# BASE FOOD, Inc.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/03/01－2026/02/28) (S100Y7A4)
> Page: https://vizora.meequs.com/en/company/base-food
> Retrieved: 2026-09-30T21:02:00.293Z

## Company

Base Food, founded in 2016, is a company in Processed Foods listed on TSE Growth. It has 98 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BASE FOOD, Inc. |
| Ticker | 2936 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2936.T) |
| Listing | TSE Growth |
| Head office | 東京都目黒区中目黒五丁目25番2号 |
| Representative (per filing) | 代表取締役 橋本 舜 |
| Founded | Apr 2016 |
| Share capital | ¥38.2M |
| Employees (consolidated) | 98 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | February |
| Website | basefood.co.jp (https://basefood.co.jp/) |
| Corporate number | 6010901037910 |
| EDINET | E38104 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100Y7A4, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.3 | 56 |
| Profitability | 17.5 | 60 |
| Cash conversion | 46.5 | 57 |
| Efficiency | 99.2 | 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)

- About 100% of Base Food's sales come from Complete nutrition food business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit +59.3%.

## Company structure

- Segment revenue mix: Complete nutrition food business 99.8%、Other 0.2%
- Revenue → net income: ¥15191882000 → ¥262372000
- Net income → operating cash flow: ¥262372000 → ¥255417000（difference ¥-6955000）
- Main uses of operating cash flow: CapEx ¥127322000 / dividends — / buybacks ¥2000
- Change in cash: ¥-96265000
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 | ¥15.2B |  |
| Operating income | ¥217.4M | Margin 1.4% |
| Net income | ¥262.4M | Margin 1.7% |
| Free cash flow | ¥128.1M |  |
| Largest business | Complete nutrition food business | of segment revenue 99.8% |
| Employees (consolidated) | 98 |  |
| EPS | ¥4.92 |  |
| Diluted EPS | ¥4.9 |  |
| Book value per share | ¥25.38 |  |
| Equity ratio | 33.8% |  |
| Shares outstanding | 54,752,100 |  |
| Treasury shares | 1,358,035 |  |
| Shareholders | 15,226 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 47.0% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | -2.6 pp | Processed Foods |
| ROE | 21.9% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.7× its level five years ago
- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, employees -15% while operating income rose 59%

## What changed in 4 years

| Metric | FY ending Feb 2022 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5545758000 | ¥15191882000 | +173.9% |
| Operating income | ¥-454212000 | ¥217441000 | — |
| Operating margin | -8.2% | 1.4% | +9.6 pp |
| Employees | 37 people | 98 people | +164.9% |
| Cash and equivalents | ¥837005000 | ¥1886902000 | +125.4% |

### Change in segment revenue mix

Span: FY ending Feb 2022 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 完全栄養食事業 | 99.8% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,192 | 100.0% | S100Y7A4 |
| Cost of revenue | 6,590 | 43.4% | S100Y7A4 |
| Gross profit | 8,602 | 56.6% | S100Y7A4 |
| SG&A | 8,385 | 55.2% | S100Y7A4 |
| Operating income | 217 | 1.4% | S100Y7A4 |
| Ordinary income | 268 | 1.8% | S100Y7A4 |
| Pretax income | 268 | 1.8% | S100Y7A4 |
| Income tax | 5 | 0.0% | S100Y7A4 |
| Net income | 262 | 1.7% | S100Y7A4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 55 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 56.6% → Operating margin 1.4% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.3%; Core profit growth: +59.3%
Operating leverage (core profit growth ÷ revenue growth): -182.28×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,241 | 15,192 | -50 | -0.3% |
| Gross profit | 8,381 | 8,602 | 222 | +2.6% |
| Operating income | 137 | 217 | 81 | +59.3% |
| Operating cash flow | 130 | 255 | 125 | +95.8% |
| Free cash flow | 51 | 128 | 77 | +152.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2022 | 5,546 | -454 | -8.2% | -463 | -373 | -385 | S100QV3V |
| FY ending Feb 2023 | 9,858 | -971 | -9.9% | -1,008 | -733 | -801 | S100TIZT |
| FY ending Feb 2024 | 14,874 | -903 | -6.1% | -856 | -666 | -738 | S100VUG5 |
| FY ending Feb 2025 | 15,241 | 137 | 0.9% | 109 | 130 | 51 | S100Y7A4 |
| FY ending Feb 2026 | 15,192 | 217 | 1.4% | 262 | 255 | 128 | S100Y7A4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥155M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 37 | 108 | 128 | 115 | 98 |
| Average salary (parent company) | — | ¥8.7M | ¥9.2M | ¥8.5M | ¥9M |
| Average age (parent company) | — | 36.6 years | 36.2 years | 36.3 years | 37.1 years |
| Average tenure (parent company) | — | 1.2 years | 1.8 years | 2.4 years | 3.2 years |

Year over year: Employees (consolidated) -14.8% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Complete nutrition food business | 15,160 | 99.8% | 274 | 1.8% |
| Other | 31 | 0.2% | 2 | 7.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Complete nutrition food business | 99.8% | 99.1% | -0.6 | 1.8% |
| Other | 0.2% | 0.9% | 0.6 | 7.5% |

Segment → industry: Complete nutrition food business → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 255 | 1.7% | S100Y7A4 |
| Capital expenditure | 127 | 0.8% | S100Y7A4 |
| Free cash flow | 128 | 0.8% | 算出 |
| Investing cash flow | -240 | -1.6% | S100Y7A4 |
| Financing cash flow | -112 | -0.7% | S100Y7A4 |
| Share buyback | 0 | 0.0% | S100Y7A4 |
| Change in cash | -96 | -0.6% | S100Y7A4 |
| Cash and equivalents | 1,887 | 12.4% | S100Y7A4 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 837 | 2,297 | 1,431 | 1,983 | 1,887 | S100TIZT, S100VUG5, S100Y7A4 |
| Total assets | 1,589 | 3,610 | 3,277 | 3,851 | 4,014 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Net assets | 643 | 1,639 | 842 | 1,037 | 1,356 | S100TIZT, S100VUG5, S100Y7A4 |
| Share capital | 100 | 1,102 | 1,132 | 1,175 | 38 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Property, plant and equipment | 13 | 79 | 122 | 169 | 298 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Intangible assets excluding goodwill | 0 | 1 | 4 | 5 | 11 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Current assets | 1,536 | 3,293 | 2,671 | 3,275 | 3,231 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Current liabilities | 916 | 1,947 | 2,404 | 2,538 | 2,537 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Short-term borrowings | 30 | 500 | 500 | 400 | 400 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Long-term borrowings | 30 | — | — | 236 | 83 | S100QV3V, S100Y7A4 |
| Total liabilities | 946 | 1,971 | 2,434 | 2,814 | 2,658 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Equity attributable to owners of parent | 643 | 1,638 | 842 | 1,037 | 1,355 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Retained earnings | -468 | -1,477 | -2,333 | -2,224 | 262 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |
| Treasury stock | -28 | -28 | -28 | -28 | -28 | S100QV3V, S100TIZT, S100VUG5, S100Y7A4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100Y7A4 |
| Property, plant and equipment | 8% | S100Y7A4 |
| Intangibles and goodwill | 0% | S100Y7A4 |
| Other assets | 45% | S100Y7A4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100Y7A4 |
| Equity | 34% | S100Y7A4 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,589 | 3,610 | 3,277 | 3,851 | 4,014 |
| Equity | 643 | 1,639 | 842 | 1,037 | 1,356 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 837 | 2,297 | 1,431 | 1,983 | 1,887 |

## 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) | 2.0% | S100Y7A4 |
| Fixed assets ÷ total assets | 7.4% | S100Y7A4 |
| Goodwill ÷ parent equity | — | —, S100Y7A4 |

### 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) | 47.0% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.5% |
| Cash vs. profit gap | -7 JPY mn (of net income -2.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 93.9% |

## 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 | — | —× | -29.1% | —× | — | S100QV3V |
| 2023 | — | —× | -38.8% | —× | — | S100TIZT |
| 2024 | — | —× | -24.9% | —× | — | S100VUG5 |
| 2025 | 0.7% | 4.28× | 3.1% | 3.79× | 11.6% | S100Y7A4 |
| 2026 | 1.7% | 3.86× | 6.7% | 3.29× | 21.9% | S100Y7A4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 橋本舜 | Major shareholder | 32.6% | 2026-02-28 |
| 立花証券株式会社 | Major shareholder | 26.5% | 2026-02-28 |
| MBFアクセラレーション株式会社 | Major shareholder | 6.9% | 2026-02-28 |
| 牧寛之 | Major shareholder | 6.6% | 2026-02-28 |
| 齋藤竜太 | Major shareholder | 1.3% | 2026-02-28 |
| 里田聡美 | Major shareholder | 1.3% | 2026-02-28 |
| 山本陽介 | Major shareholder | 1.0% | 2026-02-28 |
| 寺田英司 | Major shareholder | 0.9% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 0.6% | 2026-02-28 |
| 斉藤徹 | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/03/01－2026/02/28) | S100Y7A4 | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7A4,, |
| 有価証券報告書－第9期(2024/03/01－2025/02/28) | S100VUG5 | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUG5,, |
| 有価証券報告書－第8期(2023/03/01－2024/02/29) | S100TIZT | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIZT,, |
| 有価証券報告書－第7期(2022/03/01－2023/02/28) | S100QV3V | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV3V,, |

## 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).