# FUJICCO 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66期(2025/04/01－2026/03/31) (S100YF97)
> Page: https://vizora.meequs.com/en/company/fujicco
> Retrieved: 2026-09-30T19:49:40.149Z

## Company

Fujicco, founded in 1960, is a company in Processed Foods listed on TSE Prime. It has 1,194 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJICCO CO., LTD. |
| Ticker | 2908 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2908.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区港島中町6丁目13番地4 |
| Representative (per filing) | 代表取締役社長執行役員 福井正一 |
| Founded | Nov 1960 |
| Share capital | ¥6.57B |
| Employees (consolidated) | 1,194 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.fujicco.co.jp (https://www.fujicco.co.jp/) |
| Corporate number | 9140001010604 |
| EDINET | E00481 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YF97, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 56 |
| Profitability | 34.2 | 60 |
| Cash conversion | 43 | 57 |
| Efficiency | 12.5 | 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)

- Fujicco brought in ¥55.5B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit +29.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥55534000000 → ¥1428000000
- Net income → operating cash flow: ¥1428000000 → ¥1650000000（difference ¥222000000）
- Main uses of operating cash flow: CapEx ¥2811000000 / dividends ¥1313000000 / buybacks ¥0
- Change in cash: ¥-2443000000
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 | ¥55.5B |  |
| Operating income | ¥1.47B | Margin 2.6% |
| Net income | ¥1.43B | Margin 2.6% |
| Free cash flow | -¥1.16B |  |
| Employees (consolidated) | 1,194 |  |
| EPS | ¥49.99 |  |
| Book value per share | ¥2443.11 |  |
| Equity ratio | 86.9% |  |
| Shares outstanding | 30,050,000 |  |
| Treasury shares | 1,500,600 |  |
| Shareholders | 42,603 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | -1.4 pp | Processed Foods |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64204000000 | ¥55534000000 | -13.5% |
| Operating income | ¥4317000000 | ¥1466000000 | -66.0% |
| Operating margin | 6.7% | 2.6% | -4.1 pp |
| Employees | 1,206 people | 1,194 people | -1.0% |
| Cash and equivalents | ¥13874000000 | ¥9249000000 | -33.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,534 | 100.0% | S100YF97 |
| Cost of revenue | 39,749 | 71.6% | S100YF97 |
| Gross profit | 15,785 | 28.4% | S100YF97 |
| SG&A | 14,318 | 25.8% | S100YF97 |
| Operating income | 1,466 | 2.6% | S100YF97 |
| Ordinary income | 1,900 | 3.4% | S100YF97 |
| Pretax income | 1,702 | 3.1% | S100YF97 |
| Income tax | 273 | 0.5% | S100YF97 |
| Net income | 1,428 | 2.6% | S100YF97 |
| Net income attributable to owners | 1,428 | 2.6% | S100YF97 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 26 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.4% → Operating margin 2.6% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.7%; Core profit growth: +29.6%
Operating leverage (core profit growth ÷ revenue growth): -10.96×
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 | 57,077 | 55,534 | -1,543 | -2.7% |
| Gross profit | 16,486 | 15,785 | -701 | -4.3% |
| Operating income | 1,131 | 1,466 | 335 | +29.6% |
| Net income attributable to owners | 951 | 1,428 | 477 | +50.2% |
| Operating cash flow | 4,485 | 1,650 | -2,835 | -63.2% |
| Free cash flow | 1,231 | -1,161 | -2,392 | -194.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 66,171 | 4,489 | 6.8% | 3,100 | 5,427 | 681 | S100LJE5 |
| FY ending Mar 2021 | 64,204 | 4,317 | 6.7% | 3,405 | 6,105 | -180 | S100OANP |
| FY ending Mar 2022 | 55,074 | 3,152 | 5.7% | 2,115 | 5,101 | 99 | S100R0WZ |
| FY ending Mar 2023 | 53,915 | 1,249 | 2.3% | 1,406 | 3,331 | 1,636 | S100TRGI |
| FY ending Mar 2024 | 55,715 | 1,530 | 2.7% | 1,110 | 2,800 | 398 | S100VYR3 |
| FY ending Mar 2025 | 57,077 | 1,131 | 2.0% | 951 | 4,485 | 1,231 | S100YF97 |
| FY ending Mar 2026 | 55,534 | 1,466 | 2.6% | 1,428 | 1,650 | -1,161 | S100YF97 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 1,187 | 1,150 | 1,127 | 1,146 | 1,194 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | ¥5.5M | ¥5.9M | ¥5.8M |
| Average age (parent company) | 40.9 years | 42.2 years | 42.9 years | 42.5 years | 42.3 years |
| Average tenure (parent company) | 17.2 years | 18.2 years | 18.9 years | 18.3 years | 18.3 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) -2.7%

## 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 | 1,650 | 3.0% | S100YF97 |
| Capital expenditure | 2,811 | 5.1% | S100YF97 |
| Free cash flow | -1,161 | -2.1% | 算出 |
| Investing cash flow | -3,811 | -6.9% | S100YF97 |
| Financing cash flow | -283 | -0.5% | S100YF97 |
| Dividends paid | 1,313 | 2.4% | S100YF97 |
| Share buyback | 0 | 0.0% | S100YF97 |
| Change in cash | -2,443 | -4.4% | S100YF97 |
| Cash and equivalents | 9,249 | 16.7% | S100YF97 |

## 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 | 12,778 | 13,275 | 11,340 | 11,692 | 9,249 | S100TRGI, S100VYR3, S100YF97 |
| Total assets | 80,136 | 78,862 | 80,476 | 79,429 | 80,089 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Net assets | 69,634 | 68,514 | 69,023 | 68,596 | 69,686 | S100TRGI, S100VYR3, S100YF97 |
| Share capital | 6,566 | 6,566 | 6,566 | 6,566 | 6,566 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Property, plant and equipment | 42,398 | 39,723 | 37,508 | 36,377 | 35,223 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Intangible assets excluding goodwill | 356 | 567 | 773 | 713 | 880 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Goodwill | — | — | — | — | 321 | S100YF97 |
| Investment securities | 3,611 | 3,432 | 4,411 | 3,944 | 5,165 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Current assets | 31,877 | 33,310 | 34,183 | 34,542 | 36,326 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Current liabilities | 8,577 | 8,407 | 9,430 | 8,799 | 8,748 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Total liabilities | 10,502 | 10,348 | 11,452 | 10,833 | 10,402 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Non-controlling interests | — | — | — | — | 65 | S100YF97 |
| Equity attributable to owners of parent | 68,717 | 67,462 | 67,265 | 66,909 | 67,035 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Retained earnings | 62,873 | 62,948 | 62,744 | 62,383 | 62,498 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |
| Treasury stock | -1,728 | -3,058 | -3,051 | -3,046 | -3,035 | S100R0WZ, S100TRGI, S100VYR3, S100YF97 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YF97 |
| Property, plant and equipment | 44% | S100YF97 |
| Intangibles and goodwill | 1% | S100YF97 |
| Investment securities | 6% | S100YF97 |
| Other assets | 37% | S100YF97 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YF97 |
| Equity | 87% | S100YF97 |
| Other liabilities | 0% | S100YF97 |

### 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 | 80,136 | 78,862 | 80,476 | 79,429 | 80,089 |
| Equity | 69,634 | 68,514 | 69,023 | 68,596 | 69,686 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,778 | 13,275 | 11,340 | 11,692 | 9,249 |

## 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) | 63.4% | S100YF97 |
| Fixed assets ÷ total assets | 44.0% | S100YF97 |
| Goodwill ÷ parent equity | 0.5% | S100YF97 |

### 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) | 11.5% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.6% |
| Cash vs. profit gap | 222 JPY mn (of net income 15.5%) |
| Shareholder returns / net income | 91.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 91.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 231.0% |

## 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 | 3.8% | 0.69× | 2.6% | 1.17× | 3.1% | S100R0WZ |
| 2023 | 2.6% | 0.68× | 1.8% | 1.17× | 2.1% | S100TRGI |
| 2024 | 2.0% | 0.70× | 1.4% | 1.18× | 1.6% | S100VYR3 |
| 2025 | 1.7% | 0.71× | 1.2% | 1.19× | 1.4% | S100YF97 |
| 2026 | 2.6% | 0.70× | 1.8% | 1.19× | 2.1% | S100YF97 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ミニマル興産 | Major shareholder | 21.7% | 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 | 9.1% | 2026-03-31 |
| 株式会社エフ・エス・ケー | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.7% | 2026-03-31 |
| フジッコ従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 加藤産業株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YF97 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF97,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100VYR3 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYR3,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TRGI | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRGI,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R0WZ | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0WZ,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OANP | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OANP,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LJE5 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJE5,, |

## 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).