# Belc  CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2025/03/01－2026/02/28) (S100Y4X3)
> Page: https://vizora.meequs.com/en/company/belc
> Retrieved: 2026-09-30T19:09:24.765Z

## Company

Belc, founded in 1959, is a company in Supermarkets listed on TSE Prime. It has 2,914 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Belc CO., LTD. |
| Ticker | 9974 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9974.T) |
| Listing | TSE Prime |
| Head office | 埼玉県鶴ヶ島市脚折1646番 |
| Representative (per filing) | 代表取締役社長 原島一誠 |
| Founded | May 1959 |
| Share capital | ¥3.91B |
| Employees (consolidated) | 2,914 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | February |
| Corporate number | 8030001085963 |
| EDINET | E03216 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y4X3, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 45 |
| Profitability | 76.5 | 49 |
| Cash conversion | 26.6 | 47 |
| Efficiency | 45.9 | 49 |
| Financial strength | 93.8 | 8 |

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)

- Belc brought in ¥416.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +9.2% from the prior year, operating profit +5.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥416514000000 → ¥12681000000
- Net income → operating cash flow: ¥12681000000 → ¥20935000000（difference ¥8254000000）
- Main uses of operating cash flow: CapEx ¥23323000000 / dividends ¥2586000000 / buybacks ¥106000000
- Change in cash: ¥1941000000
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 | ¥416.5B |  |
| Operating income | ¥17.9B | Margin 4.3% |
| Net income | ¥12.7B | Margin 3.0% |
| Free cash flow | -¥2.39B |  |
| Employees (consolidated) | 2,914 |  |
| EPS | ¥595.11 |  |
| Book value per share | ¥5444.29 |  |
| Equity ratio | 54.5% |  |
| Shares outstanding | 20,867,800 |  |
| Treasury shares | 1,400 |  |
| Shareholders | 9,527 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 9.0% | Net cash -¥13.1B · Cash ÷ revenue 4.8% |
| Vs. industry median margin | +1.5 pp | Supermarkets |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥281656000000 | ¥416514000000 | +47.9% |
| Operating income | ¥11932000000 | ¥17900000000 | +50.0% |
| Operating margin | 4.2% | 4.3% | +0.1 pp |
| Employees | 2,206 people | 2,914 people | +32.1% |
| Cash and equivalents | ¥7369000000 | ¥19847000000 | +169.3% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 416,514 | 100.0% | S100Y4X3 |
| Cost of revenue | 304,539 | 73.1% | S100Y4X3 |
| Gross profit | 111,974 | 26.9% | S100Y4X3 |
| SG&A | 100,991 | 24.2% | S100Y4X3 |
| Operating income | 17,900 | 4.3% | S100Y4X3 |
| Ordinary income | 18,168 | 4.4% | S100Y4X3 |
| Pretax income | 17,290 | 4.2% | S100Y4X3 |
| Income tax | 4,609 | 1.1% | S100Y4X3 |
| Net income | 12,681 | 3.0% | S100Y4X3 |
| Net income attributable to owners | 12,681 | 3.0% | S100Y4X3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 24 |
| Other operating | -1 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.9% → Operating margin 4.3% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.2%; Core profit growth: +5.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.57×
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 | 381,440 | 416,514 | 35,074 | +9.2% |
| Gross profit | 103,080 | 111,974 | 8,894 | +8.6% |
| Operating income | 17,011 | 17,900 | 889 | +5.2% |
| Net income attributable to owners | 12,385 | 12,681 | 296 | +2.4% |
| Operating cash flow | 22,690 | 20,935 | -1,755 | -7.7% |
| Free cash flow | 4,409 | -2,388 | -6,797 | -154.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 236,904 | 10,463 | 4.4% | 7,296 | 12,244 | 1,514 | S100LF0I |
| FY ending Feb 2021 | 281,656 | 11,932 | 4.2% | 8,828 | 17,348 | 3,216 | S100O4KK |
| FY ending Feb 2022 | 297,019 | 13,072 | 4.4% | 9,187 | 17,059 | 296 | S100QTZ0 |
| FY ending Feb 2023 | 305,561 | 14,018 | 4.6% | 9,614 | 15,618 | -1,191 | S100THFF |
| FY ending Feb 2024 | 346,072 | 14,495 | 4.2% | 10,677 | 21,059 | 2,909 | S100VSN7 |
| FY ending Feb 2025 | 381,440 | 17,011 | 4.5% | 12,385 | 22,690 | 4,409 | S100Y4X3 |
| FY ending Feb 2026 | 416,514 | 17,900 | 4.3% | 12,681 | 20,935 | -2,388 | S100Y4X3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥142.9M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 2,361 | 2,440 | 2,590 | 2,752 | 2,914 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.4M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 32.8 years | 33.0 years | 33.4 years | 33.5 years | 33.6 years |
| Average tenure (parent company) | 9.0 years | 9.2 years | 9.3 years | 9.4 years | 9.6 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +9.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 20,935 | 5.0% | S100Y4X3 |
| Capital expenditure | 23,323 | 5.6% | S100Y4X3 |
| Free cash flow | -2,388 | -0.6% | 算出 |
| Investing cash flow | -22,774 | -5.5% | S100Y4X3 |
| Financing cash flow | 3,780 | 0.9% | S100Y4X3 |
| Dividends paid | 2,586 | 0.6% | S100Y4X3 |
| Share buyback | 106 | 0.0% | S100Y4X3 |
| Change in cash | 1,941 | 0.5% | S100Y4X3 |
| Cash and equivalents | 19,847 | 4.8% | S100Y4X3 |

## 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 | 11,791 | 15,579 | 17,028 | 17,833 | 19,847 | S100THFF, S100VSN7, S100Y4X3 |
| Total assets | 153,214 | 169,306 | 184,363 | 200,717 | 221,376 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Net assets | 83,650 | 91,304 | 99,965 | 109,920 | 120,592 | S100THFF, S100VSN7, S100Y4X3 |
| Share capital | 3,912 | 3,912 | 3,912 | 3,912 | 3,912 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Property, plant and equipment | 108,829 | 118,888 | 128,251 | 138,207 | 152,474 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Intangible assets excluding goodwill | 1,655 | 1,646 | 2,407 | 2,367 | 2,193 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Investment securities | 80 | 110 | 123 | 157 | 267 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Current assets | 27,380 | 32,682 | 36,908 | 40,017 | 44,567 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Current liabilities | 36,225 | 38,294 | 45,444 | 49,205 | 53,262 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Short-term borrowings | 500 | — | — | — | 200 | S100QTZ0, S100Y4X3 |
| Long-term borrowings | 21,828 | 25,054 | 24,252 | 26,520 | 31,508 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Bonds | — | 2,571 | 2,142 | 1,928 | 1,285 | S100THFF, S100VSN7, S100Y4X3 |
| Interest-bearing debt | — | — | — | — | 32,993 | 算出 |
| Total liabilities | 69,564 | 78,002 | 84,398 | 90,797 | 100,783 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Equity attributable to owners of parent | 83,891 | 91,270 | 99,882 | 109,851 | 119,838 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Retained earnings | 75,880 | 83,373 | 91,985 | 101,950 | 112,044 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |
| Treasury stock | -3 | -118 | -118 | -114 | -221 | S100QTZ0, S100THFF, S100VSN7, S100Y4X3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y4X3 |
| Property, plant and equipment | 69% | S100Y4X3 |
| Intangibles and goodwill | 1% | S100Y4X3 |
| Investment securities | 0% | S100Y4X3 |
| Other assets | 21% | S100Y4X3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 31% | S100Y4X3 |
| Equity | 54% | S100Y4X3 |
| Other liabilities | 0% | S100Y4X3 |

### 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 | 153,214 | 169,306 | 184,363 | 200,717 | 221,376 |
| Equity | 83,650 | 91,304 | 99,965 | 109,920 | 120,592 |
| Interest-bearing debt | — | — | — | — | 32,993 |
| Cash | 11,791 | 15,579 | 17,028 | 17,833 | 19,847 |

## 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) | 36.6% | S100Y4X3 |
| Fixed assets ÷ total assets | 68.9% | S100Y4X3 |
| Goodwill ÷ parent equity | — | —, S100Y4X3 |

### 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) | 9.0% |
| Cash ÷ revenue | 4.8% |
| Net cash (cash − interest-bearing debt) | -¥13.1B |
| Net debt ÷ operating cash flow | 0.63× |
| Cash conversion (operating CF ÷ operating income) | 117.0% |
| Cash vs. profit gap | 8,254 JPY mn (of net income 65.1%) |
| Shareholder returns / net income | 21.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 108.8% |

## 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 | 3.1% | 1.94× | 6.0% | 1.83× | 11.0% | S100QTZ0 |
| 2023 | 3.1% | 1.89× | 6.0% | 1.84× | 11.0% | S100THFF |
| 2024 | 3.1% | 1.96× | 6.0% | 1.85× | 11.2% | S100VSN7 |
| 2025 | 3.2% | 1.98× | 6.4% | 1.84× | 11.8% | S100Y4X3 |
| 2026 | 3.0% | 1.97× | 6.0% | 1.84× | 11.0% | S100Y4X3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 15.0% | 2026-02-28 |
| 株式会社ＩＨ | Major shareholder | 8.9% | 2026-02-28 |
| 株式会社ＴＨ | Major shareholder | 6.7% | 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 | 6.4% | 2026-02-28 |
| 有限会社ヘイセイカンパニー | Major shareholder | 5.2% | 2026-02-28 |
| 株式会社しまむら | Major shareholder | 4.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-02-28 |
| 株式会社武蔵野銀行 | Major shareholder | 3.3% | 2026-02-28 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND（常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.1% | 2026-02-28 |
| ベルク社員持株会 | Major shareholder | 2.5% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Sales climbed +9.2% to ¥416.5B.
- Profit lagged: operating income rose +5.2% to ¥17.9B, and net income just +2.4% to ¥12.7B.
- Belc spent ¥23.3B on stores and equipment, more than the ¥20.9B its operations brought in, so free cash flow slipped to -¥2.39B.

### Drivers

- Belc kept its shelf prices below rivals' while raising them when needed, and leaned on point card deals and other promotions.
- Stores opened last year ran a full year, and new ones this year added sales.
- Pay raises, more staff and pricier contract drivers made SG&A grow faster than sales.
- One weak store was written down as an impairment loss.
- Operating cash flow dipped because trade payables grew less than the year before.

### Risks

- Suppliers keep raising prices, and inflation may make shoppers cut back
- Rivals opening nearby and price wars in the same areas
- Not finding enough good sites to keep opening stores as planned

Cited: Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/03/01－2026/02/28) | S100Y4X3 | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4X3,, |
| 有価証券報告書－第66期(2024/03/01－2025/02/28) | S100VSN7 | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSN7,, |
| 有価証券報告書－第65期(2023/03/01－2024/02/29) | S100THFF | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THFF,, |
| 訂正有価証券報告書－第64期(2022/03/01－2023/02/28) | S100QTZ0 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTZ0,, |
| 有価証券報告書－第63期(令和3年3月1日－令和4年2月28日) | S100O4KK | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4KK,, |
| 有価証券報告書－第62期(令和2年3月1日－令和3年2月28日) | S100LF0I | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF0I,, |

## 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).