# SHOFU INC.: 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154期(2025/04/01－2026/03/31) (S100YGMA)
> Page: https://vizora.meequs.com/en/company/shofu
> Retrieved: 2026-09-30T20:18:18.310Z

## Company

Shofu, founded in 1922, is a company in Medical Devices listed on TSE Prime. It has 1,462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOFU INC. |
| Ticker | 7979 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7979.T) |
| Listing | TSE Prime |
| Head office | 京都市東山区福稲上高松町11番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 髙見哲夫 |
| Founded | May 1922 |
| Share capital | ¥5.97B |
| Employees (consolidated) | 1,462 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.shofu.co.jp (https://www.shofu.co.jp/) |
| Corporate number | 6130001009674 |
| EDINET | E01183 |
| Industries (Vizora) | Medical Devices, Cosmetics |

> Profile source: annual securities report (S100YGMA, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.4 | 38 |
| Profitability | 60.3 | 39 |
| Cash conversion | 27.6 | 38 |
| Efficiency | 70.5 | 39 |

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 94% of Shofu's sales come from Dental related, with Nail related making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit -3.1%.

## Company structure

- Segment revenue mix: Dental related 94.4%、Nail related 5.6%
- Revenue → net income: ¥39994000000 → ¥4896000000
- Net income → operating cash flow: ¥4896000000 → ¥3371000000（difference ¥-1525000000）
- Main uses of operating cash flow: CapEx ¥3602000000 / dividends ¥1849000000 / buybacks —
- Change in cash: ¥-286000000
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 | ¥40B |  |
| Operating income | ¥5.23B | Margin 13.1% |
| Net income | ¥4.89B | Margin 12.2% |
| Free cash flow | -¥231M |  |
| Largest business | Dental related | of segment revenue 94.4% |
| Employees (consolidated) | 1,462 |  |
| EPS | ¥150.68 |  |
| Diluted EPS | ¥150.23 |  |
| Book value per share | ¥1098.89 |  |
| Equity ratio | 84.1% |  |
| Shares outstanding | 35,788,000 |  |
| Treasury shares | 198,800 |  |
| Shareholders | 24,121 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 16.9% | Cash ÷ revenue 24.4% |
| Vs. industry median margin | +2 pp | Medical Devices |
| ROE | 13.1% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24680000000 | ¥39994000000 | +62.1% |
| Operating income | ¥2300000000 | ¥5226000000 | +127.2% |
| Operating margin | 9.3% | 13.1% | +3.7 pp |
| Employees | 1,206 people | 1,462 people | +21.2% |
| Cash and equivalents | ¥6305000000 | ¥9774000000 | +55.0% |

### 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 |
| --- | ---: |
| デンタル関連事業 → デンタル関連事業 | 90.8% |
| ネイル関連事業 → ネイル関連事業 | 5.6% |
| ネイル関連事業 → 事業再編・廃止 | 3.6% |
| 新設・再編 → デンタル関連事業 | 3.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,994 | 100.0% | S100YGMA |
| Cost of revenue | 16,253 | 40.6% | S100YGMA |
| Gross profit | 23,740 | 59.4% | S100YGMA |
| SG&A | 18,513 | 46.3% | S100YGMA |
| Operating income | 5,226 | 13.1% | S100YGMA |
| Ordinary income | 5,859 | 14.6% | S100YGMA |
| Pretax income | 6,590 | 16.5% | S100YGMA |
| Income tax | 1,694 | 4.2% | S100YGMA |
| Net income | 4,896 | 12.2% | S100YGMA |
| Net income attributable to owners | 4,887 | 12.2% | S100YGMA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 46 |
| Operating income | 13 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 59.4% → Operating margin 13.1% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.3%; Core profit growth: -3.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.92×
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 | 38,698 | 39,994 | 1,296 | +3.3% |
| Gross profit | 22,991 | 23,740 | 749 | +3.3% |
| Operating income | 5,392 | 5,226 | -166 | -3.1% |
| Net income attributable to owners | 4,317 | 4,887 | 570 | +13.2% |
| Operating cash flow | 3,447 | 3,371 | -76 | -2.2% |
| Free cash flow | 2,130 | -231 | -2,361 | -110.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,108 | 2,210 | 8.5% | 704 | 1,942 | 393 | S100LKLA |
| FY ending Mar 2021 | 24,680 | 2,300 | 9.3% | 1,674 | 2,829 | 1,725 | S100PS8T |
| FY ending Mar 2022 | 28,137 | 3,217 | 11.4% | 2,546 | 3,736 | 2,671 | S100R1XB |
| FY ending Mar 2023 | 31,678 | 3,824 | 12.1% | 3,135 | 3,170 | 1,538 | S100TQEG |
| FY ending Mar 2024 | 35,080 | 4,709 | 13.4% | 3,655 | 3,089 | 1,378 | S100W1YJ |
| FY ending Mar 2025 | 38,698 | 5,392 | 13.9% | 4,317 | 3,447 | 2,130 | S100YGMA |
| FY ending Mar 2026 | 39,994 | 5,226 | 13.1% | 4,887 | 3,371 | -231 | S100YGMA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.4M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 1,266 | 1,299 | 1,369 | 1,413 | 1,462 |
| Average salary (parent company) | ¥7.4M | ¥7.9M | ¥7.9M | ¥8.1M | ¥8.1M |
| Average age (parent company) | 43.0 years | 42.9 years | 43.0 years | 43.1 years | 42.7 years |
| Average tenure (parent company) | 17.0 years | 16.9 years | 16.8 years | 16.4 years | 16.2 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dental related | 37,669 | 94.4% | 5,334 | 14.2% |
| Nail related | 2,225 | 5.6% | -113 | -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 |
| --- | ---: | ---: | ---: | ---: |
| Dental related | 94.4% | 100.0% | 5.6 | 14.2% |
| Nail related | 5.6% | — | — | -5.1% |

Loss-making segment (excluded from profit shares): Nail related -113 JPY mn

Segment → industry: Dental related → Medical Devices / Nail related → Cosmetics

## 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 | 3,371 | 8.4% | S100YGMA |
| Capital expenditure | 3,602 | 9.0% | S100YGMA |
| Free cash flow | -231 | -0.6% | 算出 |
| Investing cash flow | -2,070 | -5.2% | S100YGMA |
| Financing cash flow | -1,968 | -4.9% | S100YGMA |
| Dividends paid | 1,849 | 4.6% | S100YGMA |
| Change in cash | -286 | -0.7% | S100YGMA |
| Cash and equivalents | 9,774 | 24.4% | S100YGMA |

## 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 | 8,208 | 8,830 | 9,024 | 10,061 | 9,774 | S100TQEG, S100W1YJ, S100YGMA |
| Total assets | 40,709 | 43,727 | 50,093 | 49,994 | 57,706 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Net assets | 32,940 | 35,515 | 41,609 | 42,736 | 48,689 | S100TQEG, S100W1YJ, S100YGMA |
| Share capital | 5,968 | 5,968 | 5,968 | 5,968 | 5,968 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Property, plant and equipment | 8,429 | 9,995 | 10,234 | 10,603 | 13,792 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Intangible assets excluding goodwill | 427 | 462 | 524 | 556 | 619 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Investment securities | 9,626 | 9,049 | 11,553 | 8,709 | 10,112 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Current assets | 20,462 | 22,220 | 25,179 | 27,521 | 29,855 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Current liabilities | 4,437 | 5,949 | 5,593 | 5,218 | 6,305 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Long-term borrowings | 1,153 | 281 | — | — | — | S100R1XB, S100TQEG |
| Total liabilities | 7,769 | 8,211 | 8,484 | 7,257 | 9,016 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Non-controlling interests | 64 | 73 | 82 | 78 | 93 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Equity attributable to owners of parent | 27,978 | 30,138 | 32,770 | 35,777 | 38,884 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Retained earnings | 16,001 | 18,406 | 20,964 | 23,896 | 26,935 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |
| Treasury stock | -115 | -379 | -297 | -239 | -196 | S100R1XB, S100TQEG, S100W1YJ, S100YGMA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YGMA |
| Property, plant and equipment | 24% | S100YGMA |
| Intangibles and goodwill | 1% | S100YGMA |
| Investment securities | 17% | S100YGMA |
| Other assets | 41% | S100YGMA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100YGMA |
| Equity | 84% | S100YGMA |
| Other liabilities | 0% | S100YGMA |

### 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 | 40,709 | 43,727 | 50,093 | 49,994 | 57,706 |
| Equity | 32,940 | 35,515 | 41,609 | 42,736 | 48,689 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,208 | 8,830 | 9,024 | 10,061 | 9,774 |

## 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) | 34.5% | S100YGMA |
| Fixed assets ÷ total assets | 23.9% | S100YGMA |
| Goodwill ÷ parent equity | — | —, S100YGMA |

### 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) | 16.9% |
| Cash ÷ revenue | 24.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.5% |
| Cash vs. profit gap | -1,516 JPY mn (of net income -31.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 61.4% |

## 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 | 9.0% | 0.69× | 6.3% | 1.46× | 9.1% | S100R1XB |
| 2023 | 9.9% | 0.75× | 7.4% | 1.45× | 10.8% | S100TQEG |
| 2024 | 10.4% | 0.75× | 7.8% | 1.49× | 11.6% | S100W1YJ |
| 2025 | 11.2% | 0.77× | 8.6% | 1.46× | 12.6% | S100YGMA |
| 2026 | 12.2% | 0.74× | 9.1% | 1.44× | 13.1% | S100YGMA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井化学株式会社 | Major shareholder | 20.1% | 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 | 6.9% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社滋賀銀行 | Major shareholder | 3.4% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) REIEDP AIF CLIENTS NON TREATY ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.5% | 2026-03-31 |
| 松風社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| BBH FOR BBHTSIL NEUBERGER BERMAN INVESTMENT FUNDS PLC-NEUBERGER BERMAN JAPAN EQUITY ENGAGEMENT FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社モリタ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第154期(2025/04/01－2026/03/31) | S100YGMA | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGMA,, |
| 有価証券報告書－第153期(2024/04/01－2025/03/31) | S100W1YJ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1YJ,, |
| 有価証券報告書－第152期(2023/04/01－2024/03/31) | S100TQEG | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQEG,, |
| 有価証券報告書－第151期(2022/04/01－2023/03/31) | S100R1XB | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1XB,, |
| 訂正有価証券報告書－第150期(令和3年4月1日－令和4年3月31日) | S100PS8T | 2022-12-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PS8T,, |
| 有価証券報告書－第149期(令和2年4月1日－令和3年3月31日) | S100LKLA | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKLA,, |

## 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).