# shoei corporation: 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59期(2025/04/01－2026/03/31) (S100YIVY)
> Page: https://vizora.meequs.com/en/company/shoei-9385
> Retrieved: 2026-09-30T20:31:01.995Z

## Company

shoei, founded in 1968, is a company in Food Packaging listed on TSE Standard. It has 570 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOEI CORPORATION |
| Ticker | 9385 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9385.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区北浜三丁目6番22号 |
| Representative (per filing) | 代表取締役社長 芝原 英司 |
| Founded | Feb 1968 |
| Share capital | ¥715.6M |
| Employees (consolidated) | 570 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.shoei-corp.co.jp (https://www.shoei-corp.co.jp/) |
| Corporate number | 5120001043857 |
| EDINET | E21815 |
| Industries (Vizora) | Food Packaging, Toiletries & Household Products |

> Profile source: annual securities report (S100YIVY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Food Packaging (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 15 |
| Profitability | 63.3 | 15 |
| Cash conversion | 17.9 | 14 |
| Efficiency | 90 | 15 |

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 53% of shoei's sales come from Sales promotion support, with Merchandise sales making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit +78.1%.

## Company structure

- Segment revenue mix: Sales promotion support 53.1%、Merchandise sales 46.9%
- Revenue → net income: ¥19047002000 → ¥853651000
- Net income → operating cash flow: ¥853651000 → ¥1168023000（difference ¥314372000）
- Main uses of operating cash flow: CapEx ¥338608000 / dividends ¥154838000 / buybacks —
- Change in cash: ¥-26355000
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 | ¥19B |  |
| Operating income | ¥1.33B | Margin 7.0% |
| Net income | ¥853.7M | Margin 4.5% |
| Free cash flow | ¥829.4M |  |
| Largest business | Sales promotion support | of segment revenue 53.1% |
| Employees (consolidated) | 570 |  |
| EPS | ¥120.57 |  |
| Book value per share | ¥561.02 |  |
| Equity ratio | 46.7% |  |
| Shares outstanding | 7,850,000 |  |
| Treasury shares | 122,700 |  |
| Shareholders | 7,446 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 9.8% | Cash ÷ revenue 5.7% |
| Vs. industry median margin | +1.6 pp | Food Packaging |
| ROE | 21.1% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 78%
- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20507456000 | ¥19047002000 | -7.1% |
| Operating income | ¥1215836000 | ¥1331179000 | +9.5% |
| Operating margin | 5.9% | 7.0% | +1.1 pp |
| Employees | 458 people | 570 people | +24.5% |
| Cash and equivalents | ¥943536000 | ¥1084352000 | +14.9% |

### 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 |
| --- | ---: |
| 営業促進支援事業 → 営業促進支援事業 | 51.9% |
| 商品販売事業 → 商品販売事業 | 46.9% |
| 商品販売事業 → 事業再編・廃止 | 1.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 営業促進支援事業 | 1.1% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,047 | 100.0% | S100YIVY |
| Cost of revenue | 14,369 | 75.4% | S100YIVY |
| Gross profit | 4,678 | 24.6% | S100YIVY |
| SG&A | 3,347 | 17.6% | S100YIVY |
| Operating income | 1,331 | 7.0% | S100YIVY |
| Ordinary income | 1,299 | 6.8% | S100YIVY |
| Pretax income | 1,284 | 6.7% | S100YIVY |
| Income tax | 430 | 2.3% | S100YIVY |
| Net income | 854 | 4.5% | S100YIVY |
| Net income attributable to owners | 854 | 4.5% | S100YIVY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.6% → Operating margin 7.0% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.1%; Core profit growth: +78.1%
Growth quality: margin-expansion
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 | 19,031 | 19,047 | 16 | +0.1% |
| Gross profit | 4,158 | 4,678 | 520 | +12.5% |
| Operating income | 748 | 1,331 | 584 | +78.1% |
| Net income attributable to owners | 467 | 854 | 386 | +82.7% |
| Operating cash flow | 927 | 1,168 | 241 | +26.0% |
| Free cash flow | -41 | 829 | 870 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,116 | 628 | 3.3% | 406 | 441 | 399 | S100MCG6 |
| FY ending Mar 2021 | 20,507 | 1,216 | 5.9% | 675 | -602 | -702 | S100OFQU |
| FY ending Mar 2022 | 19,269 | 176 | 0.9% | 89 | 341 | 181 | S100R6W3 |
| FY ending Mar 2023 | 20,746 | 154 | 0.7% | -1,617 | 716 | 582 | S100TUK4 |
| FY ending Mar 2024 | 19,446 | 777 | 4.0% | 1,009 | 1,421 | 1,205 | S100W2CU |
| FY ending Mar 2025 | 19,031 | 748 | 3.9% | 467 | 927 | -41 | S100YIVY |
| FY ending Mar 2026 | 19,047 | 1,331 | 7.0% | 854 | 1,168 | 829 | S100YIVY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.4M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 558 | 553 | 555 | 579 | 570 |
| Average salary (parent company) | ¥5.6M | ¥5.1M | ¥5.9M | ¥4.8M | ¥6M |
| Average age (parent company) | 41.6 years | 43.2 years | 43.0 years | 43.1 years | 44.0 years |
| Average tenure (parent company) | 11.0 years | 11.1 years | 12.3 years | 12.4 years | 11.8 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales promotion support | 10,106 | 53.1% | 875 | 8.7% |
| Merchandise sales | 8,941 | 46.9% | 457 | 5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sales promotion support | 53.1% | 65.7% | 12.6 | 8.7% |
| Merchandise sales | 46.9% | 34.3% | -12.6 | 5.1% |

Segment → industry: Sales promotion support → Food Packaging / Merchandise sales → Toiletries & Household Products

## 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 | 1,168 | 6.1% | S100YIVY |
| Capital expenditure | 339 | 1.8% | S100YIVY |
| Free cash flow | 829 | 4.4% | 算出 |
| Investing cash flow | -419 | -2.2% | S100YIVY |
| Financing cash flow | -793 | -4.2% | S100YIVY |
| Dividends paid | 155 | 0.8% | S100YIVY |
| Change in cash | -26 | -0.1% | S100YIVY |
| Cash and equivalents | 1,084 | 5.7% | S100YIVY |

## 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 | 879 | 1,267 | 855 | 1,111 | 1,084 | S100TUK4, S100W2CU, S100YIVY |
| Total assets | 12,793 | 11,035 | 9,622 | 10,434 | 11,011 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Net assets | 4,525 | 2,805 | 3,801 | 4,277 | 5,137 | S100TUK4, S100W2CU, S100YIVY |
| Share capital | 716 | 716 | 716 | 716 | 716 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Trade receivables | 2,918 | 2,973 | 2,675 | 2,363 | 2,559 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Property, plant and equipment | 2,368 | 2,357 | 1,899 | 2,773 | 2,801 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Intangible assets excluding goodwill | 2,041 | 211 | 24 | 49 | 190 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Goodwill | 561 | — | — | — | — | S100R6W3 |
| Investment securities | 415 | 436 | 532 | 582 | 683 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Current assets | 7,560 | 7,635 | 6,737 | 6,633 | 6,812 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Current liabilities | 7,016 | 6,702 | 4,877 | 4,489 | 4,405 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Trade payables | 1,413 | 1,251 | 1,086 | 1,119 | 1,097 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Short-term borrowings | 4,760 | 4,680 | 2,620 | 2,330 | 2,030 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Long-term borrowings | 355 | 467 | 370 | 1,111 | 918 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Total liabilities | 8,269 | 8,230 | 5,820 | 6,157 | 5,874 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Equity attributable to owners of parent | 4,310 | 2,538 | 3,392 | 3,705 | 4,404 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Retained earnings | 2,843 | 1,071 | 1,926 | 2,239 | 2,938 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |
| Treasury stock | -57 | -57 | -57 | -57 | -57 | S100R6W3, S100TUK4, S100W2CU, S100YIVY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIVY |
| Receivables | 23% | S100YIVY |
| Property, plant and equipment | 25% | S100YIVY |
| Intangibles and goodwill | 2% | S100YIVY |
| Investment securities | 6% | S100YIVY |
| Other assets | 34% | S100YIVY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YIVY |
| Other liabilities | 43% | S100YIVY |
| Equity | 47% | S100YIVY |
| Other liabilities | 0% | S100YIVY |

### 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 | 12,793 | 11,035 | 9,622 | 10,434 | 11,011 |
| Equity | 4,525 | 2,805 | 3,801 | 4,277 | 5,137 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 879 | 1,267 | 855 | 1,111 | 1,084 |

## 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) | 14.7% | S100YIVY |
| Fixed assets ÷ total assets | 25.4% | S100YIVY |
| Goodwill ÷ parent equity | — | —, S100YIVY |

### 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) | 9.8% |
| Cash ÷ revenue | 5.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.7% |
| Cash vs. profit gap | 314 JPY mn (of net income 36.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.1% |
| Shareholder payments — dividends / FCF | 18.7% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 35.9% |

## 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 | 0.5% | 1.51× | 0.7% | 2.97× | 2.1% | S100R6W3 |
| 2023 | — | —× | -13.6% | —× | — | S100TUK4 |
| 2024 | 5.2% | 1.88× | 9.8% | 3.48× | 34.0% | S100W2CU |
| 2025 | 2.5% | 1.90× | 4.7% | 2.83× | 13.2% | S100YIVY |
| 2026 | 4.5% | 1.78× | 8.0% | 2.64× | 21.1% | S100YIVY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 芝原 英司 | Major shareholder | 24.7% | 2026-03-31 |
| ショーエイ従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 吉岡 裕之 | Major shareholder | 2.2% | 2026-03-31 |
| 剣持 整 | Major shareholder | 1.4% | 2026-03-31 |
| 有村 芳文 | Major shareholder | 1.0% | 2026-03-31 |
| キョウエイ株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 山下 重子 | Major shareholder | 0.8% | 2026-03-31 |
| 藤原 秀仁 | Major shareholder | 0.7% | 2026-03-31 |
| 正垣 勝彦 | Major shareholder | 0.6% | 2026-03-31 |
| オザックス株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YIVY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIVY,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W2CU | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2CU,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TUK4 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUK4,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R6W3 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6W3,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OFQU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFQU,, |
| 訂正有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100MCG6 | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCG6,, |

## 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).