# ARIAKE JAPAN 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48期(2025/04/01－2026/03/31) (S100YDGM)
> Page: https://vizora.meequs.com/en/company/ariake-japan
> Retrieved: 2026-09-30T21:39:44.796Z

## Company

Ariake Japan, founded in 1978, is a company in Processed Foods listed on TSE Prime. It has 1,201 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARIAKE JAPAN Co.,Ltd. |
| Ticker | 2815 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2815.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿南三丁目2番17号 |
| Representative (per filing) | 代表取締役社長 白川 直樹 |
| Founded | May 1978 |
| Share capital | ¥7.1B |
| Employees (consolidated) | 1,201 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.ariakejapan.com (https://www.ariakejapan.com/) |
| Corporate number | 3011001030833 |
| EDINET | E00486 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YDGM, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 56 |
| Profitability | 97.5 | 60 |
| Cash conversion | 21.9 | 57 |
| Efficiency | 5.8 | 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)

- Ariake Japan brought in ¥67B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit +6.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥66957024000 → ¥9576076000
- Net income → operating cash flow: ¥9576076000 → ¥9055102000（difference ¥-520974000）
- Main uses of operating cash flow: CapEx ¥2314471000 / dividends ¥5413206000 / buybacks ¥2151000
- Change in cash: ¥-5325374000
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 | ¥67B |  |
| Operating income | ¥11.8B | Margin 17.6% |
| Net income | ¥9.46B | Margin 14.1% |
| Free cash flow | ¥6.74B |  |
| Employees (consolidated) | 1,201 |  |
| EPS | ¥226.88 |  |
| Book value per share | ¥3433.37 |  |
| Equity ratio | 88.3% |  |
| Shares outstanding | 32,808,000 |  |
| Treasury shares | 959,100 |  |
| Shareholders | 7,466 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 35.5% | Cash ÷ revenue 80.1% |
| Vs. industry median margin | +13.6 pp | Processed Foods |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 6.4% | 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 | ¥49684501000 | ¥66957024000 | +34.8% |
| Operating income | ¥10046398000 | ¥11782860000 | +17.3% |
| Operating margin | 20.2% | 17.6% | -2.6 pp |
| Employees | 1,024 people | 1,201 people | +17.3% |
| Cash and equivalents | ¥40877790000 | ¥53641383000 | +31.2% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 66,957 | 100.0% | S100YDGM |
| Cost of revenue | 46,382 | 69.3% | S100YDGM |
| Gross profit | 20,575 | 30.7% | S100YDGM |
| SG&A | 8,792 | 13.1% | S100YDGM |
| Operating income | 11,783 | 17.6% | S100YDGM |
| Ordinary income | 13,757 | 20.5% | S100YDGM |
| Pretax income | 13,690 | 20.4% | S100YDGM |
| Income tax | 4,114 | 6.1% | S100YDGM |
| Net income | 9,576 | 14.3% | S100YDGM |
| Net income attributable to owners | 9,458 | 14.1% | S100YDGM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 13 |
| Operating income | 18 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 30.7% → Operating margin 17.6% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.4%; Core profit growth: +6.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 65,401 | 66,957 | 1,556 | +2.4% |
| Gross profit | 19,725 | 20,575 | 850 | +4.3% |
| Operating income | 11,117 | 11,783 | 665 | +6.0% |
| Net income attributable to owners | 8,206 | 9,458 | 1,252 | +15.3% |
| Operating cash flow | 12,170 | 9,055 | -3,115 | -25.6% |
| Free cash flow | 11,205 | 6,741 | -4,465 | -39.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,330 | 11,790 | 22.5% | 8,376 | 1,977 | 361 | S100LKA8 |
| FY ending Mar 2021 | 49,685 | 10,046 | 20.2% | 7,277 | 11,016 | 9,499 | S100OBJI |
| FY ending Mar 2022 | 52,659 | 10,683 | 20.3% | 7,709 | 8,302 | 5,931 | S100RB8V |
| FY ending Mar 2023 | 55,698 | 8,456 | 15.2% | 6,385 | 5,597 | 2,571 | S100TXZA |
| FY ending Mar 2024 | 59,981 | 8,663 | 14.4% | 7,353 | 8,808 | 5,762 | S100VZO8 |
| FY ending Mar 2025 | 65,401 | 11,117 | 17.0% | 8,206 | 12,170 | 11,205 | S100YDGM |
| FY ending Mar 2026 | 66,957 | 11,783 | 17.6% | 9,458 | 9,055 | 6,741 | S100YDGM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.8M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥7.9M |

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) | 1,041 | 1,061 | 1,106 | 1,166 | 1,201 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.4M | ¥5.4M | ¥5.4M |
| Average age (parent company) | 38.2 years | 37.7 years | 38.9 years | 39.3 years | 39.6 years |
| Average tenure (parent company) | 14.3 years | 13.2 years | 14.9 years | 14.4 years | 14.5 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +2.4%

## 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 | 9,055 | 13.5% | S100YDGM |
| Capital expenditure | 2,314 | 3.5% | S100YDGM |
| Free cash flow | 6,741 | 10.1% | 算出 |
| Investing cash flow | -9,961 | -14.9% | S100YDGM |
| Financing cash flow | -5,448 | -8.1% | S100YDGM |
| Dividends paid | 5,413 | 8.1% | S100YDGM |
| Share buyback | 2 | 0.0% | S100YDGM |
| Change in cash | -5,325 | -8.0% | S100YDGM |
| Cash and equivalents | 53,641 | 80.1% | S100YDGM |

## 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 | 54,904 | 56,297 | 48,448 | 58,959 | 53,641 | S100TXZA, S100VZO8, S100YDGM |
| Total assets | 119,964 | 126,262 | 136,597 | 145,735 | 151,052 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Net assets | 106,339 | 111,743 | 120,279 | 128,383 | 134,750 | S100TXZA, S100VZO8, S100YDGM |
| Share capital | 7,095 | 7,095 | 7,095 | 7,095 | 7,095 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Trade receivables | 11,225 | 12,122 | 13,508 | 12,801 | 13,522 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Property, plant and equipment | 21,078 | 23,081 | 25,204 | 24,803 | 25,976 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Intangible assets excluding goodwill | 307 | 205 | 123 | 125 | 110 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Goodwill | 171 | 79 | — | — | — | S100RB8V, S100TXZA |
| Investment securities | 11,952 | 20,941 | 31,512 | 32,989 | 39,561 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Current assets | 86,009 | 81,413 | 76,161 | 84,106 | 81,767 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Current liabilities | 9,267 | 9,806 | 10,616 | 10,712 | 9,746 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Trade payables | 4,546 | 5,010 | 4,871 | 4,770 | 4,327 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Total liabilities | 13,625 | 14,519 | 16,318 | 17,351 | 16,302 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Non-controlling interests | 853 | 980 | 1,103 | 1,284 | 1,424 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Equity attributable to owners of parent | 98,625 | 101,951 | 106,054 | 110,755 | 114,805 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Retained earnings | 85,606 | 88,934 | 93,038 | 97,741 | 101,785 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |
| Treasury stock | -2,041 | -2,042 | -2,044 | -2,045 | -2,045 | S100RB8V, S100TXZA, S100VZO8, S100YDGM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YDGM |
| Receivables | 9% | S100YDGM |
| Property, plant and equipment | 17% | S100YDGM |
| Intangibles and goodwill | 0% | S100YDGM |
| Investment securities | 26% | S100YDGM |
| Other assets | 12% | S100YDGM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YDGM |
| Other liabilities | 8% | S100YDGM |
| Equity | 89% | S100YDGM |

### 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 | 119,964 | 126,262 | 136,597 | 145,735 | 151,052 |
| Equity | 106,339 | 111,743 | 120,279 | 128,383 | 134,750 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 54,904 | 56,297 | 48,448 | 58,959 | 53,641 |

## 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) | 38.8% | S100YDGM |
| Fixed assets ÷ total assets | 17.2% | S100YDGM |
| Goodwill ÷ parent equity | — | —, S100YDGM |

### 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) | 35.5% |
| Cash ÷ revenue | 80.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.8% |
| Cash vs. profit gap | -403 JPY mn (of net income -4.3%) |
| Shareholder returns / net income | 57.3% |
| Shareholder returns / FCF | 80.3% |
| Shareholder payments — dividends / net income | 57.2% |
| Shareholder payments — dividends / FCF | 80.3% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 110.0% |

## 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 | 14.6% | 0.44× | 6.4% | 1.22× | 7.8% | S100RB8V |
| 2023 | 11.5% | 0.45× | 5.2% | 1.23× | 6.4% | S100TXZA |
| 2024 | 12.3% | 0.46× | 5.6% | 1.26× | 7.1% | S100VZO8 |
| 2025 | 12.5% | 0.46× | 5.8% | 1.30× | 7.6% | S100YDGM |
| 2026 | 14.1% | 0.45× | 6.4% | 1.32× | 8.4% | S100YDGM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ジャパンフードビジネス株式会社 | Major shareholder | 33.7% | 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 | 9.8% | 2026-03-31 |
| 公益財団法人岡田甲子男記念奨学財団 | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385839 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社王将フードサービス | Major shareholder | 2.5% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.4% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N. A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| 岡田 直己 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YDGM | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDGM,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100VZO8 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZO8,, |
| 訂正有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TXZA | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXZA,, |
| 訂正有価証券報告書－第45期(2022/04/01－2023/03/31) | S100RB8V | 2023-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RB8V,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OBJI | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBJI,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LKA8 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKA8,, |

## 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).