# DAIKOKUTENBUSSAN CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/06/01－2026/05/31) (S100YYHK)
> Page: https://vizora.meequs.com/en/company/daikokutenbussan
> Retrieved: 2026-09-30T19:53:09.660Z

## Company

Daikokutenbussan, founded in 1986, is a company in Supermarkets listed on TSE Prime. It has 2,038 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIKOKUTENBUSSAN CO.,LTD. |
| Ticker | 2791 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2791.T) |
| Listing | TSE Prime |
| Head office | 岡山県倉敷市西中新田297番地1 |
| Representative (per filing) | 代表取締役社長 大賀 昌彦 |
| Founded | Jun 1986 |
| Share capital | ¥1.76B |
| Employees (consolidated) | 2,038 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | May |
| Website | www.e-dkt.co.jp (https://www.e-dkt.co.jp/) |
| Corporate number | 8260001013868 |
| EDINET | E03423 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100YYHK, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.9 | 45 |
| Profitability | 21.4 | 49 |
| Cash conversion | 69.1 | 47 |
| Efficiency | 76.5 | 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)

- Daikokutenbussan brought in ¥319.2B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +9.0% from the prior year, operating profit -46.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥319208000000 → ¥3606000000
- Net income → operating cash flow: ¥3606000000 → ¥11014000000（difference ¥7408000000）
- Main uses of operating cash flow: CapEx ¥26300000000 / dividends ¥540000000 / buybacks ¥3000000000
- Change in cash: ¥1848000000
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 | ¥319.2B |  |
| Operating income | ¥5.3B | Margin 1.7% |
| Net income | ¥3.6B | Margin 1.1% |
| Free cash flow | -¥15.3B |  |
| Employees (consolidated) | 2,038 |  |
| EPS | ¥266.58 |  |
| Book value per share | ¥4515.53 |  |
| Equity ratio | 43.9% |  |
| Shares outstanding | 14,502,400 |  |
| Treasury shares | 1,090,900 |  |
| Shareholders | 13,179 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 7.4% | Cash ÷ revenue 3.2% |
| Vs. industry median margin | -1.2 pp | Supermarkets |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.6× dividends
- FY2026, operating cash flow is 3.1× net income

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥221551000000 | ¥319208000000 | +44.1% |
| Operating income | ¥8599000000 | ¥5297000000 | -38.4% |
| Operating margin | 3.9% | 1.7% | -2.2 pp |
| Employees | 1,632 people | 2,038 people | +24.9% |
| Cash and equivalents | ¥7857000000 | ¥10337000000 | +31.6% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 319,208 | 100.0% | S100YYHK |
| Cost of revenue | 244,985 | 76.7% | S100YYHK |
| Gross profit | 74,222 | 23.3% | S100YYHK |
| SG&A | 68,925 | 21.6% | S100YYHK |
| Operating income | 5,297 | 1.7% | S100YYHK |
| Ordinary income | 5,450 | 1.7% | S100YYHK |
| Pretax income | 5,576 | 1.7% | S100YYHK |
| Income tax | 1,969 | 0.6% | S100YYHK |
| Net income | 3,606 | 1.1% | S100YYHK |
| Net income attributable to owners | 3,603 | 1.1% | S100YYHK |

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

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

### Margin funnel

Gross margin 23.3% → Operating margin 1.7% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.0%; Core profit growth: -46.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.13×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 292,940 | 319,208 | 26,268 | +9.0% |
| Gross profit | 68,723 | 74,222 | 5,499 | +8.0% |
| Operating income | 9,812 | 5,297 | -4,515 | -46.0% |
| Net income attributable to owners | 6,774 | 3,603 | -3,171 | -46.8% |
| Operating cash flow | 11,438 | 11,014 | -424 | -3.7% |
| Free cash flow | -4,863 | -15,286 | -10,423 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 212,059 | 5,935 | 2.8% | 3,735 | 13,263 | 7,725 | S100MC1N |
| FY ending May 2021 | 221,551 | 8,599 | 3.9% | 5,518 | 9,853 | 2,905 | S100P2J9 |
| FY ending May 2022 | 224,150 | 8,540 | 3.8% | 5,617 | 10,406 | 425 | S100RQXL |
| FY ending May 2023 | 242,243 | 4,497 | 1.9% | 3,116 | 7,610 | -9,844 | S100UH8F |
| FY ending May 2024 | 270,077 | 9,352 | 3.5% | 6,306 | 21,408 | 8,980 | S100WK2E |
| FY ending May 2025 | 292,940 | 9,812 | 3.3% | 6,774 | 11,438 | -4,863 | S100YYHK |
| FY ending May 2026 | 319,208 | 5,297 | 1.7% | 3,603 | 11,014 | -15,286 | S100YYHK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥156.6M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,725 | 1,788 | 1,814 | 1,915 | 2,038 |
| Average salary (parent company) | ¥4.5M | ¥4.4M | ¥4.6M | ¥4.9M | ¥5M |
| Average age (parent company) | 34.6 years | 35.8 years | 35.1 years | 38.8 years | 35.5 years |
| Average tenure (parent company) | 7.5 years | 6.7 years | 7.3 years | 8.1 years | 7.9 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +9.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,014 | 3.5% | S100YYHK |
| Capital expenditure | 26,300 | 8.2% | S100YYHK |
| Free cash flow | -15,286 | -4.8% | 算出 |
| Investing cash flow | -26,710 | -8.4% | S100YYHK |
| Financing cash flow | 17,544 | 5.5% | S100YYHK |
| Dividends paid | 540 | 0.2% | S100YYHK |
| Share buyback | 3,000 | 0.9% | S100YYHK |
| Change in cash | 1,848 | 0.6% | S100YYHK |
| Cash and equivalents | 10,337 | 3.2% | S100YYHK |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,540 | 8,630 | 12,023 | 8,488 | 10,337 | S100UH8F, S100WK2E, S100YYHK |
| Total assets | 81,930 | 97,194 | 104,352 | 116,403 | 139,295 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Net assets | 46,802 | 49,518 | 55,496 | 61,064 | 61,210 | S100UH8F, S100WK2E, S100YYHK |
| Share capital | 1,661 | 1,661 | 1,716 | 1,760 | 1,760 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Property, plant and equipment | 47,878 | 59,892 | 64,381 | 76,602 | 93,588 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Intangible assets excluding goodwill | 335 | 344 | 281 | 219 | 152 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Investment securities | 474 | 473 | 448 | 442 | 560 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Current assets | 21,160 | 23,890 | 25,835 | 25,200 | 30,383 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Current liabilities | 26,273 | 30,703 | 35,941 | 46,190 | 48,977 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Trade payables | 14,523 | 16,749 | 17,978 | 20,205 | 21,193 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Short-term borrowings | 2,587 | 4,601 | 4,061 | 11,061 | 14,583 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Long-term borrowings | 4,095 | 11,950 | 7,895 | 3,945 | 21,519 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Total liabilities | 35,128 | 47,676 | 48,856 | 55,339 | 78,085 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Non-controlling interests | 104 | 108 | 113 | 117 | 119 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Equity attributable to owners of parent | 46,514 | 49,225 | 55,237 | 60,837 | 60,900 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Retained earnings | 43,909 | 46,621 | 52,524 | 58,840 | 61,904 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |
| Treasury stock | -880 | -881 | -881 | -1,685 | -4,685 | S100RQXL, S100UH8F, S100WK2E, S100YYHK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YYHK |
| Property, plant and equipment | 67% | S100YYHK |
| Intangibles and goodwill | 0% | S100YYHK |
| Investment securities | 0% | S100YYHK |
| Other assets | 25% | S100YYHK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YYHK |
| Other liabilities | 41% | S100YYHK |
| Equity | 44% | S100YYHK |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 81,930 | 97,194 | 104,352 | 116,403 | 139,295 |
| Equity | 46,802 | 49,518 | 55,496 | 61,064 | 61,210 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,540 | 8,630 | 12,023 | 8,488 | 10,337 |

## 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) | 29.3% | S100YYHK |
| Fixed assets ÷ total assets | 67.2% | S100YYHK |
| Goodwill ÷ parent equity | — | —, S100YYHK |

### 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) | 7.4% |
| Cash ÷ revenue | 3.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 207.9% |
| Cash vs. profit gap | 7,411 JPY mn (of net income 205.7%) |
| Shareholder returns / net income | 98.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 242.5% |

## 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 | 2.5% | 2.74× | 6.9% | 1.76× | 12.1% | S100RQXL |
| 2023 | 1.3% | 2.70× | 3.5% | 1.87× | 6.5% | S100UH8F |
| 2024 | 2.3% | 2.68× | 6.3% | 1.93× | 12.1% | S100WK2E |
| 2025 | 2.3% | 2.65× | 6.1% | 1.90× | 11.7% | S100YYHK |
| 2026 | 1.1% | 2.50× | 2.8% | 2.10× | 5.9% | S100YYHK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 七福神株式会社 | Major shareholder | 42.4% | 2026-05-31 |
| 大賀 公子 | Major shareholder | 6.0% | 2026-05-31 |
| 大賀 昌彦 | Major shareholder | 5.4% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.0% | 2026-05-31 |
| 公益財団法人大黒天財団 | Major shareholder | 2.2% | 2026-05-31 |
| UBS AG SINGAPORE （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2026-05-31 |
| STATE STREET BANK AND TRUST COMPANY 505019 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-05-31 |
| BBH CO FOR ARCUS JAPAN VALUE FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2026-05-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.7% | 2026-05-31 |
| CACEIS BANK, LUXEMBOURG BRANCH / UCITS - FULL TAX （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-05-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending May 2026 was ¥319.2B, up +9.0% from ¥292.9B.
- Gross profit also rose +8.0% to ¥74.2B, yet operating income dropped -46.0% from ¥9.81B to ¥5.3B, and net income fell -46.8% to ¥3.6B.
- Operating cash flow held at ¥11B, but capital expenditure of ¥26.3B pushed free cash flow further into the red, at -¥15.3B.

### Drivers

- New store openings across many prefectures and a major remodel of an existing store lifted sales
- Start-up costs and wages tied to the rapid wave of openings drove SG&A sharply higher and squeezed profit
- Rising construction costs made each new store more expensive; the company offset part of this with a low-cost format supplied entirely from its central supply centers

### Risks

- Results depend on local economic conditions, consumer spending and competition from other retailers
- If it cannot hire and train enough staff, it may have to scale back openings or see store operations slip
- As the store network spreads, exposure to earthquakes, typhoons and floods grows

Cited: Annual Securities Report, 40th fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 40th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/06/01－2026/05/31) | S100YYHK | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYHK,, |
| 有価証券報告書－第39期(2024/06/01－2025/05/31) | S100WK2E | 2025-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WK2E,, |
| 訂正有価証券報告書－第38期(2023/06/01－2024/05/31) | S100UH8F | 2024-10-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UH8F,, |
| 有価証券報告書－第37期(2022/06/01－2023/05/31) | S100RQXL | 2023-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQXL,, |
| 有価証券報告書－第36期(令和3年6月1日－令和4年5月31日) | S100P2J9 | 2022-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2J9,, |
| 有価証券報告書－第35期(令和2年6月1日－令和3年5月31日) | S100MC1N | 2021-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC1N,, |

## 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).