# ALMADO, INC.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YFI1)
> Page: https://vizora.meequs.com/en/company/almado
> Retrieved: 2026-09-30T19:41:58.739Z

## Company

Almado, founded in 2000, is a company in Processed Foods listed on TSE Standard. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALMADO, INC. |
| Ticker | 4932 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4932.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋室町四丁目6番2号 |
| Representative (per filing) | 代表取締役社長 保科 史朗 |
| Founded | Oct 2000 |
| Share capital | ¥110M |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.almado.co.jp (https://www.almado.co.jp/) |
| Corporate number | 4011201014503 |
| EDINET | E35568 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YFI1, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 56 |
| Profitability | 77.5 | 60 |
| Cash conversion | 41.2 | 57 |
| Efficiency | 94.2 | 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)

- Almado brought in ¥10.1B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +19.4% from the prior year, operating profit -27.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10118869000 → ¥518389000
- Net income → operating cash flow: ¥518389000 → ¥762606000（difference ¥244217000）
- Main uses of operating cash flow: CapEx ¥19540000 / dividends ¥600089000 / buybacks —
- Change in cash: ¥52859000
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 | ¥10.1B |  |
| Operating income | ¥685.4M | Margin 6.8% |
| Net income | ¥518.4M | Margin 5.1% |
| Free cash flow | ¥743.1M |  |
| Employees (consolidated) | 93 |  |
| EPS | ¥56.07 |  |
| Book value per share | ¥196.55 |  |
| Equity ratio | 40.1% |  |
| Shares outstanding | 10,394,000 |  |
| Treasury shares | 1,140,700 |  |
| Shareholders | 9,511 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 35.8% | Cash ÷ revenue 16.0% |
| Vs. industry median margin | +2.7 pp | Processed Foods |
| ROE | 28.1% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4547908000 | ¥10118869000 | +122.5% |
| Operating income | ¥527037000 | ¥685387000 | +30.0% |
| Operating margin | 11.6% | 6.8% | -4.8 pp |
| Employees | 36 people | 93 people | +158.3% |
| Cash and equivalents | ¥1133270000 | ¥1623397000 | +43.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,119 | 100.0% | S100YFI1 |
| Cost of revenue | 2,495 | 24.7% | S100YFI1 |
| Gross profit | 7,624 | 75.3% | S100YFI1 |
| SG&A | 6,939 | 68.6% | S100YFI1 |
| Operating income | 685 | 6.8% | S100YFI1 |
| Ordinary income | 690 | 6.8% | S100YFI1 |
| Pretax income | 690 | 6.8% | S100YFI1 |
| Income tax | 171 | 1.7% | S100YFI1 |
| Net income | 518 | 5.1% | S100YFI1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 68 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 75.3% → Operating margin 6.8% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +19.4%; Core profit growth: -27.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.42×
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 | 8,477 | 10,119 | 1,641 | +19.4% |
| Gross profit | 5,925 | 7,624 | 1,700 | +28.7% |
| Operating income | 946 | 685 | -261 | -27.6% |
| Operating cash flow | -189 | 763 | 952 | — |
| Free cash flow | -260 | 743 | 1,003 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,796 | 985 | 17.0% | 652 | 224 | 180 | S100LVFB |
| FY ending Mar 2021 | 4,548 | 527 | 11.6% | 368 | 654 | — | S100OM3X |
| FY ending Mar 2022 | 5,365 | 836 | 15.6% | 582 | 260 | — | S100R9NH |
| FY ending Mar 2023 | 6,529 | 832 | 12.7% | 586 | 712 | — | S100TXVK |
| FY ending Mar 2024 | 7,539 | 961 | 12.7% | 695 | 846 | 835 | S100W308 |
| FY ending Mar 2025 | 8,477 | 946 | 11.2% | 650 | -189 | -260 | S100YFI1 |
| FY ending Mar 2026 | 10,119 | 685 | 6.8% | 518 | 763 | 743 | S100YFI1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥108.8M |
| Operating income per employee (consolidated) | ¥7.4M |
| Net income per employee (consolidated) | ¥5.6M |

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) | 35 | 41 | 55 | 71 | 93 |
| Average salary (parent company) | ¥6M | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 44.6 years | 44.5 years | 42.2 years | 41.8 years | 41.4 years |
| Average tenure (parent company) | 5.3 years | 4.8 years | 4.2 years | 4.2 years | 3.9 years |

Year over year: Employees (consolidated) +31.0% · Revenue (consolidated) +19.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 763 | 7.5% | S100YFI1 |
| Capital expenditure | 20 | 0.2% | S100YFI1 |
| Free cash flow | 743 | 7.3% | 算出 |
| Investing cash flow | -9 | -0.1% | S100YFI1 |
| Financing cash flow | -701 | -6.9% | S100YFI1 |
| Dividends paid | 600 | 5.9% | S100YFI1 |
| Change in cash | 53 | 0.5% | S100YFI1 |
| Cash and equivalents | 1,623 | 16.0% | S100YFI1 |

## 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 | 1,176 | 1,388 | 1,513 | 1,571 | 1,623 | S100TXVK, S100W308, S100YFI1 |
| Total assets | 3,364 | 3,671 | 3,830 | 4,722 | 4,537 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Net assets | 2,688 | 2,332 | 1,884 | 1,874 | 1,819 | S100TXVK, S100W308, S100YFI1 |
| Share capital | 110 | 110 | 110 | 110 | 110 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Property, plant and equipment | 59 | 55 | 58 | 96 | 91 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Intangible assets excluding goodwill | 31 | 26 | 19 | 26 | 43 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Current assets | 3,171 | 3,498 | 3,674 | 4,430 | 4,238 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Current liabilities | 643 | 1,301 | 1,904 | 2,790 | 2,649 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Short-term borrowings | 70 | 550 | 1,000 | 2,100 | 2,000 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Total liabilities | 676 | 1,339 | 1,946 | 2,848 | 2,719 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Equity attributable to owners of parent | 2,688 | 2,332 | 1,884 | 1,874 | 1,819 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Retained earnings | 2,859 | 3,045 | 3,117 | 3,120 | 3,038 | S100R9NH, S100TXVK, S100W308, S100YFI1 |
| Treasury stock | -312 | -826 | -1,351 | -1,378 | -1,350 | S100R9NH, S100TXVK, S100W308, S100YFI1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YFI1 |
| Property, plant and equipment | 2% | S100YFI1 |
| Intangibles and goodwill | 1% | S100YFI1 |
| Other assets | 61% | S100YFI1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YFI1 |
| Equity | 40% | S100YFI1 |
| Other liabilities | 0% | S100YFI1 |

### 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 | 3,364 | 3,671 | 3,830 | 4,722 | 4,537 |
| Equity | 2,688 | 2,332 | 1,884 | 1,874 | 1,819 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,176 | 1,388 | 1,513 | 1,571 | 1,623 |

## 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) | 0.9% | S100YFI1 |
| Fixed assets ÷ total assets | 2.0% | S100YFI1 |
| Goodwill ÷ parent equity | — | —, S100YFI1 |

### 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) | 35.8% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.3% |
| Cash vs. profit gap | 244 JPY mn (of net income 47.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 115.8% |
| Shareholder payments — dividends / FCF | 80.8% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 1.1% |

## 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 | 10.9% | 1.59× | 17.3% | 1.25× | 21.7% | S100R9NH |
| 2023 | 9.0% | 1.86× | 16.7% | 1.40× | 23.3% | S100TXVK |
| 2024 | 9.2% | 2.01× | 18.5% | 1.78× | 33.0% | S100W308 |
| 2025 | 7.7% | 1.98× | 15.2% | 2.28× | 34.6% | S100YFI1 |
| 2026 | 5.1% | 2.19× | 11.2% | 2.51× | 28.1% | S100YFI1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＤＡＬＭＡ | Major shareholder | 16.6% | 2026-03-31 |
| ＣＢＣ株式会社 | Major shareholder | 13.2% | 2026-03-31 |
| 株式会社オージオ | Major shareholder | 5.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| 鈴江 由美 | Major shareholder | 3.8% | 2026-03-31 |
| 保科 史朗 | Major shareholder | 1.3% | 2026-03-31 |
| 高橋 安彦 | Major shareholder | 0.6% | 2026-03-31 |
| 東京短資株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 出口 嘉津久 | Major shareholder | 0.5% | 2026-03-31 |
| アルマード従業員持株会 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YFI1 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFI1,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W308 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W308,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TXVK | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXVK,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R9NH | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9NH,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OM3X | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM3X,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LVFB | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVFB,, |

## 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).