# B-R 31 ICE CREAM CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/01/01－2025/12/31) (S100XQHI)
> Page: https://vizora.meequs.com/en/company/b-r-31-ice-cream
> Retrieved: 2026-09-30T19:14:50.376Z

## Company

B-R 31 ICE Cream is a company in Fast Food & Quick Service listed on TSE Standard. It has 301 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | B-R 31 ICE CREAM CO.,LTD. |
| Ticker | 2268 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2268.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区上大崎三丁目1番1号 |
| Representative (per filing) | 代表取締役会長 兼 社長 CEO ジョン・キム |
| Share capital | ¥735.3M |
| Employees (consolidated) | 301 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | December |
| Website | www.31ice.co.jp (https://www.31ice.co.jp/) |
| Corporate number | 8010701008226 |
| EDINET | E00474 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100XQHI, filed 2026-03-16). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 79.5 | 22 |
| Cash conversion | 69 | 21 |
| Efficiency | 11.4 | 22 |

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)

- B-R 31 ICE Cream brought in ¥34.3B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +11.7% from the prior year, operating profit +17.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥34285506000 → ¥1770865000
- Net income → operating cash flow: ¥1770865000 → ¥4456699000（difference ¥2685834000）
- Main uses of operating cash flow: CapEx ¥4375540000 / dividends ¥529565000 / buybacks —
- Change in cash: ¥-840671000
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 | ¥34.3B |  |
| Operating income | ¥2.77B | Margin 8.1% |
| Net income | ¥1.77B | Margin 5.2% |
| Free cash flow | ¥81.2M |  |
| Employees (consolidated) | 301 |  |
| EPS | ¥196.54 |  |
| Book value per share | ¥1523.15 |  |
| Equity ratio | 47.1% |  |
| Shares outstanding | 9,644,554 |  |
| Treasury shares | 8,700 |  |
| Shareholders | 15,481 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | +2.6 pp | Fast Food & Quick Service |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17598340000 | ¥34285506000 | — |
| Operating income | ¥757162000 | ¥2768242000 | — |
| Operating margin | 4.3% | 8.1% | +3.8 pp |
| Employees | 229 people | 301 people | — |
| Cash and equivalents | ¥2628748000 | ¥7192901000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,286 | 100.0% | S100XQHI |
| Cost of revenue | 17,267 | 50.4% | S100XQHI |
| Gross profit | 17,018 | 49.6% | S100XQHI |
| SG&A | 14,250 | 41.6% | S100XQHI |
| Operating income | 2,768 | 8.1% | S100XQHI |
| Ordinary income | 2,862 | 8.3% | S100XQHI |
| Pretax income | 2,759 | 8.0% | S100XQHI |
| Income tax | 988 | 2.9% | S100XQHI |
| Net income | 1,771 | 5.2% | S100XQHI |
| Net income attributable to owners | 1,771 | 5.2% | S100XQHI |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 42 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 49.6% → Operating margin 8.1% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.7%; Core profit growth: +17.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.46×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,688 | 34,286 | 3,597 | +11.7% |
| Gross profit | 15,113 | 17,018 | 1,905 | +12.6% |
| Operating income | 2,364 | 2,768 | 404 | +17.1% |
| Net income attributable to owners | 1,544 | 1,771 | 227 | +14.7% |
| Operating cash flow | 3,540 | 4,457 | 916 | +25.9% |
| Free cash flow | 455 | 81 | -374 | -82.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 19,318 | 516 | 2.7% | 439 | 1,115 | -119 | S100KYZ3 |
| FY ending Dec 2020 | 17,598 | 757 | 4.3% | 442 | 3,054 | 2,410 | S100NNQN |
| FY ending Dec 2021 | 19,388 | 1,184 | 6.1% | 779 | 4,040 | 3,658 | S100NNQN |
| FY ending Dec 2022 | 22,038 | 1,709 | 7.8% | 1,233 | 1,958 | 887 | S100T1DX |
| FY ending Dec 2023 | 24,761 | 1,829 | 7.4% | 1,202 | 2,722 | 1,226 | S100VEV5 |
| FY ending Dec 2024 | 30,688 | 2,364 | 7.7% | 1,544 | 3,540 | 455 | S100XQHI |
| FY ending Dec 2025 | 34,286 | 2,768 | 8.1% | 1,771 | 4,457 | 81 | S100XQHI |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥113.9M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥5.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 222 | 252 | 252 | 269 | 301 |
| Average salary (parent company) | ¥7.6M | ¥8.1M | ¥7.9M | ¥8.5M | ¥8.7M |
| Average age (parent company) | 41.3 years | 41.6 years | 41.5 years | 42.1 years | 41.3 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 11.0 years | 12.0 years | 11.0 years |

Year over year: Employees (consolidated) +11.9% · Revenue (consolidated) +11.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,457 | 13.0% | S100XQHI |
| Capital expenditure | 4,376 | 12.8% | S100XQHI |
| Free cash flow | 81 | 0.2% | 算出 |
| Investing cash flow | -4,336 | -12.6% | S100XQHI |
| Financing cash flow | -960 | -2.8% | S100XQHI |
| Dividends paid | 530 | 1.5% | S100XQHI |
| Change in cash | -841 | -2.5% | S100XQHI |
| Cash and equivalents | 7,193 | 21.0% | S100XQHI |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,441 | 5,797 | 6,375 | 8,034 | 7,193 | S100NNQN, S100VEV5, S100XQHI |
| Total assets | 18,952 | 19,961 | 21,351 | 26,315 | 31,804 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Net assets | 10,190 | 11,398 | 12,372 | 13,635 | 14,981 | S100NNQN, S100VEV5, S100XQHI |
| Share capital | 735 | 735 | 735 | 735 | 735 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Property, plant and equipment | 5,529 | 5,737 | 5,971 | 8,132 | 10,840 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Intangible assets excluding goodwill | 419 | 621 | 665 | 718 | 680 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Goodwill | — | 209 | 205 | 208 | 187 | S100T1DX, S100VEV5, S100XQHI |
| Investment securities | 74 | — | — | — | — | S100NNQN |
| Current assets | 9,558 | 10,660 | 11,989 | 14,548 | 17,033 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Current liabilities | 6,174 | 6,233 | 6,821 | 8,713 | 12,755 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Long-term borrowings | 974 | 744 | 514 | 2,034 | 1,723 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Total liabilities | 8,762 | 8,562 | 8,979 | 12,680 | 16,822 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Equity attributable to owners of parent | 10,195 | 11,349 | 12,214 | 13,372 | 14,613 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Retained earnings | 9,236 | 10,391 | 11,255 | 12,413 | 13,654 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |
| Treasury stock | -17 | -18 | -18 | -18 | -18 | S100NNQN, S100T1DX, S100VEV5, S100XQHI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XQHI |
| Property, plant and equipment | 34% | S100XQHI |
| Intangibles and goodwill | 3% | S100XQHI |
| Other assets | 40% | S100XQHI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XQHI |
| Equity | 47% | S100XQHI |
| Other liabilities | 0% | S100XQHI |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,952 | 19,961 | 21,351 | 26,315 | 31,804 |
| Equity | 10,190 | 11,398 | 12,372 | 13,635 | 14,981 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,441 | 5,797 | 6,375 | 8,034 | 7,193 |

## 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) | 31.6% | S100XQHI |
| Fixed assets ÷ total assets | 34.1% | S100XQHI |
| Goodwill ÷ parent equity | 1.3% | S100XQHI |

### 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) | 22.6% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 161.0% |
| Cash vs. profit gap | 2,686 JPY mn (of net income 151.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 652.5% |
| CapEx intensity (capex ÷ revenue) | 12.8% |
| Investing CF relative to operating CF | 97.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.0% | 1.02× | 4.1% | 1.86× | 7.6% | S100NNQN |
| 2022 | 5.6% | 1.10× | 6.2% | 1.76× | 10.9% | S100T1DX |
| 2023 | 4.9% | 1.20× | 5.8% | 1.75× | 10.2% | S100VEV5 |
| 2024 | 5.0% | 1.29× | 6.5% | 1.86× | 12.1% | S100XQHI |
| 2025 | 5.2% | 1.18× | 6.1% | 2.08× | 12.7% | S100XQHI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ダンキン ブランズ インターナショナル ホールディングス リミテッド(常任代理人 株式会社三井住友銀行) | Major shareholder | 36.8% | 2025-12-31 |
| 株式会社不二家 | Major shareholder | 36.8% | 2025-12-31 |
| ジェーピー モルガン チェース バンク(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.5% | 2025-12-31 |
| UBS AG London A/C IPB Segregated Client Account(常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 0.3% | 2025-12-31 |
| サーティワン従業員持株会 | Major shareholder | 0.3% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.3% | 2025-12-31 |
| JPLLC CLIENT ASSETS-SK J(常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 0.3% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.2% | 2025-12-31 |
| ビ－エヌワイエム エスエーエヌブイ ビー エヌワイエム ジーシーエム クライアント アカウンツ エム エルエスシービー アールデイ(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 0.2% | 2025-12-31 |
| ステート ストリート バンク アンド トラスト カンパニー(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/01/01－2025/12/31) | S100XQHI | 2026-03-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQHI,, |
| 有価証券報告書－第52期(2024/01/01－2024/12/31) | S100VEV5 | 2025-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEV5,, |
| 有価証券報告書－第51期(2023/01/01－2023/12/31) | S100T1DX | 2024-03-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T1DX,, |
| 有価証券報告書－第50期(2022/01/01－2022/12/31) | S100QDGB | 2023-03-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDGB,, |
| 有価証券報告書－第49期(令和3年1月1日－令和3年12月31日) | S100NNQN | 2022-03-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NNQN,, |
| 有価証券報告書－第48期(令和2年1月1日－令和2年12月31日) | S100KYZ3 | 2021-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYZ3,, |

## 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).