# FUJI 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59期(2025/03/01－2026/02/28) (S100Y4CU)
> Page: https://vizora.meequs.com/en/company/fuji-8278
> Retrieved: 2026-09-30T19:52:09.410Z

## Company

Fuji, founded in 1950, is a company in Supermarkets listed on TSE Prime. It has 7,757 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI CO.,LTD. |
| Ticker | 8278 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8278.T) |
| Listing | TSE Prime |
| Head office | 愛媛県松山市宮西一丁目2番1号(同所は登記上の本店所在地で実際の業務は「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 山口 普 |
| Founded | Apr 1950 |
| Share capital | ¥22B |
| Employees (consolidated) | 7,757 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | February |
| Website | www.the-fuji.com (https://www.the-fuji.com/) |
| Corporate number | 9500001003505 |
| EDINET | E03118 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y4CU, filed 2026-05-18). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.7 | 45 |
| Profitability | 19.4 | 49 |
| Cash conversion | 86.2 | 47 |
| Efficiency | 39.8 | 49 |

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)

- Fuji brought in ¥784.3B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -13.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥784256000000 → ¥8179000000
- Net income → operating cash flow: ¥8179000000 → ¥37740000000（difference ¥29561000000）
- Main uses of operating cash flow: CapEx ¥18341000000 / dividends ¥2604000000 / buybacks ¥1000000
- Change in cash: ¥12652000000
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 | ¥784.3B |  |
| Operating income | ¥11.2B | Margin 1.4% |
| Net income | ¥8.18B | Margin 1.0% |
| Free cash flow | ¥19.4B |  |
| Employees (consolidated) | 7,757 |  |
| EPS | ¥188.5 |  |
| Book value per share | ¥2377.21 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 86,856,954 |  |
| Treasury shares | 28,000 |  |
| Shareholders | 64,424 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 5.0% |
| Vs. industry median margin | -1.4 pp | Supermarkets |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.6× net income
- FY2026, revenue is 2.6× its level five years ago

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥300031000000 | ¥784256000000 | +161.4% |
| Operating income | ¥5980000000 | ¥11217000000 | +87.6% |
| Operating margin | 2.0% | 1.4% | -0.6 pp |
| Employees | 3,289 people | 7,757 people | +135.8% |
| Cash and equivalents | ¥13060000000 | ¥38943000000 | +198.2% |

### 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 |
| --- | ---: |
| 小売事業 → 事業再編・廃止 | 95.2% |
| 小売周辺事業 → 事業再編・廃止 | 4.2% |
| その他 → 事業再編・廃止 | 0.6% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 784,256 | 100.0% | S100Y4CU |
| Cost of revenue | 564,499 | 72.0% | S100Y4CU |
| Gross profit | 219,757 | 28.0% | S100Y4CU |
| SG&A | 238,543 | 30.4% | S100Y4CU |
| Operating income | 11,217 | 1.4% | S100Y4CU |
| Ordinary income | 12,527 | 1.6% | S100Y4CU |
| Pretax income | 8,150 | 1.0% | S100Y4CU |
| Income tax | -28 | -0.0% | S100Y4CU |
| Net income | 8,179 | 1.0% | S100Y4CU |
| Net income attributable to owners | 8,176 | 1.0% | S100Y4CU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 30 |
| Other operating | -4 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 28.0% → Operating margin 1.4% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -13.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -17.33×
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 | 778,238 | 784,256 | 6,018 | +0.8% |
| Gross profit | 218,817 | 219,757 | 940 | +0.4% |
| Operating income | 12,953 | 11,217 | -1,736 | -13.4% |
| Net income attributable to owners | 3,818 | 8,176 | 4,358 | +114.1% |
| Operating cash flow | 16,747 | 37,740 | 20,993 | +125.4% |
| Free cash flow | -41 | 19,399 | 19,440 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 295,925 | 6,496 | 2.2% | 5,241 | 12,053 | 1,628 | S100LDH9 |
| FY ending Feb 2021 | 300,031 | 5,980 | 2.0% | 4,179 | 12,598 | 6,800 | S100QFF3 |
| FY ending Feb 2022 | 304,822 | 7,375 | 2.4% | 3,937 | 8,631 | 1,865 | S100QSG4 |
| FY ending Feb 2023 | 755,397 | 11,320 | 1.5% | 9,033 | 24,161 | 3,082 | S100TGC6 |
| FY ending Feb 2024 | 771,123 | 15,110 | 2.0% | 7,436 | 30,607 | 14,686 | S100WRA7 |
| FY ending Feb 2025 | 778,238 | 12,953 | 1.7% | 3,818 | 16,747 | -41 | S100Y4CU |
| FY ending Feb 2026 | 784,256 | 11,217 | 1.4% | 8,176 | 37,740 | 19,399 | S100Y4CU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥101.1M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 3,271 | 8,638 | 8,353 | 8,011 | 7,757 |
| Average salary (parent company) | ¥4.8M | ¥8.1M | ¥7.2M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 41.0 years | 53.4 years | 51.2 years | 44.9 years | 45.6 years |
| Average tenure (parent company) | 18.9 years | 8.0 years | 13.8 years | 19.3 years | 19.1 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +0.8%

## 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 | 37,740 | 4.8% | S100Y4CU |
| Capital expenditure | 18,341 | 2.3% | S100Y4CU |
| Free cash flow | 19,399 | 2.5% | 算出 |
| Investing cash flow | 3,901 | 0.5% | S100Y4CU |
| Financing cash flow | -28,988 | -3.7% | S100Y4CU |
| Dividends paid | 2,604 | 0.3% | S100Y4CU |
| Share buyback | 1 | 0.0% | S100Y4CU |
| Change in cash | 12,652 | 1.6% | S100Y4CU |
| Cash and equivalents | 38,943 | 5.0% | S100Y4CU |

## 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 | 12,500 | 31,800 | 37,182 | 26,291 | 38,943 | S100TGC6, S100WRA7, S100Y4CU |
| Total assets | 174,972 | 431,319 | 427,702 | 411,808 | 415,212 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Net assets | 95,336 | 209,388 | 216,097 | 218,028 | 227,227 | S100TGC6, S100WRA7, S100Y4CU |
| Share capital | 19,407 | 22,000 | 22,000 | 22,000 | 22,000 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Trade receivables | 3,341 | — | — | — | — | S100QSG4 |
| Property, plant and equipment | 101,500 | 251,213 | 243,955 | 243,229 | 232,231 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Intangible assets excluding goodwill | 6,805 | 27,829 | 26,262 | 25,158 | 23,757 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Goodwill | — | 25,617 | 24,269 | 22,921 | 21,572 | S100TGC6, S100WRA7, S100Y4CU |
| Investment securities | 20,312 | 22,019 | 24,108 | 24,481 | 15,849 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Current assets | 28,437 | 89,908 | 92,135 | 78,744 | 99,218 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Current liabilities | 39,913 | 134,250 | 132,084 | 121,331 | 133,777 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Trade payables | 17,570 | 56,031 | 57,266 | 52,603 | — | S100QSG4, S100TGC6, S100WRA7 |
| Short-term borrowings | 900 | 3,850 | 4,900 | 3,950 | — | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Long-term borrowings | 17,447 | 52,267 | 45,334 | 38,571 | 20,115 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Total liabilities | 79,636 | 221,930 | 211,605 | 193,780 | 187,984 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Non-controlling interests | 235 | 247 | 260 | 272 | 274 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Equity attributable to owners of parent | 94,241 | 205,019 | 209,808 | 211,011 | 216,580 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Retained earnings | 55,503 | 41,370 | 46,201 | 47,415 | 52,986 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |
| Treasury stock | -373 | -376 | -418 | -429 | -431 | S100QSG4, S100TGC6, S100WRA7, S100Y4CU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y4CU |
| Property, plant and equipment | 56% | S100Y4CU |
| Intangibles and goodwill | 11% | S100Y4CU |
| Investment securities | 4% | S100Y4CU |
| Other assets | 20% | S100Y4CU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100Y4CU |
| Equity | 55% | S100Y4CU |
| Other liabilities | 0% | S100Y4CU |

### 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 | 174,972 | 431,319 | 427,702 | 411,808 | 415,212 |
| Equity | 95,336 | 209,388 | 216,097 | 218,028 | 227,227 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,500 | 31,800 | 37,182 | 26,291 | 38,943 |

## 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) | 29.6% | S100Y4CU |
| Fixed assets ÷ total assets | 55.9% | S100Y4CU |
| Goodwill ÷ parent equity | 10.0% | S100Y4CU |

### 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) | 9.4% |
| Cash ÷ revenue | 5.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 336.5% |
| Cash vs. profit gap | 29,564 JPY mn (of net income 361.6%) |
| Shareholder returns / net income | 31.9% |
| Shareholder returns / FCF | 13.4% |
| Shareholder payments — dividends / net income | 31.8% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 10.3% |

## 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 | 1.3% | 1.74× | 2.3% | 1.86× | 4.2% | S100QSG4 |
| 2023 | 1.2% | 2.49× | 3.0% | 2.03× | 6.0% | S100TGC6 |
| 2024 | 1.0% | 1.80× | 1.7% | 2.07× | 3.6% | S100WRA7 |
| 2025 | 0.5% | 1.85× | 0.9% | 1.99× | 1.8% | S100Y4CU |
| 2026 | 1.0% | 1.90× | 2.0% | 1.93× | 3.8% | S100Y4CU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 50.6% | 2026-02-28 |
| 株式会社アスティ | Major shareholder | 3.9% | 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 | 3.0% | 2026-02-28 |
| フジ共栄会 | Major shareholder | 2.9% | 2026-02-28 |
| フジ親栄会 | Major shareholder | 1.9% | 2026-02-28 |
| フジ社員持株会 | Major shareholder | 1.4% | 2026-02-28 |
| 株式会社広島銀行 | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社愛媛銀行 | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社伊予銀行 | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.8% | 2026-02-28 |

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

- Revenue for the FY ending Feb 2026 edged up +0.8%, from ¥778.2B to ¥784.3B.
- Gross profit grew only +0.4%, not enough to cover higher costs, so operating income fell -13.4% from ¥13B to ¥11.2B.
- Net income, by contrast, rose +114.1% from ¥3.82B to ¥8.18B.
- Operating cash flow jumped +125.4% to ¥37.7B, and free cash flow swung from a small outflow to ¥19.4B.

### Drivers

- Sales got a lift from cheaper everyday-low-price items and Topvalu products aimed at thrifty shoppers, store refurbishments and more mobile supermarket routes.
- Wage increases, store investment and rising logistics costs pushed SG&A up and squeezed operating income.
- Net income was boosted by gains on selling investment securities and an affiliate stake, plus lower deferred taxes tied to impairment losses; operating cash flow also benefited from higher payables because the year ended on a bank holiday.

### Risks

- Ongoing inflation is holding back real incomes, and the company expects shoppers to cut back further.
- Tension in the Middle East is expected to push up energy and raw material costs.
- Tough competition from other supermarkets and other kinds of retailers could hurt store earnings and lead to more impairment charges.

Cited: Annual Securities Report, 59th fiscal term (Mar 2025 - Feb 2026) (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, 59th fiscal term (Mar 2025 - Feb 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/03/01－2026/02/28) | S100Y4CU | 2026-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4CU,, |
| 訂正有価証券報告書－第58期(2024/03/01－2025/02/28) | S100WRA7 | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRA7,, |
| 有価証券報告書－第57期(2023/03/01－2024/02/29) | S100TGC6 | 2024-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGC6,, |
| 有価証券報告書－第56期(2022/03/01－2023/02/28) | S100QSG4 | 2023-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSG4,, |
| 訂正有価証券報告書－第55期(2021/03/01－2022/02/28) | S100QFF3 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFF3,, |
| 有価証券報告書－第54期(令和2年3月1日－令和3年2月28日) | S100LDH9 | 2021-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDH9,, |

## 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).