# GOURMET KINEYA 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60期(2025/04/01－2026/03/31) (S100YGWW)
> Page: https://vizora.meequs.com/en/company/gourmet-kineya
> Retrieved: 2026-09-30T18:26:17.761Z

## Company

Gourmet Kineya, founded in 1967, is a company in Processed Foods listed on TSE Prime. It has 1,150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GOURMET KINEYA CO.,LTD. |
| Ticker | 9850 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9850.T) |
| Listing | TSE Prime |
| Head office | 大阪市住之江区北加賀屋三丁目4番7号 |
| Representative (per filing) | 代表執行役社長 CEO 椋本 充士 |
| Founded | Mar 1967 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,150 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Corporate number | 2120001030585 |
| EDINET | E03145 |
| Industries (Vizora) | Processed Foods, Real Estate Development & Leasing, Specialty Trading & Wholesale, Restaurants & Pubs, Takeout & Delivery Meals, Private Railways |

> Profile source: annual securities report (S100YGWW, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.6 | 56 |
| Profitability | 23.5 | 66 |
| Cash conversion | 88.2 | 55 |
| Efficiency | 44.7 | 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 55% of Gourmet Kineya's sales come from RESTAURANT BUSINESS, with ORIGINAL DESIGN MANUFACTURE ORIGINAL EQUIPMENT MANUFACTURE BUSINESS and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit -44.7%.

## Company structure

- Segment revenue mix: RESTAURANT BUSINESS 55.3%、ORIGINAL DESIGN MANUFACTURE ORIGINAL EQUIPMENT MANUFACTURE BUSINESS 34.0%、Other 8.1%、REAL ESTATE LEASING BUSINESS 1.6%、TRANSPORTATION BUSINESS 1.1%
- Revenue → net income: ¥44089511000 → ¥242563000
- Net income → operating cash flow: ¥242563000 → ¥1593941000（difference ¥1351378000）
- Main uses of operating cash flow: CapEx ¥1288828000 / dividends ¥159270000 / buybacks —
- Change in cash: ¥-343076000
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 | ¥44.1B |  |
| Operating income | ¥523.9M | Margin 1.2% |
| Net income | ¥225.2M | Margin 0.5% |
| Free cash flow | ¥305.1M |  |
| Largest business | RESTAURANT BUSINESS | of segment revenue 55.3% |
| Employees (consolidated) | 1,150 |  |
| EPS | ¥12.34 |  |
| Book value per share | ¥450.21 |  |
| Equity ratio | 30.2% |  |
| Shares outstanding | 22,910,000 |  |
| Treasury shares | 36,200 |  |
| Shareholders | 16,656 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 15.3% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | -2.7 pp | Restaurants & Pubs |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.1× net income
- FY2026, segment profit share differs by -38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22173192000 | ¥44089511000 | +98.8% |
| Operating income | ¥-4565688000 | ¥523927000 | — |
| Operating margin | -20.6% | 1.2% | +21.8 pp |
| Employees | 1,077 people | 1,150 people | +6.8% |
| Cash and equivalents | ¥6773743000 | ¥4727656000 | -30.2% |

### 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 |
| --- | ---: |
| レストラン事業 → レストラン事業 | 55.3% |
| レストラン事業 → 事業再編・廃止 | 8.9% |
| 機内食事業 → 事業再編・廃止 | 3.9% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.6% |
| 不動産賃貸事業 → 事業再編・廃止 | 1.5% |
| 業務用冷凍食品製造事業 → 事業再編・廃止 | 18.5% |
| 運輸事業 → 運輸事業 | 1.1% |
| 運輸事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 8.1% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → ＯＤＭ・ＯＥＭ事業 | 34.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| RESTAURANT BUSINESS | 5 years | +11.3% | ¥24361548000 | 1.0% | 2 |
| ORIGINAL DESIGN MANUFACTURE ORIGINAL EQUIPMENT MANUFACTURE BUSINESS | — | — | ¥14977115000 | 5.5% | 2 |
| Other | 5 years | +13.3% | ¥3560401000 | -1.9% | 2 |
| REAL ESTATE LEASING BUSINESS | 5 years | +0.8% | ¥717077000 | 45.0% | 2 |
| TRANSPORTATION BUSINESS | 5 years | +4.7% | ¥473369000 | -6.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,090 | 100.0% | S100YGWW |
| Cost of revenue | 28,990 | 65.8% | S100YGWW |
| Gross profit | 15,099 | 34.2% | S100YGWW |
| SG&A | 14,575 | 33.1% | S100YGWW |
| Operating income | 524 | 1.2% | S100YGWW |
| Ordinary income | 574 | 1.3% | S100YGWW |
| Pretax income | 303 | 0.7% | S100YGWW |
| Income tax | 61 | 0.1% | S100YGWW |
| Net income | 243 | 0.6% | S100YGWW |
| Net income attributable to owners | 225 | 0.5% | S100YGWW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 33 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 34.2% → Operating margin 1.2% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.8%; Core profit growth: -44.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.32×
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 | 42,073 | 44,090 | 2,017 | +4.8% |
| Gross profit | 15,061 | 15,099 | 38 | +0.3% |
| Operating income | 947 | 524 | -423 | -44.7% |
| Net income attributable to owners | 649 | 225 | -424 | -65.3% |
| Operating cash flow | 1,649 | 1,594 | -55 | -3.4% |
| Free cash flow | 255 | 305 | 50 | +19.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,971 | -251 | -0.6% | -1,090 | 1,070 | -814 | S100LWD3 |
| FY ending Mar 2021 | 22,173 | -4,566 | -20.6% | -5,125 | -4,843 | -5,437 | S100OEUP |
| FY ending Mar 2022 | 23,272 | -2,243 | -9.6% | 514 | 2,561 | 1,635 | S100R7TB |
| FY ending Mar 2023 | 29,894 | -387 | -1.3% | -1,151 | 483 | -475 | S100U333 |
| FY ending Mar 2024 | 37,033 | 422 | 1.1% | 1,096 | 1,468 | 140 | S100W5D9 |
| FY ending Mar 2025 | 42,073 | 947 | 2.3% | 649 | 1,649 | 255 | S100YGWW |
| FY ending Mar 2026 | 44,090 | 524 | 1.2% | 225 | 1,594 | 305 | S100YGWW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.3M |
| Operating income per employee (consolidated) | ¥455.6K |
| Net income per employee (consolidated) | ¥195.8K |

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) | 1,000 | 958 | 966 | 992 | 1,150 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.4M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 49.9 years | 49.5 years | 48.5 years | 47.0 years | 46.9 years |
| Average tenure (parent company) | 10.1 years | 10.1 years | 10.8 years | 9.3 years | 10.4 years |

Year over year: Employees (consolidated) +15.9% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| RESTAURANT BUSINESS | 24,362 | 55.3% | 239 | 1.0% |
| ORIGINAL DESIGN MANUFACTURE ORIGINAL EQUIPMENT MANUFACTURE BUSINESS | 14,977 | 34.0% | 825 | 5.5% |
| REAL ESTATE LEASING BUSINESS | 717 | 1.6% | 323 | 45.0% |
| TRANSPORTATION BUSINESS | 473 | 1.1% | -29 | -6.1% |
| Other | 3,560 | 8.1% | -69 | -1.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| RESTAURANT BUSINESS | 55.3% | 17.2% | -38.0 | 1.0% |
| ORIGINAL DESIGN MANUFACTURE ORIGINAL EQUIPMENT MANUFACTURE BUSINESS | 34.0% | 59.5% | 25.5 | 5.5% |
| REAL ESTATE LEASING BUSINESS | 1.6% | 23.3% | 21.7 | 45.0% |
| TRANSPORTATION BUSINESS | 1.1% | — | — | -6.1% |
| Other | 8.1% | — | — | -1.9% |

Loss-making segment (excluded from profit shares): TRANSPORTATION BUSINESS -29 JPY mn

Loss-making segment (excluded from profit shares): Other -69 JPY mn

Segment → industry: ORIGINAL DESIGN MANUFACTURE ORIGINAL EQUIPMENT MANUFACTURE BUSINESS → Processed Foods / REAL ESTATE LEASING BUSINESS → Real Estate Development & Leasing / Other → Specialty Trading & Wholesale / RESTAURANT BUSINESS → Restaurants & Pubs / ORIGINAL DESIGN MANUFACTURE ORIGINAL EQUIPMENT MANUFACTURE BUSINESS → Takeout & Delivery Meals / TRANSPORTATION BUSINESS → Private Railways

## 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 | 1,594 | 3.6% | S100YGWW |
| Capital expenditure | 1,289 | 2.9% | S100YGWW |
| Free cash flow | 305 | 0.7% | 算出 |
| Investing cash flow | -1,170 | -2.7% | S100YGWW |
| Financing cash flow | -770 | -1.7% | S100YGWW |
| Dividends paid | 159 | 0.4% | S100YGWW |
| Change in cash | -343 | -0.8% | S100YGWW |
| Cash and equivalents | 4,728 | 10.7% | S100YGWW |

## 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 | 12,426 | 12,583 | 11,776 | 5,071 | 4,728 | S100U333, S100W5D9, S100YGWW |
| Total assets | 40,173 | 38,829 | 37,690 | 31,458 | 30,947 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Net assets | 9,081 | 7,839 | 8,898 | 9,413 | 9,547 | S100U333, S100W5D9, S100YGWW |
| Share capital | 5,838 | 100 | 100 | 100 | 100 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Property, plant and equipment | 16,945 | 16,828 | 16,029 | 15,875 | 15,951 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Intangible assets excluding goodwill | 533 | 323 | 330 | 266 | 201 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Goodwill | 328 | 263 | 197 | 142 | 96 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Investment securities | 1,481 | 1,223 | 941 | 915 | 993 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Current assets | 15,890 | 15,801 | 15,648 | 9,437 | 9,025 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Current liabilities | 7,621 | 7,809 | 8,217 | 7,991 | 8,752 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Short-term borrowings | 500 | 500 | 500 | 1,200 | 2,100 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Long-term borrowings | 19,388 | 19,523 | 17,046 | 10,483 | 8,936 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Total liabilities | 31,092 | 30,990 | 28,792 | 22,045 | 21,400 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Non-controlling interests | 262 | 155 | 152 | 166 | 202 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Equity attributable to owners of parent | 8,647 | 7,496 | 8,592 | 9,104 | 9,169 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Retained earnings | -3,953 | -5,104 | 182 | 694 | 759 | S100R7TB, S100U333, S100W5D9, S100YGWW |
| Treasury stock | -35 | -35 | -35 | -35 | -35 | S100R7TB, S100U333, S100W5D9, S100YGWW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YGWW |
| Property, plant and equipment | 52% | S100YGWW |
| Intangibles and goodwill | 1% | S100YGWW |
| Investment securities | 3% | S100YGWW |
| Other assets | 29% | S100YGWW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100YGWW |
| Equity | 31% | S100YGWW |
| Other liabilities | 0% | S100YGWW |

### 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 | 40,173 | 38,829 | 37,690 | 31,458 | 30,947 |
| Equity | 9,081 | 7,839 | 8,898 | 9,413 | 9,547 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,426 | 12,583 | 11,776 | 5,071 | 4,728 |

## 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) | 36.2% | S100YGWW |
| Fixed assets ÷ total assets | 51.5% | S100YGWW |
| Goodwill ÷ parent equity | 1.0% | S100YGWW |

Goodwill over 4 years: 328 → 96 JPY; total investing cash flow: -2,113 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) | 15.3% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 304.2% |
| Cash vs. profit gap | 1,369 JPY mn (of net income 607.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 70.7% |
| Shareholder payments — dividends / FCF | 52.2% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 73.4% |

## 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 | 2.2% | 0.58× | 1.3% | 4.65× | 5.9% | S100R7TB |
| 2023 | — | —× | -2.9% | —× | — | S100U333 |
| 2024 | 3.0% | 0.97× | 2.9% | 4.76× | 13.6% | S100W5D9 |
| 2025 | 1.5% | 1.22× | 1.9% | 3.91× | 7.3% | S100YGWW |
| 2026 | 0.5% | 1.41× | 0.7% | 3.42× | 2.5% | S100YGWW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＭＵＫＵＭＯＴＯ | Major shareholder | 25.1% | 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 | 5.7% | 2026-03-31 |
| 椋本 充士 | Major shareholder | 4.6% | 2026-03-31 |
| 西脇 あづさ | Major shareholder | 2.6% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 椋本 裕子 | Major shareholder | 1.7% | 2026-03-31 |
| サントリー株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社紀陽銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 椋本 綾子 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社JBイレブン | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YGWW | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGWW,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W5D9 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5D9,, |
| 訂正有価証券報告書－第58期(2023/04/01－2024/03/31) | S100U333 | 2024-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U333,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R7TB | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7TB,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OEUP | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEUP,, |
| 訂正有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LWD3 | 2021-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LWD3,, |

## 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).