# SHIKIBO 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213期(2025/04/01－2026/03/31) (S100YGL9)
> Page: https://vizora.meequs.com/en/company/shikibo
> Retrieved: 2026-09-30T21:35:11.108Z

## Company

Shikibo, founded in 1892, is a company in Textiles & Fibers listed on TSE Prime. It has 2,306 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIKIBO LTD. |
| Ticker | 3109 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3109.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区備後町三丁目2番6号 |
| Representative (per filing) | 代表取締役 社長執行役員 鈴木睦人 |
| Founded | Aug 1892 |
| Share capital | ¥11.8B |
| Employees (consolidated) | 2,306 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.shikibo.co.jp (https://www.shikibo.co.jp/) |
| Corporate number | 7120001077432 |
| EDINET | E00530 |
| Industries (Vizora) | Textiles & Fibers, Aerospace, Food Ingredients, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YGL9, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.9 | 14 |
| Profitability | 34.4 | 16 |
| Cash conversion | 37.5 | 12 |
| Efficiency | 34.4 | 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 55% of Shikibo's sales come from Textile, with Industrial materials and Functional materials making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit -27.6%.

## Company structure

- Segment revenue mix: Textile 55.3%、Industrial materials 16.9%、Functional materials 15.5%、Real estate business and service industry 12.3%
- Revenue → net income: ¥44554000000 → ¥950000000
- Net income → operating cash flow: ¥950000000 → ¥907000000（difference ¥-43000000）
- Main uses of operating cash flow: CapEx ¥1523000000 / dividends ¥633000000 / buybacks ¥55000000
- Change in cash: ¥528000000
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 | ¥44.6B |  |
| Operating income | ¥974M | Margin 2.2% |
| Net income | ¥950M | Margin 2.1% |
| Free cash flow | -¥616M |  |
| Largest business | Textile | of segment revenue 55.3% |
| Employees (consolidated) | 2,306 |  |
| EPS | ¥118.38 |  |
| Book value per share | ¥2441.29 |  |
| Equity ratio | 38.5% |  |
| Shares outstanding | 12,810,829 |  |
| Treasury shares | 65,000 |  |
| Shareholders | 14,470 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 6.8% | Net cash -¥23.9B · Cash ÷ revenue 14.2% |
| Vs. industry median margin | -1.2 pp | Textiles & Fibers |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, segment profit share differs by 61 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33519000000 | ¥44554000000 | +32.9% |
| Operating income | ¥1196000000 | ¥974000000 | -18.6% |
| Operating margin | 3.6% | 2.2% | -1.4 pp |
| Employees | 2,312 people | 2,306 people | -0.3% |
| Cash and equivalents | ¥6372000000 | ¥6344000000 | -0.4% |

### 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 |
| --- | ---: |
| 繊維 → 繊維 | 53.4% |
| 産業資材 → 産業資材 | 16.9% |
| 産業資材 → 事業再編・廃止 | 15.3% |
| 不動産・サービス → 事業再編・廃止 | 14.3% |
| 新設・再編 → 繊維 | 1.9% |
| 新設・再編 → 機能材料 | 15.5% |
| 新設・再編 → 不動産・サービス | 12.3% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Textile | 5 years | +6.6% | ¥24644000000 | 1.9% | 2 |
| Industrial materials | 5 years | -7.0% | ¥7529000000 | 2.6% | 2 |
| Functional materials | — | — | ¥6888000000 | -2.2% | 2 |
| Real estate business and service industry | — | — | ¥5492000000 | 34.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,554 | 100.0% | S100YGL9 |
| Cost of revenue | 36,908 | 82.8% | S100YGL9 |
| Gross profit | 7,646 | 17.2% | S100YGL9 |
| SG&A | 6,671 | 15.0% | S100YGL9 |
| Operating income | 974 | 2.2% | S100YGL9 |
| Ordinary income | 658 | 1.5% | S100YGL9 |
| Pretax income | 1,114 | 2.5% | S100YGL9 |
| Income tax | 163 | 0.4% | S100YGL9 |
| Net income | 950 | 2.1% | S100YGL9 |
| Net income attributable to owners | 950 | 2.1% | S100YGL9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.2% → Operating margin 2.2% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +14.0%; Core profit growth: -27.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.98×
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 | 39,087 | 44,554 | 5,467 | +14.0% |
| Gross profit | 7,234 | 7,646 | 412 | +5.7% |
| Operating income | 1,346 | 974 | -372 | -27.6% |
| Net income attributable to owners | 914 | 950 | 36 | +3.9% |
| Operating cash flow | 2,107 | 907 | -1,200 | -57.0% |
| Free cash flow | -835 | -616 | 219 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,037 | 1,958 | 5.1% | 961 | 2,818 | 262 | S100LPUK |
| FY ending Mar 2021 | 33,519 | 1,196 | 3.6% | 9 | 2,775 | 447 | S100OFWZ |
| FY ending Mar 2022 | 35,670 | 1,356 | 3.8% | 49 | 2,988 | 2,420 | S100R6S7 |
| FY ending Mar 2023 | 37,893 | 1,217 | 3.2% | 1,568 | 1,112 | -59 | S100TQ12 |
| FY ending Mar 2024 | 38,681 | 1,428 | 3.7% | 800 | 3,549 | 755 | S100W2GK |
| FY ending Mar 2025 | 39,087 | 1,346 | 3.4% | 914 | 2,107 | -835 | S100YGL9 |
| FY ending Mar 2026 | 44,554 | 974 | 2.2% | 950 | 907 | -616 | S100YGL9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.3M |
| Operating income per employee (consolidated) | ¥422.4K |
| Net income per employee (consolidated) | ¥412K |

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) | 2,230 | 2,195 | 2,198 | 2,175 | 2,306 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5M | ¥5M | ¥5.2M |
| Average age (parent company) | 45.7 years | 45.7 years | 45.5 years | 45.0 years | 45.0 years |
| Average tenure (parent company) | 17.9 years | 17.6 years | 16.5 years | 15.3 years | 12.7 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +14.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Textile | 24,644 | 55.3% | 474 | 1.9% |
| Industrial materials | 7,529 | 16.9% | 199 | 2.6% |
| Functional materials | 6,888 | 15.5% | -150 | -2.2% |
| Real estate business and service industry | 5,492 | 12.3% | 1,896 | 34.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Textile | 55.3% | 18.5% | -36.9 | 1.9% |
| Industrial materials | 16.9% | 7.7% | -9.2 | 2.6% |
| Functional materials | 15.5% | — | — | -2.2% |
| Real estate business and service industry | 12.3% | 73.8% | 61.5 | 34.5% |

Loss-making segment (excluded from profit shares): Functional materials -150 JPY mn

Segment → industry: Industrial materials → Textiles & Fibers / Textile → Textiles & Fibers / Functional materials → Aerospace / Functional materials → Food Ingredients / Real estate business and service industry → Real Estate Development & Leasing

## 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 | 907 | 2.0% | S100YGL9 |
| Capital expenditure | 1,523 | 3.4% | S100YGL9 |
| Free cash flow | -616 | -1.4% | 算出 |
| Investing cash flow | -4,634 | -10.4% | S100YGL9 |
| Financing cash flow | 4,292 | 9.6% | S100YGL9 |
| Dividends paid | 633 | 1.4% | S100YGL9 |
| Share buyback | 55 | 0.1% | S100YGL9 |
| Change in cash | 528 | 1.2% | S100YGL9 |
| Cash and equivalents | 6,344 | 14.2% | S100YGL9 |

## 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 | 5,008 | 4,922 | 5,303 | 5,816 | 6,344 | S100TQ12, S100W2GK, S100YGL9 |
| Total assets | 81,596 | 82,043 | 83,299 | 85,611 | 93,964 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Net assets | 31,808 | 33,357 | 34,080 | 35,238 | 36,224 | S100TQ12, S100W2GK, S100YGL9 |
| Share capital | 11,336 | 11,336 | 11,336 | 11,820 | 11,820 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Trade receivables | 6,946 | 7,101 | 7,031 | 7,001 | 10,659 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Property, plant and equipment | 55,516 | 53,256 | 54,264 | 55,702 | 54,904 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Intangible assets excluding goodwill | 285 | 509 | 626 | 618 | 994 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Goodwill | — | — | — | — | 178 | S100YGL9 |
| Investment securities | 868 | 889 | 1,363 | 1,112 | 1,247 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Current assets | 23,039 | 24,738 | 24,591 | 25,794 | 34,794 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Current liabilities | 16,577 | 17,109 | 18,901 | 17,211 | 25,213 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Trade payables | 3,127 | 3,222 | 2,973 | 2,772 | 5,713 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Short-term borrowings | 7,863 | 9,257 | 10,029 | 9,293 | 14,279 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Long-term borrowings | 11,623 | 11,021 | 10,931 | 14,380 | 15,388 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Bonds | 3,260 | 2,690 | 1,460 | 1,140 | 600 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Interest-bearing debt | 22,746 | 22,968 | 22,420 | 24,813 | 30,267 | 算出 |
| Total liabilities | 49,787 | 48,686 | 49,219 | 50,372 | 57,739 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Non-controlling interests | 1 | 19 | 23 | 27 | 27 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Equity attributable to owners of parent | 19,923 | 21,146 | 21,244 | 22,320 | 22,599 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Retained earnings | 7,957 | 9,155 | 9,254 | 9,274 | 9,530 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |
| Treasury stock | -266 | -241 | -242 | -156 | -133 | S100R6S7, S100TQ12, S100W2GK, S100YGL9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YGL9 |
| Receivables | 11% | S100YGL9 |
| Property, plant and equipment | 59% | S100YGL9 |
| Intangibles and goodwill | 1% | S100YGL9 |
| Investment securities | 1% | S100YGL9 |
| Other assets | 21% | S100YGL9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YGL9 |
| Interest-bearing debt | 32% | 算出 |
| Other liabilities | 23% | S100YGL9 |
| Equity | 39% | S100YGL9 |
| Other liabilities | 0% | S100YGL9 |

### 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 | 81,596 | 82,043 | 83,299 | 85,611 | 93,964 |
| Equity | 31,808 | 33,357 | 34,080 | 35,238 | 36,224 |
| Interest-bearing debt | 22,746 | 22,968 | 22,420 | 24,813 | 30,267 |
| Cash | 5,008 | 4,922 | 5,303 | 5,816 | 6,344 |

## 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) | 123.2% | S100YGL9 |
| Fixed assets ÷ total assets | 58.4% | S100YGL9 |
| Goodwill ÷ parent equity | 0.8% | S100YGL9 |

### 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) | 6.8% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | -¥23.9B |
| Net debt ÷ operating cash flow | 26.38× |
| Cash conversion (operating CF ÷ operating income) | 93.1% |
| Cash vs. profit gap | -43 JPY mn (of net income -4.5%) |
| Shareholder returns / net income | 72.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 510.9% |

## 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 | 0.1% | 0.44× | 0.1% | 4.10× | 0.2% | S100R6S7 |
| 2023 | 4.1% | 0.46× | 1.9% | 3.98× | 7.6% | S100TQ12 |
| 2024 | 2.1% | 0.47× | 1.0% | 3.90× | 3.8% | S100W2GK |
| 2025 | 2.3% | 0.46× | 1.1% | 3.88× | 4.2% | S100YGL9 |
| 2026 | 2.1% | 0.50× | 1.1% | 4.00× | 4.2% | S100YGL9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.2% | 2026-03-31 |
| シキボウ従業員持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| シキボウ取引先持株会 | Major shareholder | 2.6% | 2026-03-31 |
| シキボウ労働組合 | Major shareholder | 1.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 岩崎泰次 | Major shareholder | 1.0% | 2026-03-31 |
| 近藤泰章 | Major shareholder | 0.9% | 2026-03-31 |
| 後藤次郎 | Major shareholder | 0.8% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第213期(2025/04/01－2026/03/31) | S100YGL9 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGL9,, |
| 有価証券報告書－第212期(2024/04/01－2025/03/31) | S100W2GK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GK,, |
| 有価証券報告書－第211期(2023/04/01－2024/03/31) | S100TQ12 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ12,, |
| 有価証券報告書－第210期(2022/04/01－2023/03/31) | S100R6S7 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6S7,, |
| 有価証券報告書－第209期(令和3年4月1日－令和4年3月31日) | S100OFWZ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFWZ,, |
| 有価証券報告書－第208期(令和2年4月1日－令和3年3月31日) | S100LPUK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPUK,, |

## 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).