# MATSUMOTO INC.: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2025/05/01－2026/04/30) (S100YRR3)
> Page: https://vizora.meequs.com/en/company/matsumoto
> Retrieved: 2026-09-30T21:18:25.234Z

## Company

Matsumoto, founded in 1973, is a company in Printing listed on TSE Standard. It has 164 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUMOTO INC. |
| Ticker | 7901 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7901.T) |
| Listing | TSE Standard |
| Head office | 福岡県北九州市門司区社ノ木一丁目2番1号 |
| Representative (per filing) | 代表取締役社長 松本 大輝 |
| Founded | Dec 1973 |
| Share capital | ¥100M |
| Employees (consolidated) | 164 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | April |
| Website | www.matsumoto-inc.co.jp (https://www.matsumoto-inc.co.jp/) |
| Corporate number | 9290801005722 |
| EDINET | E00715 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100YRR3, filed 2026-07-22). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.9 | 23 |
| Profitability | 1.8 | 28 |
| Efficiency | 44.6 | 28 |
| Financial strength | 70 | 5 |

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)

- Matsumoto brought in ¥2.13B in revenue.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed -2.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.13B |  |
| Operating income | -¥159.3M | Margin -7.5% |
| Net income | ¥156M | Margin 7.3% |
| Free cash flow | -¥315.3M |  |
| Employees (consolidated) | 164 |  |
| EPS | ¥137.76 |  |
| Book value per share | ¥880.19 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 1,143,900 |  |
| Treasury shares | 11,800 |  |
| Shareholders | 1,799 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 28.6% | Net cash ¥244.6M · Cash ÷ revenue 31.8% |
| Vs. industry median margin | -10.9 pp | Printing |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2270312000 | ¥2126156000 | -6.3% |
| Operating income | ¥-365276000 | ¥-159327000 | — |
| Operating margin | -16.1% | -7.5% | +8.6 pp |
| Employees | 199 people | 164 people | -17.6% |
| Cash and equivalents | ¥758237000 | ¥676676000 | -10.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,126 | 100.0% | S100YRR3 |
| Cost of revenue | 1,775 | 83.5% | 算出 |
| Gross profit | 351 | 16.5% | S100YRR3 |
| SG&A | 511 | 24.0% | S100YRR3 |
| Operating income | -159 | -7.5% | S100YRR3 |
| Ordinary income | -85 | -4.0% | S100YRR3 |
| Pretax income | 158 | 7.4% | S100YRR3 |
| Income tax | 2 | 0.1% | S100YRR3 |
| Net income | 156 | 7.3% | S100YRR3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 24 |
| Operating income | -7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 16.5% → Operating margin -7.5% → Net margin 7.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,169 | 2,126 | -43 | -2.0% |
| Gross profit | 239 | 351 | 112 | +47.0% |
| Operating income | -265 | -159 | 106 | — |
| Operating cash flow | -136 | -281 | -145 | — |
| Free cash flow | -190 | -315 | -125 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 2,819 | -28 | -1.0% | 8 | 79 | -191 | S100M1R5 |
| FY ending Apr 2021 | 2,270 | -365 | -16.1% | -389 | -75 | -500 | S100OSC7 |
| FY ending Apr 2022 | 2,350 | -208 | -8.8% | -1,287 | 137 | 124 | S100RGIR |
| FY ending Apr 2023 | 2,243 | 12 | 0.5% | 74 | -74 | -298 | S100U3VG |
| FY ending Apr 2024 | 2,214 | -146 | -6.6% | -87 | -69 | -203 | S100WEC4 |
| FY ending Apr 2025 | 2,169 | -265 | -12.2% | -653 | -136 | -190 | S100YRR3 |
| FY ending Apr 2026 | 2,126 | -159 | -7.5% | 156 | -281 | -315 | S100YRR3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13M |
| Operating income per employee (consolidated) | -¥971.5K |
| Net income per employee (consolidated) | ¥950.9K |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 177 | 181 | 181 | 187 | 164 |
| Average salary (parent company) | ¥4.1M | ¥4.1M | ¥4M | ¥4.1M | ¥4.3M |
| Average age (parent company) | 42.0 years | 40.0 years | 43.0 years | 43.0 years | 45.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 15.0 years | 15.0 years | 16.0 years |

Year over year: Employees (consolidated) -12.3% · Revenue (consolidated) -2.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -281 | -13.2% | S100YRR3 |
| Capital expenditure | 34 | 1.6% | S100YRR3 |
| Free cash flow | -315 | -14.8% | 算出 |
| Investing cash flow | 451 | 21.2% | S100YRR3 |
| Financing cash flow | 287 | 13.5% | S100YRR3 |
| Dividends paid | 0 | 0.0% | S100YRR3 |
| Change in cash | 457 | 21.5% | S100YRR3 |
| Cash and equivalents | 677 | 31.8% | S100YRR3 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 948 | 983 | 557 | 220 | 677 | S100U3VG, S100WEC4, S100YRR3 |
| Total assets | 2,650 | 2,825 | 2,837 | 2,086 | 2,367 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Net assets | 1,439 | 1,514 | 1,461 | 825 | 996 | S100U3VG, S100WEC4, S100YRR3 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Property, plant and equipment | 1,093 | 1,185 | 1,596 | 1,168 | 1,007 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Intangible assets excluding goodwill | — | 4 | 7 | — | — | S100U3VG, S100WEC4 |
| Investment securities | 91 | 92 | 124 | 143 | 145 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Current assets | 1,302 | 1,373 | 940 | 606 | 1,084 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Current liabilities | 710 | 910 | 717 | 718 | 733 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Short-term borrowings | — | 300 | 100 | — | 200 | S100U3VG, S100WEC4, S100YRR3 |
| Long-term borrowings | 100 | 43 | — | 39 | 32 | S100RGIR, S100U3VG, S100YRR3 |
| Bonds | — | — | — | — | 200 | S100YRR3 |
| Interest-bearing debt | — | — | — | — | 432 | 算出 |
| Total liabilities | 1,211 | 1,311 | 1,376 | 1,260 | 1,371 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Equity attributable to owners of parent | 1,438 | 1,511 | 1,425 | 771 | 927 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Retained earnings | -1,166 | -1,092 | -1,179 | -1,832 | 156 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |
| Treasury stock | -17 | -18 | -18 | -18 | -18 | S100RGIR, S100U3VG, S100WEC4, S100YRR3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YRR3 |
| Property, plant and equipment | 42% | S100YRR3 |
| Investment securities | 6% | S100YRR3 |
| Other assets | 23% | S100YRR3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 40% | S100YRR3 |
| Equity | 42% | S100YRR3 |
| Other liabilities | 0% | S100YRR3 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,650 | 2,825 | 2,837 | 2,086 | 2,367 |
| Equity | 1,439 | 1,514 | 1,461 | 825 | 996 |
| Interest-bearing debt | — | — | — | — | 432 |
| Cash | 948 | 983 | 557 | 220 | 677 |

## 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) | 47.4% | S100YRR3 |
| Fixed assets ÷ total assets | 42.6% | S100YRR3 |
| Goodwill ÷ parent equity | — | —, S100YRR3 |

### 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) | 28.6% |
| Cash ÷ revenue | 31.8% |
| Net cash (cash − interest-bearing debt) | ¥244.6M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -437 JPY mn (of net income -280.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -48.6% | —× | — | S100RGIR |
| 2023 | 3.3% | 0.82× | 2.7% | 1.86× | 5.0% | S100U3VG |
| 2024 | — | —× | -3.1% | —× | — | S100WEC4 |
| 2025 | — | —× | -26.5% | —× | — | S100YRR3 |
| 2026 | 7.3% | 0.95× | 7.0% | 2.62× | 18.4% | S100YRR3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Brand New Retail Initiative Fund | Major shareholder | 9.9% | 2026-04-30 |
| 中村 規 | Major shareholder | 8.8% | 2026-04-30 |
| 松本 敬三郎 | Major shareholder | 7.6% | 2026-04-30 |
| 株式会社大分銀行 | Major shareholder | 3.8% | 2026-04-30 |
| 森原 智明 | Major shareholder | 3.4% | 2026-04-30 |
| 株式会社福岡銀行 | Major shareholder | 2.5% | 2026-04-30 |
| 中尾 祐子 | Major shareholder | 1.4% | 2026-04-30 |
| 松本 大輝 | Major shareholder | 1.4% | 2026-04-30 |
| 梶川 雄一 | Major shareholder | 1.1% | 2026-04-30 |
| 朴 弘心 | Major shareholder | 1.1% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/05/01－2026/04/30) | S100YRR3 | 2026-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRR3,, |
| 有価証券報告書－第37期(2024/05/01－2025/04/30) | S100WEC4 | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEC4,, |
| 有価証券報告書－第36期(2023/05/01－2024/04/30) | S100U3VG | 2024-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3VG,, |
| 有価証券報告書－第35期(2022/05/01－2023/04/30) | S100RGIR | 2023-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGIR,, |
| 有価証券報告書－第34期(令和3年5月1日－令和4年4月30日) | S100OSC7 | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSC7,, |
| 有価証券報告書－第33期(令和2年5月1日－令和3年4月30日) | S100M1R5 | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1R5,, |

## 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).