# TOPPAN Holdings Inc.: 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180期(2025/04/01－2026/03/31) (S100YIAY)
> Page: https://vizora.meequs.com/en/company/toppan-holdings
> Retrieved: 2026-09-30T23:27:50.015Z

## Company

TOPPAN Holdings, founded in 1900, is a company in Food Packaging listed on TSE Prime. It has 54,371 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOPPAN Holdings Inc. |
| Ticker | 7911 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7911.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区台東一丁目5番1号 |
| Representative (per filing) | 代表取締役社長 COO 大矢諭 |
| Founded | Jan 1900 |
| Share capital | ¥105B |
| Employees (consolidated) | 54,371 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.holdings.toppan.com (https://www.holdings.toppan.com/) |
| Corporate number | 7010501016231 |
| EDINET | E00692 |
| Industries (Vizora) | Food Packaging, Business Process Outsourcing, Semiconductor Materials, Electronic Components, Printing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YIAY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.4 | 23 |
| Profitability | 62.5 | 28 |
| Cash conversion | 31.3 | 24 |
| Efficiency | 19.6 | 28 |
| Financial strength | 30 | 5 |

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 50% of TOPPAN Holdings's sales come from Information and communication, with Living and Industry and Electronics making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit -21.1%.

## Company structure

- Segment revenue mix: Information and communication 50.1%、Living and Industry 39.6%、Electronics 10.3%
- Revenue → net income: ¥1805033000000 → ¥71200000000
- Net income → operating cash flow: ¥71200000000 → ¥86122000000（difference ¥14922000000）
- Main uses of operating cash flow: CapEx ¥147956000000 / dividends ¥17440000000 / buybacks ¥30030000000
- Change in cash: ¥-311238000000
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 | ¥1.81T |  |
| Operating income | ¥67.1B | Margin 3.7% |
| Net income | ¥64.8B | Margin 3.6% |
| Free cash flow | -¥61.8B |  |
| Largest business | Information and communication | of segment revenue 50.1% |
| Employees (consolidated) | 54,371 |  |
| EPS | ¥118.73 |  |
| Book value per share | ¥3220.84 |  |
| Equity ratio | 52.3% |  |
| Shares outstanding | 294,706,000 |  |
| Treasury shares | 9,276,800 |  |
| Shareholders | 29,930 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 16.1% | Net cash -¥61.9B · Cash ÷ revenue 22.8% |
| Vs. industry median margin | -0.2 pp | Business Process Outsourcing |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1466935000000 | ¥1805033000000 | +23.0% |
| Operating income | ¥58789000000 | ¥67108000000 | +14.2% |
| Operating margin | 4.0% | 3.7% | -0.3 pp |
| Employees | 52,401 people | 54,371 people | +3.8% |
| Cash and equivalents | ¥497237000000 | ¥411178000000 | -17.3% |

### 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 |
| --- | ---: |
| 情報コミュニケーション事業分野 → 情報コミュニケーション事業分野 | 50.1% |
| 情報コミュニケーション事業分野 → 事業再編・廃止 | 8.9% |
| 生活・産業事業分野 → 生活・産業事業分野 | 28.5% |
| エレクトロニクス事業分野 → エレクトロニクス事業分野 | 10.3% |
| エレクトロニクス事業分野 → 事業再編・廃止 | 2.2% |
| 新設・再編 → 生活・産業事業分野 | 11.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information and communication | 5 years | +0.9% | ¥903930000000 | 5.0% | 2 |
| Living and Industry | 5 years | +11.3% | ¥715227000000 | 4.6% | 2 |
| Electronics | 5 years | +0.3% | ¥185875000000 | 18.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,805,033 | 100.0% | S100YIAY |
| Cost of revenue | 1,380,783 | 76.5% | S100YIAY |
| Gross profit | 424,250 | 23.5% | S100YIAY |
| SG&A | 357,141 | 19.8% | S100YIAY |
| Operating income | 67,108 | 3.7% | S100YIAY |
| Ordinary income | 75,724 | 4.2% | S100YIAY |
| Pretax income | 105,362 | 5.8% | S100YIAY |
| Income tax | 34,162 | 1.9% | S100YIAY |
| Net income | 71,200 | 3.9% | S100YIAY |
| Net income attributable to owners | 64,801 | 3.6% | S100YIAY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 20 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.5% → Operating margin 3.7% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.0%; Core profit growth: -21.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.24×
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 | 1,719,512 | 1,805,033 | 85,521 | +5.0% |
| Gross profit | 413,304 | 424,250 | 10,946 | +2.6% |
| Operating income | 85,066 | 67,108 | -17,958 | -21.1% |
| Net income attributable to owners | 90,144 | 64,801 | -25,343 | -28.1% |
| Operating cash flow | 66,330 | 86,122 | 19,792 | +29.8% |
| Free cash flow | -78,384 | -61,834 | 16,550 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,486,007 | 66,413 | 4.5% | 87,047 | 92,134 | 10,733 | S100LQWP |
| FY ending Mar 2021 | 1,466,935 | 58,789 | 4.0% | 81,997 | 76,858 | 8,059 | S100OITA |
| FY ending Mar 2022 | 1,547,533 | 73,505 | 4.7% | 123,182 | 64,748 | 9,480 | S100R83D |
| FY ending Mar 2023 | 1,638,833 | 76,636 | 4.7% | 60,866 | 106,080 | 21,985 | S100TUT1 |
| FY ending Mar 2024 | 1,678,249 | 74,349 | 4.4% | 74,198 | 157,127 | 55,223 | S100W6KM |
| FY ending Mar 2025 | 1,719,512 | 85,066 | 4.9% | 90,144 | 66,330 | -78,384 | S100YIAY |
| FY ending Mar 2026 | 1,805,033 | 67,108 | 3.7% | 64,801 | 86,122 | -61,834 | S100YIAY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.2M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 54,336 | 53,946 | 53,712 | 51,988 | 54,371 |
| Average salary (parent company) | ¥7M | ¥7.1M | ¥7.6M | ¥8.2M | ¥8.7M |
| Average age (parent company) | 42.9 years | 43.0 years | 43.0 years | 43.0 years | 42.8 years |
| Average tenure (parent company) | 13.3 years | 13.7 years | 14.8 years | 15.4 years | 15.9 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information and communication | 903,930 | 50.1% | 45,001 | 5.0% |
| Living and Industry | 715,227 | 39.6% | 33,053 | 4.6% |
| Electronics | 185,875 | 10.3% | 33,693 | 18.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information and communication | 50.1% | 40.3% | -9.8 | 5.0% |
| Living and Industry | 39.6% | 29.6% | -10.0 | 4.6% |
| Electronics | 10.3% | 30.2% | 19.9 | 18.1% |

Segment → industry: Living and Industry → Food Packaging / Information and communication → Business Process Outsourcing / Electronics → Semiconductor Materials / Electronics → Electronic Components / Information and communication → Printing / Living and Industry → Housing Equipment & Building Materials

## 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 | 86,122 | 4.8% | S100YIAY |
| Capital expenditure | 147,956 | 8.2% | S100YIAY |
| Free cash flow | -61,834 | -3.4% | 算出 |
| Investing cash flow | -382,156 | -21.2% | S100YIAY |
| Financing cash flow | -28,933 | -1.6% | S100YIAY |
| Dividends paid | 17,440 | 1.0% | S100YIAY |
| Share buyback | 30,030 | 1.7% | S100YIAY |
| Change in cash | -311,238 | -17.2% | S100YIAY |
| Cash and equivalents | 411,178 | 22.8% | S100YIAY |

## 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 | 414,265 | 447,607 | 522,818 | 753,125 | 411,178 | S100TUT1, S100W6KM, S100YIAY |
| Total assets | 2,288,188 | 2,238,817 | 2,432,506 | 2,515,087 | 2,558,184 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Net assets | 1,437,207 | 1,452,169 | 1,567,041 | 1,418,608 | 1,410,067 | S100TUT1, S100W6KM, S100YIAY |
| Share capital | 104,986 | 104,986 | 104,986 | 104,986 | 104,986 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Property, plant and equipment | 580,255 | 597,301 | 623,134 | 620,999 | 653,763 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Intangible assets excluding goodwill | 83,500 | 85,350 | 91,096 | 87,261 | 281,481 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Goodwill | 27,478 | 22,931 | 23,942 | 22,363 | 103,844 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Investment securities | 525,276 | 393,298 | 450,595 | 310,633 | 340,051 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Current assets | 1,050,734 | 1,106,082 | 1,196,642 | 1,406,905 | 1,173,644 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Current liabilities | 496,094 | 467,394 | 544,227 | 822,884 | 629,253 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Trade payables | 151,743 | 162,517 | 146,724 | 131,553 | 142,871 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Short-term borrowings | 15,299 | 27,140 | 19,041 | 312,764 | 125,066 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Long-term borrowings | 138,309 | 134,243 | 102,967 | 77,672 | 218,039 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Bonds | 50,000 | 50,000 | 50,000 | 50,000 | 130,000 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Interest-bearing debt | 203,608 | 211,383 | 172,008 | 440,436 | 473,105 | 算出 |
| Total liabilities | 850,980 | 786,647 | 865,465 | 1,096,479 | 1,148,116 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Non-controlling interests | 71,226 | 127,051 | 150,523 | 125,049 | 72,874 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Equity attributable to owners of parent | 1,145,216 | 1,170,386 | 1,184,716 | 1,158,135 | 1,169,735 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Retained earnings | 941,169 | 987,986 | 1,004,868 | 1,047,468 | 990,765 | S100R83D, S100TUT1, S100W6KM, S100YIAY |
| Treasury stock | -26,469 | -43,360 | -46,207 | -114,304 | -45,227 | S100R83D, S100TUT1, S100W6KM, S100YIAY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YIAY |
| Property, plant and equipment | 26% | S100YIAY |
| Intangibles and goodwill | 15% | S100YIAY |
| Investment securities | 13% | S100YIAY |
| Other assets | 30% | S100YIAY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YIAY |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 21% | S100YIAY |
| Equity | 55% | S100YIAY |
| Other liabilities | 0% | S100YIAY |

### 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 | 2,288,188 | 2,238,817 | 2,432,506 | 2,515,087 | 2,558,184 |
| Equity | 1,437,207 | 1,452,169 | 1,567,041 | 1,418,608 | 1,410,067 |
| Interest-bearing debt | 203,608 | 211,383 | 172,008 | 440,436 | 473,105 |
| Cash | 414,265 | 447,607 | 522,818 | 753,125 | 411,178 |

## 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) | 36.2% | S100YIAY |
| Fixed assets ÷ total assets | 25.6% | S100YIAY |
| Goodwill ÷ parent equity | 8.9% | S100YIAY |

Goodwill over 4 years: 27,478 → 103,844 JPY; total investing cash flow: -343,170 JPY. This does not imply causation.

### 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) | 16.1% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | -¥61.9B |
| Net debt ÷ operating cash flow | 0.72× |
| Cash conversion (operating CF ÷ operating income) | 128.3% |
| Cash vs. profit gap | 21,321 JPY mn (of net income 32.9%) |
| Shareholder returns / net income | 73.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 443.7% |

## 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 | 8.0% | 0.68× | 5.4% | 2.00× | 10.8% | S100R83D |
| 2023 | 3.7% | 0.72× | 2.7% | 1.96× | 5.3% | S100TUT1 |
| 2024 | 4.4% | 0.72× | 3.2% | 1.98× | 6.3% | S100W6KM |
| 2025 | 5.2% | 0.70× | 3.6% | 2.11× | 7.7% | S100YIAY |
| 2026 | 3.6% | 0.71× | 2.6% | 2.18× | 5.6% | S100YIAY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社信託口 | Major shareholder | 16.2% | 2026-03-31 |
| 株式会社日本カストディ銀行信託口 | Major shareholder | 7.9% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 5.3% | 2026-03-31 |
| artience株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社講談社 | Major shareholder | 2.4% | 2026-03-31 |
| 従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| TOPPANホールディングス取引先持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社朝日新聞社 | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.81T, up +5.0% from ¥1.72T.
- Operating income dropped -21.1% from ¥85.1B to ¥67.1B, and net income attributable to owners fell -28.1% to ¥64.8B.
- Operating cash flow grew +29.8% to ¥86.1B, but capital spending was larger, so free cash flow stayed negative at -¥61.8B.

### Drivers

- Living and Industry revenue jumped thanks to overseas sales of transparent barrier film and acquired flexible-packaging businesses
- Government ID projects and acquisitions in Northern Europe and Thailand lifted the digital and secure businesses
- Moving the photomask subsidiary to an equity-method affiliate in the second half was the main reason margins fell, and goodwill amortization from new acquisitions pushed up SG&A

### Risks

- Geopolitical tension, stubborn inflation and currency swings keep the outlook uncertain
- Climate rules and disasters such as floods could damage plants or disrupt supply
- With many sites at home and abroad, misconduct or compliance breaches could hurt trust and earnings

Cited: Annual securities report (180th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (180th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第180期(2025/04/01－2026/03/31) | S100YIAY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIAY,, |
| 有価証券報告書－第179期(2024/04/01－2025/03/31) | S100W6KM | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6KM,, |
| 有価証券報告書－第178期(2023/04/01－2024/03/31) | S100TUT1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUT1,, |
| 有価証券報告書－第177期(2022/04/01－2023/03/31) | S100R83D | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R83D,, |
| 有価証券報告書－第176期(令和3年4月1日－令和4年3月31日) | S100OITA | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OITA,, |
| 有価証券報告書－第175期(令和2年4月1日－令和3年3月31日) | S100LQWP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQWP,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 九州ナノテック光学㈱ | Co-development | 液晶調光フィルムに関する技術の導入（技術導入契約） | S100YIAY |

## 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).