# AP HOLDINGS 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25期(2025/04/01－2026/03/31) (S100YLZQ)
> Page: https://vizora.meequs.com/en/company/ap-holdings
> Retrieved: 2026-09-30T19:52:18.654Z

## Company

AP Holdings, founded in 2001, is a company in Livestock, Feed & Fertilizer listed on TSE Standard. It has 735 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AP HOLDINGS CO.,LTD. |
| Ticker | 3175 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3175.T) |
| Listing | TSE Standard |
| Head office | 東京都港区高輪三丁目25番23号 京急第2ビル1階(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役会長 兼 社長 米山 久 |
| Founded | Oct 2001 |
| Share capital | ¥50M |
| Employees (consolidated) | 735 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | ap-holdings.jp (https://ap-holdings.jp/) |
| Corporate number | 6010401066278 |
| EDINET | E26842 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Specialty Trading & Wholesale, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YLZQ, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.6 | 56 |
| Profitability | 49.2 | 66 |
| Cash conversion | 46.4 | 55 |
| Efficiency | 94.7 | 66 |

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 70% of AP Holdings's sales come from Domestic restaurant business, with Ready-made meal Business and Overseas restaurant business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +221.3%.

## Company structure

- Segment revenue mix: Domestic restaurant business 70.0%、Ready-made meal Business 16.8%、Overseas restaurant business 9.4%、Production and distribution businesses 3.8%
- Revenue → net income: ¥21821782000 → ¥1135038000
- Net income → operating cash flow: ¥1135038000 → ¥1263447000（difference ¥128409000）
- Main uses of operating cash flow: CapEx ¥433577000 / dividends — / buybacks —
- Change in cash: ¥254120000
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 | ¥21.8B |  |
| Operating income | ¥845.4M | Margin 3.9% |
| Net income | ¥1.14B | Margin 5.2% |
| Free cash flow | ¥829.9M |  |
| Largest business | Domestic restaurant business | of segment revenue 70.0% |
| Employees (consolidated) | 735 |  |
| EPS | ¥47.19 |  |
| Diluted EPS | ¥45.68 |  |
| Book value per share | ¥-66.11 |  |
| Equity ratio | 14.0% |  |
| Shares outstanding | 12,883,150 |  |
| Treasury shares | 125,200 |  |
| Shareholders | 26,481 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 14.6% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | -0.1 pp | Restaurants & Pubs |
| ROE | 185.3% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.7× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8941797000 | ¥21821782000 | +144.0% |
| Operating income | ¥-3611540000 | ¥845354000 | — |
| Operating margin | -40.4% | 3.9% | +44.3 pp |
| Employees | 717 people | 735 people | +2.5% |
| Cash and equivalents | ¥2207948000 | ¥1171434000 | -46.9% |

### 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 |
| --- | ---: |
| 販売事業 → 事業再編・廃止 | 93.4% |
| 生産流通事業 → 生産流通事業 | 3.8% |
| 生産流通事業 → 事業再編・廃止 | 2.8% |
| 新設・再編 → 国内外食事業 | 70.0% |
| 新設・再編 → 海外外食事業 | 9.4% |
| 新設・再編 → 中食事業 | 16.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic restaurant business | — | — | ¥15269323000 | 2.9% | 2 |
| Ready-made meal Business | — | — | ¥3668119000 | 6.7% | 2 |
| Overseas restaurant business | — | — | ¥2054345000 | -0.9% | 2 |
| Production and distribution businesses | 5 years | +7.0% | ¥829993000 | 20.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,822 | 100.0% | S100YLZQ |
| Cost of revenue | 8,010 | 36.7% | S100YLZQ |
| Gross profit | 13,811 | 63.3% | S100YLZQ |
| SG&A | 12,966 | 59.4% | S100YLZQ |
| Operating income | 845 | 3.9% | S100YLZQ |
| Ordinary income | 722 | 3.3% | S100YLZQ |
| Pretax income | 1,063 | 4.9% | S100YLZQ |
| Income tax | -72 | -0.3% | S100YLZQ |
| Net income | 1,135 | 5.2% | S100YLZQ |
| Net income attributable to owners | 1,135 | 5.2% | S100YLZQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 59 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 63.3% → Operating margin 3.9% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +221.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 62.23×
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 | 21,072 | 21,822 | 749 | +3.6% |
| Gross profit | 13,494 | 13,811 | 318 | +2.4% |
| Operating income | 263 | 845 | 582 | +221.3% |
| Net income attributable to owners | -37 | 1,135 | 1,172 | — |
| Operating cash flow | 541 | 1,263 | 722 | +133.4% |
| Free cash flow | -201 | 830 | 1,031 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,072 | 45 | 0.2% | 117 | 21 | -659 | S100LQ84 |
| FY ending Mar 2021 | 8,942 | -3,612 | -40.4% | -3,547 | -3,555 | -3,774 | S100QDE9 |
| FY ending Mar 2022 | 7,998 | -3,770 | -47.1% | 31 | 113 | -431 | S100R6WE |
| FY ending Mar 2023 | 17,176 | -1,734 | -10.1% | -1,313 | 1,023 | 507 | S100TY6H |
| FY ending Mar 2024 | 20,599 | -112 | -0.5% | -453 | 251 | -136 | S100W8M9 |
| FY ending Mar 2025 | 21,072 | 263 | 1.2% | -37 | 541 | -201 | S100YLZQ |
| FY ending Mar 2026 | 21,822 | 845 | 3.9% | 1,135 | 1,263 | 830 | S100YLZQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.7M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 696 | 722 | 723 | 706 | 735 |
| Average salary (parent company) | ¥6M | ¥5.8M | ¥5.6M | ¥5.4M | ¥5.2M |
| Average age (parent company) | 40.0 years | 36.0 years | 41.4 years | 42.4 years | 43.3 years |
| Average tenure (parent company) | 6.4 years | 7.4 years | 7.9 years | 8.5 years | 9.4 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) +3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic restaurant business | 15,269 | 70.0% | 445 | 2.9% |
| Overseas restaurant business | 2,054 | 9.4% | -18 | -0.9% |
| Ready-made meal Business | 3,668 | 16.8% | 245 | 6.7% |
| Production and distribution businesses | 830 | 3.8% | 174 | 20.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic restaurant business | 70.0% | 51.5% | -18.4 | 2.9% |
| Overseas restaurant business | 9.4% | — | — | -0.9% |
| Ready-made meal Business | 16.8% | 28.3% | 11.5 | 6.7% |
| Production and distribution businesses | 3.8% | 20.1% | 16.3 | 20.9% |

Loss-making segment (excluded from profit shares): Overseas restaurant business -18 JPY mn

Segment → industry: Production and distribution businesses → Livestock, Feed & Fertilizer / Production and distribution businesses → Specialty Trading & Wholesale / Overseas restaurant business → Restaurants & Pubs / Domestic restaurant business → Restaurants & Pubs / Ready-made meal 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 | 1,263 | 5.8% | S100YLZQ |
| Capital expenditure | 434 | 2.0% | S100YLZQ |
| Free cash flow | 830 | 3.8% | 算出 |
| Investing cash flow | 24 | 0.1% | S100YLZQ |
| Financing cash flow | -1,051 | -4.8% | S100YLZQ |
| Change in cash | 254 | 1.2% | S100YLZQ |
| Cash and equivalents | 1,171 | 5.4% | S100YLZQ |

## 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 | 1,487 | 1,818 | 1,647 | 917 | 1,171 | S100TY6H, S100W8M9, S100YLZQ |
| Total assets | 9,684 | 9,140 | 8,277 | 7,689 | 8,013 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Net assets | 543 | 118 | 167 | -51 | 1,125 | S100TY6H, S100W8M9, S100YLZQ |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Inventories | 642 | 518 | 514 | 505 | 493 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Property, plant and equipment | 3,294 | 3,133 | 2,863 | 2,819 | 2,651 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Intangible assets excluding goodwill | 131 | 106 | 16 | 17 | 26 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Goodwill | 108 | 46 | — | — | — | S100R6WE, S100TY6H |
| Investment securities | 283 | 319 | 195 | 176 | 185 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Current assets | 4,136 | 3,824 | 3,534 | 2,873 | 3,298 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Current liabilities | 4,206 | 4,619 | 6,182 | 6,025 | 4,982 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Short-term borrowings | 2,188 | 1,936 | 1,731 | 3,973 | 2,602 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Long-term borrowings | 4,771 | 4,262 | 1,785 | 1,560 | 1,646 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Total liabilities | 9,141 | 9,021 | 8,109 | 7,739 | 6,888 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Non-controlling interests | 78 | 78 | 55 | 1 | 1 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Equity attributable to owners of parent | 544 | 49 | 76 | 7 | 1,219 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Retained earnings | 321 | -1,051 | -1,504 | -128 | 1,009 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |
| Treasury stock | -375 | -375 | -375 | -299 | -142 | S100R6WE, S100TY6H, S100W8M9, S100YLZQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YLZQ |
| Inventories | 6% | S100YLZQ |
| Property, plant and equipment | 33% | S100YLZQ |
| Intangibles and goodwill | 0% | S100YLZQ |
| Investment securities | 2% | S100YLZQ |
| Other assets | 44% | S100YLZQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 86% | S100YLZQ |
| Equity | 14% | S100YLZQ |
| Other liabilities | 0% | S100YLZQ |

### 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 | 9,684 | 9,140 | 8,277 | 7,689 | 8,013 |
| Equity | 543 | 118 | 167 | -51 | 1,125 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,487 | 1,818 | 1,647 | 917 | 1,171 |

## 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) | 12.1% | S100YLZQ |
| Fixed assets ÷ total assets | 33.1% | S100YLZQ |
| Goodwill ÷ parent equity | — | —, S100YLZQ |

### 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) | 14.6% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.5% |
| Cash vs. profit gap | 128 JPY mn (of net income 11.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 1.9% |

## 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 | 0.4% | 0.83× | 0.3% | 17.79× | 5.8% | S100R6WE |
| 2023 | — | —× | -13.9% | —× | — | S100TY6H |
| 2024 | — | —× | -5.2% | —× | — | S100W8M9 |
| 2025 | — | —× | -0.5% | —× | — | S100YLZQ |
| 2026 | 5.2% | 2.78× | 14.5% | 12.81× | 185.3% | S100YLZQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 米山 久 | Major shareholder | 40.7% | 2026-03-31 |
| MTRインベストメント株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 西 陽一郎 | Major shareholder | 3.5% | 2026-03-31 |
| オイシックス・ラ・大地株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社アップフロントグループ | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社NSK | Major shareholder | 0.9% | 2026-03-31 |
| 里見 順子 | Major shareholder | 0.5% | 2026-03-31 |
| エー・ピーホールディングス従業員持株会 | Major shareholder | 0.4% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.2% | 2026-03-31 |
| 吉野 勝己 | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YLZQ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLZQ,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W8M9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8M9,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TY6H | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY6H,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R6WE | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6WE,, |
| 訂正有価証券報告書－第21期(2021/04/01－2022/03/31) | S100QDE9 | 2023-03-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDE9,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LQ84 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ84,, |

## 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).