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How does 3948.T make money? Does 3948.T have pricing power? What's the Earnings Whisper? Will 3948.T profit more as the business scales? What is 3948.T's management track record? Is 3948.T's current price justified?

Hikari Business Form Co., Ltd.

¥1180 -$99.00 (-7.74%)

JPX · 16 Sep 2026 06:24 UTC

Previous Close

¥1180

Day Range

¥1175¥1181

Year Range

¥940¥1400

Market Cap

6.34B

AVG Volume

3.92K

Trailing/Forward PE

17.42/-

PEG ratio

0.15

Dividend Yield

4.24%

Next Earnings Date

2026-11-05

Primary Exchange

Tokyo Stock Exchange

Revenue (JPY)

3948.T Revenue (JPY) by quarter
Period	Revenue (JPY)
26 Q2	2.22B
26 Q1	1.92B
25 Q4	2.02B
25 Q3	1.92B
25 Q2	2.1B
25 Q1	1.7B
24 Q4	2.05B
24 Q3	2.06B
24 Q2	1.82B
24 Q1	1.98B

Net Income (JPY)

3948.T Net Income (JPY) by quarter
Period	Net Income (JPY)
26 Q2	138.43M
26 Q1	134.87M
25 Q4	66.24M
25 Q3	25.55M
25 Q2	63.63M
25 Q1	-3.67M
24 Q4	109.36M
24 Q3	6.35M
24 Q2	-9.75M
24 Q1	55.29M

Operating Income (JPY)

3948.T Operating Income (JPY) by quarter
Period	Operating Income (JPY)
26 Q2	185.49M
26 Q1	189.5M
25 Q4	168.48M
25 Q3	64.55M
25 Q2	75.71M
25 Q1	-51.58M
24 Q4	119.1M
24 Q3	5.74M
24 Q2	-17.73M
24 Q1	71.44M

EBITDA (JPY)

3948.T EBITDA (JPY) by quarter
Period	EBITDA (JPY)
26 Q2	255.16M
26 Q1	240.88M
25 Q4	221.21M
25 Q3	110.58M
25 Q2	124.88M
25 Q1	-4.79M
24 Q4	171.47M
24 Q3	132.72M
24 Q2	102.5M
24 Q1	135.59M

EPS (JPY)

3948.T EPS (JPY) by quarter
Period	EPS (JPY)
26 Q2	25.74
26 Q1	25.09
25 Q4	12.18
25 Q3	4.71
25 Q2	11.57
25 Q1	-0.66
24 Q4	19.59
24 Q3	1.14
24 Q2	-1.74
24 Q1	9.91

Expenses (JPY)

3948.T Expenses (JPY) by quarter
Period	Expenses (JPY)
26 Q2	362.99M
26 Q1	362.52M
25 Q4	301.26M
25 Q3	353.21M
25 Q2	362.38M
25 Q1	377.08M
24 Q4	339.93M
24 Q3	362.41M
24 Q2	362.99M
24 Q1	370.25M

Cash & Debt (JPY)

3948.T Cash & Debt (JPY) by quarter
Period	Cash & Debt (JPY)
26 Q2	3.04B
26 Q1	3.25B
25 Q4	3.31B
25 Q3	3.41B
25 Q2	3.71B
25 Q1	3.89B
24 Q4	3.81B
24 Q3	3.35B
24 Q2	4.08B
24 Q1	3.85B

Debt ratios

3948.T Debt ratios by quarter
Period	Debt ratios
26 Q2	-2.34
26 Q1	-3.02
25 Q4	-6.61
25 Q3	-6.94
25 Q2	-7.52
25 Q1	-8.47
24 Q4	-6.68
24 Q3	-5.6
24 Q2	-6.42
24 Q1	-3.49

Margins

3948.T Margins by quarter
Period	Margins
26 Q2	24.67%
26 Q1	28.81%
25 Q4	23.28%
25 Q3	21.76%
25 Q2	20.82%
25 Q1	19.13%
24 Q4	22.36%
24 Q3	17.87%
24 Q2	18.97%
24 Q1	22.28%

Return on Capital

3948.T Return on Capital by quarter
Period	Return on Capital
26 Q2	1.45%
26 Q1	1.42%
25 Q4	0.71%
25 Q3	0.28%
25 Q2	0.69%
25 Q1	-0.04%
24 Q4	1.17%
24 Q3	0.07%
24 Q2	-0.1%
24 Q1	0.59%

Shares Outstanding

3948.T Shares Outstanding by quarter
Period	Shares Outstanding
26 Q2	5.38M
26 Q1	5.37M
25 Q4	5.44M
25 Q3	5.42M
25 Q2	5.5M
25 Q1	5.54M
24 Q4	5.58M
24 Q3	5.59M
24 Q2	5.59M
24 Q1	5.58M

Dividends (JPY)

3948.T Dividends (JPY) by quarter
Period	Dividends (JPY)
Dec 26	25
Jun 26	25
Dec 25	25
Jun 25	20
Dec 24	20
Jun 24	18
Dec 23	35
Dec 22	50
Dec 21	35
Dec 20	18

Book Value Per Share (JPY)

3948.T Book Value Per Share (JPY) by quarter
Period	Book Value Per Share (JPY)
26 Q2	1772.3
26 Q1	1761.5
25 Q4	1723.35
25 Q3	1696.25
25 Q2	1686.26
25 Q1	1668.79
24 Q4	1672.4
24 Q3	1655.36
24 Q2	1672.68
24 Q1	1692.41

Total Assets (JPY)

3948.T Total Assets (JPY) by quarter
Period	Total Assets (JPY)
26 Q2	12.05B
26 Q1	12.17B
25 Q4	11.56B
25 Q3	11.28B
25 Q2	11.49B
25 Q1	11.15B
24 Q4	11.22B
24 Q3	11.2B
24 Q2	11.4B
24 Q1	11.48B

PE Ratio

3948.T PE Ratio by quarter
Period	PE Ratio
Sep 26	21.85
Sep 26	21.7
Sep 26	21.77
Aug 26	21.65
Aug 26	21.46
Aug 26	21.39
Aug 26	20.96
Jul 26	21.07
Jul 26	21.2
Jul 26	20.94
Jul 26	20.94
Jul 26	20.65
Jun 26	39.99
Jun 26	39.74
Jun 26	40.35
Jun 26	40.93
May 26	41.5
May 26	42.07
May 26	41.25
May 26	42.22
May 26	42.47
Apr 26	43.04
Apr 26	42.43
Apr 26	42.29
Apr 26	41.71
Mar 26	32.55
Mar 26	32.82
Mar 26	33.13
Mar 26	33.96
Feb 26	35.27
Feb 26	33.94
Feb 26	35.66
Feb 26	36.25
Jan 26	35.05
Jan 26	35.36
Jan 26	35.66
Jan 26	35.19
Dec 25	35.3
Dec 25	41.41
Dec 25	43.2
Dec 25	40.38
Dec 25	40
Nov 25	40.07
Nov 25	40.03
Nov 25	39.78
Nov 25	39.44
Oct 25	40.03
Oct 25	40.19
Oct 25	39.13
Oct 25	40.1
Oct 25	40.75
Sep 25	70.66
Sep 25	69.74
Sep 25	70.66
Sep 25	69.79
Aug 25	68.38
Aug 25	68.87
Aug 25	67.62
Aug 25	66.7
Aug 25	65.02
Jul 25	64.7
Jul 25	63.94
Jul 25	66.32
Jul 25	67.84
Jun 25	44.11
Jun 25	37.91
Jun 25	38.15
Jun 25	35.21
May 25	35.14
May 25	34.45
May 25	34.52
May 25	36.84
May 25	35.87
Apr 25	34.83
Apr 25	34.9
Apr 25	28.84
Apr 25	28.04
Mar 25	37.89
Mar 25	35.65
Mar 25	34.49
Mar 25	34.44
Feb 25	33.68
Feb 25	35.16
Feb 25	33.19
Feb 25	31.67
Jan 25	31.71
Jan 25	31.58
Jan 25	31.89
Jan 25	32.25
Dec 24	31.98
Dec 24	20.25
Dec 24	21.1
Dec 24	21.44
Dec 24	21.7
Nov 24	22.4
Nov 24	22.35
Nov 24	21.75
Nov 24	21.1
Nov 24	21.33
Oct 24	21.61

Price to Sales

3948.T Price to Sales by quarter
Period	Price to Sales
Sep 26	0.8
Sep 26	0.79
Sep 26	0.79
Aug 26	0.79
Aug 26	0.78
Aug 26	0.78
Aug 26	0.76
Jul 26	0.77
Jul 26	0.77
Jul 26	0.76
Jul 26	0.76
Jul 26	0.75
Jun 26	0.78
Jun 26	0.78
Jun 26	0.79
Jun 26	0.8
May 26	0.81
May 26	0.82
May 26	0.81
May 26	0.83
May 26	0.83
Apr 26	0.84
Apr 26	0.83
Apr 26	0.83
Apr 26	0.82
Mar 26	0.82
Mar 26	0.82
Mar 26	0.83
Mar 26	0.85
Feb 26	0.88
Feb 26	0.85
Feb 26	0.89
Feb 26	0.91
Jan 26	0.88
Jan 26	0.89
Jan 26	0.89
Jan 26	0.88
Dec 25	0.88
Dec 25	0.92
Dec 25	0.96
Dec 25	0.9
Dec 25	0.89
Nov 25	0.89
Nov 25	0.89
Nov 25	0.88
Nov 25	0.87
Oct 25	0.89
Oct 25	0.89
Oct 25	0.87
Oct 25	0.89
Oct 25	0.9
Sep 25	0.95
Sep 25	0.93
Sep 25	0.95
Sep 25	0.94
Aug 25	0.92
Aug 25	0.92
Aug 25	0.91
Aug 25	0.89
Aug 25	0.87
Jul 25	0.87
Jul 25	0.86
Jul 25	0.89
Jul 25	0.91
Jun 25	0.9
Jun 25	0.77
Jun 25	0.78
Jun 25	0.72
May 25	0.72
May 25	0.7
May 25	0.7
May 25	0.75
May 25	0.73
Apr 25	0.71
Apr 25	0.71
Apr 25	0.59
Apr 25	0.57
Mar 25	0.59
Mar 25	0.56
Mar 25	0.54
Mar 25	0.54
Feb 25	0.53
Feb 25	0.55
Feb 25	0.52
Feb 25	0.49
Jan 25	0.49
Jan 25	0.49
Jan 25	0.5
Jan 25	0.5
Dec 24	0.5
Dec 24	0.49
Dec 24	0.51
Dec 24	0.52
Dec 24	0.52
Nov 24	0.54
Nov 24	0.54
Nov 24	0.53
Nov 24	0.51
Nov 24	0.52
Oct 24	0.52

EV/EBITDA

3948.T EV/EBITDA by quarter
Period	EV/EBITDA
Sep 26	6.07
Sep 26	6.01
Sep 26	6.04
Aug 26	5.99
Aug 26	5.91
Aug 26	5.88
Aug 26	5.7
Jul 26	5.75
Jul 26	5.8
Jul 26	5.7
Jul 26	5.7
Jul 26	5.57
Jun 26	6.82
Jun 26	6.73
Jun 26	6.94
Jun 26	7.13
May 26	7.32
May 26	7.51
May 26	7.24
May 26	7.56
May 26	7.65
Apr 26	7.84
Apr 26	7.63
Apr 26	7.59
Apr 26	7.39
Mar 26	8.83
Mar 26	8.96
Mar 26	9.11
Mar 26	9.52
Feb 26	10.15
Feb 26	9.5
Feb 26	10.34
Feb 26	10.62
Jan 26	10.04
Jan 26	10.19
Jan 26	10.34
Jan 26	10.11
Dec 25	10.16
Dec 25	9.62
Dec 25	10.36
Dec 25	9.2
Dec 25	9.04
Nov 25	9.07
Nov 25	9.05
Nov 25	8.95
Nov 25	8.81
Oct 25	9.05
Oct 25	9.12
Oct 25	8.68
Oct 25	9.08
Oct 25	9.35
Sep 25	9.51
Sep 25	9.28
Sep 25	9.51
Sep 25	9.29
Aug 25	8.93
Aug 25	9.06
Aug 25	8.74
Aug 25	8.51
Aug 25	8.08
Jul 25	8
Jul 25	7.8
Jul 25	8.41
Jul 25	8.8
Jun 25	6.43
Jun 25	4.59
Jun 25	4.66
Jun 25	3.79
May 25	3.77
May 25	3.56
May 25	3.58
May 25	4.27
May 25	3.98
Apr 25	3.67
Apr 25	3.69
Apr 25	1.89
Apr 25	1.66
Mar 25	3.37
Mar 25	2.84
Mar 25	2.56
Mar 25	2.55
Feb 25	2.37
Feb 25	2.72
Feb 25	2.26
Feb 25	1.9
Jan 25	1.91
Jan 25	1.88
Jan 25	1.95
Jan 25	2.03
Dec 24	1.97
Dec 24	0.52
Dec 24	0.81
Dec 24	0.93
Dec 24	1.02
Nov 24	1.26
Nov 24	1.24
Nov 24	1.04
Nov 24	0.81
Nov 24	0.89
Oct 24	0.99

Price to Book

3948.T Price to Book by quarter
Period	Price to Book
Sep 26	0.67
Sep 26	0.67
Sep 26	0.67
Aug 26	0.66
Aug 26	0.66
Aug 26	0.66
Aug 26	0.64
Jul 26	0.65
Jul 26	0.65
Jul 26	0.64
Jul 26	0.64
Jul 26	0.63
Jun 26	0.65
Jun 26	0.64
Jun 26	0.65
Jun 26	0.66
May 26	0.67
May 26	0.68
May 26	0.67
May 26	0.68
May 26	0.69
Apr 26	0.7
Apr 26	0.69
Apr 26	0.68
Apr 26	0.68
Mar 26	0.69
Mar 26	0.7
Mar 26	0.7
Mar 26	0.72
Feb 26	0.75
Feb 26	0.72
Feb 26	0.76
Feb 26	0.77
Jan 26	0.74
Jan 26	0.75
Jan 26	0.76
Jan 26	0.75
Dec 25	0.75
Dec 25	0.78
Dec 25	0.82
Dec 25	0.77
Dec 25	0.76
Nov 25	0.76
Nov 25	0.76
Nov 25	0.75
Nov 25	0.75
Oct 25	0.76
Oct 25	0.76
Oct 25	0.74
Oct 25	0.76
Oct 25	0.77
Sep 25	0.78
Sep 25	0.77
Sep 25	0.78
Sep 25	0.77
Aug 25	0.76
Aug 25	0.76
Aug 25	0.75
Aug 25	0.74
Aug 25	0.72
Jul 25	0.72
Jul 25	0.71
Jul 25	0.73
Jul 25	0.75
Jun 25	0.76
Jun 25	0.65
Jun 25	0.66
Jun 25	0.61
May 25	0.61
May 25	0.59
May 25	0.6
May 25	0.64
May 25	0.62
Apr 25	0.6
Apr 25	0.6
Apr 25	0.5
Apr 25	0.48
Mar 25	0.51
Mar 25	0.48
Mar 25	0.47
Mar 25	0.46
Feb 25	0.45
Feb 25	0.47
Feb 25	0.45
Feb 25	0.43
Jan 25	0.43
Jan 25	0.43
Jan 25	0.43
Jan 25	0.43
Dec 24	0.43
Dec 24	0.43
Dec 24	0.45
Dec 24	0.45
Dec 24	0.46
Nov 24	0.47
Nov 24	0.47
Nov 24	0.46
Nov 24	0.45
Nov 24	0.45
Oct 24	0.46

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Hikari Business Form Co., Ltd.

Video analysis: 3948.T

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