# FUJIO FOOD GROUP INC.: 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27期(2025/01/01－2025/12/31) (S100XV0N)
> Page: https://vizora.meequs.com/en/company/fujio-food-group
> Retrieved: 2026-09-30T19:12:59.750Z

## Company

Fujio Food Group, founded in 1999, is a company in Fast Food & Quick Service listed on TSE Prime. It has 600 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJIO FOOD GROUP INC. |
| Ticker | 2752 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2752.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区菅原町2番16号 FUJIO BLDG. |
| Representative (per filing) | 代表取締役社長 藤尾 政弘 |
| Founded | Nov 1999 |
| Share capital | ¥5.97B |
| Employees (consolidated) | 600 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.fujio-food.com (https://www.fujio-food.com/) |
| Corporate number | 2120001093715 |
| EDINET | E03400 |
| Industries (Vizora) | Fast Food & Quick Service, Restaurants & Pubs |

> Profile source: annual securities report (S100XV0N, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 56 |
| Profitability | 34.1 | 66 |
| Cash conversion | 39.1 | 55 |
| Efficiency | 28 | 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 95% of Fujio Food Group's sales come from The business directly operated, with Franchise business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit -40.4%.

## Company structure

- Segment revenue mix: The business directly operated 95.0%、Franchise business 5.0%
- Revenue → net income: ¥31932000000 → ¥90000000
- Net income → operating cash flow: ¥90000000 → ¥980000000（difference ¥890000000）
- Main uses of operating cash flow: CapEx ¥964000000 / dividends ¥102000000 / buybacks —
- Change in cash: ¥-4802000000
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 | ¥31.9B |  |
| Operating income | ¥725M | Margin 2.3% |
| Net income | ¥90M | Margin 0.3% |
| Free cash flow | ¥16M |  |
| Largest business | The business directly operated | of segment revenue 95.0% |
| Employees (consolidated) | 600 |  |
| EPS | ¥5.8 |  |
| Book value per share | ¥224.77 |  |
| Equity ratio | 35.5% |  |
| Shares outstanding | 51,267,537 |  |
| Shareholders | 111,495 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 23.9% |
| Vs. industry median margin | -3.2 pp | Fast Food & Quick Service |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 10.9× net income
- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, segment profit share differs by -23 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26805000000 | ¥31932000000 | +19.1% |
| Operating income | ¥-2971000000 | ¥725000000 | — |
| Operating margin | -11.1% | 2.3% | +13.4 pp |
| Employees | 539 people | 600 people | +11.3% |
| Cash and equivalents | ¥2247000000 | ¥7616000000 | +238.9% |

### 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 |
| --- | ---: |
| 直営事業 → 直営事業 | 95.0% |
| 直営事業 → 事業再編・廃止 | 0.3% |
| ＦＣ事業 → ＦＣ事業 | 4.7% |
| 新設・再編 → ＦＣ事業 | 0.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,932 | 100.0% | S100XV0N |
| Cost of revenue | 11,310 | 35.4% | S100XV0N |
| Gross profit | 20,622 | 64.6% | S100XV0N |
| SG&A | 19,896 | 62.3% | S100XV0N |
| Operating income | 725 | 2.3% | S100XV0N |
| Ordinary income | 596 | 1.9% | S100XV0N |
| Pretax income | 233 | 0.7% | S100XV0N |
| Income tax | 143 | 0.4% | S100XV0N |
| Net income | 90 | 0.3% | S100XV0N |
| Net income attributable to owners | 90 | 0.3% | S100XV0N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 62 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 64.6% → Operating margin 2.3% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.9%; Core profit growth: -40.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -20.83×
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 | 31,324 | 31,932 | 608 | +1.9% |
| Gross profit | 20,347 | 20,622 | 275 | +1.4% |
| Operating income | 1,217 | 725 | -492 | -40.4% |
| Net income attributable to owners | 459 | 90 | -369 | -80.4% |
| Operating cash flow | 2,153 | 980 | -1,173 | -54.5% |
| Free cash flow | 1,475 | 16 | -1,459 | -98.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 38,393 | 1,458 | 3.8% | -103 | 2,743 | -20 | S100L2QU |
| FY ending Dec 2020 | 26,805 | -2,971 | -11.1% | -4,998 | -2,517 | -4,693 | S100PRAA |
| FY ending Dec 2021 | 25,453 | -3,343 | -13.1% | -489 | 3,011 | 2,538 | S100QI2N |
| FY ending Dec 2022 | 26,530 | -1,886 | -7.1% | -3,402 | 824 | 225 | S100T57V |
| FY ending Dec 2023 | 29,756 | 389 | 1.3% | -706 | 1,739 | 1,375 | S100VHQR |
| FY ending Dec 2024 | 31,324 | 1,217 | 3.9% | 459 | 2,153 | 1,475 | S100XV0N |
| FY ending Dec 2025 | 31,932 | 725 | 2.3% | 90 | 980 | 16 | S100XV0N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.2M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥150K |

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) | 498 | 445 | 411 | 452 | 600 |
| Average salary (parent company) | ¥5.9M | ¥6.4M | ¥6.2M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 47.2 years | 47.4 years | 50.4 years | 49.5 years | 48.2 years |
| Average tenure (parent company) | 8.5 years | 9.4 years | 10.7 years | 10.6 years | 9.2 years |

Year over year: Employees (consolidated) +32.7% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| The business directly operated | 30,341 | 95.0% | 3,019 | 10.0% |
| Franchise business | 1,590 | 5.0% | 1,151 | 72.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| The business directly operated | 95.0% | 72.4% | -22.6 | 10.0% |
| Franchise business | 5.0% | 27.6% | 22.6 | 72.4% |

Segment → industry: Franchise business → Fast Food & Quick Service / The business directly operated → Fast Food & Quick Service / The business directly operated → Restaurants & Pubs

## 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 | 980 | 3.1% | S100XV0N |
| Capital expenditure | 964 | 3.0% | S100XV0N |
| Free cash flow | 16 | 0.1% | 算出 |
| Investing cash flow | -3,774 | -11.8% | S100XV0N |
| Financing cash flow | -2,007 | -6.3% | S100XV0N |
| Dividends paid | 102 | 0.3% | S100XV0N |
| Change in cash | -4,802 | -15.0% | S100XV0N |
| Cash and equivalents | 7,616 | 23.9% | S100XV0N |

## 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 | 7,887 | 5,587 | 6,094 | 12,418 | 7,616 | S100T57V, S100VHQR, S100XV0N |
| Total assets | 26,807 | 21,529 | 20,287 | 26,310 | 24,429 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Net assets | 3,925 | 580 | 1,432 | 8,578 | 8,685 | S100T57V, S100VHQR, S100XV0N |
| Share capital | 2,231 | 2,297 | 2,627 | 5,956 | 5,971 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Inventories | 135 | 189 | 168 | 194 | 196 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Property, plant and equipment | 7,793 | 6,206 | 4,754 | 4,598 | 4,669 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Intangible assets excluding goodwill | 1,627 | 1,514 | 1,402 | 1,298 | 1,225 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Goodwill | 1,562 | 1,464 | 1,367 | 1,269 | 1,171 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Investment securities | 402 | 410 | 402 | 343 | 417 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Current assets | 11,285 | 8,542 | 9,101 | 15,328 | 13,450 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Current liabilities | 10,104 | 9,901 | 9,503 | 6,557 | 8,483 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Short-term borrowings | 3,655 | 3,655 | 3,500 | — | — | S100QI2N, S100T57V, S100VHQR |
| Long-term borrowings | 10,657 | 8,687 | 7,324 | 9,141 | 5,200 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Total liabilities | 22,882 | 20,948 | 18,855 | 17,732 | 15,744 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Non-controlling interests | — | — | 4 | 6 | 6 | S100VHQR, S100XV0N |
| Equity attributable to owners of parent | 3,921 | 540 | 1,348 | 8,466 | 8,484 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Retained earnings | -397 | -3,910 | -4,610 | -4,151 | -2,636 | S100QI2N, S100T57V, S100VHQR, S100XV0N |
| Treasury stock | -439 | -439 | 0 | 0 | 0 | S100QI2N, S100T57V, S100VHQR, S100XV0N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XV0N |
| Inventories | 1% | S100XV0N |
| Property, plant and equipment | 19% | S100XV0N |
| Intangibles and goodwill | 10% | S100XV0N |
| Investment securities | 2% | S100XV0N |
| Other assets | 37% | S100XV0N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XV0N |
| Equity | 36% | S100XV0N |

### 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 | 26,807 | 21,529 | 20,287 | 26,310 | 24,429 |
| Equity | 3,925 | 580 | 1,432 | 8,578 | 8,685 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,887 | 5,587 | 6,094 | 12,418 | 7,616 |

## 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) | 14.6% | S100XV0N |
| Fixed assets ÷ total assets | 19.1% | S100XV0N |
| Goodwill ÷ parent equity | 13.8% | S100XV0N |

Goodwill over 4 years: 1,562 → 1,171 JPY; total investing cash flow: -5,636 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) | 31.2% |
| Cash ÷ revenue | 23.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.2% |
| Cash vs. profit gap | 890 JPY mn (of net income 988.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 113.3% |
| Shareholder payments — dividends / FCF | 637.5% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 385.1% |

## 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 | — | —× | -1.8% | —× | — | S100QI2N |
| 2022 | — | —× | -14.1% | —× | — | S100T57V |
| 2023 | — | —× | -3.4% | —× | — | S100VHQR |
| 2024 | 1.5% | 1.34× | 2.0% | 4.75× | 9.4% | S100XV0N |
| 2025 | 0.3% | 1.26× | 0.4% | 2.99× | 1.1% | S100XV0N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エフエム商業計画 | Major shareholder | 13.3% | 2025-12-31 |
| 藤尾 政弘 | Major shareholder | 6.0% | 2025-12-31 |
| サッポロビール株式会社 | Major shareholder | 5.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 4.7% | 2025-12-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 3.8% | 2025-12-31 |
| 三井住友信託銀行株式会社 （信託口） | Major shareholder | 3.5% | 2025-12-31 |
| フジオ取組先持株会 | Major shareholder | 2.9% | 2025-12-31 |
| サントリービバレッジ ソリューション株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| 伊藤忠商事株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社池田泉州銀行 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XV0N | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV0N,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VHQR | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHQR,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T57V | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T57V,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QI2N | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI2N,, |
| 訂正有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100PRAA | 2022-12-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PRAA,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NSBF | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSBF,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100L2QU | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2QU,, |

## 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).