# ahjikanco.,ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/04/01－2026/03/31) (S100YGFU)
> Page: https://vizora.meequs.com/en/company/ahjikanco
> Retrieved: 2026-09-30T21:35:03.254Z

## Company

ahjikanco., founded in 1965, is a company in Processed Foods listed on TSE Standard. It has 887 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AHJIKAN CO.,LTD. |
| Ticker | 2907 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2907.T) |
| Listing | TSE Standard |
| Head office | 広島市西区商工センター七丁目3番9号 |
| Representative (per filing) | 代表取締役 社長執行役員 足利 直純 |
| Founded | Mar 1965 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 887 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.ahjikan.co.jp (https://www.ahjikan.co.jp/) |
| Corporate number | 4240001000392 |
| EDINET | E00480 |
| Industries (Vizora) | Processed Foods, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YGFU, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.1 | 56 |
| Profitability | 30.8 | 60 |
| Cash conversion | 65.8 | 57 |
| Efficiency | 90.8 | 60 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 91% of ahjikanco.'s sales come from food for business use, with health food and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -34.9%.

## Company structure

- Segment revenue mix: food for business use 91.3%、health food 7.8%、Other 0.9%
- Revenue → net income: ¥51430000000 → ¥1111000000
- Net income → operating cash flow: ¥1111000000 → ¥1735000000（difference ¥624000000）
- Main uses of operating cash flow: CapEx ¥1342000000 / dividends ¥229000000 / buybacks ¥185000000
- Change in cash: ¥71000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥51.4B |  |
| Operating income | ¥1.28B | Margin 2.5% |
| Net income | ¥1.11B | Margin 2.2% |
| Free cash flow | ¥393M |  |
| Largest business | food for business use | of segment revenue 91.3% |
| Employees (consolidated) | 887 |  |
| EPS | ¥147.47 |  |
| Book value per share | ¥2284.67 |  |
| Equity ratio | 67.4% |  |
| Shares outstanding | 7,700,000 |  |
| Treasury shares | 214,500 |  |
| Shareholders | 6,428 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 4.5% |
| Vs. industry median margin | -1.5 pp | Processed Foods |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥42593240000 | ¥51430000000 | +20.7% |
| Operating income | ¥631713000 | ¥1279000000 | +102.5% |
| Operating margin | 1.5% | 2.5% | +1 pp |
| Employees | 964 people | 887 people | -8.0% |
| Cash and equivalents | ¥1763008000 | ¥2326000000 | +31.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 業務用食品等 → 業務用食品等 | 88.4% |
| ヘルスフード → ヘルスフード | 7.8% |
| ヘルスフード → 事業再編・廃止 | 2.5% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 業務用食品等 | 3.0% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| food for business use | 5 years | +4.5% | ¥46960000000 | 5.5% | 2 |
| health food | 5 years | -1.8% | ¥4007000000 | 8.5% | 2 |
| Other | 5 years | -4.2% | ¥462000000 | 12.3% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,430 | 100.0% | S100YGFU |
| Cost of revenue | 38,499 | 74.9% | 算出 |
| Gross profit | 12,931 | 25.1% | S100YGFU |
| SG&A | 11,652 | 22.7% | S100YGFU |
| Operating income | 1,279 | 2.5% | S100YGFU |
| Ordinary income | 1,642 | 3.2% | S100YGFU |
| Pretax income | 1,597 | 3.1% | S100YGFU |
| Income tax | 486 | 0.9% | S100YGFU |
| Net income | 1,111 | 2.2% | S100YGFU |
| Net income attributable to owners | 1,111 | 2.2% | S100YGFU |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 23 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.1% → Operating margin 2.5% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -34.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -46.24×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 51,045 | 51,430 | 385 | +0.8% |
| Gross profit | 13,554 | 12,931 | -623 | -4.6% |
| Operating income | 1,964 | 1,279 | -685 | -34.9% |
| Net income attributable to owners | 1,548 | 1,111 | -437 | -28.2% |
| Operating cash flow | 3,455 | 1,735 | -1,720 | -49.8% |
| Free cash flow | 2,348 | 393 | -1,955 | -83.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,752 | 733 | 1.6% | 551 | 2,209 | 1,207 | S100LRZ8 |
| FY ending Mar 2021 | 42,593 | 632 | 1.5% | 600 | 2,002 | 1,522 | S100OIF8 |
| FY ending Mar 2022 | 45,316 | 560 | 1.2% | 635 | 442 | -255 | S100R4Y0 |
| FY ending Mar 2023 | 47,433 | 89 | 0.2% | 268 | 960 | 260 | S100TS0U |
| FY ending Mar 2024 | 50,240 | 1,710 | 3.4% | 1,510 | 1,377 | 153 | S100W2R5 |
| FY ending Mar 2025 | 51,045 | 1,964 | 3.8% | 1,548 | 3,455 | 2,348 | S100YGFU |
| FY ending Mar 2026 | 51,430 | 1,279 | 2.5% | 1,111 | 1,735 | 393 | S100YGFU |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 930 | 920 | 880 | 892 | 887 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.5M | ¥5.7M | ¥5.5M |
| Average age (parent company) | 43.9 years | 44.3 years | 44.3 years | 44.3 years | 44.4 years |
| Average tenure (parent company) | 16.1 years | 16.1 years | 16.1 years | 15.9 years | 16.0 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +0.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| food for business use | 46,960 | 91.3% | 2,564 | 5.5% |
| health food | 4,007 | 7.8% | 339 | 8.5% |
| Other | 462 | 0.9% | 57 | 12.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| food for business use | 91.3% | 86.6% | -4.7 | 5.5% |
| health food | 7.8% | 11.5% | 3.7 | 8.5% |
| Other | 0.9% | 1.9% | 1.0 | 12.3% |

Segment → industry: health food → Processed Foods / food for business use → Processed Foods / Other → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,735 | 3.4% | S100YGFU |
| Capital expenditure | 1,342 | 2.6% | S100YGFU |
| Free cash flow | 393 | 0.8% | 算出 |
| Investing cash flow | -1,173 | -2.3% | S100YGFU |
| Financing cash flow | -518 | -1.0% | S100YGFU |
| Dividends paid | 229 | 0.4% | S100YGFU |
| Share buyback | 185 | 0.4% | S100YGFU |
| Change in cash | 71 | 0.1% | S100YGFU |
| Cash and equivalents | 2,326 | 4.5% | S100YGFU |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,751 | 2,031 | 2,096 | 2,255 | 2,326 | S100TS0U, S100W2R5, S100YGFU |
| Total assets | 24,441 | 25,103 | 27,641 | 26,897 | 27,158 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Net assets | 13,875 | 14,157 | 15,844 | 17,388 | 18,302 | S100TS0U, S100W2R5, S100YGFU |
| Share capital | 1,102 | 1,102 | 1,102 | 1,102 | 1,102 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Property, plant and equipment | 10,172 | 10,012 | 9,862 | 10,221 | 10,079 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Intangible assets excluding goodwill | 630 | 607 | 724 | 699 | 686 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Goodwill | 33 | 16 | — | — | — | S100R4Y0, S100TS0U |
| Investment securities | 606 | 647 | 912 | 961 | 1,135 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Current assets | 11,847 | 12,631 | 14,817 | 13,763 | 13,803 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Current liabilities | 9,558 | 9,737 | 10,567 | 8,282 | 7,544 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Trade payables | 2,770 | — | — | — | — | S100OIF8 |
| Short-term borrowings | 4,609 | 4,030 | 3,930 | 1,760 | 1,810 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Long-term borrowings | 562 | 804 | 901 | 838 | 840 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Total liabilities | 10,566 | 10,946 | 11,796 | 9,508 | 8,855 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Equity attributable to owners of parent | 13,394 | 13,547 | 14,936 | 16,294 | 16,991 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Retained earnings | 11,257 | 11,411 | 12,799 | 14,157 | 15,040 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |
| Treasury stock | -64 | -64 | -64 | -64 | -250 | S100R4Y0, S100TS0U, S100W2R5, S100YGFU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGFU |
| Property, plant and equipment | 37% | S100YGFU |
| Intangibles and goodwill | 2% | S100YGFU |
| Investment securities | 4% | S100YGFU |
| Other assets | 48% | S100YGFU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YGFU |
| Equity | 67% | S100YGFU |
| Other liabilities | 0% | S100YGFU |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,441 | 25,103 | 27,641 | 26,897 | 27,158 |
| Equity | 13,875 | 14,157 | 15,844 | 17,388 | 18,302 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,751 | 2,031 | 2,096 | 2,255 | 2,326 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 19.6% | S100YGFU |
| Fixed assets ÷ total assets | 37.1% | S100YGFU |
| Goodwill ÷ parent equity | — | —, S100YGFU |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 8.6% |
| Cash ÷ revenue | 4.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.7% |
| Cash vs. profit gap | 624 JPY mn (of net income 56.2%) |
| Shareholder returns / net income | 37.3% |
| Shareholder returns / FCF | 105.3% |
| Shareholder payments — dividends / net income | 20.6% |
| Shareholder payments — dividends / FCF | 58.3% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 67.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.4% | 1.85× | 2.6% | 1.82× | 4.7% | S100R4Y0 |
| 2023 | 0.6% | 1.91× | 1.1% | 1.84× | 2.0% | S100TS0U |
| 2024 | 3.0% | 1.91× | 5.7% | 1.85× | 10.6% | S100W2R5 |
| 2025 | 3.0% | 1.87× | 5.7% | 1.75× | 9.9% | S100YGFU |
| 2026 | 2.2% | 1.90× | 4.1% | 1.62× | 6.7% | S100YGFU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱足利興産 | Major shareholder | 23.7% | 2026-03-31 |
| あじかん三栄持株会 | Major shareholder | 9.6% | 2026-03-31 |
| ㈱広島銀行 | Major shareholder | 4.8% | 2026-03-31 |
| あじかん株式持株会 | Major shareholder | 3.1% | 2026-03-31 |
| ㈱山口銀行 | Major shareholder | 2.9% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| 広島海苔㈱ | Major shareholder | 2.1% | 2026-03-31 |
| 共栄火災海上保険㈱ | Major shareholder | 1.8% | 2026-03-31 |
| 西和興産㈱ | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YGFU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGFU,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W2R5 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2R5,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TS0U | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS0U,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R4Y0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4Y0,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OIF8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIF8,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LRZ8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRZ8,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).