# MITSUBISHI PENCIL CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第151期(2025/01/01－2025/12/31) (S100XRVX)
> Page: https://vizora.meequs.com/en/company/mitsubishi-pencil
> Retrieved: 2026-09-30T17:53:00.223Z

## Company

Mitsubishi Pencil, founded in 1925, is a company in Chemicals listed on TSE Prime. It has 2,871 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUBISHI PENCIL COMPANY,LIMITED |
| Ticker | 7976 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7976.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東大井五丁目23番37号 |
| Representative (per filing) | 代表取締役社長 数原 滋彦 |
| Founded | Apr 1925 |
| Share capital | ¥4.5B |
| Employees (consolidated) | 2,871 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | December |
| Website | www.mpuni.co.jp (https://www.mpuni.co.jp/) |
| Corporate number | 6010701009457 |
| EDINET | E02366 |
| Industries (Vizora) | Chemicals, Stationery & Office Supplies |

> Profile source: annual securities report (S100XRVX, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.6 | 16 |
| Profitability | 90.6 | 16 |
| Cash conversion | 11.5 | 13 |
| Efficiency | 3.1 | 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)

- About 97% of Mitsubishi Pencil's sales come from Writing Instruments peripheral products business and writing instruments, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit -20.5%.

## Company structure

- Segment revenue mix: Writing Instruments peripheral products business and writing instruments 97.3%、Other 2.7%
- Revenue → net income: ¥89814000000 → ¥6477000000
- Net income → operating cash flow: ¥6477000000 → ¥2413000000（difference ¥-4064000000）
- Main uses of operating cash flow: CapEx ¥5929000000 / dividends ¥2774000000 / buybacks ¥2391000000
- Change in cash: ¥-6779000000
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 | ¥89.8B |  |
| Operating income | ¥9.69B | Margin 10.8% |
| Net income | ¥6.24B | Margin 6.9% |
| Free cash flow | -¥3.52B |  |
| Largest business | Writing Instruments peripheral products business and writing instruments | of segment revenue 97.3% |
| Employees (consolidated) | 2,871 |  |
| EPS | ¥142.45 |  |
| Book value per share | ¥1785.78 |  |
| Equity ratio | 75.7% |  |
| Shares outstanding | 60,042,592 |  |
| Treasury shares | 5,951,700 |  |
| Shareholders | 8,353 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 17.9% | Cash ÷ revenue 36.5% |
| Vs. industry median margin | +6.2 pp | Stationery & Office Supplies |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55180000000 | ¥89814000000 | +62.8% |
| Operating income | ¥5493000000 | ¥9692000000 | +76.4% |
| Operating margin | 10.0% | 10.8% | +0.8 pp |
| Employees | 2,955 people | 2,871 people | -2.8% |
| Cash and equivalents | ¥42078000000 | ¥32807000000 | -22.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 筆記具及び筆記具周辺商品事業 → 筆記具及び筆記具周辺商品事業 | 95.8% |
| その他 → その他 | 2.7% |
| その他 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 筆記具及び筆記具周辺商品事業 | 1.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 89,814 | 100.0% | S100XRVX |
| Cost of revenue | 45,291 | 50.4% | S100XRVX |
| Gross profit | 44,522 | 49.6% | S100XRVX |
| SG&A | 34,830 | 38.8% | S100XRVX |
| Operating income | 9,692 | 10.8% | S100XRVX |
| Ordinary income | 10,028 | 11.2% | S100XRVX |
| Pretax income | 9,743 | 10.8% | S100XRVX |
| Income tax | 3,266 | 3.6% | S100XRVX |
| Net income | 6,477 | 7.2% | S100XRVX |
| Net income attributable to owners | 6,235 | 6.9% | S100XRVX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 39 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 49.6% → Operating margin 10.8% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.1%; Core profit growth: -20.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -18.31×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 88,820 | 89,814 | 994 | +1.1% |
| Gross profit | 46,840 | 44,522 | -2,318 | -4.9% |
| Operating income | 12,189 | 9,692 | -2,497 | -20.5% |
| Net income attributable to owners | 11,272 | 6,235 | -5,037 | -44.7% |
| Operating cash flow | 6,467 | 2,413 | -4,054 | -62.7% |
| Free cash flow | 2,511 | -3,516 | -6,027 | -240.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 62,034 | 7,202 | 11.6% | 4,436 | 10,030 | 6,780 | S100L1G5 |
| FY ending Dec 2020 | 55,180 | 5,493 | 10.0% | 3,794 | 4,735 | 261 | S100PS4Y |
| FY ending Dec 2021 | 61,894 | 7,520 | 12.1% | 5,658 | 8,369 | 4,404 | S100QHKS |
| FY ending Dec 2022 | 68,997 | 9,243 | 13.4% | 6,951 | 7,281 | 5,704 | S100ULUZ |
| FY ending Dec 2023 | 74,801 | 11,851 | 15.8% | 10,166 | 11,763 | 9,915 | S100VH8V |
| FY ending Dec 2024 | 88,820 | 12,189 | 13.7% | 11,272 | 6,467 | 2,511 | S100XRVX |
| FY ending Dec 2025 | 89,814 | 9,692 | 10.8% | 6,235 | 2,413 | -3,516 | S100XRVX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.3M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,816 | 2,708 | 2,587 | 2,800 | 2,871 |
| Average salary (parent company) | ¥7.4M | ¥7.6M | ¥7.9M | ¥8.2M | ¥8.3M |
| Average age (parent company) | 41.7 years | 41.6 years | 41.8 years | 41.9 years | 40.9 years |
| Average tenure (parent company) | 18.3 years | 18.2 years | 18.2 years | 18.0 years | 17.7 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +1.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Writing Instruments peripheral products business and writing instruments | 87,355 | 97.3% | 9,480 | 10.9% |
| Other | 2,458 | 2.7% | 176 | 7.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Writing Instruments peripheral products business and writing instruments | 97.3% | 98.2% | 0.9 | 10.9% |
| Other | 2.7% | 1.8% | -0.9 | 7.2% |

Segment → industry: Other → Chemicals / Writing Instruments peripheral products business and writing instruments → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,413 | 2.7% | S100XRVX |
| Capital expenditure | 5,929 | 6.6% | S100XRVX |
| Free cash flow | -3,516 | -3.9% | 算出 |
| Investing cash flow | -7,920 | -8.8% | S100XRVX |
| Financing cash flow | -1,874 | -2.1% | S100XRVX |
| Dividends paid | 2,774 | 3.1% | S100XRVX |
| Share buyback | 2,391 | 2.7% | S100XRVX |
| Change in cash | -6,779 | -7.5% | S100XRVX |
| Cash and equivalents | 32,807 | 36.5% | S100XRVX |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 44,498 | 47,098 | 55,856 | 39,587 | 32,807 | S100ULUZ, S100VH8V, S100XRVX |
| Total assets | 123,792 | 130,801 | 146,007 | 176,881 | 183,005 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Net assets | 97,673 | 105,002 | 116,860 | 130,708 | 140,432 | S100ULUZ, S100VH8V, S100XRVX |
| Share capital | 4,497 | 4,497 | 4,497 | 4,497 | 4,497 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Trade receivables | 16,567 | 16,309 | 17,270 | 19,586 | 20,327 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Inventories | 18,831 | 20,354 | 20,665 | 30,430 | 30,753 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Property, plant and equipment | 24,633 | 23,980 | 22,549 | 31,817 | 33,262 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Intangible assets excluding goodwill | 1,395 | 1,224 | 1,089 | 12,190 | 12,746 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Goodwill | 154 | 33 | — | 5,739 | 5,844 | S100QHKS, S100ULUZ, S100XRVX |
| Investment securities | 14,175 | 16,497 | 20,004 | 26,130 | 32,024 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Current assets | 81,413 | 86,373 | 98,281 | 95,205 | 91,793 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Current liabilities | 17,631 | 17,330 | 19,798 | 24,396 | 14,703 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Trade payables | 8,314 | 8,070 | 9,298 | 10,014 | 3,140 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Short-term borrowings | 1,516 | 1,516 | 1,518 | 1,736 | 1,735 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Long-term borrowings | 3,298 | 2,577 | 1,857 | 9,887 | 13,166 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Total liabilities | 26,119 | 25,798 | 29,146 | 46,173 | 42,573 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Non-controlling interests | 1,789 | 1,914 | 2,194 | 2,351 | 1,906 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Equity attributable to owners of parent | 89,229 | 93,195 | 100,490 | 107,909 | 109,825 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Retained earnings | 87,708 | 91,838 | 100,018 | 104,604 | 106,521 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |
| Treasury stock | -6,953 | -7,104 | -8,005 | -5,156 | -6,002 | S100QHKS, S100ULUZ, S100VH8V, S100XRVX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XRVX |
| Receivables | 11% | S100XRVX |
| Inventories | 17% | S100XRVX |
| Property, plant and equipment | 18% | S100XRVX |
| Intangibles and goodwill | 10% | S100XRVX |
| Investment securities | 18% | S100XRVX |
| Other assets | 8% | S100XRVX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XRVX |
| Other liabilities | 21% | S100XRVX |
| Equity | 77% | S100XRVX |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 123,792 | 130,801 | 146,007 | 176,881 | 183,005 |
| Equity | 97,673 | 105,002 | 116,860 | 130,708 | 140,432 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,498 | 47,098 | 55,856 | 39,587 | 32,807 |

## 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) | 37.0% | S100XRVX |
| Fixed assets ÷ total assets | 18.2% | S100XRVX |
| Goodwill ÷ parent equity | 5.3% | S100XRVX |

Goodwill over 4 years: 154 → 5,844 JPY; total investing cash flow: -41,482 JPY. This does not imply causation.

### 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) | 17.9% |
| Cash ÷ revenue | 36.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 24.9% |
| Cash vs. profit gap | -3,822 JPY mn (of net income -61.3%) |
| Shareholder returns / net income | 82.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 328.2% |

## 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 | 9.1% | 0.50× | 4.6% | 1.39× | 6.3% | S100QHKS |
| 2022 | 10.1% | 0.54× | 5.5% | 1.40× | 7.6% | S100ULUZ |
| 2023 | 13.6% | 0.54× | 7.3% | 1.43× | 10.5% | S100VH8V |
| 2024 | 12.7% | 0.55× | 7.0% | 1.55× | 10.8% | S100XRVX |
| 2025 | 6.9% | 0.50× | 3.5% | 1.65× | 5.7% | S100XRVX |

## 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 | 6.4% | 2025-12-31 |
| 株式会社横浜銀行 | Major shareholder | 5.0% | 2025-12-31 |
| 三菱鉛筆取引先持株会 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.2% | 2025-12-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.2% | 2025-12-31 |
| 大同生命保険株式会社 | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第151期(2025/01/01－2025/12/31) | S100XRVX | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRVX,, |
| 有価証券報告書－第150期(2024/01/01－2024/12/31) | S100VH8V | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH8V,, |
| 訂正有価証券報告書－第149期(2023/01/01－2023/12/31) | S100ULUZ | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULUZ,, |
| 有価証券報告書－第148期(2022/01/01－2022/12/31) | S100QHKS | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHKS,, |
| 訂正有価証券報告書－第147期(令和3年1月1日－令和3年12月31日) | S100PS4Y | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PS4Y,, |
| 有価証券報告書－第146期(令和2年1月1日－令和2年12月31日) | S100L1G5 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1G5,, |

## 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).