# SENSHUKAI CO.,LTD.: 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81期(2025/01/01－2025/12/31) (S100XRKS)
> Page: https://vizora.meequs.com/en/company/senshukai
> Retrieved: 2026-09-30T20:28:48.446Z

## Company

Senshukai, founded in 1946, is a company in Non-life Insurance listed on TSE Standard. It has 886 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SENSHUKAI CO.,LTD. |
| Ticker | 8165 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8165.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区同心1丁目6番23号 |
| Representative (per filing) | 代表取締役社長執行役員 鈴木 聡 |
| Founded | Mar 1946 |
| Share capital | ¥100M |
| Employees (consolidated) | 886 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.senshukai.co.jp (https://www.senshukai.co.jp/) |
| Corporate number | 5120001066081 |
| EDINET | E03092 |
| Industries (Vizora) | Non-life Insurance, Business Process Outsourcing, Catalog & TV Shopping, Childcare |

> Profile source: annual securities report (S100XRKS, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.6 | 9 |
| Profitability | 5 | 10 |
| Efficiency | 75 | 10 |

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 86% of Senshukai's sales come from Mail-order business, with Corporates business and Other making up much of the rest.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed -8.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥42.1B |  |
| Operating income | -¥2.59B | Margin -6.2% |
| Net income | ¥3.94B | Margin 9.4% |
| Free cash flow | -¥3.55B |  |
| Largest business | Mail-order business | of segment revenue 85.5% |
| Employees (consolidated) | 886 |  |
| EPS | ¥92.25 |  |
| Book value per share | ¥353.81 |  |
| Equity ratio | 65.2% |  |
| Shares outstanding | 52,056,000 |  |
| Treasury shares | 5,280,800 |  |
| Shareholders | 64,844 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 26.5% | Cash ÷ revenue 16.5% |
| Vs. industry median margin | -10.8 pp | Catalog & TV Shopping |
| ROE | 24.4% | Derived from disclosed figures |
| ROA | 15.3% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 42 points
- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥83286000000 | ¥42071000000 | -49.5% |
| Operating income | ¥-389000000 | ¥-2588000000 | — |
| Operating margin | -0.5% | -6.2% | -5.7 pp |
| Employees | 1,454 people | 886 people | -39.1% |
| Cash and equivalents | ¥19592000000 | ¥6937000000 | -64.6% |

### 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 |
| --- | ---: |
| 通信販売事業 → 通信販売事業 | 80.6% |
| 法人事業 → 法人事業 | 6.1% |
| ブライダル事業 → 事業再編・廃止 | 10.0% |
| 保険事業 → 保険事業 | 0.5% |
| その他 → その他 | 2.2% |
| 保険・クレジット事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 通信販売事業 | 4.9% |
| 新設・再編 → 法人事業 | 3.4% |
| 新設・再編 → 保険事業 | 0.4% |
| 新設・再編 → その他 | 1.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mail-order business | 5 years | -11.8% | ¥35989000000 | -8.6% | 2 |
| Corporates business | 5 years | -4.7% | ¥4007000000 | 6.3% | 2 |
| Other | 5 years | -2.2% | ¥1684000000 | 5.7% | 2 |
| Insurance business | 5 years | -0.6% | ¥390000000 | 36.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,071 | 100.0% | S100XRKS |
| Cost of revenue | 20,738 | 49.3% | S100XRKS |
| Gross profit | 21,332 | 50.7% | S100XRKS |
| SG&A | 23,921 | 56.9% | S100XRKS |
| Operating income | -2,588 | -6.2% | S100XRKS |
| Ordinary income | -2,737 | -6.5% | S100XRKS |
| Pretax income | 3,999 | 9.5% | S100XRKS |
| Income tax | 59 | 0.1% | S100XRKS |
| Net income | 3,939 | 9.4% | S100XRKS |
| Net income attributable to owners | 3,940 | 9.4% | S100XRKS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 57 |
| Operating income | -6 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 50.7% → Operating margin -6.2% → Net margin 9.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 45,859 | 42,071 | -3,788 | -8.3% |
| Gross profit | 23,501 | 21,332 | -2,169 | -9.2% |
| Operating income | -3,459 | -2,588 | 871 | — |
| Net income attributable to owners | -3,616 | 3,940 | 7,556 | — |
| Operating cash flow | -3,459 | -3,075 | 384 | — |
| Free cash flow | -3,911 | -3,548 | 363 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 89,150 | 772 | 0.9% | 8,182 | 2,911 | 698 | S100L4SF |
| FY ending Dec 2020 | 83,286 | -389 | -0.5% | -3,946 | 2,428 | 571 | S100NSI7 |
| FY ending Dec 2021 | 73,149 | 349 | 0.5% | 308 | -317 | -3,800 | S100QEQF |
| FY ending Dec 2022 | 58,915 | -8,139 | -13.8% | -10,976 | -5,869 | -7,633 | S100TCGX |
| FY ending Dec 2023 | 49,226 | -5,557 | -11.3% | -4,782 | -3,901 | -4,232 | S100VFWK |
| FY ending Dec 2024 | 45,859 | -3,459 | -7.5% | -3,616 | -3,459 | -3,911 | S100XRKS |
| FY ending Dec 2025 | 42,071 | -2,588 | -6.2% | 3,940 | -3,075 | -3,548 | S100XRKS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.5M |
| Operating income per employee (consolidated) | -¥2.9M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 908 | 905 | 910 | 871 | 886 |
| Average salary (parent company) | ¥6.6M | ¥6.4M | ¥6.3M | ¥6.7M | ¥6.2M |
| Average age (parent company) | 39.1 years | 40.8 years | 40.0 years | 41.5 years | 42.5 years |
| Average tenure (parent company) | 9.2 years | 9.7 years | 8.7 years | 10.1 years | 10.3 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) -8.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mail-order business | 35,989 | 85.5% | -3,082 | -8.6% |
| Corporates business | 4,007 | 9.5% | 253 | 6.3% |
| Insurance business | 390 | 0.9% | 142 | 36.4% |
| Other | 1,684 | 4.0% | 96 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mail-order business | 85.5% | — | — | -8.6% |
| Corporates business | 9.5% | 51.5% | 42.0 | 6.3% |
| Insurance business | 0.9% | 28.9% | 28.0 | 36.4% |
| Other | 4.0% | 19.6% | 15.5 | 5.7% |

Loss-making segment (excluded from profit shares): Mail-order business -3,082 JPY mn

Segment → industry: Insurance business → Non-life Insurance / Corporates business → Business Process Outsourcing / Mail-order business → Catalog & TV Shopping / Other → Childcare

## 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 | -3,075 | -7.3% | S100XRKS |
| Capital expenditure | 473 | 1.1% | S100XRKS |
| Free cash flow | -3,548 | -8.4% | 算出 |
| Investing cash flow | 9,854 | 23.4% | S100XRKS |
| Financing cash flow | -2,511 | -6.0% | S100XRKS |
| Dividends paid | 71 | 0.2% | S100XRKS |
| Change in cash | 4,283 | 10.2% | S100XRKS |
| Cash and equivalents | 6,937 | 16.5% | S100XRKS |

## 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 | 15,665 | 9,287 | 6,481 | 2,654 | 6,937 | S100TCGX, S100VFWK, S100XRKS |
| Total assets | 52,476 | 38,923 | 31,809 | 25,484 | 26,149 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Net assets | 33,202 | 22,019 | 17,279 | 13,147 | 17,037 | S100TCGX, S100VFWK, S100XRKS |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Trade receivables | 2,235 | — | — | — | — | S100QEQF |
| Property, plant and equipment | 9,980 | 9,331 | 9,215 | 9,067 | 7,051 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Intangible assets excluding goodwill | 4,204 | 1,465 | 1,142 | 703 | 350 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Investment securities | 2,493 | 2,417 | 1,719 | 1,096 | 342 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Current assets | 34,463 | 24,587 | 18,900 | 13,829 | 17,557 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Current liabilities | 15,966 | 13,101 | 11,282 | 10,103 | 8,805 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Short-term borrowings | 550 | 620 | 620 | 620 | 200 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Long-term borrowings | 3,005 | 3,285 | 2,674 | 2,063 | 100 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Total liabilities | 19,274 | 16,903 | 14,530 | 12,337 | 9,111 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Non-controlling interests | — | 20 | 5 | -7 | — | S100TCGX, S100VFWK, S100XRKS |
| Equity attributable to owners of parent | 34,291 | 23,122 | 18,339 | 14,383 | 17,931 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Retained earnings | 7,061 | -4,108 | -8,891 | -12,846 | -9,298 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |
| Treasury stock | -2,953 | -2,953 | -2,953 | -2,954 | -2,954 | S100QEQF, S100TCGX, S100VFWK, S100XRKS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XRKS |
| Property, plant and equipment | 27% | S100XRKS |
| Intangibles and goodwill | 1% | S100XRKS |
| Investment securities | 1% | S100XRKS |
| Other assets | 44% | S100XRKS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XRKS |
| Equity | 65% | S100XRKS |
| Other liabilities | 0% | S100XRKS |

### 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 | 52,476 | 38,923 | 31,809 | 25,484 | 26,149 |
| Equity | 33,202 | 22,019 | 17,279 | 13,147 | 17,037 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,665 | 9,287 | 6,481 | 2,654 | 6,937 |

## 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) | 16.8% | S100XRKS |
| Fixed assets ÷ total assets | 27.0% | S100XRKS |
| Goodwill ÷ parent equity | — | —, S100XRKS |

### 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) | 26.5% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -7,015 JPY mn (of net income -178.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 1.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.4% | 1.39× | 0.6% | 1.53× | 0.9% | S100QEQF |
| 2022 | — | —× | -24.0% | —× | — | S100TCGX |
| 2023 | — | —× | -13.5% | —× | — | S100VFWK |
| 2024 | — | —× | -12.6% | —× | — | S100XRKS |
| 2025 | 9.4% | 1.63× | 15.3% | 1.60× | 24.4% | S100XRKS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東日本旅客鉄道株式会社 | Major shareholder | 12.2% | 2025-12-31 |
| 株式会社ブレストシーブ | Major shareholder | 7.8% | 2025-12-31 |
| 日本マスタートラスト 信託銀行株式会社（信託口） | Major shareholder | 7.2% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.6% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2025-12-31 |
| 有限会社左右山 | Major shareholder | 1.3% | 2025-12-31 |
| 公益財団法人千趣留学生奨学財団 | Major shareholder | 0.8% | 2025-12-31 |
| 佐川急便株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 0.7% | 2025-12-31 |
| 千趣会グループ従業員持株会 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/01/01－2025/12/31) | S100XRKS | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRKS,, |
| 有価証券報告書－第80期(2024/01/01－2024/12/31) | S100VFWK | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFWK,, |
| 訂正有価証券報告書－第79期(2023/01/01－2023/12/31) | S100TCGX | 2024-05-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCGX,, |
| 有価証券報告書－第78期(2022/01/01－2022/12/31) | S100QEQF | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEQF,, |
| 有価証券報告書－第77期(令和3年1月1日－令和3年12月31日) | S100NSI7 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSI7,, |
| 訂正有価証券報告書－第76期(令和2年1月1日－令和2年12月31日) | S100L4SF | 2021-04-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L4SF,, |

## 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).