# FIRST BAKING CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/01/01－2025/12/31) (S100XV32)
> Page: https://vizora.meequs.com/en/company/first-baking
> Retrieved: 2026-09-30T18:04:18.952Z

## Company

First Baking, founded in 1961, is a company in Processed Foods listed on TSE Standard. It has 876 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FIRST BAKING CO., LTD. |
| Ticker | 2215 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2215.T) |
| Listing | TSE Standard |
| Head office | 東京都小平市小川東町三丁目6番1号 |
| Representative (per filing) | 代表取締役社長 細貝正統 |
| Founded | Dec 1961 |
| Share capital | ¥3.31B |
| Employees (consolidated) | 876 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Website | www.daiichipan.co.jp (https://www.daiichipan.co.jp/) |
| Corporate number | 8012701009955 |
| EDINET | E00377 |
| Industries (Vizora) | Processed Foods, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XV32, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.5 | 56 |
| Profitability | 19.2 | 60 |
| Cash conversion | 11.4 | 57 |
| Efficiency | 89.2 | 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 99% of First Baking's sales come from Grocery business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit -22.8%.

## Company structure

- Segment revenue mix: Grocery business 99.0%、Real estate business 1.0%
- Revenue → net income: ¥28957000000 → ¥320000000
- Net income → operating cash flow: ¥320000000 → ¥49000000（difference ¥-271000000）
- Main uses of operating cash flow: CapEx ¥1392000000 / dividends — / buybacks —
- Change in cash: ¥-1450000000
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 | ¥29B |  |
| Operating income | ¥466M | Margin 1.6% |
| Net income | ¥320M | Margin 1.1% |
| Free cash flow | -¥1.34B |  |
| Largest business | Grocery business | of segment revenue 99.0% |
| Employees (consolidated) | 876 |  |
| EPS | ¥22.28 |  |
| Book value per share | ¥1148.09 |  |
| Equity ratio | 52.3% |  |
| Shares outstanding | 6,929,900 |  |
| Treasury shares | 6,500 |  |
| Shareholders | 15,367 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -2.4 pp | Processed Foods |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24021000000 | ¥28957000000 | +20.5% |
| Operating income | ¥-462000000 | ¥466000000 | — |
| Operating margin | -1.9% | 1.6% | +3.5 pp |
| Employees | 902 people | 876 people | -2.9% |
| Cash and equivalents | ¥1884000000 | ¥2479000000 | +31.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 食品事業 | 99.0% |
| 新設・再編 → 不動産事業 | 1.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,957 | 100.0% | S100XV32 |
| Cost of revenue | 21,463 | 74.1% | S100XV32 |
| Gross profit | 7,493 | 25.9% | S100XV32 |
| SG&A | 7,027 | 24.3% | S100XV32 |
| Operating income | 466 | 1.6% | S100XV32 |
| Ordinary income | 446 | 1.5% | S100XV32 |
| Pretax income | 446 | 1.5% | S100XV32 |
| Income tax | 126 | 0.4% | S100XV32 |
| Net income | 320 | 1.1% | S100XV32 |
| Net income attributable to owners | 320 | 1.1% | S100XV32 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 24 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 25.9% → Operating margin 1.6% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.5%; Core profit growth: -22.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.50×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,183 | 28,957 | 1,774 | +6.5% |
| Gross profit | 7,456 | 7,493 | 37 | +0.5% |
| Operating income | 604 | 466 | -138 | -22.8% |
| Net income attributable to owners | 2,055 | 320 | -1,735 | -84.4% |
| Operating cash flow | 952 | 49 | -903 | -94.9% |
| Free cash flow | 277 | -1,343 | -1,620 | -584.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 24,751 | -557 | -2.3% | -551 | 317 | -522 | S100L2MA |
| FY ending Dec 2020 | 24,021 | -462 | -1.9% | -368 | 233 | -341 | S100NSEU |
| FY ending Dec 2021 | 23,864 | -633 | -2.7% | -739 | -10 | -514 | S100QI7B |
| FY ending Dec 2022 | 24,552 | -547 | -2.2% | -1,145 | 473 | 148 | S100T5SN |
| FY ending Dec 2023 | 26,442 | 597 | 2.3% | 474 | 494 | 183 | S100VIJR |
| FY ending Dec 2024 | 27,183 | 604 | 2.2% | 2,055 | 952 | 277 | S100XV32 |
| FY ending Dec 2025 | 28,957 | 466 | 1.6% | 320 | 49 | -1,343 | S100XV32 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.1M |
| Operating income per employee (consolidated) | ¥532K |
| Net income per employee (consolidated) | ¥365.3K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 938 | 922 | 865 | 868 | 876 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.5M | ¥4.7M | ¥4.8M |
| Average age (parent company) | 38.0 years | 38.0 years | 39.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +6.5%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery business | 28,653 | 99.0% | 1,434 | 5.0% |
| Real estate business | 303 | 1.0% | 275 | 90.8% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery business | 99.0% | 83.9% | -15.0 | 5.0% |
| Real estate business | 1.0% | 16.1% | 15.0 | 90.8% |

Segment → industry: Grocery business → Processed Foods / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 49 | 0.2% | S100XV32 |
| Capital expenditure | 1,392 | 4.8% | S100XV32 |
| Free cash flow | -1,343 | -4.6% | 算出 |
| Investing cash flow | -1,914 | -6.6% | S100XV32 |
| Financing cash flow | 415 | 1.4% | S100XV32 |
| Change in cash | -1,450 | -5.0% | S100XV32 |
| Cash and equivalents | 2,479 | 8.6% | S100XV32 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,316 | 2,034 | 2,923 | 3,930 | 2,479 | S100T5SN, S100VIJR, S100XV32 |
| Total assets | 18,009 | 17,076 | 17,730 | 15,781 | 16,343 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Net assets | 7,485 | 5,841 | 6,211 | 8,054 | 8,555 | S100T5SN, S100VIJR, S100XV32 |
| Share capital | 3,305 | 3,305 | 3,305 | 3,305 | 3,305 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Trade receivables | 3,461 | 3,622 | 3,618 | 3,493 | 3,810 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Property, plant and equipment | 7,829 | 10,464 | 10,216 | 7,336 | 8,247 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Intangible assets excluding goodwill | 66 | 52 | 52 | 53 | 46 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Investment securities | 1,214 | 30 | 16 | 16 | 16 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Current assets | 5,691 | 6,446 | 7,378 | 8,131 | 7,856 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Current liabilities | 6,943 | 7,646 | 7,635 | 4,455 | 4,250 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Trade payables | 971 | 1,747 | 1,782 | 1,826 | 2,131 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Short-term borrowings | 4,108 | 3,400 | 3,800 | — | — | S100QI7B, S100T5SN, S100VIJR |
| Bonds | 86 | 42 | 14 | — | — | S100QI7B, S100T5SN, S100VIJR |
| Total liabilities | 10,523 | 11,234 | 11,518 | 7,727 | 7,787 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Equity attributable to owners of parent | 6,822 | 5,676 | 6,150 | 8,205 | 8,526 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Retained earnings | -132 | -1,277 | -803 | 1,251 | 1,572 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |
| Treasury stock | -9 | -9 | -9 | -9 | -9 | S100QI7B, S100T5SN, S100VIJR, S100XV32 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XV32 |
| Receivables | 23% | S100XV32 |
| Property, plant and equipment | 51% | S100XV32 |
| Intangibles and goodwill | 0% | S100XV32 |
| Investment securities | 0% | S100XV32 |
| Other assets | 11% | S100XV32 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XV32 |
| Other liabilities | 35% | S100XV32 |
| Equity | 52% | S100XV32 |
| Other liabilities | 0% | S100XV32 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,009 | 17,076 | 17,730 | 15,781 | 16,343 |
| Equity | 7,485 | 5,841 | 6,211 | 8,054 | 8,555 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,316 | 2,034 | 2,923 | 3,930 | 2,479 |

## 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) | 28.5% | S100XV32 |
| Fixed assets ÷ total assets | 50.5% | S100XV32 |
| Goodwill ÷ parent equity | — | —, S100XV32 |

### 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) | 15.2% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 10.5% |
| Cash vs. profit gap | -271 JPY mn (of net income -84.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 3906.1% |

## 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 | — | —× | -4.1% | —× | — | S100QI7B |
| 2022 | — | —× | -6.5% | —× | — | S100T5SN |
| 2023 | 1.8% | 1.52× | 2.7% | 2.94× | 8.0% | S100VIJR |
| 2024 | 7.6% | 1.62× | 12.3% | 2.33× | 28.6% | S100XV32 |
| 2025 | 1.1% | 1.80× | 2.0% | 1.92× | 3.8% | S100XV32 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 豊田通商株式会社 | Major shareholder | 33.4% | 2025-12-31 |
| MF資産管理合同会社 | Major shareholder | 4.3% | 2025-12-31 |
| 細貝理栄 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.4% | 2025-12-31 |
| 昭和産業株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社ニップン | Major shareholder | 2.1% | 2025-12-31 |
| 細貝智博 | Major shareholder | 0.9% | 2025-12-31 |
| 藤内依理子 | Major shareholder | 0.8% | 2025-12-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| ミヨシ油脂株式会社 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/01/01－2025/12/31) | S100XV32 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV32,, |
| 有価証券報告書－第83期(2024/01/01－2024/12/31) | S100VIJR | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIJR,, |
| 有価証券報告書－第82期(2023/01/01－2023/12/31) | S100T5SN | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5SN,, |
| 有価証券報告書－第81期(2022/01/01－2022/12/31) | S100QI7B | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI7B,, |
| 有価証券報告書－第80期(令和3年1月1日－令和3年12月31日) | S100NSEU | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSEU,, |
| 有価証券報告書－第79期(令和2年1月1日－令和2年12月31日) | S100L2MA | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2MA,, |

## 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).