# DELICA FOODS HOLDINGS 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23期(2025/04/01－2026/03/31) (S100YJQR)
> Page: https://vizora.meequs.com/en/company/delica-foods-holdings
> Retrieved: 2026-09-30T19:19:52.447Z

## Company

Delica Foods Holdings, founded in 1979, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 850 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DELICA FOODS HOLDINGS CO., LTD. |
| Ticker | 3392 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3392.T) |
| Listing | TSE Standard |
| Head office | 東京都足立区六町四丁目12番12号 |
| Representative (per filing) | 代表取締役社長 大﨑善保 |
| Founded | Oct 1979 |
| Share capital | ¥1.77B |
| Employees (consolidated) | 850 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Corporate number | 8011801015921 |
| EDINET | E02994 |
| Industries (Vizora) | Specialty Trading & Wholesale, Takeout & Delivery Meals, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YJQR, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.7 | 15 |
| Profitability | 59.4 | 16 |
| Cash conversion | 67.9 | 14 |
| Efficiency | 84.4 | 16 |

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 96% of Delica Foods Holdings's sales come from Vegetables and fruits, with Logistics and Holding company making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.9% from the prior year, operating profit +161.9%.

## Company structure

- Segment revenue mix: Vegetables and fruits 96.3%、Logistics 1.9%、Holding company 1.7%、Research and development and Analysis 0.1%
- Revenue → net income: ¥62219157000 → ¥1515473000
- Net income → operating cash flow: ¥1515473000 → ¥3155274000（difference ¥1639801000）
- Main uses of operating cash flow: CapEx ¥1565667000 / dividends ¥193709000 / buybacks —
- Change in cash: ¥1380599000
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 | ¥62.2B |  |
| Operating income | ¥2.11B | Margin 3.4% |
| Net income | ¥1.52B | Margin 2.4% |
| Free cash flow | ¥1.59B |  |
| Largest business | Vegetables and fruits | of segment revenue 96.3% |
| Employees (consolidated) | 850 |  |
| EPS | ¥14.45 |  |
| Book value per share | ¥297.31 |  |
| Equity ratio | 35.4% |  |
| Shares outstanding | 16,372,000 |  |
| Treasury shares | 128,300 |  |
| Shareholders | 12,141 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 7.9% |
| Vs. industry median margin | +0.5 pp | Specialty Trading & Wholesale |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, parent-company salary changed +42% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31725670000 | ¥62219157000 | +96.1% |
| Operating income | ¥-1467329000 | ¥2109658000 | — |
| Operating margin | -4.6% | 3.4% | +8 pp |
| Employees | 601 people | 850 people | +41.4% |
| Cash and equivalents | ¥4314192000 | ¥4914432000 | +13.9% |

### 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 |
| --- | ---: |
| 青果物事業 → 青果物事業 | 96.3% |
| 青果物事業 → 事業再編・廃止 | 1.1% |
| 物流事業 → 物流事業 | 0.7% |
| 研究開発・分析事業 → 研究開発・分析事業 | 0.1% |
| 研究開発・分析事業 → 事業再編・廃止 | 0.1% |
| 持株会社 → 持株会社 | 1.7% |
| 持株会社 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 物流事業 | 1.2% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vegetables and fruits | 5 years | +14.2% | ¥60968557000 | 3.3% | 2 |
| Logistics | 5 years | +41.1% | ¥1201176000 | 10.0% | 2 |
| Holding company | 5 years | +14.4% | ¥1083409000 | 22.1% | 2 |
| Research and development and Analysis | 5 years | -4.3% | ¥49423000 | -25.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,219 | 100.0% | S100YJQR |
| Cost of revenue | 45,874 | 73.7% | S100YJQR |
| Gross profit | 16,345 | 26.3% | S100YJQR |
| SG&A | 14,235 | 22.9% | S100YJQR |
| Operating income | 2,110 | 3.4% | S100YJQR |
| Ordinary income | 2,173 | 3.5% | S100YJQR |
| Pretax income | 2,150 | 3.5% | S100YJQR |
| Income tax | 634 | 1.0% | S100YJQR |
| Net income | 1,515 | 2.4% | S100YJQR |
| Net income attributable to owners | 1,515 | 2.4% | S100YJQR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 26.3% → Operating margin 3.4% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.9%; Core profit growth: +161.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 27.52×
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 | 58,763 | 62,219 | 3,457 | +5.9% |
| Gross profit | 14,355 | 16,345 | 1,989 | +13.9% |
| Operating income | 806 | 2,110 | 1,304 | +161.9% |
| Net income attributable to owners | 542 | 1,515 | 973 | +179.6% |
| Operating cash flow | 3,798 | 3,155 | -643 | -16.9% |
| Free cash flow | 2,894 | 1,590 | -1,304 | -45.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,413 | 572 | 1.4% | 361 | 2,435 | -971 | S100LNT2 |
| FY ending Mar 2021 | 31,726 | -1,467 | -4.6% | -953 | 72 | -784 | S100OMLG |
| FY ending Mar 2022 | 39,788 | -397 | -1.0% | -747 | 857 | -252 | S100R11W |
| FY ending Mar 2023 | 47,925 | 636 | 1.3% | 702 | 1,696 | 707 | S100TV7G |
| FY ending Mar 2024 | 52,824 | 1,135 | 2.1% | 1,014 | 1,687 | -3,216 | S100W4ZA |
| FY ending Mar 2025 | 58,763 | 806 | 1.4% | 542 | 3,798 | 2,894 | S100YJQR |
| FY ending Mar 2026 | 62,219 | 2,110 | 3.4% | 1,515 | 3,155 | 1,590 | S100YJQR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.2M |
| Operating income per employee (consolidated) | ¥2.5M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 651 | 667 | 747 | 794 | 850 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥7.3M | ¥7.2M | ¥8.6M |
| Average age (parent company) | 46.6 years | 44.1 years | 46.2 years | 48.4 years | 48.0 years |
| Average tenure (parent company) | 3.9 years | 4.4 years | 4.7 years | 8.2 years | 8.3 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vegetables and fruits | 60,969 | 96.3% | 2,034 | 3.3% |
| Logistics | 1,201 | 1.9% | 120 | 10.0% |
| Research and development and Analysis | 49 | 0.1% | -12 | -25.0% |
| Holding company | 1,083 | 1.7% | 239 | 22.1% |

### 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 |
| --- | ---: |
| Vegetables and fruits | 96.3% |
| Logistics | 1.9% |
| Research and development and Analysis | 0.1% |
| Holding company | 1.7% |

Segment → industry: Vegetables and fruits → Specialty Trading & Wholesale / Vegetables and fruits → Takeout & Delivery Meals / Logistics → Trucking & Parcel Delivery

## 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 | 3,155 | 5.1% | S100YJQR |
| Capital expenditure | 1,566 | 2.5% | S100YJQR |
| Free cash flow | 1,590 | 2.6% | 算出 |
| Investing cash flow | -1,834 | -2.9% | S100YJQR |
| Financing cash flow | 59 | 0.1% | S100YJQR |
| Dividends paid | 194 | 0.3% | S100YJQR |
| Change in cash | 1,381 | 2.2% | S100YJQR |
| Cash and equivalents | 4,914 | 7.9% | S100YJQR |

## 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 | 4,209 | 5,219 | 3,966 | 3,534 | 4,914 | S100TV7G, S100W4ZA, S100YJQR |
| Total assets | 22,946 | 24,867 | 28,848 | 26,641 | 29,515 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Net assets | 6,237 | 7,716 | 8,751 | 9,031 | 10,434 | S100TV7G, S100W4ZA, S100YJQR |
| Share capital | 1,377 | 1,772 | 1,772 | 1,772 | 1,772 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Property, plant and equipment | 12,180 | 12,073 | 14,865 | 14,650 | 15,517 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Intangible assets excluding goodwill | 101 | 75 | 61 | 64 | 50 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Investment securities | 500 | 582 | 794 | 699 | 847 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Current assets | 9,566 | 11,485 | 12,510 | 10,595 | 12,401 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Current liabilities | 7,969 | 8,920 | 9,746 | 8,391 | 11,103 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Short-term borrowings | 2,330 | 2,200 | 2,200 | 650 | 2,200 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Long-term borrowings | 7,724 | 7,413 | 9,233 | 8,116 | 6,829 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Total liabilities | 16,709 | 17,151 | 20,098 | 17,610 | 19,081 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Equity attributable to owners of parent | 6,119 | 7,543 | 8,433 | 8,743 | 10,088 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Retained earnings | 2,595 | 3,224 | 4,108 | 4,454 | 5,775 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |
| Treasury stock | -25 | -23 | -20 | -72 | -55 | S100R11W, S100TV7G, S100W4ZA, S100YJQR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJQR |
| Property, plant and equipment | 52% | S100YJQR |
| Intangibles and goodwill | 0% | S100YJQR |
| Investment securities | 3% | S100YJQR |
| Other assets | 28% | S100YJQR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YJQR |
| Equity | 35% | S100YJQR |
| Other liabilities | 0% | S100YJQR |

### 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 | 22,946 | 24,867 | 28,848 | 26,641 | 29,515 |
| Equity | 6,237 | 7,716 | 8,751 | 9,031 | 10,434 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,209 | 5,219 | 3,966 | 3,534 | 4,914 |

## 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) | 24.9% | S100YJQR |
| Fixed assets ÷ total assets | 52.6% | S100YJQR |
| Goodwill ÷ parent equity | — | —, S100YJQR |

### 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) | 16.7% |
| Cash ÷ revenue | 7.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.6% |
| Cash vs. profit gap | 1,640 JPY mn (of net income 108.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.8% |
| Shareholder payments — dividends / FCF | 12.2% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 58.1% |

## 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 | — | —× | -3.3% | —× | — | S100R11W |
| 2023 | 1.5% | 2.00× | 2.9% | 3.50× | 10.3% | S100TV7G |
| 2024 | 1.9% | 1.97× | 3.8% | 3.36× | 12.7% | S100W4ZA |
| 2025 | 0.9% | 2.12× | 2.0% | 3.23× | 6.3% | S100YJQR |
| 2026 | 2.4% | 2.22× | 5.4% | 2.98× | 16.1% | S100YJQR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 舘本 篤志 | Major shareholder | 12.6% | 2026-03-31 |
| エア・ウォーター株式会社 | Major shareholder | 10.6% | 2026-03-31 |
| 舘本 勲武 | Major shareholder | 5.9% | 2026-03-31 |
| 大﨑 善保 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 2.0% | 2026-03-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ Ａ／Ｃ ＩＰＢ ＳＥＧＲＥＧＡＴＥＤ ＣＬＩＥＮＴＡＣＣＯＵＮＴ(常任代理人シティバンク、エヌ・エイ東京支店カストディ業務部長石川潤) | Major shareholder | 1.6% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人株式会社三菱ＵＦＪ銀行取締役頭取執行役員半沢淳一） | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社オリエンタル | Major shareholder | 1.2% | 2026-03-31 |
| 野村 五郎 | Major shareholder | 1.2% | 2026-03-31 |
| デリカフーズグループ従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YJQR | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJQR,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W4ZA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ZA,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TV7G | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV7G,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R11W | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R11W,, |
| 訂正有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OMLG | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMLG,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LNT2 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNT2,, |

## 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).