# PRINTNET INC.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2024/09/01－2025/08/31) (S100X68N)
> Page: https://vizora.meequs.com/en/company/printnet
> Retrieved: 2026-09-30T19:05:55.776Z

## Company

Printnet, founded in 1987, is a company in Printing listed on TSE Standard. It has 256 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PRINTNET INC. |
| Ticker | 7805 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7805.T) |
| Listing | TSE Standard |
| Head office | 鹿児島県鹿児島市城南町10番7号 |
| Representative (per filing) | 代表取締役CEO 小田原 洋一 |
| Founded | Jul 1987 |
| Share capital | ¥815.7M |
| Employees (consolidated) | 256 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | August |
| Website | printnet.jp (https://printnet.jp/) |
| Corporate number | 9340001008231 |
| EDINET | E34363 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100X68N, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 83.9 | 28 |
| Cash conversion | 77.1 | 24 |
| Efficiency | 80.4 | 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)

- About 99% of Printnet's sales come from Internet sales of printed matter, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.0% from the prior year, operating profit +25.5%.

## Company structure

- Segment revenue mix: Internet sales of printed matter 99.0%、Other 1.0%
- Revenue → net income: ¥9213751000 → ¥433039000
- Net income → operating cash flow: ¥433039000 → ¥1348048000（difference ¥915009000）
- Main uses of operating cash flow: CapEx ¥329218000 / dividends ¥62824000 / buybacks —
- Change in cash: ¥527394000
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 | ¥9.21B |  |
| Operating income | ¥563.3M | Margin 6.1% |
| Net income | ¥433M | Margin 4.7% |
| Free cash flow | ¥1.02B |  |
| Largest business | Internet sales of printed matter | of segment revenue 99.0% |
| Employees (consolidated) | 256 |  |
| EPS | ¥89.58 |  |
| Book value per share | ¥861.15 |  |
| Equity ratio | 55.6% |  |
| Shares outstanding | 5,460,400 |  |
| Treasury shares | 375,100 |  |
| Shareholders | 3,206 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | +2.7 pp | Printing |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.1× net income
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7947889000 | ¥9213751000 | +15.9% |
| Operating income | ¥-76170000 | ¥563276000 | — |
| Operating margin | -1.0% | 6.1% | +7.1 pp |
| Employees | 279 people | 256 people | -8.2% |
| Cash and equivalents | ¥2066802000 | ¥1528457000 | -26.0% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Aug 2025. 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 → ネット印刷通信販売事業 | 99.0% |
| 新設・再編 → その他 | 1.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,214 | 100.0% | S100X68N |
| Cost of revenue | 7,123 | 77.3% | S100X68N |
| Gross profit | 2,091 | 22.7% | S100X68N |
| SG&A | 1,528 | 16.6% | S100X68N |
| Operating income | 563 | 6.1% | S100X68N |
| Ordinary income | 565 | 6.1% | S100X68N |
| Pretax income | 678 | 7.4% | S100X68N |
| Income tax | 245 | 2.7% | S100X68N |
| Net income | 433 | 4.7% | S100X68N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 22.7% → Operating margin 6.1% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.0%; Core profit growth: +25.5%
Operating leverage (core profit growth ÷ revenue growth): -25.55×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,307 | 9,214 | -93 | -1.0% |
| Gross profit | 1,985 | 2,091 | 107 | +5.4% |
| Operating income | 449 | 563 | 114 | +25.5% |
| Operating cash flow | 639 | 1,348 | 709 | +110.9% |
| Free cash flow | 294 | 1,019 | 724 | +246.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2020 | 7,948 | -76 | -1.0% | -102 | 1,175 | 443 | S100MY7V |
| FY ending Aug 2021 | 7,162 | 239 | 3.3% | 143 | 766 | 626 | S100PUO3 |
| FY ending Aug 2022 | 8,649 | 552 | 6.4% | 404 | 589 | -377 | S100SD96 |
| FY ending Aug 2023 | 9,630 | 692 | 7.2% | 420 | 909 | 734 | S100UUEV |
| FY ending Aug 2024 | 9,307 | 449 | 4.8% | 211 | 639 | 294 | S100X68N |
| FY ending Aug 2025 | 9,214 | 563 | 6.1% | 433 | 1,348 | 1,019 | S100X68N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 276 | 252 | 265 | 255 | 256 |
| Average salary (parent company) | ¥3.8M | ¥4M | ¥4.2M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 34.5 years | 35.8 years | 36.6 years | 37.5 years | 38.0 years |
| Average tenure (parent company) | 5.8 years | 6.7 years | 6.9 years | 7.7 years | 8.4 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Internet sales of printed matter | 9,119 | 99.0% | 746 | 8.2% |
| Other | 95 | 1.0% | 1 | 0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Internet sales of printed matter | 99.0% | 99.9% | 1.0 | 8.2% |
| Other | 1.0% | 0.1% | -1.0 | 0.6% |

Segment → industry: Internet sales of printed matter → Printing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,348 | 14.6% | S100X68N |
| Capital expenditure | 329 | 3.6% | S100X68N |
| Free cash flow | 1,019 | 11.1% | 算出 |
| Investing cash flow | -74 | -0.8% | S100X68N |
| Financing cash flow | -746 | -8.1% | S100X68N |
| Dividends paid | 63 | 0.7% | S100X68N |
| Change in cash | 527 | 5.7% | S100X68N |
| Cash and equivalents | 1,528 | 16.6% | S100X68N |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,019 | 1,003 | 1,039 | 1,001 | 1,528 | S100SD96, S100UUEV, S100X68N |
| Total assets | 6,703 | 7,455 | 7,412 | 7,167 | 7,488 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Net assets | 3,033 | 3,380 | 3,632 | 3,784 | 4,170 | S100SD96, S100UUEV, S100X68N |
| Share capital | 816 | 816 | 816 | 816 | 816 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Property, plant and equipment | 4,006 | 4,384 | 4,069 | 3,873 | 3,740 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Intangible assets excluding goodwill | 119 | 168 | 273 | 160 | 165 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Goodwill | 76 | 52 | 145 | 7 | 3 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Investment securities | 53 | 48 | 68 | 72 | 96 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Current assets | 2,295 | 2,620 | 2,755 | 2,757 | 3,325 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Current liabilities | 1,850 | 2,438 | 2,461 | 2,246 | 2,495 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Short-term borrowings | — | 600 | 539 | 465 | 300 | S100SD96, S100UUEV, S100X68N |
| Long-term borrowings | 1,443 | 1,265 | 966 | 755 | 421 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Total liabilities | 3,671 | 4,075 | 3,780 | 3,382 | 3,318 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Equity attributable to owners of parent | 3,031 | 3,378 | 3,613 | 3,763 | 4,132 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Retained earnings | 1,696 | 2,051 | 2,363 | 2,511 | 2,878 | S100PUO3, S100SD96, S100UUEV, S100X68N |
| Treasury stock | -278 | -286 | -363 | -361 | -375 | S100PUO3, S100SD96, S100UUEV, S100X68N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100X68N |
| Property, plant and equipment | 50% | S100X68N |
| Intangibles and goodwill | 2% | S100X68N |
| Investment securities | 1% | S100X68N |
| Other assets | 26% | S100X68N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100X68N |
| Equity | 56% | S100X68N |
| Other liabilities | 0% | S100X68N |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,703 | 7,455 | 7,412 | 7,167 | 7,488 |
| Equity | 3,033 | 3,380 | 3,632 | 3,784 | 4,170 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,019 | 1,003 | 1,039 | 1,001 | 1,528 |

## 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) | 40.6% | S100X68N |
| Fixed assets ÷ total assets | 49.9% | S100X68N |
| Goodwill ÷ parent equity | 0.1% | S100X68N |

Goodwill over 4 years: 76 → 3 JPY; total investing cash flow: -1,854 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) | 20.4% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 239.3% |
| Cash vs. profit gap | 915 JPY mn (of net income 211.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.5% |
| Shareholder payments — dividends / FCF | 6.2% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 5.5% |

## 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 | 2.0% | 1.07× | 2.1% | 2.21× | 4.7% | S100PUO3 |
| 2022 | 4.7% | 1.22× | 5.7% | 2.21× | 12.6% | S100SD96 |
| 2023 | 4.4% | 1.30× | 5.6% | 2.13× | 12.0% | S100UUEV |
| 2024 | 2.3% | 1.28× | 2.9% | 1.98× | 5.7% | S100X68N |
| 2025 | 4.7% | 1.26× | 5.9% | 1.86× | 11.0% | S100X68N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＰＮコーポレーション株式会社 | Major shareholder | 39.3% | 2025-08-31 |
| 小田原 洋一 | Major shareholder | 14.5% | 2025-08-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.8% | 2025-08-31 |
| 森田 樹里 | Major shareholder | 2.9% | 2025-08-31 |
| 金 大鉱 | Major shareholder | 1.8% | 2025-08-31 |
| 株式会社小森コーポレーション | Major shareholder | 1.0% | 2025-08-31 |
| 株式会社桂紙業 | Major shareholder | 0.8% | 2025-08-31 |
| 日商岩井紙パルプ株式会社 | Major shareholder | 0.8% | 2025-08-31 |
| 株式会社紙藤原 | Major shareholder | 0.8% | 2025-08-31 |
| ラクスル株式会社 | Major shareholder | 0.8% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2024/09/01－2025/08/31) | S100X68N | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X68N,, |
| 有価証券報告書－第39期(2023/09/01－2024/08/31) | S100UUEV | 2024-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUEV,, |
| 有価証券報告書－第38期(2022/09/01－2023/08/31) | S100SD96 | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD96,, |
| 訂正有価証券報告書－第37期(令和3年9月1日－令和4年8月31日) | S100PUO3 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUO3,, |
| 有価証券報告書－第36期(令和2年11月1日－令和3年8月31日) | S100MY7V | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY7V,, |

## 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).