# SK JAPAN CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第37期(2025/03/01－2026/02/28) (S100YA1Z)
> Page: https://vizora.meequs.com/en/company/sk-japan
> Retrieved: 2026-09-30T19:51:44.058Z

## Company

SK Japan is a company in Toys & Hobbies listed on TSE Standard. It has 145 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SK JAPAN CO.,LTD. |
| Ticker | 7608 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7608.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区谷町三丁目1番18号 |
| Representative (per filing) | 代表取締役社長 八百 博徳 |
| Share capital | ¥462M |
| Employees (consolidated) | 145 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | February |
| Website | www.sk-japan.co.jp (https://www.sk-japan.co.jp/) |
| Corporate number | 9120001075509 |
| EDINET | E02897 |
| Industries (Vizora) | Toys & Hobbies |

> Profile source: annual securities report (S100YA1Z, filed 2026-06-10). As of filing

## Five-axis industry profile

Primary industry: Toys & Hobbies (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 77.3 | 11 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 86.4 | 11 |

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 76% of SK Japan's sales come from Amusement business, with Fancy goods production and distribution business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +22.3% from the prior year, operating profit +51.3%.

## Company structure

- Segment revenue mix: Amusement business 75.6%、Fancy goods production and distribution business 24.4%
- Revenue → net income: ¥16232632000 → ¥1333668000
- Net income → operating cash flow: ¥1333668000 → ¥835928000（difference ¥-497740000）
- Main uses of operating cash flow: CapEx ¥170707000 / dividends ¥292822000 / buybacks ¥289000
- Change in cash: ¥405010000
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 | ¥16.2B |  |
| Operating income | ¥1.86B | Margin 11.5% |
| Net income | ¥1.33B | Margin 8.2% |
| Free cash flow | ¥665.2M |  |
| Largest business | Amusement business | of segment revenue 75.6% |
| Employees (consolidated) | 145 |  |
| EPS | ¥70.34 |  |
| Book value per share | ¥377.73 |  |
| Equity ratio | 78.0% |  |
| Shares outstanding | 8,490,103 |  |
| Treasury shares | 101,500 |  |
| Shareholders | 5,013 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 49.0% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | +4.1 pp | Toys & Hobbies |
| ROE | 22.2% | Derived from disclosed figures |
| ROA | 17.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, cash is 49% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5357633000 | ¥16232632000 | +203.0% |
| Operating income | ¥224662000 | ¥1859937000 | +727.9% |
| Operating margin | 4.2% | 11.5% | +7.3 pp |
| Employees | 108 people | 145 people | +34.3% |
| Cash and equivalents | ¥2613178000 | ¥4183339000 | +60.1% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| キャラクターエンタテインメント事業 → キャラクターエンタテインメント事業 | 55.9% |
| キャラクター・ファンシー事業 → キャラクター・ファンシー事業 | 24.4% |
| キャラクター・ファンシー事業 → 事業再編・廃止 | 19.7% |
| 新設・再編 → キャラクターエンタテインメント事業 | 19.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,233 | 100.0% | S100YA1Z |
| Cost of revenue | 11,705 | 72.1% | S100YA1Z |
| Gross profit | 4,527 | 27.9% | S100YA1Z |
| SG&A | 2,667 | 16.4% | S100YA1Z |
| Operating income | 1,860 | 11.5% | S100YA1Z |
| Ordinary income | 1,883 | 11.6% | S100YA1Z |
| Pretax income | 1,883 | 11.6% | S100YA1Z |
| Income tax | 549 | 3.4% | S100YA1Z |
| Net income | 1,334 | 8.2% | S100YA1Z |
| Net income attributable to owners | 1,334 | 8.2% | S100YA1Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 16 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 27.9% → Operating margin 11.5% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.3%; Core profit growth: +51.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.30×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,275 | 16,233 | 2,958 | +22.3% |
| Gross profit | 3,578 | 4,527 | 949 | +26.5% |
| Operating income | 1,229 | 1,860 | 631 | +51.3% |
| Net income attributable to owners | 929 | 1,334 | 405 | +43.5% |
| Operating cash flow | 657 | 836 | 179 | +27.2% |
| Free cash flow | 539 | 665 | 126 | +23.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 6,606 | 610 | 9.2% | 527 | 362 | 269 | S100LFRS |
| FY ending Feb 2021 | 5,358 | 225 | 4.2% | 285 | 427 | 405 | S100ORJ5 |
| FY ending Feb 2022 | 6,499 | 455 | 7.0% | 334 | 390 | 362 | S100QV79 |
| FY ending Feb 2023 | 9,731 | 577 | 5.9% | 379 | -88 | -139 | S100TJDA |
| FY ending Feb 2024 | 10,613 | 992 | 9.4% | 756 | 1,072 | 998 | S100W9MC |
| FY ending Feb 2025 | 13,275 | 1,229 | 9.3% | 929 | 657 | 539 | S100YA1Z |
| FY ending Feb 2026 | 16,233 | 1,860 | 11.5% | 1,334 | 836 | 665 | S100YA1Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111.9M |
| Operating income per employee (consolidated) | ¥12.8M |
| Net income per employee (consolidated) | ¥9.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 111 | 119 | 128 | 140 | 145 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.3M | ¥5.8M | ¥6.5M |
| Average age (parent company) | 37.0 years | 36.8 years | 37.1 years | 37.4 years | 37.7 years |
| Average tenure (parent company) | 10.3 years | 9.9 years | 10.2 years | 9.7 years | 10.4 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +22.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Amusement business | 12,266 | 75.6% | 1,582 | 12.9% |
| Fancy goods production and distribution business | 3,967 | 24.4% | 277 | 7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Amusement business | 75.6% | 85.1% | 9.5 | 12.9% |
| Fancy goods production and distribution business | 24.4% | 14.9% | -9.5 | 7.0% |

Segment → industry: Fancy goods production and distribution business → Toys & Hobbies / Amusement business → Toys & Hobbies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 836 | 5.1% | S100YA1Z |
| Capital expenditure | 171 | 1.1% | S100YA1Z |
| Free cash flow | 665 | 4.1% | 算出 |
| Investing cash flow | -174 | -1.1% | S100YA1Z |
| Financing cash flow | -293 | -1.8% | S100YA1Z |
| Dividends paid | 293 | 1.8% | S100YA1Z |
| Share buyback | 0 | 0.0% | S100YA1Z |
| Change in cash | 405 | 2.5% | S100YA1Z |
| Cash and equivalents | 4,183 | 25.8% | S100YA1Z |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,791 | 2,569 | 3,406 | 3,778 | 4,183 | S100TJDA, S100W9MC, S100YA1Z |
| Total assets | 4,331 | 4,843 | 5,982 | 6,773 | 8,536 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Net assets | 3,735 | 4,053 | 4,760 | 5,577 | 6,656 | S100TJDA, S100W9MC, S100YA1Z |
| Share capital | 462 | 462 | 462 | 462 | 462 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Trade receivables | 687 | 1,058 | 1,230 | 1,447 | 2,055 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Property, plant and equipment | 20 | 33 | 58 | 150 | 172 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Intangible assets excluding goodwill | 30 | 18 | 7 | 5 | 67 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Investment securities | 74 | 107 | 133 | 161 | 165 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Current assets | 4,059 | 4,616 | 5,635 | 6,325 | 7,982 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Current liabilities | 551 | 712 | 1,177 | 1,107 | 1,759 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Total liabilities | 596 | 789 | 1,222 | 1,196 | 1,880 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Equity attributable to owners of parent | 3,699 | 3,995 | 4,669 | 5,471 | 6,528 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Retained earnings | 2,852 | 3,141 | 3,789 | 4,552 | 5,592 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |
| Treasury stock | -111 | -103 | -80 | -54 | -46 | S100QV79, S100TJDA, S100W9MC, S100YA1Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100YA1Z |
| Receivables | 24% | S100YA1Z |
| Property, plant and equipment | 2% | S100YA1Z |
| Intangibles and goodwill | 1% | S100YA1Z |
| Investment securities | 2% | S100YA1Z |
| Other assets | 22% | S100YA1Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YA1Z |
| Equity | 78% | S100YA1Z |
| Other liabilities | 0% | S100YA1Z |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,331 | 4,843 | 5,982 | 6,773 | 8,536 |
| Equity | 3,735 | 4,053 | 4,760 | 5,577 | 6,656 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,791 | 2,569 | 3,406 | 3,778 | 4,183 |

## 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) | 1.1% | S100YA1Z |
| Fixed assets ÷ total assets | 2.0% | S100YA1Z |
| Goodwill ÷ parent equity | — | —, S100YA1Z |

### 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) | 49.0% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 44.9% |
| Cash vs. profit gap | -498 JPY mn (of net income -37.3%) |
| Shareholder returns / net income | 22.0% |
| Shareholder returns / FCF | 44.1% |
| Shareholder payments — dividends / net income | 22.0% |
| Shareholder payments — dividends / FCF | 44.0% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 20.9% |

## 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 | 5.1% | 1.50× | 7.7% | 1.17× | 9.0% | S100QV79 |
| 2023 | 3.9% | 2.12× | 8.3% | 1.19× | 9.9% | S100TJDA |
| 2024 | 7.1% | 1.96× | 14.0% | 1.25× | 17.5% | S100W9MC |
| 2025 | 7.0% | 2.08× | 14.6% | 1.26× | 18.3% | S100YA1Z |
| 2026 | 8.2% | 2.12× | 17.4% | 1.28× | 22.2% | S100YA1Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ラウンドワン | Major shareholder | 32.0% | 2026-02-28 |
| 久保 泰子 | Major shareholder | 4.8% | 2026-02-28 |
| 久保 千晶 | Major shareholder | 4.8% | 2026-02-28 |
| 八百 博徳 | Major shareholder | 3.6% | 2026-02-28 |
| RE FUND 107-CLIENT AC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.0% | 2026-02-28 |
| 鈴木 康友 | Major shareholder | 2.8% | 2026-02-28 |
| 小沼 滋紀 | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社 | Major shareholder | 2.4% | 2026-02-28 |
| 佐々木 嶺一 | Major shareholder | 1.8% | 2026-02-28 |
| 松田 忠夫 | Major shareholder | 1.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第37期(2025/03/01－2026/02/28) | S100YA1Z | 2026-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA1Z,, |
| 訂正有価証券報告書－第36期(2024/03/01－2025/02/28) | S100W9MC | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9MC,, |
| 有価証券報告書－第35期(2023/03/01－2024/02/29) | S100TJDA | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJDA,, |
| 有価証券報告書－第34期(2022/03/01－2023/02/28) | S100QV79 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV79,, |
| 訂正有価証券報告書－第33期(令和3年3月1日－令和4年2月28日) | S100ORJ5 | 2022-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORJ5,, |
| 有価証券報告書－第32期(令和2年3月1日－令和3年2月28日) | S100LFRS | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFRS,, |

## 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).