# Maruzen CHI Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/02/01－2026/01/31) (S100Y0TV)
> Page: https://vizora.meequs.com/en/company/maruzen-chi-holdings
> Retrieved: 2026-09-30T19:15:26.334Z

## Company

Maruzen CHI Holdings, founded in 2010, is a company in Business Process Outsourcing listed on TSE Standard. It has 1,574 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruzen CHI Holdings Co., Ltd. |
| Ticker | 3159 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3159.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区納戸町40番地1 |
| Representative (per filing) | 代表取締役社長 五味 英隆 |
| Founded | Feb 2010 |
| Share capital | ¥3B |
| Employees (consolidated) | 1,574 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | January |
| Website | www.maruzen-chi.co.jp (https://www.maruzen-chi.co.jp/) |
| Corporate number | 9011101055337 |
| EDINET | E23841 |
| Industries (Vizora) | Business Process Outsourcing, Publishing & Bookstores |

> Profile source: annual securities report (S100Y0TV, filed 2026-04-24). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.1 | 17 |
| Profitability | 39.5 | 19 |
| Cash conversion | 46.9 | 16 |
| Efficiency | 71.1 | 19 |

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 44% of Maruzen CHI Holdings's sales come from Retail Store Chain and Online Store Management, with Higher Education and Library Solution and Library Supplies and Support Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +11.6% from the prior year, operating profit +59.9%.

## Company structure

- Segment revenue mix: Retail Store Chain and Online Store Management 44.2%、Higher Education and Library Solution 26.6%、Library Supplies and Support Business 21.2%、Other 6.0%、Publishing 2.0%
- Revenue → net income: ¥185053000000 → ¥3360000000
- Net income → operating cash flow: ¥3360000000 → ¥4804000000（difference ¥1444000000）
- Main uses of operating cash flow: CapEx ¥3439000000 / dividends ¥277000000 / buybacks ¥0
- Change in cash: ¥2190000000
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 | ¥185.1B |  |
| Operating income | ¥5.59B | Margin 3.0% |
| Net income | ¥3.33B | Margin 1.8% |
| Free cash flow | ¥1.36B |  |
| Largest business | Retail Store Chain and Online Store Management | of segment revenue 44.2% |
| Employees (consolidated) | 1,574 |  |
| EPS | ¥6.72 |  |
| Book value per share | ¥267.36 |  |
| Equity ratio | 39.8% |  |
| Shares outstanding | 92,554,000 |  |
| Treasury shares | 9,200 |  |
| Shareholders | 44,094 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 16.5% |
| Vs. industry median margin | -2.4 pp | Publishing & Bookstores |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -22 points

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥171621000000 | ¥185053000000 | +7.8% |
| Operating income | ¥3882000000 | ¥5593000000 | +44.1% |
| Operating margin | 2.3% | 3.0% | +0.8 pp |
| Employees | 1,562 people | 1,574 people | +0.8% |
| Cash and equivalents | ¥22667000000 | ¥30507000000 | +34.6% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 文教市場販売事業 → 文教市場販売事業 | 26.6% |
| 文教市場販売事業 → 事業再編・廃止 | 6.3% |
| 店舗・ネット販売事業 → 店舗・ネット販売事業 | 39.0% |
| 図書館サポート事業 → 図書館サポート事業 | 17.7% |
| 出版事業 → 出版事業 | 2.0% |
| 出版事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 6.0% |
| その他 → 事業再編・廃止 | 1.9% |
| 新設・再編 → 店舗・ネット販売事業 | 5.1% |
| 新設・再編 → 図書館サポート事業 | 3.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail Store Chain and Online Store Management | 5 years | +4.1% | ¥81776000000 | 2.5% | 2 |
| Higher Education and Library Solution | 5 years | -2.7% | ¥49196000000 | 7.1% | 2 |
| Library Supplies and Support Business | 5 years | +5.3% | ¥39272000000 | 7.7% | 2 |
| Other | 5 years | -3.8% | ¥11111000000 | 5.7% | 2 |
| Publishing | 5 years | -2.8% | ¥3696000000 | -2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 185,053 | 100.0% | S100Y0TV |
| Cost of revenue | 136,832 | 73.9% | S100Y0TV |
| Gross profit | 48,221 | 26.1% | S100Y0TV |
| SG&A | 42,627 | 23.0% | S100Y0TV |
| Operating income | 5,593 | 3.0% | S100Y0TV |
| Ordinary income | 5,493 | 3.0% | S100Y0TV |
| Pretax income | 5,379 | 2.9% | S100Y0TV |
| Income tax | 2,019 | 1.1% | S100Y0TV |
| Net income | 3,360 | 1.8% | S100Y0TV |
| Net income attributable to owners | 3,334 | 1.8% | S100Y0TV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 26.1% → Operating margin 3.0% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.6%; Core profit growth: +59.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.15×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 165,780 | 185,053 | 19,273 | +11.6% |
| Gross profit | 40,886 | 48,221 | 7,335 | +17.9% |
| Operating income | 3,498 | 5,593 | 2,095 | +59.9% |
| Net income attributable to owners | 3,908 | 3,334 | -574 | -14.7% |
| Operating cash flow | 3,008 | 4,804 | 1,796 | +59.7% |
| Free cash flow | 1,174 | 1,365 | 191 | +16.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 176,258 | 3,454 | 2.0% | 2,077 | 5,059 | 3,279 | S100L871 |
| FY ending Jan 2021 | 171,621 | 3,882 | 2.3% | 2,091 | 6,638 | 3,699 | S100NYXX |
| FY ending Jan 2022 | 174,355 | 4,084 | 2.3% | 2,171 | 7,429 | 6,528 | S100QNY7 |
| FY ending Jan 2023 | 162,799 | 3,129 | 1.9% | 1,773 | 1,974 | 1,016 | S100TC1Y |
| FY ending Jan 2024 | 162,927 | 3,617 | 2.2% | 2,194 | 5,690 | 4,807 | S100VOII |
| FY ending Jan 2025 | 165,780 | 3,498 | 2.1% | 3,908 | 3,008 | 1,174 | S100Y0TV |
| FY ending Jan 2026 | 185,053 | 5,593 | 3.0% | 3,334 | 4,804 | 1,365 | S100Y0TV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥117.6M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,579 | 1,566 | 1,541 | 1,533 | 1,574 |
| Average salary (parent company) | ¥6.9M | ¥6.1M | ¥6.5M | ¥6.3M | ¥6M |
| Average age (parent company) | 51.7 years | 52.5 years | 53.2 years | 53.6 years | 51.6 years |
| Average tenure (parent company) | 6.5 years | 6.9 years | 6.9 years | 6.8 years | 6.8 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +11.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Higher Education and Library Solution | 49,196 | 26.6% | 3,491 | 7.1% |
| Retail Store Chain and Online Store Management | 81,776 | 44.2% | 2,051 | 2.5% |
| Library Supplies and Support Business | 39,272 | 21.2% | 3,019 | 7.7% |
| Publishing | 3,696 | 2.0% | -105 | -2.8% |
| Other | 11,111 | 6.0% | 634 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Higher Education and Library Solution | 26.6% | 38.0% | 11.4 | 7.1% |
| Retail Store Chain and Online Store Management | 44.2% | 22.3% | -21.9 | 2.5% |
| Library Supplies and Support Business | 21.2% | 32.8% | 11.6 | 7.7% |
| Publishing | 2.0% | — | — | -2.8% |
| Other | 6.0% | 6.9% | 0.9 | 5.7% |

Loss-making segment (excluded from profit shares): Publishing -105 JPY mn

Segment → industry: Library Supplies and Support Business → Business Process Outsourcing / Publishing → Publishing & Bookstores / Retail Store Chain and Online Store Management → Publishing & Bookstores / Higher Education and Library Solution → Publishing & Bookstores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,804 | 2.6% | S100Y0TV |
| Capital expenditure | 3,439 | 1.9% | S100Y0TV |
| Free cash flow | 1,365 | 0.7% | 算出 |
| Investing cash flow | -2,060 | -1.1% | S100Y0TV |
| Financing cash flow | -541 | -0.3% | S100Y0TV |
| Dividends paid | 277 | 0.1% | S100Y0TV |
| Share buyback | 0 | 0.0% | S100Y0TV |
| Change in cash | 2,190 | 1.2% | S100Y0TV |
| Cash and equivalents | 30,507 | 16.5% | S100Y0TV |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,179 | 23,697 | 25,826 | 28,311 | 30,507 | S100TC1Y, S100VOII, S100Y0TV |
| Total assets | 128,357 | 128,770 | 128,896 | 132,733 | 136,895 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Net assets | 43,530 | 45,702 | 47,766 | 51,742 | 54,630 | S100TC1Y, S100VOII, S100Y0TV |
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Trade receivables | 17,609 | 16,772 | 15,780 | 17,750 | 17,101 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Property, plant and equipment | 22,566 | 21,485 | 20,973 | 20,053 | 21,419 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Intangible assets excluding goodwill | 1,441 | 1,422 | 1,207 | 1,481 | 2,480 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Goodwill | 8 | — | — | — | — | S100QNY7 |
| Investment securities | 3,431 | 4,121 | 4,249 | 4,476 | 3,618 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Current assets | 91,226 | 92,511 | 93,098 | 98,060 | 100,176 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Current liabilities | 59,251 | 58,050 | 56,562 | 56,714 | 59,490 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Trade payables | 18,634 | 17,423 | 17,109 | 18,457 | 16,377 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Short-term borrowings | 22,810 | 21,710 | 21,570 | 18,600 | 20,360 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Long-term borrowings | 11,773 | 13,701 | 14,502 | 15,060 | 13,805 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Bonds | 2,500 | — | — | — | — | S100QNY7 |
| Interest-bearing debt | 37,083 | — | — | — | — | 算出 |
| Total liabilities | 84,827 | 83,068 | 81,129 | 80,991 | 82,265 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Non-controlling interests | 842 | 804 | 742 | 733 | 200 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Equity attributable to owners of parent | 42,941 | 44,560 | 46,569 | 50,290 | 53,336 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Retained earnings | 25,456 | 27,075 | 29,084 | 32,807 | 35,851 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |
| Treasury stock | -2 | -2 | -2 | -3 | -3 | S100QNY7, S100TC1Y, S100VOII, S100Y0TV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Y0TV |
| Receivables | 12% | S100Y0TV |
| Property, plant and equipment | 16% | S100Y0TV |
| Intangibles and goodwill | 2% | S100Y0TV |
| Investment securities | 3% | S100Y0TV |
| Other assets | 45% | S100Y0TV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100Y0TV |
| Other liabilities | 48% | S100Y0TV |
| Equity | 40% | S100Y0TV |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 128,357 | 128,770 | 128,896 | 132,733 | 136,895 |
| Equity | 43,530 | 45,702 | 47,766 | 51,742 | 54,630 |
| Interest-bearing debt | 37,083 | — | — | — | — |
| Cash | 23,179 | 23,697 | 25,826 | 28,311 | 30,507 |

## 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) | 11.6% | S100Y0TV |
| Fixed assets ÷ total assets | 15.6% | S100Y0TV |
| Goodwill ÷ parent equity | — | —, S100Y0TV |

### 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) | 22.3% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.9% |
| Cash vs. profit gap | 1,470 JPY mn (of net income 44.1%) |
| Shareholder returns / net income | 8.3% |
| Shareholder returns / FCF | 20.3% |
| Shareholder payments — dividends / net income | 8.3% |
| Shareholder payments — dividends / FCF | 20.3% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 42.9% |

## 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 | 1.2% | 1.36× | 1.7% | 2.99× | 5.1% | S100QNY7 |
| 2023 | 1.1% | 1.27× | 1.4% | 2.94× | 4.1% | S100TC1Y |
| 2024 | 1.3% | 1.26× | 1.7% | 2.83× | 4.8% | S100VOII |
| 2025 | 2.4% | 1.27× | 3.0% | 2.70× | 8.1% | S100Y0TV |
| 2026 | 1.8% | 1.37× | 2.5% | 2.60× | 6.4% | S100Y0TV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大日本印刷株式会社 | Major shareholder | 54.9% | 2026-01-31 |
| 株式会社フォルトウナ | Major shareholder | 4.5% | 2026-01-31 |
| 株式会社講談社 | Major shareholder | 3.9% | 2026-01-31 |
| 株式会社トーハン | Major shareholder | 3.5% | 2026-01-31 |
| 有限会社淳久堂 | Major shareholder | 2.8% | 2026-01-31 |
| 株式会社小学館 | Major shareholder | 2.4% | 2026-01-31 |
| 石井 昭 | Major shareholder | 1.4% | 2026-01-31 |
| 丸善CHIホールディングス 従業員持株会 | Major shareholder | 1.1% | 2026-01-31 |
| 公益財団法人図書館振興財団 | Major shareholder | 1.0% | 2026-01-31 |
| 丸善CHIホールディングス 取引先持株会 | Major shareholder | 1.0% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/02/01－2026/01/31) | S100Y0TV | 2026-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0TV,, |
| 有価証券報告書－第15期(2024/02/01－2025/01/31) | S100VOII | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOII,, |
| 有価証券報告書－第14期(2023/02/01－2024/01/31) | S100TC1Y | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC1Y,, |
| 有価証券報告書－第13期(2022/02/01－2023/01/31) | S100QNY7 | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNY7,, |
| 有価証券報告書－第12期(令和3年2月1日－令和4年1月31日) | S100NYXX | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYXX,, |
| 有価証券報告書－第11期(令和2年2月1日－令和3年1月31日) | S100L871 | 2021-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L871,, |

## 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).