# Calbee, Inc.: 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77期(2025/04/01－2026/03/31) (S100YEHI)
> Page: https://vizora.meequs.com/en/company/calbee
> Retrieved: 2026-09-30T19:09:17.555Z

## Company

Calbee, founded in 1949, is a company in Processed Foods listed on TSE Prime. It has 6,974 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Calbee, Inc. |
| Ticker | 2229 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2229.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目8番3号 |
| Representative (per filing) | 代表取締役社長兼CEO 江原信 |
| Founded | Apr 1949 |
| Share capital | ¥12B |
| Employees (consolidated) | 6,974 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.calbee.co.jp (https://www.calbee.co.jp/) |
| Corporate number | 8010001133757 |
| EDINET | E25303 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YEHI, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.8 | 56 |
| Profitability | 80.8 | 60 |
| Cash conversion | 67.5 | 57 |
| Efficiency | 45.8 | 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)

- Calbee brought in ¥340.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit -10.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥340151000000 → ¥17574000000
- Net income → operating cash flow: ¥17574000000 → ¥35596000000（difference ¥18022000000）
- Main uses of operating cash flow: CapEx ¥24972000000 / dividends ¥7257000000 / buybacks ¥9999000000
- Change in cash: ¥-5437000000
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 | ¥340.2B |  |
| Operating income | ¥26.2B | Margin 7.7% |
| Net income | ¥17.3B | Margin 5.1% |
| Free cash flow | ¥10.6B |  |
| Employees (consolidated) | 6,974 |  |
| EPS | ¥117.91 |  |
| Book value per share | ¥1553.95 |  |
| Equity ratio | 64.3% |  |
| Shares outstanding | 133,929,800 |  |
| Treasury shares | 12,148,800 |  |
| Shareholders | 42,508 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 13.4% |
| Vs. industry median margin | +3.7 pp | Processed Foods |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, buybacks were 1.4× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥266745000000 | ¥340151000000 | +27.5% |
| Operating income | ¥27064000000 | ¥26173000000 | -3.3% |
| Operating margin | 10.1% | 7.7% | -2.5 pp |
| Employees | 4,311 people | 6,974 people | +61.8% |
| Cash and equivalents | ¥47282000000 | ¥45581000000 | -3.6% |

### 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 | 340,151 | 100.0% | S100YEHI |
| Cost of revenue | 229,346 | 67.4% | S100YEHI |
| Gross profit | 110,804 | 32.6% | S100YEHI |
| SG&A | 84,630 | 24.9% | S100YEHI |
| Operating income | 26,173 | 7.7% | S100YEHI |
| Ordinary income | 27,091 | 8.0% | S100YEHI |
| Pretax income | 26,189 | 7.7% | S100YEHI |
| Income tax | 8,614 | 2.5% | S100YEHI |
| Net income | 17,574 | 5.2% | S100YEHI |
| Net income attributable to owners | 17,329 | 5.1% | S100YEHI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 32.6% → Operating margin 7.7% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.5%; Core profit growth: -10.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.83×
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 | 322,564 | 340,151 | 17,587 | +5.5% |
| Gross profit | 109,878 | 110,804 | 926 | +0.8% |
| Operating income | 29,066 | 26,173 | -2,893 | -10.0% |
| Net income attributable to owners | 20,874 | 17,329 | -3,545 | -17.0% |
| Operating cash flow | 39,100 | 35,596 | -3,504 | -9.0% |
| Free cash flow | 9,587 | 10,624 | 1,037 | +10.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 255,938 | 27,664 | 10.8% | 17,539 | 40,449 | 31,445 | S100LO0J |
| FY ending Mar 2021 | 266,745 | 27,064 | 10.1% | 17,682 | 30,450 | 19,109 | S100OCEU |
| FY ending Mar 2022 | 245,419 | 25,135 | 10.2% | 18,053 | 22,327 | 8,812 | S100RC19 |
| FY ending Mar 2023 | 279,315 | 22,233 | 8.0% | 14,772 | 19,310 | -7,406 | S100TQWG |
| FY ending Mar 2024 | 303,027 | 27,304 | 9.0% | 19,886 | 24,350 | -6,836 | S100VYXR |
| FY ending Mar 2025 | 322,564 | 29,066 | 9.0% | 20,874 | 39,100 | 9,587 | S100YEHI |
| FY ending Mar 2026 | 340,151 | 26,173 | 7.7% | 17,329 | 35,596 | 10,624 | S100YEHI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.8M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 4,398 | 4,839 | 4,939 | 5,138 | 6,974 |
| Average salary (parent company) | ¥8M | ¥7.7M | ¥7.7M | ¥8.2M | ¥6.9M |
| Average age (parent company) | 40.4 years | 40.9 years | 40.5 years | 39.6 years | 42.2 years |
| Average tenure (parent company) | 15.3 years | 15.5 years | 14.4 years | 13.9 years | 12.6 years |

Year over year: Employees (consolidated) +35.7% · Revenue (consolidated) +5.5%

## 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 | 35,596 | 10.5% | S100YEHI |
| Capital expenditure | 24,972 | 7.3% | S100YEHI |
| Free cash flow | 10,624 | 3.1% | 算出 |
| Investing cash flow | -26,211 | -7.7% | S100YEHI |
| Financing cash flow | -17,002 | -5.0% | S100YEHI |
| Dividends paid | 7,257 | 2.1% | S100YEHI |
| Share buyback | 9,999 | 2.9% | S100YEHI |
| Change in cash | -5,437 | -1.6% | S100YEHI |
| Cash and equivalents | 45,581 | 13.4% | S100YEHI |

## 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 | 49,670 | 30,292 | 37,718 | 51,019 | 45,581 | S100TQWG, S100VYXR, S100YEHI |
| Total assets | 236,598 | 239,095 | 292,158 | 319,169 | 327,609 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Net assets | 183,458 | 182,686 | 201,086 | 215,067 | 221,774 | S100TQWG, S100VYXR, S100YEHI |
| Share capital | 12,046 | 12,046 | 12,046 | 12,046 | 12,046 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Inventories | 18,001 | 23,352 | 22,208 | 25,136 | 29,092 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Property, plant and equipment | 82,979 | 101,533 | 123,657 | 145,782 | 155,463 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Intangible assets excluding goodwill | 26,079 | 25,932 | 25,271 | 24,207 | 24,745 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Goodwill | 23,550 | 23,222 | 22,650 | 20,548 | 20,987 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Investment securities | 2,408 | 2,597 | 3,183 | 3,263 | 2,987 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Current assets | 115,171 | 98,970 | 127,853 | 133,837 | 131,684 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Current liabilities | 42,259 | 45,663 | 54,475 | 55,705 | 64,941 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Trade payables | 11,849 | 13,553 | 12,535 | 13,358 | 14,739 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Short-term borrowings | 1,447 | 1,290 | 1,433 | 883 | 1,766 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Long-term borrowings | — | — | 25,000 | 35,000 | 25,000 | S100VYXR, S100YEHI |
| Total liabilities | 53,140 | 56,408 | 91,072 | 104,101 | 105,835 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Non-controlling interests | 8,078 | 8,574 | 9,335 | 9,887 | 11,171 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Equity attributable to owners of parent | 172,604 | 168,730 | 181,293 | 195,348 | 195,533 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Retained earnings | 170,284 | 178,329 | 191,706 | 205,571 | 215,641 | S100RC19, S100TQWG, S100VYXR, S100YEHI |
| Treasury stock | -12,959 | -24,886 | -24,972 | -24,783 | -34,668 | S100RC19, S100TQWG, S100VYXR, S100YEHI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YEHI |
| Inventories | 9% | S100YEHI |
| Property, plant and equipment | 47% | S100YEHI |
| Intangibles and goodwill | 14% | S100YEHI |
| Investment securities | 1% | S100YEHI |
| Other assets | 15% | S100YEHI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YEHI |
| Other liabilities | 28% | S100YEHI |
| Equity | 68% | S100YEHI |

### 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 | 236,598 | 239,095 | 292,158 | 319,169 | 327,609 |
| Equity | 183,458 | 182,686 | 201,086 | 215,067 | 221,774 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 49,670 | 30,292 | 37,718 | 51,019 | 45,581 |

## 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) | 45.7% | S100YEHI |
| Fixed assets ÷ total assets | 47.5% | S100YEHI |
| Goodwill ÷ parent equity | 10.7% | S100YEHI |

Goodwill over 4 years: 23,550 → 20,987 JPY; total investing cash flow: -106,808 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) | 13.9% |
| Cash ÷ revenue | 13.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.0% |
| Cash vs. profit gap | 18,267 JPY mn (of net income 105.4%) |
| Shareholder returns / net income | 99.6% |
| Shareholder returns / FCF | 162.4% |
| Shareholder payments — dividends / net income | 41.9% |
| Shareholder payments — dividends / FCF | 68.3% |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 73.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.4% | 1.04× | 7.6% | 1.37× | 10.5% | S100RC19 |
| 2023 | 5.3% | 1.17× | 6.2% | 1.39× | 8.7% | S100TQWG |
| 2024 | 6.6% | 1.14× | 7.5% | 1.52× | 11.4% | S100VYXR |
| 2025 | 6.5% | 1.06× | 6.8% | 1.62× | 11.1% | S100YEHI |
| 2026 | 5.1% | 1.05× | 5.4% | 1.65× | 8.9% | S100YEHI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| FRITO-LAY GLOBAL INVESTMENTS B.V. (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 22.0% | 2026-03-31 |
| 一般社団法人幹の会 | Major shareholder | 14.4% | 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 | 8.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)(常任代理人 野村證券株式会社) | Major shareholder | 1.9% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT / COLLATERAL(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.9% | 2026-03-31 |
| カルビー従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 鳥越製粉株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 reached ¥340.2B, up 5.5% from the year before.
- Profits went the other way: operating income fell 10.0% to ¥26.2B, and net income attributable to owners dropped 17.0% to ¥17.3B.
- Sales grew, but costs grew faster.

### Drivers

- In Japan, a poor Hokkaido potato harvest kept potato chip sales flat, but price increases and higher volumes of non-potato snacks and cereals lifted revenue.
- Overseas sales grew in both Europe/North America and Asia/Oceania.
- Japanese profit fell because of higher fixed costs, such as depreciation from the new Hiroshima plant, and ongoing inflation. Net income also lost a one-off tax benefit from the prior year.

### Risks

- Bad weather or fewer potato farmers could leave Calbee short of potatoes.
- The spread of potato cyst nematodes, a soil pest, could cut seed potato supply, lowering yields and quality.
- Further rises in imported ingredient and packaging prices could raise costs.

Cited: Annual Securities Report (77th term) (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 (77th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YEHI | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEHI,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100VYXR | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYXR,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TQWG | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQWG,, |
| 訂正有価証券報告書－第74期(2022/04/01－2023/03/31) | S100RC19 | 2023-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RC19,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OCEU | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCEU,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LO0J | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO0J,, |

## 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).