# Axial Retailing Inc.: 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75期(2025/04/01－2026/03/31) (S100YBP0)
> Page: https://vizora.meequs.com/en/company/axial-retailing
> Retrieved: 2026-09-30T21:37:41.886Z

## Company

Axial Retailing, founded in 1967, is a company in Supermarkets listed on TSE Prime. It has 2,576 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Axial Retailing Inc. |
| Ticker | 8255 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8255.T) |
| Listing | TSE Prime |
| Head office | 新潟県長岡市中之島1993番地17 |
| Representative (per filing) | 代表取締役社長・CEO 原和彦 |
| Founded | Aug 1967 |
| Share capital | ¥3.16B |
| Employees (consolidated) | 2,576 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.axial-r.com (https://www.axial-r.com/) |
| Corporate number | 9110001023311 |
| EDINET | E03133 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100YBP0, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.6 | 45 |
| Profitability | 70.4 | 49 |
| Cash conversion | 45.7 | 47 |
| Efficiency | 54.1 | 49 |

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 100% of Axial Retailing's sales come from Supermarket, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +1.0%.

## Company structure

- Segment revenue mix: Supermarket 99.7%、Other 0.3%
- Revenue → net income: ¥295536000000 → ¥8803000000
- Net income → operating cash flow: ¥8803000000 → ¥16939000000（difference ¥8136000000）
- Main uses of operating cash flow: CapEx ¥4462000000 / dividends ¥2582000000 / buybacks ¥1282000000
- Change in cash: ¥8549000000
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 | ¥295.5B |  |
| Operating income | ¥12.2B | Margin 4.1% |
| Net income | ¥8.8B | Margin 3.0% |
| Free cash flow | ¥12.5B |  |
| Largest business | Supermarket | of segment revenue 99.7% |
| Employees (consolidated) | 2,576 |  |
| EPS | ¥63.62 |  |
| Book value per share | ¥298.68 |  |
| Equity ratio | 66.1% |  |
| Shares outstanding | 93,552,000 |  |
| Treasury shares | 4,964,700 |  |
| Shareholders | 12,521 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | +1.3 pp | Supermarkets |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, employees -2% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥256351000000 | ¥295536000000 | +15.3% |
| Operating income | ¥12114000000 | ¥12185000000 | +0.6% |
| Operating margin | 4.7% | 4.1% | -0.6 pp |
| Employees | 2,653 people | 2,576 people | -2.9% |
| Cash and equivalents | ¥17023000000 | ¥30436000000 | +78.8% |

### 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 |
| --- | ---: |
| スーパーマーケット → スーパーマーケット | 99.6% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → スーパーマーケット | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 295,536 | 100.0% | S100YBP0 |
| Cost of revenue | 211,026 | 71.4% | S100YBP0 |
| Gross profit | 84,510 | 28.6% | S100YBP0 |
| SG&A | 72,324 | 24.5% | S100YBP0 |
| Operating income | 12,185 | 4.1% | S100YBP0 |
| Ordinary income | 12,799 | 4.3% | S100YBP0 |
| Pretax income | 12,594 | 4.3% | S100YBP0 |
| Income tax | 3,791 | 1.3% | S100YBP0 |
| Net income | 8,803 | 3.0% | S100YBP0 |
| Net income attributable to owners | 8,803 | 3.0% | S100YBP0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 25 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.6% → Operating margin 4.1% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +1.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.21×
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 | 281,870 | 295,536 | 13,666 | +4.8% |
| Gross profit | 82,056 | 84,510 | 2,454 | +3.0% |
| Operating income | 12,060 | 12,185 | 125 | +1.0% |
| Net income attributable to owners | 9,006 | 8,803 | -203 | -2.3% |
| Operating cash flow | 11,815 | 16,939 | 5,124 | +43.4% |
| Free cash flow | 4,132 | 12,477 | 8,345 | +202.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 240,898 | 9,467 | 3.9% | 6,239 | 11,402 | 4,538 | S100LHBB |
| FY ending Mar 2021 | 256,351 | 12,114 | 4.7% | 8,282 | 14,450 | 6,804 | S100O7F6 |
| FY ending Mar 2022 | 246,450 | 10,310 | 4.2% | 7,074 | 9,429 | 3,014 | S100QVSP |
| FY ending Mar 2023 | 254,966 | 10,443 | 4.1% | 6,356 | 12,594 | 2,912 | S100TIWL |
| FY ending Mar 2024 | 270,224 | 11,779 | 4.4% | 7,442 | 17,099 | 5,401 | S100VTDY |
| FY ending Mar 2025 | 281,870 | 12,060 | 4.3% | 9,006 | 11,815 | 4,132 | S100YBP0 |
| FY ending Mar 2026 | 295,536 | 12,185 | 4.1% | 8,803 | 16,939 | 12,477 | S100YBP0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥114.7M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 2,708 | 2,719 | 2,661 | 2,620 | 2,576 |
| Average salary (parent company) | ¥7.5M | ¥7.5M | ¥7.8M | ¥8.1M | ¥8.5M |
| Average age (parent company) | 56.4 years | 55.3 years | 52.6 years | 52.1 years | 53.3 years |
| Average tenure (parent company) | 6.0 years | 3.3 years | 3.3 years | 3.2 years | 3.6 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 294,769 | 99.7% | 11,952 | 4.1% |
| Other | 767 | 0.3% | 476 | 62.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 99.7% | 96.2% | -3.6 | 4.1% |
| Other | 0.3% | 3.8% | 3.6 | 62.1% |

Segment → industry: Supermarket → Supermarkets

## 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 | 16,939 | 5.7% | S100YBP0 |
| Capital expenditure | 4,462 | 1.5% | S100YBP0 |
| Free cash flow | 12,477 | 4.2% | 算出 |
| Investing cash flow | -4,249 | -1.4% | S100YBP0 |
| Financing cash flow | -4,140 | -1.4% | S100YBP0 |
| Dividends paid | 2,582 | 0.9% | S100YBP0 |
| Share buyback | 1,282 | 0.4% | S100YBP0 |
| Change in cash | 8,549 | 2.9% | S100YBP0 |
| Cash and equivalents | 30,436 | 10.3% | S100YBP0 |

## 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 | 18,450 | 19,539 | 21,019 | 21,887 | 30,436 | S100TIWL, S100VTDY, S100YBP0 |
| Total assets | 116,855 | 122,756 | 131,390 | 135,296 | 144,145 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Net assets | 74,059 | 78,705 | 83,298 | 89,294 | 95,218 | S100TIWL, S100VTDY, S100YBP0 |
| Share capital | 3,159 | 3,159 | 3,159 | 3,159 | 3,159 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Trade receivables | 4,154 | 5,032 | 6,042 | 7,224 | 6,001 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Property, plant and equipment | 67,453 | 70,624 | 75,226 | 76,732 | 76,692 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Intangible assets excluding goodwill | 2,455 | 2,626 | 3,009 | 3,241 | 3,260 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Goodwill | 2 | 2 | 2 | 1 | 0 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Investment securities | 2,964 | 3,201 | 3,614 | 3,778 | 4,852 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Current assets | 32,423 | 34,804 | 37,256 | 39,605 | 47,826 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Current liabilities | 28,266 | 29,262 | 33,344 | 31,765 | 35,309 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Total liabilities | 42,796 | 44,051 | 48,091 | 46,001 | 48,927 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Equity attributable to owners of parent | 72,647 | 77,159 | 81,155 | 87,153 | 92,136 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Retained earnings | 54,963 | 59,476 | 64,973 | 71,738 | 77,954 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |
| Treasury stock | -1,226 | -1,226 | -2,727 | -3,494 | -4,727 | S100QVSP, S100TIWL, S100VTDY, S100YBP0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YBP0 |
| Receivables | 4% | S100YBP0 |
| Property, plant and equipment | 53% | S100YBP0 |
| Intangibles and goodwill | 2% | S100YBP0 |
| Investment securities | 4% | S100YBP0 |
| Other assets | 16% | S100YBP0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YBP0 |
| Equity | 66% | S100YBP0 |

### 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 | 116,855 | 122,756 | 131,390 | 135,296 | 144,145 |
| Equity | 74,059 | 78,705 | 83,298 | 89,294 | 95,218 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,450 | 19,539 | 21,019 | 21,887 | 30,436 |

## 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) | 26.0% | S100YBP0 |
| Fixed assets ÷ total assets | 53.2% | S100YBP0 |
| Goodwill ÷ parent equity | 0.0% | S100YBP0 |

Goodwill over 4 years: 2 → 0 JPY; total investing cash flow: -38,869 JPY. This does not imply causation.

### 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) | 21.1% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 139.0% |
| Cash vs. profit gap | 8,136 JPY mn (of net income 92.4%) |
| Shareholder returns / net income | 43.9% |
| Shareholder returns / FCF | 31.0% |
| Shareholder payments — dividends / net income | 29.3% |
| Shareholder payments — dividends / FCF | 20.7% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 25.1% |

## 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 | 2.9% | 2.11× | 6.1% | 1.61× | 9.7% | S100QVSP |
| 2023 | 2.5% | 2.13× | 5.3% | 1.60× | 8.5% | S100TIWL |
| 2024 | 2.8% | 2.13× | 5.9% | 1.61× | 9.4% | S100VTDY |
| 2025 | 3.2% | 2.11× | 6.8% | 1.58× | 10.7% | S100YBP0 |
| 2026 | 3.0% | 2.12× | 6.3% | 1.56× | 9.8% | S100YBP0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.2% | 2026-03-31 |
| 株式会社第四北越銀行（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.5% | 2026-03-31 |
| 植木 威行 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 3.3% | 2026-03-31 |
| 原 和彦 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社ニューサンライフ | Major shareholder | 2.6% | 2026-03-31 |
| 原和彦アセットマネジメント株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 原 信博 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2026-03-31 |
| アクシアル リテイリング従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YBP0 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBP0,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100VTDY | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTDY,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TIWL | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIWL,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100QVSP | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QVSP,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100O7F6 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7F6,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LHBB | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LHBB,, |

## 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).