# Fujiya Co.,Ltd: 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131期(2025/01/01－2025/12/31) (S100XS9W)
> Page: https://vizora.meequs.com/en/company/fujiya
> Retrieved: 2026-09-30T21:34:49.340Z

## Company

Fujiya, founded in 1910, is a company in Processed Foods listed on TSE Prime. It has 2,457 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fujiya Co.,Ltd. |
| Ticker | 2211 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2211.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区大塚二丁目15番6号 |
| Representative (per filing) | 代表取締役社長 河村宣行 |
| Founded | Nov 1910 |
| Share capital | ¥18.3B |
| Employees (consolidated) | 2,457 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | www.fujiya-peko.co.jp (https://www.fujiya-peko.co.jp/) |
| Corporate number | 3010001034910 |
| EDINET | E00374 |
| Industries (Vizora) | Processed Foods, Cafés |

> Profile source: annual securities report (S100XS9W, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.3 | 56 |
| Profitability | 25.8 | 60 |
| Cash conversion | 62.3 | 57 |
| Efficiency | 54.2 | 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)

- About 70% of Fujiya's sales come from Confectionery business, with Pastry business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +8.7% from the prior year, operating profit +23.6%.

## Company structure

- Segment revenue mix: Confectionery business 70.3%、Pastry business 26.6%、Other 3.1%
- Revenue → net income: ¥119558000000 → ¥2398000000
- Net income → operating cash flow: ¥2398000000 → ¥3779000000（difference ¥1381000000）
- Main uses of operating cash flow: CapEx ¥9837000000 / dividends ¥771000000 / buybacks —
- Change in cash: ¥3845000000
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 | ¥119.6B |  |
| Operating income | ¥2.84B | Margin 2.4% |
| Net income | ¥2.03B | Margin 1.7% |
| Free cash flow | -¥6.06B |  |
| Largest business | Confectionery business | of segment revenue 70.3% |
| Employees (consolidated) | 2,457 |  |
| EPS | ¥51.67 |  |
| Book value per share | ¥1713.3 |  |
| Equity ratio | 57.0% |  |
| Shares outstanding | 25,784,000 |  |
| Treasury shares | 9,000 |  |
| Shareholders | 49,227 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 10.2% | Cash ÷ revenue 9.1% |
| Vs. industry median margin | -1.7 pp | Processed Foods |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 93% 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 | ¥99085000000 | ¥119558000000 | +20.7% |
| Operating income | ¥2497000000 | ¥2840000000 | +13.7% |
| Operating margin | 2.5% | 2.4% | -0.1 pp |
| Employees | 2,199 people | 2,457 people | +11.7% |
| Cash and equivalents | ¥12575000000 | ¥10861000000 | -13.6% |

### 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 |
| --- | ---: |
| 洋菓子事業 → 洋菓子事業 | 26.6% |
| 洋菓子事業 → 事業再編・廃止 | 1.6% |
| 製菓事業 → 製菓事業 | 68.7% |
| その他 → その他 | 3.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 製菓事業 | 1.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Confectionery business | 5 years | +4.3% | ¥84067000000 | 9.5% | 2 |
| Pastry business | 5 years | +2.6% | ¥31838000000 | -2.9% | 2 |
| Other | 5 years | +3.2% | ¥3652000000 | 16.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 119,558 | 100.0% | S100XS9W |
| Cost of revenue | 80,780 | 67.6% | S100XS9W |
| Gross profit | 38,778 | 32.4% | S100XS9W |
| SG&A | 35,937 | 30.1% | S100XS9W |
| Operating income | 2,840 | 2.4% | S100XS9W |
| Ordinary income | 3,609 | 3.0% | S100XS9W |
| Pretax income | 3,419 | 2.9% | S100XS9W |
| Income tax | 1,020 | 0.9% | S100XS9W |
| Net income | 2,398 | 2.0% | S100XS9W |
| Net income attributable to owners | 2,031 | 1.7% | S100XS9W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 30 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 32.4% → Operating margin 2.4% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.7%; Core profit growth: +23.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.71×
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 | 109,984 | 119,558 | 9,574 | +8.7% |
| Gross profit | 36,450 | 38,778 | 2,328 | +6.4% |
| Operating income | 2,298 | 2,840 | 542 | +23.6% |
| Net income attributable to owners | 1,672 | 2,031 | 359 | +21.5% |
| Operating cash flow | 4,260 | 3,779 | -481 | -11.3% |
| Free cash flow | -2,621 | -6,058 | -3,437 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 103,347 | 1,837 | 1.8% | 1,207 | 5,032 | -602 | S100L048 |
| FY ending Dec 2020 | 99,085 | 2,497 | 2.5% | 1,046 | 6,190 | 3,337 | S100NPF7 |
| FY ending Dec 2021 | 104,751 | 4,146 | 4.0% | 3,173 | 7,478 | 1,518 | S100QF7A |
| FY ending Dec 2022 | 100,614 | 4,334 | 4.3% | 3,376 | 4,948 | -2,647 | S100T2V0 |
| FY ending Dec 2023 | 105,534 | 1,374 | 1.3% | 969 | 6,775 | -2,012 | S100VG0J |
| FY ending Dec 2024 | 109,984 | 2,298 | 2.1% | 1,672 | 4,260 | -2,621 | S100XS9W |
| FY ending Dec 2025 | 119,558 | 2,840 | 2.4% | 2,031 | 3,779 | -6,058 | S100XS9W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.7M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥826.6K |

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) | 2,176 | 2,381 | 2,409 | 2,436 | 2,457 |
| Average salary (parent company) | ¥5M | ¥5.3M | ¥5.4M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 35.7 years | 36.1 years | 36.1 years | 36.1 years | 36.1 years |
| Average tenure (parent company) | 12.7 years | 12.9 years | 12.0 years | 12.0 years | 12.2 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +8.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pastry business | 31,838 | 26.6% | -937 | -2.9% |
| Confectionery business | 84,067 | 70.3% | 8,022 | 9.5% |
| Other | 3,652 | 3.1% | 586 | 16.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pastry business | 26.6% | — | — | -2.9% |
| Confectionery business | 70.3% | 93.2% | 22.9 | 9.5% |
| Other | 3.1% | 6.8% | 3.8 | 16.0% |

Loss-making segment (excluded from profit shares): Pastry business -937 JPY mn

Segment → industry: Confectionery business → Processed Foods / Pastry business → Processed Foods / Pastry business → Cafés

## 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 | 3,779 | 3.2% | S100XS9W |
| Capital expenditure | 9,837 | 8.2% | S100XS9W |
| Free cash flow | -6,058 | -5.1% | 算出 |
| Investing cash flow | -10,856 | -9.1% | S100XS9W |
| Financing cash flow | 10,866 | 9.1% | S100XS9W |
| Dividends paid | 771 | 0.6% | S100XS9W |
| Change in cash | 3,845 | 3.2% | S100XS9W |
| Cash and equivalents | 10,861 | 9.1% | S100XS9W |

## 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 | 14,364 | 10,144 | 7,781 | 7,016 | 10,861 | S100T2V0, S100VG0J, S100XS9W |
| Total assets | 75,720 | 83,712 | 83,125 | 90,466 | 106,366 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Net assets | 54,356 | 59,165 | 60,640 | 63,067 | 66,104 | S100T2V0, S100VG0J, S100XS9W |
| Share capital | 18,280 | 18,280 | 18,280 | 18,280 | 18,280 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Trade receivables | 14,090 | 15,827 | 16,443 | 17,621 | 19,580 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Property, plant and equipment | 25,544 | 33,187 | 35,540 | 39,908 | 45,461 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Intangible assets excluding goodwill | 1,693 | 1,908 | 1,796 | 1,669 | 1,540 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Investment securities | 6,842 | 6,086 | 6,530 | 6,858 | 7,549 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Current assets | 37,110 | 37,099 | 34,022 | 35,406 | 42,920 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Current liabilities | 17,915 | 21,059 | 19,316 | 24,455 | 23,123 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Trade payables | 6,311 | 8,437 | 8,082 | 8,493 | 8,355 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Short-term borrowings | 1,068 | 960 | 960 | 3,960 | 960 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Long-term borrowings | — | — | — | — | 15,000 | S100XS9W |
| Total liabilities | 21,363 | 24,547 | 22,484 | 27,399 | 40,261 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Non-controlling interests | 2,488 | 4,247 | 4,704 | 5,153 | 5,470 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Equity attributable to owners of parent | 50,875 | 53,567 | 53,763 | 54,662 | 55,920 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Retained earnings | 28,549 | 31,243 | 31,440 | 32,339 | 33,598 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |
| Treasury stock | -16 | -16 | -17 | -17 | -17 | S100QF7A, S100T2V0, S100VG0J, S100XS9W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XS9W |
| Receivables | 18% | S100XS9W |
| Property, plant and equipment | 43% | S100XS9W |
| Intangibles and goodwill | 2% | S100XS9W |
| Investment securities | 7% | S100XS9W |
| Other assets | 20% | S100XS9W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XS9W |
| Other liabilities | 30% | S100XS9W |
| Equity | 62% | S100XS9W |
| Other liabilities | 0% | S100XS9W |

### 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 | 75,720 | 83,712 | 83,125 | 90,466 | 106,366 |
| Equity | 54,356 | 59,165 | 60,640 | 63,067 | 66,104 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,364 | 10,144 | 7,781 | 7,016 | 10,861 |

## 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) | 38.0% | S100XS9W |
| Fixed assets ÷ total assets | 42.7% | S100XS9W |
| Goodwill ÷ parent equity | — | —, S100XS9W |

### 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) | 10.2% |
| Cash ÷ revenue | 9.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.1% |
| Cash vs. profit gap | 1,748 JPY mn (of net income 86.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 287.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.0% | 1.38× | 4.2% | 1.49× | 6.2% | S100QF7A |
| 2022 | 3.4% | 1.26× | 4.2% | 1.53× | 6.5% | S100T2V0 |
| 2023 | 0.9% | 1.27× | 1.2% | 1.55× | 1.8% | S100VG0J |
| 2024 | 1.5% | 1.27× | 1.9% | 1.60× | 3.1% | S100XS9W |
| 2025 | 1.7% | 1.21× | 2.1% | 1.78× | 3.7% | S100XS9W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山崎製パン株式会社 | Major shareholder | 54.4% | 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 | 4.3% | 2025-12-31 |
| 不二家不二栄会持株会 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社バンダイナムコホールディングス | Major shareholder | 1.9% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2025-12-31 |
| GOLDMAN SACHS BANK EUROPE SE（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.6% | 2025-12-31 |
| BOFAS INC SEGREGATION ACCOUNT（常任代理人BOFA証券株式会社） | Major shareholder | 0.5% | 2025-12-31 |
| 藤井 林太郎 | Major shareholder | 0.4% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.4% | 2025-12-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第131期(2025/01/01－2025/12/31) | S100XS9W | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS9W,, |
| 有価証券報告書－第130期(2024/01/01－2024/12/31) | S100VG0J | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG0J,, |
| 有価証券報告書－第129期(2023/01/01－2023/12/31) | S100T2V0 | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2V0,, |
| 有価証券報告書－第128期(2022/01/01－2022/12/31) | S100QF7A | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF7A,, |
| 有価証券報告書－第127期(令和3年1月1日－令和3年12月31日) | S100NPF7 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPF7,, |
| 有価証券報告書－第126期(令和2年1月1日－令和2年12月31日) | S100L048 | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L048,, |

## 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).