# EBARAFoodsIndustry,Inc.: 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68期(2025/04/01－2026/03/31) (S100YJNX)
> Page: https://vizora.meequs.com/en/company/ebarafoodsindustry
> Retrieved: 2026-09-30T20:26:27.900Z

## Company

EBARAFoodsIndustry, founded in 1967, is a company in Processed Foods listed on TSE Standard. It has 861 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EBARA Foods Industry,Inc. |
| Ticker | 2819 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2819.T) |
| Listing | TSE Standard |
| Head office | 横浜市西区みなとみらい四丁目4番5号 横浜アイマークプレイス |
| Representative (per filing) | 代表取締役社長 森村 剛士 |
| Founded | Jul 1967 |
| Share capital | ¥1.39B |
| Employees (consolidated) | 861 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.ebarafoods.com (https://www.ebarafoods.com/) |
| Corporate number | 5020001022870 |
| EDINET | E00514 |
| Industries (Vizora) | Processed Foods, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YJNX, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.2 | 56 |
| Profitability | 59.2 | 60 |
| Cash conversion | 76.3 | 57 |
| Efficiency | 42.5 | 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 85% of EBARAFoodsIndustry's sales come from Food business, with Logistics business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +18.4%.

## Company structure

- Segment revenue mix: Food business 84.8%、Logistics business 13.7%、Other 1.5%
- Revenue → net income: ¥50005000000 → ¥1783000000
- Net income → operating cash flow: ¥1783000000 → ¥4028000000（difference ¥2245000000）
- Main uses of operating cash flow: CapEx ¥2659000000 / dividends ¥459000000 / buybacks ¥106000000
- Change in cash: ¥1155000000
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 | ¥50B |  |
| Operating income | ¥2.4B | Margin 4.8% |
| Net income | ¥1.78B | Margin 3.6% |
| Free cash flow | ¥1.37B |  |
| Largest business | Food business | of segment revenue 84.8% |
| Employees (consolidated) | 861 |  |
| EPS | ¥185.17 |  |
| Book value per share | ¥3104.47 |  |
| Equity ratio | 71.0% |  |
| Shares outstanding | 9,868,626 |  |
| Treasury shares | 129,500 |  |
| Shareholders | 8,952 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 31.8% | Cash ÷ revenue 32.3% |
| Vs. industry median margin | +0.8 pp | Processed Foods |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, employees -1% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51334000000 | ¥50005000000 | -2.6% |
| Operating income | ¥3627000000 | ¥2404000000 | -33.7% |
| Operating margin | 7.1% | 4.8% | -2.3 pp |
| Employees | 758 people | 861 people | +13.6% |
| Cash and equivalents | ¥15498000000 | ¥16148000000 | +4.2% |

### 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 | 84.6% |
| 物流事業 → 物流事業 | 12.2% |
| その他 → その他 | 1.5% |
| その他 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 食品事業 | 0.2% |
| 新設・再編 → 物流事業 | 1.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food business | 5 years | -0.5% | ¥42412000000 | 6.5% | 2 |
| Logistics business | 5 years | +1.8% | ¥6838000000 | 1.8% | 2 |
| Other | 5 years | -14.2% | ¥754000000 | 5.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,005 | 100.0% | S100YJNX |
| Cost of revenue | 32,997 | 66.0% | S100YJNX |
| Gross profit | 17,007 | 34.0% | S100YJNX |
| SG&A | 14,603 | 29.2% | S100YJNX |
| Operating income | 2,404 | 4.8% | S100YJNX |
| Ordinary income | 2,676 | 5.4% | S100YJNX |
| Pretax income | 2,687 | 5.4% | S100YJNX |
| Income tax | 903 | 1.8% | S100YJNX |
| Net income | 1,783 | 3.6% | S100YJNX |
| Net income attributable to owners | 1,783 | 3.6% | S100YJNX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 29 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 34.0% → Operating margin 4.8% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +18.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.31×
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 | 47,963 | 50,005 | 2,042 | +4.3% |
| Gross profit | 16,522 | 17,007 | 485 | +2.9% |
| Operating income | 2,031 | 2,404 | 373 | +18.4% |
| Net income attributable to owners | 1,399 | 1,783 | 384 | +27.4% |
| Operating cash flow | 4,533 | 4,028 | -505 | -11.1% |
| Free cash flow | 1,038 | 1,369 | 331 | +31.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,228 | 2,311 | 4.5% | 1,482 | 2,876 | 2,056 | S100M3N8 |
| FY ending Mar 2021 | 51,334 | 3,627 | 7.1% | 2,506 | 4,735 | 4,010 | S100OLCH |
| FY ending Mar 2022 | 43,345 | 3,348 | 7.7% | 2,704 | 3,326 | 1,756 | S100R9R1 |
| FY ending Mar 2023 | 43,419 | 2,972 | 6.8% | 2,177 | 2,814 | 1,189 | S100TWN4 |
| FY ending Mar 2024 | 45,216 | 2,400 | 5.3% | 1,802 | 767 | -2,660 | S100W5SR |
| FY ending Mar 2025 | 47,963 | 2,031 | 4.2% | 1,399 | 4,533 | 1,038 | S100YJNX |
| FY ending Mar 2026 | 50,005 | 2,404 | 4.8% | 1,783 | 4,028 | 1,369 | S100YJNX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.1M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 707 | 706 | 839 | 870 | 861 |
| Average salary (parent company) | ¥7.2M | ¥6.9M | ¥6.7M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 41.0 years | 41.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 17.0 years | 16.0 years | 16.0 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food business | 42,412 | 84.8% | 2,766 | 6.5% |
| Logistics business | 6,838 | 13.7% | 121 | 1.8% |
| Other | 754 | 1.5% | 42 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food business | 84.8% | 94.4% | 9.6 | 6.5% |
| Logistics business | 13.7% | 4.1% | -9.5 | 1.8% |
| Other | 1.5% | 1.4% | -0.1 | 5.6% |

Segment → industry: Food business → Processed Foods / Logistics business → Trucking & Parcel Delivery / Logistics business → Warehouses & Logistics Facilities

## 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 | 4,028 | 8.1% | S100YJNX |
| Capital expenditure | 2,659 | 5.3% | S100YJNX |
| Free cash flow | 1,369 | 2.7% | 算出 |
| Investing cash flow | -2,368 | -4.7% | S100YJNX |
| Financing cash flow | -653 | -1.3% | S100YJNX |
| Dividends paid | 459 | 0.9% | S100YJNX |
| Share buyback | 106 | 0.2% | S100YJNX |
| Change in cash | 1,155 | 2.3% | S100YJNX |
| Cash and equivalents | 16,148 | 32.3% | S100YJNX |

## 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 | 15,765 | 17,590 | 14,379 | 14,992 | 16,148 | S100TWN4, S100W5SR, S100YJNX |
| Total assets | 41,304 | 43,152 | 47,947 | 47,372 | 50,793 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Net assets | 29,082 | 30,933 | 32,818 | 34,217 | 36,056 | S100TWN4, S100W5SR, S100YJNX |
| Share capital | 1,387 | 1,387 | 1,387 | 1,387 | 1,387 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Trade receivables | 7,277 | 7,501 | 10,637 | 8,056 | 8,484 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Property, plant and equipment | 8,870 | 9,173 | 12,878 | 14,406 | 15,834 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Intangible assets excluding goodwill | 284 | 286 | 493 | 486 | 483 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Goodwill | — | — | 220 | 208 | 184 | S100W5SR, S100YJNX |
| Investment securities | 1,922 | 1,965 | 2,331 | 2,224 | 2,162 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Current assets | 27,984 | 29,480 | 29,873 | 28,196 | 30,014 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Current liabilities | 8,193 | 8,311 | 10,592 | 9,238 | 11,317 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Trade payables | 4,532 | 4,681 | 5,998 | 5,434 | 5,591 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Short-term borrowings | — | — | 68 | 62 | 62 | S100W5SR, S100YJNX |
| Long-term borrowings | — | — | 445 | 357 | 276 | S100W5SR, S100YJNX |
| Total liabilities | 12,221 | 12,218 | 15,128 | 13,155 | 14,737 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Equity attributable to owners of parent | 28,526 | 30,161 | 31,557 | 32,455 | 33,699 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Retained earnings | 26,927 | 28,701 | 30,110 | 29,648 | 30,972 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |
| Treasury stock | -1,446 | -1,584 | -1,597 | -235 | -318 | S100R9R1, S100TWN4, S100W5SR, S100YJNX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YJNX |
| Receivables | 17% | S100YJNX |
| Property, plant and equipment | 31% | S100YJNX |
| Intangibles and goodwill | 1% | S100YJNX |
| Investment securities | 4% | S100YJNX |
| Other assets | 15% | S100YJNX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YJNX |
| Other liabilities | 18% | S100YJNX |
| Equity | 71% | S100YJNX |

### 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 | 41,304 | 43,152 | 47,947 | 47,372 | 50,793 |
| Equity | 29,082 | 30,933 | 32,818 | 34,217 | 36,056 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,765 | 17,590 | 14,379 | 14,992 | 16,148 |

## 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) | 31.7% | S100YJNX |
| Fixed assets ÷ total assets | 31.2% | S100YJNX |
| Goodwill ÷ parent equity | 0.5% | S100YJNX |

### 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) | 31.8% |
| Cash ÷ revenue | 32.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 167.6% |
| Cash vs. profit gap | 2,245 JPY mn (of net income 125.9%) |
| Shareholder returns / net income | 31.7% |
| Shareholder returns / FCF | 41.3% |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | 33.5% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 58.8% |

## 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 | 6.2% | 1.05× | 6.5% | 1.45× | 9.5% | S100R9R1 |
| 2023 | 5.0% | 1.03× | 5.2% | 1.44× | 7.4% | S100TWN4 |
| 2024 | 4.0% | 0.99× | 4.0% | 1.48× | 5.8% | S100W5SR |
| 2025 | 2.9% | 1.01× | 2.9% | 1.49× | 4.4% | S100YJNX |
| 2026 | 3.6% | 1.02× | 3.6% | 1.48× | 5.4% | S100YJNX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| KMST HOLDINGS株式会社 | Major shareholder | 35.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社(信託口) | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 3.7% | 2026-03-31 |
| エバラ食品工業株式会社 従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社榎本武平商店 | Major shareholder | 2.4% | 2026-03-31 |
| 東洋製罐グループホールディングス株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.9% | 2026-03-31 |
| 今井文子 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YJNX | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJNX,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W5SR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5SR,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TWN4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWN4,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R9R1 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9R1,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OLCH | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLCH,, |
| 訂正有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100M3N8 | 2021-08-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M3N8,, |

## 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).