# SHIMOJIMA Co.,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65期(2025/04/01－2026/03/31) (S100YIAX)
> Page: https://vizora.meequs.com/en/company/shimojima
> Retrieved: 2026-09-30T20:24:37.651Z

## Company

Shimojima, founded in 1962, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 867 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIMOJIMA Co.,Ltd. |
| Ticker | 7482 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7482.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区浅草橋五丁目29番8号 |
| Representative (per filing) | 代表取締役社長 笠井 義彦 |
| Founded | Apr 1962 |
| Share capital | ¥1.41B |
| Employees (consolidated) | 867 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.shimojima.co.jp (https://www.shimojima.co.jp/) |
| Corporate number | 4010501024971 |
| EDINET | E02839 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIAX, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.3 | 179 |
| Profitability | 80.3 | 185 |
| Cash conversion | 57.8 | 179 |
| Efficiency | 46.2 | 185 |

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 60% of Shimojima's sales come from Plastic products and other wrapping materials, with Shop-use goods and Paper products making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit +15.7%.

## Company structure

- Segment revenue mix: Plastic products and other wrapping materials 59.7%、Shop-use goods 21.9%、Paper products 16.0%、Other 2.3%
- Revenue → net income: ¥64829000000 → ¥2740000000
- Net income → operating cash flow: ¥2740000000 → ¥3849000000（difference ¥1109000000）
- Main uses of operating cash flow: CapEx ¥1443000000 / dividends ¥1274000000 / buybacks ¥0
- Change in cash: ¥209000000
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 | ¥64.8B |  |
| Operating income | ¥3.46B | Margin 5.3% |
| Net income | ¥2.74B | Margin 4.2% |
| Free cash flow | ¥2.41B |  |
| Largest business | Plastic products and other wrapping materials | of segment revenue 59.7% |
| Employees (consolidated) | 867 |  |
| EPS | ¥106.53 |  |
| Book value per share | ¥1539.42 |  |
| Equity ratio | 81.4% |  |
| Shares outstanding | 23,647,826 |  |
| Treasury shares | 266,500 |  |
| Shareholders | 25,378 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 12.7% |
| Vs. industry median margin | +2.5 pp | Specialty Trading & Wholesale |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47100000000 | ¥64829000000 | +37.6% |
| Operating income | ¥275000000 | ¥3456000000 | +1156.7% |
| Operating margin | 0.6% | 5.3% | +4.7 pp |
| Employees | 807 people | 867 people | +7.4% |
| Cash and equivalents | ¥7441000000 | ¥8234000000 | +10.7% |

### 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 |
| --- | ---: |
| 紙製品 → 紙製品 | 16.0% |
| 紙製品 → 事業再編・廃止 | 1.2% |
| 化成品・包装資材 → 化成品・包装資材 | 53.0% |
| 店舗用品 → 店舗用品 | 21.9% |
| 店舗用品 → 事業再編・廃止 | 5.6% |
| その他 → その他 | 2.3% |
| 新設・再編 → 化成品・包装資材 | 6.7% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Plastic products and other wrapping materials | 5 years | +9.2% | ¥39639000000 | 10.0% | 2 |
| Shop-use goods | 5 years | +1.9% | ¥14555000000 | 4.2% | 2 |
| Paper products | 5 years | +5.1% | ¥10634000000 | 11.2% | 2 |
| Other | 5 years | +7.2% | ¥1553000000 | 4.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,829 | 100.0% | S100YIAX |
| Cost of revenue | 43,723 | 67.4% | S100YIAX |
| Gross profit | 21,105 | 32.6% | S100YIAX |
| SG&A | 17,648 | 27.2% | S100YIAX |
| Operating income | 3,456 | 5.3% | S100YIAX |
| Ordinary income | 3,869 | 6.0% | S100YIAX |
| Pretax income | 3,867 | 6.0% | S100YIAX |
| Income tax | 1,127 | 1.7% | S100YIAX |
| Net income | 2,740 | 4.2% | S100YIAX |
| Net income attributable to owners | 2,738 | 4.2% | S100YIAX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 27 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 32.6% → Operating margin 5.3% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.8%; Core profit growth: +15.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.30×
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 | 60,680 | 64,829 | 4,149 | +6.8% |
| Gross profit | 19,436 | 21,105 | 1,669 | +8.6% |
| Operating income | 2,986 | 3,456 | 470 | +15.7% |
| Net income attributable to owners | 2,088 | 2,738 | 650 | +31.1% |
| Operating cash flow | 923 | 3,849 | 2,926 | +317.0% |
| Free cash flow | -1 | 2,406 | 2,407 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,254 | 505 | 1.0% | 331 | 822 | -384 | S100LNGM |
| FY ending Mar 2021 | 47,100 | 275 | 0.6% | -331 | 1,103 | 472 | S100OERG |
| FY ending Mar 2022 | 48,063 | 44 | 0.1% | 87 | 430 | -596 | S100R67Y |
| FY ending Mar 2023 | 55,028 | 2,011 | 3.7% | 1,542 | 2,328 | 689 | S100TUHM |
| FY ending Mar 2024 | 57,794 | 3,262 | 5.6% | 2,372 | 4,698 | 3,344 | S100W2W0 |
| FY ending Mar 2025 | 60,680 | 2,986 | 4.9% | 2,088 | 923 | -1 | S100YIAX |
| FY ending Mar 2026 | 64,829 | 3,456 | 5.3% | 2,738 | 3,849 | 2,406 | S100YIAX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.8M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 809 | 787 | 812 | 842 | 867 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.4M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 38.1 years | 39.0 years | 39.0 years | 39.1 years | 39.1 years |
| Average tenure (parent company) | 15.4 years | 15.7 years | 15.5 years | 15.3 years | 15.2 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paper products | 10,634 | 16.0% | 1,196 | 11.2% |
| Plastic products and other wrapping materials | 39,639 | 59.7% | 3,965 | 10.0% |
| Shop-use goods | 14,555 | 21.9% | 609 | 4.2% |
| Other | 1,553 | 2.3% | 65 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paper products | 16.0% | 20.5% | 4.5 | 11.2% |
| Plastic products and other wrapping materials | 59.7% | 68.0% | 8.2 | 10.0% |
| Shop-use goods | 21.9% | 10.4% | -11.5 | 4.2% |
| Other | 2.3% | 1.1% | -1.2 | 4.2% |

Segment → industry: Shop-use goods → Specialty Trading & Wholesale / Plastic products and other wrapping materials → Specialty Trading & Wholesale / Paper products → Specialty Trading & Wholesale

## 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 | 3,849 | 5.9% | S100YIAX |
| Capital expenditure | 1,443 | 2.2% | S100YIAX |
| Free cash flow | 2,406 | 3.7% | 算出 |
| Investing cash flow | -2,182 | -3.4% | S100YIAX |
| Financing cash flow | -1,457 | -2.2% | S100YIAX |
| Dividends paid | 1,274 | 2.0% | S100YIAX |
| Share buyback | 0 | 0.0% | S100YIAX |
| Change in cash | 209 | 0.3% | S100YIAX |
| Cash and equivalents | 8,234 | 12.7% | S100YIAX |

## 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 | 5,848 | 7,111 | 9,651 | 8,024 | 8,234 | S100TUHM, S100W2W0, S100YIAX |
| Total assets | 37,817 | 40,023 | 43,407 | 41,843 | 45,305 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Net assets | 31,623 | 32,679 | 34,756 | 35,178 | 36,947 | S100TUHM, S100W2W0, S100YIAX |
| Share capital | 1,405 | 1,405 | 1,405 | 1,405 | 1,405 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Property, plant and equipment | 12,578 | 13,539 | 14,142 | 14,171 | 14,252 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Intangible assets excluding goodwill | 1,892 | 1,619 | 1,324 | 879 | 2,010 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Goodwill | 538 | 413 | 289 | 32 | 21 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Investment securities | 558 | 557 | 647 | 515 | 543 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Current assets | 19,154 | 21,460 | 24,312 | 23,232 | 25,438 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Current liabilities | 4,876 | 6,075 | 7,485 | 5,430 | 7,231 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Trade payables | 2,915 | 3,010 | 4,355 | 2,942 | 3,229 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Long-term borrowings | 122 | 76 | 35 | 78 | 48 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Total liabilities | 6,193 | 7,343 | 8,651 | 6,665 | 8,357 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Non-controlling interests | 57 | 63 | 66 | 69 | 71 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Equity attributable to owners of parent | 37,414 | 38,474 | 40,368 | 40,931 | 42,443 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Retained earnings | 35,803 | 36,834 | 38,039 | 38,564 | 40,040 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |
| Treasury stock | -1,098 | -1,063 | -349 | -318 | -284 | S100R67Y, S100TUHM, S100W2W0, S100YIAX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YIAX |
| Property, plant and equipment | 31% | S100YIAX |
| Intangibles and goodwill | 5% | S100YIAX |
| Investment securities | 1% | S100YIAX |
| Other assets | 45% | S100YIAX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIAX |
| Other liabilities | 11% | S100YIAX |
| Equity | 82% | S100YIAX |
| Other liabilities | 0% | S100YIAX |

### 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 | 37,817 | 40,023 | 43,407 | 41,843 | 45,305 |
| Equity | 31,623 | 32,679 | 34,756 | 35,178 | 36,947 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,848 | 7,111 | 9,651 | 8,024 | 8,234 |

## 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) | 22.0% | S100YIAX |
| Fixed assets ÷ total assets | 31.5% | S100YIAX |
| Goodwill ÷ parent equity | 0.0% | S100YIAX |

Goodwill over 4 years: 538 → 21 JPY; total investing cash flow: -6,279 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) | 18.2% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.4% |
| Cash vs. profit gap | 1,111 JPY mn (of net income 40.6%) |
| Shareholder returns / net income | 46.5% |
| Shareholder returns / FCF | 53.0% |
| Shareholder payments — dividends / net income | 46.5% |
| Shareholder payments — dividends / FCF | 53.0% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 56.7% |

## 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 | 0.2% | 1.27× | 0.2% | 1.01× | 0.2% | S100R67Y |
| 2023 | 2.8% | 1.41× | 4.0% | 1.03× | 4.1% | S100TUHM |
| 2024 | 4.1% | 1.39× | 5.7% | 1.06× | 6.0% | S100W2W0 |
| 2025 | 3.4% | 1.42× | 4.9% | 1.05× | 5.1% | S100YIAX |
| 2026 | 4.2% | 1.49× | 6.3% | 1.05× | 6.6% | S100YIAX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲謙友 | Major shareholder | 17.8% | 2026-03-31 |
| ㈲ケイエヌジェイ | Major shareholder | 9.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.5% | 2026-03-31 |
| ㈲和貴 | Major shareholder | 3.8% | 2026-03-31 |
| 下島 公明 | Major shareholder | 2.7% | 2026-03-31 |
| シモジマ従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| シモジマ取引先持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 下島 和光 | Major shareholder | 2.1% | 2026-03-31 |
| 有限会社Ｋ＆Ｍ | Major shareholder | 2.1% | 2026-03-31 |
| 有限会社Ｒ＆Ｔ | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/04/01－2026/03/31) | S100YIAX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIAX,, |
| 有価証券報告書－第64期(2024/04/01－2025/03/31) | S100W2W0 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2W0,, |
| 有価証券報告書－第63期(2023/04/01－2024/03/31) | S100TUHM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUHM,, |
| 有価証券報告書－第62期(2022/04/01－2023/03/31) | S100R67Y | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R67Y,, |
| 有価証券報告書－第61期(令和3年4月1日－令和4年3月31日) | S100OERG | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OERG,, |
| 有価証券報告書－第60期(令和2年4月1日－令和3年3月31日) | S100LNGM | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNGM,, |

## 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).