Overview
Pulp and Paper

HIKARI BUSINESS FORM CO.,LTD.

Hikari Business Form Co., Ltd. is a printing and document solutions company specializing in business form printing (continuous forms, sheet forms, unified slips, envelopes, and pamphlets) and data print processing (DPP) services with personalized variable printing including addresses, cards, and barcodes. The company also provides web solutions including electronic bookkeeping systems, web system development, and SMS/email distribution to address growing DX and paperless needs. Additional services include mailing/fulfillment (enclosing and sealing), business process outsourcing (BPO) for document scanning and data conversion, and ASP tool development for inventory and data management.

Market Cap
¥6.27B
US$40.0M
EV
¥1.71B
US$10.9M
Stock¥1,167▼-1.10%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.2
x
LTM EV/EBIT
3.1
x
LTM PER
17.2
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-30.4%pt
100123
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 11, 25Strong interim earnings, full-year upward
2Dec 19, 25Special dividend announcement
3Feb 3, 26Q3 earnings, record high profit
MC → EV Bridge
6.27BUS$40.0MMarket Cap0.32BUS$2.04M+ Debt3.04BUS$19.4M− Cash1.85BUS$11.8M− Inv. Sec.1.71BUS$10.9MEV
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Performance & Balance
Revenue 5Y (¥B)
9.57US$61.0M'21/1212.0US$76.5M'22/129.88US$63.0M'23/127.92US$50.5M'24/127.74US$49.4M'25/12
EBITDA 5Y (¥B)
1.51US$9.64M'21/122.26US$14.4M'22/121.51US$9.63M'23/120.54US$3.45M'24/120.40US$2.53M'25/12
Net Income 5Y (¥B)
0.82US$5.22M'21/121.27US$8.11M'22/120.75US$4.77M'23/120.16US$1.03M'24/120.15US$0.96M'25/12
Capital Structure
97%
EquityD/E 0.03xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
4.11US$26.2M0.53US$3.37M'21/125.10US$32.6M0.33US$2.14M'22/125.19US$33.1M0.20US$1.26M'23/125.04US$32.1M0.19US$1.19M'24/125.12US$32.6M0.32US$2.04M'25/12
Shareholders
Top 10 hold 50.6%
1
ESG Investment Partnership
10.79%
2
Naigai Carbon Ink Co., Ltd.
10.22%
3
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
7.00%
4
Fumie MURAKAMI
4.73%
5
LNS MANAGEMENT PTE. LTD. (Standing Proxy: Tachibana Securities Co., Ltd.)
4.55%
6
Masaharu SETO
3.23%
7
HIKARI BUSINESS FORM CO.,LTD. Employee Stock Ownership Association
2.74%
8
MBS Co., Ltd.
2.63%
9
Custody Bank of Japan, Ltd. (Trust Account)
2.41%
10
Miyakoshi Co., Ltd.
2.27%
Management
10 officers
Yasuhiro MATSUMOTO
Representative Director, President
Apr 1984 Joined the Company Mar 2008 Manager, Shinjuku Sales Office Apr 2012 Executive Officer, Manager, Shinjuku Sales Office Mar 2013 Director, Deputy Head of Sales Division, and Manager, Shinjuku Sales Office Apr 2017 Managing Director, Head of Sales Division, and Manager, Shinjuku Sales Office Jul 2017 Managing Director, Head of Sales Division Mar 2019 Representative Director, President (current)
1961-03-24
Hiroshi WATANABE
Managing Director, Head of Sales Division
Mar 1997 Joined the Company Sep 2018 General Manager, Sales Planning Department Apr 2020 Deputy Head of Sales Division, General Manager, Sales Planning Department Jan 2021 Deputy Head of Sales Division, General Manager, Sales Planning Department, and General Manager, Metropolitan Area Solutions Sales Department Mar 2021 Director, Deputy Head of Sales Division, General Manager, Sales Planning Department, and General Manager, Metropolitan Area Solutions Sales Department Jan 2023 Director, Deputy Head of Sales Division, and General Manager, Sales Planning Department Jan 2025 Director, Head of Sales Division Apr 2025 Managing Director, Head of Sales Division (current)
1973-05-11
Hiroshi OKANO
Director, Head of Administration Division, General Manager of Human Resources & General Affairs Department, and General Manager of Accounting Department
Apr 2016 Branch Manager, Meguro Branch, Mizuho Bank, Ltd. Apr 2019 Branch Manager, Kumamoto Branch, Mizuho Bank, Ltd. Sep 2022 Seconded to the Company from Mizuho Bank, Ltd. Jan 2023 General Manager, General Affairs Department, the Company Mar 2023 Joined the Company Apr 2023 Executive Officer, General Manager, Human Resources & General Affairs Department Mar 2025 Director, General Manager, Human Resources & General Affairs Department Apr 2025 Director, Head of Administration Division, General Manager, Human Resources & General Affairs Department May 2025 Director, Head of Administration Division, General Manager, Human Resources & General Affairs Department, and General Manager, Accounting Department (current)
1968-04-23
Takeshi OMIYA
Corporate Auditor
Apr 2014 Joined the Company, Executive Officer, General Manager, General Affairs Department Mar 2015 Director, General Manager, General Affairs Department Apr 2019 Managing Director, Head of Administration Division, General Manager, General Affairs Department, and General Manager, Accounting Department Jan 2023 Managing Director, Head of Administration Division, General Manager, Corporate Planning Office, and General Manager, Accounting Department Apr 2023 Senior Managing Director, Head of Administration Division, General Manager, Corporate Planning Office, and General Manager, Accounting Department Jan 2025 Senior Managing Director, Head of Administration Division, and General Manager, Corporate Planning Office Apr 2025 Senior Managing Director, General Manager, Corporate Planning Office Mar 2026 Corporate Auditor (current)
1961-01-31
Tomoyuki YOKOYAMA
Director
Oct 2002 Joined Tohmatsu & Co. (currently Deloitte Touche Tohmatsu LLC) Dec 2006 Registered as Certified Public Accountant Apr 2009 Seconded to Deloitte Tohmatsu Financial Advisory LLC Jul 2009 Established Yokoyama Management Accounting Office (current); registered as Certified Tax Accountant May 2011 Corporate Auditor, Pocket Card Co., Ltd. May 2016 Director, Pocket Card Co., Ltd. Mar 2019 Director, the Company (current) Mar 2021 Chairman, Tachihi Education and Culture Promotion Association (current) Mar 2022 Outside Director (Audit and Supervisory Committee Member), Taiyo Bussan Co., Ltd. (current) Apr 2022 Outside Director, TRIBAWL Co., Ltd. (current) May 2022 Outside Director (Audit and Supervisory Committee Member), G-3 Holdings Co., Ltd. Oct 2022 Representative Director, Blue Seed Co., Ltd. (current) Aug 2024 Outside Director (Audit and Supervisory Committee Member), Rockland Co., Ltd. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), nms Holdings Co., Ltd. (current)
1975-06-05
Mamiko OGAWA
Director
Nov 2007 Branch Manager, Komae Branch, Mizuho Bank, Ltd. Oct 2010 Manager, Yokohama Direct Banking Center, Mizuho Bank, Ltd. Apr 2014 Branch Manager, Shakujii Branch, Mizuho Bank, Ltd. Apr 2017 Branch Manager, Shin-Matsudo Branch, Mizuho Bank, Ltd. Oct 2020 General Manager, Factoring Operations Department, Mizuho Factor Co., Ltd. Mar 2022 Director, the Company (current) Mar 2024 Director, Orange Co., Ltd. Oct 2024 Representative Director, Orange Co., Ltd. (current)
1965-08-24
Shuichi KAWASAKI
Director
Oct 2004 Completed legal training at the Legal Training and Research Institute of the Supreme Court of Japan (57th term); registered as attorney-at-law Oct 2011 Representative Attorney, Kawasaki Shuichi Law Office (currently Hisaya Sogo Law Office) (current) Nov 2014 Outside Corporate Auditor, Sanyo Housing Nagoya Co., Ltd. (currently AVANTIA Co., Ltd.) (current) Apr 2022 Professor, Graduate School of Law, Aichi University (current) Apr 2022 Representative Director, CCT Co., Ltd. (current) Jun 2024 Corporate Auditor, Tachihi Holdings Co., Ltd. (current) Jun 2024 Director (Audit and Supervisory Committee Member), SDS Holdings Co., Ltd. (current) Mar 2026 Director, the Company (current)
1973-01-18
Akihiro KANEMITSU
Full-time Corporate Auditor
May 2011 Audit Manager, Asset Audit Department, Mizuho Corporate Bank, Ltd. May 2012 Senior Fellow, Shizuoka Branch, Mizuho Bank, Ltd.; seconded to Nihon Plast Co., Ltd., Legal Department Chief Jul 2013 Audit Manager, Business Audit Department, Mizuho Bank, Ltd. Apr 2015 Senior Fellow, Sales Division No. 1, Mizuho Bank, Ltd.; seconded to Tsunewa Holdings Co., Ltd. Apr 2016 Deputy General Manager, Finance Department, Unizo Holdings Co., Ltd. Jul 2016 General Manager, Building Sales Division No. 2, Unizo Real Estate Co., Ltd. Sep 2020 General Manager, Operations Department No. 4, Unizo Facilities Co., Ltd. Sep 2021 Corporate Planning Department, Unizo Holdings Co., Ltd. Mar 2024 Corporate Auditor, the Company (current)
1962-09-20
Akira MIYASHITA
Corporate Auditor
Nov 2009 General Manager, Leasing Department, Sendai Branch, Nittsu Shoji Co., Ltd. (currently NX Trading Co., Ltd.) May 2017 General Manager, Leasing Department, Nagoya Branch, Nittsu Shoji Co., Ltd. Apr 2021 Branch Manager, Tokyo Branch, Nittsu Lease & Finance Co., Ltd. Mar 2025 Corporate Auditor, the Company (current)
1962-04-20
Yuji SHINOZUKA
Corporate Auditor
Jun 2009 General Manager, Corporate Planning Department, Daiwa Securities Co., Ltd. Jul 2009 Representative Director, Vice President, Daiwa Real Estate Asset Management Co., Ltd. Aug 2019 Director, Daiwa Real Estate Asset Management Co., Ltd.; Representative Director, Vice President, Good Time Living Co., Ltd. Apr 2021 Representative Director, Vice President, Daiwa Real Estate Asset Management Co., Ltd.; Director, Good Time Living Co., Ltd. Mar 2026 Corporate Auditor, the Company (current)
1964-04-30
Large Shareholding Reports
Be Brave Co., Ltd.
2026-07-28
9.29%→10.34%
Mitsutoki SHIGETA
2026-04-10
5.02%→6.02%
Mitsutoki SHIGETA
2025-08-06
5.02%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-12
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnetAmended
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-07-28
Large Shareholding Report
TDnet
2026-05-12
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-04-10
Large Shareholding Report
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-10
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-13
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-08-06
Large Shareholding Report
TDnet
2025-05-09
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-13
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-30
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-05-13
Quarterly Securities Report
EDINET
2022-03-30
Annual Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINET
2021-03-30
Annual Securities Report
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