# The Sailor Pen Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第113期(2025/01/01－2025/12/31) (S100Y6JL)
> Page: https://vizora.meequs.com/en/company/sailor-pen
> Retrieved: 2026-09-30T20:25:46.358Z

## Company

The Sailor Pen, founded in 1911, is a company in Robots & Factory Automation listed on TSE Standard. It has 197 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Sailor Pen Co.,Ltd. |
| Ticker | 7992 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7992.T) |
| Listing | TSE Standard |
| Head office | 広島県呉市天応西条二丁目1番63号 (同所は登記上の本店所在地であり、主な管理業務は「最寄りの連絡場所」であります東京本社で行っております) |
| Representative (per filing) | 代表取締役社長 田村 光 |
| Founded | Feb 1911 |
| Share capital | ¥4.65B |
| Employees (consolidated) | 197 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | December |
| Website | sailor.co.jp (https://sailor.co.jp/) |
| Corporate number | 9010601024727 |
| EDINET | E02365 |
| Industries (Vizora) | Robots & Factory Automation, Stationery & Office Supplies |

> Profile source: annual securities report (S100Y6JL, filed 2026-05-27). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.4 | 16 |
| Profitability | 3.1 | 16 |
| Efficiency | 46.9 | 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 78% of The Sailor Pen's sales come from Stationery division, with Robotics division making up much of the rest.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -8.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.3B |  |
| Operating income | -¥198.7M | Margin -4.6% |
| Net income | -¥221.7M | Margin -5.2% |
| Free cash flow | -¥41.2M |  |
| Largest business | Stationery division | of segment revenue 77.6% |
| Employees (consolidated) | 197 |  |
| EPS | ¥-7.58 |  |
| Book value per share | ¥31.07 |  |
| Equity ratio | 24.0% |  |
| Shares outstanding | 29,659,554 |  |
| Treasury shares | 16,200 |  |
| Shareholders | 9,460 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 12.3% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | -9.2 pp | Stationery & Office Supplies |
| ROA | -4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4798908000 | ¥4300610000 | -10.4% |
| Operating income | ¥-75210000 | ¥-198722000 | — |
| Operating margin | -1.6% | -4.6% | -3.1 pp |
| Employees | 198 people | 197 people | -0.5% |
| Cash and equivalents | ¥2898696000 | ¥534069000 | -81.6% |

### 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 |
| --- | ---: |
| 文具事業 → 文具事業 | 67.3% |
| ロボット機器事業 → ロボット機器事業 | 22.4% |
| ロボット機器事業 → 事業再編・廃止 | 10.3% |
| 新設・再編 → 文具事業 | 10.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,301 | 100.0% | S100Y6JL |
| Cost of revenue | 2,900 | 67.4% | S100Y6JL |
| Gross profit | 1,401 | 32.6% | S100Y6JL |
| SG&A | 1,600 | 37.2% | S100Y6JL |
| Operating income | -199 | -4.6% | S100Y6JL |
| Ordinary income | -190 | -4.4% | S100Y6JL |
| Pretax income | -199 | -4.6% | S100Y6JL |
| Income tax | 19 | 0.4% | S100Y6JL |
| Net income | -218 | -5.1% | S100Y6JL |
| Net income attributable to owners | -222 | -5.2% | S100Y6JL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 37 |
| Operating income | -5 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 32.6% → Operating margin -4.6% → Net margin -5.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,678 | 4,301 | -377 | -8.1% |
| Gross profit | 1,348 | 1,401 | 53 | +3.9% |
| Operating income | -270 | -199 | 71 | — |
| Net income attributable to owners | -1,146 | -222 | 924 | — |
| Operating cash flow | -406 | 35 | 440 | — |
| Free cash flow | -481 | -41 | 440 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,326 | -21 | -0.4% | -139 | 113 | 71 | S100L2WV |
| FY ending Dec 2020 | 4,799 | -75 | -1.6% | -137 | -180 | -374 | S100NSBD |
| FY ending Dec 2021 | 5,389 | 109 | 2.0% | 54 | 167 | -406 | S100QI29 |
| FY ending Dec 2022 | 5,029 | -148 | -3.0% | -194 | -279 | -1,464 | S100T5YE |
| FY ending Dec 2023 | 4,559 | -342 | -7.5% | -1,510 | -436 | -866 | S100VTSZ |
| FY ending Dec 2024 | 4,678 | -270 | -5.8% | -1,146 | -406 | -481 | S100Y6JL |
| FY ending Dec 2025 | 4,301 | -199 | -4.6% | -222 | 35 | -41 | S100Y6JL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | -¥1M |
| Net income per employee (consolidated) | -¥1.1M |

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) | 188 | 199 | 212 | 212 | 197 |
| Average salary (parent company) | ¥4.1M | ¥3.9M | ¥3.8M | ¥4.1M | ¥4M |
| Average age (parent company) | 43.5 years | 43.1 years | 41.8 years | 42.0 years | 42.9 years |
| Average tenure (parent company) | 18.2 years | 17.4 years | 15.9 years | 16.2 years | 17.3 years |

Year over year: Employees (consolidated) -7.1% · Revenue (consolidated) -8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Stationery division | 3,336 | 77.6% | 58 | 1.7% |
| Robotics division | 965 | 22.4% | -257 | -26.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Stationery division | 77.6% | 100.0% | 22.4 | 1.7% |
| Robotics division | 22.4% | — | — | -26.6% |

Loss-making segment (excluded from profit shares): Robotics division -257 JPY mn

Segment → industry: Robotics division → Robots & Factory Automation / Stationery division → 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 | 35 | 0.8% | S100Y6JL |
| Capital expenditure | 76 | 1.8% | S100Y6JL |
| Free cash flow | -41 | -1.0% | 算出 |
| Investing cash flow | -75 | -1.7% | S100Y6JL |
| Financing cash flow | -13 | -0.3% | S100Y6JL |
| Change in cash | -46 | -1.1% | S100Y6JL |
| Cash and equivalents | 534 | 12.4% | S100Y6JL |

## 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 | 2,470 | 1,177 | 656 | 580 | 534 | S100T5YE, S100VTSZ, S100Y6JL |
| Total assets | 7,177 | 7,225 | 5,554 | 4,764 | 4,328 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Net assets | 2,111 | 3,929 | 2,397 | 1,265 | 1,052 | S100T5YE, S100VTSZ, S100Y6JL |
| Share capital | 3,654 | 4,654 | 4,654 | 4,654 | 4,654 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Trade receivables | 1,157 | — | — | — | — | S100QI29 |
| Property, plant and equipment | 1,580 | 2,869 | 1,769 | 799 | 832 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Intangible assets excluding goodwill | 43 | 47 | 26 | — | 2 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Investment securities | 92 | 89 | 12 | 12 | 14 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Current assets | 5,380 | 4,140 | 3,673 | 3,887 | 3,415 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Current liabilities | 2,023 | 1,946 | 2,003 | 2,447 | 2,381 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Trade payables | 681 | 642 | 517 | 452 | 314 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Short-term borrowings | 1,000 | 700 | 1,100 | 1,100 | 1,200 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Long-term borrowings | — | 375 | 275 | 175 | 75 | S100T5YE, S100VTSZ, S100Y6JL |
| Total liabilities | 5,066 | 3,296 | 3,158 | 3,499 | 3,276 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Non-controlling interests | 3 | 6 | 7 | 7 | 12 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Equity attributable to owners of parent | 1,510 | 3,312 | 1,845 | 700 | 478 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Retained earnings | -4,144 | -4,343 | -5,809 | -6,955 | -7,177 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |
| Treasury stock | -21 | -21 | -21 | -21 | -21 | S100QI29, S100T5YE, S100VTSZ, S100Y6JL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Y6JL |
| Property, plant and equipment | 19% | S100Y6JL |
| Intangibles and goodwill | 0% | S100Y6JL |
| Investment securities | 0% | S100Y6JL |
| Other assets | 68% | S100Y6JL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y6JL |
| Other liabilities | 69% | S100Y6JL |
| Equity | 24% | S100Y6JL |

### 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 | 7,177 | 7,225 | 5,554 | 4,764 | 4,328 |
| Equity | 2,111 | 3,929 | 2,397 | 1,265 | 1,052 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,470 | 1,177 | 656 | 580 | 534 |

## 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) | 19.3% | S100Y6JL |
| Fixed assets ÷ total assets | 19.2% | S100Y6JL |
| Goodwill ÷ parent equity | — | —, S100Y6JL |

### 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) | 12.3% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 256 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 216.6% |

## 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 | 1.0% | 0.75× | 0.7% | 4.75× | 3.6% | S100QI29 |
| 2022 | — | —× | -2.7% | —× | — | S100T5YE |
| 2023 | — | —× | -23.6% | —× | — | S100VTSZ |
| 2024 | — | —× | -22.2% | —× | — | S100Y6JL |
| 2025 | — | —× | -4.9% | —× | — | S100Y6JL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| プラス株式会社 | Major shareholder | 57.8% | 2025-12-31 |
| 山中 央行 | Major shareholder | 1.4% | 2025-12-31 |
| セーラー万年筆取引先持株会 | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2025-12-31 |
| 村山 信也 | Major shareholder | 0.9% | 2025-12-31 |
| ＥＨ株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 宮本 敏治 | Major shareholder | 0.6% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| 小松原 俊哉 | Major shareholder | 0.5% | 2025-12-31 |
| 目黒 正夫 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第113期(2025/01/01－2025/12/31) | S100Y6JL | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6JL,, |
| 訂正有価証券報告書－第112期(2024/01/01－2024/12/31) | S100VTSZ | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTSZ,, |
| 有価証券報告書－第111期(2023/01/01－2023/12/31) | S100T5YE | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5YE,, |
| 有価証券報告書－第110期(2022/01/01－2022/12/31) | S100QI29 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI29,, |
| 有価証券報告書－第109期(令和3年1月1日－令和3年12月31日) | S100NSBD | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSBD,, |
| 有価証券報告書－第108期(令和2年1月1日－令和2年12月31日) | S100L2WV | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2WV,, |

## 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).