# Syuppin Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YMZS)
> Page: https://vizora.meequs.com/en/company/syuppin
> Retrieved: 2026-09-30T21:36:56.899Z

## Company

Syuppin, founded in 2005, is a company in E-commerce listed on TSE Prime. It has 260 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Syuppin Co., Ltd. |
| Ticker | 3179 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3179.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿一丁目14番11号 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 CEO 齋藤 仁志 |
| Founded | Aug 2005 |
| Share capital | ¥541.9M |
| Employees (consolidated) | 260 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.syuppin.co.jp (https://www.syuppin.co.jp/) |
| Corporate number | 9011101039728 |
| EDINET | E27051 |
| Industries (Vizora) | E-commerce, Secondhand Retail |

> Profile source: annual securities report (S100YMZS, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58 | 25 |
| Profitability | 48.5 | 34 |
| Cash conversion | 57.4 | 27 |
| Efficiency | 89.7 | 34 |

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 78% of Syuppin's sales come from CAMERA, with WATCH and PEN making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -25.3%.

## Company structure

- Segment revenue mix: CAMERA 78.4%、WATCH 20.0%、PEN 0.9%、BYCYCLE 0.6%
- Revenue → net income: ¥51924832000 → ¥1685292000
- Net income → operating cash flow: ¥1685292000 → ¥3051910000（difference ¥1366618000）
- Main uses of operating cash flow: CapEx ¥1283778000 / dividends ¥871896000 / buybacks ¥999922000
- Change in cash: ¥80772000
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 | ¥51.9B |  |
| Operating income | ¥2.54B | Margin 4.9% |
| Net income | ¥1.69B | Margin 3.2% |
| Free cash flow | ¥1.77B |  |
| Largest business | CAMERA | of segment revenue 78.4% |
| Employees (consolidated) | 260 |  |
| EPS | ¥78.57 |  |
| Diluted EPS | ¥78.55 |  |
| Book value per share | ¥483.29 |  |
| Equity ratio | 56.7% |  |
| Shares outstanding | 21,354,291 |  |
| Treasury shares | 135,200 |  |
| Shareholders | 21,647 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 3.5% |
| Vs. industry median margin | -0.1 pp | E-commerce |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 92% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33960608000 | ¥51924832000 | +52.9% |
| Operating income | ¥1613140000 | ¥2537851000 | +57.3% |
| Operating margin | 4.8% | 4.9% | +0.1 pp |
| Employees | 210 people | 260 people | +23.8% |
| Cash and equivalents | ¥1827009000 | ¥1814663000 | -0.7% |

### 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 |
| --- | ---: |
| カメラ事業 → カメラ事業 | 70.7% |
| 時計事業 → 時計事業 | 20.0% |
| 時計事業 → 事業再編・廃止 | 5.5% |
| 筆記具事業 → 筆記具事業 | 0.9% |
| 筆記具事業 → 事業再編・廃止 | 0.3% |
| 自転車事業 → 自転車事業 | 0.6% |
| 自転車事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → カメラ事業 | 7.7% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| CAMERA | 5 years | +11.1% | ¥40734321000 | 10.2% | 2 |
| WATCH | 5 years | +3.7% | ¥10399840000 | 2.9% | 2 |
| PEN | 5 years | +3.3% | ¥479037000 | 14.9% | 2 |
| BYCYCLE | 5 years | -18.1% | ¥311633000 | -15.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,925 | 100.0% | S100YMZS |
| Cost of revenue | 42,171 | 81.2% | 算出 |
| Gross profit | 9,754 | 18.8% | S100YMZS |
| SG&A | 7,216 | 13.9% | S100YMZS |
| Operating income | 2,538 | 4.9% | S100YMZS |
| Ordinary income | 2,491 | 4.8% | S100YMZS |
| Pretax income | 2,464 | 4.7% | S100YMZS |
| Income tax | 779 | 1.5% | S100YMZS |
| Net income | 1,685 | 3.2% | S100YMZS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.8% → Operating margin 4.9% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -25.3%
Operating leverage (core profit growth ÷ revenue growth): 18.15×
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 | 52,658 | 51,925 | -734 | -1.4% |
| Gross profit | 9,852 | 9,754 | -99 | -1.0% |
| Operating income | 3,397 | 2,538 | -859 | -25.3% |
| Operating cash flow | 1,208 | 3,052 | 1,844 | +152.7% |
| Free cash flow | 412 | 1,768 | 1,356 | +329.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,659 | 1,755 | 5.1% | 1,194 | 1,095 | 945 | S100LRKY |
| FY ending Mar 2021 | 33,961 | 1,613 | 4.8% | 1,068 | -389 | -842 | S100OEDN |
| FY ending Mar 2022 | 43,453 | 3,141 | 7.2% | 2,208 | 1,298 | 985 | S100R1UC |
| FY ending Mar 2023 | 45,619 | 2,463 | 5.4% | 1,697 | 1,244 | 799 | S100TX48 |
| FY ending Mar 2024 | 48,842 | 3,344 | 6.8% | 2,322 | 2,362 | 1,965 | S100W1QS |
| FY ending Mar 2025 | 52,658 | 3,397 | 6.5% | 2,021 | 1,208 | 412 | S100YMZS |
| FY ending Mar 2026 | 51,925 | 2,538 | 4.9% | 1,685 | 3,052 | 1,768 | S100YMZS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥199.7M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥6.5M |

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) | 215 | 226 | 244 | 250 | 260 |
| Average salary (parent company) | ¥5.2M | ¥5.9M | ¥5.9M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 37.0 years | 37.3 years | 37.1 years | 36.3 years | 36.0 years |
| Average tenure (parent company) | 6.9 years | 7.2 years | 7.1 years | 7.0 years | 7.3 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CAMERA | 40,734 | 78.4% | 4,172 | 10.2% |
| WATCH | 10,400 | 20.0% | 304 | 2.9% |
| PEN | 479 | 0.9% | 72 | 14.9% |
| BYCYCLE | 312 | 0.6% | -49 | -15.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CAMERA | 78.4% | 91.7% | 13.3 | 10.2% |
| WATCH | 20.0% | 6.7% | -13.3 | 2.9% |
| PEN | 0.9% | 1.6% | 0.7 | 14.9% |
| BYCYCLE | 0.6% | — | — | -15.8% |

Loss-making segment (excluded from profit shares): BYCYCLE -49 JPY mn

Segment → industry: BYCYCLE → E-commerce / PEN → E-commerce / WATCH → E-commerce / CAMERA → E-commerce / WATCH → Secondhand Retail / CAMERA → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,052 | 5.9% | S100YMZS |
| Capital expenditure | 1,284 | 2.5% | S100YMZS |
| Free cash flow | 1,768 | 3.4% | 算出 |
| Investing cash flow | -1,285 | -2.5% | S100YMZS |
| Financing cash flow | -1,686 | -3.2% | S100YMZS |
| Dividends paid | 872 | 1.7% | S100YMZS |
| Share buyback | 1,000 | 1.9% | S100YMZS |
| Change in cash | 81 | 0.2% | S100YMZS |
| Cash and equivalents | 1,815 | 3.5% | S100YMZS |

## 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 | 1,173 | 1,424 | 1,321 | 1,734 | 1,815 | S100TX48, S100W1QS, S100YMZS |
| Total assets | 14,407 | 15,066 | 16,063 | 18,089 | 18,096 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Net assets | 5,470 | 6,479 | 8,266 | 10,168 | 10,255 | S100TX48, S100W1QS, S100YMZS |
| Share capital | 528 | 535 | 542 | 542 | 542 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Property, plant and equipment | 312 | 320 | 290 | 560 | 494 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Intangible assets excluding goodwill | 450 | 624 | 893 | 834 | 2,054 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Current assets | 12,821 | 13,203 | 13,962 | 15,733 | 14,502 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Current liabilities | 6,124 | 5,640 | 5,980 | 6,270 | 6,268 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Short-term borrowings | 950 | 1,200 | 1,400 | 1,300 | 2,400 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Long-term borrowings | 2,777 | 2,904 | 1,754 | 1,544 | 1,456 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Total liabilities | 8,937 | 8,587 | 7,797 | 7,921 | 7,842 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Equity attributable to owners of parent | 5,465 | 6,477 | 8,265 | 10,167 | 10,255 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Retained earnings | 7,574 | 7,982 | 9,429 | 10,650 | 9,425 | S100R1UC, S100TX48, S100W1QS, S100YMZS |
| Treasury stock | -3,065 | -2,476 | -2,148 | -1,467 | -154 | S100R1UC, S100TX48, S100W1QS, S100YMZS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YMZS |
| Property, plant and equipment | 3% | S100YMZS |
| Intangibles and goodwill | 11% | S100YMZS |
| Other assets | 76% | S100YMZS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YMZS |
| Equity | 57% | S100YMZS |

### 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 | 14,407 | 15,066 | 16,063 | 18,089 | 18,096 |
| Equity | 5,470 | 6,479 | 8,266 | 10,168 | 10,255 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,173 | 1,424 | 1,321 | 1,734 | 1,815 |

## 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) | 1.0% | S100YMZS |
| Fixed assets ÷ total assets | 2.7% | S100YMZS |
| Goodwill ÷ parent equity | — | —, S100YMZS |

### 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) | 10.0% |
| Cash ÷ revenue | 3.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.3% |
| Cash vs. profit gap | 1,367 JPY mn (of net income 81.1%) |
| Shareholder returns / net income | 111.1% |
| Shareholder returns / FCF | 105.9% |
| Shareholder payments — dividends / net income | 51.7% |
| Shareholder payments — dividends / FCF | 49.3% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 42.1% |

## 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% | 3.02× | 15.3% | 2.64× | 40.4% | S100R1UC |
| 2023 | 3.7% | 3.10× | 11.5% | 2.47× | 28.4% | S100TX48 |
| 2024 | 4.8% | 3.14× | 14.9% | 2.11× | 31.5% | S100W1QS |
| 2025 | 3.8% | 3.08× | 11.8% | 1.85× | 21.9% | S100YMZS |
| 2026 | 3.2% | 2.87× | 9.3% | 1.77× | 16.5% | S100YMZS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 9.0% | 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 | 8.5% | 2026-03-31 |
| MSCO CUSTOMER SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社エムジー | Major shareholder | 5.0% | 2026-03-31 |
| LICHFIELD LP DIRECTOR WOLF JOHANN（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 4.9% | 2026-03-31 |
| GOLDMAN,SACHS & CO.REG（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.8% | 2026-03-31 |
| TAKUMI CAPITAL MANAGEMENT MASTER FUND LP（常任代理人 香港上海銀行東京支店） | Major shareholder | 4.5% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.3% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YMZS | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMZS,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W1QS | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1QS,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TX48 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX48,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R1UC | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1UC,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OEDN | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEDN,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LRKY | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRKY,, |

## 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).