# OHMURA SHIGYO CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/04/01－2026/03/31) (S100YK44)
> Page: https://vizora.meequs.com/en/company/ohmura-shigyo
> Retrieved: 2026-09-30T22:21:02.160Z

## Company

Ohmura Shigyo, founded in 1965, is a company in Paper & Pulp listed on TSE Standard. It has 235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OHMURA SHIGYO CO.,LTD. |
| Ticker | 3953 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3953.T) |
| Listing | TSE Standard |
| Head office | 神奈川県茅ヶ崎市甘沼163の1番地 |
| Representative (per filing) | 代表取締役社長 牧山 光人 |
| Founded | Mar 1965 |
| Share capital | ¥554M |
| Employees (consolidated) | 235 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Corporate number | 8021001006662 |
| EDINET | E00682 |
| Industries (Vizora) | Paper & Pulp |

> Profile source: annual securities report (S100YK44, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.1 | 17 |
| Profitability | 79.4 | 17 |
| Cash conversion | 2.9 | 17 |
| Efficiency | 73.5 | 17 |

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)

- Ohmura Shigyo brought in ¥5.95B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.2% from the prior year, operating profit +28.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.95B |  |
| Operating income | ¥351.1M | Margin 5.9% |
| Net income | ¥366M | Margin 6.1% |
| Free cash flow | -¥209.5M |  |
| Employees (consolidated) | 235 |  |
| EPS | ¥102.75 |  |
| Book value per share | ¥1433.06 |  |
| Equity ratio | 77.7% |  |
| Shares outstanding | 3,561,676 |  |
| Shareholders | 2,485 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 31.7% | Cash ÷ revenue 34.9% |
| Vs. industry median margin | +2.2 pp | Paper & Pulp |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4801787000 | ¥5953592000 | +24.0% |
| Operating income | ¥270079000 | ¥351053000 | +30.0% |
| Operating margin | 5.6% | 5.9% | +0.3 pp |
| Employees | 212 people | 235 people | +10.8% |
| Cash and equivalents | ¥3143566000 | ¥2078178000 | -33.9% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,954 | 100.0% | S100YK44 |
| Cost of revenue | 4,323 | 72.6% | 算出 |
| Gross profit | 1,630 | 27.4% | S100YK44 |
| SG&A | 1,279 | 21.5% | S100YK44 |
| Operating income | 351 | 5.9% | S100YK44 |
| Ordinary income | 360 | 6.0% | S100YK44 |
| Pretax income | 355 | 6.0% | S100YK44 |
| Income tax | -11 | -0.2% | S100YK44 |
| Net income | 366 | 6.1% | S100YK44 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 21 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 27.4% → Operating margin 5.9% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.2%; Core profit growth: +28.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 115.11×
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 | 5,939 | 5,954 | 14 | +0.2% |
| Gross profit | 1,535 | 1,630 | 95 | +6.2% |
| Operating income | 274 | 351 | 77 | +28.1% |
| Operating cash flow | -149 | -94 | 55 | — |
| Free cash flow | -233 | -209 | 24 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,263 | 312 | 5.9% | 154 | 467 | 395 | S100LRWJ |
| FY ending Mar 2021 | 4,802 | 270 | 5.6% | 164 | 148 | -197 | S100OGM6 |
| FY ending Mar 2022 | 4,981 | 255 | 5.1% | 130 | 328 | 146 | S100R73R |
| FY ending Mar 2023 | 5,424 | 269 | 5.0% | 26 | 319 | 90 | S100TT15 |
| FY ending Mar 2024 | 5,737 | 342 | 6.0% | 249 | 634 | 417 | S100W5XF |
| FY ending Mar 2025 | 5,939 | 274 | 4.6% | -110 | -149 | -233 | S100YK44 |
| FY ending Mar 2026 | 5,954 | 351 | 5.9% | 366 | -94 | -209 | S100YK44 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.3M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 207 | 210 | 211 | 228 | 235 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥4.9M | ¥5.2M | ¥5M |
| Average age (parent company) | 47.0 years | 47.3 years | 47.5 years | 47.7 years | 47.5 years |
| Average tenure (parent company) | 14.4 years | 14.3 years | 14.8 years | 14.9 years | 14.9 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +0.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -94 | -1.6% | S100YK44 |
| Capital expenditure | 116 | 1.9% | S100YK44 |
| Free cash flow | -209 | -3.5% | 算出 |
| Investing cash flow | -114 | -1.9% | S100YK44 |
| Financing cash flow | -240 | -4.0% | S100YK44 |
| Dividends paid | 177 | 3.0% | S100YK44 |
| Change in cash | -448 | -7.5% | S100YK44 |
| Cash and equivalents | 2,078 | 34.9% | S100YK44 |

## 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 | 3,227 | 2,574 | 2,914 | 2,526 | 2,078 | S100TT15, S100W5XF, S100YK44 |
| Total assets | 7,753 | 7,270 | 7,749 | 6,877 | 6,566 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Net assets | 5,548 | 4,849 | 5,091 | 4,880 | 5,104 | S100TT15, S100W5XF, S100YK44 |
| Share capital | 554 | 554 | 554 | 554 | 554 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Property, plant and equipment | 2,372 | 2,289 | 2,474 | 2,017 | 2,039 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Intangible assets excluding goodwill | 11 | 5 | 5 | 13 | 11 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Investment securities | 195 | 194 | 228 | 237 | 289 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Current assets | 5,096 | 4,701 | 4,963 | 4,539 | 4,037 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Current liabilities | 1,484 | 1,726 | 1,823 | 1,218 | 655 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Total liabilities | 2,205 | 2,421 | 2,658 | 1,997 | 1,462 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Equity attributable to owners of parent | 5,514 | 4,815 | 5,028 | 4,811 | 4,999 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Retained earnings | 4,435 | 3,695 | 3,908 | 3,691 | 3,879 | S100R73R, S100TT15, S100W5XF, S100YK44 |
| Treasury stock | -41 | — | — | -0 | -0 | S100R73R, S100YK44 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YK44 |
| Property, plant and equipment | 31% | S100YK44 |
| Intangibles and goodwill | 0% | S100YK44 |
| Investment securities | 4% | S100YK44 |
| Other assets | 33% | S100YK44 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YK44 |
| Equity | 78% | S100YK44 |
| Other liabilities | 0% | S100YK44 |

### 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 | 7,753 | 7,270 | 7,749 | 6,877 | 6,566 |
| Equity | 5,548 | 4,849 | 5,091 | 4,880 | 5,104 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,227 | 2,574 | 2,914 | 2,526 | 2,078 |

## 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) | 34.3% | S100YK44 |
| Fixed assets ÷ total assets | 31.1% | S100YK44 |
| Goodwill ÷ parent equity | — | —, S100YK44 |

### 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) | 31.7% |
| Cash ÷ revenue | 34.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -26.7% |
| Cash vs. profit gap | -460 JPY mn (of net income -125.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| 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 | 2.6% | 0.64× | 1.7% | 1.41× | 2.4% | S100R73R |
| 2023 | 0.5% | 0.72× | 0.4% | 1.45× | 0.5% | S100TT15 |
| 2024 | 4.3% | 0.76× | 3.3% | 1.53× | 5.1% | S100W5XF |
| 2025 | — | —× | -1.5% | —× | — | S100YK44 |
| 2026 | 6.1% | 0.89× | 5.4% | 1.37× | 7.5% | S100YK44 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サンオオムラ株式会社 | Major shareholder | 30.5% | 2026-03-31 |
| 大村 日出雄 | Major shareholder | 10.5% | 2026-03-31 |
| 大村 八重子 | Major shareholder | 4.9% | 2026-03-31 |
| 大村紙業社員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 大村紙業取引先持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 大村 慶子 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 牧山 光人 | Major shareholder | 1.6% | 2026-03-31 |
| 大村 日出子 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YK44 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK44,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W5XF | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5XF,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TT15 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT15,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R73R | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R73R,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OGM6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGM6,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LRWJ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRWJ,, |

## 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).