# COMO 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42期(2025/04/01－2026/03/31) (S100YICN)
> Page: https://vizora.meequs.com/en/company/como
> Retrieved: 2026-09-30T21:06:45.564Z

## Company

Como, founded in 1983, is a company in Processed Foods listed on TSE Standard. It has 196 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COMO CO.,LTD. |
| Ticker | 2224 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2224.T) |
| Listing | TSE Standard |
| Head office | 愛知県小牧市大字村中字下之坪505番地の1 |
| Representative (per filing) | 代表取締役社長 木下 克己 |
| Founded | Dec 1983 |
| Share capital | ¥222M |
| Employees (consolidated) | 196 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Corporate number | 1180001075799 |
| EDINET | E00388 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YICN, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.6 | 56 |
| Profitability | 24.2 | 60 |
| Cash conversion | 81.6 | 57 |
| Efficiency | 84.2 | 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)

- Como brought in ¥7.32B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +160.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7323754000 → ¥76925000
- Net income → operating cash flow: ¥76925000 → ¥436509000（difference ¥359584000）
- Main uses of operating cash flow: CapEx ¥241898000 / dividends ¥24384000 / buybacks —
- Change in cash: ¥42243000
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 | ¥7.32B |  |
| Operating income | ¥172.1M | Margin 2.3% |
| Net income | ¥76.9M | Margin 1.1% |
| Free cash flow | ¥194.6M |  |
| Employees (consolidated) | 196 |  |
| EPS | ¥20.54 |  |
| Book value per share | ¥587.84 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 3,630,000 |  |
| Treasury shares | 155,400 |  |
| Shareholders | 12,198 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 6.6% | Cash ÷ revenue 4.3% |
| Vs. industry median margin | -1.7 pp | Processed Foods |
| ROE | 1.9% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.7× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6514303000 | ¥7323754000 | +12.4% |
| Operating income | ¥425750000 | ¥172065000 | -59.6% |
| Operating margin | 6.5% | 2.3% | -4.2 pp |
| Employees | 226 people | 196 people | -13.3% |
| Cash and equivalents | ¥329090000 | ¥313692000 | -4.7% |

### 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 | 7,324 | 100.0% | S100YICN |
| Cost of revenue | 5,318 | 72.6% | S100YICN |
| Gross profit | 2,006 | 27.4% | S100YICN |
| SG&A | 1,834 | 25.0% | S100YICN |
| Operating income | 172 | 2.3% | S100YICN |
| Ordinary income | 118 | 1.6% | S100YICN |
| Pretax income | 118 | 1.6% | S100YICN |
| Income tax | 41 | 0.6% | S100YICN |
| Net income | 77 | 1.1% | S100YICN |
| Net income attributable to owners | 77 | 1.1% | S100YICN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 25 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 27.4% → Operating margin 2.3% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +160.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 53.53×
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 | 7,111 | 7,324 | 213 | +3.0% |
| Gross profit | 1,852 | 2,006 | 154 | +8.3% |
| Operating income | 66 | 172 | 106 | +160.0% |
| Net income attributable to owners | 43 | 77 | 34 | +80.4% |
| Operating cash flow | 30 | 437 | 406 | +1346.6% |
| Free cash flow | -272 | 195 | 467 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,290 | 394 | 6.3% | 266 | 352 | 149 | S100LR4P |
| FY ending Mar 2021 | 6,514 | 426 | 6.5% | 280 | 608 | 99 | S100OJM7 |
| FY ending Mar 2022 | 6,511 | 213 | 3.3% | 141 | 408 | 36 | S100R5PN |
| FY ending Mar 2023 | 7,040 | 47 | 0.7% | 31 | 428 | 197 | S100TS82 |
| FY ending Mar 2024 | 7,310 | 82 | 1.1% | 42 | 721 | 396 | S100W446 |
| FY ending Mar 2025 | 7,111 | 66 | 0.9% | 43 | 30 | -272 | S100YICN |
| FY ending Mar 2026 | 7,324 | 172 | 2.3% | 77 | 437 | 195 | S100YICN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.4M |
| Operating income per employee (consolidated) | ¥877.9K |
| Net income per employee (consolidated) | ¥392.5K |

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) | 224 | 210 | 187 | 187 | 196 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.1M | ¥5.4M | ¥5.2M |
| Average age (parent company) | 39.0 years | 40.6 years | 41.5 years | 42.2 years | 42.0 years |
| Average tenure (parent company) | 15.6 years | 17.0 years | 18.0 years | 18.6 years | 18.4 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +3.0%

## 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 | 437 | 6.0% | S100YICN |
| Capital expenditure | 242 | 3.3% | S100YICN |
| Free cash flow | 195 | 2.7% | 算出 |
| Investing cash flow | -235 | -3.2% | S100YICN |
| Financing cash flow | -159 | -2.2% | S100YICN |
| Dividends paid | 24 | 0.3% | S100YICN |
| Change in cash | 42 | 0.6% | S100YICN |
| Cash and equivalents | 314 | 4.3% | S100YICN |

## 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 | 229 | 248 | 658 | 271 | 314 | S100TS82, S100W446, S100YICN |
| Total assets | 4,716 | 4,772 | 5,315 | 4,726 | 4,739 | S100R5PN, S100TS82, S100W446, S100YICN |
| Net assets | 1,964 | 1,979 | 2,021 | 2,039 | 2,141 | S100TS82, S100W446, S100YICN |
| Share capital | 222 | 222 | 222 | 222 | 222 | S100R5PN, S100TS82, S100W446, S100YICN |
| Property, plant and equipment | 2,896 | 2,882 | 2,833 | 2,797 | 2,705 | S100R5PN, S100TS82, S100W446, S100YICN |
| Intangible assets excluding goodwill | 65 | 71 | 54 | 40 | 48 | S100R5PN, S100TS82, S100W446, S100YICN |
| Investment securities | 169 | 181 | 216 | 216 | 289 | S100R5PN, S100TS82, S100W446, S100YICN |
| Current assets | 1,427 | 1,464 | 2,078 | 1,528 | 1,564 | S100R5PN, S100TS82, S100W446, S100YICN |
| Current liabilities | 1,931 | 1,979 | 2,580 | 1,945 | 1,973 | S100R5PN, S100TS82, S100W446, S100YICN |
| Short-term borrowings | 800 | 800 | 900 | 850 | 900 | S100R5PN, S100TS82, S100W446, S100YICN |
| Long-term borrowings | 527 | 503 | 460 | 497 | 418 | S100R5PN, S100TS82, S100W446, S100YICN |
| Total liabilities | 2,752 | 2,793 | 3,294 | 2,687 | 2,598 | S100R5PN, S100TS82, S100W446, S100YICN |
| Equity attributable to owners of parent | 3,904 | 3,910 | 3,928 | 3,946 | 3,999 | S100R5PN, S100TS82, S100W446, S100YICN |
| Retained earnings | 3,854 | 3,860 | 3,878 | 3,896 | 3,949 | S100R5PN, S100TS82, S100W446, S100YICN |
| Treasury stock | -306 | -306 | -306 | -306 | -306 | S100R5PN, S100TS82, S100W446, S100YICN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YICN |
| Property, plant and equipment | 57% | S100YICN |
| Intangibles and goodwill | 1% | S100YICN |
| Investment securities | 6% | S100YICN |
| Other assets | 29% | S100YICN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YICN |
| Equity | 45% | S100YICN |
| Other liabilities | 0% | S100YICN |

### 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 | 4,716 | 4,772 | 5,315 | 4,726 | 4,739 |
| Equity | 1,964 | 1,979 | 2,021 | 2,039 | 2,141 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 229 | 248 | 658 | 271 | 314 |

## 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) | 36.9% | S100YICN |
| Fixed assets ÷ total assets | 57.1% | S100YICN |
| Goodwill ÷ parent equity | — | —, S100YICN |

### 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) | 6.6% |
| Cash ÷ revenue | 4.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 253.7% |
| Cash vs. profit gap | 360 JPY mn (of net income 467.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.7% |
| Shareholder payments — dividends / FCF | 12.5% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 53.9% |

## 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 | 2.2% | 1.38× | 3.0% | 1.21× | 3.6% | S100R5PN |
| 2023 | 0.4% | 1.48× | 0.6% | 1.21× | 0.8% | S100TS82 |
| 2024 | 0.6% | 1.45× | 0.8% | 1.29× | 1.1% | S100W446 |
| 2025 | 0.6% | 1.42× | 0.8% | 1.28× | 1.1% | S100YICN |
| 2026 | 1.1% | 1.55× | 1.6% | 1.19× | 1.9% | S100YICN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 舟橋 康太 | Major shareholder | 4.5% | 2026-03-31 |
| 舟橋 一輝 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社富士エコー | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 日清製粉株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| フジパングループ本社株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 富士ビル株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 安田 とし子 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ベーカリーシステム研究所 | Major shareholder | 0.9% | 2026-03-31 |
| 井ノ口 諭美 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/04/01－2026/03/31) | S100YICN | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YICN,, |
| 有価証券報告書－第41期(2024/04/01－2025/03/31) | S100W446 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W446,, |
| 有価証券報告書－第40期(2023/04/01－2024/03/31) | S100TS82 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS82,, |
| 有価証券報告書－第39期(2022/04/01－2023/03/31) | S100R5PN | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5PN,, |
| 有価証券報告書－第38期(令和3年4月1日－令和4年3月31日) | S100OJM7 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJM7,, |
| 有価証券報告書－第37期(令和2年4月1日－令和3年3月31日) | S100LR4P | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR4P,, |

## 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).