# PAPYLESS 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32期(2025/04/01－2026/03/31) (S100YJ7Y)
> Page: https://vizora.meequs.com/en/company/papyless
> Retrieved: 2026-09-30T21:30:09.480Z

## Company

Papyless, founded in 1995, is a company in Publishing & Bookstores listed on TSE Standard. It has 172 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PAPYLESS CO.,LTD. |
| Ticker | 3641 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3641.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区紀尾井町3番12号 |
| Representative (per filing) | 代表取締役社長 松井康子 |
| Founded | Mar 1995 |
| Share capital | ¥414M |
| Employees (consolidated) | 172 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.papy.co.jp (https://www.papy.co.jp/) |
| Corporate number | 7013301014017 |
| EDINET | E24453 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100YJ7Y, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.8 | 17 |
| Profitability | 18.4 | 19 |
| Cash conversion | 96.9 | 16 |
| Efficiency | 55.3 | 19 |

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)

- Papyless brought in ¥14.7B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -6.5% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.7B |  |
| Operating income | ¥127M | Margin 0.9% |
| Net income | -¥4M | Margin -0.0% |
| Free cash flow | ¥418M |  |
| Largest business | E-book Business Segment | of segment revenue 100.0% |
| Employees (consolidated) | 172 |  |
| EPS | ¥-7.59 |  |
| Book value per share | ¥1050.37 |  |
| Equity ratio | 67.1% |  |
| Shares outstanding | 10,326,000 |  |
| Treasury shares | 1,646,700 |  |
| Shareholders | 28,905 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 67.0% | Cash ÷ revenue 60.6% |
| Vs. industry median margin | -4.6 pp | Publishing & Bookstores |
| ROA | -0.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 67% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23714000000 | ¥14740000000 | -37.8% |
| Operating income | ¥2227000000 | ¥127000000 | -94.3% |
| Operating margin | 9.4% | 0.9% | -8.5 pp |
| Employees | 125 people | 172 people | +37.6% |
| Cash and equivalents | ¥11041000000 | ¥8927000000 | -19.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 電子書籍事業 | 100.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,740 | 100.0% | S100YJ7Y |
| Cost of revenue | 7,902 | 53.6% | S100YJ7Y |
| Gross profit | 6,837 | 46.4% | S100YJ7Y |
| SG&A | 6,709 | 45.5% | S100YJ7Y |
| Operating income | 127 | 0.9% | S100YJ7Y |
| Ordinary income | 481 | 3.3% | S100YJ7Y |
| Pretax income | 481 | 3.3% | S100YJ7Y |
| Income tax | 598 | 4.1% | S100YJ7Y |
| Net income | -117 | -0.8% | S100YJ7Y |
| Net income attributable to owners | -4 | -0.0% | S100YJ7Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 45 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 46.4% → Operating margin 0.9% → Net margin -0.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 15,768 | 14,740 | -1,028 | -6.5% |
| Gross profit | 7,558 | 6,837 | -721 | -9.5% |
| Operating income | -309 | 127 | 436 | — |
| Net income attributable to owners | -164 | -4 | 160 | — |
| Operating cash flow | -573 | 421 | 994 | — |
| Free cash flow | -576 | 418 | 994 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,347 | 1,532 | 6.6% | 967 | 1,229 | 1,224 | S100LOZU |
| FY ending Mar 2021 | 23,714 | 2,227 | 9.4% | 1,542 | 2,431 | 2,430 | S100OE2N |
| FY ending Mar 2022 | 20,700 | 957 | 4.6% | 751 | -101 | -101 | S100R37O |
| FY ending Mar 2023 | 18,626 | 425 | 2.3% | 657 | -613 | -614 | S100TSBH |
| FY ending Mar 2024 | 17,175 | 255 | 1.5% | 217 | 691 | 687 | S100W4P7 |
| FY ending Mar 2025 | 15,768 | -309 | -2.0% | -164 | -573 | -576 | S100YJ7Y |
| FY ending Mar 2026 | 14,740 | 127 | 0.9% | -4 | 421 | 418 | S100YJ7Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.7M |
| Operating income per employee (consolidated) | ¥738.4K |
| Net income per employee (consolidated) | -¥23.3K |

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) | 134 | 138 | 148 | 158 | 172 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.2M | ¥5M | ¥5.2M |
| Average age (parent company) | 32.7 years | 33.9 years | 34.4 years | 34.6 years | 34.5 years |
| Average tenure (parent company) | 5.3 years | 6.0 years | 6.3 years | 6.5 years | 6.3 years |

Year over year: Employees (consolidated) +8.9% · Revenue (consolidated) -6.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| E-book Business Segment | 14,740 | 100.0% | 762 | 5.2% |
| Intellectual Property Production Segment | 0 | 0.0% | -281 | — |

### 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 |
| --- | ---: |
| E-book Business Segment | 100.0% |
| Intellectual Property Production Segment | 0.0% |

Segment → industry: Intellectual Property Production Segment → Publishing & Bookstores / E-book Business Segment → Publishing & Bookstores

## 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 | 421 | 2.9% | S100YJ7Y |
| Capital expenditure | 3 | 0.0% | S100YJ7Y |
| Free cash flow | 418 | 2.8% | 算出 |
| Investing cash flow | -3 | -0.0% | S100YJ7Y |
| Financing cash flow | -87 | -0.6% | S100YJ7Y |
| Dividends paid | 86 | 0.6% | S100YJ7Y |
| Change in cash | 519 | 3.5% | S100YJ7Y |
| Cash and equivalents | 8,927 | 60.6% | S100YJ7Y |

## 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 | 9,336 | 8,742 | 10,242 | 8,408 | 8,927 | S100TSBH, S100W4P7, S100YJ7Y |
| Total assets | 13,830 | 13,395 | 14,532 | 12,732 | 13,333 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Net assets | 8,771 | 9,431 | 10,373 | 9,028 | 8,974 | S100TSBH, S100W4P7, S100YJ7Y |
| Share capital | 414 | 414 | 414 | 414 | 414 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Property, plant and equipment | 40 | 37 | 35 | 30 | 28 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Investment securities | 84 | 76 | 68 | 66 | 50 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Current assets | 12,846 | 12,376 | 13,723 | 11,869 | 12,519 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Current liabilities | 5,057 | 3,962 | 4,158 | 3,704 | 4,358 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Total liabilities | 5,058 | 3,964 | 4,158 | 3,704 | 4,359 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Non-controlling interests | 39 | 39 | 71 | 131 | 18 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Equity attributable to owners of parent | 8,677 | 9,292 | 10,139 | 8,764 | 8,776 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Retained earnings | 9,173 | 9,738 | 9,862 | 9,598 | 9,507 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |
| Treasury stock | -1,795 | -1,681 | -622 | -1,725 | -1,622 | S100R37O, S100TSBH, S100W4P7, S100YJ7Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100YJ7Y |
| Property, plant and equipment | 0% | S100YJ7Y |
| Investment securities | 0% | S100YJ7Y |
| Other assets | 33% | S100YJ7Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YJ7Y |
| Equity | 67% | S100YJ7Y |

### 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 | 13,830 | 13,395 | 14,532 | 12,732 | 13,333 |
| Equity | 8,771 | 9,431 | 10,373 | 9,028 | 8,974 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,336 | 8,742 | 10,242 | 8,408 | 8,927 |

## 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) | 0.2% | S100YJ7Y |
| Fixed assets ÷ total assets | 0.2% | S100YJ7Y |
| Goodwill ÷ parent equity | — | —, S100YJ7Y |

### 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) | 67.0% |
| Cash ÷ revenue | 60.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 331.5% |
| Cash vs. profit gap | 425 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 20.6% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.7% |

## 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% | 1.50× | 5.4% | 1.59× | 8.7% | S100R37O |
| 2023 | 3.5% | 1.37× | 4.8% | 1.52× | 7.3% | S100TSBH |
| 2024 | 1.3% | 1.23× | 1.6% | 1.44× | 2.2% | S100W4P7 |
| 2025 | — | —× | -1.2% | —× | — | S100YJ7Y |
| 2026 | — | —× | -0.0% | —× | — | S100YJ7Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 天谷 幹夫 | Major shareholder | 39.5% | 2026-03-31 |
| セガサミーホールディングス株式会社 | Major shareholder | 10.4% | 2026-03-31 |
| 松井 康子 | Major shareholder | 2.9% | 2026-03-31 |
| 福井 智樹 | Major shareholder | 1.1% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＮＥＷ ＹＯＲＫ ＢＲＡＮＣＨ － ＰＲＩＭＥ ＢＲＯＫＥＲＡＧＥ ＣＬＥＡＲＡＮＣＥ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 0.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| ＣＩＴＩＢＡＮＫ ＨＯＮＧ ＫＯＮＧ ＰＢＧ ＣＬＩＥＮＴＳ Ｈ．Ｋ． （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.5% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YJ7Y | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ7Y,, |
| 有価証券報告書－第31期(2024/04/01－2025/03/31) | S100W4P7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4P7,, |
| 有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TSBH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSBH,, |
| 有価証券報告書－第29期(2022/04/01－2023/03/31) | S100R37O | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R37O,, |
| 有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100OE2N | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE2N,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LOZU | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOZU,, |

## 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).