# FOOD & LIFE COMPANIES LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/10/01－2025/09/30) (S100XBTY)
> Page: https://vizora.meequs.com/en/company/food-and-life-companies
> Retrieved: 2026-09-30T20:41:56.330Z

## Company

Food & Life Companies, founded in 2012, is a company in Restaurants & Pubs listed on TSE Prime. It has 11,720 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FOOD & LIFE COMPANIES LTD. |
| Ticker | 3563 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3563.T) |
| Listing | TSE Prime |
| Head office | 大阪府吹田市江坂町一丁目22番2号 |
| Representative (per filing) | 代表取締役社長 山本 雅啓 |
| Founded | Jul 2012 |
| Share capital | ¥100M |
| Employees (consolidated) | 11,720 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | September |
| Website | www.food-and-life.co.jp (https://www.food-and-life.co.jp/) |
| Corporate number | 8120901035199 |
| EDINET | E33000 |
| Industries (Vizora) | Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100XBTY, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.1 | 56 |
| Profitability | 91.7 | 66 |
| Cash conversion | 68.2 | 55 |
| Efficiency | 14.4 | 66 |

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 62% of Food & Life Companies's sales come from Japan Sushiro Business, with International Sushiro Business and Kyotaru Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +19.0% from the prior year, operating profit +54.3%.

## Company structure

- Segment revenue mix: Japan Sushiro Business 62.0%、International Sushiro Business 30.6%、Kyotaru Business 5.5%、Japan Sugidama Business 1.9%
- Revenue → net income: ¥429574000000 → ¥24609000000
- Net income → operating cash flow: ¥24609000000 → ¥64429000000（difference ¥39820000000）
- Main uses of operating cash flow: CapEx ¥26338000000 / dividends ¥3388000000 / buybacks ¥1000000
- Change in cash: ¥10127000000
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 | ¥429.6B |  |
| Operating income | ¥36.1B | Margin 8.4% |
| Net income | ¥22.9B | Margin 5.3% |
| Free cash flow | ¥38.1B |  |
| Largest business | Japan Sushiro Business | of segment revenue 62.0% |
| Employees (consolidated) | 11,720 |  |
| EPS | ¥202.71 |  |
| Diluted EPS | ¥199.97 |  |
| Book value per share | ¥157.82 |  |
| Equity ratio | 24.6% | Derived from disclosed figures |
| Shares outstanding | 116,069,184 |  |
| Treasury shares | 2,814,600 |  |
| Shareholders | 61,805 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | +4.5 pp | Restaurants & Pubs |
| ROE | 26.3% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥204957000000 | ¥429574000000 | +109.6% |
| Operating income | ¥12061000000 | ¥36093000000 | +199.3% |
| Operating margin | 5.9% | 8.4% | +2.5 pp |
| Employees | 2,863 people | 11,720 people | +309.4% |
| Cash and equivalents | ¥12665000000 | ¥58822000000 | +364.4% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 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 → 国内スシロー事業 | 62.0% |
| 新設・再編 → 海外スシロー事業 | 30.6% |
| 新設・再編 → 京樽事業 | 5.5% |
| 新設・再編 → 国内杉玉事業 | 1.9% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan Sushiro Business | 4 years | +5.7% | ¥265903000000 | 6.8% | 2 |
| International Sushiro Business | — | — | ¥131420000000 | 12.4% | 2 |
| Kyotaru Business | 4 years | +26.1% | ¥23425000000 | 0.3% | 2 |
| Japan Sugidama Business | — | — | ¥8153000000 | 0.8% | 2 |

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 429,574 | 100.0% | S100XBTY |
| Cost of revenue | 184,567 | 43.0% | S100XBTY |
| Gross profit | 245,007 | 57.0% | S100XBTY |
| SG&A | 208,629 | 48.6% | S100XBTY |
| Operating income | 36,093 | 8.4% | S100XBTY |
| Pretax income | 33,777 | 7.9% | S100XBTY |
| Income tax | 9,168 | 2.1% | S100XBTY |
| Net income | 24,609 | 5.7% | S100XBTY |
| Net income attributable to owners | 22,937 | 5.3% | S100XBTY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 49 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 57.0% → Operating margin 8.4% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.0%; Core profit growth: +54.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 361,129 | 429,574 | 68,445 | +19.0% |
| Gross profit | 205,334 | 245,007 | 39,673 | +19.3% |
| Operating income | 23,384 | 36,093 | 12,709 | +54.3% |
| Net income attributable to owners | 14,633 | 22,937 | 8,304 | +56.7% |
| Operating cash flow | 56,326 | 64,429 | 8,103 | +14.4% |
| Free cash flow | 35,600 | 38,091 | 2,491 | +7.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2016 | 147,702 | 7,509 | 5.1% | 3,184 | 15,215 | — | S100KG58 |
| FY ending Sep 2017 | 156,402 | 9,204 | 5.9% | 6,952 | 11,574 | — | S100N4TI |
| FY ending Sep 2018 | 174,883 | 11,718 | 6.7% | 7,991 | 14,744 | — | S100PV84 |
| FY ending Sep 2019 | 199,088 | 14,546 | 7.3% | 9,959 | 17,309 | 9,584 | S100KG58 |
| FY ending Sep 2020 | 204,957 | 12,061 | 5.9% | 6,457 | 23,923 | 11,324 | S100N4TI |
| FY ending Sep 2021 | 240,804 | 22,901 | 9.5% | 13,185 | 31,679 | 18,078 | S100PV84 |
| FY ending Sep 2022 | 281,301 | 10,123 | 3.6% | 3,607 | 29,514 | 11,580 | S100SIR5 |
| FY ending Sep 2023 | 301,747 | 11,001 | 3.6% | 8,045 | 42,360 | 25,648 | S100V71P |
| FY ending Sep 2024 | 361,129 | 23,384 | 6.5% | 14,633 | 56,326 | 35,600 | S100XBTY |
| FY ending Sep 2025 | 429,574 | 36,093 | 8.4% | 22,937 | 64,429 | 38,091 | S100XBTY |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,577 | 6,088 | 7,134 | 8,978 | 11,720 |
| Average salary (parent company) | ¥7.5M | ¥8.7M | ¥7.7M | ¥8.1M | ¥8.9M |
| Average age (parent company) | 41.1 years | 43.2 years | 42.2 years | 41.7 years | 41.3 years |
| Average tenure (parent company) | 2.8 years | 3.1 years | 3.1 years | 2.9 years | 3.7 years |

Year over year: Employees (consolidated) +30.5% · Revenue (consolidated) +19.0%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan Sushiro Business | 265,903 | 62.0% | 18,008 | 6.8% |
| International Sushiro Business | 131,420 | 30.6% | 16,324 | 12.4% |
| Kyotaru Business | 23,425 | 5.5% | 60 | 0.3% |
| Japan Sugidama Business | 8,153 | 1.9% | 64 | 0.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan Sushiro Business | 62.0% | 52.3% | -9.7 | 6.8% |
| International Sushiro Business | 30.6% | 47.4% | 16.7 | 12.4% |
| Kyotaru Business | 5.5% | 0.2% | -5.3 | 0.3% |
| Japan Sugidama Business | 1.9% | 0.2% | -1.7 | 0.8% |

Segment → industry: Japan Sugidama Business → Restaurants & Pubs / Kyotaru Business → Restaurants & Pubs / International Sushiro Business → Restaurants & Pubs / Japan Sushiro Business → Restaurants & Pubs / Kyotaru Business → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 64,429 | 15.0% | S100XBTY |
| Capital expenditure | 26,338 | 6.1% | S100XBTY |
| Free cash flow | 38,091 | 8.9% | 算出 |
| Investing cash flow | -25,436 | -5.9% | S100XBTY |
| Financing cash flow | -29,235 | -6.8% | S100XBTY |
| Dividends paid | 3,388 | 0.8% | S100XBTY |
| Share buyback | 1 | 0.0% | S100XBTY |
| Change in cash | 10,127 | 2.4% | S100XBTY |
| Cash and equivalents | 58,822 | 13.7% | S100XBTY |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 29,367 | 50,637 | 51,228 | 48,695 | 58,822 | S100SIR5, S100V71P, S100XBTY |
| Total assets | 296,001 | 331,982 | 351,619 | 365,154 | 398,596 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Net assets | 63,573 | 65,134 | 72,659 | 77,837 | 100,902 | S100SIR5, S100V71P, S100XBTY |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Property, plant and equipment | 146,554 | 162,490 | 176,615 | 184,936 | 203,820 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Goodwill | 30,541 | 30,371 | 30,371 | 30,371 | 30,371 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Current assets | 48,841 | 67,993 | 71,401 | 74,656 | 88,396 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Total liabilities | 232,428 | 266,848 | 278,960 | 287,317 | 297,694 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Equity attributable to owners of parent | 63,569 | 65,117 | 72,268 | 76,568 | 97,869 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Retained earnings | 46,584 | 47,579 | 53,787 | 65,818 | 85,355 | S100PV84, S100SIR5, S100V71P, S100XBTY |
| Treasury stock | 0 | -1,894 | -1,840 | -9,156 | -8,749 | S100PV84, S100SIR5, S100V71P, S100XBTY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XBTY |
| Property, plant and equipment | 51% | S100XBTY |
| Intangibles and goodwill | 8% | — |
| Other assets | 26% | S100XBTY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100XBTY |
| Equity | 25% | S100XBTY |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 296,001 | 331,982 | 351,619 | 365,154 | 398,596 |
| Equity | 63,573 | 65,134 | 72,659 | 77,837 | 100,902 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,367 | 50,637 | 51,228 | 48,695 | 58,822 |

## 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) | 47.4% | S100XBTY |
| Fixed assets ÷ total assets | 51.1% | S100XBTY |
| Goodwill ÷ parent equity | 31.0% | S100XBTY |

Goodwill over 4 years: 30,541 → 30,371 JPY; total investing cash flow: -104,323 JPY. This does not imply causation.

### 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) | 14.8% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.5% |
| Cash vs. profit gap | 41,492 JPY mn (of net income 180.9%) |
| Shareholder returns / net income | 14.8% |
| Shareholder returns / FCF | 8.9% |
| Shareholder payments — dividends / net income | 14.8% |
| Shareholder payments — dividends / FCF | 8.9% |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| Investing CF relative to operating CF | 39.5% |

## 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 | 5.5% | 0.81× | 4.5% | 4.66× | 20.7% | S100PV84 |
| 2022 | 1.3% | 0.90× | 1.1% | 4.88× | 5.6% | S100SIR5 |
| 2023 | 2.7% | 0.88× | 2.4% | 4.98× | 11.7% | S100V71P |
| 2024 | 4.1% | 1.01× | 4.1% | 4.82× | 19.7% | S100XBTY |
| 2025 | 5.3% | 1.12× | 6.0% | 4.38× | 26.3% | S100XBTY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 14.9% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.4% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 3.6% | 2025-09-30 |
| 全国農業協同組合連合会 | Major shareholder | 3.3% | 2025-09-30 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.8% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.0% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505325(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.6% | 2025-09-30 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.5% | 2025-09-30 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.5% | 2025-09-30 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Sep 2025 was ¥429.6B, up 19.0% from ¥361.1B a year earlier.
- Profit grew much faster: operating income rose 54.3% to ¥36.1B, and net income rose 56.7% to ¥22.9B. The company says both sales and profit hit record highs.
- Operating cash flow reached ¥64.4B (+14.4%) and free cash flow ¥38.1B (+7.0%).

### Drivers

- New restaurants in Japan and abroad, plus stronger results from Sushiro overseas, lifted sales
- Sushiro overseas, the more profitable business, grew to a larger share of the group, nudging the cost-of-sales ratio down
- Impairment losses fell compared with the prior year, shrinking other expenses

### Risks

- A weaker yen makes fish and seafood more expensive to buy
- Rice, other ingredients and energy keep getting pricier, and labor shortages are pushing up wages
- Price competition in budget conveyor-belt sushi is fierce, and Japan's shrinking population could make it tougher

Cited: Annual Securities Report, 11th term (Oct 2024 – Sep 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 11th term (Oct 2024 – Sep 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/10/01－2025/09/30) | S100XBTY | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBTY,, |
| 訂正有価証券報告書－第10期(2023/10/01－2024/09/30) | S100V71P | 2025-02-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V71P,, |
| 有価証券報告書－第9期(2022/10/01－2023/09/30) | S100SIR5 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIR5,, |
| 有価証券報告書－第8期(令和3年10月1日－令和4年9月30日) | S100PV84 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV84,, |
| 有価証券報告書－第7期(令和2年10月1日－令和3年9月30日) | S100N4TI | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4TI,, |
| 有価証券報告書－第6期(令和1年10月1日－令和2年9月30日) | S100KG58 | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG58,, |

## 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).