# FUJI OIL CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第98期(2025/04/01－2026/03/31) (S100YEWN)
> Page: https://vizora.meequs.com/en/company/fuji-oil
> Retrieved: 2026-09-30T21:09:29.829Z

## Company

Fuji OIL, founded in 1950, is a company in Food Ingredients listed on TSE Prime. It has 5,891 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI OIL CO., LTD. |
| Ticker | 2607 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2607.T) |
| Listing | TSE Prime |
| Head office | 大阪府泉佐野市住吉町1番地 |
| Representative (per filing) | 代表取締役社長CEO 大森 達司 |
| Founded | Oct 1950 |
| Share capital | ¥13.2B |
| Employees (consolidated) | 5,891 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.fujioil.co.jp (https://www.fujioil.co.jp/) |
| Corporate number | 8120001088461 |
| EDINET | E00431 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100YEWN, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 27.1 | 24 |
| Cash conversion | 85.4 | 24 |
| Efficiency | 77.1 | 24 |

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 48% of Fuji OIL's sales come from Industrial Chocolate, with Vegetable Oils and Fats and Emulsified and Fermented Ingredients making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +15.1% from the prior year, operating profit +159.1%.

## Company structure

- Segment revenue mix: Industrial Chocolate 48.0%、Vegetable Oils and Fats 35.1%、Emulsified and Fermented Ingredients 12.6%、Soy-based Ingredients 4.3%
- Revenue → net income: ¥772288000000 → ¥11510000000
- Net income → operating cash flow: ¥11510000000 → ¥54840000000（difference ¥43330000000）
- Main uses of operating cash flow: CapEx ¥29502000000 / dividends ¥4479000000 / buybacks ¥0
- Change in cash: ¥-24029000000
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 | ¥772.3B |  |
| Operating income | ¥29.8B | Margin 3.9% |
| Net income | ¥11.1B | Margin 1.4% |
| Free cash flow | ¥25.3B |  |
| Largest business | Industrial Chocolate | of segment revenue 48.0% |
| Employees (consolidated) | 5,891 |  |
| EPS | ¥129.6 |  |
| Book value per share | ¥1766.33 |  |
| Equity ratio | 37.7% | Derived from disclosed figures |
| Shares outstanding | 87,569,000 |  |
| Treasury shares | 1,347,200 |  |
| Shareholders | 25,858 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | -1.5 pp | Food Ingredients |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.9× net income
- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, segment profit share differs by 55 points

## What changed in 5 years

Accounting standard changed in FY2024; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥364779000000 | ¥772288000000 | — |
| Operating income | ¥17911000000 | ¥29822000000 | — |
| Operating margin | 4.9% | 3.9% | -1 pp |
| Employees | 5,679 people | 5,891 people | — |
| Cash and equivalents | ¥20452000000 | ¥46811000000 | — |

### 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 |
| --- | ---: |
| 植物性油脂 → 事業再編・廃止 | 27.0% |
| 業務用チョコレート → 事業再編・廃止 | 44.5% |
| 乳化・発酵素材 → 事業再編・廃止 | 19.4% |
| 大豆加工素材 → 事業再編・廃止 | 9.1% |
| 新設・再編 → 植物性油脂 | 35.1% |
| 新設・再編 → 業務用チョコレート | 48.0% |
| 新設・再編 → 乳化・発酵素材 | 12.6% |
| 新設・再編 → 大豆加工素材 | 4.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Chocolate | — | — | ¥370904000000 | 0.6% | 2 |
| Vegetable Oils and Fats | — | — | ¥271076000000 | 12.3% | 2 |
| Emulsified and Fermented Ingredients | — | — | ¥97432000000 | 1.2% | 2 |
| Soy-based Ingredients | — | — | ¥32874000000 | -2.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 772,288 | 100.0% | S100YEWN |
| Cost of revenue | 661,343 | 85.6% | S100YEWN |
| Gross profit | 110,944 | 14.4% | S100YEWN |
| SG&A | 77,611 | 10.0% | S100YEWN |
| Operating income | 29,822 | 3.9% | S100YEWN |
| Pretax income | 23,430 | 3.0% | S100YEWN |
| Income tax | 11,919 | 1.5% | S100YEWN |
| Net income | 11,510 | 1.5% | S100YEWN |
| Net income attributable to owners | 11,142 | 1.4% | S100YEWN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 14.4% → Operating margin 3.9% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.1%; Core profit growth: +159.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.57×
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 | 671,207 | 772,288 | 101,081 | +15.1% |
| Gross profit | 81,635 | 110,944 | 29,309 | +35.9% |
| Operating income | 11,508 | 29,822 | 18,314 | +159.1% |
| Net income attributable to owners | 3,863 | 11,142 | 7,279 | +188.4% |
| Operating cash flow | -48,828 | 54,840 | 103,668 | — |
| Free cash flow | -73,182 | 25,338 | 98,520 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 414,727 | 23,598 | 5.7% | 16,375 | 37,058 | 15,510 | S100LME7 |
| FY ending Mar 2021 | 364,779 | 17,911 | 4.9% | 11,014 | 38,205 | 17,324 | S100OBPK |
| FY ending Mar 2022 | 433,831 | 15,008 | 3.5% | 11,504 | 3,537 | -15,589 | S100R6J1 |
| FY ending Mar 2023 | 557,410 | 10,940 | 2.0% | 6,126 | 7,594 | -11,936 | S100U704 |
| FY ending Mar 2024 | 564,087 | 18,213 | 3.2% | 6,524 | 48,242 | 31,063 | S100W701 |
| FY ending Mar 2025 | 671,207 | 11,508 | 1.7% | 3,863 | -48,828 | -73,182 | S100YEWN |
| FY ending Mar 2026 | 772,288 | 29,822 | 3.9% | 11,142 | 54,840 | 25,338 | S100YEWN |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥131.1M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 5,623 | 5,799 | 5,731 | 5,654 | 5,891 |
| Average salary (parent company) | ¥9.5M | ¥9.4M | ¥9.4M | ¥10M | ¥8.3M |
| Average age (parent company) | 43.0 years | 44.0 years | 43.0 years | 43.0 years | 41.0 years |
| Average tenure (parent company) | 16.0 years | 15.0 years | 15.0 years | 15.0 years | 16.0 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +15.1%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vegetable Oils and Fats | 271,076 | 35.1% | 33,394 | 12.3% |
| Industrial Chocolate | 370,904 | 48.0% | 2,391 | 0.6% |
| Emulsified and Fermented Ingredients | 97,432 | 12.6% | 1,144 | 1.2% |
| Soy-based Ingredients | 32,874 | 4.3% | -874 | -2.7% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Vegetable Oils and Fats | 35.1% | 90.4% | 55.3 | 12.3% |
| Industrial Chocolate | 48.0% | 6.5% | -41.6 | 0.6% |
| Emulsified and Fermented Ingredients | 12.6% | 3.1% | -9.5 | 1.2% |
| Soy-based Ingredients | 4.3% | — | — | -2.7% |

Loss-making segment (excluded from profit shares): Soy-based Ingredients -874 JPY mn

Segment → industry: Soy-based Ingredients → Food Ingredients / Emulsified and Fermented Ingredients → Food Ingredients / Industrial Chocolate → Food Ingredients / Vegetable Oils and Fats → Food Ingredients

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 54,840 | 7.1% | S100YEWN |
| Capital expenditure | 29,502 | 3.8% | S100YEWN |
| Free cash flow | 25,338 | 3.3% | 算出 |
| Investing cash flow | -46,847 | -6.1% | S100YEWN |
| Financing cash flow | -38,590 | -5.0% | S100YEWN |
| Dividends paid | 4,479 | 0.6% | S100YEWN |
| Share buyback | 0 | 0.0% | S100YEWN |
| Change in cash | -24,029 | -3.1% | S100YEWN |
| Cash and equivalents | 46,811 | 6.1% | S100YEWN |

## 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 | 15,915 | 18,991 | 28,499 | 70,840 | 46,811 | S100U704, S100W701, S100YEWN |
| Total assets | 416,617 | 468,789 | 477,193 | 597,076 | 636,933 | S100R6J1, S100U704, S100YEWN |
| Net assets | 189,495 | 210,983 | 232,569 | 210,926 | 244,477 | S100U704, S100W701, S100YEWN |
| Share capital | 13,208 | 13,208 | 13,208 | 13,208 | 13,208 | S100R6J1, S100U704, S100YEWN |
| Trade receivables | 81,121 | 93,023 | 90,024 | 112,520 | — | S100R6J1, S100U704, S100W701 |
| Property, plant and equipment | 140,628 | 159,855 | 141,344 | 138,081 | 165,950 | S100R6J1, S100U704, S100YEWN |
| Intangible assets excluding goodwill | 55,697 | 57,322 | 55,221 | 51,185 | — | S100R6J1, S100U704, S100W701 |
| Goodwill | 27,008 | 27,245 | 21,907 | 20,763 | 26,632 | S100R6J1, S100U704, S100YEWN |
| Investment securities | 7,122 | 14,378 | 16,002 | 16,631 | — | S100R6J1, S100U704, S100W701 |
| Current assets | 201,334 | 227,771 | 246,565 | 363,997 | 359,051 | S100R6J1, S100U704, S100YEWN |
| Current liabilities | 120,840 | 145,891 | 146,936 | 273,204 | — | S100R6J1, S100U704, S100W701 |
| Trade payables | 40,654 | 40,285 | 42,321 | 46,075 | — | S100R6J1, S100U704, S100W701 |
| Short-term borrowings | 44,518 | 76,091 | 33,151 | 175,284 | — | S100R6J1, S100U704, S100W701 |
| Long-term borrowings | 49,251 | 41,325 | 46,135 | 57,691 | — | S100R6J1, S100U704, S100W701 |
| Bonds | 35,000 | 41,000 | 6,000 | 31,000 | — | S100R6J1, S100U704, S100W701 |
| Interest-bearing debt | 128,769 | 158,416 | 85,286 | 263,975 | — | 算出 |
| Total liabilities | 227,122 | 257,806 | 244,624 | 386,150 | 392,455 | S100R6J1, S100U704, S100YEWN |
| Non-controlling interests | 3,117 | 8,163 | 12,105 | 4,025 | — | S100R6J1, S100U704, S100W701 |
| Equity attributable to owners of parent | 182,864 | 187,324 | 220,477 | 206,923 | 240,159 | S100R6J1, S100U704, S100YEWN |
| Retained earnings | 159,664 | 161,305 | 151,046 | 150,944 | 157,829 | S100R6J1, S100U704, S100YEWN |
| Treasury stock | -1,954 | -1,946 | -1,947 | -1,919 | -2,154 | S100R6J1, S100U704, S100YEWN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YEWN |
| Property, plant and equipment | 26% | S100YEWN |
| Intangibles and goodwill | 4% | — |
| Other assets | 63% | S100YEWN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YEWN |
| Equity | 38% | S100YEWN |
| Other liabilities | 0% | S100YEWN |

### 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 | 416,617 | 468,789 | 477,193 | 597,076 | 636,933 |
| Equity | 189,495 | 210,983 | 232,569 | 210,926 | 244,477 |
| Interest-bearing debt | 128,769 | 158,416 | 85,286 | 263,975 | — |
| Cash | 15,915 | 18,991 | 28,499 | 70,840 | 46,811 |

## 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) | 21.5% | S100YEWN |
| Fixed assets ÷ total assets | 26.1% | S100YEWN |
| Goodwill ÷ parent equity | 11.1% | S100YEWN |

Goodwill over 4 years: 27,008 → 26,632 JPY; total investing cash flow: -95,091 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) | 7.3% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 183.9% |
| Cash vs. profit gap | 43,698 JPY mn (of net income 392.2%) |
| Shareholder returns / net income | 40.2% |
| Shareholder returns / FCF | 17.7% |
| Shareholder payments — dividends / net income | 40.2% |
| Shareholder payments — dividends / FCF | 17.7% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 85.4% |

## 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 | 2.7% | 1.04× | 2.8% | 2.28× | 6.3% | S100R6J1 |
| 2023 | 1.1% | 1.26× | 1.4% | 2.39× | 3.3% | S100U704 |
| 2024 | 1.2% | 1.19× | 1.4% | 2.32× | 3.2% | S100W701, S100YEWN |
| 2025 | 0.6% | 1.25× | 0.7% | 2.51× | 1.8% | S100YEWN |
| 2026 | 1.4% | 1.25× | 1.8% | 2.76× | 5.0% | S100YEWN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠フードインベストメント合同会社 | Major shareholder | 42.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.0% | 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 | 6.5% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ロイズコンフェクト | Major shareholder | 1.9% | 2026-03-31 |
| 不二製油取引先持株会 | Major shareholder | 1.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥772.3B, up +15.1% from ¥671.2B.
- Operating income climbed from ¥11.5B to ¥29.8B (+159.1%), and net income attributable to owners rose from ¥3.86B to ¥11.1B (+188.4%).
- Operating cash flow swung from -¥48.8B to a positive ¥54.8B.

### Drivers

- Palm oil and cocoa bean costs stayed high, and the company raised its selling prices, which lifted sales
- Sales of fats for chocolate held up well in the vegetable oils business
- At US subsidiary Blommer, steadier cocoa prices and lower related costs narrowed the loss, although a goodwill impairment and a write-down of deferred tax assets there weighed on net income

### Risks

- Blommer is behind plan because of weaker volumes and higher fixed costs, and the company expects its recovery to take time
- US tariff policy, geopolitical risk and China's economy are named as concerns
- The soy business faces weak buying in Japan and tougher competition from Chinese products

Cited: Annual Securities Report (98th term) (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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YEWN | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEWN,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100W701 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W701,, |
| 訂正有価証券報告書－第96期(2023/04/01－2024/03/31) | S100U704 | 2024-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U704,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R6J1 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6J1,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100OBPK | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBPK,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LME7 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LME7,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| J-オイルミルズ | Capital alliance | 業務提携と株式相互保有（共同調達・中間原料油の相互供給等） | S100YEWN |
| J-オイルミルズ | Alliance | 食用油脂事業の業務提携（原料・資材の調達、中間原料油の相互供給） | S100YFUT |

## 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).