# CAWACHI LIMITED: 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59期(2025/03/16－2026/03/15) (S100Y9UW)
> Page: https://vizora.meequs.com/en/company/cawachi
> Retrieved: 2026-09-30T20:25:43.015Z

## Company

Cawachi, founded in 1967, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 2,750 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CAWACHI LIMITED |
| Ticker | 2664 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2664.T) |
| Listing | TSE Prime |
| Head office | 栃木県小山市大字卒島1293番地 |
| Representative (per filing) | 代表取締役社長 河内 伸二 |
| Founded | Apr 1967 |
| Share capital | ¥13B |
| Employees (consolidated) | 2,750 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.cawachi.co.jp (https://www.cawachi.co.jp/) |
| Corporate number | 3060001014164 |
| EDINET | E03356 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100Y9UW, filed 2026-06-10). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-03-15)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.1 | 16 |
| Profitability | 23.7 | 19 |
| Cash conversion | 58.3 | 18 |
| Efficiency | 18.4 | 19 |

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)

- Cawachi brought in ¥284.5B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit -9.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥284492000000 → ¥3200000000
- Net income → operating cash flow: ¥3200000000 → ¥8865000000（difference ¥5665000000）
- Main uses of operating cash flow: CapEx ¥4323000000 / dividends ¥1785000000 / buybacks —
- Change in cash: ¥1438000000
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 | ¥284.5B |  |
| Operating income | ¥6.78B | Margin 2.4% |
| Net income | ¥3.2B | Margin 1.1% |
| Free cash flow | ¥4.54B |  |
| Employees (consolidated) | 2,750 |  |
| EPS | ¥156.06 |  |
| Diluted EPS | ¥155.89 |  |
| Book value per share | ¥5239.85 |  |
| Equity ratio | 58.0% |  |
| Shares outstanding | 24,583,420 |  |
| Treasury shares | 2,249,100 |  |
| Shareholders | 46,785 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 19.1% | Cash ÷ revenue 13.4% |
| Vs. industry median margin | -2 pp | Drugstores & Pharmacies |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥284492000000 | ¥284492000000 | 0.0% |
| Operating income | ¥10560000000 | ¥6779000000 | -35.8% |
| Operating margin | 3.7% | 2.4% | -1.3 pp |
| Employees | 2,703 people | 2,750 people | +1.7% |
| Cash and equivalents | ¥41235000000 | ¥38112000000 | -7.6% |

### 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 | 284,492 | 100.0% | S100Y9UW |
| Cost of revenue | 219,174 | 77.0% | S100Y9UW |
| Gross profit | 65,318 | 23.0% | S100Y9UW |
| SG&A | 58,538 | 20.6% | S100Y9UW |
| Operating income | 6,779 | 2.4% | S100Y9UW |
| Ordinary income | 7,897 | 2.8% | S100Y9UW |
| Pretax income | 5,572 | 2.0% | S100Y9UW |
| Income tax | 2,371 | 0.8% | S100Y9UW |
| Net income | 3,200 | 1.1% | S100Y9UW |
| Net income attributable to owners | 3,200 | 1.1% | S100Y9UW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 21 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 23.0% → Operating margin 2.4% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.2%; Core profit growth: -9.1%
Operating leverage (core profit growth ÷ revenue growth): 7.91×
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 | 287,816 | 284,492 | -3,324 | -1.2% |
| Gross profit | 66,717 | 65,318 | -1,399 | -2.1% |
| Operating income | 7,461 | 6,779 | -682 | -9.1% |
| Net income attributable to owners | 4,884 | 3,200 | -1,684 | -34.5% |
| Operating cash flow | 7,481 | 8,865 | 1,384 | +18.5% |
| Free cash flow | 3,221 | 4,542 | 1,321 | +41.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 270,313 | 5,675 | 2.1% | 3,822 | 12,159 | 8,441 | S100LI2M |
| FY ending Mar 2021 | 284,492 | 10,560 | 3.7% | 7,109 | 15,267 | 12,085 | S100O8XW |
| FY ending Mar 2022 | 279,462 | 7,709 | 2.8% | 4,830 | 6,868 | 2,369 | S100QY5Z |
| FY ending Mar 2023 | 281,871 | 6,611 | 2.3% | 4,177 | 9,817 | 4,110 | S100TLQX |
| FY ending Mar 2024 | 285,960 | 7,601 | 2.7% | 4,713 | 6,402 | 1,023 | S100VX69 |
| FY ending Mar 2025 | 287,816 | 7,461 | 2.6% | 4,884 | 7,481 | 3,221 | S100Y9UW |
| FY ending Mar 2026 | 284,492 | 6,779 | 2.4% | 3,200 | 8,865 | 4,542 | S100Y9UW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥103.5M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 2,765 | 2,770 | 2,722 | 2,733 | 2,750 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.5M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 35.3 years | 35.7 years | 36.2 years | 36.6 years | 37.0 years |
| Average tenure (parent company) | 12.3 years | 12.7 years | 13.1 years | 13.5 years | 13.8 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -1.2%

## 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 | 8,865 | 3.1% | S100Y9UW |
| Capital expenditure | 4,323 | 1.5% | S100Y9UW |
| Free cash flow | 4,542 | 1.6% | 算出 |
| Investing cash flow | -5,156 | -1.8% | S100Y9UW |
| Financing cash flow | -2,270 | -0.8% | S100Y9UW |
| Dividends paid | 1,785 | 0.6% | S100Y9UW |
| Change in cash | 1,438 | 0.5% | S100Y9UW |
| Cash and equivalents | 38,112 | 13.4% | S100Y9UW |

## 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 | 38,959 | 38,450 | 35,623 | 36,674 | 38,112 | S100TLQX, S100VX69, S100Y9UW |
| Total assets | 191,721 | 194,496 | 196,119 | 199,601 | 199,614 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Net assets | 104,649 | 107,725 | 111,295 | 114,410 | 115,928 | S100TLQX, S100VX69, S100Y9UW |
| Share capital | 13,001 | 13,001 | 13,001 | 13,001 | 13,001 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Property, plant and equipment | 92,867 | 93,388 | 92,535 | 91,801 | 89,724 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Intangible assets excluding goodwill | 5,087 | 5,243 | 5,387 | 5,155 | 4,935 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Investment securities | 79 | 101 | 129 | 154 | 306 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Current assets | 81,422 | 83,523 | 86,018 | 90,472 | 93,318 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Current liabilities | 60,665 | 62,435 | 61,675 | 60,858 | 60,413 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Long-term borrowings | 13,719 | 11,640 | 10,023 | 10,752 | 10,408 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Total liabilities | 87,071 | 86,771 | 84,824 | 85,190 | 83,686 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Equity attributable to owners of parent | 104,524 | 107,612 | 111,208 | 114,306 | 115,720 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Retained earnings | 81,008 | 84,070 | 87,666 | 90,765 | 92,178 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |
| Treasury stock | -4,387 | -4,362 | -4,363 | -4,363 | -4,363 | S100QY5Z, S100TLQX, S100VX69, S100Y9UW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y9UW |
| Property, plant and equipment | 45% | S100Y9UW |
| Intangibles and goodwill | 3% | S100Y9UW |
| Investment securities | 0% | S100Y9UW |
| Other assets | 33% | S100Y9UW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100Y9UW |
| Equity | 58% | S100Y9UW |

### 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 | 191,721 | 194,496 | 196,119 | 199,601 | 199,614 |
| Equity | 104,649 | 107,725 | 111,295 | 114,410 | 115,928 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,959 | 38,450 | 35,623 | 36,674 | 38,112 |

## 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) | 31.5% | S100Y9UW |
| Fixed assets ÷ total assets | 44.9% | S100Y9UW |
| Goodwill ÷ parent equity | — | —, S100Y9UW |

### 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) | 19.1% |
| Cash ÷ revenue | 13.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.8% |
| Cash vs. profit gap | 5,665 JPY mn (of net income 177.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.8% |
| Shareholder payments — dividends / FCF | 39.3% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 58.2% |

## 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 | 1.7% | 1.46× | 2.5% | 1.83× | 4.6% | S100QY5Z |
| 2023 | 1.5% | 1.46× | 2.2% | 1.82× | 3.9% | S100TLQX |
| 2024 | 1.6% | 1.46× | 2.4% | 1.79× | 4.3% | S100VX69 |
| 2025 | 1.7% | 1.45× | 2.5% | 1.75× | 4.3% | S100Y9UW |
| 2026 | 1.1% | 1.43× | 1.6% | 1.74× | 2.8% | S100Y9UW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人河内奨学財団 | Major shareholder | 11.6% | 2026-03-15 |
| 河内 伸二 | Major shareholder | 10.9% | 2026-03-15 |
| 河内 一真 | Major shareholder | 10.2% | 2026-03-15 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.0% | 2026-03-15 |
| 河内 博子 | Major shareholder | 6.0% | 2026-03-15 |
| 河内 タカ | Major shareholder | 3.2% | 2026-03-15 |
| カワチ薬品従業員持株会 | Major shareholder | 1.5% | 2026-03-15 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-15 |
| PERSHING－DIV.OF DL J SECS.CORP. （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-15 |
| JAPAN ABSOLUTE VALUE FUND （常任代理人立花証券株式会社） | Major shareholder | 1.1% | 2026-03-15 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/03/16－2026/03/15) | S100Y9UW | 2026-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9UW,, |
| 有価証券報告書－第58期(2024/03/16－2025/03/15) | S100VX69 | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX69,, |
| 有価証券報告書－第57期(2023/03/16－2024/03/15) | S100TLQX | 2024-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLQX,, |
| 有価証券報告書－第56期(2022/03/16－2023/03/15) | S100QY5Z | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY5Z,, |
| 有価証券報告書－第55期(令和3年3月16日－令和4年3月15日) | S100O8XW | 2022-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8XW,, |
| 有価証券報告書－第54期(令和2年3月16日－令和3年3月15日) | S100LI2M | 2021-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LI2M,, |

## 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).