# AKIKAWA FOODS & FARMS CO., 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47期(2025/04/01－2026/03/31) (S100YK4U)
> Page: https://vizora.meequs.com/en/company/akikawabokuen-1380
> Retrieved: 2026-09-30T19:15:02.432Z

## Company

Akikawa Foods & Farms, founded in 1979, is a company in Meat Processing listed on TSE Standard. It has 348 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AKIKAWA FOODS & FARMS CO., LTD. |
| Ticker | 1380 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1380.T) |
| Listing | TSE Standard |
| Head office | 山口県山口市仁保下郷10317番地 |
| Representative (per filing) | 代表取締役社長 秋川 正 |
| Founded | May 1979 |
| Share capital | ¥714.1M |
| Employees (consolidated) | 348 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.akikawabokuen.com (https://www.akikawabokuen.com/) |
| Corporate number | 9250001000008 |
| EDINET | E00344 |
| Industries (Vizora) | Meat Processing, Livestock, Feed & Fertilizer, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YK4U, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 11 |
| Profitability | 22.7 | 11 |
| Cash conversion | 94.4 | 9 |
| Efficiency | 12.5 | 12 |
| Financial strength | 16.7 | 3 |

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 80% of Akikawa Foods & Farms's sales come from Production and wholesale business, with Direct sales business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Production and wholesale business 79.9%、Direct sales business 20.1%
- Revenue → net income: ¥8283360000 → ¥21891000
- Net income → operating cash flow: ¥21891000 → ¥642851000（difference ¥620960000）
- Main uses of operating cash flow: CapEx ¥389937000 / dividends ¥41478000 / buybacks —
- Change in cash: ¥-63260000
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 | ¥8.28B |  |
| Operating income | ¥143M | Margin 1.7% |
| Net income | ¥21.8M | Margin 0.3% |
| Free cash flow | ¥252.9M |  |
| Largest business | Production and wholesale business | of segment revenue 79.9% |
| Employees (consolidated) | 348 |  |
| EPS | ¥-5.04 |  |
| Book value per share | ¥466.33 |  |
| Equity ratio | 31.2% |  |
| Shares outstanding | 4,179,000 |  |
| Treasury shares | 9,800 |  |
| Shareholders | 2,171 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 13.0% | Net cash -¥2.09B · Cash ÷ revenue 10.9% |
| Vs. industry median margin | -0.5 pp | Meat Processing |
| ROE | 1.0% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 29.5× net income
- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6417643000 | ¥8283360000 | +29.1% |
| Operating income | ¥265554000 | ¥143047000 | -46.1% |
| Operating margin | 4.1% | 1.7% | -2.4 pp |
| Employees | 288 people | 348 people | +20.8% |
| Cash and equivalents | ¥926888000 | ¥904775000 | -2.4% |

### 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 |
| --- | ---: |
| 生産卸売 → 生産卸売 | 77.7% |
| 直販 → 直販 | 20.1% |
| 直販 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 生産卸売 | 2.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,283 | 100.0% | S100YK4U |
| Cost of revenue | 6,186 | 74.7% | S100YK4U |
| Gross profit | 2,097 | 25.3% | S100YK4U |
| SG&A | 1,954 | 23.6% | S100YK4U |
| Operating income | 143 | 1.7% | S100YK4U |
| Ordinary income | 187 | 2.3% | S100YK4U |
| Pretax income | 47 | 0.6% | S100YK4U |
| Income tax | 25 | 0.3% | S100YK4U |
| Net income | 22 | 0.3% | S100YK4U |
| Net income attributable to owners | 22 | 0.3% | S100YK4U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 23 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 25.3% → Operating margin 1.7% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 7,957 | 8,283 | 326 | +4.1% |
| Gross profit | 1,908 | 2,097 | 189 | +9.9% |
| Operating income | -3 | 143 | 146 | — |
| Net income attributable to owners | 28 | 22 | -6 | -22.6% |
| Operating cash flow | 725 | 643 | -82 | -11.3% |
| Free cash flow | 261 | 253 | -8 | -3.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,790 | 94 | 1.6% | 72 | 480 | 14 | S100LTZ8 |
| FY ending Mar 2021 | 6,418 | 266 | 4.1% | 170 | 786 | 443 | S100OF59 |
| FY ending Mar 2022 | 6,639 | 116 | 1.7% | 160 | 364 | -140 | S100R5M9 |
| FY ending Mar 2023 | 7,070 | 20 | 0.3% | 156 | 449 | -238 | S100TXIC |
| FY ending Mar 2024 | 7,392 | 12 | 0.2% | 98 | 393 | -658 | S100W98M |
| FY ending Mar 2025 | 7,957 | -3 | -0.0% | 28 | 725 | 261 | S100YK4U |
| FY ending Mar 2026 | 8,283 | 143 | 1.7% | 22 | 643 | 253 | S100YK4U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥411.1K |
| Net income per employee (consolidated) | ¥62.7K |

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) | 298 | 303 | 320 | 332 | 348 |
| Average salary (parent company) | — | — | ¥5M | ¥5M | ¥5M |
| Average age (parent company) | — | — | 42.1 years | 42.5 years | 43.3 years |
| Average tenure (parent company) | — | — | 13.5 years | 13.1 years | 13.5 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Production and wholesale business | 6,623 | 79.9% | 558 | 8.4% |
| Direct sales business | 1,661 | 20.1% | 35 | 2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Production and wholesale business | 79.9% | 94.1% | 14.1 | 8.4% |
| Direct sales business | 20.1% | 5.9% | -14.1 | 2.1% |

Segment → industry: Direct sales business → Meat Processing / Production and wholesale business → Meat Processing / Production and wholesale business → Livestock, Feed & Fertilizer / Direct sales business → Takeout & Delivery Meals

## 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 | 643 | 7.8% | S100YK4U |
| Capital expenditure | 390 | 4.7% | S100YK4U |
| Free cash flow | 253 | 3.1% | 算出 |
| Investing cash flow | -381 | -4.6% | S100YK4U |
| Financing cash flow | -326 | -3.9% | S100YK4U |
| Dividends paid | 41 | 0.5% | S100YK4U |
| Change in cash | -63 | -0.8% | S100YK4U |
| Cash and equivalents | 905 | 10.9% | S100YK4U |

## 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 | 866 | 780 | 696 | 968 | 905 | S100TXIC, S100W98M, S100YK4U |
| Total assets | 5,594 | 6,073 | 7,050 | 7,126 | 6,973 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Net assets | 2,035 | 2,138 | 2,187 | 2,187 | 2,182 | S100TXIC, S100W98M, S100YK4U |
| Share capital | 714 | 714 | 714 | 714 | 714 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Property, plant and equipment | 2,847 | 3,122 | 3,868 | 3,875 | 3,628 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Intangible assets excluding goodwill | 34 | 27 | 39 | 32 | 25 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Goodwill | 12 | 9 | 5 | 2 | — | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Investment securities | 153 | 135 | 130 | 119 | 141 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Current assets | 2,436 | 2,632 | 2,861 | 2,934 | 2,992 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Current liabilities | 2,139 | 2,412 | 2,491 | 2,689 | 2,878 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Trade payables | 355 | 449 | 456 | 499 | 599 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Short-term borrowings | 1,214 | 1,327 | 1,366 | 1,564 | 1,629 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Long-term borrowings | 1,035 | 1,145 | 1,858 | 1,714 | 1,270 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Bonds | — | — | — | — | 100 | S100YK4U |
| Interest-bearing debt | — | — | — | — | 2,999 | 算出 |
| Total liabilities | 3,558 | 3,935 | 4,863 | 4,939 | 4,792 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Non-controlling interests | 2 | 3 | 4 | 5 | 5 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Equity attributable to owners of parent | 1,966 | 2,080 | 2,137 | 2,123 | 2,103 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Retained earnings | 704 | 818 | 875 | 861 | 842 | S100R5M9, S100TXIC, S100W98M, S100YK4U |
| Treasury stock | -6 | -6 | -6 | -6 | -6 | S100R5M9, S100TXIC, S100W98M, S100YK4U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YK4U |
| Property, plant and equipment | 52% | S100YK4U |
| Intangibles and goodwill | 0% | S100YK4U |
| Investment securities | 2% | S100YK4U |
| Other assets | 33% | S100YK4U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YK4U |
| Interest-bearing debt | 43% | 算出 |
| Other liabilities | 17% | S100YK4U |
| Equity | 31% | S100YK4U |

### 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 | 5,594 | 6,073 | 7,050 | 7,126 | 6,973 |
| Equity | 2,035 | 2,138 | 2,187 | 2,187 | 2,182 |
| Interest-bearing debt | — | — | — | — | 2,999 |
| Cash | 866 | 780 | 696 | 968 | 905 |

## 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) | 43.8% | S100YK4U |
| Fixed assets ÷ total assets | 52.0% | S100YK4U |
| Goodwill ÷ parent equity | — | —, S100YK4U |

### 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) | 13.0% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | -¥2.09B |
| Net debt ÷ operating cash flow | 3.26× |
| Cash conversion (operating CF ÷ operating income) | 449.4% |
| Cash vs. profit gap | 621 JPY mn (of net income 2848.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 190.2% |
| Shareholder payments — dividends / FCF | 16.4% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 59.3% |

## 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 | 2.4% | 1.19× | 2.9% | 2.85× | 8.1% | S100R5M9 |
| 2023 | 2.2% | 1.21× | 2.7% | 2.88× | 7.7% | S100TXIC |
| 2024 | 1.3% | 1.13× | 1.5% | 3.11× | 4.7% | S100W98M |
| 2025 | 0.4% | 1.12× | 0.4% | 3.33× | 1.3% | S100YK4U |
| 2026 | 0.3% | 1.17× | 0.3% | 3.34× | 1.0% | S100YK4U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 秋川 正 | Major shareholder | 21.5% | 2026-03-31 |
| 秋川 實 | Major shareholder | 10.4% | 2026-03-31 |
| 秋川牧園職員持株会 | Major shareholder | 6.4% | 2026-03-31 |
| ㈱秋川くらしファーム | Major shareholder | 5.0% | 2026-03-31 |
| ㈱山口銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 秋川 喜代子 | Major shareholder | 3.1% | 2026-03-31 |
| 秋川 寿子 | Major shareholder | 3.1% | 2026-03-31 |
| 山口県信用農業協同組合連合会 | Major shareholder | 2.9% | 2026-03-31 |
| 伊藤忠飼料㈱ | Major shareholder | 2.5% | 2026-03-31 |
| 秋川 茂 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YK4U | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK4U,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100W98M | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W98M,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TXIC | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXIC,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R5M9 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5M9,, |
| 有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100OF59 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF59,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LTZ8 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTZ8,, |

## 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).