-office-products
> Retrieved: 2026-09-30T22:26:35.878Z

## Company

Lion Office Products, founded in 1921, is a company in Stationery & Office Supplies listed on TSE Standard. It has 487 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LION OFFICE PRODUCTS CORP. |
| Ticker | 423A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/423A.T) |
| Listing | TSE Standard |
| Head office | 大阪府東大阪市長田中三丁目5番44号 |
| Representative (per filing) | 代表取締役社長 髙橋 俊泰 |
| Founded | Sep 1921 |
| Share capital | ¥2.68B |
| Employees (consolidated) | 487 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | September |
| Website | www.lion-jimuki.co.jp (https://www.lion-jimuki.co.jp/) |
| Corporate number | 1122001014313 |
| EDINET | E02604 |
| Industries (Vizora) | Stationery & Office Supplies |

> Profile source: annual securities report (S100XCRL, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.9 | 16 |
| Profitability | 40.6 | 16 |
| Cash conversion | 3.8 | 13 |
| Efficiency | 90.6 | 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)

- Lion Office Products brought in ¥37B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +9.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37B |  |
| Operating income | ¥1.19B | Margin 3.2% |
| Net income | ¥912M | Margin 2.5% |
| Free cash flow | -¥322M |  |
| Employees (consolidated) | 487 |  |
| EPS | ¥28.42 |  |
| Book value per share | ¥378.12 |  |
| Equity ratio | 48.8% |  |
| Shares outstanding | 29,900,000 |  |
| Treasury shares | 31,700 |  |
| Shareholders | 870 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 16.0% |
| Vs. industry median margin | -1.4 pp | Stationery & Office Supplies |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30964000000 | ¥37022000000 | +19.6% |
| Operating income | ¥628000000 | ¥1189000000 | +89.3% |
| Operating margin | 2.0% | 3.2% | +1.2 pp |
| Employees | 510 people | 487 people | -4.5% |
| Cash and equivalents | ¥3517000000 | ¥5915000000 | +68.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,022 | 100.0% | S100XCRL |
| Cost of revenue | 27,964 | 75.5% | S100XCRL |
| Gross profit | 9,058 | 24.5% | S100XCRL |
| SG&A | 7,868 | 21.3% | S100XCRL |
| Operating income | 1,189 | 3.2% | S100XCRL |
| Ordinary income | 1,275 | 3.4% | S100XCRL |
| Pretax income | 1,274 | 3.4% | S100XCRL |
| Income tax | 361 | 1.0% | S100XCRL |
| Net income | 912 | 2.5% | S100XCRL |
| Net income attributable to owners | 912 | 2.5% | S100XCRL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 21 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.5% → Operating margin 3.2% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +9.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.51×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,894 | 37,022 | 2,128 | +6.1% |
| Gross profit | 8,650 | 9,058 | 408 | +4.7% |
| Operating income | 1,089 | 1,189 | 100 | +9.2% |
| Net income attributable to owners | 762 | 912 | 150 | +19.7% |
| Operating cash flow | 1,753 | -6 | -1,759 | -100.3% |
| Free cash flow | 1,670 | -322 | -1,992 | -119.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 33,028 | 744 | 2.3% | 655 | 1,317 | 1,117 | S100KF8K |
| FY ending Sep 2020 | 30,964 | 628 | 2.0% | 539 | -969 | -1,115 | S100N3TE |
| FY ending Sep 2021 | 47,924 | 1,577 | 3.3% | 1,342 | 6,204 | 5,849 | S100PVUL |
| FY ending Sep 2022 | 33,945 | 820 | 2.4% | 718 | -3,258 | -3,712 | S100SJMM |
| FY ending Sep 2023 | 33,021 | 1,012 | 3.1% | 809 | -497 | -839 | S100V0MD |
| FY ending Sep 2024 | 34,894 | 1,089 | 3.1% | 762 | 1,753 | 1,670 | S100XCRL |
| FY ending Sep 2025 | 37,022 | 1,189 | 3.2% | 912 | -6 | -322 | S100XCRL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥76M |
| Operating income per employee (consolidated) | ¥2.4M |
| 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 504 | 499 | 489 | 475 | 487 |
| Average salary (parent company) | — | — | — | — | ¥5.8M |
| Average age (parent company) | — | — | — | — | 41.8 years |
| Average tenure (parent company) | — | — | — | — | 14.5 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +6.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -6 | -0.0% | S100XCRL |
| Capital expenditure | 316 | 0.9% | S100XCRL |
| Free cash flow | -322 | -0.9% | 算出 |
| Investing cash flow | -224 | -0.6% | S100XCRL |
| Financing cash flow | -175 | -0.5% | S100XCRL |
| Dividends paid | 89 | 0.2% | S100XCRL |
| Share buyback | 0 | 0.0% | S100XCRL |
| Change in cash | -443 | -1.2% | S100XCRL |
| Cash and equivalents | 5,915 | 16.0% | S100XCRL |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,242 | 5,763 | 4,879 | 6,358 | 5,915 | S100SJMM, S100V0MD, S100XCRL |
| Total assets | 25,950 | 23,551 | 23,344 | 23,275 | 25,056 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Net assets | 9,214 | 9,865 | 10,666 | 11,424 | 12,226 | S100SJMM, S100V0MD, S100XCRL |
| Share capital | 2,677 | 2,677 | 2,677 | 2,677 | 2,677 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Trade receivables | 4,401 | 5,520 | 6,609 | 5,754 | 6,508 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Inventories | 3,851 | 3,455 | 3,831 | 4,083 | 5,609 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Property, plant and equipment | 5,373 | 5,426 | 5,420 | 5,265 | 5,378 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Intangible assets excluding goodwill | 333 | 627 | 669 | 531 | 448 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Investment securities | 105 | 103 | 152 | 189 | 255 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Current assets | 17,734 | 15,207 | 15,641 | 16,428 | 18,337 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Current liabilities | 12,199 | 8,982 | 9,076 | 9,384 | 10,395 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Trade payables | 6,850 | 6,442 | 6,785 | 6,613 | 7,277 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Short-term borrowings | 635 | 730 | 745 | 780 | 720 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Long-term borrowings | 403 | 541 | 430 | 356 | 351 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Total liabilities | 16,735 | 13,685 | 12,677 | 11,850 | 12,829 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Non-controlling interests | 17 | 0 | — | — | — | S100PVUL, S100SJMM |
| Equity attributable to owners of parent | 7,924 | 8,492 | 9,242 | 9,915 | 10,738 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Retained earnings | 3,111 | 3,680 | 4,430 | 5,103 | 5,926 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100PVUL, S100SJMM, S100V0MD, S100XCRL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XCRL |
| Receivables | 26% | S100XCRL |
| Inventories | 22% | S100XCRL |
| Property, plant and equipment | 21% | S100XCRL |
| Intangibles and goodwill | 2% | S100XCRL |
| Investment securities | 1% | S100XCRL |
| Other assets | 4% | S100XCRL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 29% | S100XCRL |
| Other liabilities | 22% | S100XCRL |
| Equity | 49% | S100XCRL |
| Other liabilities | 0% | S100XCRL |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,950 | 23,551 | 23,344 | 23,275 | 25,056 |
| Equity | 9,214 | 9,865 | 10,666 | 11,424 | 12,226 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,242 | 5,763 | 4,879 | 6,358 | 5,915 |

## 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) | 14.5% | S100XCRL |
| Fixed assets ÷ total assets | 21.5% | S100XCRL |
| Goodwill ÷ parent equity | — | —, S100XCRL |

### 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) | 23.6% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -0.5% |
| Cash vs. profit gap | -918 JPY mn (of net income -100.7%) |
| Shareholder returns / net income | 9.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 | 2.8% | 1.85× | 5.2% | 3.27× | 16.9% | S100PVUL |
| 2022 | 2.1% | 1.37× | 2.9% | 3.02× | 8.7% | S100SJMM |
| 2023 | 2.4% | 1.41× | 3.5% | 2.64× | 9.1% | S100V0MD |
| 2024 | 2.2% | 1.50× | 3.3% | 2.43× | 8.0% | S100XCRL |
| 2025 | 2.5% | 1.53× | 3.8% | 2.34× | 8.8% | S100XCRL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大塚商会 | Major shareholder | 40.2% | 2025-09-30 |
| 福 井 資 | Major shareholder | 4.6% | 2025-09-30 |
| 福 井 靖 | Major shareholder | 4.0% | 2025-09-30 |
| 福 井 務 | Major shareholder | 3.7% | 2025-09-30 |
| 株式会社みずほ銀行 | Major shareholder | 2.8% | 2025-09-30 |
| ライオン事務器社員持株会 | Major shareholder | 2.1% | 2025-09-30 |
| 勝 又 祐 一 郎 | Major shareholder | 1.3% | 2025-09-30 |
| 株式会社三井住友銀行 | Major shareholder | 1.3% | 2025-09-30 |
| 寺 西 八 | Major shareholder | 1.2% | 2025-09-30 |
| 日本生命保険相互会社 | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2024/10/01－2025/09/30) | S100XCRL | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCRL,, |
| 有価証券報告書－第124期(2023/10/01－2024/09/30) | S100V0MD | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0MD,, |
| 有価証券報告書－第123期(2022/10/01－2023/09/30) | S100SJMM | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJMM,, |
| 有価証券報告書－第122期(令和3年10月1日－令和4年9月30日) | S100PVUL | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVUL,, |
| 有価証券報告書－第121期(令和2年10月1日－令和3年9月30日) | S100N3TE | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3TE,, |
| 有価証券報告書－第120期(令和1年10月1日－令和2年9月30日) | S100KF8K | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF8K,, |

## 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).