# HAGOROMO FOODS CORPORATION: 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97期(2025/04/01－2026/03/31) (S100YJSM)
> Page: https://vizora.meequs.com/en/company/hagoromo-foods
> Retrieved: 2026-09-30T20:38:52.323Z

## Company

Hagoromo Foods, founded in 1947, is a company in Processed Foods listed on TSE Standard. It has 667 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAGOROMO FOODS CORPORATION |
| Ticker | 2831 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2831.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市清水区島崎町151番地 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っています。) |
| Representative (per filing) | 代表取締役社長 後藤 佐恵子 |
| Founded | Jul 1947 |
| Share capital | ¥1.44B |
| Employees (consolidated) | 667 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.hagoromofoods.co.jp (https://www.hagoromofoods.co.jp/) |
| Corporate number | 3080001008932 |
| EDINET | E00508 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YJSM, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33 | 56 |
| Profitability | 52.5 | 60 |
| Cash conversion | 71.1 | 57 |
| Efficiency | 40.8 | 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)

- Hagoromo Foods brought in ¥75.1B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +10.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥75078037000 → ¥2636706000
- Net income → operating cash flow: ¥2636706000 → ¥4804039000（difference ¥2167333000）
- Main uses of operating cash flow: CapEx ¥3617559000 / dividends ¥611686000 / buybacks —
- Change in cash: ¥2532315000
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 | ¥75.1B |  |
| Operating income | ¥3.15B | Margin 4.2% |
| Net income | ¥2.64B | Margin 3.5% |
| Free cash flow | ¥1.19B |  |
| Employees (consolidated) | 667 |  |
| EPS | ¥278.38 |  |
| Book value per share | ¥4927.8 |  |
| Equity ratio | 61.8% |  |
| Shares outstanding | 10,325,000 |  |
| Treasury shares | 914,800 |  |
| Shareholders | 4,312 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 5.0% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | +0.2 pp | Processed Foods |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 10%
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥67346570000 | ¥75078037000 | +11.5% |
| Operating income | ¥3412826000 | ¥3146394000 | -7.8% |
| Operating margin | 5.1% | 4.2% | -0.9 pp |
| Employees | 736 people | 667 people | -9.4% |
| Cash and equivalents | ¥2558478000 | ¥4017276000 | +57.0% |

### 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 | 75,078 | 100.0% | S100YJSM |
| Cost of revenue | 58,940 | 78.5% | S100YJSM |
| Gross profit | 16,138 | 21.5% | S100YJSM |
| SG&A | 12,991 | 17.3% | S100YJSM |
| Operating income | 3,146 | 4.2% | S100YJSM |
| Ordinary income | 3,713 | 4.9% | S100YJSM |
| Pretax income | 3,751 | 5.0% | S100YJSM |
| Income tax | 1,114 | 1.5% | S100YJSM |
| Net income | 2,637 | 3.5% | S100YJSM |
| Net income attributable to owners | 2,637 | 3.5% | S100YJSM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 21.5% → Operating margin 4.2% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +10.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.20×
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 | 74,651 | 75,078 | 427 | +0.6% |
| Gross profit | 15,966 | 16,138 | 172 | +1.1% |
| Operating income | 2,849 | 3,146 | 297 | +10.4% |
| Net income attributable to owners | 2,460 | 2,637 | 177 | +7.2% |
| Operating cash flow | 2,470 | 4,804 | 2,334 | +94.5% |
| Free cash flow | 1,639 | 1,186 | -452 | -27.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,852 | 3,068 | 3.7% | 2,316 | 2,489 | 591 | S100LOJZ |
| FY ending Mar 2021 | 67,347 | 3,413 | 5.1% | 2,976 | 3,531 | -1,837 | S100OIM3 |
| FY ending Mar 2022 | 68,447 | 2,269 | 3.3% | 2,010 | 3,895 | 2,073 | S100RBVU |
| FY ending Mar 2023 | 70,452 | -1,134 | -1.6% | -1,320 | -53 | -2,459 | S100TRXD |
| FY ending Mar 2024 | 73,502 | 1,835 | 2.5% | 1,750 | 905 | 303 | S100W7S9 |
| FY ending Mar 2025 | 74,651 | 2,849 | 3.8% | 2,460 | 2,470 | 1,639 | S100YJSM |
| FY ending Mar 2026 | 75,078 | 3,146 | 4.2% | 2,637 | 4,804 | 1,186 | S100YJSM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥112.6M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥4M |

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) | 714 | 692 | 694 | 677 | 667 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥4.9M | ¥5M | ¥5.1M |
| Average age (parent company) | 40.3 years | 40.5 years | 40.1 years | 39.6 years | 40.0 years |
| Average tenure (parent company) | 15.9 years | 15.0 years | 15.5 years | 14.9 years | 15.0 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +0.6%

## 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 | 4,804 | 6.4% | S100YJSM |
| Capital expenditure | 3,618 | 4.8% | S100YJSM |
| Free cash flow | 1,186 | 1.6% | 算出 |
| Investing cash flow | -3,569 | -4.8% | S100YJSM |
| Financing cash flow | 1,297 | 1.7% | S100YJSM |
| Dividends paid | 612 | 0.8% | S100YJSM |
| Change in cash | 2,532 | 3.4% | S100YJSM |
| Cash and equivalents | 4,017 | 5.4% | S100YJSM |

## 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 | 3,534 | 464 | 797 | 1,485 | 4,017 | S100TRXD, S100W7S9, S100YJSM |
| Total assets | 61,232 | 60,656 | 66,367 | 68,734 | 80,393 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Net assets | 34,931 | 33,999 | 39,259 | 41,386 | 49,664 | S100TRXD, S100W7S9, S100YJSM |
| Share capital | 1,442 | 1,442 | 1,442 | 1,442 | 1,442 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Property, plant and equipment | 15,343 | 14,747 | 13,777 | 13,074 | 14,599 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Intangible assets excluding goodwill | 409 | 404 | 371 | 496 | 1,167 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Investment securities | 8,799 | 9,801 | 14,984 | 14,760 | 22,875 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Current assets | 35,585 | 34,238 | 35,266 | 37,570 | 38,013 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Current liabilities | 20,528 | 21,524 | 19,552 | 20,225 | 18,930 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Trade payables | 12,569 | 14,455 | 11,330 | 11,910 | 10,291 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Long-term borrowings | 3,199 | 2,716 | 3,150 | 2,507 | 4,262 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Total liabilities | 26,301 | 26,657 | 27,108 | 27,348 | 30,729 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Equity attributable to owners of parent | 30,851 | 29,061 | 30,340 | 32,282 | 34,307 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Retained earnings | 30,630 | 28,840 | 30,119 | 32,061 | 34,086 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |
| Treasury stock | -2,163 | -2,163 | -2,163 | -2,163 | -2,163 | S100RBVU, S100TRXD, S100W7S9, S100YJSM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YJSM |
| Property, plant and equipment | 18% | S100YJSM |
| Intangibles and goodwill | 1% | S100YJSM |
| Investment securities | 29% | S100YJSM |
| Other assets | 47% | S100YJSM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YJSM |
| Other liabilities | 25% | S100YJSM |
| Equity | 62% | S100YJSM |
| Other liabilities | 0% | S100YJSM |

### 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 | 61,232 | 60,656 | 66,367 | 68,734 | 80,393 |
| Equity | 34,931 | 33,999 | 39,259 | 41,386 | 49,664 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,534 | 464 | 797 | 1,485 | 4,017 |

## 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) | 19.4% | S100YJSM |
| Fixed assets ÷ total assets | 18.2% | S100YJSM |
| Goodwill ÷ parent equity | — | —, S100YJSM |

### 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) | 5.0% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 152.7% |
| Cash vs. profit gap | 2,167 JPY mn (of net income 82.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | 51.6% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 74.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.9% | 1.12× | 3.3% | 1.98× | 6.5% | S100RBVU |
| 2023 | — | —× | -2.2% | —× | — | S100TRXD |
| 2024 | 2.4% | 1.16× | 2.8% | 2.14× | 5.9% | S100W7S9 |
| 2025 | 3.3% | 1.11× | 3.6% | 2.16× | 7.9% | S100YJSM |
| 2026 | 3.5% | 1.01× | 3.5% | 2.24× | 7.9% | S100YJSM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人 はごろも教育研究奨励会 | Major shareholder | 46.7% | 2026-03-31 |
| はごろも高翔会 | Major shareholder | 10.1% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社榎本武平商店 | Major shareholder | 1.6% | 2026-03-31 |
| はごろもフーズ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 木内建設株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 東洋製罐グループホールディングス株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YJSM | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJSM,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W7S9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7S9,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TRXD | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRXD,, |
| 訂正有価証券報告書－第94期(2022/04/01－2023/03/31) | S100RBVU | 2023-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RBVU,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OIM3 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIM3,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LOJZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOJZ,, |

## 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).