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

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第69期(2025/02/21－2026/02/20) (S100Y2FB)
> Page: https://vizora.meequs.com/en/company/heiwado
> Retrieved: 2026-09-30T20:59:59.756Z

## Company

Heiwado, founded in 1957, is a company in Restaurants & Pubs listed on TSE Prime. It has 4,674 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HEIWADO CO.,LTD. |
| Ticker | 8276 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8276.T) |
| Listing | TSE Prime |
| Head office | 滋賀県彦根市西今町1番地 |
| Representative (per filing) | 代表取締役社長執行役員CEO 平松正嗣 |
| Founded | Jun 1957 |
| Share capital | ¥11.6B |
| Employees (consolidated) | 4,674 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | February |
| Website | www.heiwado.jp (https://www.heiwado.jp/) |
| Corporate number | 3160001008726 |
| EDINET | E03081 |
| Industries (Vizora) | Restaurants & Pubs, Supermarkets |

> Profile source: annual securities report (S100Y2FB, filed 2026-05-11). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.1 | 45 |
| Profitability | 60.2 | 49 |
| Cash conversion | 37.2 | 47 |
| Efficiency | 19.4 | 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)

- About 95% of Heiwado's sales come from Retail, with Other and Retail related making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit -0.4%.

## Company structure

- Segment revenue mix: Retail 94.8%、Other 3.7%、Retail related 1.5%
- Revenue → net income: ¥417976000000 → ¥9523000000
- Net income → operating cash flow: ¥9523000000 → ¥17784000000（difference ¥8261000000）
- Main uses of operating cash flow: CapEx ¥17355000000 / dividends ¥3296000000 / buybacks ¥2697000000
- Change in cash: ¥-3716000000
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 | ¥418B |  |
| Operating income | ¥13.3B | Margin 3.2% |
| Net income | ¥9.41B | Margin 2.3% |
| Free cash flow | ¥429M |  |
| Largest business | Retail | of segment revenue 94.8% |
| Employees (consolidated) | 4,674 |  |
| EPS | ¥191.93 |  |
| Book value per share | ¥3479.12 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 51,546,000 |  |
| Treasury shares | 2,091,500 |  |
| Shareholders | 15,019 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 6.1% | Cash ÷ revenue 4.6% |
| Vs. industry median margin | +0.4 pp | Supermarkets |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥412239000000 | ¥417976000000 | +1.4% |
| Operating income | ¥14037000000 | ¥13313000000 | -5.2% |
| Operating margin | 3.4% | 3.2% | -0.2 pp |
| Employees | 5,442 people | 4,674 people | -14.1% |
| Cash and equivalents | ¥24816000000 | ¥19165000000 | -22.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 小売 → 小売 | 94.8% |
| 小売 → 事業再編・廃止 | 1.1% |
| 小売周辺 → 小売周辺 | 1.3% |
| その他 → その他 | 2.8% |
| 新設・再編 → 小売周辺 | 0.2% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail | 5 years | +0.5% | ¥432348000000 | 2.9% | 2 |
| Other | 5 years | +6.1% | ¥16793000000 | 4.6% | 2 |
| Retail related | 5 years | +4.0% | ¥6867000000 | 28.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 417,976 | 100.0% | S100Y2FB |
| Cost of revenue | 290,033 | 69.4% | S100Y2FB |
| Gross profit | 127,943 | 30.6% | S100Y2FB |
| SG&A | 152,664 | 36.5% | S100Y2FB |
| Operating income | 13,313 | 3.2% | S100Y2FB |
| Ordinary income | 14,605 | 3.5% | S100Y2FB |
| Pretax income | 13,684 | 3.3% | S100Y2FB |
| Income tax | 4,161 | 1.0% | S100Y2FB |
| Net income | 9,523 | 2.3% | S100Y2FB |
| Net income attributable to owners | 9,409 | 2.3% | S100Y2FB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 37 |
| Other operating | -9 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 30.6% → Operating margin 3.2% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.4%; Core profit growth: -0.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.15×
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 | 408,323 | 417,976 | 9,653 | +2.4% |
| Gross profit | 124,678 | 127,943 | 3,265 | +2.6% |
| Operating income | 13,360 | 13,313 | -47 | -0.4% |
| Net income attributable to owners | 10,727 | 9,409 | -1,318 | -12.3% |
| Operating cash flow | 22,973 | 17,784 | -5,189 | -22.6% |
| Free cash flow | 6,797 | 429 | -6,368 | -93.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 405,739 | 10,463 | 2.6% | 6,101 | 17,226 | -2,629 | S100LBGD |
| FY ending Feb 2021 | 412,239 | 14,037 | 3.4% | 9,724 | 32,113 | 18,557 | S100O30J |
| FY ending Feb 2022 | 412,154 | 15,362 | 3.7% | 10,647 | 20,283 | 11,748 | S100QRZ1 |
| FY ending Feb 2023 | 381,474 | 11,279 | 3.0% | 7,516 | 15,685 | 1,012 | S100TGDM |
| FY ending Feb 2024 | 390,491 | 13,257 | 3.4% | 6,784 | 22,699 | 3,437 | S100VRO8 |
| FY ending Feb 2025 | 408,323 | 13,360 | 3.3% | 10,727 | 22,973 | 6,797 | S100Y2FB |
| FY ending Feb 2026 | 417,976 | 13,313 | 3.2% | 9,409 | 17,784 | 429 | S100Y2FB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.4M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2M |

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) | 5,324 | 5,053 | 4,783 | 4,735 | 4,674 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.7M | ¥6M | ¥6M |
| Average age (parent company) | 41.7 years | 41.6 years | 42.6 years | 42.8 years | 43.0 years |
| Average tenure (parent company) | 17.7 years | 17.8 years | 18.5 years | 18.7 years | 18.9 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +2.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 432,348 | 94.8% | 12,645 | 2.9% |
| Retail related | 6,867 | 1.5% | 1,985 | 28.9% |
| Other | 16,793 | 3.7% | 774 | 4.6% |

### 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 |
| --- | ---: |
| Retail | 94.8% |
| Retail related | 1.5% |
| Other | 3.7% |

Segment → industry: Other → Restaurants & Pubs / Retail related → Supermarkets / Retail → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 17,784 | 4.3% | S100Y2FB |
| Capital expenditure | 17,355 | 4.2% | S100Y2FB |
| Free cash flow | 429 | 0.1% | 算出 |
| Investing cash flow | -16,473 | -3.9% | S100Y2FB |
| Financing cash flow | -5,129 | -1.2% | S100Y2FB |
| Dividends paid | 3,296 | 0.8% | S100Y2FB |
| Share buyback | 2,697 | 0.6% | S100Y2FB |
| Change in cash | -3,716 | -0.9% | S100Y2FB |
| Cash and equivalents | 19,165 | 4.6% | S100Y2FB |

## 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 | 30,137 | 25,096 | 29,426 | 22,881 | 19,165 | S100TGDM, S100VRO8, S100Y2FB |
| Total assets | 299,476 | 300,422 | 309,461 | 307,868 | 313,095 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Net assets | 177,332 | 182,297 | 188,266 | 192,026 | 197,962 | S100TGDM, S100VRO8, S100Y2FB |
| Share capital | 11,614 | 11,614 | 11,614 | 11,614 | 11,614 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Trade receivables | 7,084 | — | — | — | — | S100QRZ1 |
| Property, plant and equipment | 193,067 | 195,300 | 200,786 | 206,239 | 209,039 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Intangible assets excluding goodwill | 9,649 | 10,536 | 10,046 | 9,841 | 9,778 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Goodwill | 740 | 673 | 607 | 540 | 473 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Investment securities | 3,751 | 3,553 | 4,460 | 3,871 | 5,726 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Current assets | 65,557 | 64,842 | 68,413 | 64,602 | 63,602 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Current liabilities | 86,160 | 81,207 | 89,287 | 84,532 | 84,736 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Trade payables | 30,596 | 28,811 | 29,810 | 31,479 | 33,017 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Short-term borrowings | 15,326 | 12,445 | 17,330 | 11,350 | 9,280 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Long-term borrowings | 14,926 | 14,980 | 10,825 | 8,975 | 11,961 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Total liabilities | 122,144 | 118,124 | 121,194 | 115,842 | 115,132 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Non-controlling interests | 2,144 | 1,917 | 2,008 | 2,116 | 2,168 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Equity attributable to owners of parent | 171,303 | 176,670 | 181,251 | 184,690 | 188,155 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Retained earnings | 152,252 | 145,505 | 150,087 | 155,815 | 161,928 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |
| Treasury stock | -12,312 | -197 | -198 | -2,485 | -5,165 | S100QRZ1, S100TGDM, S100VRO8, S100Y2FB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y2FB |
| Property, plant and equipment | 67% | S100Y2FB |
| Intangibles and goodwill | 3% | S100Y2FB |
| Investment securities | 2% | S100Y2FB |
| Other assets | 22% | S100Y2FB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100Y2FB |
| Other liabilities | 26% | S100Y2FB |
| Equity | 63% | S100Y2FB |
| Other liabilities | 0% | S100Y2FB |

### 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 | 299,476 | 300,422 | 309,461 | 307,868 | 313,095 |
| Equity | 177,332 | 182,297 | 188,266 | 192,026 | 197,962 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,137 | 25,096 | 29,426 | 22,881 | 19,165 |

## 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) | 50.0% | S100Y2FB |
| Fixed assets ÷ total assets | 66.8% | S100Y2FB |
| Goodwill ÷ parent equity | 0.3% | S100Y2FB |

Goodwill over 4 years: 740 → 473 JPY; total investing cash flow: -72,238 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) | 6.1% |
| Cash ÷ revenue | 4.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.6% |
| Cash vs. profit gap | 8,375 JPY mn (of net income 89.0%) |
| Shareholder returns / net income | 63.7% |
| Shareholder returns / FCF | 1397.0% |
| Shareholder payments — dividends / net income | 35.0% |
| Shareholder payments — dividends / FCF | 768.3% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 92.6% |

## 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 | 2.6% | 1.38× | 3.6% | 1.75× | 6.2% | S100QRZ1 |
| 2023 | 2.0% | 1.27× | 2.5% | 1.72× | 4.3% | S100TGDM |
| 2024 | 1.7% | 1.28× | 2.2% | 1.70× | 3.8% | S100VRO8 |
| 2025 | 2.6% | 1.32× | 3.5% | 1.69× | 5.9% | S100Y2FB |
| 2026 | 2.3% | 1.35× | 3.0% | 1.67× | 5.0% | S100Y2FB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.4% | 2026-02-20 |
| 夏原商事株式会社 | Major shareholder | 7.1% | 2026-02-20 |
| 平和堂共栄会 | Major shareholder | 6.2% | 2026-02-20 |
| 公益財団法人平和堂財団 | Major shareholder | 6.1% | 2026-02-20 |
| 株式会社滋賀銀行 | Major shareholder | 5.1% | 2026-02-20 |
| 株式会社ピース＆グリーン | Major shareholder | 3.9% | 2026-02-20 |
| 日本生命保険相互会社 | Major shareholder | 3.8% | 2026-02-20 |
| 平和観光開発株式会社 | Major shareholder | 3.4% | 2026-02-20 |
| 平和堂社員持株会 | Major shareholder | 2.3% | 2026-02-20 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2026-02-20 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Sales reached ¥418B (+2.4%), helped by folding subsidiaries Yanagen and Ale into the parent.
- Operating income barely moved at ¥13.3B (-0.4%): higher pay for store staff ate the extra gross profit.
- Net income fell to ¥9.41B (-12.3%). Last year's gain from selling shares didn't repeat, and write-downs and store-closure costs grew.
- Free cash flow thinned to ¥429M.

### Drivers

- More shoppers came, and each spent more. Bulk packs aimed at young families and low prices on everyday staples did the work.
- Subsidiary Bestone's prep centers took over cutting and cooking, so fresh-food sales grew while store labor hours stayed in check.
- The department store in China lost floor space to a big remodel, and the bookstore-and-gym unit Direct Shop shrank with its markets.

### Risks

- Supermarkets need a lot of hands; rising minimum wages and hiring trouble go straight to margins.
- New rival stores, online shopping and price fights with other kinds of retailers could drain existing stores.
- Failing to secure sites near its store clusters, or losing tenants in its malls, would also weigh on results.

Cited: Annual Securities Report (69th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (69th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/02/21－2026/02/20) | S100Y2FB | 2026-05-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y2FB,, |
| 有価証券報告書－第68期(2024/02/21－2025/02/20) | S100VRO8 | 2025-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRO8,, |
| 有価証券報告書－第67期(2023/02/21－2024/02/20) | S100TGDM | 2024-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGDM,, |
| 有価証券報告書－第66期(2022/02/21－2023/02/20) | S100QRZ1 | 2023-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QRZ1,, |
| 有価証券報告書－第65期(令和3年2月21日－令和4年2月20日) | S100O30J | 2022-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O30J,, |
| 有価証券報告書－第64期(令和2年2月21日－令和3年2月20日) | S100LBGD | 2021-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LBGD,, |

## 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).