KOKUYO CO., LTD. · Fiscal year ended December 2025
From ledger covers to office space: 120 years of KOKUYO.
KOKUYO is easy to associate with Campus notebooks and stationery. That image remains valid. But the 2025 segment numbers show a larger Furniture business: ¥172.2 billion of sales, roughly twice Stationery's ¥83.6 billion. This was not a sudden jump into an unrelated field. KOKUYO began in 1905 by making only the covers of account ledgers. From there it moved into complete ledgers, paper products, filing cabinets for storing documents, furniture and eventually the design of working spaces. The business expanded by following the next problem around the workplace.
This is not investment advice or a stock recommendation. We reorder company-published primary-source facts to make the shape of the business easier to see.
KOKUYO is easy to associate with Campus notebooks and stationery.
That image is still valid.
But the 2025 segment numbers put another business well ahead.
Consolidated sales are ¥359.9bn
The largest disclosed segment is Furniture.
Furniture is ¥172.2bn
The familiar stationery business remains substantial.
Stationery is ¥83.6bn
The scale difference, however, is meaningful.
Furniture sales are about 2.06 times Stationery
Furniture is roughly twice Stationery by segment sales
2025 segment sales. Intersegment transactions and reconciliation mean these are not consolidated-sales shares.
There is another large business sitting between those two.
Business Supply Distribution is ¥108.4bn
Four major businesses in 2025
Segment sales. Intersegment transactions are included, so the simple total does not equal consolidated sales.
How did a company known for stationery build a Furniture segment twice as large?
The answer starts before KOKUYO was even making complete ledgers.
It began with covers worth 5% of a ledger
From covers to ledgers, then into the paper products around them.
1908 ledgers, 1913 Western-style ledgers
In 1960, that workflow led from paper into metal.
A document company started making cabinets for documents
Furniture then became a way to propose the whole workplace.
In 1969, headquarters became a live office
KOKUYO now describes that scope in broader terms.
From stationery and furniture to Work & Lifestyle
KOKUYO did not abandon stationery and become a furniture company.
It began at one edge of office work, then repeatedly moved to the next adjacent need.
THE VIEW AFTER THE NUMBERS
What the numbers suggest
KOKUYO generated ¥359.876 billion of consolidated sales in 2025.
Furniture generated ¥172.196 billion of segment sales, versus ¥83.572 billion for Stationery. On the same segment basis, Furniture is about 2.06 times larger. Business Supply Distribution is also larger than Stationery at ¥108.369 billion.
That does not make stationery irrelevant.
KOKUYO began in 1905 by making ledger covers worth only about 5% of a complete ledger. It expanded into the whole ledger and then surrounding paper products. In 1960, it entered furniture with a filing cabinet for storing the documents its customers were already creating. By 1969, headquarters itself had become a live model office.
Today KOKUYO calls itself a Work & Lifestyle Company.
Across 120 years, the company looks less like one that repeatedly discarded old categories and more like one that kept adding the next thing people needed around work and learning.
Primary sources used
Performance Targets and Forecasts
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Open source →The early years (1905-1917)
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Open source →From paper to metal
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Open source →The expansion years (1969-1978)
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Open source →Medium-Term Management Plan
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Open source →