ITOKI CORPORATION
7972・Prime Market・Other Products
Business
ITOKI Corporation is a long-established office environment solutions company founded in 1890. With 32 consolidated subsidiaries, it operates around two core businesses: the Workplace Business (office furniture, space design, PM, and consulting) and the Equipment & Public Business (automated storage and retrieval systems, research facility equipment, and public facility space construction). Its main customers are domestic and overseas corporations, public institutions, and research facilities, and it is advancing overseas expansion through bases in Asia including Singapore, China, Thailand, and Indonesia. Under the mission statement "Designing Tomorrow's 'Work'," the company provides an integrated offering ranging from product sales to consulting and DX services.
Business Model
Building on in-house manufacturing (production of ¥64,444 million in FY2025 (ending December 2025)), the company layers value beyond the sale of Office Furniture and equipment to include space design, interior construction, project management, maintenance services, and data consulting leveraging sensing technology. Through enhanced high-value-added proposals, gross profit margin improved to 42.2% in FY2025 (ending December 2025). While securing financial liquidity through a ¥15,000 million commitment line with 15 partner financial institutions, the company balances growth investment with shareholder returns.
Company Strengths
For FY2025 (ending December 2025), the company achieved net sales of ¥153,682 million (up 11.0% year on year) and operating profit of ¥13,685 million (up 35.8% year on year). Net sales reached a record high for the 4th consecutive period, and operating profit reached a record high for the 3rd consecutive period. From FY2021 (ending December 2021) to FY2025 (ending December 2025), net sales increased by 32.7% and operating profit increased by 439.7%, reflecting a substantial improvement in profitability.
The Workplace Business posted net sales of ¥111,530 million (72.6% of total sales) and an operating margin of 9.9%. Against the backdrop of the spread of hybrid work and the growing adoption of human capital management, demand for office renewals has continued to expand. Overseas expansion is also underway through seven locations in Asia (Singapore, China, Hong Kong, Thailand, Indonesia, etc.).
R&D expenses for FY2025 (ending December 2025) totaled ¥2,286 million. The company launched its new brand "NII" and received a total of 10 awards including the iF Design Award, Red Dot Design Award, and Good Design Award. It established a new research facility in Koto Ward and is advancing service development in the Workplace DX (Office 3.0) domain utilizing IoT, AI, and sensing technologies. Its "Agreement for the Promotion of Wood Utilization in Construction Materials" with the Ministry of Agriculture, Forestry and Fisheries is the first such case among office furniture manufacturers.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥115,839 million in FY2021 to ¥153,682 million in FY2025. Operating profit increased for six consecutive fiscal years over the same period, from ¥2,536 million to ¥13,685 million. Q1 FY2026 got off to a solid start, with revenue of ¥47,224 million (up 10.5% year on year), operating profit of ¥8,089 million (up 9.0%), and quarterly net income attributable to owners of the parent of ¥5,538 million (up 12.7%). While heightened US-China trade friction and geopolitical risk in the external environment are creating uncertainty about the outlook, demand for office renewals driven by the spread of hybrid work and demand for equipment for research facilities are supporting performance. Progress toward the full-year forecast (revenue of ¥167,500 million and operating profit of ¥16,000 million) is on track.
Growth Strategy
Deepening value-added strategies, specialized facilities, and DX under the '7 Flags' key strategies of the medium-term plan 'RISE TO GROWTH 2026'
Promoting profit margin improvement through enhanced value provision, centered on office renewal projects that support hybrid new work styles. In the first quarter of FY2026 (ending March 2026), Workplace Business sales revenue was ¥36,457 million (up 5.4% year on year), maintaining a high operating margin of 19.4%.
Achieved significant increases in both revenue and profit, driven mainly by equipment for research facilities. In the first quarter of FY2026 (ending March 2026), Equipment & Public Business sales revenue was ¥10,390 million (up 33.8% year on year) with operating profit of ¥1,003 million (up 168.5% year on year), rapidly growing as a second pillar of earnings.
Strengthening IT infrastructure as planned, positioned as strategic spending for future growth. While contributing to increased SG&A expenses, this is regarded as upfront investment aimed at strengthening medium- to long-term competitiveness and improving operational efficiency.
Promoting overseas expansion through Asian bases in Singapore, China, Thailand, Indonesia, and other locations. In the first quarter of FY2026 (ending March 2026), Asia sales revenue rose sharply to ¥2,025 million (up 32.5% year on year). Sales revenue to Asia in the Equipment & Public Business also expanded rapidly to ¥93 million (up from ¥14 million in the same period of the previous year).
Last updated: July 17, 2026