# TOKYO PRINTING INK MFG. 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154期(2025/04/01－2026/03/31) (S100YDYR)
> Page: https://vizora.meequs.com/en/company/tokyo-printing-ink-mfg
> Retrieved: 2026-09-30T17:52:46.186Z

## Company

Tokyo Printing INK MFG., founded in 1916, is a company in Chemicals listed on TSE Standard. It has 652 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO PRINTING INK MFG. CO., LTD. |
| Ticker | 4635 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4635.T) |
| Listing | TSE Standard |
| Head office | 東京都北区王子一丁目12番4号 TIC王子ビル |
| Representative (per filing) | 代表取締役社長 堀川聡 |
| Founded | May 1916 |
| Share capital | ¥3.25B |
| Employees (consolidated) | 652 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | tokyoink.co.jp (https://tokyoink.co.jp/) |
| Corporate number | 8011501003045 |
| EDINET | E00904 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing, Paints & Inks |

> Profile source: annual securities report (S100YDYR, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.3 | 96 |
| Profitability | 24.5 | 100 |
| Cash conversion | 28.6 | 96 |
| Efficiency | 87.5 | 100 |

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 48% of Tokyo Printing INK MFG.'s sales come from Plastic chemicals division, with Ink division and Plastic products division making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +69.4%.

## Company structure

- Segment revenue mix: Plastic chemicals division 47.8%、Ink division 36.8%、Plastic products division 15.2%、Real estate leasing division 0.2%
- Revenue → net income: ¥49926000000 → ¥1879000000
- Net income → operating cash flow: ¥1879000000 → ¥2375000000（difference ¥496000000）
- Main uses of operating cash flow: CapEx ¥2007000000 / dividends ¥665000000 / buybacks ¥554000000
- Change in cash: ¥533000000
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 | ¥49.9B |  |
| Operating income | ¥2.22B | Margin 4.4% |
| Net income | ¥1.87B | Margin 3.7% |
| Free cash flow | ¥368M |  |
| Largest business | Plastic chemicals division | of segment revenue 47.8% |
| Employees (consolidated) | 652 |  |
| EPS | ¥128.85 |  |
| Book value per share | ¥2230.47 |  |
| Equity ratio | 59.4% |  |
| Shares outstanding | 13,628,790 |  |
| Treasury shares | 1,133,600 |  |
| Shareholders | 6,097 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 8.5% |
| Vs. industry median margin | -3.1 pp | Chemicals |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 69%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38165000000 | ¥49926000000 | +30.8% |
| Operating income | ¥256000000 | ¥2217000000 | +766.0% |
| Operating margin | 0.7% | 4.4% | +3.8 pp |
| Employees | 730 people | 652 people | -10.7% |
| Cash and equivalents | ¥3161000000 | ¥4229000000 | +33.8% |

### 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 |
| --- | ---: |
| インキ事業 → インキ事業 | 29.9% |
| 化成品事業 → 化成品事業 | 47.8% |
| 化成品事業 → 事業再編・廃止 | 0.4% |
| 加工品事業 → 加工品事業 | 15.2% |
| 加工品事業 → 事業再編・廃止 | 6.6% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.1% |
| 新設・再編 → インキ事業 | 6.9% |
| 新設・再編 → 不動産賃貸事業 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Plastic chemicals division | 5 years | +5.3% | ¥23887000000 | 3.4% | 2 |
| Ink division | 5 years | +10.0% | ¥18368000000 | 5.4% | 2 |
| Plastic products division | 5 years | -1.8% | ¥7579000000 | 6.4% | 2 |
| Real estate leasing division | 5 years | +14.9% | ¥90000000 | 57.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,926 | 100.0% | S100YDYR |
| Cost of revenue | 41,616 | 83.4% | S100YDYR |
| Gross profit | 8,309 | 16.6% | S100YDYR |
| SG&A | 6,091 | 12.2% | S100YDYR |
| Operating income | 2,217 | 4.4% | S100YDYR |
| Ordinary income | 2,454 | 4.9% | S100YDYR |
| Pretax income | 2,579 | 5.2% | S100YDYR |
| Income tax | 699 | 1.4% | S100YDYR |
| Net income | 1,879 | 3.8% | S100YDYR |
| Net income attributable to owners | 1,867 | 3.7% | S100YDYR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.6% → Operating margin 4.4% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +69.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.41×
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 | 46,806 | 49,926 | 3,120 | +6.7% |
| Gross profit | 7,175 | 8,309 | 1,134 | +15.8% |
| Operating income | 1,309 | 2,217 | 908 | +69.4% |
| Net income attributable to owners | 1,180 | 1,867 | 687 | +58.2% |
| Operating cash flow | 2,280 | 2,375 | 95 | +4.2% |
| Free cash flow | 126 | 368 | 242 | +192.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,572 | 592 | 1.4% | 657 | 661 | -1,464 | S100LRZ0 |
| FY ending Mar 2021 | 38,165 | 256 | 0.7% | 600 | 1,942 | 51 | S100OM26 |
| FY ending Mar 2022 | 41,401 | 675 | 1.6% | 725 | 1,428 | -190 | S100RAK4 |
| FY ending Mar 2023 | 43,406 | -21 | -0.0% | 1,645 | -893 | -2,161 | S100TOPW |
| FY ending Mar 2024 | 43,922 | 768 | 1.7% | 881 | 1,989 | 408 | S100VUAT |
| FY ending Mar 2025 | 46,806 | 1,309 | 2.8% | 1,180 | 2,280 | 126 | S100YDYR |
| FY ending Mar 2026 | 49,926 | 2,217 | 4.4% | 1,867 | 2,375 | 368 | S100YDYR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥76.6M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 723 | 699 | 684 | 675 | 652 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7M | ¥7.4M | ¥7.8M |
| Average age (parent company) | 44.4 years | 44.5 years | 44.7 years | 44.9 years | 44.7 years |
| Average tenure (parent company) | 22.1 years | 22.0 years | 22.1 years | 22.1 years | 21.6 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ink division | 18,368 | 36.8% | 1,001 | 5.4% |
| Plastic chemicals division | 23,887 | 47.8% | 801 | 3.4% |
| Plastic products division | 7,579 | 15.2% | 484 | 6.4% |
| Real estate leasing division | 90 | 0.2% | 52 | 57.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ink division | 36.8% | 42.8% | 6.0 | 5.4% |
| Plastic chemicals division | 47.8% | 34.3% | -13.6 | 3.4% |
| Plastic products division | 15.2% | 20.7% | 5.5 | 6.4% |
| Real estate leasing division | 0.2% | 2.2% | 2.0 | 57.8% |

Segment → industry: Plastic products division → Chemicals / Plastic chemicals division → Chemicals / Real estate leasing division → Real Estate Development & Leasing / Ink division → Paints & Inks

## 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 | 2,375 | 4.8% | S100YDYR |
| Capital expenditure | 2,007 | 4.0% | S100YDYR |
| Free cash flow | 368 | 0.7% | 算出 |
| Investing cash flow | 98 | 0.2% | S100YDYR |
| Financing cash flow | -1,972 | -3.9% | S100YDYR |
| Dividends paid | 665 | 1.3% | S100YDYR |
| Share buyback | 554 | 1.1% | S100YDYR |
| Change in cash | 533 | 1.1% | S100YDYR |
| Cash and equivalents | 4,229 | 8.5% | S100YDYR |

## 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 | 3,622 | 3,374 | 3,734 | 3,695 | 4,229 | S100TOPW, S100VUAT, S100YDYR |
| Total assets | 47,309 | 47,797 | 52,466 | 50,832 | 53,673 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Net assets | 25,690 | 27,265 | 29,398 | 29,831 | 32,106 | S100TOPW, S100VUAT, S100YDYR |
| Share capital | 3,246 | 3,246 | 3,246 | 3,246 | 3,246 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Property, plant and equipment | 14,060 | 12,048 | 12,198 | 12,915 | 12,397 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Intangible assets excluding goodwill | 580 | 536 | 745 | 801 | 679 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Investment securities | 4,065 | 4,071 | 4,986 | 4,486 | 5,413 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Current assets | 27,516 | 28,899 | 31,111 | 29,729 | 31,159 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Current liabilities | 16,322 | 16,498 | 18,105 | 16,357 | 15,952 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Trade payables | 9,051 | 9,713 | 11,128 | 9,800 | 10,051 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Short-term borrowings | 3,620 | 3,560 | 3,430 | 2,500 | 1,400 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Long-term borrowings | 3,824 | 2,631 | 2,881 | 2,912 | 3,195 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Total liabilities | 21,619 | 20,531 | 23,067 | 21,000 | 21,566 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Non-controlling interests | 147 | 171 | 191 | 200 | 213 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Equity attributable to owners of parent | 24,703 | 26,033 | 26,705 | 27,348 | 27,993 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Retained earnings | 19,193 | 20,524 | 21,090 | 21,952 | 23,152 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |
| Treasury stock | -262 | -263 | -168 | -387 | -942 | S100RAK4, S100TOPW, S100VUAT, S100YDYR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YDYR |
| Property, plant and equipment | 23% | S100YDYR |
| Intangibles and goodwill | 1% | S100YDYR |
| Investment securities | 10% | S100YDYR |
| Other assets | 58% | S100YDYR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 19% | S100YDYR |
| Other liabilities | 21% | S100YDYR |
| Equity | 60% | S100YDYR |
| Other liabilities | 0% | S100YDYR |

### 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 | 47,309 | 47,797 | 52,466 | 50,832 | 53,673 |
| Equity | 25,690 | 27,265 | 29,398 | 29,831 | 32,106 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,622 | 3,374 | 3,734 | 3,695 | 4,229 |

## 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) | 24.8% | S100YDYR |
| Fixed assets ÷ total assets | 23.1% | S100YDYR |
| Goodwill ÷ parent equity | — | —, S100YDYR |

### 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) | 7.9% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.1% |
| Cash vs. profit gap | 508 JPY mn (of net income 27.2%) |
| Shareholder returns / net income | 65.3% |
| Shareholder returns / FCF | 331.3% |
| Shareholder payments — dividends / net income | 35.6% |
| Shareholder payments — dividends / FCF | 180.7% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 4.1% |

## 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 | 1.8% | 0.88× | 1.5% | 1.92× | 2.9% | S100RAK4 |
| 2023 | 3.8% | 0.91× | 3.5% | 1.87× | 6.5% | S100TOPW |
| 2024 | 2.0% | 0.88× | 1.8% | 1.90× | 3.3% | S100VUAT |
| 2025 | 2.5% | 0.91× | 2.3% | 1.91× | 4.4% | S100YDYR |
| 2026 | 3.7% | 0.96× | 3.6% | 1.89× | 6.7% | S100YDYR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京インキ取引先持株会 | Major shareholder | 8.9% | 2026-03-31 |
| 共同印刷株式会社 | Major shareholder | 8.4% | 2026-03-31 |
| 東京インキ従業員持株会 | Major shareholder | 5.4% | 2026-03-31 |
| 有限会社久栄 | Major shareholder | 4.4% | 2026-03-31 |
| 大橋淳男 | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| 共立印刷株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 大橋美智子 | Major shareholder | 1.6% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| artience株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第154期(2025/04/01－2026/03/31) | S100YDYR | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDYR,, |
| 有価証券報告書－第153期(2024/04/01－2025/03/31) | S100VUAT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUAT,, |
| 有価証券報告書－第152期(2023/04/01－2024/03/31) | S100TOPW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOPW,, |
| 有価証券報告書－第151期(2022/04/01－2023/03/31) | S100RAK4 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAK4,, |
| 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) | S100OM26 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM26,, |
| 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) | S100LRZ0 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRZ0,, |

## 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).