# CHIMNEY 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18期(2025/04/01－2026/03/31) (S100YE67)
> Page: https://vizora.meequs.com/en/company/chimney
> Retrieved: 2026-09-30T21:32:52.751Z

## Company

Chimney, founded in 2009, is a company in Restaurants & Pubs listed on TSE Standard. It has 659 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHIMNEY CO., LTD. |
| Ticker | 3178 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3178.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区亀沢一丁目1番15号(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 茨田篤司 |
| Founded | Sep 2009 |
| Share capital | ¥100M |
| Employees (consolidated) | 659 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.chimney.co.jp (https://www.chimney.co.jp/) |
| Corporate number | 9010601039989 |
| EDINET | E23818 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YE67, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.4 | 56 |
| Profitability | 25 | 66 |
| Cash conversion | 84.5 | 55 |
| Efficiency | 61.4 | 66 |

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)

- Chimney brought in ¥26.4B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit -46.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥26365188000 → ¥504684000
- Net income → operating cash flow: ¥504684000 → ¥1365529000（difference ¥860845000）
- Main uses of operating cash flow: CapEx ¥1210997000 / dividends ¥192879000 / buybacks —
- Change in cash: ¥-1226640000
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 | ¥26.4B |  |
| Operating income | ¥491.1M | Margin 1.9% |
| Net income | ¥504.7M | Margin 1.9% |
| Free cash flow | ¥154.5M |  |
| Employees (consolidated) | 659 |  |
| EPS | ¥25.08 |  |
| Book value per share | ¥316.42 |  |
| Equity ratio | 40.3% |  |
| Shares outstanding | 19,340,800 |  |
| Treasury shares | 47,800 |  |
| Shareholders | 19,077 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 34.0% | Cash ÷ revenue 20.5% |
| Vs. industry median margin | -2.1 pp | Restaurants & Pubs |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, revenue is 2.6× its level five years ago
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13229571000 | ¥26365188000 | +99.3% |
| Operating income | ¥-6100147000 | ¥491053000 | — |
| Operating margin | -46.1% | 1.9% | +48 pp |
| Employees | 752 people | 659 people | -12.4% |
| Cash and equivalents | ¥6259428000 | ¥5401594000 | -13.7% |

### 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 | 26,365 | 100.0% | S100YE67 |
| Cost of revenue | 8,260 | 31.3% | S100YE67 |
| Gross profit | 18,106 | 68.7% | S100YE67 |
| SG&A | 17,615 | 66.8% | S100YE67 |
| Operating income | 491 | 1.9% | S100YE67 |
| Ordinary income | 538 | 2.0% | S100YE67 |
| Pretax income | 418 | 1.6% | S100YE67 |
| Income tax | -87 | -0.3% | S100YE67 |
| Net income | 505 | 1.9% | S100YE67 |
| Net income attributable to owners | 505 | 1.9% | S100YE67 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 67 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 68.7% → Operating margin 1.9% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.6%; Core profit growth: -46.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -84.19×
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 | 26,219 | 26,365 | 146 | +0.6% |
| Gross profit | 18,013 | 18,106 | 92 | +0.5% |
| Operating income | 924 | 491 | -433 | -46.8% |
| Net income attributable to owners | 1,076 | 505 | -572 | -53.1% |
| Operating cash flow | 769 | 1,366 | 596 | +77.5% |
| Free cash flow | 93 | 155 | 62 | +66.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,107 | 283 | 0.7% | -2,812 | -1,787 | -2,302 | S100LLOJ |
| FY ending Mar 2021 | 13,230 | -6,100 | -46.1% | -9,004 | -6,690 | -7,065 | S100O9YD |
| FY ending Mar 2022 | 10,108 | -4,583 | -45.3% | 1,227 | 1,895 | 1,469 | S100QYSJ |
| FY ending Mar 2023 | 20,156 | -1,667 | -8.3% | -2,017 | 1,012 | 738 | S100TMAD |
| FY ending Mar 2024 | 25,725 | 1,301 | 5.1% | 939 | 2,784 | 2,347 | S100VXGN |
| FY ending Mar 2025 | 26,219 | 924 | 3.5% | 1,076 | 769 | 93 | S100YE67 |
| FY ending Mar 2026 | 26,365 | 491 | 1.9% | 505 | 1,366 | 155 | S100YE67 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40M |
| Operating income per employee (consolidated) | ¥745.1K |
| Net income per employee (consolidated) | ¥765.8K |

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) | 697 | 661 | 632 | 659 | 659 |
| Average salary (parent company) | ¥4.6M | ¥4.9M | ¥5M | ¥5M | ¥5M |
| Average age (parent company) | 43.8 years | 44.7 years | 45.2 years | 43.9 years | 43.7 years |
| Average tenure (parent company) | 9.1 years | 9.7 years | 9.7 years | 9.5 years | 9.9 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +0.6%

## 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 | 1,366 | 5.2% | S100YE67 |
| Capital expenditure | 1,211 | 4.6% | S100YE67 |
| Free cash flow | 155 | 0.6% | 算出 |
| Investing cash flow | -1,287 | -4.9% | S100YE67 |
| Financing cash flow | -1,305 | -5.0% | S100YE67 |
| Dividends paid | 193 | 0.7% | S100YE67 |
| Change in cash | -1,227 | -4.7% | S100YE67 |
| Cash and equivalents | 5,402 | 20.5% | S100YE67 |

## 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 | 10,017 | 7,438 | 7,852 | 6,628 | 5,402 | S100TMAD, S100VXGN, S100YE67 |
| Total assets | 22,901 | 18,041 | 17,894 | 16,726 | 15,875 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Net assets | 6,488 | 4,229 | 5,063 | 6,070 | 6,404 | S100TMAD, S100VXGN, S100YE67 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Property, plant and equipment | 1,704 | 1,403 | 1,346 | 1,515 | 2,050 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Intangible assets excluding goodwill | 4,081 | 3,561 | 2,737 | 2,259 | 1,885 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Goodwill | 4,016 | 3,518 | 2,693 | 2,229 | 1,766 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Investment securities | 551 | 512 | 516 | 542 | 573 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Current assets | 12,586 | 8,850 | 9,578 | 8,228 | 7,096 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Current liabilities | 12,243 | 9,915 | 9,057 | 6,232 | 6,356 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Short-term borrowings | 10,000 | 7,000 | 5,000 | 3,100 | 2,300 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Long-term borrowings | 2,241 | 2,111 | 1,983 | 2,600 | 1,289 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Total liabilities | 16,413 | 13,812 | 12,831 | 10,656 | 9,471 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Non-controlling interests | 3 | 3 | 3 | — | — | S100QYSJ, S100TMAD, S100VXGN |
| Equity attributable to owners of parent | 6,404 | 4,195 | 5,134 | 6,017 | 6,329 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Retained earnings | -1,435 | -3,452 | 937 | 1,820 | 2,132 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |
| Treasury stock | -101 | -101 | -101 | -101 | -101 | S100QYSJ, S100TMAD, S100VXGN, S100YE67 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YE67 |
| Property, plant and equipment | 13% | S100YE67 |
| Intangibles and goodwill | 23% | S100YE67 |
| Investment securities | 4% | S100YE67 |
| Other assets | 26% | S100YE67 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YE67 |
| Equity | 40% | S100YE67 |

### 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 | 22,901 | 18,041 | 17,894 | 16,726 | 15,875 |
| Equity | 6,488 | 4,229 | 5,063 | 6,070 | 6,404 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,017 | 7,438 | 7,852 | 6,628 | 5,402 |

## 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) | 7.8% | S100YE67 |
| Fixed assets ÷ total assets | 12.9% | S100YE67 |
| Goodwill ÷ parent equity | 27.9% | S100YE67 |

Goodwill over 4 years: 4,016 → 1,766 JPY; total investing cash flow: -2,574 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) | 34.0% |
| Cash ÷ revenue | 20.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 278.1% |
| Cash vs. profit gap | 861 JPY mn (of net income 170.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.2% |
| Shareholder payments — dividends / FCF | 124.8% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 94.2% |

## 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 | 12.1% | 0.44× | 5.4% | 3.58× | 19.2% | S100QYSJ |
| 2023 | — | —× | -9.9% | —× | — | S100TMAD |
| 2024 | 3.6% | 1.43× | 5.2% | 3.85× | 20.1% | S100VXGN |
| 2025 | 4.1% | 1.51× | 6.2% | 3.10× | 19.3% | S100YE67 |
| 2026 | 1.9% | 1.62× | 3.1% | 2.64× | 8.2% | S100YE67 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社やまや | Major shareholder | 50.5% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 9.1% | 2026-03-31 |
| 麒麟麦酒株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 加藤産業株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| チムニー取引先持株会2 | Major shareholder | 1.8% | 2026-03-31 |
| チムニー取引先持株会1 | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.0% | 2026-03-31 |
| 中部飼料株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| チムニー社員持株会 | Major shareholder | 0.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YE67 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE67,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100VXGN | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXGN,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TMAD | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMAD,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100QYSJ | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYSJ,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100O9YD | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9YD,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LLOJ | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLOJ,, |

## 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).