# NAKAMOTO PACKS CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2025/03/01－2026/02/28) (S100Y635)
> Page: https://vizora.meequs.com/en/company/nakamoto-packs
> Retrieved: 2026-09-30T23:28:37.581Z

## Company

Nakamoto Packs, founded in 1950, is a company in Printing listed on TSE Standard. It has 883 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKAMOTO PACKS CO.,LTD. |
| Ticker | 7811 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7811.T) |
| Listing | TSE Standard |
| Head office | 大阪市天王寺区空堀町2番8号 |
| Representative (per filing) | 代表取締役社長 河田 淳 |
| Founded | Oct 1950 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 883 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Website | www.npacks.co.jp (https://www.npacks.co.jp/) |
| Corporate number | 8120001024730 |
| EDINET | E31924 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100Y635, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.1 | 23 |
| Profitability | 80.4 | 28 |
| Cash conversion | 10.4 | 24 |
| Efficiency | 76.8 | 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)

- Nakamoto Packs brought in ¥49.6B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +3.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥49635946000 → ¥2275538000
- Net income → operating cash flow: ¥2275538000 → ¥2552950000（difference ¥277412000）
- Main uses of operating cash flow: CapEx ¥1388341000 / dividends ¥606086000 / buybacks ¥139627000
- Change in cash: ¥17469000
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 | ¥49.6B |  |
| Operating income | ¥2.96B | Margin 6.0% |
| Net income | ¥2.18B | Margin 4.4% |
| Free cash flow | ¥1.16B |  |
| Employees (consolidated) | 883 |  |
| EPS | ¥176.8 |  |
| Book value per share | ¥1803.23 |  |
| Equity ratio | 51.9% |  |
| Shares outstanding | 8,920,791 |  |
| Treasury shares | 2,500 |  |
| Shareholders | 16,575 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | +2.5 pp | Printing |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -4% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36033596000 | ¥49635946000 | +37.7% |
| Operating income | ¥1715981000 | ¥2961417000 | +72.6% |
| Operating margin | 4.8% | 6.0% | +1.2 pp |
| Employees | 929 people | 883 people | -5.0% |
| Cash and equivalents | ¥3707389000 | ¥7569779000 | +104.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,636 | 100.0% | S100Y635 |
| Cost of revenue | 40,498 | 81.6% | S100Y635 |
| Gross profit | 9,138 | 18.4% | S100Y635 |
| SG&A | 6,177 | 12.4% | S100Y635 |
| Operating income | 2,961 | 6.0% | S100Y635 |
| Ordinary income | 3,054 | 6.2% | S100Y635 |
| Pretax income | 3,373 | 6.8% | S100Y635 |
| Income tax | 1,097 | 2.2% | S100Y635 |
| Net income | 2,276 | 4.6% | S100Y635 |
| Net income attributable to owners | 2,176 | 4.4% | S100Y635 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.4% → Operating margin 6.0% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +3.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.07×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 49,132 | 49,636 | 504 | +1.0% |
| Gross profit | 8,604 | 9,138 | 534 | +6.2% |
| Operating income | 2,871 | 2,961 | 90 | +3.1% |
| Net income attributable to owners | 2,010 | 2,176 | 166 | +8.2% |
| Operating cash flow | 2,354 | 2,553 | 199 | +8.5% |
| Free cash flow | 1,189 | 1,165 | -24 | -2.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 34,100 | 1,534 | 4.5% | 1,086 | 896 | -126 | S100LEGM |
| FY ending Feb 2021 | 36,034 | 1,716 | 4.8% | 1,316 | 2,436 | 827 | S100O4IW |
| FY ending Feb 2022 | 40,485 | 2,332 | 5.8% | 1,470 | 3,340 | 1,781 | S100QV16 |
| FY ending Feb 2023 | 43,129 | 1,893 | 4.4% | 1,285 | 1,548 | 334 | S100TJ2X |
| FY ending Feb 2024 | 44,362 | 1,815 | 4.1% | 1,058 | 3,458 | 2,373 | S100VU44 |
| FY ending Feb 2025 | 49,132 | 2,871 | 5.8% | 2,010 | 2,354 | 1,189 | S100Y635 |
| FY ending Feb 2026 | 49,636 | 2,961 | 6.0% | 2,176 | 2,553 | 1,165 | S100Y635 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.2M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 851 | 826 | 924 | 922 | 883 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.3M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 40.0 years | 40.5 years | 41.3 years | 42.0 years | 41.9 years |
| Average tenure (parent company) | 12.8 years | 13.2 years | 14.1 years | 14.6 years | 14.4 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) +1.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,553 | 5.1% | S100Y635 |
| Capital expenditure | 1,388 | 2.8% | S100Y635 |
| Free cash flow | 1,165 | 2.3% | 算出 |
| Investing cash flow | -1,273 | -2.6% | S100Y635 |
| Financing cash flow | -1,277 | -2.6% | S100Y635 |
| Dividends paid | 606 | 1.2% | S100Y635 |
| Share buyback | 140 | 0.3% | S100Y635 |
| Change in cash | 17 | 0.0% | S100Y635 |
| Cash and equivalents | 7,570 | 15.3% | S100Y635 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,792 | 5,020 | 7,447 | 7,552 | 7,570 | S100TJ2X, S100VU44, S100Y635 |
| Total assets | 33,934 | 34,579 | 38,484 | 39,974 | 40,523 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Net assets | 15,677 | 16,469 | 18,497 | 20,313 | 22,094 | S100TJ2X, S100VU44, S100Y635 |
| Share capital | 1,057 | 1,057 | 1,057 | 1,057 | 1,057 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Trade receivables | 7,445 | — | — | — | — | S100QV16 |
| Property, plant and equipment | 13,148 | 12,830 | 12,988 | 12,731 | 12,618 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Intangible assets excluding goodwill | 378 | 370 | 488 | 428 | 344 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Investment securities | 760 | 668 | 998 | 1,111 | 1,154 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Current assets | 18,801 | 19,880 | 23,140 | 24,714 | 25,241 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Current liabilities | 15,675 | 15,617 | 16,855 | 16,221 | 14,934 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Trade payables | 4,238 | 4,161 | 4,807 | 4,842 | 4,071 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Short-term borrowings | 5,006 | 5,313 | 4,913 | 4,209 | 3,609 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Long-term borrowings | 1,845 | 1,802 | 2,716 | 2,921 | 3,011 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Total liabilities | 18,258 | 18,110 | 19,987 | 19,661 | 18,430 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Non-controlling interests | 1,344 | 1,067 | 928 | 999 | 1,065 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Equity attributable to owners of parent | 13,580 | 14,510 | 16,382 | 17,828 | 19,258 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Retained earnings | 11,357 | 12,145 | 12,696 | 14,144 | 15,714 | S100QV16, S100TJ2X, S100VU44, S100Y635 |
| Treasury stock | -1 | -1 | -1 | -3 | -143 | S100QV16, S100TJ2X, S100VU44, S100Y635 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y635 |
| Property, plant and equipment | 31% | S100Y635 |
| Intangibles and goodwill | 1% | S100Y635 |
| Investment securities | 3% | S100Y635 |
| Other assets | 46% | S100Y635 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100Y635 |
| Other liabilities | 35% | S100Y635 |
| Equity | 55% | S100Y635 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 33,934 | 34,579 | 38,484 | 39,974 | 40,523 |
| Equity | 15,677 | 16,469 | 18,497 | 20,313 | 22,094 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,792 | 5,020 | 7,447 | 7,552 | 7,570 |

## 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) | 25.4% | S100Y635 |
| Fixed assets ÷ total assets | 31.1% | S100Y635 |
| Goodwill ÷ parent equity | — | —, S100Y635 |

### 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) | 18.7% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.2% |
| Cash vs. profit gap | 377 JPY mn (of net income 17.3%) |
| Shareholder returns / net income | 34.3% |
| Shareholder returns / FCF | 64.0% |
| Shareholder payments — dividends / net income | 27.9% |
| Shareholder payments — dividends / FCF | 52.0% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 49.9% |

## 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 | 3.6% | 1.19× | 4.3% | 2.50× | 10.8% | S100QV16 |
| 2023 | 3.0% | 1.26× | 3.8% | 2.44× | 9.2% | S100TJ2X |
| 2024 | 2.4% | 1.21× | 2.9% | 2.37× | 6.8% | S100VU44 |
| 2025 | 4.1% | 1.25× | 5.1% | 2.29× | 11.8% | S100Y635 |
| 2026 | 4.4% | 1.23× | 5.4% | 2.17× | 11.7% | S100Y635 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社中本 | Major shareholder | 8.0% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.6% | 2026-02-28 |
| 株式会社ナカモト・セカンド | Major shareholder | 3.0% | 2026-02-28 |
| 染谷 真沙美 | Major shareholder | 3.0% | 2026-02-28 |
| 河田 優子 | Major shareholder | 3.0% | 2026-02-28 |
| 中本パックス従業員持株会 | Major shareholder | 2.9% | 2026-02-28 |
| 松下 美樹 | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-02-28 |
| 日本紙パルプ商事株式会社 | Major shareholder | 1.7% | 2026-02-28 |
| サカタインクス株式会社 | Major shareholder | 1.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/03/01－2026/02/28) | S100Y635 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y635,, |
| 有価証券報告書－第37期(2024/03/01－2025/02/28) | S100VU44 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU44,, |
| 有価証券報告書－第36期(2023/03/01－2024/02/29) | S100TJ2X | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ2X,, |
| 有価証券報告書－第35期(2022/03/01－2023/02/28) | S100QV16 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV16,, |
| 有価証券報告書－第34期(令和3年3月1日－令和4年2月28日) | S100O4IW | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4IW,, |
| 有価証券報告書－第33期(令和2年3月1日－令和3年2月28日) | S100LEGM | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEGM,, |

## 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).