# BLUE ZONES HOLDINGS 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1期(2025/04/01－2026/03/31) (S100YC3L)
> Page: https://vizora.meequs.com/en/company/blue-zones-holdings
> Retrieved: 2026-09-30T20:39:04.481Z

## Company

Blue Zones Holdings, founded in 2025, is a company in Supermarkets listed on TSE Prime. It has 5,766 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BLUE ZONES HOLDINGS CO., LTD. |
| Ticker | 417A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/417A.T) |
| Listing | TSE Prime |
| Head office | 埼玉県川越市新宿町一丁目10番地1 |
| Representative (per filing) | 代表取締役社長 川野澄人 |
| Founded | Oct 2025 |
| Share capital | ¥9.85B |
| Employees (consolidated) | 5,766 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.bluezonesholdings.co.jp (https://www.bluezonesholdings.co.jp/) |
| Corporate number | 5030001168960 |
| EDINET | E40736 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100YC3L, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 78.6 | 49 |
| Cash conversion | 33 | 47 |
| Efficiency | 33.7 | 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)

- Blue Zones Holdings brought in ¥783.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥783434000000 → ¥24323000000
- Net income → operating cash flow: ¥24323000000 → ¥47071000000（difference ¥22748000000）
- Main uses of operating cash flow: CapEx ¥35946000000 / dividends ¥5548000000 / buybacks ¥2000000
- Change in cash: ¥4313000000
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 | ¥783.4B |  |
| Operating income | ¥36.4B | Margin 4.6% |
| Net income | ¥23.6B | Margin 3.0% |
| Free cash flow | ¥11.1B |  |
| Employees (consolidated) | 5,766 |  |
| EPS | ¥127.41 |  |
| Book value per share | ¥973.06 |  |
| Equity ratio | 46.6% |  |
| Shares outstanding | 41,894,177 |  |
| Treasury shares | 200 |  |
| Shareholders | 14,097 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 12.3% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | +1.8 pp | Supermarkets |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 783,434 | 100.0% | S100YC3L |
| Cost of revenue | 589,802 | 75.3% | S100YC3L |
| Gross profit | 193,632 | 24.7% | S100YC3L |
| SG&A | 186,960 | 23.9% | S100YC3L |
| Operating income | 36,392 | 4.6% | S100YC3L |
| Ordinary income | 35,727 | 4.6% | S100YC3L |
| Pretax income | 33,301 | 4.3% | S100YC3L |
| Income tax | 8,978 | 1.1% | S100YC3L |
| Net income | 24,323 | 3.1% | S100YC3L |
| Net income attributable to owners | 23,596 | 3.0% | S100YC3L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 24 |
| Other operating | -4 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 24.7% → Operating margin 4.6% → Net margin 3.0%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥135.9M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥4.1M |

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

| History | FY ending Mar 2026 |
| --- | ---: |
| Employees (consolidated) | 5,766 |
| Average salary (parent company) | ¥8.1M |
| Average age (parent company) | 35.4 years |
| Average tenure (parent company) | 7.3 years |

## 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 | 47,071 | 6.0% | S100YC3L |
| Capital expenditure | 35,946 | 4.6% | S100YC3L |
| Free cash flow | 11,125 | 1.4% | 算出 |
| Investing cash flow | -46,395 | -5.9% | S100YC3L |
| Financing cash flow | 3,637 | 0.5% | S100YC3L |
| Dividends paid | 5,548 | 0.7% | S100YC3L |
| Share buyback | 2 | 0.0% | S100YC3L |
| Change in cash | 4,313 | 0.6% | S100YC3L |
| Cash and equivalents | 52,811 | 6.7% | S100YC3L |

## 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 2026 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 52,811 | S100YC3L |
| Total assets | 427,822 | S100YC3L |
| Net assets | 205,964 | S100YC3L |
| Share capital | 9,846 | S100YC3L |
| Property, plant and equipment | 265,978 | S100YC3L |
| Intangible assets excluding goodwill | 13,660 | S100YC3L |
| Goodwill | 6,132 | S100YC3L |
| Investment securities | 1,168 | S100YC3L |
| Current assets | 102,050 | S100YC3L |
| Current liabilities | 123,292 | S100YC3L |
| Long-term borrowings | 61,640 | S100YC3L |
| Bonds | 52 | S100YC3L |
| Total liabilities | 221,857 | S100YC3L |
| Non-controlling interests | 6,400 | S100YC3L |
| Equity attributable to owners of parent | 201,389 | S100YC3L |
| Retained earnings | 185,622 | S100YC3L |
| Treasury stock | -8,340 | S100YC3L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YC3L |
| Property, plant and equipment | 62% | S100YC3L |
| Intangibles and goodwill | 5% | S100YC3L |
| Investment securities | 0% | S100YC3L |
| Other assets | 21% | S100YC3L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YC3L |
| Equity | 48% | S100YC3L |
| Other liabilities | 0% | S100YC3L |

## 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) | 34.0% | S100YC3L |
| Fixed assets ÷ total assets | 62.2% | S100YC3L |
| Goodwill ÷ parent equity | 3.0% | S100YC3L |

### 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) | 12.3% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.3% |
| Cash vs. profit gap | 23,475 JPY mn (of net income 99.5%) |
| Shareholder returns / net income | 23.5% |
| Shareholder returns / FCF | 49.9% |
| Shareholder payments — dividends / net income | 23.5% |
| Shareholder payments — dividends / FCF | 49.9% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 98.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2026 | 3.0% | 1.83× | 5.5% | 2.12× | 11.7% | S100YC3L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社川野商事 | Major shareholder | 18.3% | 2026-03-31 |
| 株式会社川野パートナーズ | Major shareholder | 10.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| 公益財団法人川野小児医学奨学財団 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社武蔵野銀行（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 | 3.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| ブルーゾーンホールディングス従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 川 野 清 巳 | Major shareholder | 1.9% | 2026-03-31 |

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

- Supermarkets are its only business, bringing in ¥783.4B of revenue in the FY ending Mar 2026.
- Out of every 100 yen of sales, 75 yen goes to the cost of goods and 24 yen to SG&A, leaving 5 yen of operating income and 3 yen of net income.
- This is the holding company's first reporting year, so it gives no formal year-on-year figures, but it says same-store sales rose sharply, led by its discount stores.

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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第1期(2025/04/01－2026/03/31) | S100YC3L | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC3L,, |

## 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).