# HALOWS CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/03/01－2026/02/28) (S100Y5WR)
> Page: https://vizora.meequs.com/en/company/halows
> Retrieved: 2026-09-30T20:23:18.898Z

## Company

Halows, founded in 1958, is a company in Supermarkets listed on TSE Prime. It has 1,437 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HALOWS CO.,LTD. |
| Ticker | 2742 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2742.T) |
| Listing | TSE Prime |
| Head office | 広島県福山市南蔵王町六丁目26番7号(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」で行っております。) |
| Representative (per filing) | 代表取締役社長 佐藤利行 |
| Founded | Oct 1958 |
| Share capital | ¥5.54B |
| Employees (consolidated) | 1,437 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | www.halows.com (https://www.halows.com/) |
| Corporate number | 7240001031724 |
| EDINET | E03395 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y5WR, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.6 | 45 |
| Profitability | 84.7 | 49 |
| Cash conversion | 71.3 | 47 |
| Efficiency | 27.6 | 49 |

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)

- Halows brought in ¥219.4B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +1.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥219357000000 → ¥8987000000
- Net income → operating cash flow: ¥8987000000 → ¥26200000000（difference ¥17213000000）
- Main uses of operating cash flow: CapEx ¥12930000000 / dividends ¥1451000000 / buybacks ¥360000000
- Change in cash: ¥9671000000
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 | ¥219.4B |  |
| Operating income | ¥12.5B | Margin 5.7% |
| Net income | ¥8.99B | Margin 4.1% |
| Free cash flow | ¥13.3B |  |
| Employees (consolidated) | 1,437 |  |
| EPS | ¥420.91 |  |
| Diluted EPS | ¥419.01 |  |
| Book value per share | ¥3630.08 |  |
| Equity ratio | 57.0% |  |
| Shares outstanding | 21,485,400 |  |
| Treasury shares | 139,300 |  |
| Shareholders | 5,350 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | +2.9 pp | Supermarkets |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥148257000000 | ¥219357000000 | +48.0% |
| Operating income | ¥7604000000 | ¥12473000000 | +64.0% |
| Operating margin | 5.1% | 5.7% | +0.6 pp |
| Employees | 1,178 people | 1,437 people | +22.0% |
| Cash and equivalents | ¥23249000000 | ¥24699000000 | +6.2% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 219,357 | 100.0% | S100Y5WR |
| Cost of revenue | 163,579 | 74.6% | S100Y5WR |
| Gross profit | 55,778 | 25.4% | S100Y5WR |
| SG&A | 49,665 | 22.6% | S100Y5WR |
| Operating income | 12,473 | 5.7% | S100Y5WR |
| Ordinary income | 12,566 | 5.7% | S100Y5WR |
| Pretax income | 12,569 | 5.7% | S100Y5WR |
| Income tax | 3,581 | 1.6% | S100Y5WR |
| Net income | 8,987 | 4.1% | S100Y5WR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Other operating | -3 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.4% → Operating margin 5.7% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +1.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.23×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 204,846 | 219,357 | 14,511 | +7.1% |
| Gross profit | 52,595 | 55,778 | 3,183 | +6.1% |
| Operating income | 12,270 | 12,473 | 203 | +1.7% |
| Operating cash flow | 15,892 | 26,200 | 10,308 | +64.9% |
| Free cash flow | 3,614 | 13,270 | 9,656 | +267.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 131,217 | 5,290 | 4.0% | 3,544 | 15,133 | 7,520 | S100LFFQ |
| FY ending Feb 2021 | 148,257 | 7,604 | 5.1% | 5,498 | 11,589 | 4,997 | S100O4SW |
| FY ending Feb 2022 | 159,147 | 8,688 | 5.5% | 5,932 | 3,280 | -4,385 | S100QU03 |
| FY ending Feb 2023 | 168,819 | 9,052 | 5.4% | 6,201 | 10,619 | -562 | S100THKX |
| FY ending Feb 2024 | 189,932 | 10,870 | 5.7% | 8,589 | 13,154 | 5,746 | S100VUO3 |
| FY ending Feb 2025 | 204,846 | 12,270 | 6.0% | 8,913 | 15,892 | 3,614 | S100Y5WR |
| FY ending Feb 2026 | 219,357 | 12,473 | 5.7% | 8,987 | 26,200 | 13,270 | S100Y5WR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥152.6M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥6.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,233 | 1,266 | 1,305 | 1,388 | 1,437 |
| Average salary (parent company) | ¥4.3M | ¥4.3M | ¥4.6M | ¥5M | ¥5.1M |
| Average age (parent company) | 33.6 years | 33.9 years | 34.2 years | 34.7 years | 34.9 years |
| Average tenure (parent company) | 10.3 years | 10.7 years | 10.9 years | 10.9 years | 11.3 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +7.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 26,200 | 11.9% | S100Y5WR |
| Capital expenditure | 12,930 | 5.9% | S100Y5WR |
| Free cash flow | 13,270 | 6.0% | 算出 |
| Investing cash flow | -14,019 | -6.4% | S100Y5WR |
| Financing cash flow | -2,509 | -1.1% | S100Y5WR |
| Dividends paid | 1,451 | 0.7% | S100Y5WR |
| Share buyback | 360 | 0.2% | S100Y5WR |
| Change in cash | 9,671 | 4.4% | S100Y5WR |
| Cash and equivalents | 24,699 | 11.3% | S100Y5WR |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,663 | 17,837 | 18,139 | 15,028 | 24,699 | S100THKX, S100VUO3, S100Y5WR |
| Total assets | 87,266 | 99,148 | 104,284 | 112,869 | 136,010 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Net assets | 49,400 | 54,806 | 62,514 | 70,428 | 77,739 | S100THKX, S100VUO3, S100Y5WR |
| Share capital | 5,430 | 5,430 | 5,444 | 5,491 | 5,540 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Property, plant and equipment | 56,500 | 63,891 | 67,323 | 77,204 | 88,396 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Intangible assets excluding goodwill | 301 | 539 | 916 | 904 | 840 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Investment securities | 2 | 2 | 2 | 2 | 2 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Current assets | 19,627 | 23,747 | 25,034 | 23,040 | 34,295 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Current liabilities | 21,109 | 22,886 | 24,027 | 25,599 | 41,536 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Long-term borrowings | 9,431 | 14,057 | 10,176 | 7,054 | 6,539 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Total liabilities | 37,865 | 44,341 | 41,770 | 42,441 | 58,270 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Equity attributable to owners of parent | 49,278 | 54,641 | 62,295 | 70,193 | 77,487 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Retained earnings | 38,579 | 43,930 | 51,622 | 59,424 | 66,959 | S100QU03, S100THKX, S100VUO3, S100Y5WR |
| Treasury stock | -111 | -102 | -166 | -166 | -508 | S100QU03, S100THKX, S100VUO3, S100Y5WR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y5WR |
| Property, plant and equipment | 65% | S100Y5WR |
| Intangibles and goodwill | 1% | S100Y5WR |
| Investment securities | 0% | S100Y5WR |
| Other assets | 16% | S100Y5WR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100Y5WR |
| Equity | 57% | S100Y5WR |
| Other liabilities | 0% | S100Y5WR |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 87,266 | 99,148 | 104,284 | 112,869 | 136,010 |
| Equity | 49,400 | 54,806 | 62,514 | 70,428 | 77,739 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,663 | 17,837 | 18,139 | 15,028 | 24,699 |

## 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) | 40.3% | S100Y5WR |
| Fixed assets ÷ total assets | 65.0% | S100Y5WR |
| Goodwill ÷ parent equity | — | —, S100Y5WR |

### 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) | 18.2% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.1% |
| Cash vs. profit gap | 17,213 JPY mn (of net income 191.5%) |
| Shareholder returns / net income | 20.2% |
| Shareholder returns / FCF | 13.6% |
| Shareholder payments — dividends / net income | 16.1% |
| Shareholder payments — dividends / FCF | 10.9% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 53.5% |

## 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 | 3.7% | 1.82× | 6.8% | 1.77× | 12.0% | S100QU03 |
| 2023 | 3.7% | 1.81× | 6.7% | 1.79× | 11.9% | S100THKX |
| 2024 | 4.5% | 1.87× | 8.4% | 1.74× | 14.7% | S100VUO3 |
| 2025 | 4.4% | 1.89× | 8.2% | 1.64× | 13.5% | S100Y5WR |
| 2026 | 4.1% | 1.76× | 7.2% | 1.69× | 12.2% | S100Y5WR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サンローズ | Major shareholder | 22.8% | 2026-02-28 |
| 佐 藤 利 行 | Major shareholder | 11.7% | 2026-02-28 |
| イオン株式会社 | Major shareholder | 8.5% | 2026-02-28 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND 常任代理人 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.2% | 2026-02-28 |
| ハローズ従業員持株会 | Major shareholder | 3.7% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-02-28 |
| 佐 藤 太 志 | Major shareholder | 1.9% | 2026-02-28 |
| 公益財団法人ハローズ財団 | Major shareholder | 1.8% | 2026-02-28 |
| 株式会社さんミラーズ | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/03/01－2026/02/28) | S100Y5WR | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5WR,, |
| 有価証券報告書－第67期(2024/03/01－2025/02/28) | S100VUO3 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUO3,, |
| 有価証券報告書－第66期(2023/03/01－2024/02/29) | S100THKX | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THKX,, |
| 有価証券報告書－第65期(2022/03/01－2023/02/28) | S100QU03 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU03,, |
| 有価証券報告書－第64期(令和3年3月1日－令和4年2月28日) | S100O4SW | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4SW,, |
| 有価証券報告書－第63期(令和2年3月1日－令和3年2月28日) | S100LFFQ | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFFQ,, |

## 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).