# EAT&HOLDINGS Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/03/01－2026/02/28) (S100Y6XK)
> Page: https://vizora.meequs.com/en/company/eat-and-holdings
> Retrieved: 2026-09-30T22:27:46.408Z

## Company

Eat&holdings, founded in 1977, is a company in Processed Foods listed on TSE Prime. It has 564 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EAT&HOLDINGS Co.,Ltd |
| Ticker | 2882 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2882.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区宮原三丁目3番34号(同所は登記上の本店所在地であり、主たる本社業務は「最寄りの連絡 場所」で行っております。) |
| Representative (per filing) | 代表取締役社長COO 仲田 浩康 |
| Founded | Aug 1977 |
| Share capital | ¥3.19B |
| Employees (consolidated) | 564 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | February |
| Website | www.eat-and.jp (https://www.eat-and.jp/) |
| Corporate number | 9120001102626 |
| EDINET | E25551 |
| Industries (Vizora) | Processed Foods, Fast Food & Quick Service |

> Profile source: annual securities report (S100Y6XK, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83 | 56 |
| Profitability | 37.5 | 60 |
| Cash conversion | 90.4 | 57 |
| Efficiency | 57.5 | 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 57% of Eat&holdings's sales come from Grocery busines, with Restaurant business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +8.4% from the prior year, operating profit +4.8%.

## Company structure

- Segment revenue mix: Grocery busines 57.3%、Restaurant business 42.7%
- Revenue → net income: ¥40456000000 → ¥347000000
- Net income → operating cash flow: ¥347000000 → ¥4728000000（difference ¥4381000000）
- Main uses of operating cash flow: CapEx ¥5382000000 / dividends ¥175000000 / buybacks —
- Change in cash: ¥-601000000
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 | ¥40.5B |  |
| Operating income | ¥1.14B | Margin 2.8% |
| Net income | ¥373M | Margin 0.9% |
| Free cash flow | -¥654M |  |
| Largest business | Grocery busines | of segment revenue 57.3% |
| Employees (consolidated) | 564 |  |
| EPS | ¥-5.76 |  |
| Diluted EPS | ¥32.88 |  |
| Book value per share | ¥738.01 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 11,358,580 |  |
| Treasury shares | 900 |  |
| Shareholders | 37,616 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 7.2% | Cash ÷ revenue 5.7% |
| Vs. industry median margin | -1.2 pp | Processed Foods |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 12.7× net income
- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25964000000 | ¥40456000000 | +55.8% |
| Operating income | ¥261000000 | ¥1142000000 | +337.5% |
| Operating margin | 1.0% | 2.8% | +1.8 pp |
| Employees | 479 people | 564 people | +17.7% |
| Cash and equivalents | ¥1380000000 | ¥2324000000 | +68.4% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 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 | 57.3% |
| 食品事業 → 事業再編・廃止 | 3.0% |
| 外食事業 → 外食事業 | 39.7% |
| 新設・再編 → 外食事業 | 3.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,456 | 100.0% | S100Y6XK |
| Cost of revenue | 23,352 | 57.7% | S100Y6XK |
| Gross profit | 17,104 | 42.3% | S100Y6XK |
| SG&A | 15,961 | 39.5% | S100Y6XK |
| Operating income | 1,142 | 2.8% | S100Y6XK |
| Ordinary income | 1,101 | 2.7% | S100Y6XK |
| Pretax income | 777 | 1.9% | S100Y6XK |
| Income tax | 429 | 1.1% | S100Y6XK |
| Net income | 347 | 0.9% | S100Y6XK |
| Net income attributable to owners | 373 | 0.9% | S100Y6XK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 39 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 42.3% → Operating margin 2.8% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.4%; Core profit growth: +4.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.57×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 37,335 | 40,456 | 3,121 | +8.4% |
| Gross profit | 15,567 | 17,104 | 1,537 | +9.9% |
| Operating income | 1,090 | 1,142 | 52 | +4.8% |
| Net income attributable to owners | 888 | 373 | -515 | -58.0% |
| Operating cash flow | 3,762 | 4,728 | 966 | +25.7% |
| Free cash flow | -945 | -654 | 291 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,362 | 810 | 2.7% | 341 | 1,199 | -2,061 | S100LESM |
| FY ending Feb 2021 | 25,964 | 261 | 1.0% | -202 | 655 | -943 | S100O53J |
| FY ending Feb 2022 | 30,881 | 834 | 2.7% | 773 | 2,510 | 611 | S100QUIP |
| FY ending Feb 2023 | 33,033 | 915 | 2.8% | 385 | 1,272 | -2,377 | S100THVJ |
| FY ending Feb 2024 | 35,922 | 1,059 | 2.9% | -106 | 2,077 | -1,286 | S100VUP6 |
| FY ending Feb 2025 | 37,335 | 1,090 | 2.9% | 888 | 3,762 | -945 | S100Y6XK |
| FY ending Feb 2026 | 40,456 | 1,142 | 2.8% | 373 | 4,728 | -654 | S100Y6XK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71.7M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥661.3K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 510 | 540 | 542 | 558 | 564 |
| Average salary (parent company) | ¥5.4M | ¥5.9M | ¥6.3M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 39.3 years | 41.2 years | 39.7 years | 39.4 years | 40.2 years |
| Average tenure (parent company) | 5.6 years | 4.2 years | 3.9 years | 5.1 years | 4.4 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +8.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery busines | 23,197 | 57.3% | 1,288 | 5.6% |
| Restaurant business | 17,259 | 42.7% | 423 | 2.5% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery busines | 57.3% | 75.3% | 17.9 | 5.6% |
| Restaurant business | 42.7% | 24.7% | -17.9 | 2.5% |

Segment → industry: Grocery busines → Processed Foods / Restaurant business → Fast Food & Quick Service

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,728 | 11.7% | S100Y6XK |
| Capital expenditure | 5,382 | 13.3% | S100Y6XK |
| Free cash flow | -654 | -1.6% | 算出 |
| Investing cash flow | -5,863 | -14.5% | S100Y6XK |
| Financing cash flow | 511 | 1.3% | S100Y6XK |
| Dividends paid | 175 | 0.4% | S100Y6XK |
| Change in cash | -601 | -1.5% | S100Y6XK |
| Cash and equivalents | 2,324 | 5.7% | S100Y6XK |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,622 | 1,558 | 2,618 | 2,322 | 2,324 | S100THVJ, S100VUP6, S100Y6XK |
| Total assets | 20,514 | 23,133 | 25,597 | 29,151 | 32,479 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Net assets | 7,805 | 8,139 | 10,177 | 10,951 | 11,477 | S100THVJ, S100VUP6, S100Y6XK |
| Share capital | 2,016 | 2,029 | 3,159 | 3,173 | 3,186 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Property, plant and equipment | 9,389 | 11,492 | 11,949 | 14,168 | 17,541 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Intangible assets excluding goodwill | 229 | 160 | 325 | 611 | 701 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Investment securities | 16 | 18 | 21 | 21 | 30 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Current assets | 9,044 | 9,751 | 11,364 | 12,240 | 11,930 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Current liabilities | 9,232 | 10,348 | 10,953 | 13,357 | 15,598 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Short-term borrowings | 991 | 1,794 | 2,164 | 3,005 | 3,065 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Long-term borrowings | 2,127 | 3,272 | 3,137 | 3,519 | 4,070 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Total liabilities | 12,709 | 14,994 | 15,420 | 18,200 | 21,001 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Non-controlling interests | — | 34 | 41 | 8 | 288 | S100THVJ, S100VUP6, S100Y6XK |
| Equity attributable to owners of parent | 7,779 | 8,067 | 10,115 | 10,888 | 11,113 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Retained earnings | 3,816 | 4,078 | 3,867 | 4,613 | 4,811 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100QUIP, S100THVJ, S100VUP6, S100Y6XK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100Y6XK |
| Property, plant and equipment | 54% | S100Y6XK |
| Intangibles and goodwill | 2% | S100Y6XK |
| Investment securities | 0% | S100Y6XK |
| Other assets | 37% | S100Y6XK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100Y6XK |
| Equity | 35% | S100Y6XK |
| Other liabilities | 0% | S100Y6XK |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,514 | 23,133 | 25,597 | 29,151 | 32,479 |
| Equity | 7,805 | 8,139 | 10,177 | 10,951 | 11,477 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,622 | 1,558 | 2,618 | 2,322 | 2,324 |

## 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) | 43.4% | S100Y6XK |
| Fixed assets ÷ total assets | 54.0% | S100Y6XK |
| Goodwill ÷ parent equity | — | —, S100Y6XK |

### 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) | 7.2% |
| Cash ÷ revenue | 5.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 414.0% |
| Cash vs. profit gap | 4,355 JPY mn (of net income 1167.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.3% |
| Investing CF relative to operating CF | 124.0% |

## 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% | 1.51× | 3.8% | 2.64× | 9.9% | S100QUIP |
| 2023 | 1.2% | 1.51× | 1.8% | 2.75× | 4.9% | S100THVJ |
| 2024 | — | —× | -0.4% | —× | — | S100VUP6 |
| 2025 | 2.4% | 1.36× | 3.2% | 2.61× | 8.5% | S100Y6XK |
| 2026 | 0.9% | 1.31× | 1.2% | 2.80× | 3.4% | S100Y6XK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社文野屋 | Major shareholder | 23.1% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.5% | 2026-02-28 |
| 文野 直樹 | Major shareholder | 2.9% | 2026-02-28 |
| サントリー株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 森 孝裕 | Major shareholder | 1.6% | 2026-02-28 |
| 仲田 浩康 | Major shareholder | 1.4% | 2026-02-28 |
| 文野 弘美 | Major shareholder | 1.2% | 2026-02-28 |
| イートアンド社員持株会 | Major shareholder | 1.0% | 2026-02-28 |
| イートアンド取引先持株会 | Major shareholder | 1.0% | 2026-02-28 |
| 株式会社ニップン | Major shareholder | 0.8% | 2026-02-28 |
| 麒麟麦酒株式会社 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/03/01－2026/02/28) | S100Y6XK | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6XK,, |
| 有価証券報告書－第48期(2024/03/01－2025/02/28) | S100VUP6 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUP6,, |
| 有価証券報告書－第47期(2023/03/01－2024/02/29) | S100THVJ | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THVJ,, |
| 訂正有価証券報告書－第46期(2022/03/01－2023/02/28) | S100QUIP | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUIP,, |
| 有価証券報告書－第45期(令和3年3月1日－令和4年2月28日) | S100O53J | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O53J,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年2月28日) | S100LESM | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LESM,, |

## 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).