# CANDOCO.,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32期(2025/03/01－2026/02/28) (S100Y64P)
> Page: https://vizora.meequs.com/en/company/candoco
> Retrieved: 2026-09-30T19:48:31.267Z

## Company

Candoco., founded in 1993, is a company in Supermarkets listed on TSE Standard. It has 559 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CAN DO CO.,LTD. |
| Ticker | 2698 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2698.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区北新宿二丁目21番1号 |
| Representative (per filing) | 代表取締役社長 城戸 一弥 |
| Founded | Dec 1993 |
| Share capital | ¥3.03B |
| Employees (consolidated) | 559 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | February |
| Corporate number | 6011101063012 |
| EDINET | E03377 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y64P, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 23.5 | 49 |
| Cash conversion | 79.8 | 47 |
| Efficiency | 90.8 | 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)

- Candoco. brought in ¥87.1B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +80.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥87057000000 → ¥446000000
- Net income → operating cash flow: ¥446000000 → ¥4386000000（difference ¥3940000000）
- Main uses of operating cash flow: CapEx ¥1878000000 / dividends ¥273000000 / buybacks —
- Change in cash: ¥2607000000
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 | ¥87.1B |  |
| Operating income | ¥1.53B | Margin 1.8% |
| Net income | ¥446M | Margin 0.5% |
| Free cash flow | ¥2.51B |  |
| Employees (consolidated) | 559 |  |
| EPS | ¥14.94 |  |
| Book value per share | ¥596.53 |  |
| Equity ratio | 31.9% |  |
| Shares outstanding | 16,770,200 |  |
| Treasury shares | 768,900 |  |
| Shareholders | 30,855 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 14.1% | Cash ÷ revenue 5.3% |
| Vs. industry median margin | -1.1 pp | Supermarkets |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.8× net income
- FY2026, employees -2% while operating income rose 80%

## What changed in 5 years

| Metric | FY ending Nov 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥73130000000 | ¥87057000000 | +19.0% |
| Operating income | ¥964000000 | ¥1532000000 | +58.9% |
| Operating margin | 1.3% | 1.8% | +0.4 pp |
| Employees | 600 people | 559 people | -6.8% |
| Cash and equivalents | ¥3159000000 | ¥4641000000 | +46.9% |

### Change in segment revenue mix

Span: FY ending Nov 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 | 87,057 | 100.0% | S100Y64P |
| Cost of revenue | 53,563 | 61.5% | S100Y64P |
| Gross profit | 33,493 | 38.5% | S100Y64P |
| SG&A | 31,961 | 36.7% | S100Y64P |
| Operating income | 1,532 | 1.8% | S100Y64P |
| Ordinary income | 1,527 | 1.8% | S100Y64P |
| Pretax income | 1,001 | 1.1% | S100Y64P |
| Income tax | 555 | 0.6% | S100Y64P |
| Net income | 446 | 0.5% | S100Y64P |
| Net income attributable to owners | 446 | 0.5% | S100Y64P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 37 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 38.5% → Operating margin 1.8% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +80.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.24×
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 | 83,380 | 87,057 | 3,677 | +4.4% |
| Gross profit | 31,679 | 33,493 | 1,814 | +5.7% |
| Operating income | 849 | 1,532 | 683 | +80.4% |
| Net income attributable to owners | -163 | 446 | 609 | — |
| Operating cash flow | 1,885 | 4,386 | 2,501 | +132.7% |
| Free cash flow | -110 | 2,508 | 2,618 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2021 | 73,130 | 964 | 1.3% | 194 | 1,172 | -664 | S100S1S6 |
| FY ending Feb 2024 | 80,357 | 242 | 0.3% | -1,166 | -899 | -2,534 | S100VTKL |
| FY ending Feb 2025 | 83,380 | 849 | 1.0% | -163 | 1,885 | -110 | S100Y64P |
| FY ending Feb 2026 | 87,057 | 1,532 | 1.8% | 446 | 4,386 | 2,508 | S100Y64P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥155.7M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥797.9K |

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

| History | FY ending Nov 2021 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 600 | 590 | 573 | 559 |
| Average salary (parent company) | — | ¥4.3M | ¥4.5M | ¥4.7M |
| Average age (parent company) | — | 43.0 years | 44.0 years | 44.9 years |
| Average tenure (parent company) | — | 16.3 years | 17.2 years | 18.1 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) +4.4%

## 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 | 4,386 | 5.0% | S100Y64P |
| Capital expenditure | 1,878 | 2.2% | S100Y64P |
| Free cash flow | 2,508 | 2.9% | 算出 |
| Investing cash flow | -2,165 | -2.5% | S100Y64P |
| Financing cash flow | 386 | 0.4% | S100Y64P |
| Dividends paid | 273 | 0.3% | S100Y64P |
| Change in cash | 2,607 | 3.0% | S100Y64P |
| Cash and equivalents | 4,641 | 5.3% | S100Y64P |

## 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 Nov 2021 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,159 | 2,831 | 2,033 | 4,641 | S100UI66, S100Y64P |
| Total assets | 28,044 | 29,143 | 29,376 | 32,993 | S100S1S6, S100VTKL, S100Y64P |
| Net assets | 12,515 | 10,680 | 10,419 | 10,533 | S100UI66, S100Y64P |
| Share capital | 3,028 | 3,028 | 3,028 | 3,028 | S100S1S6, S100VTKL, S100Y64P |
| Property, plant and equipment | 6,880 | 6,366 | 7,054 | 7,233 | S100S1S6, S100VTKL, S100Y64P |
| Intangible assets excluding goodwill | 545 | 283 | 315 | 412 | S100S1S6, S100VTKL, S100Y64P |
| Current assets | 13,270 | 15,477 | 15,197 | 18,665 | S100S1S6, S100VTKL, S100Y64P |
| Current liabilities | 10,816 | 13,900 | 14,285 | 17,422 | S100S1S6, S100VTKL, S100Y64P |
| Short-term borrowings | — | 3,800 | 3,900 | 3,500 | S100VTKL, S100Y64P |
| Total liabilities | 15,529 | 18,463 | 18,957 | 22,459 | S100S1S6, S100VTKL, S100Y64P |
| Equity attributable to owners of parent | 12,562 | 10,580 | 10,188 | 10,381 | S100S1S6, S100VTKL, S100Y64P |
| Retained earnings | 7,606 | 5,565 | 5,130 | 5,304 | S100S1S6, S100VTKL, S100Y64P |
| Treasury stock | -1,155 | -1,117 | -1,096 | -1,088 | S100S1S6, S100VTKL, S100Y64P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100Y64P |
| Property, plant and equipment | 22% | S100Y64P |
| Intangibles and goodwill | 1% | S100Y64P |
| Other assets | 63% | S100Y64P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100Y64P |
| Equity | 32% | S100Y64P |
| Other liabilities | 0% | S100Y64P |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 28,044 | 29,143 | 29,376 | 32,993 |
| Equity | 12,515 | 10,680 | 10,419 | 10,533 |
| Interest-bearing debt | — | — | — | — |
| Cash | 3,159 | 2,831 | 2,033 | 4,641 |

## 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) | 8.3% | S100Y64P |
| Fixed assets ÷ total assets | 21.9% | S100Y64P |
| Goodwill ÷ parent equity | — | —, S100Y64P |

### 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) | 14.1% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 286.3% |
| Cash vs. profit gap | 3,940 JPY mn (of net income 883.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 61.2% |
| Shareholder payments — dividends / FCF | 10.9% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 49.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.3% | 2.61× | 0.7% | 2.23× | 1.5% | S100S1S6 |
| 2024 | — | —× | -4.0% | —× | — | S100VTKL |
| 2025 | — | —× | -0.6% | —× | — | S100Y64P |
| 2026 | 0.5% | 2.79× | 1.4% | 3.03× | 4.3% | S100Y64P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 37.3% | 2026-02-28 |
| 株式会社ケイコーポレーション | Major shareholder | 13.8% | 2026-02-28 |
| 城戸 一弥 | Major shareholder | 10.9% | 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 | 3.8% | 2026-02-28 |
| キャンドゥ取引先持株会 | Major shareholder | 2.4% | 2026-02-28 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.1% | 2026-02-28 |
| 城戸 恵子 | Major shareholder | 0.9% | 2026-02-28 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 0.4% | 2026-02-28 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ Ａ/Ｃ ＩＰＢ ＳＥＧＲＥＧＡＴＥＤ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.3% | 2026-02-28 |
| 株式会社大創産業 | Major shareholder | 0.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/03/01－2026/02/28) | S100Y64P | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y64P,, |
| 有価証券報告書－第31期(2024/03/01－2025/02/28) | S100VTKL | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTKL,, |
| 訂正有価証券報告書－第30期(2023/03/01－2024/02/29) | S100UI66 | 2024-10-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UI66,, |
| 訂正有価証券報告書－第29期(2021/12/01－2023/02/28) | S100S1S6 | 2023-10-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S1S6,, |

## 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).