# DAISHO 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60期(2025/04/01－2026/03/31) (S100YGNU)
> Page: https://vizora.meequs.com/en/company/daisho
> Retrieved: 2026-09-30T20:58:40.368Z

## Company

Daisho, founded in 1966, is a company in Processed Foods listed on TSE Standard. It has 691 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAISHO CO.,LTD. |
| Ticker | 2816 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2816.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区亀沢一丁目17番3号 |
| Representative (per filing) | 代表取締役社長 松本俊一 |
| Founded | Dec 1966 |
| Share capital | ¥870M |
| Employees (consolidated) | 691 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.daisho.co.jp (https://www.daisho.co.jp/) |
| Corporate number | 8010601023878 |
| EDINET | E00501 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YGNU, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.5 | 56 |
| Profitability | 29.2 | 60 |
| Cash conversion | 23.7 | 57 |
| Efficiency | 70.8 | 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)

- Daisho brought in ¥27.5B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +3.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥27489000000 → ¥455000000
- Net income → operating cash flow: ¥455000000 → ¥571000000（difference ¥116000000）
- Main uses of operating cash flow: CapEx ¥2415000000 / dividends ¥173000000 / buybacks ¥0
- Change in cash: ¥-660000000
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 | ¥27.5B |  |
| Operating income | ¥680M | Margin 2.5% |
| Net income | ¥455M | Margin 1.7% |
| Free cash flow | -¥1.84B |  |
| Employees (consolidated) | 691 |  |
| EPS | ¥47.15 |  |
| Book value per share | ¥1045.3 |  |
| Equity ratio | 49.4% |  |
| Shares outstanding | 9,868,800 |  |
| Treasury shares | 216,100 |  |
| Shareholders | 21,953 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 7.0% |
| Vs. industry median margin | -1.6 pp | Processed Foods |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21812000000 | ¥27489000000 | +26.0% |
| Operating income | ¥798000000 | ¥680000000 | -14.8% |
| Operating margin | 3.7% | 2.5% | -1.2 pp |
| Employees | 705 people | 691 people | -2.0% |
| Cash and equivalents | ¥2645000000 | ¥1928000000 | -27.1% |

### 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 | 27,489 | 100.0% | S100YGNU |
| Cost of revenue | 17,485 | 63.6% | S100YGNU |
| Gross profit | 10,003 | 36.4% | S100YGNU |
| SG&A | 9,323 | 33.9% | S100YGNU |
| Operating income | 680 | 2.5% | S100YGNU |
| Ordinary income | 666 | 2.4% | S100YGNU |
| Pretax income | 665 | 2.4% | S100YGNU |
| Income tax | 210 | 0.8% | S100YGNU |
| Net income | 455 | 1.7% | S100YGNU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 34 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 36.4% → Operating margin 2.5% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +3.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.77×
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 | 26,241 | 27,489 | 1,248 | +4.8% |
| Gross profit | 9,700 | 10,003 | 303 | +3.1% |
| Operating income | 656 | 680 | 24 | +3.7% |
| Operating cash flow | 988 | 571 | -417 | -42.2% |
| Free cash flow | -2,324 | -1,844 | 480 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,105 | 555 | 2.6% | 404 | 1,136 | 610 | S100LTGJ |
| FY ending Mar 2021 | 21,812 | 798 | 3.7% | 533 | 1,966 | 1,340 | S100OIKW |
| FY ending Mar 2022 | 22,673 | 861 | 3.8% | 561 | 1,102 | 756 | S100R5KB |
| FY ending Mar 2023 | 23,374 | 484 | 2.1% | 310 | 493 | -212 | S100TTLY |
| FY ending Mar 2024 | 25,351 | 890 | 3.5% | 599 | 975 | 747 | S100W5WN |
| FY ending Mar 2025 | 26,241 | 656 | 2.5% | 458 | 988 | -2,324 | S100YGNU |
| FY ending Mar 2026 | 27,489 | 680 | 2.5% | 455 | 571 | -1,844 | S100YGNU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.8M |
| Operating income per employee (consolidated) | ¥984.1K |
| Net income per employee (consolidated) | ¥658.5K |

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) | 702 | 707 | 688 | 677 | 691 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 38.3 years | 38.3 years | 39.1 years | 39.1 years | 38.8 years |
| Average tenure (parent company) | 12.8 years | 13.2 years | 13.7 years | 13.9 years | 13.6 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +4.8%

## 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 | 571 | 2.1% | S100YGNU |
| Capital expenditure | 2,415 | 8.8% | S100YGNU |
| Free cash flow | -1,844 | -6.7% | 算出 |
| Investing cash flow | -2,403 | -8.7% | S100YGNU |
| Financing cash flow | 1,170 | 4.3% | S100YGNU |
| Dividends paid | 173 | 0.6% | S100YGNU |
| Share buyback | 0 | 0.0% | S100YGNU |
| Change in cash | -660 | -2.4% | S100YGNU |
| Cash and equivalents | 1,928 | 7.0% | S100YGNU |

## 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 | 2,831 | 2,196 | 2,526 | 2,588 | 1,928 | S100TTLY, S100W5WN, S100YGNU |
| Total assets | 15,664 | 15,352 | 16,393 | 18,705 | 20,440 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Net assets | 8,949 | 9,090 | 9,538 | 9,799 | 10,089 | S100TTLY, S100W5WN, S100YGNU |
| Share capital | 870 | 870 | 870 | 870 | 870 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Property, plant and equipment | 7,029 | 7,068 | 6,765 | 9,652 | 10,991 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Intangible assets excluding goodwill | 117 | 85 | 53 | 24 | 83 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Investment securities | 248 | 242 | 281 | 259 | 280 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Current assets | 7,252 | 6,916 | 8,277 | 7,788 | 8,099 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Current liabilities | 4,791 | 4,302 | 5,008 | 4,969 | 6,834 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Short-term borrowings | — | — | — | — | 1,900 | S100YGNU |
| Long-term borrowings | — | — | — | 2,440 | 2,120 | S100YGNU |
| Total liabilities | 6,715 | 6,262 | 6,855 | 8,905 | 10,350 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Equity attributable to owners of parent | 8,878 | 9,015 | 9,440 | 9,725 | 10,006 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Retained earnings | 7,742 | 7,879 | 8,304 | 8,589 | 8,870 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |
| Treasury stock | -114 | -114 | -114 | -114 | -114 | S100R5KB, S100TTLY, S100W5WN, S100YGNU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGNU |
| Property, plant and equipment | 54% | S100YGNU |
| Intangibles and goodwill | 0% | S100YGNU |
| Investment securities | 1% | S100YGNU |
| Other assets | 35% | S100YGNU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YGNU |
| Equity | 49% | S100YGNU |
| Other liabilities | 0% | S100YGNU |

### 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 | 15,664 | 15,352 | 16,393 | 18,705 | 20,440 |
| Equity | 8,949 | 9,090 | 9,538 | 9,799 | 10,089 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,831 | 2,196 | 2,526 | 2,588 | 1,928 |

## 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) | 40.0% | S100YGNU |
| Fixed assets ÷ total assets | 53.8% | S100YGNU |
| Goodwill ÷ parent equity | — | —, S100YGNU |

### 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) | 9.4% |
| Cash ÷ revenue | 7.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.0% |
| Cash vs. profit gap | 116 JPY mn (of net income 25.5%) |
| Shareholder returns / net income | 38.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 420.8% |

## 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% | 1.45× | 3.6% | 1.76× | 6.3% | S100R5KB |
| 2023 | 1.3% | 1.51× | 2.0% | 1.73× | 3.5% | S100TTLY |
| 2024 | 2.4% | 1.60× | 3.8% | 1.72× | 6.5% | S100W5WN |
| 2025 | 1.7% | 1.50× | 2.6% | 1.83× | 4.8% | S100YGNU |
| 2026 | 1.7% | 1.40× | 2.3% | 1.98× | 4.6% | S100YGNU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社山田興産 | Major shareholder | 25.3% | 2026-03-31 |
| 一般財団法人金澤記念育英財団 | Major shareholder | 15.4% | 2026-03-31 |
| 松 本 賢 子 | Major shareholder | 8.8% | 2026-03-31 |
| ダイショー従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 松 本 洋 助 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 松 本 俊 一 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 0.9% | 2026-03-31 |
| 松 本 ひ か る | Major shareholder | 0.8% | 2026-03-31 |
| 松 本 寿 子 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YGNU | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGNU,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W5WN | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5WN,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TTLY | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTLY,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R5KB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5KB,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OIKW | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIKW,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LTGJ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTGJ,, |

## 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).