# DEMAE-CAN CO.,LTD: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/09/01－2025/08/31) (S100X153)
> Page: https://vizora.meequs.com/en/company/demae-can
> Retrieved: 2026-09-30T19:49:43.873Z

## Company

Demae-Can, founded in 1999, is a company in Takeout & Delivery Meals listed on TSE Standard. It has 392 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DEMAE-CAN CO.,LTD |
| Ticker | 2484 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2484.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区千駄ヶ谷5丁目27番5号 |
| Representative (per filing) | 代表取締役社長 矢野 哲 |
| Founded | Sep 1999 |
| Share capital | ¥100M |
| Employees (consolidated) | 392 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | August |
| Website | corporate.demae-can.co.jp (https://corporate.demae-can.co.jp/) |
| Corporate number | 3120001089729 |
| EDINET | E05584 |
| Industries (Vizora) | Takeout & Delivery Meals |

> Profile source: annual securities report (S100X153, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.7 | 15 |
| Profitability | 3.1 | 16 |
| Efficiency | 9.4 | 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)

- Demae-Can brought in ¥39.7B in revenue.
- It lost about ¥12 for every ¥100 of sales at the operating level.
- Revenue changed -21.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥39.7B |  |
| Operating income | -¥4.92B | Margin -12.4% |
| Net income | -¥4.97B | Margin -12.5% |
| Free cash flow | — |  |
| Employees (consolidated) | 392 |  |
| EPS | ¥-43.65 |  |
| Book value per share | ¥257.62 |  |
| Equity ratio | 73.7% |  |
| Shares outstanding | 112,380,430 |  |
| Treasury shares | 832,200 |  |
| Shareholders | 18,004 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 73.5% | Cash ÷ revenue 71.8% |
| Vs. industry median margin | -15.6 pp | Takeout & Delivery Meals |
| ROA | -11.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 73% of total assets
- FY2025, parent-company salary changed +26% over five years
- FY2025, operating loss is 12 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10315568000 | ¥39721000000 | +285.1% |
| Operating income | ¥-2687393000 | ¥-4923000000 | — |
| Operating margin | -26.1% | -12.4% | +13.7 pp |
| Employees | 312 people | 392 people | +25.6% |
| Cash and equivalents | ¥28966185000 | ¥28536000000 | -1.5% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 出前館事業 → 事業再編・廃止 | 91.0% |
| 通信販売事業 → 事業再編・廃止 | 9.0% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,721 | 100.0% | S100X153 |
| Cost of revenue | 35,150 | 88.5% | S100X153 |
| Gross profit | 4,570 | 11.5% | S100X153 |
| SG&A | 9,493 | 23.9% | S100X153 |
| Operating income | -4,923 | -12.4% | S100X153 |
| Ordinary income | -4,968 | -12.5% | S100X153 |
| Pretax income | -4,967 | -12.5% | S100X153 |
| Income tax | 3 | 0.0% | S100X153 |
| Net income | -4,971 | -12.5% | S100X153 |
| Net income attributable to owners | -4,971 | -12.5% | S100X153 |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 24 |
| Operating income | -12 |
| (Ref.) Net income | -13 |

### Margin funnel

Gross margin 11.5% → Operating margin -12.4% → Net margin -12.5%
Derived from reported figures (DERIVED).

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 50,411 | 39,721 | -10,690 | -21.2% |
| Gross profit | 11,608 | 4,570 | -7,038 | -60.6% |
| Operating income | -5,991 | -4,923 | 1,068 | — |
| Net income attributable to owners | -3,705 | -4,971 | -1,266 | — |
| Operating cash flow | -4,582 | -4,970 | -388 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 6,666 | -39 | -0.6% | -103 | 98 | -379 | S100K99N |
| FY ending Aug 2020 | 10,316 | -2,687 | -26.1% | -4,177 | -1,499 | -2,036 | S100N5EF |
| FY ending Aug 2021 | 28,954 | -19,157 | -66.2% | -21,869 | -16,419 | -18,795 | S100PPM7 |
| FY ending Aug 2022 | 47,314 | -36,442 | -77.0% | -36,218 | -39,986 | -40,156 | S100SD7R |
| FY ending Aug 2023 | 51,416 | -12,259 | -23.8% | -12,154 | -12,290 | — | S100UVPV |
| FY ending Aug 2024 | 50,411 | -5,991 | -11.9% | -3,705 | -4,582 | — | S100X153 |
| FY ending Aug 2025 | 39,721 | -4,923 | -12.4% | -4,971 | -4,970 | — | S100X153 |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥101.3M |
| Operating income per employee (consolidated) | -¥12.6M |
| Net income per employee (consolidated) | -¥12.7M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 354 | 410 | 377 | 388 | 392 |
| Average salary (parent company) | ¥5.3M | ¥5.8M | ¥5M | — | ¥6.6M |
| Average age (parent company) | 33.7 years | 34.9 years | 35.0 years | 35.8 years | 36.4 years |
| Average tenure (parent company) | 1.8 years | 2.5 years | 2.5 years | 2.8 years | 3.0 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) -21.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -4,970 | -12.5% | S100X153 |
| Investing cash flow | -2 | -0.0% | S100X153 |
| Financing cash flow | -1,002 | -2.5% | S100X153 |
| Share buyback | 2,950 | 7.4% | S100X153 |
| Change in cash | -5,975 | -15.0% | S100X153 |
| Cash and equivalents | 28,536 | 71.8% | S100X153 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,196 | 53,262 | 40,906 | 34,511 | 28,536 | S100SD7R, S100UVPV, S100X153 |
| Total assets | 20,380 | 69,190 | 54,746 | 47,943 | 38,848 | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Net assets | 6,875 | 54,225 | 42,340 | 36,548 | 28,625 | S100SD7R, S100UVPV, S100X153 |
| Share capital | 16,113 | 100 | 100 | 100 | 100 | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Trade receivables | 291 | 104 | 158 | — | — | S100PPM7, S100SD7R |
| Property, plant and equipment | 72 | — | — | — | — | S100PPM7 |
| Intangible assets excluding goodwill | 7 | — | — | — | — | S100PPM7 |
| Investment securities | 210 | 254 | 320 | 3 | — | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Current assets | 20,043 | 68,863 | 54,292 | 47,544 | 38,440 | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Current liabilities | 13,086 | 14,915 | 12,307 | 11,231 | 10,036 | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Trade payables | 27 | — | — | — | — | S100PPM7 |
| Total liabilities | 13,504 | 14,965 | 12,406 | 11,395 | 10,222 | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Equity attributable to owners of parent | 6,495 | 54,181 | 42,303 | 36,548 | 28,625 | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Retained earnings | -21,966 | -58,184 | -11,959 | -15,665 | -20,637 | S100PPM7, S100SD7R, S100UVPV, S100X153 |
| Treasury stock | -633 | -3 | -3 | -2,053 | -161 | S100PPM7, S100SD7R, S100UVPV, S100X153 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 73% | S100X153 |
| Other assets | 27% | S100X153 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100X153 |
| Equity | 74% | S100X153 |
| Other liabilities | 0% | S100X153 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,380 | 69,190 | 54,746 | 47,943 | 38,848 |
| Equity | 6,875 | 54,225 | 42,340 | 36,548 | 28,625 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,196 | 53,262 | 40,906 | 34,511 | 28,536 |

### 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) | 73.5% |
| Cash ÷ revenue | 71.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -107.3% | —× | — | S100PPM7 |
| 2022 | — | —× | -80.9% | —× | — | S100SD7R |
| 2023 | — | —× | -19.6% | —× | — | S100UVPV |
| 2024 | — | —× | -7.2% | —× | — | S100X153 |
| 2025 | — | —× | -11.5% | —× | — | S100X153 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| LINEヤフー株式会社 | Major shareholder | 35.3% | 2025-08-31 |
| 未来Ｆｕｎｄ有限責任事業組合 | Major shareholder | 18.4% | 2025-08-31 |
| ＫＯＲＥＡ ＳＥＣＵＲＩＴＩＥＳ ＤＥＰＯＳＩＴＯＲＹ－ＳＡＭＳＵＮＧ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 13.1% | 2025-08-31 |
| ザ バンク オブ ニューヨーク １３３６１２（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.4% | 2025-08-31 |
| 中村 利江（戸籍名：西村 利江） | Major shareholder | 2.1% | 2025-08-31 |
| ザ バンク オブ ニューヨーク １３３６５２（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-08-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.1% | 2025-08-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.8% | 2025-08-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＪＡＮＵＳ ＨＥＮＤＥＲＳＯＮ ＨＯＲＩＺＯＮ ＦＵＮＤ（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.7% | 2025-08-31 |
| ザ バンク オブ ニューヨーク メロン １４００５１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/09/01－2025/08/31) | S100X153 | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X153,, |
| 有価証券報告書－第25期(2023/09/01－2024/08/31) | S100UVPV | 2024-12-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVPV,, |
| 有価証券報告書－第24期(2022/09/01－2023/08/31) | S100SD7R | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD7R,, |
| 有価証券報告書－第23期(令和3年9月1日－令和4年8月31日) | S100PPM7 | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPM7,, |
| 有価証券報告書－第22期(令和2年9月1日－令和3年8月31日) | S100N5EF | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5EF,, |
| 有価証券報告書－第21期(令和1年9月1日－令和2年8月31日) | S100K99N | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K99N,, |

## 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).