# ASAHIMATSU FOODS 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76期(2025/04/01－2026/03/31) (S100YI4Q)
> Page: https://vizora.meequs.com/en/company/asahimatsu-foods
> Retrieved: 2026-09-30T19:58:22.204Z

## Company

Asahimatsu Foods, founded in 1987, is a company in Processed Foods listed on TSE Standard. It has 257 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHIMATSU FOODS CO.,LTD. |
| Ticker | 2911 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2911.T) |
| Listing | TSE Standard |
| Head office | 長野県飯田市駄科1008番地(同所は登記上の本店所在地で実際の業務は下記で行っております。)大阪市淀川区田川三丁目7番3号 |
| Representative (per filing) | 代表取締役社長 木下 博隆 |
| Founded | Nov 1987 |
| Share capital | ¥1.62B |
| Employees (consolidated) | 257 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Website | www.asahimatsu.co.jp (https://www.asahimatsu.co.jp/) |
| Corporate number | 5100001022185 |
| EDINET | E00487 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YI4Q, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.6 | 56 |
| Profitability | 15.8 | 60 |
| Cash conversion | 93.9 | 57 |
| Efficiency | 19.2 | 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)

- Asahimatsu Foods brought in ¥7.69B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -4.1% from the prior year, operating profit -61.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7686918000 → ¥233184000
- Net income → operating cash flow: ¥233184000 → ¥397391000（difference ¥164207000）
- Main uses of operating cash flow: CapEx ¥508953000 / dividends ¥64104000 / buybacks ¥45000
- Change in cash: ¥263217000
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 | ¥7.69B |  |
| Operating income | ¥87.8M | Margin 1.1% |
| Net income | ¥230.7M | Margin 3.0% |
| Free cash flow | -¥111.6M |  |
| Employees (consolidated) | 257 |  |
| EPS | ¥165.51 |  |
| Book value per share | ¥4420.24 |  |
| Equity ratio | 81.4% |  |
| Shares outstanding | 1,876,000 |  |
| Treasury shares | 18,600 |  |
| Shareholders | 4,558 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 15.9% |
| Vs. industry median margin | -2.9 pp | Processed Foods |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8224260000 | ¥7686918000 | -6.5% |
| Operating income | ¥264827000 | ¥87786000 | -66.9% |
| Operating margin | 3.2% | 1.1% | -2.1 pp |
| Employees | 328 people | 257 people | -21.6% |
| Cash and equivalents | ¥925681000 | ¥1225841000 | +32.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,687 | 100.0% | S100YI4Q |
| Cost of revenue | 5,586 | 72.7% | S100YI4Q |
| Gross profit | 2,101 | 27.3% | S100YI4Q |
| SG&A | 2,014 | 26.2% | S100YI4Q |
| Operating income | 88 | 1.1% | S100YI4Q |
| Ordinary income | 205 | 2.7% | S100YI4Q |
| Pretax income | 311 | 4.0% | S100YI4Q |
| Income tax | 78 | 1.0% | S100YI4Q |
| Net income | 233 | 3.0% | S100YI4Q |
| Net income attributable to owners | 231 | 3.0% | S100YI4Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 26 |
| Operating income | 1 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 27.3% → Operating margin 1.1% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.1%; Core profit growth: -61.1%
Operating leverage (core profit growth ÷ revenue growth): 14.82×
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 | 8,018 | 7,687 | -331 | -4.1% |
| Gross profit | 2,287 | 2,101 | -186 | -8.1% |
| Operating income | 226 | 88 | -138 | -61.1% |
| Net income attributable to owners | 239 | 231 | -8 | -3.4% |
| Operating cash flow | 479 | 397 | -81 | -17.0% |
| Free cash flow | 24 | -112 | -136 | -559.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,837 | 314 | 3.5% | 263 | 680 | -51 | S100LSDO |
| FY ending Mar 2021 | 8,224 | 265 | 3.2% | 236 | 829 | 240 | S100PVIW |
| FY ending Mar 2022 | 8,034 | 205 | 2.6% | 196 | 675 | 280 | S100R9FJ |
| FY ending Mar 2023 | 7,938 | -50 | -0.6% | -69 | 205 | -45 | S100TVM0 |
| FY ending Mar 2024 | 8,098 | 205 | 2.5% | 233 | 730 | 266 | S100W83H |
| FY ending Mar 2025 | 8,018 | 226 | 2.8% | 239 | 479 | 24 | S100YI4Q |
| FY ending Mar 2026 | 7,687 | 88 | 1.1% | 231 | 397 | -112 | S100YI4Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥341.6K |
| Net income per employee (consolidated) | ¥897.7K |

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) | 326 | 319 | 313 | 310 | 257 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥4.2M | ¥4.4M | ¥4.5M |
| Average age (parent company) | 41.4 years | 42.0 years | 41.6 years | 41.5 years | 42.1 years |
| Average tenure (parent company) | 18.1 years | 18.4 years | 18.1 years | 17.9 years | 18.2 years |

Year over year: Employees (consolidated) -17.1% · Revenue (consolidated) -4.1%

## 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 | 397 | 5.2% | S100YI4Q |
| Capital expenditure | 509 | 6.6% | S100YI4Q |
| Free cash flow | -112 | -1.5% | 算出 |
| Investing cash flow | -69 | -0.9% | S100YI4Q |
| Financing cash flow | -50 | -0.6% | S100YI4Q |
| Dividends paid | 64 | 0.8% | S100YI4Q |
| Share buyback | 0 | 0.0% | S100YI4Q |
| Change in cash | 263 | 3.4% | S100YI4Q |
| Cash and equivalents | 1,226 | 15.9% | S100YI4Q |

## 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 | 845 | 832 | 981 | 963 | 1,226 | S100TVM0, S100W83H, S100YI4Q |
| Total assets | 9,580 | 9,437 | 9,940 | 10,234 | 10,318 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Net assets | 7,552 | 7,518 | 7,973 | 8,266 | 8,397 | S100TVM0, S100W83H, S100YI4Q |
| Share capital | 1,618 | 1,618 | 1,618 | 1,618 | 1,618 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Trade receivables | 1,432 | 1,409 | 1,433 | — | — | S100R9FJ, S100TVM0 |
| Inventories | 969 | 1,220 | 1,265 | 1,536 | 1,561 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Property, plant and equipment | 4,302 | 4,104 | 4,087 | 4,171 | 3,976 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Intangible assets excluding goodwill | 163 | 164 | 162 | 149 | 102 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Investment securities | 610 | 592 | 815 | 847 | 1,244 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Current assets | 4,458 | 4,534 | 4,826 | 5,027 | 4,890 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Current liabilities | 1,512 | 1,407 | 1,375 | 1,312 | 1,127 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Trade payables | 579 | 618 | 529 | 433 | — | S100R9FJ, S100TVM0, S100W83H |
| Short-term borrowings | 386 | 289 | 223 | 219 | 243 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Long-term borrowings | 362 | 341 | 391 | 432 | 455 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Total liabilities | 2,028 | 1,919 | 1,967 | 1,969 | 1,921 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Non-controlling interests | 55 | 60 | 65 | 74 | — | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Equity attributable to owners of parent | 7,385 | 7,271 | 7,505 | 7,716 | 7,871 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Retained earnings | 4,255 | 4,121 | 4,333 | 4,526 | 4,660 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |
| Treasury stock | -121 | -100 | -79 | -61 | -41 | S100R9FJ, S100TVM0, S100W83H, S100YI4Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YI4Q |
| Inventories | 15% | S100YI4Q |
| Property, plant and equipment | 39% | S100YI4Q |
| Intangibles and goodwill | 1% | S100YI4Q |
| Investment securities | 12% | S100YI4Q |
| Other assets | 21% | S100YI4Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YI4Q |
| Equity | 81% | S100YI4Q |

### 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 | 9,580 | 9,437 | 9,940 | 10,234 | 10,318 |
| Equity | 7,552 | 7,518 | 7,973 | 8,266 | 8,397 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 845 | 832 | 981 | 963 | 1,226 |

## 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) | 51.7% | S100YI4Q |
| Fixed assets ÷ total assets | 38.5% | S100YI4Q |
| Goodwill ÷ parent equity | — | —, S100YI4Q |

### 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) | 11.9% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 452.7% |
| Cash vs. profit gap | 167 JPY mn (of net income 72.2%) |
| Shareholder returns / net income | 27.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 17.4% |

## 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% | 0.84× | 2.0% | 1.30× | 2.7% | S100R9FJ |
| 2023 | — | —× | -0.7% | —× | — | S100TVM0 |
| 2024 | 2.9% | 0.84× | 2.4% | 1.31× | 3.2% | S100W83H |
| 2025 | 3.0% | 0.79× | 2.4% | 1.33× | 3.1% | S100YI4Q |
| 2026 | 3.0% | 0.75× | 2.2% | 1.32× | 3.0% | S100YI4Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社八十二長野銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 木 下 博 隆 | Major shareholder | 3.0% | 2026-03-31 |
| 赤 羽 源一郎 | Major shareholder | 3.0% | 2026-03-31 |
| 藤徳物産株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 国分西日本株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 佐々木 寛 雄 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社大乾 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日阪製作所 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社ホワイトフーズ | Major shareholder | 1.9% | 2026-03-31 |
| 赤 羽 栄 子 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YI4Q | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI4Q,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W83H | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W83H,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TVM0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVM0,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R9FJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9FJ,, |
| 訂正有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100PVIW | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVIW,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LSDO | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSDO,, |

## 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).