# Sasatoku Printing Co., Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/07/01－2026/06/30) (S100Z33V)
> Page: https://vizora.meequs.com/en/company/sasatoku
> Retrieved: 2026-09-30T21:03:07.848Z

## Company

Sasatoku Printing, founded in 1940, is a company in Printing listed on TSE Standard. It has 389 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sasatoku Printing Co., Ltd. |
| Ticker | 3958 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3958.T) |
| Listing | TSE Standard |
| Head office | 愛知県豊明市栄町大脇7番地 |
| Representative (per filing) | 代表取締役社長 杉山 昌樹 |
| Founded | May 1940 |
| Share capital | ¥309.3M |
| Employees (consolidated) | 389 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | June |
| Website | www.sasatoku.co.jp (https://www.sasatoku.co.jp/) |
| Corporate number | 1180001069322 |
| EDINET | E38898 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100Z33V, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.6 | 23 |
| Profitability | 16.1 | 28 |
| Cash conversion | 2.1 | 24 |
| Efficiency | 37.5 | 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)

- Sasatoku Printing brought in ¥12.2B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -2.6% from the prior year, operating profit -65.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.2B |  |
| Operating income | ¥63.3M | Margin 0.5% |
| Net income | ¥194.6M | Margin 1.6% |
| Free cash flow | -¥450.1M |  |
| Employees (consolidated) | 389 |  |
| EPS | ¥45.29 |  |
| Book value per share | ¥1575.22 |  |
| Equity ratio | 62.2% |  |
| Shares outstanding | 6,185,000 |  |
| Treasury shares | 745,100 |  |
| Shareholders | 1,591 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 4.0% | Cash ÷ revenue 5.1% |
| Vs. industry median margin | -2.9 pp | Printing |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 4% of total assets

## What changed in 4 years

| Metric | FY ending Jun 2022 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12373824000 | ¥12223565000 | -1.2% |
| Operating income | ¥339439000 | ¥63267000 | -81.4% |
| Operating margin | 2.7% | 0.5% | -2.2 pp |
| Employees | 441 people | 389 people | -11.8% |
| Cash and equivalents | ¥1537103000 | ¥620738000 | -59.6% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,224 | 100.0% | S100Z33V |
| Cost of revenue | 9,873 | 80.8% | S100Z33V |
| Gross profit | 2,351 | 19.2% | S100Z33V |
| SG&A | 2,288 | 18.7% | S100Z33V |
| Operating income | 63 | 0.5% | S100Z33V |
| Ordinary income | 275 | 2.2% | S100Z33V |
| Pretax income | 265 | 2.2% | S100Z33V |
| Income tax | 70 | 0.6% | S100Z33V |
| Net income | 195 | 1.6% | S100Z33V |
| Net income attributable to owners | 195 | 1.6% | S100Z33V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 19 |
| Operating income | 0 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.2% → Operating margin 0.5% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.6%; Core profit growth: -65.9%
Operating leverage (core profit growth ÷ revenue growth): 24.93×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,556 | 12,224 | -332 | -2.6% |
| Gross profit | 2,453 | 2,351 | -102 | -4.2% |
| Operating income | 186 | 63 | -122 | -65.9% |
| Net income attributable to owners | 246 | 195 | -52 | -20.9% |
| Operating cash flow | 57 | -148 | -205 | -360.2% |
| Free cash flow | -135 | -450 | -316 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 12,374 | 339 | 2.7% | 551 | 1,160 | 1,042 | S100RY6P |
| FY ending Jun 2023 | 13,041 | 364 | 2.8% | 1,139 | 1,051 | 727 | S100UESF |
| FY ending Jun 2024 | 12,953 | 379 | 2.9% | 397 | 230 | -47 | S100WQWB |
| FY ending Jun 2025 | 12,556 | 186 | 1.5% | 246 | 57 | -135 | S100Z33V |
| FY ending Jun 2026 | 12,224 | 63 | 0.5% | 195 | -148 | -450 | S100Z33V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.4M |
| Operating income per employee (consolidated) | ¥162.6K |
| Net income per employee (consolidated) | ¥500.2K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 441 | 433 | 418 | 403 | 389 |
| Average salary (parent company) | — | ¥5.1M | ¥5.1M | ¥5.2M | ¥5.3M |
| Average age (parent company) | — | 43.3 years | 43.5 years | 43.9 years | 43.4 years |
| Average tenure (parent company) | — | 21.7 years | 21.9 years | 22.2 years | 21.3 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) -2.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -148 | -1.2% | S100Z33V |
| Capital expenditure | 302 | 2.5% | S100Z33V |
| Free cash flow | -450 | -3.7% | 算出 |
| Investing cash flow | -479 | -3.9% | S100Z33V |
| Financing cash flow | 610 | 5.0% | S100Z33V |
| Dividends paid | 111 | 0.9% | S100Z33V |
| Share buyback | 107 | 0.9% | S100Z33V |
| Change in cash | 10 | 0.1% | S100Z33V |
| Cash and equivalents | 621 | 5.1% | S100Z33V |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,537 | 1,911 | 1,743 | 611 | 621 | S100UESF, S100WQWB, S100Z33V |
| Total assets | 13,545 | 14,811 | 15,414 | 14,009 | 15,486 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Net assets | 6,956 | 8,203 | 9,465 | 9,148 | 9,636 | S100UESF, S100WQWB, S100Z33V |
| Share capital | 309 | 309 | 309 | 309 | 309 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Property, plant and equipment | 4,786 | 5,172 | 5,152 | 5,035 | 5,565 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Intangible assets excluding goodwill | 57 | 50 | 43 | 35 | 46 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Investment securities | 2,763 | 2,995 | 3,863 | 3,699 | 4,346 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Current assets | 5,595 | 6,331 | 6,191 | 5,123 | 5,420 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Current liabilities | 4,518 | 4,930 | 4,447 | 3,633 | 3,871 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Trade payables | 668 | 828 | 685 | 621 | — | S100RY6P, S100UESF, S100WQWB |
| Short-term borrowings | 500 | 380 | 300 | 350 | 440 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Long-term borrowings | 699 | 398 | 100 | — | 612 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Total liabilities | 6,588 | 6,608 | 5,949 | 4,861 | 5,850 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Equity attributable to owners of parent | 5,350 | 6,464 | 7,211 | 7,261 | 7,246 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Retained earnings | 5,384 | 6,498 | 6,823 | 6,955 | 7,038 | S100RY6P, S100UESF, S100WQWB, S100Z33V |
| Treasury stock | -359 | -359 | -128 | -212 | -314 | S100RY6P, S100UESF, S100WQWB, S100Z33V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Z33V |
| Property, plant and equipment | 36% | S100Z33V |
| Intangibles and goodwill | 0% | S100Z33V |
| Investment securities | 28% | S100Z33V |
| Other assets | 32% | S100Z33V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Z33V |
| Equity | 62% | S100Z33V |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,545 | 14,811 | 15,414 | 14,009 | 15,486 |
| Equity | 6,956 | 8,203 | 9,465 | 9,148 | 9,636 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,537 | 1,911 | 1,743 | 611 | 621 |

## 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) | 45.5% | S100Z33V |
| Fixed assets ÷ total assets | 35.9% | S100Z33V |
| Goodwill ÷ parent equity | — | —, S100Z33V |

### 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) | 4.0% |
| Cash ÷ revenue | 5.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -233.6% |
| Cash vs. profit gap | -342 JPY mn (of net income -176.0%) |
| Shareholder returns / net income | 112.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | — |

## 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 | 4.5% | 0.91× | 4.1% | 2.53× | 10.3% | S100RY6P |
| 2023 | 8.7% | 0.92× | 8.0% | 2.40× | 19.3% | S100UESF |
| 2024 | 3.1% | 0.86× | 2.6% | 2.21× | 5.8% | S100WQWB |
| 2025 | 2.0% | 0.85× | 1.7% | 2.03× | 3.4% | S100Z33V |
| 2026 | 1.6% | 0.83× | 1.3% | 2.03× | 2.7% | S100Z33V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子マテリア株式会社 | Major shareholder | 18.4% | 2026-06-30 |
| すぐるラボ株式会社 | Major shareholder | 11.4% | 2026-06-30 |
| 笹徳印刷グループ従業員持株会 | Major shareholder | 6.0% | 2026-06-30 |
| 国際紙パルプ商事株式会社 | Major shareholder | 4.5% | 2026-06-30 |
| 株式会社GOLDEN BIRD | Major shareholder | 3.8% | 2026-06-30 |
| 杉山卓繁 | Major shareholder | 3.7% | 2026-06-30 |
| 杉山昌樹 | Major shareholder | 3.6% | 2026-06-30 |
| 有限会社聡明 | Major shareholder | 2.9% | 2026-06-30 |
| 合同会社センス | Major shareholder | 2.4% | 2026-06-30 |
| 杉山翔太 | Major shareholder | 2.1% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/07/01－2026/06/30) | S100Z33V | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z33V,, |
| 有価証券報告書－第76期(2024/07/01－2025/06/30) | S100WQWB | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQWB,, |
| 有価証券報告書－第75期(2023/07/01－2024/06/30) | S100UESF | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UESF,, |
| 有価証券報告書－第74期(2022/07/01－2023/06/30) | S100RY6P | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY6P,, |

## 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).