# Nozaki Insatsu Shigyo Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第86期(2025/04/01－2026/03/31) (S100YEXP)
> Page: https://vizora.meequs.com/en/company/nozakiinsatu
> Retrieved: 2026-09-30T21:08:27.488Z

## Company

Nozaki Insatsu Shigyo, founded in 1932, is a company in Printing listed on TSE Standard. It has 422 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nozaki Insatsu Shigyo Co., Ltd. |
| Ticker | 7919 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7919.T) |
| Listing | TSE Standard |
| Head office | 京都市北区小山下総町54番地の5 |
| Representative (per filing) | 代表取締役社長 野﨑隆男 |
| Founded | Mar 1932 |
| Share capital | ¥1.57B |
| Employees (consolidated) | 422 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.nozakiinsatu.co.jp (https://www.nozakiinsatu.co.jp/) |
| Corporate number | 8130001005275 |
| EDINET | E00652 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100YEXP, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.7 | 23 |
| Profitability | 58.9 | 28 |
| Cash conversion | 18.8 | 24 |
| Efficiency | 83.9 | 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)

- Nozaki Insatsu Shigyo brought in ¥14B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -3.8% from the prior year, operating profit -25.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14016480000 → ¥368696000
- Net income → operating cash flow: ¥368696000 → ¥462366000（difference ¥93670000）
- Main uses of operating cash flow: CapEx ¥1038523000 / dividends ¥121855000 / buybacks ¥65135000
- Change in cash: ¥-35153000
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 | ¥14B |  |
| Operating income | ¥516.1M | Margin 3.7% |
| Net income | ¥359.2M | Margin 2.6% |
| Free cash flow | -¥576.2M |  |
| Employees (consolidated) | 422 |  |
| EPS | ¥19.34 |  |
| Book value per share | ¥267.61 |  |
| Equity ratio | 43.5% |  |
| Shares outstanding | 21,460,000 |  |
| Treasury shares | 5,317,300 |  |
| Shareholders | 4,166 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 13.2% | Cash ÷ revenue 10.0% |
| Vs. industry median margin | +0.3 pp | Printing |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +33% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13105549000 | ¥14016480000 | +7.0% |
| Operating income | ¥87250000 | ¥516069000 | +491.5% |
| Operating margin | 0.7% | 3.7% | +3 pp |
| Employees | 450 people | 422 people | -6.2% |
| Cash and equivalents | ¥1046547000 | ¥1398679000 | +33.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,016 | 100.0% | S100YEXP |
| Cost of revenue | 11,274 | 80.4% | S100YEXP |
| Gross profit | 2,743 | 19.6% | S100YEXP |
| SG&A | 2,227 | 15.9% | S100YEXP |
| Operating income | 516 | 3.7% | S100YEXP |
| Ordinary income | 571 | 4.1% | S100YEXP |
| Pretax income | 537 | 3.8% | S100YEXP |
| Income tax | 168 | 1.2% | S100YEXP |
| Net income | 369 | 2.6% | S100YEXP |
| Net income attributable to owners | 359 | 2.6% | S100YEXP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 16 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.6% → Operating margin 3.7% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.8%; Core profit growth: -25.2%
Operating leverage (core profit growth ÷ revenue growth): 6.63×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,571 | 14,016 | -554 | -3.8% |
| Gross profit | 2,898 | 2,743 | -155 | -5.3% |
| Operating income | 690 | 516 | -174 | -25.2% |
| Net income attributable to owners | 522 | 359 | -163 | -31.2% |
| Operating cash flow | 654 | 462 | -191 | -29.3% |
| Free cash flow | -399 | -576 | -177 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,805 | 37 | 0.2% | -617 | 792 | 161 | S100LRH0 |
| FY ending Mar 2021 | 13,106 | 87 | 0.7% | 81 | 317 | 38 | S100OINY |
| FY ending Mar 2022 | 13,084 | 133 | 1.0% | 10 | 943 | 555 | S100R61J |
| FY ending Mar 2023 | 13,437 | 333 | 2.5% | 253 | 911 | 549 | S100TUHP |
| FY ending Mar 2024 | 14,157 | 621 | 4.4% | 573 | 1,105 | 359 | S100W272 |
| FY ending Mar 2025 | 14,571 | 690 | 4.7% | 522 | 654 | -399 | S100YEXP |
| FY ending Mar 2026 | 14,016 | 516 | 3.7% | 359 | 462 | -576 | S100YEXP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.2M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥851.3K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 439 | 414 | 413 | 420 | 422 |
| Average salary (parent company) | ¥3.9M | ¥4.2M | ¥4.7M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 45.5 years | 46.5 years | 46.5 years | 47.0 years | 47.5 years |
| Average tenure (parent company) | 19.7 years | 20.8 years | 20.7 years | 21.0 years | 21.2 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 462 | 3.3% | S100YEXP |
| Capital expenditure | 1,039 | 7.4% | S100YEXP |
| Free cash flow | -576 | -4.1% | 算出 |
| Investing cash flow | -1,037 | -7.4% | S100YEXP |
| Financing cash flow | 539 | 3.8% | S100YEXP |
| Dividends paid | 122 | 0.9% | S100YEXP |
| Share buyback | 65 | 0.5% | S100YEXP |
| Change in cash | -35 | -0.3% | S100YEXP |
| Cash and equivalents | 1,399 | 10.0% | S100YEXP |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,205 | 1,246 | 1,635 | 1,434 | 1,399 | S100TUHP, S100W272, S100YEXP |
| Total assets | 10,204 | 10,299 | 10,752 | 10,671 | 10,618 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Net assets | 3,527 | 3,765 | 4,275 | 4,627 | 4,865 | S100TUHP, S100W272, S100YEXP |
| Share capital | 1,571 | 1,571 | 1,571 | 1,571 | 1,571 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Property, plant and equipment | 5,078 | 4,845 | 4,921 | 5,284 | 5,474 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Intangible assets excluding goodwill | 19 | 15 | 12 | 7 | 26 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Investment securities | 273 | 297 | 262 | 264 | 329 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Current assets | 4,640 | 4,936 | 5,305 | 4,853 | 4,552 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Current liabilities | 5,246 | 5,564 | 5,318 | 4,533 | 4,287 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Trade payables | 1,032 | 928 | 937 | 835 | 791 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Short-term borrowings | 580 | 530 | 480 | 330 | 1,050 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Long-term borrowings | 1,237 | 789 | 1,016 | 1,351 | 1,308 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Total liabilities | 6,676 | 6,534 | 6,477 | 6,044 | 5,753 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Non-controlling interests | 177 | 182 | 217 | 219 | 245 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Equity attributable to owners of parent | 3,296 | 3,515 | 3,977 | 4,331 | 4,501 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Retained earnings | 1,865 | 2,084 | 2,606 | 3,004 | 3,240 | S100R61J, S100TUHP, S100W272, S100YEXP |
| Treasury stock | -940 | -940 | -1,011 | -1,056 | -1,132 | S100R61J, S100TUHP, S100W272, S100YEXP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YEXP |
| Property, plant and equipment | 52% | S100YEXP |
| Intangibles and goodwill | 0% | S100YEXP |
| Investment securities | 3% | S100YEXP |
| Other assets | 32% | S100YEXP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YEXP |
| Other liabilities | 47% | S100YEXP |
| Equity | 46% | S100YEXP |
| Other liabilities | 0% | S100YEXP |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,204 | 10,299 | 10,752 | 10,671 | 10,618 |
| Equity | 3,527 | 3,765 | 4,275 | 4,627 | 4,865 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,205 | 1,246 | 1,635 | 1,434 | 1,399 |

## 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) | 39.1% | S100YEXP |
| Fixed assets ÷ total assets | 51.6% | S100YEXP |
| Goodwill ÷ parent equity | — | —, S100YEXP |

### 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) | 13.2% |
| Cash ÷ revenue | 10.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.6% |
| Cash vs. profit gap | 103 JPY mn (of net income 28.7%) |
| Shareholder returns / net income | 52.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.4% |
| Investing CF relative to operating CF | 224.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.1% | 1.28× | 0.1% | 3.10× | 0.3% | S100R61J |
| 2023 | 1.9% | 1.31× | 2.5% | 3.01× | 7.4% | S100TUHP |
| 2024 | 4.0% | 1.35× | 5.4% | 2.81× | 15.3% | S100W272 |
| 2025 | 3.6% | 1.36× | 4.9% | 2.58× | 12.6% | S100YEXP |
| 2026 | 2.6% | 1.32× | 3.4% | 2.41× | 8.1% | S100YEXP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 陽光会 | Major shareholder | 11.6% | 2026-03-31 |
| 野﨑 隆男 | Major shareholder | 10.5% | 2026-03-31 |
| 翠洸興産株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 2.3% | 2026-03-31 |
| ＫＰＰグループホールディングス株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 野崎印刷紙業従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 金森 勉 | Major shareholder | 1.9% | 2026-03-31 |
| 高野 恵美子 | Major shareholder | 1.8% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YEXP | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEXP,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W272 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W272,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TUHP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUHP,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R61J | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R61J,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100OINY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OINY,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LRH0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRH0,, |

## 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).