# FEED ONE 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12期(2025/04/01－2026/03/31) (S100YC1Q)
> Page: https://vizora.meequs.com/en/company/feed-one
> Retrieved: 2026-09-30T19:09:20.671Z

## Company

Feed ONE, founded in 2014, is a company in Meat Processing listed on TSE Prime. It has 935 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FEED ONE CO.,LTD. |
| Ticker | 2060 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2060.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市西区みなとみらい五丁目1番2号 |
| Representative (per filing) | 代表取締役社長 庄司 英洋 |
| Founded | Jun 2014 |
| Share capital | ¥10B |
| Employees (consolidated) | 935 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.feed-one.co.jp (https://www.feed-one.co.jp/) |
| Corporate number | 7020001107810 |
| EDINET | E30728 |
| Industries (Vizora) | Meat Processing, Livestock, Feed & Fertilizer |

> Profile source: annual securities report (S100YC1Q, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Livestock, Feed & Fertilizer (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 5 |
| Profitability | 25 | 6 |
| Cash conversion | 75 | 6 |
| Efficiency | 91.7 | 6 |

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 77% of Feed ONE's sales come from Animal Feed Business, with Food Business and Aquatic Feed Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +27.6%.

## Company structure

- Segment revenue mix: Animal Feed Business 77.0%、Food Business 14.5%、Aquatic Feed Business 8.6%、Other 0.0%
- Revenue → net income: ¥290675000000 → ¥6412000000
- Net income → operating cash flow: ¥6412000000 → ¥17090000000（difference ¥10678000000）
- Main uses of operating cash flow: CapEx ¥12315000000 / dividends ¥1614000000 / buybacks ¥0
- Change in cash: ¥806000000
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 | ¥290.7B |  |
| Operating income | ¥8.09B | Margin 2.8% |
| Net income | ¥6.38B | Margin 2.2% |
| Free cash flow | ¥4.78B |  |
| Largest business | Animal Feed Business | of segment revenue 77.0% |
| Employees (consolidated) | 935 |  |
| EPS | ¥172.19 |  |
| Book value per share | ¥1444.13 |  |
| Equity ratio | 46.4% |  |
| Shares outstanding | 38,477,128 |  |
| Treasury shares | 2,200 |  |
| Shareholders | 10,762 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 8.3% | Cash ÷ revenue 3.8% |
| Vs. industry median margin | -0.2 pp | Livestock, Feed & Fertilizer |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥214120000000 | ¥290675000000 | +35.8% |
| Operating income | ¥5672000000 | ¥8091000000 | +42.6% |
| Operating margin | 2.6% | 2.8% | +0.1 pp |
| Employees | 933 people | 935 people | +0.2% |
| Cash and equivalents | ¥2830000000 | ¥11093000000 | +292.0% |

### 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 |
| --- | ---: |
| 飼料事業 → 事業再編・廃止 | 75.7% |
| 食品事業 → 食品事業 | 14.5% |
| 食品事業 → 事業再編・廃止 | 8.5% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 畜産飼料事業 | 77.0% |
| 新設・再編 → 水産飼料事業 | 8.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Animal Feed Business | 2 years | -4.8% | ¥223744000000 | 4.6% | 2 |
| Food Business | 5 years | -3.1% | ¥42053000000 | 0.4% | 2 |
| Aquatic Feed Business | 2 years | -3.6% | ¥24863000000 | 5.7% | 2 |
| Other | 5 years | -65.6% | ¥13000000 | 307.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 290,675 | 100.0% | S100YC1Q |
| Cost of revenue | 256,828 | 88.4% | S100YC1Q |
| Gross profit | 33,847 | 11.6% | S100YC1Q |
| SG&A | 25,755 | 8.9% | S100YC1Q |
| Operating income | 8,091 | 2.8% | S100YC1Q |
| Ordinary income | 8,612 | 3.0% | S100YC1Q |
| Pretax income | 8,603 | 3.0% | S100YC1Q |
| Income tax | 2,190 | 0.8% | S100YC1Q |
| Net income | 6,412 | 2.2% | S100YC1Q |
| Net income attributable to owners | 6,377 | 2.2% | S100YC1Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.6% → Operating margin 2.8% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +27.6%
Operating leverage (core profit growth ÷ revenue growth): -15.19×
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 | 296,045 | 290,675 | -5,370 | -1.8% |
| Gross profit | 31,874 | 33,847 | 1,973 | +6.2% |
| Operating income | 6,343 | 8,091 | 1,748 | +27.6% |
| Net income attributable to owners | 5,387 | 6,377 | 990 | +18.4% |
| Operating cash flow | 8,570 | 17,090 | 8,520 | +99.4% |
| Free cash flow | 4,911 | 4,775 | -136 | -2.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 215,050 | 5,414 | 2.5% | 3,842 | 1,127 | -6,229 | S100LOVN |
| FY ending Mar 2021 | 214,120 | 5,672 | 2.6% | 4,438 | 7,737 | 701 | S100OWR1 |
| FY ending Mar 2022 | 243,202 | 4,293 | 1.8% | 3,659 | 2,740 | 117 | S100R0ZR |
| FY ending Mar 2023 | 307,911 | 1,422 | 0.5% | 1,030 | -7,816 | -9,886 | S100TO56 |
| FY ending Mar 2024 | 313,875 | 7,748 | 2.5% | 5,084 | 11,138 | 8,489 | S100VYJ3 |
| FY ending Mar 2025 | 296,045 | 6,343 | 2.1% | 5,387 | 8,570 | 4,911 | S100YC1Q |
| FY ending Mar 2026 | 290,675 | 8,091 | 2.8% | 6,377 | 17,090 | 4,775 | S100YC1Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥310.9M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥6.8M |

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) | 932 | 910 | 902 | 925 | 935 |
| Average salary (parent company) | ¥6.8M | ¥6.7M | ¥6.4M | ¥7.6M | ¥7.7M |
| Average age (parent company) | 39.5 years | 40.2 years | 40.3 years | 40.3 years | 40.1 years |
| Average tenure (parent company) | 15.4 years | 16.1 years | 16.3 years | 16.3 years | 15.9 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Animal Feed Business | 223,744 | 77.0% | 10,243 | 4.6% |
| Aquatic Feed Business | 24,863 | 8.6% | 1,426 | 5.7% |
| Food Business | 42,053 | 14.5% | 163 | 0.4% |
| Other | 13 | 0.0% | 40 | 307.7% |

### 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 |
| --- | ---: |
| Animal Feed Business | 77.0% |
| Aquatic Feed Business | 8.6% |
| Food Business | 14.5% |
| Other | 0.0% |

Segment → industry: Food Business → Meat Processing / Aquatic Feed Business → Livestock, Feed & Fertilizer / Animal Feed Business → Livestock, Feed & Fertilizer

## 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 | 17,090 | 5.9% | S100YC1Q |
| Capital expenditure | 12,315 | 4.2% | S100YC1Q |
| Free cash flow | 4,775 | 1.6% | 算出 |
| Investing cash flow | -11,552 | -4.0% | S100YC1Q |
| Financing cash flow | -4,732 | -1.6% | S100YC1Q |
| Dividends paid | 1,614 | 0.6% | S100YC1Q |
| Share buyback | 0 | 0.0% | S100YC1Q |
| Change in cash | 806 | 0.3% | S100YC1Q |
| Cash and equivalents | 11,093 | 3.8% | S100YC1Q |

## 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 | 3,444 | 7,322 | 10,817 | 10,287 | 11,093 | S100TO56, S100VYJ3, S100YC1Q |
| Total assets | 108,504 | 127,913 | 131,038 | 124,172 | 133,020 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Net assets | 44,840 | 45,314 | 50,856 | 55,347 | 62,385 | S100TO56, S100VYJ3, S100YC1Q |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Trade receivables | 40,359 | 51,375 | 51,829 | 43,211 | 40,443 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Property, plant and equipment | 33,513 | 31,668 | 30,181 | 31,308 | 38,797 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Intangible assets excluding goodwill | 530 | 916 | 1,542 | 1,552 | 1,345 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Investment securities | 8,215 | 8,531 | 10,143 | 10,450 | 13,566 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Current assets | 65,303 | 85,836 | 88,204 | 80,085 | 78,472 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Current liabilities | 50,022 | 60,074 | 55,121 | 50,168 | 42,497 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Trade payables | 30,903 | 36,482 | 34,360 | 29,106 | 31,060 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Short-term borrowings | 11,350 | 16,803 | 10,580 | 12,878 | 1,294 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Long-term borrowings | 10,478 | 19,208 | 21,178 | 14,400 | 23,326 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Total liabilities | 63,663 | 82,598 | 80,182 | 68,825 | 70,634 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Non-controlling interests | 534 | 546 | 576 | 723 | 698 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Equity attributable to owners of parent | 43,348 | 43,445 | 47,639 | 51,884 | 56,718 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Retained earnings | 23,882 | 23,952 | 28,075 | 32,338 | 37,099 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |
| Treasury stock | -271 | -244 | -173 | -210 | -172 | S100R0ZR, S100TO56, S100VYJ3, S100YC1Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YC1Q |
| Receivables | 31% | S100YC1Q |
| Property, plant and equipment | 29% | S100YC1Q |
| Intangibles and goodwill | 1% | S100YC1Q |
| Investment securities | 10% | S100YC1Q |
| Other assets | 21% | S100YC1Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 23% | S100YC1Q |
| Other liabilities | 30% | S100YC1Q |
| Equity | 47% | S100YC1Q |
| Other liabilities | 0% | S100YC1Q |

### 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 | 108,504 | 127,913 | 131,038 | 124,172 | 133,020 |
| Equity | 44,840 | 45,314 | 50,856 | 55,347 | 62,385 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,444 | 7,322 | 10,817 | 10,287 | 11,093 |

## 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) | 13.3% | S100YC1Q |
| Fixed assets ÷ total assets | 29.2% | S100YC1Q |
| Goodwill ÷ parent equity | — | —, S100YC1Q |

### 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) | 8.3% |
| Cash ÷ revenue | 3.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.2% |
| Cash vs. profit gap | 10,713 JPY mn (of net income 168.0%) |
| Shareholder returns / net income | 25.3% |
| Shareholder returns / FCF | 33.8% |
| Shareholder payments — dividends / net income | 25.3% |
| Shareholder payments — dividends / FCF | 33.8% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 67.6% |

## 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 | 1.5% | 2.24× | 3.4% | 2.50× | 8.4% | S100R0ZR |
| 2023 | 0.3% | 2.60× | 0.9% | 2.72× | 2.4% | S100TO56 |
| 2024 | 1.6% | 2.42× | 3.9% | 2.84× | 11.2% | S100VYJ3 |
| 2025 | 1.8% | 2.32× | 4.2% | 2.56× | 10.8% | S100YC1Q |
| 2026 | 2.2% | 2.26× | 5.0% | 2.37× | 11.7% | S100YC1Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井物産㈱ | Major shareholder | 25.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 8.1% | 2026-03-31 |
| ㈲大和興業 | Major shareholder | 3.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| ケイヒン㈱ | Major shareholder | 2.7% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |
| 朝日生命保険(相) | Major shareholder | 2.1% | 2026-03-31 |
| ㈱横浜銀行 | Major shareholder | 2.0% | 2026-03-31 |
| フィード・ワン従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| ㈱ヨンキュウ | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YC1Q | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC1Q,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100VYJ3 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYJ3,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TO56 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO56,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100R0ZR | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0ZR,, |
| 訂正有価証券報告書－第8期(令和3年4月1日－令和4年3月31日) | S100OWR1 | 2022-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OWR1,, |
| 有価証券報告書－第7期(令和2年4月1日－令和3年3月31日) | S100LOVN | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOVN,, |

## 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).