# FUKUTOME MEAT PACKERS, 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75期(2025/04/01－2026/03/31) (S100YHU1)
> Page: https://vizora.meequs.com/en/company/fukutome-meat-packers
> Retrieved: 2026-09-30T23:26:54.502Z

## Company

Fukutome Meat Packers, founded in 1958, is a company in Meat Processing listed on TSE Standard. It has 325 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUKUTOME MEAT PACKERS,LTD. |
| Ticker | 2291 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2291.T) |
| Listing | TSE Standard |
| Head office | 広島市安佐北区三入南一丁目7番20号(2026年3月1日から本店所在地 広島市西区草津港二丁目6番75号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 福原治彦 |
| Founded | Mar 1958 |
| Share capital | ¥2.69B |
| Employees (consolidated) | 325 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.fukutome.com (https://www.fukutome.com/) |
| Corporate number | 6240001010290 |
| EDINET | E00341 |
| Industries (Vizora) | Meat Processing |

> Profile source: annual securities report (S100YHU1, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 11 |
| Profitability | 4.5 | 11 |
| Efficiency | 45.8 | 12 |

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 57% of Fukutome Meat Packers's sales come from Meat, with Processed food making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -3.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥23.8B |  |
| Operating income | -¥794M | Margin -3.3% |
| Net income | ¥317M | Margin 1.3% |
| Free cash flow | -¥1.23B |  |
| Largest business | Meat | of segment revenue 56.5% |
| Employees (consolidated) | 325 |  |
| EPS | ¥95.06 |  |
| Book value per share | ¥683.31 |  |
| Equity ratio | 19.6% |  |
| Shares outstanding | 3,400,000 |  |
| Treasury shares | 63,600 |  |
| Shareholders | 4,982 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 8.6% |
| Vs. industry median margin | -5.6 pp | Meat Processing |
| ROE | 23.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25326000000 | ¥23756000000 | -6.2% |
| Operating income | ¥-243000000 | ¥-794000000 | — |
| Operating margin | -1.0% | -3.3% | -2.4 pp |
| Employees | 369 people | 325 people | -11.9% |
| Cash and equivalents | ¥2515000000 | ¥2053000000 | -18.4% |

### 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 |
| --- | ---: |
| 加工食品事業 → 加工食品事業 | 43.5% |
| 加工食品事業 → 事業再編・廃止 | 1.9% |
| 食肉事業 → 食肉事業 | 54.6% |
| 新設・再編 → 食肉事業 | 1.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,756 | 100.0% | S100YHU1 |
| Cost of revenue | 20,263 | 85.3% | S100YHU1 |
| Gross profit | 3,493 | 14.7% | S100YHU1 |
| SG&A | 4,287 | 18.0% | S100YHU1 |
| Operating income | -794 | -3.3% | S100YHU1 |
| Ordinary income | -792 | -3.3% | S100YHU1 |
| Pretax income | 341 | 1.4% | S100YHU1 |
| Income tax | 24 | 0.1% | S100YHU1 |
| Net income | 317 | 1.3% | S100YHU1 |
| Net income attributable to owners | 317 | 1.3% | S100YHU1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 18 |
| Operating income | -3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 14.7% → Operating margin -3.3% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,621 | 23,756 | -865 | -3.5% |
| Gross profit | 3,576 | 3,493 | -83 | -2.3% |
| Operating income | -621 | -794 | -173 | — |
| Net income attributable to owners | -640 | 317 | 957 | — |
| Operating cash flow | -239 | -763 | -524 | — |
| Free cash flow | -566 | -1,234 | -668 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,597 | -536 | -2.1% | -1,404 | 260 | -402 | S100LON4 |
| FY ending Mar 2021 | 25,326 | -243 | -1.0% | -240 | 349 | 70 | S100OEKT |
| FY ending Mar 2022 | 24,420 | -372 | -1.5% | -718 | 205 | -199 | S100R072 |
| FY ending Mar 2023 | 24,895 | -365 | -1.5% | -1,194 | -49 | -395 | S100TR2D |
| FY ending Mar 2024 | 25,193 | -419 | -1.7% | 150 | -178 | -595 | S100W3K1 |
| FY ending Mar 2025 | 24,621 | -621 | -2.5% | -640 | -239 | -566 | S100YHU1 |
| FY ending Mar 2026 | 23,756 | -794 | -3.3% | 317 | -763 | -1,234 | S100YHU1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.1M |
| Operating income per employee (consolidated) | -¥2.4M |
| Net income per employee (consolidated) | ¥975.4K |

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) | 362 | 361 | 349 | 351 | 325 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥4.7M | ¥4.8M | ¥5M |
| Average age (parent company) | 43.3 years | 43.3 years | 44.3 years | 44.7 years | 45.0 years |
| Average tenure (parent company) | 18.1 years | 17.5 years | 18.6 years | 18.9 years | 19.0 years |

Year over year: Employees (consolidated) -7.4% · Revenue (consolidated) -3.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Processed food | 10,326 | 43.5% | -13 | -0.1% |
| Meat | 13,430 | 56.5% | -160 | -1.2% |

### 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 | Margin |
| --- | ---: | ---: |
| Processed food | 43.5% | -0.1% |
| Meat | 56.5% | -1.2% |

Loss-making segment (excluded from profit shares): Processed food -13 JPY mn

Loss-making segment (excluded from profit shares): Meat -160 JPY mn

Segment → industry: Meat → Meat Processing / Processed food → Meat Processing

## 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 | -763 | -3.2% | S100YHU1 |
| Capital expenditure | 471 | 2.0% | S100YHU1 |
| Free cash flow | -1,234 | -5.2% | 算出 |
| Investing cash flow | 953 | 4.0% | S100YHU1 |
| Financing cash flow | 164 | 0.7% | S100YHU1 |
| Share buyback | 0 | 0.0% | S100YHU1 |
| Change in cash | 353 | 1.5% | S100YHU1 |
| Cash and equivalents | 2,053 | 8.6% | S100YHU1 |

## 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 | 2,184 | 2,149 | 2,514 | 1,700 | 2,053 | S100TR2D, S100W3K1, S100YHU1 |
| Total assets | 14,452 | 13,706 | 13,567 | 12,521 | 12,684 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Net assets | 3,451 | 2,227 | 2,369 | 1,847 | 2,489 | S100TR2D, S100W3K1, S100YHU1 |
| Share capital | 2,691 | 2,691 | 2,691 | 2,691 | 2,691 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Property, plant and equipment | 6,143 | 5,258 | 4,569 | 4,653 | 4,081 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Intangible assets excluding goodwill | 123 | 99 | 79 | 75 | 98 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Investment securities | 2,055 | 1,995 | 1,855 | 2,059 | 2,241 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Current assets | 5,918 | 6,147 | 6,863 | 5,543 | 6,083 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Current liabilities | 6,974 | 7,387 | 7,529 | 8,041 | 7,268 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Trade payables | 2,080 | 2,190 | 2,314 | 1,985 | 1,757 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Short-term borrowings | 4,079 | 4,253 | 4,253 | 4,928 | 4,641 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Long-term borrowings | 1,779 | 1,951 | 1,626 | 770 | 1,268 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Total liabilities | 11,001 | 11,479 | 11,198 | 10,673 | 10,195 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Equity attributable to owners of parent | 2,857 | 1,662 | 1,812 | 1,172 | 1,489 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Retained earnings | -1,256 | -2,451 | -2,301 | -2,941 | -2,624 | S100R072, S100TR2D, S100W3K1, S100YHU1 |
| Treasury stock | -80 | -81 | -81 | -81 | -81 | S100R072, S100TR2D, S100W3K1, S100YHU1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHU1 |
| Property, plant and equipment | 32% | S100YHU1 |
| Intangibles and goodwill | 1% | S100YHU1 |
| Investment securities | 18% | S100YHU1 |
| Other assets | 33% | S100YHU1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YHU1 |
| Other liabilities | 66% | S100YHU1 |
| Equity | 20% | S100YHU1 |

### 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 | 14,452 | 13,706 | 13,567 | 12,521 | 12,684 |
| Equity | 3,451 | 2,227 | 2,369 | 1,847 | 2,489 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,184 | 2,149 | 2,514 | 1,700 | 2,053 |

## 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) | 17.2% | S100YHU1 |
| Fixed assets ÷ total assets | 32.2% | S100YHU1 |
| Goodwill ÷ parent equity | — | —, S100YHU1 |

### 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) | 16.2% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,080 JPY mn (of net income -340.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -5.0% | —× | — | S100R072 |
| 2023 | — | —× | -8.5% | —× | — | S100TR2D |
| 2024 | 0.6% | 1.85× | 1.1% | 7.85× | 8.6% | S100W3K1 |
| 2025 | — | —× | -4.9% | —× | — | S100YHU1 |
| 2026 | 1.3% | 1.89× | 2.5% | 9.47× | 23.8% | S100YHU1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社福留興産 | Major shareholder | 22.5% | 2026-03-31 |
| 福栄会 | Major shareholder | 9.8% | 2026-03-31 |
| 福 原 治 彦 | Major shareholder | 3.2% | 2026-03-31 |
| 福 原 康 彦 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社フジ | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社伊予銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 石橋 賢 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.2% | 2026-03-31 |
| 日鉄物産株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YHU1 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHU1,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W3K1 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3K1,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TR2D | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR2D,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R072 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R072,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OEKT | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEKT,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LON4 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LON4,, |

## 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).