# DAIREI CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2025/04/01－2026/03/31) (S100YBPW)
> Page: https://vizora.meequs.com/en/company/dairei
> Retrieved: 2026-09-30T19:42:06.345Z

## Company

Dairei, founded in 1972, is a company in Processed Foods listed on TSE Standard. It has 146 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIREI CO.,LTD. |
| Ticker | 2883 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2883.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区月島二丁目3番1号 |
| Representative (per filing) | 代表取締役社長執行役員 冨田 史好 |
| Founded | Jun 1972 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 146 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.dai-rei.co.jp (https://www.dai-rei.co.jp/) |
| Corporate number | 2010001048993 |
| EDINET | E31012 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YBPW, filed 2026-06-15). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 56 |
| Profitability | 32.5 | 60 |
| Cash conversion | 14.9 | 57 |
| Efficiency | 95.8 | 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)

- Dairei brought in ¥25.1B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.6% from the prior year, operating profit -21.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥25053423000 → ¥482436000
- Net income → operating cash flow: ¥482436000 → ¥309643000（difference ¥-172793000）
- Main uses of operating cash flow: CapEx ¥31322000 / dividends ¥354580000 / buybacks ¥99868000
- Change in cash: ¥-173991000
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 | ¥25.1B |  |
| Operating income | ¥660.3M | Margin 2.6% |
| Net income | ¥482.4M | Margin 1.9% |
| Free cash flow | ¥278.3M |  |
| Employees (consolidated) | 146 |  |
| EPS | ¥82.09 |  |
| Book value per share | ¥1501.51 |  |
| Equity ratio | 78.0% |  |
| Shares outstanding | 6,008,300 |  |
| Treasury shares | 149,500 |  |
| Shareholders | 18,132 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 31.6% | Cash ÷ revenue 14.3% |
| Vs. industry median margin | -1.4 pp | Processed Foods |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22507264000 | ¥25053423000 | +11.3% |
| Operating income | ¥954626000 | ¥660319000 | -30.8% |
| Operating margin | 4.2% | 2.6% | -1.6 pp |
| Employees | 150 people | 146 people | -2.7% |
| Cash and equivalents | ¥4310327000 | ¥3577896000 | -17.0% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,053 | 100.0% | S100YBPW |
| Cost of revenue | 21,249 | 84.8% | S100YBPW |
| Gross profit | 3,804 | 15.2% | S100YBPW |
| SG&A | 3,144 | 12.5% | S100YBPW |
| Operating income | 660 | 2.6% | S100YBPW |
| Ordinary income | 693 | 2.8% | S100YBPW |
| Pretax income | 692 | 2.8% | S100YBPW |
| Income tax | 210 | 0.8% | S100YBPW |
| Net income | 482 | 1.9% | S100YBPW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.2% → Operating margin 2.6% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.6%; Core profit growth: -21.5%
Operating leverage (core profit growth ÷ revenue growth): 8.13×
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 | 25,733 | 25,053 | -680 | -2.6% |
| Gross profit | 4,032 | 3,804 | -228 | -5.6% |
| Operating income | 841 | 660 | -181 | -21.5% |
| Operating cash flow | 711 | 310 | -401 | -56.4% |
| Free cash flow | 556 | 278 | -277 | -49.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,865 | 1,185 | 4.4% | 814 | 275 | 271 | S100LJON |
| FY ending Mar 2021 | 22,507 | 955 | 4.2% | 684 | 795 | 778 | S100O9XQ |
| FY ending Mar 2022 | 22,964 | 1,046 | 4.6% | 729 | -1,236 | -1,243 | S100R7M3 |
| FY ending Mar 2023 | 27,240 | 1,525 | 5.6% | 1,024 | 323 | 277 | S100TNWB |
| FY ending Mar 2024 | 27,417 | 1,066 | 3.9% | 767 | 1,632 | — | S100VZ8K |
| FY ending Mar 2025 | 25,733 | 841 | 3.3% | -575 | 711 | 556 | S100YBPW |
| FY ending Mar 2026 | 25,053 | 660 | 2.6% | 482 | 310 | 278 | S100YBPW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥171.6M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 150 | 151 | 152 | 150 | 146 |
| Average salary (parent company) | ¥5.4M | ¥5.7M | ¥5.8M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 43.6 years | 44.1 years | 44.3 years | 44.9 years | 45.1 years |
| Average tenure (parent company) | 15.8 years | 16.5 years | 16.4 years | 16.5 years | 16.8 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) -2.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 310 | 1.2% | S100YBPW |
| Capital expenditure | 31 | 0.1% | S100YBPW |
| Free cash flow | 278 | 1.1% | 算出 |
| Investing cash flow | -31 | -0.1% | S100YBPW |
| Financing cash flow | -468 | -1.9% | S100YBPW |
| Dividends paid | 355 | 1.4% | S100YBPW |
| Share buyback | 100 | 0.4% | S100YBPW |
| Change in cash | -174 | -0.7% | S100YBPW |
| Cash and equivalents | 3,578 | 14.3% | S100YBPW |

## 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 | 2,743 | 2,657 | 3,874 | 3,752 | 3,578 | S100TNWB, S100VZ8K, S100YBPW |
| Total assets | 11,523 | 12,827 | 14,040 | 11,511 | 11,314 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Net assets | 8,670 | 9,310 | 9,725 | 8,794 | 8,824 | S100TNWB, S100VZ8K, S100YBPW |
| Share capital | 1,910 | 1,910 | 1,910 | 1,910 | 1,910 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Property, plant and equipment | 644 | 685 | 651 | 659 | 657 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Intangible assets excluding goodwill | 21 | 17 | 45 | 146 | 113 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Investment securities | 23 | 24 | 28 | 27 | 29 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Current assets | 10,632 | 11,630 | 12,802 | 10,455 | 10,313 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Current liabilities | 2,477 | 3,118 | 3,914 | 2,318 | 2,124 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Short-term borrowings | — | 300 | 300 | — | — | S100TNWB, S100VZ8K |
| Total liabilities | 2,853 | 3,517 | 4,315 | 2,716 | 2,490 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Equity attributable to owners of parent | 8,666 | 9,306 | 9,718 | 8,789 | 8,817 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Retained earnings | 6,269 | 6,909 | 7,321 | 6,392 | 6,520 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |
| Treasury stock | -200 | -200 | -200 | -200 | -300 | S100R7M3, S100TNWB, S100VZ8K, S100YBPW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YBPW |
| Property, plant and equipment | 6% | S100YBPW |
| Intangibles and goodwill | 1% | S100YBPW |
| Investment securities | 0% | S100YBPW |
| Other assets | 61% | S100YBPW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YBPW |
| Equity | 78% | S100YBPW |

### 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 | 11,523 | 12,827 | 14,040 | 11,511 | 11,314 |
| Equity | 8,670 | 9,310 | 9,725 | 8,794 | 8,824 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,743 | 2,657 | 3,874 | 3,752 | 3,578 |

## 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) | 2.6% | S100YBPW |
| Fixed assets ÷ total assets | 5.8% | S100YBPW |
| Goodwill ÷ parent equity | — | —, S100YBPW |

### 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) | 31.6% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 46.9% |
| Cash vs. profit gap | -173 JPY mn (of net income -35.8%) |
| Shareholder returns / net income | 94.2% |
| Shareholder returns / FCF | 163.3% |
| Shareholder payments — dividends / net income | 73.5% |
| Shareholder payments — dividends / FCF | 127.4% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 10.1% |

## 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 | 3.2% | 1.99× | 6.3% | 1.33× | 8.4% | S100R7M3 |
| 2023 | 3.8% | 2.24× | 8.4% | 1.35× | 11.4% | S100TNWB |
| 2024 | 2.8% | 2.04× | 5.7% | 1.41× | 8.1% | S100VZ8K |
| 2025 | — | —× | -4.5% | —× | — | S100YBPW |
| 2026 | 1.9% | 2.20× | 4.2% | 1.30× | 5.5% | S100YBPW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フルタ | Major shareholder | 51.4% | 2026-03-31 |
| 古田 耕司 | Major shareholder | 2.3% | 2026-03-31 |
| 大冷社員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 正林 淳生 | Major shareholder | 1.2% | 2026-03-31 |
| 冨田 史好 | Major shareholder | 1.2% | 2026-03-31 |
| 齋藤 里美 | Major shareholder | 1.0% | 2026-03-31 |
| 黒川 岳夫 | Major shareholder | 0.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 日本海冷凍魚株式会社 | Major shareholder | 0.2% | 2026-03-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹＭ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＴＳ Ｍ ＩＬＭ ＦＥ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YBPW | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBPW,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100VZ8K | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ8K,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TNWB | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNWB,, |
| 訂正有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R7M3 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7M3,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100O9XQ | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9XQ,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LJON | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJON,, |

## 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).