# CHUBUSHIRYO 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79期(2025/04/01－2026/03/31) (S100YF88)
> Page: https://vizora.meequs.com/en/company/chubushiryo
> Retrieved: 2026-09-30T19:49:59.215Z

## Company

Chubushiryo, founded in 1949, is a company in Livestock, Feed & Fertilizer listed on TSE Prime. It has 508 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUBUSHIRYO CO., LTD. |
| Ticker | 2053 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2053.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区錦二丁目13番19号 |
| Representative (per filing) | 代表取締役社長 藤田京一 |
| Founded | Mar 1949 |
| Share capital | ¥4.74B |
| Employees (consolidated) | 508 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.chubushiryo.co.jp (https://www.chubushiryo.co.jp/) |
| Corporate number | 2180001094757 |
| EDINET | E00439 |
| Industries (Vizora) | Livestock, Feed & Fertilizer |

> Profile source: annual securities report (S100YF88, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Livestock, Feed & Fertilizer (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 5 |
| Profitability | 58.3 | 6 |
| Cash conversion | 41.7 | 6 |
| Efficiency | 75 | 6 |

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)

- About 90% of Chubushiryo's sales come from Feed, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit +53.8%.

## Company structure

- Segment revenue mix: Feed 90.3%、Other 9.7%
- Revenue → net income: ¥211814000000 → ¥5567000000
- Net income → operating cash flow: ¥5567000000 → ¥7193000000（difference ¥1626000000）
- Main uses of operating cash flow: CapEx ¥4344000000 / dividends ¥1669000000 / buybacks ¥1500000000
- Change in cash: ¥-111000000
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 | ¥211.8B |  |
| Operating income | ¥6.58B | Margin 3.1% |
| Net income | ¥5.55B | Margin 2.6% |
| Free cash flow | ¥2.85B |  |
| Largest business | Feed | of segment revenue 90.3% |
| Employees (consolidated) | 508 |  |
| EPS | ¥169.3 |  |
| Book value per share | ¥2310.04 |  |
| Equity ratio | 66.8% |  |
| Shares outstanding | 30,371,000 |  |
| Treasury shares | 1,675,600 |  |
| Shareholders | 7,746 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 10.9% | Cash ÷ revenue 5.6% |
| Vs. industry median margin | +0.1 pp | Livestock, Feed & Fertilizer |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥181356000000 | ¥211814000000 | +16.8% |
| Operating income | ¥5387000000 | ¥6584000000 | +22.2% |
| Operating margin | 3.0% | 3.1% | +0.1 pp |
| Employees | 547 people | 508 people | -7.1% |
| Cash and equivalents | ¥11737000000 | ¥11831000000 | +0.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 飼料 → 飼料 | 75.0% |
| その他 → その他 | 9.7% |
| その他 → 事業再編・廃止 | 4.1% |
| コンシューマー・プロダクツ → 事業再編・廃止 | 11.2% |
| 新設・再編 → 飼料 | 15.2% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 211,814 | 100.0% | S100YF88 |
| Cost of revenue | 190,049 | 89.7% | S100YF88 |
| Gross profit | 21,765 | 10.3% | S100YF88 |
| SG&A | 15,181 | 7.2% | S100YF88 |
| Operating income | 6,584 | 3.1% | S100YF88 |
| Ordinary income | 7,168 | 3.4% | S100YF88 |
| Pretax income | 7,661 | 3.6% | S100YF88 |
| Income tax | 2,093 | 1.0% | S100YF88 |
| Net income | 5,567 | 2.6% | S100YF88 |
| Net income attributable to owners | 5,551 | 2.6% | S100YF88 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 7 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.3% → Operating margin 3.1% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.9%; Core profit growth: +53.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 57.10×
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 | 209,837 | 211,814 | 1,977 | +0.9% |
| Gross profit | 18,591 | 21,765 | 3,174 | +17.1% |
| Operating income | 4,281 | 6,584 | 2,303 | +53.8% |
| Net income attributable to owners | 3,503 | 5,551 | 2,048 | +58.5% |
| Operating cash flow | 11,992 | 7,193 | -4,799 | -40.0% |
| Free cash flow | 7,620 | 2,849 | -4,771 | -62.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 183,428 | 6,020 | 3.3% | 4,732 | 11,915 | 4,453 | S100LM15 |
| FY ending Mar 2021 | 181,356 | 5,387 | 3.0% | 3,782 | 5,281 | 2,616 | S100OAQ6 |
| FY ending Mar 2022 | 193,392 | 4,138 | 2.1% | 3,211 | -2,466 | -5,145 | S100R0KE |
| FY ending Mar 2023 | 243,476 | 1,670 | 0.7% | 827 | -6,478 | -10,087 | S100TPZN |
| FY ending Mar 2024 | 234,227 | 3,932 | 1.7% | 3,327 | 10,370 | 6,542 | S100VZJW |
| FY ending Mar 2025 | 209,837 | 4,281 | 2.0% | 3,503 | 11,992 | 7,620 | S100YF88 |
| FY ending Mar 2026 | 211,814 | 6,584 | 3.1% | 5,551 | 7,193 | 2,849 | S100YF88 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥417M |
| Operating income per employee (consolidated) | ¥13M |
| Net income per employee (consolidated) | ¥10.9M |

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) | 522 | 509 | 487 | 497 | 508 |
| Average salary (parent company) | ¥6.2M | ¥5.7M | ¥7.2M | ¥7M | ¥7.9M |
| Average age (parent company) | 39.9 years | 41.3 years | 41.0 years | 40.8 years | 40.3 years |
| Average tenure (parent company) | 14.8 years | 16.4 years | 16.1 years | 15.6 years | 14.8 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +0.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Feed | 191,181 | 90.3% | — | — |
| Other | 20,633 | 9.7% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Feed | 90.3% |
| Other | 9.7% |

Segment → industry: Other → Livestock, Feed & Fertilizer / Feed → Livestock, Feed & Fertilizer

## 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 | 7,193 | 3.4% | S100YF88 |
| Capital expenditure | 4,344 | 2.1% | S100YF88 |
| Free cash flow | 2,849 | 1.3% | 算出 |
| Investing cash flow | -3,632 | -1.7% | S100YF88 |
| Financing cash flow | -3,670 | -1.7% | S100YF88 |
| Dividends paid | 1,669 | 0.8% | S100YF88 |
| Share buyback | 1,500 | 0.7% | S100YF88 |
| Change in cash | -111 | -0.1% | S100YF88 |
| Cash and equivalents | 11,831 | 5.6% | S100YF88 |

## 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 | 4,741 | 1,953 | 3,006 | 11,942 | 11,831 | S100TPZN, S100VZJW, S100YF88 |
| Total assets | 88,014 | 97,595 | 103,824 | 101,582 | 108,935 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Net assets | 62,159 | 61,410 | 65,662 | 67,517 | 72,824 | S100TPZN, S100VZJW, S100YF88 |
| Share capital | 4,736 | 4,736 | 4,736 | 4,736 | 4,736 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Property, plant and equipment | 24,142 | 24,602 | 24,700 | 25,759 | 27,190 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Intangible assets excluding goodwill | 574 | 512 | 445 | 381 | 334 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Investment securities | 4,779 | 4,843 | 7,614 | 6,943 | 10,620 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Current assets | 57,583 | 66,610 | 69,553 | 66,157 | 67,977 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Current liabilities | 21,522 | 28,907 | 29,666 | 23,361 | 25,012 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Short-term borrowings | 1,106 | 6,363 | 1,800 | 1,300 | 1,500 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Long-term borrowings | 1,036 | 4,160 | 4,250 | 6,306 | 5,348 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Total liabilities | 25,855 | 36,184 | 38,161 | 34,064 | 36,111 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Non-controlling interests | 220 | 230 | 93 | 97 | 100 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Equity attributable to owners of parent | 60,287 | 59,887 | 62,217 | 64,315 | 66,706 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Retained earnings | 51,971 | 51,791 | 54,113 | 56,197 | 60,077 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |
| Treasury stock | -757 | -966 | -949 | -938 | -2,425 | S100R0KE, S100TPZN, S100VZJW, S100YF88 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YF88 |
| Property, plant and equipment | 25% | S100YF88 |
| Intangibles and goodwill | 0% | S100YF88 |
| Investment securities | 10% | S100YF88 |
| Other assets | 54% | S100YF88 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YF88 |
| Equity | 67% | S100YF88 |

### 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 | 88,014 | 97,595 | 103,824 | 101,582 | 108,935 |
| Equity | 62,159 | 61,410 | 65,662 | 67,517 | 72,824 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,741 | 1,953 | 3,006 | 11,942 | 11,831 |

## 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) | 12.8% | S100YF88 |
| Fixed assets ÷ total assets | 25.0% | S100YF88 |
| Goodwill ÷ parent equity | — | —, S100YF88 |

### 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) | 10.9% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.2% |
| Cash vs. profit gap | 1,642 JPY mn (of net income 29.6%) |
| Shareholder returns / net income | 57.1% |
| Shareholder returns / FCF | 111.2% |
| Shareholder payments — dividends / net income | 30.1% |
| Shareholder payments — dividends / FCF | 58.6% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 50.5% |

## 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% | 2.20× | 3.6% | 1.46× | 5.3% | S100R0KE |
| 2023 | 0.3% | 2.62× | 0.9% | 1.54× | 1.4% | S100TPZN |
| 2024 | 1.4% | 2.33× | 3.3% | 1.65× | 5.4% | S100VZJW |
| 2025 | 1.7% | 2.04× | 3.4% | 1.62× | 5.5% | S100YF88 |
| 2026 | 2.6% | 2.01× | 5.3% | 1.61× | 8.5% | S100YF88 |

## 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 | 11.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| 豊田通商株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 日本ハム株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 平野殖産株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 丸紅株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 東北グレーンターミナル株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 日本ホワイトファーム株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 日本クリーンファーム株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YF88 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF88,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100VZJW | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZJW,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TPZN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPZN,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R0KE | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0KE,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OAQ6 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAQ6,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LM15 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM15,, |

## 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).