FUJISHOJI CO.,LTD.
6257・Standard Market・Machinery
Business
Fuji Shoji Co., Ltd. was established in October 1966 in Osaka Prefecture and will mark its 60th anniversary in October 2026 as a specialized manufacturer of Pachinko and Pachislot gaming machines. The Group consists of 3 consolidated subsidiaries and 1 affiliated company, and handles the development, manufacturing, and sale of gaming machines in an integrated manner. Its main customers are pachinko halls (amusement arcades), and it offers two product categories: Pachinko Gaming Machines and Pachislot Gaming Machines. In FY2026 (ending March 2026), net sales were ¥23,542 million, with Pachinko Gaming Machines accounting for ¥17,760 million (75.4%) and Pachislot Gaming Machines accounting for ¥5,782 million (24.6%). The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company adopts a vertically integrated business model, completing everything from gaming machine planning and R&D to manufacturing and sales within its own group. Revenue is primarily generated from one-time sales upon new machine launches, meaning unit sales volume per model significantly affects business performance. R&D expenses reached ¥9,229 million (39.2% of net sales) in FY2026 (ending March 2026), with continuous investment in machine development serving as the source of competitiveness. Funding is, in principle, covered by internal funds, and the company maintains a debt-free management policy.
Company Strengths
The equity ratio as of the end of FY2026 (ending March 2026) stood at an extremely high 90.0% (88.0% at the end of the previous fiscal year). The company holds total net assets of ¥42,935 million and cash and cash equivalents of ¥15,815 million, and has also concluded loan commitment agreements totaling ¥10,000 million with two lending banks. With no interest-bearing debt, financial risk is low, and the company retains the financial capacity to continue dividend payments even in periods of loss.
The company's proprietary features—"BIG Start," "Yakumono Furiwakeki (prize-distribution mechanism)," and "SS Route"—are incorporated into its Pachinko Gaming Machines and have earned support from fans. According to the company's securities report, "e Megami no Cafe Terrace" boosted market-wide operation in FY2026 (ending March 2026) and contributed to overall market revitalization. With 215 research and development staff and R&D expenditure of ¥9,229 million, the company's development structure supports the continuous supply of differentiated models.
The company has completed compatibility with Smart Pachislot for its Pachislot Gaming Machines (Smart Pachislot), and has a track record of launching "Smart Pachislot Toaru Kagaku no Railgun 2" and "Smart Pachislot Goblin Slayer II" in the market during FY2026 (ending March 2026). Smart Pachislot is driving the market across the industry as a whole, and the company has built up a sales track record of multiple titles in this product category.
ENVALITH's Perspective
Performance Trend
The trend over the past five fiscal years shows a recovery and expansion phase from FY2022 (net sales of ¥29,606 million, operating loss of ¥698 million) → FY2023 (¥34,869 million, ¥3,876 million) → FY2024 (¥36,983 million, ¥4,880 million), followed by a slowdown starting in FY2025 (¥34,597 million, ¥3,192 million) and a sharp deterioration in FY2026 (ending March 2026) (¥23,542 million, operating loss of ¥3,902 million). The deterioration in FY2026 (ending March 2026) was caused by unit sales falling to 55 thousand units, due to multiple models—including new titles—falling short of planned unit numbers and the postponement of sales for one Pachislot Gaming Machines (Smart Pachislot) model. While external demand for Pachislot Gaming Machines (Smart Pachislot) remained solid, the main cause was supply-side issues with the company's own models. Operating cash flow also swung sharply negative to ¥4,895 million, and the cash balance declined from ¥21,551 million to ¥15,815 million.
Growth Strategy
Aiming for a return to profitability in FY2027 (ending March 2027) through expanding the number of models, strengthening proprietary features, and brand investment
The company plans to increase the number of Pachislot Gaming Machines models launched to market in FY2027 (ending March 2027) compared to the previous fiscal year, capturing steady demand for Smart Pachislot machines and securing unit sales. In FY2026 (ending March 2026), the postponement of sales for one Pachislot model directly impacted business performance, and increasing the number of models is also expected to have a risk diversification effect.
The company will continue developing models equipped with its own differentiating features, aiming to gain fan support and boost market activity. Based on the track record of "e Megami no Cafeterrace," which boosted market activity, the company aims to continue launching models with similar effects.
With the 60th anniversary of the company's founding in October 2026 as a milestone, the company will promote brand strength enhancement and human resource development as its top priority issues under the "Fan First" philosophy. The company will continue to differentiate itself through a "slightly different perspective" that reflects fans' voices in model development, aiming to strengthen its long-term customer base.
Last updated: July 19, 2026