# PILOT CORPORATION: 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24期(2025/01/01－2025/12/31) (S100XU5I)
> Page: https://vizora.meequs.com/en/company/pilot
> Retrieved: 2026-09-30T20:30:39.016Z

## Company

Pilot, founded in 1918, is a company in Toys & Hobbies listed on TSE Prime. It has 3,175 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PILOT CORPORATION |
| Ticker | 7846 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7846.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目6番21号 |
| Representative (per filing) | 代表取締役 社長執行役員 藤﨑文男 |
| Founded | Jan 1918 |
| Share capital | ¥2.34B |
| Employees (consolidated) | 3,175 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | www.pilot.co.jp (https://www.pilot.co.jp/) |
| Corporate number | 9010001077045 |
| EDINET | E02466 |
| Industries (Vizora) | Toys & Hobbies, Stationery & Office Supplies |

> Profile source: annual securities report (S100XU5I, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.4 | 16 |
| Profitability | 96.9 | 16 |
| Cash conversion | 57.7 | 13 |
| Efficiency | 28.1 | 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 30% of Pilot's sales come from America, with Japan and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +0.2% from the prior year, operating profit -6.5%.

## Company structure

- Segment revenue mix: America 30.1%、Japan 29.6%、Europe 21.7%、Asia 18.5%
- Revenue → net income: ¥126391000000 → ¥12141000000
- Net income → operating cash flow: ¥12141000000 → ¥16999000000（difference ¥4858000000）
- Main uses of operating cash flow: CapEx ¥11523000000 / dividends ¥4758000000 / buybacks ¥5999000000
- Change in cash: ¥-1342000000
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 | ¥126.4B |  |
| Operating income | ¥16.6B | Margin 13.2% |
| Net income | ¥12.1B | Margin 9.5% |
| Free cash flow | ¥5.48B |  |
| Largest business | America | of segment revenue 30.1% |
| Employees (consolidated) | 3,175 |  |
| EPS | ¥248.03 |  |
| Book value per share | ¥2707.21 |  |
| Equity ratio | 80.8% |  |
| Shares outstanding | 40,905,200 |  |
| Treasury shares | 3,640,600 |  |
| Shareholders | 16,774 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 30.5% |
| Vs. industry median margin | +8.6 pp | Stationery & Office Supplies |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.3× dividends
- FY2025, one segment accounts for 71% of positive segment profit
- FY2025, segment profit share differs by 42 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥87096000000 | ¥126391000000 | +45.1% |
| Operating income | ¥14141000000 | ¥16649000000 | +17.7% |
| Operating margin | 16.2% | 13.2% | -3.1 pp |
| Employees | 2,609 people | 3,175 people | +21.7% |
| Cash and equivalents | ¥37724000000 | ¥38581000000 | +2.3% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 29.6% |
| 日本 → 事業再編・廃止 | 4.9% |
| 米州 → 米州 | 25.6% |
| 欧州 → 欧州 | 21.3% |
| アジア → アジア | 18.5% |
| アジア → 事業再編・廃止 | 0.1% |
| 新設・再編 → 米州 | 4.6% |
| 新設・再編 → 欧州 | 0.4% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| America | 5 years | +11.3% | ¥38080000000 | 6.6% | 2 |
| Japan | 5 years | +4.5% | ¥37456000000 | 31.5% | 2 |
| Europe | 5 years | +8.1% | ¥27431000000 | 4.7% | 2 |
| Asia | 5 years | +7.6% | ¥23422000000 | 3.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 126,391 | 100.0% | S100XU5I |
| Cost of revenue | 61,944 | 49.0% | S100XU5I |
| Gross profit | 64,447 | 51.0% | S100XU5I |
| SG&A | 47,797 | 37.8% | S100XU5I |
| Operating income | 16,649 | 13.2% | S100XU5I |
| Ordinary income | 17,855 | 14.1% | S100XU5I |
| Pretax income | 18,545 | 14.7% | S100XU5I |
| Income tax | 6,404 | 5.1% | S100XU5I |
| Net income | 12,141 | 9.6% | S100XU5I |
| Net income attributable to owners | 12,064 | 9.5% | S100XU5I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 38 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 51.0% → Operating margin 13.2% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.2%; Core profit growth: -6.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -36.73×
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 | 126,168 | 126,391 | 223 | +0.2% |
| Gross profit | 64,728 | 64,447 | -281 | -0.4% |
| Operating income | 17,805 | 16,649 | -1,156 | -6.5% |
| Net income attributable to owners | 15,181 | 12,064 | -3,117 | -20.5% |
| Operating cash flow | 22,727 | 16,999 | -5,728 | -25.2% |
| Free cash flow | 11,208 | 5,476 | -5,732 | -51.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 103,714 | 19,141 | 18.5% | 13,277 | 15,189 | 9,703 | S100L2K1 |
| FY ending Dec 2020 | 87,096 | 14,141 | 16.2% | 9,933 | 15,137 | 10,083 | S100NRXT |
| FY ending Dec 2021 | 103,057 | 19,325 | 18.8% | 14,270 | 19,815 | 16,240 | S100QIC0 |
| FY ending Dec 2022 | 112,850 | 21,244 | 18.8% | 15,773 | 13,753 | 9,240 | S100T4Z1 |
| FY ending Dec 2023 | 118,590 | 19,003 | 16.0% | 13,661 | 10,175 | 888 | S100VHM6 |
| FY ending Dec 2024 | 126,168 | 17,805 | 14.1% | 15,181 | 22,727 | 11,208 | S100XU5I |
| FY ending Dec 2025 | 126,391 | 16,649 | 13.2% | 12,064 | 16,999 | 5,476 | S100XU5I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.8M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 2,629 | 2,707 | 2,831 | 2,965 | 3,175 |
| Average salary (parent company) | ¥6.4M | ¥6.7M | ¥7.1M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 44.2 years | 43.7 years | 42.8 years | 43.5 years | 43.5 years |
| Average tenure (parent company) | 20.6 years | 19.9 years | 18.5 years | 18.8 years | 18.7 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 37,456 | 29.6% | 11,815 | 31.5% |
| America | 38,080 | 30.1% | 2,518 | 6.6% |
| Europe | 27,431 | 21.7% | 1,292 | 4.7% |
| Asia | 23,422 | 18.5% | 908 | 3.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 29.6% | 71.5% | 41.8 | 31.5% |
| America | 30.1% | 15.2% | -14.9 | 6.6% |
| Europe | 21.7% | 7.8% | -13.9 | 4.7% |
| Asia | 18.5% | 5.5% | -13.0 | 3.9% |

Segment → industry: Japan → Toys & Hobbies / Asia → Stationery & Office Supplies / Europe → Stationery & Office Supplies / America → Stationery & Office Supplies / Japan → 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 | 16,999 | 13.4% | S100XU5I |
| Capital expenditure | 11,523 | 9.1% | S100XU5I |
| Free cash flow | 5,476 | 4.3% | 算出 |
| Investing cash flow | -11,125 | -8.8% | S100XU5I |
| Financing cash flow | -8,015 | -6.3% | S100XU5I |
| Dividends paid | 4,758 | 3.8% | S100XU5I |
| Share buyback | 5,999 | 4.7% | S100XU5I |
| Change in cash | -1,342 | -1.1% | S100XU5I |
| Cash and equivalents | 38,581 | 30.5% | S100XU5I |

## 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 | 45,844 | 45,444 | 38,329 | 39,112 | 38,581 | S100T4Z1, S100VHM6, S100XU5I |
| Total assets | 143,155 | 156,542 | 166,468 | 176,701 | 179,906 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Net assets | 102,348 | 117,989 | 132,345 | 141,579 | 146,079 | S100T4Z1, S100VHM6, S100XU5I |
| Share capital | 2,340 | 2,340 | 2,340 | 2,340 | 2,340 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Trade receivables | 22,529 | 22,738 | 24,243 | 25,766 | 26,426 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Property, plant and equipment | 28,217 | 31,023 | 37,891 | 44,010 | 46,203 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Intangible assets excluding goodwill | 6,312 | 6,268 | 6,328 | 7,734 | 7,614 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Goodwill | — | — | — | 1,302 | 1,272 | S100XU5I |
| Investment securities | 3,965 | 5,728 | 7,860 | 8,937 | 8,093 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Current assets | 98,916 | 106,606 | 107,138 | 108,294 | 110,245 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Current liabilities | 39,126 | 36,792 | 31,567 | 32,748 | 27,294 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Trade payables | 14,161 | 14,354 | 12,148 | 11,197 | 10,743 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Short-term borrowings | 2,718 | 4,441 | 1,728 | 370 | 582 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Long-term borrowings | 41 | 16 | 494 | 166 | 4,000 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Total liabilities | 40,807 | 38,552 | 34,123 | 35,122 | 33,826 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Non-controlling interests | 1,294 | 1,436 | 1,936 | 1,727 | 634 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Equity attributable to owners of parent | 105,773 | 118,806 | 128,521 | 135,620 | 137,433 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Retained earnings | 106,389 | 119,401 | 129,116 | 136,126 | 143,510 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |
| Treasury stock | -10,871 | -10,858 | -10,858 | -10,734 | -16,632 | S100QIC0, S100T4Z1, S100VHM6, S100XU5I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XU5I |
| Receivables | 15% | S100XU5I |
| Property, plant and equipment | 26% | S100XU5I |
| Intangibles and goodwill | 5% | S100XU5I |
| Investment securities | 4% | S100XU5I |
| Other assets | 29% | S100XU5I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XU5I |
| Other liabilities | 13% | S100XU5I |
| Equity | 81% | S100XU5I |
| Other liabilities | 0% | S100XU5I |

### 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 | 143,155 | 156,542 | 166,468 | 176,701 | 179,906 |
| Equity | 102,348 | 117,989 | 132,345 | 141,579 | 146,079 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 45,844 | 45,444 | 38,329 | 39,112 | 38,581 |

## 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) | 36.6% | S100XU5I |
| Fixed assets ÷ total assets | 25.7% | S100XU5I |
| Goodwill ÷ parent equity | 0.9% | S100XU5I |

### 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) | 21.4% |
| Cash ÷ revenue | 30.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.1% |
| Cash vs. profit gap | 4,935 JPY mn (of net income 40.9%) |
| Shareholder returns / net income | 89.2% |
| Shareholder returns / FCF | 196.4% |
| Shareholder payments — dividends / net income | 39.4% |
| Shareholder payments — dividends / FCF | 86.9% |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 65.4% |

## 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 | 13.8% | 0.72× | 10.0% | 1.35× | 13.5% | S100QIC0 |
| 2022 | 14.0% | 0.75× | 10.5% | 1.33× | 14.0% | S100T4Z1 |
| 2023 | 11.5% | 0.73× | 8.5% | 1.31× | 11.0% | S100VHM6 |
| 2024 | 12.0% | 0.74× | 8.8% | 1.30× | 11.5% | S100XU5I |
| 2025 | 9.5% | 0.71× | 6.8% | 1.31× | 8.8% | S100XU5I |

## 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 | 10.7% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.7% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.6% | 2025-12-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 4.3% | 2025-12-31 |
| 朝日生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.0% | 2025-12-31 |
| 三菱ＵＦＪ信託銀行株式会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.9% | 2025-12-31 |
| 松竹株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| KOREA SECURITIES DEPOSITORY-SHINHAN SECURITIES(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.5% | 2025-12-31 |
| パイロットグループ従業員持株会 | Major shareholder | 2.3% | 2025-12-31 |
| 第一生命保険株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XU5I | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU5I,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VHM6 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHM6,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T4Z1 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4Z1,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QIC0 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIC0,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NRXT | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRXT,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L2K1 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2K1,, |

## 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).