# BOURBON CORPORATION: 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150期(2025/04/01－2026/03/31) (S100YEFS)
> Page: https://vizora.meequs.com/en/company/bourbon
> Retrieved: 2026-09-30T19:42:05.697Z

## Company

Bourbon, founded in 1924, is a company in Processed Foods listed on TSE Standard. It has 4,150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BOURBON CORPORATION |
| Ticker | 2208 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2208.T) |
| Listing | TSE Standard |
| Head office | 新潟県柏崎市駅前一丁目3番1号 |
| Representative (per filing) | 代表取締役社長 吉田 匡慶 |
| Founded | Nov 1924 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 4,150 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.bourbon.co.jp (https://www.bourbon.co.jp/) |
| Corporate number | 6110001017563 |
| EDINET | E00380 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YEFS, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.1 | 56 |
| Profitability | 70.8 | 60 |
| Cash conversion | 53.5 | 57 |
| Efficiency | 55.8 | 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)

- Bourbon brought in ¥120.3B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +0.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥120303000000 → ¥5913000000
- Net income → operating cash flow: ¥5913000000 → ¥9280000000（difference ¥3367000000）
- Main uses of operating cash flow: CapEx ¥4114000000 / dividends ¥930000000 / buybacks —
- Change in cash: ¥3434000000
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 | ¥120.3B |  |
| Operating income | ¥7.5B | Margin 6.2% |
| Net income | ¥5.91B | Margin 4.9% |
| Free cash flow | ¥5.17B |  |
| Employees (consolidated) | 4,150 |  |
| EPS | ¥234.17 |  |
| Book value per share | ¥2762.02 |  |
| Equity ratio | 66.3% |  |
| Shares outstanding | 27,700,000 |  |
| Treasury shares | 3,527,900 |  |
| Shareholders | 17,904 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | +2.2 pp | Processed Foods |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 0%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118443000000 | ¥120303000000 | +1.6% |
| Operating income | ¥4179000000 | ¥7496000000 | +79.4% |
| Operating margin | 3.5% | 6.2% | +2.7 pp |
| Employees | 4,201 people | 4,150 people | -1.2% |
| Cash and equivalents | ¥14778000000 | ¥20826000000 | +40.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 120,303 | 100.0% | S100YEFS |
| Cost of revenue | 89,943 | 74.8% | S100YEFS |
| Gross profit | 30,359 | 25.2% | S100YEFS |
| SG&A | 22,863 | 19.0% | S100YEFS |
| Operating income | 7,496 | 6.2% | S100YEFS |
| Ordinary income | 8,004 | 6.7% | S100YEFS |
| Pretax income | 7,971 | 6.6% | S100YEFS |
| Income tax | 2,058 | 1.7% | S100YEFS |
| Net income | 5,913 | 4.9% | S100YEFS |
| Net income attributable to owners | 5,913 | 4.9% | S100YEFS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 25.2% → Operating margin 6.2% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +0.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.06×
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 | 113,475 | 120,303 | 6,828 | +6.0% |
| Gross profit | 29,125 | 30,359 | 1,234 | +4.2% |
| Operating income | 7,470 | 7,496 | 26 | +0.3% |
| Net income attributable to owners | 5,566 | 5,913 | 347 | +6.2% |
| Operating cash flow | 6,527 | 9,280 | 2,753 | +42.2% |
| Free cash flow | -294 | 5,166 | 5,460 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 117,551 | 2,919 | 2.5% | 1,875 | 3,389 | -1,868 | S100LRD2 |
| FY ending Mar 2021 | 118,443 | 4,179 | 3.5% | 3,167 | 8,055 | 2,288 | S100OHTZ |
| FY ending Mar 2022 | 94,451 | 4,117 | 4.4% | 3,374 | 8,090 | 3,182 | S100R6TJ |
| FY ending Mar 2023 | 97,383 | 1,613 | 1.7% | 1,096 | 2,117 | -3,604 | S100TSRK |
| FY ending Mar 2024 | 103,717 | 3,810 | 3.7% | 3,071 | 9,811 | 4,462 | S100W09C |
| FY ending Mar 2025 | 113,475 | 7,470 | 6.6% | 5,566 | 6,527 | -294 | S100YEFS |
| FY ending Mar 2026 | 120,303 | 7,496 | 6.2% | 5,913 | 9,280 | 5,166 | S100YEFS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 4,262 | 4,264 | 4,211 | 4,186 | 4,150 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥4.8M | ¥5M | ¥5.2M |
| Average age (parent company) | 37.9 years | 38.3 years | 38.2 years | 38.3 years | 38.3 years |
| Average tenure (parent company) | 15.5 years | 15.9 years | 15.9 years | 16.0 years | 15.9 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +6.0%

## 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 | 9,280 | 7.7% | S100YEFS |
| Capital expenditure | 4,114 | 3.4% | S100YEFS |
| Free cash flow | 5,166 | 4.3% | 算出 |
| Investing cash flow | -4,371 | -3.6% | S100YEFS |
| Financing cash flow | -1,515 | -1.3% | S100YEFS |
| Dividends paid | 930 | 0.8% | S100YEFS |
| Change in cash | 3,434 | 2.9% | S100YEFS |
| Cash and equivalents | 20,826 | 17.3% | S100YEFS |

## 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 | 16,793 | 16,183 | 19,575 | 17,391 | 20,826 | S100TSRK, S100W09C, S100YEFS |
| Total assets | 83,262 | 87,630 | 94,233 | 95,839 | 101,410 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Net assets | 52,786 | 53,540 | 56,434 | 61,492 | 67,207 | S100TSRK, S100W09C, S100YEFS |
| Share capital | 1,036 | 1,036 | 1,036 | 1,036 | 1,036 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Property, plant and equipment | 37,104 | 38,922 | 39,836 | 40,649 | 39,971 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Intangible assets excluding goodwill | 1,254 | 1,289 | 1,538 | 1,507 | 1,275 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Goodwill | 862 | 748 | 634 | 519 | 405 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Investment securities | 2,957 | 4,178 | 4,775 | 4,331 | 5,519 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Current assets | 38,871 | 40,416 | 45,478 | 46,294 | 52,055 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Current liabilities | 23,382 | 24,555 | 28,963 | 25,884 | 26,590 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Trade payables | 11,477 | 10,913 | 12,931 | 12,169 | 12,059 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Short-term borrowings | — | 2,000 | 2,000 | 500 | 500 | S100TSRK, S100W09C, S100YEFS |
| Long-term borrowings | 78 | 2,676 | 2,366 | 2,055 | 1,745 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Bonds | — | 100 | — | 300 | — | S100TSRK, S100YEFS |
| Interest-bearing debt | — | 4,776 | — | 2,855 | — | 算出 |
| Total liabilities | 30,476 | 34,090 | 37,799 | 34,347 | 34,202 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Equity attributable to owners of parent | 53,116 | 53,600 | 56,035 | 61,189 | 66,171 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Retained earnings | 46,231 | 46,715 | 49,150 | 53,947 | 58,930 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |
| Treasury stock | -941 | -941 | -941 | -903 | -903 | S100R6TJ, S100TSRK, S100W09C, S100YEFS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YEFS |
| Property, plant and equipment | 39% | S100YEFS |
| Intangibles and goodwill | 2% | S100YEFS |
| Investment securities | 5% | S100YEFS |
| Other assets | 33% | S100YEFS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YEFS |
| Other liabilities | 22% | S100YEFS |
| Equity | 66% | S100YEFS |
| Other liabilities | 0% | S100YEFS |

### 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 | 83,262 | 87,630 | 94,233 | 95,839 | 101,410 |
| Equity | 52,786 | 53,540 | 56,434 | 61,492 | 67,207 |
| Interest-bearing debt | — | 4,776 | — | 2,855 | — |
| Cash | 16,793 | 16,183 | 19,575 | 17,391 | 20,826 |

## 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) | 33.2% | S100YEFS |
| Fixed assets ÷ total assets | 39.4% | S100YEFS |
| Goodwill ÷ parent equity | 0.6% | S100YEFS |

Goodwill over 4 years: 862 → 405 JPY; total investing cash flow: -28,001 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) | 20.5% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.8% |
| Cash vs. profit gap | 3,367 JPY mn (of net income 56.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.7% |
| Shareholder payments — dividends / FCF | 18.0% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 47.1% |

## 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 | 3.6% | 1.13× | 4.1% | 1.57× | 6.4% | S100R6TJ |
| 2023 | 1.1% | 1.14× | 1.3% | 1.60× | 2.1% | S100TSRK |
| 2024 | 3.0% | 1.14× | 3.4% | 1.66× | 5.6% | S100W09C |
| 2025 | 4.9% | 1.19× | 5.9% | 1.62× | 9.5% | S100YEFS |
| 2026 | 4.9% | 1.22× | 6.0% | 1.55× | 9.3% | S100YEFS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人ブルボン吉田記念財団 | Major shareholder | 10.8% | 2026-03-31 |
| 吉田興産株式会社 | Major shareholder | 9.1% | 2026-03-31 |
| ブルボン柏湧共栄会 | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 吉田 康 | Major shareholder | 4.9% | 2026-03-31 |
| 吉田 暁弘 | Major shareholder | 3.8% | 2026-03-31 |
| 北日本興産株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 吉田 匡慶 | Major shareholder | 3.1% | 2026-03-31 |
| 吉田 篤司 | Major shareholder | 3.0% | 2026-03-31 |
| 吉田 和代 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第150期(2025/04/01－2026/03/31) | S100YEFS | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEFS,, |
| 有価証券報告書－第149期(2024/04/01－2025/03/31) | S100W09C | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W09C,, |
| 有価証券報告書－第148期(2023/04/01－2024/03/31) | S100TSRK | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSRK,, |
| 有価証券報告書－第147期(2022/04/01－2023/03/31) | S100R6TJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6TJ,, |
| 有価証券報告書－第146期(令和3年4月1日－令和4年3月31日) | S100OHTZ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHTZ,, |
| 有価証券報告書－第145期(令和2年4月1日－令和3年3月31日) | S100LRD2 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRD2,, |

## 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).