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Japanese maker and retailer of stationery, office furniture and school supplies.
Japanese maker and retailer of stationery, office furniture and school supplies.
Sells notebooks and stationery in volume through retailers and school suppliers, while its office-furniture business wins project work fitting out workplaces for companies, which is lumpier and depends on offices being moved or refurbished. A mail-order arm, Kaunet, supplies office goods to businesses.
In one line: Japan's Staples combined with Steelcase (office furniture).
Moat: narrow (brand, distribution). Long-standing brand recognition and distribution scale in Japan's stationery/furniture market.
Headquarters: Osaka, Japan · Founded: 1905 · Employees: 8,079
Size Kokuyo (7984.T) is a Japan Industrials company (Office Equipment/Supplies) with a market value of $2.23B, the 452nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥852 on 6 Nov 2026.
Performance Over six months the shares gained 8.8%, against -1.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 14 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +9.7%); the operating margin is 7.3% (peer median 6.8%).
Valuation It trades at 16.9× forward earnings against a peer median of 12.5× (5th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥384B | ¥360B | ¥338B | ¥329B | ¥301B |
| Revenue growth | — | +6% | +3% | +9% | — |
| Gross profit | ¥155B | ¥144B | ¥133B | ¥127B | ¥117B |
| EBITDA | ¥38.0B | ¥34.9B | ¥30.0B | ¥31.9B | ¥26.1B |
| Net income | ¥22.8B | ¥21.5B | ¥21.8B | ¥19.1B | ¥18.2B |
| Free cash flow | ¥2.46B | ¥7.91B | ¥12.0B | ¥30.4B | ¥6.19B |
| Capital expenditure | ¥19.7B | ¥11.3B | ¥7.78B | ¥6.35B | ¥5.65B |
| Total debt | ¥3.67B | ¥5.60B | ¥7.14B | ¥11.9B | ¥12.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kokuyo 7984.T | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% |
| ITOKI 7972.T | $784M | -26% | +10% | 9% | 10.3× | 1.7% |
| Okamura 7994.T | $1.35B | -14% | +3% | 7% | 9.5× | -6.7% |
| Mitsubishi Pencil 7976.T | $1.16B | +52% | +6% | 13% | 20.6× | n/a |
| PILOT 7846.T | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% |
| Uchida Yoko 8057.T | $771M | +17% | +26% | 4% | 11.1× | -13.2% |
| ASKUL 2678.T | $682M | +2% | -20% | -5% | 29.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 7984.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -0.2% | 7th highest of 14 |
| 6-month return | +8.8% | -1.3% | 6th highest of 14 |
| Distance from 52-week high | -12.6% | -25.4% | 4th highest of 14 |
| Revenue growth (TTM) | +9.1% | +9.7% | 7th lowest of 14 |
| Operating margin | 7.3% | 6.8% | 6th highest of 14 |
| Forward P/E | 16.9× | 12.5× | 5th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | -6.2% | -0.2% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +3.7% | +7.5% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | -9.8 pp | -3.7 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | +6.3 pp | +2.7 pp | 4th highest of 14 |
| EV / EBITDA | 7.3× | 8.8× | 3rd cheapest of 8 |
| Net debt / EBITDA | -2.1× | 1.5× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kokuyo 7984.T | Japan | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% | +3.7% |
| Ningbo Huaxiang Electronic 002048.SZ | China | $2.60B | -27% | -19% | 7% | 11.3× | 0.1% | +9.1% |
| Konica Minolta 4902.T | Japan | $1.79B | +14% | 0% | 5% | 9.7× | -5.6% | +4.7% |
| PILOT 7846.T | Japan | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% | +7.7% |
| MillerKnoll MLKN | United States | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% | +9.3% |
| HNI HNI | United States | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% | +7.7% |
| MCC Meili Cloud Computing Industry Investment 000815.SZ | China | $1.41B | -29% | -25% | 10% | n/a | 51.4% | -21.7% |
| DOMS Industries DOMS.NS | India | $1.32B | -13% | +18% | 11% | 56.1× | n/a | n/a |
| ITOKI 7972.T | Japan | $784M | -26% | +10% | 9% | 10.3× | 1.7% | +5.7% |
| Shenzhen Comix 002301.SZ | China | $717M | -1% | +13% | 1% | 32.5× | -0.5% | +8.4% |
| Horizon Fixture 6957.TW | Taiwan | $712M | +162% | +15% | 18% | 20.3× | 8.6% | +9.6% |
| Zhejiang Dafeng Industry 603081.SS | China | $679M | -14% | +18% | 0% | 27.5× | -4.3% | -1.0% |
| Jinbei Automotive 600609.SS | China | $618M | -21% | +4% | 7% | n/a | -5.4% | -3.6% |
| UE Furniture 603600.SS | China | $579M | -1% | +13% | 6% | 12.5× | -7.9% | +7.3% |