# Sun Messe 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81期(2025/04/01－2026/03/31) (S100YFTU)
> Page: https://vizora.meequs.com/en/company/sun-messe
> Retrieved: 2026-09-30T22:08:11.995Z

## Company

Sun Messe, founded in 1946, is a company in Events & Ticketing listed on TSE Standard. It has 643 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sun Messe Co.,Ltd. |
| Ticker | 7883 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7883.T) |
| Listing | TSE Standard |
| Head office | 岐阜県大垣市久瀬川町7丁目5番地の1 |
| Representative (per filing) | 代表取締役社長社長執行役員 田中 信康 |
| Founded | Sep 1946 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 643 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.sunmesse.co.jp (https://www.sunmesse.co.jp/) |
| Corporate number | 9200001013658 |
| EDINET | E00719 |
| Industries (Vizora) | Events & Ticketing, Printing |

> Profile source: annual securities report (S100YFTU, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.7 | 23 |
| Profitability | 23.2 | 28 |
| Cash conversion | 85.4 | 24 |
| Efficiency | 30.4 | 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)

- About 96% of Sun Messe's sales come from Printing, with Event making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +140.4%.

## Company structure

- Segment revenue mix: Printing 96.4%、Event 3.6%
- Revenue → net income: ¥17130915000 → ¥460106000
- Net income → operating cash flow: ¥460106000 → ¥939122000（difference ¥479016000）
- Main uses of operating cash flow: CapEx ¥425534000 / dividends ¥139991000 / buybacks ¥74813000
- Change in cash: ¥541396000
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 | ¥17.1B |  |
| Operating income | ¥324.7M | Margin 1.9% |
| Net income | ¥460.9M | Margin 2.7% |
| Free cash flow | ¥513.6M |  |
| Largest business | Printing | of segment revenue 96.4% |
| Employees (consolidated) | 643 |  |
| EPS | ¥26.9 |  |
| Book value per share | ¥860.13 |  |
| Equity ratio | 62.4% |  |
| Shares outstanding | 17,825,050 |  |
| Treasury shares | 2,292,300 |  |
| Shareholders | 14,000 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | -1.5 pp | Printing |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, employees -3% while operating income rose 140%
- FY2026, one segment accounts for 81% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14928567000 | ¥17130915000 | +14.8% |
| Operating income | ¥220552000 | ¥324737000 | +47.2% |
| Operating margin | 1.5% | 1.9% | +0.4 pp |
| Employees | 707 people | 643 people | -9.1% |
| Cash and equivalents | ¥2152113000 | ¥2862412000 | +33.0% |

### 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 |
| --- | ---: |
| 印刷事業 → 印刷事業 | 96.4% |
| 印刷事業 → 事業再編・廃止 | 1.0% |
| イベント事業 → イベント事業 | 2.6% |
| 新設・再編 → イベント事業 | 1.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,131 | 100.0% | S100YFTU |
| Cost of revenue | 13,323 | 77.8% | S100YFTU |
| Gross profit | 3,807 | 22.2% | S100YFTU |
| SG&A | 3,483 | 20.3% | S100YFTU |
| Operating income | 325 | 1.9% | S100YFTU |
| Ordinary income | 543 | 3.2% | S100YFTU |
| Pretax income | 694 | 4.1% | S100YFTU |
| Income tax | 234 | 1.4% | S100YFTU |
| Net income | 460 | 2.7% | S100YFTU |
| Net income attributable to owners | 461 | 2.7% | S100YFTU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.2% → Operating margin 1.9% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +140.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 33.22×
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 | 16,436 | 17,131 | 695 | +4.2% |
| Gross profit | 3,512 | 3,807 | 295 | +8.4% |
| Operating income | 135 | 325 | 190 | +140.4% |
| Net income attributable to owners | 332 | 461 | 129 | +38.7% |
| Operating cash flow | 1,008 | 939 | -69 | -6.9% |
| Free cash flow | 590 | 514 | -76 | -12.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,194 | 171 | 1.1% | 183 | 975 | 192 | S100LLVW |
| FY ending Mar 2021 | 14,929 | 221 | 1.5% | 305 | 486 | -300 | S100OEFU |
| FY ending Mar 2022 | 16,604 | 464 | 2.8% | 265 | 944 | -631 | S100R4XC |
| FY ending Mar 2023 | 17,148 | 241 | 1.4% | 328 | 1,166 | 748 | S100TNTV |
| FY ending Mar 2024 | 16,633 | 257 | 1.5% | 257 | 1,045 | 729 | S100W4VF |
| FY ending Mar 2025 | 16,436 | 135 | 0.8% | 332 | 1,008 | 590 | S100YFTU |
| FY ending Mar 2026 | 17,131 | 325 | 1.9% | 461 | 939 | 514 | S100YFTU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.6M |
| Operating income per employee (consolidated) | ¥505K |
| Net income per employee (consolidated) | ¥716.9K |

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) | 701 | 690 | 682 | 664 | 643 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.2M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 42.5 years | 42.5 years | 43.1 years | 43.5 years | 43.8 years |
| Average tenure (parent company) | 20.9 years | 20.8 years | 21.4 years | 21.8 years | 22.2 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Printing | 16,522 | 96.4% | 258 | 1.6% |
| Event | 609 | 3.6% | 62 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Printing | 96.4% | 80.6% | -15.9 | 1.6% |
| Event | 3.6% | 19.4% | 15.9 | 10.2% |

Segment → industry: Event → Events & Ticketing / Printing → Printing

## 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 | 939 | 5.5% | S100YFTU |
| Capital expenditure | 426 | 2.5% | S100YFTU |
| Free cash flow | 514 | 3.0% | 算出 |
| Investing cash flow | -37 | -0.2% | S100YFTU |
| Financing cash flow | -366 | -2.1% | S100YFTU |
| Dividends paid | 140 | 0.8% | S100YFTU |
| Share buyback | 75 | 0.4% | S100YFTU |
| Change in cash | 541 | 3.2% | S100YFTU |
| Cash and equivalents | 2,862 | 16.7% | S100YFTU |

## 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 | 1,209 | 1,795 | 2,443 | 2,321 | 2,862 | S100TNTV, S100W4VF, S100YFTU |
| Total assets | 19,289 | 19,551 | 20,550 | 19,712 | 22,584 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Net assets | 10,727 | 11,002 | 12,139 | 11,939 | 14,188 | S100TNTV, S100W4VF, S100YFTU |
| Share capital | 1,236 | 1,236 | 1,236 | 1,236 | 1,236 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Property, plant and equipment | 8,291 | 7,966 | 7,710 | 7,428 | 7,102 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Intangible assets excluding goodwill | 75 | 70 | 61 | 62 | 54 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Investment securities | 3,555 | 3,650 | 4,887 | 4,202 | 6,891 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Current assets | 6,556 | 7,143 | 7,574 | 7,489 | 8,265 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Current liabilities | 5,258 | 5,322 | 5,352 | 4,973 | 5,275 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Trade payables | 1,845 | 1,902 | 1,781 | 1,657 | 1,734 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Short-term borrowings | 1,530 | 1,530 | 1,530 | 1,530 | 1,430 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Long-term borrowings | 120 | 61 | 50 | — | — | S100R4XC, S100TNTV, S100W4VF |
| Bonds | 100 | 100 | — | — | — | S100R4XC, S100TNTV |
| Interest-bearing debt | 1,750 | 1,691 | — | — | — | 算出 |
| Total liabilities | 8,561 | 8,549 | 8,410 | 7,773 | 8,396 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Non-controlling interests | 83 | 85 | 95 | 109 | 102 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Equity attributable to owners of parent | 9,190 | 9,410 | 9,543 | 9,751 | 10,088 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Retained earnings | 8,067 | 8,287 | 8,420 | 8,628 | 8,917 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |
| Treasury stock | -1,162 | -1,162 | -1,162 | -1,162 | -1,114 | S100R4XC, S100TNTV, S100W4VF, S100YFTU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YFTU |
| Property, plant and equipment | 31% | S100YFTU |
| Intangibles and goodwill | 0% | S100YFTU |
| Investment securities | 31% | S100YFTU |
| Other assets | 25% | S100YFTU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YFTU |
| Other liabilities | 29% | S100YFTU |
| Equity | 63% | S100YFTU |
| Other liabilities | 0% | S100YFTU |

### 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 | 19,289 | 19,551 | 20,550 | 19,712 | 22,584 |
| Equity | 10,727 | 11,002 | 12,139 | 11,939 | 14,188 |
| Interest-bearing debt | 1,750 | 1,691 | — | — | — |
| Cash | 1,209 | 1,795 | 2,443 | 2,321 | 2,862 |

## 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) | 41.5% | S100YFTU |
| Fixed assets ÷ total assets | 31.4% | S100YFTU |
| Goodwill ÷ parent equity | — | —, S100YFTU |

### 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) | 12.7% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 289.2% |
| Cash vs. profit gap | 478 JPY mn (of net income 103.7%) |
| Shareholder returns / net income | 46.6% |
| Shareholder returns / FCF | 41.8% |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | 27.3% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 4.0% |

## 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 | 1.6% | 0.86× | 1.4% | 2.10× | 2.9% | S100R4XC |
| 2023 | 1.9% | 0.88× | 1.7% | 2.09× | 3.5% | S100TNTV |
| 2024 | 1.5% | 0.83× | 1.3% | 2.12× | 2.7% | S100W4VF |
| 2025 | 2.0% | 0.82× | 1.7% | 2.09× | 3.4% | S100YFTU |
| 2026 | 2.7% | 0.81× | 2.2% | 2.13× | 4.6% | S100YFTU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大垣共立銀行(常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.0% | 2026-03-31 |
| サンメッセ従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 田中 義一 | Major shareholder | 3.3% | 2026-03-31 |
| 田中 良幸 | Major shareholder | 3.1% | 2026-03-31 |
| 田中 尚一郎 | Major shareholder | 2.8% | 2026-03-31 |
| 田中 勝英 | Major shareholder | 2.6% | 2026-03-31 |
| 田中 芙美子 | Major shareholder | 2.4% | 2026-03-31 |
| 花林 雅子 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 田中 信康 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YFTU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFTU,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W4VF | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4VF,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TNTV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNTV,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R4XC | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4XC,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OEFU | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEFU,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LLVW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLVW,, |

## 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).