# BULL-DOG SAUCE 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101期(2025/04/01－2026/03/31) (S100YGZB)
> Page: https://vizora.meequs.com/en/company/bull-dog-sauce
> Retrieved: 2026-09-30T20:06:14.675Z

## Company

Bull-Dog Sauce, founded in 1926, is a company in Processed Foods listed on TSE Prime. It has 282 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BULL-DOG SAUCE CO.,LTD. |
| Ticker | 2804 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2804.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋兜町11番5号 |
| Representative (per filing) | 代表取締役社長執行役員 石垣幸俊 |
| Founded | Sep 1926 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 282 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.bulldog.co.jp (https://www.bulldog.co.jp/) |
| Corporate number | 6010001034924 |
| EDINET | E00466 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YGZB, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.7 | 56 |
| Profitability | 50.8 | 60 |
| Cash conversion | 83.3 | 57 |
| Efficiency | 4.2 | 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)

- Bull-Dog Sauce brought in ¥14.7B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +174.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14688678000 → ¥2440751000
- Net income → operating cash flow: ¥2440751000 → ¥1638231000（difference ¥-802520000）
- Main uses of operating cash flow: CapEx ¥263112000 / dividends ¥497864000 / buybacks ¥991488000
- Change in cash: ¥2272622000
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 | ¥14.7B |  |
| Operating income | ¥613.1M | Margin 4.2% |
| Net income | ¥2.44B | Margin 16.6% |
| Free cash flow | ¥1.38B |  |
| Employees (consolidated) | 282 |  |
| EPS | ¥166.97 |  |
| Book value per share | ¥1914.93 |  |
| Equity ratio | 67.7% |  |
| Shares outstanding | 13,208,780 |  |
| Treasury shares | 441,700 |  |
| Shareholders | 17,539 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 32.2% |
| Vs. industry median margin | +0.1 pp | Processed Foods |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.0× dividends
- FY2026, employees -4% while operating income rose 175%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17708524000 | ¥14688678000 | -17.1% |
| Operating income | ¥721058000 | ¥613134000 | -15.0% |
| Operating margin | 4.1% | 4.2% | +0.1 pp |
| Employees | 316 people | 282 people | -10.8% |
| Cash and equivalents | ¥4850561000 | ¥4729288000 | -2.5% |

### 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 | 14,689 | 100.0% | S100YGZB |
| Cost of revenue | 9,948 | 67.7% | S100YGZB |
| Gross profit | 4,741 | 32.3% | S100YGZB |
| SG&A | 4,128 | 28.1% | S100YGZB |
| Operating income | 613 | 4.2% | S100YGZB |
| Ordinary income | 1,319 | 9.0% | S100YGZB |
| Pretax income | 3,472 | 23.6% | S100YGZB |
| Income tax | 1,031 | 7.0% | S100YGZB |
| Net income | 2,441 | 16.6% | S100YGZB |
| Net income attributable to owners | 2,441 | 16.6% | S100YGZB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 28 |
| Operating income | 4 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 32.3% → Operating margin 4.2% → Net margin 16.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +174.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 359.98×
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 | 14,618 | 14,689 | 71 | +0.5% |
| Gross profit | 4,310 | 4,741 | 430 | +10.0% |
| Operating income | 223 | 613 | 390 | +174.9% |
| Net income attributable to owners | 624 | 2,441 | 1,817 | +291.3% |
| Operating cash flow | 2,331 | 1,638 | -692 | -29.7% |
| Free cash flow | 2,162 | 1,375 | -787 | -36.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,236 | 640 | 3.7% | 692 | 1,244 | 950 | S100LOGF |
| FY ending Mar 2021 | 17,709 | 721 | 4.1% | 694 | 1,514 | 1,034 | S100ODLQ |
| FY ending Mar 2022 | 13,301 | 652 | 4.9% | 717 | 1,127 | -121 | S100R5LY |
| FY ending Mar 2023 | 13,529 | 431 | 3.2% | 596 | 45 | -3,957 | S100TSNM |
| FY ending Mar 2024 | 14,483 | 164 | 1.1% | 145 | 90 | -4,730 | S100W2PW |
| FY ending Mar 2025 | 14,618 | 223 | 1.5% | 624 | 2,331 | 2,162 | S100YGZB |
| FY ending Mar 2026 | 14,689 | 613 | 4.2% | 2,441 | 1,638 | 1,375 | S100YGZB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.1M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥8.7M |

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) | 318 | 318 | 302 | 295 | 282 |
| Average salary (parent company) | ¥5.3M | ¥5.2M | ¥5.4M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 42.4 years | 43.0 years | 43.1 years | 43.0 years | 43.7 years |
| Average tenure (parent company) | 15.6 years | 16.1 years | 16.9 years | 17.0 years | 17.1 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) +0.5%

## 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 | 1,638 | 11.2% | S100YGZB |
| Capital expenditure | 263 | 1.8% | S100YGZB |
| Free cash flow | 1,375 | 9.4% | 算出 |
| Investing cash flow | 2,536 | 17.3% | S100YGZB |
| Financing cash flow | -1,902 | -13.0% | S100YGZB |
| Dividends paid | 498 | 3.4% | S100YGZB |
| Share buyback | 991 | 6.8% | S100YGZB |
| Change in cash | 2,273 | 15.5% | S100YGZB |
| Cash and equivalents | 4,729 | 32.2% | S100YGZB |

## 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 | 4,371 | 5,931 | 1,979 | 2,457 | 4,729 | S100TSNM, S100W2PW, S100YGZB |
| Total assets | 29,763 | 36,301 | 33,748 | 32,474 | 37,310 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Net assets | 20,140 | 20,257 | 21,461 | 21,445 | 25,262 | S100TSNM, S100W2PW, S100YGZB |
| Share capital | 1,044 | 1,044 | 1,044 | 1,044 | 1,044 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Property, plant and equipment | 11,461 | 15,496 | 14,929 | 13,987 | 12,869 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Intangible assets excluding goodwill | 33 | 64 | 197 | 179 | 165 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Investment securities | 7,544 | 7,337 | 9,157 | 9,476 | 13,424 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Current assets | 9,794 | 12,625 | 8,940 | 8,153 | 10,143 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Current liabilities | 7,317 | 9,339 | 5,709 | 4,690 | 4,961 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Trade payables | 1,478 | 1,858 | 1,739 | 1,591 | — | S100R5LY, S100TSNM, S100W2PW |
| Short-term borrowings | 30 | 125 | 1,270 | 230 | 230 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Long-term borrowings | 503 | 4,986 | 4,412 | 4,035 | 3,449 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Total liabilities | 9,623 | 16,044 | 12,287 | 11,029 | 12,048 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Equity attributable to owners of parent | 18,159 | 18,257 | 17,940 | 17,675 | 18,631 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Retained earnings | 15,355 | 15,453 | 15,125 | 15,276 | 15,818 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |
| Treasury stock | -805 | -805 | -795 | -1,210 | -795 | S100R5LY, S100TSNM, S100W2PW, S100YGZB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGZB |
| Property, plant and equipment | 35% | S100YGZB |
| Intangibles and goodwill | 0% | S100YGZB |
| Investment securities | 36% | S100YGZB |
| Other assets | 16% | S100YGZB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YGZB |
| Equity | 68% | S100YGZB |

### 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 | 29,763 | 36,301 | 33,748 | 32,474 | 37,310 |
| Equity | 20,140 | 20,257 | 21,461 | 21,445 | 25,262 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,371 | 5,931 | 1,979 | 2,457 | 4,729 |

## 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) | 87.6% | S100YGZB |
| Fixed assets ÷ total assets | 34.5% | S100YGZB |
| Goodwill ÷ parent equity | — | —, S100YGZB |

### 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) | 12.7% |
| Cash ÷ revenue | 32.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 267.2% |
| Cash vs. profit gap | -803 JPY mn (of net income -32.9%) |
| Shareholder returns / net income | 61.0% |
| Shareholder returns / FCF | 108.3% |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | 36.2% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 154.8% |

## 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 | 5.4% | 0.45× | 2.4% | 1.64× | 3.9% | S100R5LY |
| 2023 | 4.4% | 0.41× | 1.8% | 1.81× | 3.3% | S100TSNM |
| 2024 | 1.0% | 0.41× | 0.4% | 1.94× | 0.8% | S100W2PW |
| 2025 | 4.3% | 0.44× | 1.9% | 1.86× | 3.5% | S100YGZB |
| 2026 | 16.6% | 0.42× | 7.0% | 1.92× | 13.4% | S100YGZB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 興和株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| ブルドック持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 佐藤食品工業株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 養命酒製造株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 2.9% | 2026-03-31 |
| ウェルネオシュガー株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社テクノ菱和 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YGZB | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGZB,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W2PW | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2PW,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TSNM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSNM,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R5LY | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5LY,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100ODLQ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODLQ,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LOGF | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOGF,, |

## 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).