# Hayashikane Sangyo 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87期(2025/04/01－2026/03/31) (S100YJI4)
> Page: https://vizora.meequs.com/en/company/hayashikane-sangyo
> Retrieved: 2026-09-30T20:27:56.060Z

## Company

Hayashikane Sangyo, founded in 1941, is a company in Meat Processing listed on TSE Standard. It has 462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hayashikane Sangyo Co.,Ltd. |
| Ticker | 2286 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2286.T) |
| Listing | TSE Standard |
| Head office | 山口県下関市大和町二丁目4番8号 |
| Representative (per filing) | 代表取締役社長 中部 哲二 |
| Founded | Jan 1941 |
| Share capital | ¥3.42B |
| Employees (consolidated) | 462 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.hayashikane.co.jp (https://www.hayashikane.co.jp/) |
| Corporate number | 8250001006179 |
| EDINET | E00443 |
| Industries (Vizora) | Meat Processing, Livestock, Feed & Fertilizer, Processed Foods |

> Profile source: annual securities report (S100YJI4, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Livestock, Feed & Fertilizer (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 5 |
| Profitability | 41.7 | 6 |
| Cash conversion | 8.3 | 6 |
| Efficiency | 58.3 | 6 |

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 51% of Hayashikane Sangyo's sales come from Feed, with Food products and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -7.5% from the prior year, operating profit +22.3%.

## Company structure

- Segment revenue mix: Feed 50.8%、Food products 49.2%、Other 0.0%
- Revenue → net income: ¥45586000000 → ¥1275000000
- Net income → operating cash flow: ¥1275000000 → ¥714000000（difference ¥-561000000）
- Main uses of operating cash flow: CapEx ¥759000000 / dividends ¥210000000 / buybacks ¥215000000
- Change in cash: ¥-1194000000
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 | ¥45.6B |  |
| Operating income | ¥1.32B | Margin 2.9% |
| Net income | ¥1.27B | Margin 2.8% |
| Free cash flow | -¥45M |  |
| Largest business | Feed | of segment revenue 50.8% |
| Employees (consolidated) | 462 |  |
| EPS | ¥102.62 |  |
| Book value per share | ¥1450.11 |  |
| Equity ratio | 48.1% |  |
| Shares outstanding | 8,910,000 |  |
| Treasury shares | 743,700 |  |
| Shareholders | 4,756 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 6.9% | Cash ÷ revenue 4.3% |
| Vs. industry median margin | -0.1 pp | Livestock, Feed & Fertilizer |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends
- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44366649000 | ¥45586000000 | +2.7% |
| Operating income | ¥615934000 | ¥1316000000 | +113.7% |
| Operating margin | 1.4% | 2.9% | +1.5 pp |
| Employees | 572 people | 462 people | -19.2% |
| Cash and equivalents | ¥1976245000 | ¥1951000000 | -1.3% |

### 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 |
| --- | ---: |
| 水産・機能食品事業 → 事業再編・廃止 | 7.0% |
| 機能・食品事業 → 事業再編・廃止 | 35.5% |
| 飼料事業 → 飼料事業 | 25.6% |
| 畜産食品事業 → 事業再編・廃止 | 28.5% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 3.3% |
| 新設・再編 → 食品事業 | 49.2% |
| 新設・再編 → 飼料事業 | 25.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Feed | 5 years | +5.6% | ¥23163000000 | 6.7% | 2 |
| Food products | 4 years | +0.9% | ¥22417000000 | 3.8% | 2 |
| Other | 5 years | -70.7% | ¥5000000 | 60.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,586 | 100.0% | S100YJI4 |
| Cost of revenue | 39,448 | 86.5% | S100YJI4 |
| Gross profit | 6,138 | 13.5% | S100YJI4 |
| SG&A | 4,821 | 10.6% | S100YJI4 |
| Operating income | 1,316 | 2.9% | S100YJI4 |
| Ordinary income | 1,673 | 3.7% | S100YJI4 |
| Pretax income | 1,693 | 3.7% | S100YJI4 |
| Income tax | 417 | 0.9% | S100YJI4 |
| Net income | 1,275 | 2.8% | S100YJI4 |
| Net income attributable to owners | 1,275 | 2.8% | S100YJI4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.5% → Operating margin 2.9% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.5%; Core profit growth: +22.3%
Operating leverage (core profit growth ÷ revenue growth): -2.99×
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 | 49,267 | 45,586 | -3,681 | -7.5% |
| Gross profit | 5,662 | 6,138 | 476 | +8.4% |
| Operating income | 1,076 | 1,316 | 240 | +22.3% |
| Net income attributable to owners | 1,055 | 1,275 | 220 | +20.9% |
| Operating cash flow | 1,114 | 714 | -400 | -35.9% |
| Free cash flow | 716 | -45 | -761 | -106.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,176 | 989 | 2.2% | 875 | 115 | -768 | S100LOIE |
| FY ending Mar 2021 | 44,367 | 616 | 1.4% | 1,292 | 3,280 | 2,220 | S100OEPN |
| FY ending Mar 2022 | 40,389 | 728 | 1.8% | 708 | 684 | 288 | S100R2ZH |
| FY ending Mar 2023 | 42,545 | 352 | 0.8% | 333 | -311 | -695 | S100TTQ3 |
| FY ending Mar 2024 | 47,376 | 698 | 1.5% | 749 | 3,579 | 2,988 | S100W4LR |
| FY ending Mar 2025 | 49,267 | 1,076 | 2.2% | 1,055 | 1,114 | 716 | S100YJI4 |
| FY ending Mar 2026 | 45,586 | 1,316 | 2.9% | 1,275 | 714 | -45 | S100YJI4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98.7M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 471 | 461 | 446 | 449 | 462 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥5.8M | ¥5.8M | ¥6.4M |
| Average age (parent company) | 41.4 years | 41.1 years | 41.7 years | 42.9 years | 43.8 years |
| Average tenure (parent company) | 18.4 years | 17.7 years | 18.5 years | 18.7 years | 19.3 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) -7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food products | 22,417 | 49.2% | 846 | 3.8% |
| Feed | 23,163 | 50.8% | 1,541 | 6.7% |
| Other | 5 | 0.0% | 3 | 60.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food products | 49.2% | 35.4% | -13.8 | 3.8% |
| Feed | 50.8% | 64.5% | 13.7 | 6.7% |
| Other | 0.0% | 0.1% | 0.1 | 60.0% |

Segment → industry: Food products → Meat Processing / Feed → Livestock, Feed & Fertilizer / Food products → Processed Foods

## 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 | 714 | 1.6% | S100YJI4 |
| Capital expenditure | 759 | 1.7% | S100YJI4 |
| Free cash flow | -45 | -0.1% | 算出 |
| Investing cash flow | -638 | -1.4% | S100YJI4 |
| Financing cash flow | -1,273 | -2.8% | S100YJI4 |
| Dividends paid | 210 | 0.5% | S100YJI4 |
| Share buyback | 215 | 0.5% | S100YJI4 |
| Change in cash | -1,194 | -2.6% | S100YJI4 |
| Cash and equivalents | 1,951 | 4.3% | S100YJI4 |

## 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 | 1,942 | 562 | 2,501 | 3,146 | 1,951 | S100TTQ3, S100W4LR, S100YJI4 |
| Total assets | 26,492 | 26,756 | 29,043 | 27,632 | 28,236 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Net assets | 9,768 | 9,932 | 11,093 | 11,791 | 13,568 | S100TTQ3, S100W4LR, S100YJI4 |
| Share capital | 3,415 | 3,415 | 3,415 | 3,415 | 3,415 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Property, plant and equipment | 8,758 | 8,333 | 8,217 | 6,877 | 6,961 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Intangible assets excluding goodwill | 14 | 78 | 102 | 453 | 534 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Goodwill | — | — | — | 234 | 210 | S100YJI4 |
| Investment securities | 3,600 | 3,545 | 4,491 | 4,286 | 5,362 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Current assets | 13,385 | 13,989 | 15,666 | 15,325 | 14,880 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Current liabilities | 11,021 | 11,437 | 12,878 | 10,665 | 9,832 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Short-term borrowings | 6,459 | 6,725 | 5,914 | 4,906 | 4,774 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Long-term borrowings | 1,839 | 1,705 | 1,589 | 1,820 | 1,457 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Total liabilities | 16,724 | 16,824 | 17,950 | 15,841 | 14,668 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Equity attributable to owners of parent | 8,858 | 9,074 | 9,585 | 10,424 | 11,284 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Retained earnings | 5,515 | 5,715 | 6,327 | 7,252 | 8,316 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |
| Treasury stock | -78 | -58 | -159 | -246 | -449 | S100R2ZH, S100TTQ3, S100W4LR, S100YJI4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YJI4 |
| Property, plant and equipment | 25% | S100YJI4 |
| Intangibles and goodwill | 2% | S100YJI4 |
| Investment securities | 19% | S100YJI4 |
| Other assets | 47% | S100YJI4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YJI4 |
| Equity | 48% | S100YJI4 |

### 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 | 26,492 | 26,756 | 29,043 | 27,632 | 28,236 |
| Equity | 9,768 | 9,932 | 11,093 | 11,791 | 13,568 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,942 | 562 | 2,501 | 3,146 | 1,951 |

## 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) | 15.3% | S100YJI4 |
| Fixed assets ÷ total assets | 24.7% | S100YJI4 |
| Goodwill ÷ parent equity | 1.9% | S100YJI4 |

### 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) | 6.9% |
| Cash ÷ revenue | 4.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.3% |
| Cash vs. profit gap | -561 JPY mn (of net income -44.0%) |
| Shareholder returns / net income | 33.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 89.4% |

## 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 | 1.8% | 1.52× | 2.7% | 2.99× | 8.0% | S100R2ZH |
| 2023 | 0.8% | 1.60× | 1.3% | 2.97× | 3.7% | S100TTQ3 |
| 2024 | 1.6% | 1.70× | 2.7% | 2.99× | 8.0% | S100W4LR |
| 2025 | 2.1% | 1.74× | 3.7% | 2.83× | 10.5% | S100YJI4 |
| 2026 | 2.8% | 1.63× | 4.6% | 2.57× | 11.7% | S100YJI4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人中部財団 | Major shareholder | 9.9% | 2026-03-31 |
| Ｕｍｉｏｓ株式会社 | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社恵比須商会 | Major shareholder | 5.2% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社松岡 | Major shareholder | 4.4% | 2026-03-31 |
| 中部 哲二 | Major shareholder | 3.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社十八親和銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社山口銀行 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YJI4 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJI4,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W4LR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4LR,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TTQ3 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTQ3,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R2ZH | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2ZH,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OEPN | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEPN,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LOIE | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOIE,, |

## 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).