# SOUGOU SHOUKEN CO.,LTD.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2024/08/01－2025/07/31) (S100WXH6)
> Page: https://vizora.meequs.com/en/company/sougou-shouken
> Retrieved: 2026-09-30T21:37:31.141Z

## Company

Sougou Shouken is a company in Printing listed on TSE Standard. It has 388 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SOUGOU SHOUKEN CO.,LTD. |
| Ticker | 7850 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7850.T) |
| Listing | TSE Standard |
| Head office | 札幌市東区東苗穂二条三丁目4番48号 |
| Representative (per filing) | 代表取締役社長 小林直弘 |
| Share capital | ¥411.9M |
| Employees (consolidated) | 388 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | July |
| Website | www.shouken.co.jp (https://www.shouken.co.jp/) |
| Corporate number | 8430001009031 |
| EDINET | E00735 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100WXH6, filed 2025-10-29). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.9 | 23 |
| Profitability | 33.9 | 28 |
| Cash conversion | 64.6 | 24 |
| Efficiency | 94.6 | 28 |

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)

- Sougou Shouken brought in ¥16.2B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit +38.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16236035000 → ¥321125000
- Net income → operating cash flow: ¥321125000 → ¥610126000（difference ¥289001000）
- Main uses of operating cash flow: CapEx ¥166488000 / dividends ¥59642000 / buybacks —
- Change in cash: ¥119683000
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 | ¥351.2M | Margin 2.2% |
| Net income | ¥319.7M | Margin 2.0% |
| Free cash flow | ¥443.6M |  |
| Employees (consolidated) | 388 |  |
| EPS | ¥105.65 |  |
| Book value per share | ¥1007.87 |  |
| Equity ratio | 39.3% |  |
| Shares outstanding | 3,060,110 |  |
| Treasury shares | 60,700 |  |
| Shareholders | 791 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 16.3% | Cash ÷ revenue 8.0% |
| Vs. industry median margin | -1.3 pp | Printing |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15983251000 | ¥16236035000 | +1.6% |
| Operating income | ¥-188845000 | ¥351169000 | — |
| Operating margin | -1.2% | 2.2% | +3.3 pp |
| Employees | 395 people | 388 people | -1.8% |
| Cash and equivalents | ¥1602659000 | ¥1298768000 | -19.0% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,236 | 100.0% | S100WXH6 |
| Cost of revenue | 11,212 | 69.1% | S100WXH6 |
| Gross profit | 5,024 | 30.9% | S100WXH6 |
| SG&A | 4,673 | 28.8% | S100WXH6 |
| Operating income | 351 | 2.2% | S100WXH6 |
| Ordinary income | 431 | 2.7% | S100WXH6 |
| Pretax income | 446 | 2.7% | S100WXH6 |
| Income tax | 125 | 0.8% | S100WXH6 |
| Net income | 321 | 2.0% | S100WXH6 |
| Net income attributable to owners | 320 | 2.0% | S100WXH6 |

## Per ¥100 of revenue（FY ending Jul 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 29 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 30.9% → Operating margin 2.2% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.8%; Core profit growth: +38.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.85×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,796 | 16,236 | 440 | +2.8% |
| Gross profit | 4,737 | 5,024 | 287 | +6.1% |
| Operating income | 253 | 351 | 98 | +38.6% |
| Net income attributable to owners | 275 | 320 | 45 | +16.5% |
| Operating cash flow | 864 | 610 | -254 | -29.4% |
| Free cash flow | 541 | 444 | -97 | -18.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 17,321 | 21 | 0.1% | -13 | 265 | -480 | S100JZ6G |
| FY ending Jul 2020 | 15,983 | -189 | -1.2% | -170 | 723 | -436 | S100MNPN |
| FY ending Jul 2021 | 16,160 | 344 | 2.1% | 256 | 1,437 | 1,267 | S100PEBW |
| FY ending Jul 2022 | 15,311 | 121 | 0.8% | 179 | 585 | 340 | S100S2MB |
| FY ending Jul 2023 | 15,863 | 200 | 1.3% | 207 | 642 | 539 | S100ULG5 |
| FY ending Jul 2024 | 15,796 | 253 | 1.6% | 275 | 864 | 541 | S100WXH6 |
| FY ending Jul 2025 | 16,236 | 351 | 2.2% | 320 | 610 | 444 | S100WXH6 |

## People and productivity（FY ending Jul 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.8M |
| Operating income per employee (consolidated) | ¥905.1K |
| Net income per employee (consolidated) | ¥823.9K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 384 | 388 | 380 | 381 | 388 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.5M | ¥4.5M | ¥5M |
| Average age (parent company) | 44.0 years | 44.4 years | 44.9 years | 44.7 years | 45.3 years |
| Average tenure (parent company) | 12.0 years | 12.6 years | 13.1 years | 13.2 years | 13.4 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +2.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 610 | 3.8% | S100WXH6 |
| Capital expenditure | 166 | 1.0% | S100WXH6 |
| Free cash flow | 444 | 2.7% | 算出 |
| Investing cash flow | -158 | -1.0% | S100WXH6 |
| Financing cash flow | -333 | -2.0% | S100WXH6 |
| Dividends paid | 60 | 0.4% | S100WXH6 |
| Change in cash | 120 | 0.7% | S100WXH6 |
| Cash and equivalents | 1,299 | 8.0% | S100WXH6 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,653 | 1,530 | 1,342 | 1,179 | 1,299 | S100S2MB, S100ULG5, S100WXH6 |
| Total assets | 9,388 | 8,949 | 8,347 | 7,671 | 7,983 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Net assets | 2,398 | 2,475 | 2,605 | 2,896 | 3,174 | S100S2MB, S100ULG5, S100WXH6 |
| Share capital | 412 | 412 | 412 | 412 | 412 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Trade receivables | 1,327 | 1,249 | 1,218 | 1,191 | 1,295 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Property, plant and equipment | 3,876 | 3,656 | 3,341 | 2,837 | 2,726 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Intangible assets excluding goodwill | 302 | 266 | 219 | 187 | 228 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Investment securities | 816 | 852 | 829 | 932 | 961 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Current assets | 3,885 | 3,657 | 3,410 | 3,137 | 3,484 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Current liabilities | 3,960 | 2,928 | 2,749 | 2,251 | 2,932 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Trade payables | 1,091 | 1,073 | 1,009 | 951 | 976 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Short-term borrowings | 1,100 | 703 | 300 | — | — | S100PEBW, S100S2MB, S100ULG5 |
| Long-term borrowings | 2,218 | 2,652 | 2,544 | 2,306 | 1,546 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Bonds | 300 | 370 | 50 | 30 | 10 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Interest-bearing debt | 3,618 | 3,724 | 2,894 | — | — | 算出 |
| Total liabilities | 6,990 | 6,474 | 5,742 | 4,776 | 4,809 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Non-controlling interests | 31 | 23 | 25 | 34 | 35 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Equity attributable to owners of parent | 2,050 | 2,152 | 2,299 | 2,514 | 2,773 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Retained earnings | 1,179 | 1,280 | 1,428 | 1,642 | 1,902 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |
| Treasury stock | -22 | -22 | -22 | -22 | -22 | S100PEBW, S100S2MB, S100ULG5, S100WXH6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100WXH6 |
| Receivables | 16% | S100WXH6 |
| Property, plant and equipment | 34% | S100WXH6 |
| Intangibles and goodwill | 3% | S100WXH6 |
| Investment securities | 12% | S100WXH6 |
| Other assets | 19% | S100WXH6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100WXH6 |
| Other liabilities | 48% | S100WXH6 |
| Equity | 40% | S100WXH6 |
| Other liabilities | 0% | S100WXH6 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,388 | 8,949 | 8,347 | 7,671 | 7,983 |
| Equity | 2,398 | 2,475 | 2,605 | 2,896 | 3,174 |
| Interest-bearing debt | 3,618 | 3,724 | 2,894 | — | — |
| Cash | 1,653 | 1,530 | 1,342 | 1,179 | 1,299 |

## 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) | 16.8% | S100WXH6 |
| Fixed assets ÷ total assets | 34.2% | S100WXH6 |
| Goodwill ÷ parent equity | — | —, S100WXH6 |

### 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) | 16.3% |
| Cash ÷ revenue | 8.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.7% |
| Cash vs. profit gap | 290 JPY mn (of net income 90.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.7% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 25.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.6% | 1.72× | 2.7% | 4.58× | 12.5% | S100PEBW |
| 2022 | 1.2% | 1.67× | 2.0% | 4.36× | 8.5% | S100S2MB |
| 2023 | 1.3% | 1.83× | 2.4% | 3.89× | 9.3% | S100ULG5 |
| 2024 | 1.7% | 1.97× | 3.4% | 3.33× | 11.4% | S100WXH6 |
| 2025 | 2.0% | 2.07× | 4.1% | 2.96× | 12.1% | S100WXH6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社実力養成会 | Major shareholder | 26.9% | 2025-07-31 |
| 総合商研従業員持株会 | Major shareholder | 9.2% | 2025-07-31 |
| 大丸株式会社 | Major shareholder | 4.7% | 2025-07-31 |
| 株式会社小森コーポレーション | Major shareholder | 4.7% | 2025-07-31 |
| 総合商研取引先持株会 | Major shareholder | 3.4% | 2025-07-31 |
| 小松印刷グループ株式会社 | Major shareholder | 3.3% | 2025-07-31 |
| 株式会社光文堂 | Major shareholder | 3.3% | 2025-07-31 |
| 志田 秋子 | Major shareholder | 2.8% | 2025-07-31 |
| 片岡 廣幸 | Major shareholder | 2.7% | 2025-07-31 |
| 大日精化工業株式会社 | Major shareholder | 2.1% | 2025-07-31 |
| 東京インキ株式会社 | Major shareholder | 2.1% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2024/08/01－2025/07/31) | S100WXH6 | 2025-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXH6,, |
| 有価証券報告書－第53期(2023/08/01－2024/07/31) | S100ULG5 | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULG5,, |
| 有価証券報告書－第52期(2022/08/01－2023/07/31) | S100S2MB | 2023-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2MB,, |
| 有価証券報告書－第51期(令和3年8月1日－令和4年7月31日) | S100PEBW | 2022-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEBW,, |
| 有価証券報告書－第50期(令和2年8月1日－令和3年7月31日) | S100MNPN | 2021-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNPN,, |
| 有価証券報告書－第49期(令和1年8月1日－令和2年7月31日) | S100JZ6G | 2020-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZ6G,, |

## 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).