# PLAZA HOLDINGS 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39期(2025/04/01－2026/03/31) (S100YJCG)
> Page: https://vizora.meequs.com/en/company/plaza-holdings
> Retrieved: 2026-09-30T19:13:48.319Z

## Company

Plaza Holdings, founded in 1988, is a company in Printing listed on TSE Standard. It has 498 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PLAZA HOLDINGS CO.,LTD. |
| Ticker | 7502 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7502.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区晴海一丁目8番10号 |
| Representative (per filing) | 代表取締役社長 大島康広 |
| Founded | Mar 1988 |
| Share capital | ¥100M |
| Employees (consolidated) | 498 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.plazaholdings.co.jp (https://www.plazaholdings.co.jp/) |
| Corporate number | 5010001028349 |
| EDINET | E04960 |
| Industries (Vizora) | Printing, Electronics Retailers |

> Profile source: annual securities report (S100YJCG, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.5 | 13 |
| Profitability | 25 | 14 |
| Cash conversion | 82.1 | 14 |
| Efficiency | 39.3 | 14 |

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 80% of Plaza Holdings's sales come from Mobile, with imaging making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +8.5%.

## Company structure

- Segment revenue mix: Mobile 79.8%、imaging 20.2%
- Revenue → net income: ¥19204136000 → ¥206216000
- Net income → operating cash flow: ¥206216000 → ¥835438000（difference ¥629222000）
- Main uses of operating cash flow: CapEx ¥268944000 / dividends ¥121728000 / buybacks ¥1020000
- Change in cash: ¥187912000
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 | ¥19.2B |  |
| Operating income | ¥365M | Margin 1.9% |
| Net income | ¥206.2M | Margin 1.1% |
| Free cash flow | ¥566.5M |  |
| Largest business | Mobile | of segment revenue 79.8% |
| Employees (consolidated) | 498 |  |
| EPS | ¥101.16 |  |
| Book value per share | ¥1042.31 |  |
| Equity ratio | 20.8% |  |
| Shares outstanding | 2,439,433 |  |
| Treasury shares | 1,400 |  |
| Shareholders | 2,175 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 16.8% | Cash ÷ revenue 9.7% |
| Vs. industry median margin | -1.5 pp | Electronics Retailers |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20674849000 | ¥19204136000 | -7.1% |
| Operating income | ¥305512000 | ¥364996000 | +19.5% |
| Operating margin | 1.5% | 1.9% | +0.4 pp |
| Employees | 695 people | 498 people | -28.3% |
| Cash and equivalents | ¥1698542000 | ¥1870902000 | +10.1% |

### 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 |
| --- | ---: |
| イメージング事業 → イメージング事業 | 19.8% |
| プリント事業 → 事業再編・廃止 | 19.8% |
| モバイル事業 → モバイル事業 | 60.5% |
| 新設・再編 → イメージング事業 | 0.5% |
| 新設・再編 → モバイル事業 | 19.3% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,204 | 100.0% | S100YJCG |
| Cost of revenue | 11,879 | 61.9% | S100YJCG |
| Gross profit | 7,325 | 38.1% | S100YJCG |
| SG&A | 6,960 | 36.2% | S100YJCG |
| Operating income | 365 | 1.9% | S100YJCG |
| Ordinary income | 325 | 1.7% | S100YJCG |
| Pretax income | 213 | 1.1% | S100YJCG |
| Income tax | 7 | 0.0% | S100YJCG |
| Net income | 206 | 1.1% | S100YJCG |
| Net income attributable to owners | 206 | 1.1% | S100YJCG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 36 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 38.1% → Operating margin 1.9% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +8.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.83×
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 | 18,644 | 19,204 | 560 | +3.0% |
| Gross profit | 6,848 | 7,325 | 477 | +7.0% |
| Operating income | 336 | 365 | 29 | +8.5% |
| Net income attributable to owners | 276 | 206 | -70 | -25.2% |
| Operating cash flow | 754 | 835 | 82 | +10.8% |
| Free cash flow | 520 | 566 | 47 | +9.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,055 | 269 | 1.2% | 126 | 1,232 | 695 | S100LV8E |
| FY ending Mar 2021 | 20,675 | 306 | 1.5% | 733 | -68 | -481 | S100OWQU |
| FY ending Mar 2022 | 21,720 | 116 | 0.5% | 121 | 10 | -301 | S100RA8O |
| FY ending Mar 2023 | 19,127 | 92 | 0.5% | -204 | 440 | -150 | S100TX09 |
| FY ending Mar 2024 | 17,638 | 219 | 1.2% | 59 | 526 | 332 | S100W98P |
| FY ending Mar 2025 | 18,644 | 336 | 1.8% | 276 | 754 | 520 | S100YJCG |
| FY ending Mar 2026 | 19,204 | 365 | 1.9% | 206 | 835 | 566 | S100YJCG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.6M |
| Operating income per employee (consolidated) | ¥732.9K |
| Net income per employee (consolidated) | ¥414.1K |

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) | 704 | 627 | 559 | 537 | 498 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.7M | ¥4.9M | ¥5.8M |
| Average age (parent company) | 41.0 years | 46.2 years | 47.2 years | 44.4 years | 43.1 years |
| Average tenure (parent company) | 8.3 years | 11.9 years | 14.7 years | 13.4 years | 12.9 years |

Year over year: Employees (consolidated) -7.3% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| imaging | 3,885 | 20.2% | -116 | -3.0% |
| Mobile | 15,320 | 79.8% | 738 | 4.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| imaging | 20.2% | — | — | -3.0% |
| Mobile | 79.8% | 100.0% | 20.2 | 4.8% |

Loss-making segment (excluded from profit shares): imaging -116 JPY mn

Segment → industry: imaging → Printing / Mobile → Electronics Retailers

## 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 | 835 | 4.4% | S100YJCG |
| Capital expenditure | 269 | 1.4% | S100YJCG |
| Free cash flow | 566 | 2.9% | 算出 |
| Investing cash flow | -56 | -0.3% | S100YJCG |
| Financing cash flow | -594 | -3.1% | S100YJCG |
| Dividends paid | 122 | 0.6% | S100YJCG |
| Share buyback | 1 | 0.0% | S100YJCG |
| Change in cash | 188 | 1.0% | S100YJCG |
| Cash and equivalents | 1,871 | 9.7% | S100YJCG |

## 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 | 1,406 | 1,173 | 1,240 | 1,683 | 1,871 | S100TX09, S100W98P, S100YJCG |
| Total assets | 12,129 | 11,681 | 11,027 | 11,624 | 11,139 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Net assets | 2,682 | 2,311 | 2,247 | 2,220 | 2,314 | S100TX09, S100W98P, S100YJCG |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Property, plant and equipment | 2,989 | 3,239 | 2,903 | 2,757 | 2,776 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Intangible assets excluding goodwill | 432 | 283 | 149 | 283 | 198 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Goodwill | 264 | 122 | 46 | 164 | 118 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Investment securities | 121 | 44 | 48 | 46 | 62 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Current assets | 7,069 | 6,792 | 6,618 | 7,389 | 7,061 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Current liabilities | 5,595 | 5,574 | 5,615 | 5,958 | 5,659 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Trade payables | 1,489 | 1,519 | 1,271 | 1,580 | 1,337 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Short-term borrowings | 3,189 | 3,181 | 3,334 | 3,419 | 3,332 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Long-term borrowings | 3,363 | 3,322 | 2,778 | 3,028 | 2,680 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Total liabilities | 9,447 | 9,371 | 8,780 | 9,404 | 8,826 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Equity attributable to owners of parent | 2,660 | 2,307 | 2,238 | 2,208 | 2,310 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Retained earnings | 1,914 | 1,588 | 1,526 | 1,682 | 1,766 | S100RA8O, S100TX09, S100W98P, S100YJCG |
| Treasury stock | -583 | -610 | -617 | -239 | -222 | S100RA8O, S100TX09, S100W98P, S100YJCG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJCG |
| Property, plant and equipment | 25% | S100YJCG |
| Intangibles and goodwill | 3% | S100YJCG |
| Investment securities | 0% | S100YJCG |
| Other assets | 55% | S100YJCG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YJCG |
| Other liabilities | 67% | S100YJCG |
| Equity | 21% | S100YJCG |
| Other liabilities | 0% | S100YJCG |

### 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 | 12,129 | 11,681 | 11,027 | 11,624 | 11,139 |
| Equity | 2,682 | 2,311 | 2,247 | 2,220 | 2,314 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,406 | 1,173 | 1,240 | 1,683 | 1,871 |

## 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) | 14.5% | S100YJCG |
| Fixed assets ÷ total assets | 24.9% | S100YJCG |
| Goodwill ÷ parent equity | 5.1% | S100YJCG |

Goodwill over 4 years: 264 → 118 JPY; total investing cash flow: -852 JPY. This does not imply causation.

### 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) | 16.8% |
| Cash ÷ revenue | 9.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 228.9% |
| Cash vs. profit gap | 629 JPY mn (of net income 305.1%) |
| Shareholder returns / net income | 59.5% |
| Shareholder returns / FCF | 21.7% |
| Shareholder payments — dividends / net income | 59.0% |
| Shareholder payments — dividends / FCF | 21.5% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 6.7% |

## 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 | 0.6% | 1.79× | 1.0% | 4.56× | 4.5% | S100RA8O |
| 2023 | — | —× | -1.7% | —× | — | S100TX09 |
| 2024 | 0.3% | 1.55× | 0.5% | 5.00× | 2.6% | S100W98P |
| 2025 | 1.5% | 1.65× | 2.4% | 5.09× | 12.4% | S100YJCG |
| 2026 | 1.1% | 1.69× | 1.8% | 5.04× | 9.1% | S100YJCG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱中部写真 | Major shareholder | 37.9% | 2026-03-31 |
| 富士フイルム㈱ | Major shareholder | 16.5% | 2026-03-31 |
| ソフトバンク㈱ | Major shareholder | 9.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券㈱） | Major shareholder | 3.8% | 2026-03-31 |
| 大島康広 | Major shareholder | 1.3% | 2026-03-31 |
| キヤノンマーケティングジャパン㈱ | Major shareholder | 1.2% | 2026-03-31 |
| 城市浩二 | Major shareholder | 1.1% | 2026-03-31 |
| 徳力精工㈱ | Major shareholder | 1.0% | 2026-03-31 |
| プラザクリエイト役員持株会 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YJCG | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJCG,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W98P | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W98P,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TX09 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX09,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100RA8O | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA8O,, |
| 訂正有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OWQU | 2022-08-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OWQU,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LV8E | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV8E,, |

## 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).