# Delsole Corporation: 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62期(2025/04/01－2026/03/31) (S100YC0N)
> Page: https://vizora.meequs.com/en/company/delsole
> Retrieved: 2026-09-30T19:42:04.415Z

## Company

Delsole, founded in 1964, is a company in Processed Foods listed on TSE Standard. It has 241 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Delsole Corporation |
| Ticker | 2876 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2876.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区有明三丁目4番10号 |
| Representative (per filing) | 代表取締役社長 武長 栄治 |
| Founded | Nov 1964 |
| Share capital | ¥922.9M |
| Employees (consolidated) | 241 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Corporate number | 7011001041298 |
| EDINET | E00488 |
| Industries (Vizora) | Processed Foods, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YC0N, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8 | 56 |
| Profitability | 39.2 | 60 |
| Cash conversion | 7.9 | 57 |
| Efficiency | 77.5 | 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)

- About 79% of Delsole's sales come from Food manufacturing and trading, with Food Service making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -5.1% from the prior year, operating profit -23.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.6B |  |
| Operating income | ¥430.3M | Margin 2.9% |
| Net income | ¥212.1M | Margin 1.5% |
| Free cash flow | -¥839.7M |  |
| Largest business | Food manufacturing and trading | of segment revenue 79.2% |
| Employees (consolidated) | 241 |  |
| EPS | ¥23.82 |  |
| Book value per share | ¥699.63 |  |
| Equity ratio | 60.8% |  |
| Shares outstanding | 9,105,290 |  |
| Treasury shares | 200,200 |  |
| Shareholders | 2,370 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 11.7% |
| Vs. industry median margin | -1.1 pp | Processed Foods |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16630621000 | ¥14620266000 | -12.1% |
| Operating income | ¥499552000 | ¥430306000 | -13.9% |
| Operating margin | 3.0% | 2.9% | -0.1 pp |
| Employees | 310 people | 241 people | -22.3% |
| Cash and equivalents | ¥974387000 | ¥1715922000 | +76.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 食品事業 → 食品事業 | 79.2% |
| 食品事業 → 事業再編・廃止 | 5.9% |
| 外食事業 → 外食事業 | 14.9% |
| 新設・再編 → 外食事業 | 5.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,620 | 100.0% | S100YC0N |
| Cost of revenue | 9,186 | 62.8% | S100YC0N |
| Gross profit | 5,434 | 37.2% | S100YC0N |
| SG&A | 5,004 | 34.2% | S100YC0N |
| Operating income | 430 | 2.9% | S100YC0N |
| Ordinary income | 375 | 2.6% | S100YC0N |
| Pretax income | 344 | 2.4% | S100YC0N |
| Income tax | 132 | 0.9% | S100YC0N |
| Net income | 212 | 1.5% | S100YC0N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 34 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 37.2% → Operating margin 2.9% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.1%; Core profit growth: -23.3%
Operating leverage (core profit growth ÷ revenue growth): 4.58×
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 | 15,404 | 14,620 | -783 | -5.1% |
| Gross profit | 5,697 | 5,434 | -263 | -4.6% |
| Operating income | 561 | 430 | -131 | -23.3% |
| Operating cash flow | 903 | -125 | -1,028 | -113.8% |
| Free cash flow | 535 | -840 | -1,375 | -256.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,820 | 919 | 5.2% | 512 | 1,477 | 807 | S100LL68 |
| FY ending Mar 2021 | 16,631 | 500 | 3.0% | 251 | 285 | -91 | S100ODOC |
| FY ending Mar 2022 | 15,458 | 539 | 3.5% | 642 | 1,638 | 1,256 | S100R5DC |
| FY ending Mar 2023 | 16,893 | 418 | 2.5% | 303 | 396 | 284 | S100TNUE |
| FY ending Mar 2024 | 17,785 | 1,220 | 6.9% | 599 | 1,107 | 797 | S100W3FA |
| FY ending Mar 2025 | 15,404 | 561 | 3.6% | -423 | 903 | 535 | S100YC0N |
| FY ending Mar 2026 | 14,620 | 430 | 2.9% | 212 | -125 | -840 | S100YC0N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥880.1K |

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) | 294 | 262 | 247 | 250 | 241 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5.1M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 44.6 years | 43.3 years | 43.4 years | 43.7 years | 44.0 years |
| Average tenure (parent company) | 12.4 years | 12.2 years | 12.9 years | 13.4 years | 14.0 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) -5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food manufacturing and trading | 11,579 | 79.2% | — | — |
| Food Service | 3,041 | 20.8% | — | — |

### 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 |
| --- | ---: |
| Food manufacturing and trading | 79.2% |
| Food Service | 20.8% |

Segment → industry: Food manufacturing and trading → Processed Foods / Food Service → Takeout & Delivery Meals

## 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 | -125 | -0.9% | S100YC0N |
| Capital expenditure | 715 | 4.9% | S100YC0N |
| Free cash flow | -840 | -5.7% | 算出 |
| Investing cash flow | -705 | -4.8% | S100YC0N |
| Financing cash flow | -192 | -1.3% | S100YC0N |
| Dividends paid | 132 | 0.9% | S100YC0N |
| Change in cash | -1,021 | -7.0% | S100YC0N |
| Cash and equivalents | 1,716 | 11.7% | S100YC0N |

## 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 | 1,598 | 1,649 | 2,257 | 2,737 | 1,716 | S100TNUE, S100W3FA, S100YC0N |
| Total assets | 10,630 | 11,030 | 10,737 | 10,245 | 10,246 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Net assets | 5,967 | 6,082 | 6,632 | 6,120 | 6,230 | S100TNUE, S100W3FA, S100YC0N |
| Share capital | 923 | 923 | 923 | 923 | 923 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Property, plant and equipment | 4,100 | 3,574 | 3,185 | 2,834 | 3,209 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Intangible assets excluding goodwill | 49 | 10 | 11 | 9 | 14 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Investment securities | 158 | 171 | 230 | 195 | 244 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Current assets | 5,189 | 6,006 | 6,369 | 5,998 | 5,682 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Current liabilities | 2,532 | 3,574 | 2,734 | 2,631 | 2,532 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Long-term borrowings | 470 | 210 | 150 | 90 | 30 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Total liabilities | 4,663 | 4,948 | 4,105 | 4,125 | 4,015 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Equity attributable to owners of parent | 5,954 | 6,061 | 6,571 | 6,041 | 6,120 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Retained earnings | 3,772 | 3,966 | 4,476 | 3,947 | 4,025 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |
| Treasury stock | -0 | -87 | -87 | -87 | -87 | S100R5DC, S100TNUE, S100W3FA, S100YC0N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YC0N |
| Property, plant and equipment | 31% | S100YC0N |
| Intangibles and goodwill | 0% | S100YC0N |
| Investment securities | 2% | S100YC0N |
| Other assets | 50% | S100YC0N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YC0N |
| Equity | 61% | S100YC0N |

### 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 | 10,630 | 11,030 | 10,737 | 10,245 | 10,246 |
| Equity | 5,967 | 6,082 | 6,632 | 6,120 | 6,230 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,598 | 1,649 | 2,257 | 2,737 | 1,716 |

## 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) | 22.0% | S100YC0N |
| Fixed assets ÷ total assets | 31.3% | S100YC0N |
| Goodwill ÷ parent equity | — | —, S100YC0N |

### 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 | 11.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -29.0% |
| Cash vs. profit gap | -337 JPY mn (of net income -158.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 62.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | — |

## 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 | 4.2% | 1.45× | 6.0% | 1.79× | 10.8% | S100R5DC |
| 2023 | 1.8% | 1.56× | 2.8% | 1.80× | 5.0% | S100TNUE |
| 2024 | 3.4% | 1.63× | 5.5% | 1.72× | 9.5% | S100W3FA |
| 2025 | — | —× | -4.0% | —× | — | S100YC0N |
| 2026 | 1.5% | 1.43× | 2.1% | 1.68× | 3.5% | S100YC0N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大河原 愛子 | Major shareholder | 25.4% | 2026-03-31 |
| 大河原 毅 | Major shareholder | 17.2% | 2026-03-31 |
| PT INDOFOOD CBP SUKSES MAKMUR TBK(常任代理人SMBC日興証券株式会社) | Major shareholder | 10.1% | 2026-03-31 |
| 株式会社ミツウロコグループホールディングス | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ニチレイフーズ | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| マリンフード株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.3% | 2026-03-31 |
| 日清製粉株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 和田 隆介 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YC0N | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC0N,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W3FA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3FA,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TNUE | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNUE,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R5DC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5DC,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100ODOC | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODOC,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LL68 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL68,, |

## 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).