# HIGASHIMARU 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47期(2025/04/01－2026/03/31) (S100YI3U)
> Page: https://vizora.meequs.com/en/company/higashimaru
> Retrieved: 2026-09-30T20:23:53.906Z

## Company

Higashimaru, founded in 1979, is a company in Livestock, Feed & Fertilizer listed on Fukuoka. It has 358 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIGASHIMARU CO.,LTD. |
| Ticker | 2058 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2058.T) |
| Listing | Fukuoka |
| Head office | 鹿児島県日置市伊集院町猪鹿倉20番地 |
| Representative (per filing) | 代表取締役社長 東勤 |
| Founded | Oct 1979 |
| Share capital | ¥603M |
| Employees (consolidated) | 358 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.k-higashimaru.co.jp (https://www.k-higashimaru.co.jp/) |
| Corporate number | 1340001000162 |
| EDINET | E00502 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Processed Foods, Fisheries |

> Profile source: annual securities report (S100YI3U, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 11 |
| Profitability | 50 | 11 |
| Cash conversion | 86.4 | 11 |
| Efficiency | 22.7 | 11 |

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 58% of Higashimaru's sales come from Marine products, with Grocery making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -5.6% from the prior year, operating profit +197.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.3B |  |
| Operating income | ¥434M | Margin 3.3% |
| Net income | -¥713M | Margin -5.3% |
| Free cash flow | ¥462M |  |
| Largest business | Marine products | of segment revenue 58.1% |
| Employees (consolidated) | 358 |  |
| EPS | ¥-136.77 |  |
| Book value per share | ¥1015.97 |  |
| Equity ratio | 36.8% |  |
| Shares outstanding | 4,746,000 |  |
| Treasury shares | 781,800 |  |
| Shareholders | 831 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 10.5% | Cash ÷ revenue 9.6% |
| Vs. industry median margin | +0.3 pp | Livestock, Feed & Fertilizer |
| ROA | -5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -7% while operating income rose 197%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12215000000 | ¥13332000000 | +9.1% |
| Operating income | ¥-34000000 | ¥434000000 | — |
| Operating margin | -0.3% | 3.3% | +3.5 pp |
| Employees | 357 people | 358 people | +0.3% |
| Cash and equivalents | ¥2209000000 | ¥1277000000 | -42.2% |

### 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 |
| --- | ---: |
| 水産事業 → 水産事業 | 58.1% |
| 水産事業 → 事業再編・廃止 | 2.3% |
| 食品事業 → 食品事業 | 39.6% |
| 新設・再編 → 食品事業 | 2.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,332 | 100.0% | S100YI3U |
| Cost of revenue | 10,586 | 79.4% | S100YI3U |
| Gross profit | 2,745 | 20.6% | S100YI3U |
| SG&A | 2,311 | 17.3% | S100YI3U |
| Operating income | 434 | 3.3% | S100YI3U |
| Ordinary income | 479 | 3.6% | S100YI3U |
| Pretax income | -1,164 | -8.7% | S100YI3U |
| Income tax | -450 | -3.4% | S100YI3U |
| Net income | -713 | -5.3% | S100YI3U |
| Net income attributable to owners | -713 | -5.3% | S100YI3U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 17 |
| Operating income | 3 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 20.6% → Operating margin 3.3% → Net margin -5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.6%; Core profit growth: +197.3%
Operating leverage (core profit growth ÷ revenue growth): -35.09×
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 | 14,126 | 13,332 | -794 | -5.6% |
| Gross profit | 2,478 | 2,745 | 267 | +10.8% |
| Operating income | 146 | 434 | 288 | +197.3% |
| Net income attributable to owners | 80 | -713 | -793 | -991.3% |
| Operating cash flow | 502 | 929 | 427 | +85.1% |
| Free cash flow | 82 | 462 | 380 | +463.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,442 | -210 | -1.7% | -449 | 118 | -325 | S100LSLN |
| FY ending Mar 2021 | 12,215 | -34 | -0.3% | 274 | 865 | 547 | S100OIL9 |
| FY ending Mar 2022 | 11,286 | 205 | 1.8% | 3 | 51 | -737 | S100R622 |
| FY ending Mar 2023 | 11,724 | -33 | -0.3% | -75 | -399 | -1,706 | S100TT7L |
| FY ending Mar 2024 | 13,010 | -11 | -0.1% | -104 | 446 | 148 | S100W3RZ |
| FY ending Mar 2025 | 14,126 | 146 | 1.0% | 80 | 502 | 82 | S100YI3U |
| FY ending Mar 2026 | 13,332 | 434 | 3.3% | -713 | 929 | 462 | S100YI3U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.2M |
| Operating income per employee (consolidated) | ¥1.2M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 368 | 378 | 376 | 385 | 358 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.4M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 40.0 years | 39.9 years | 40.2 years | 40.2 years | 40.2 years |
| Average tenure (parent company) | 14.5 years | 14.6 years | 14.9 years | 14.4 years | 14.3 years |

Year over year: Employees (consolidated) -7.0% · Revenue (consolidated) -5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine products | 7,740 | 58.1% | 918 | 11.9% |
| Grocery | 5,591 | 41.9% | -108 | -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 |
| --- | ---: |
| Marine products | 58.1% |
| Grocery | 41.9% |

Segment → industry: Marine products → Livestock, Feed & Fertilizer / Grocery → Processed Foods / Marine products → Fisheries

## 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 | 929 | 7.0% | S100YI3U |
| Capital expenditure | 467 | 3.5% | S100YI3U |
| Free cash flow | 462 | 3.5% | 算出 |
| Investing cash flow | 135 | 1.0% | S100YI3U |
| Financing cash flow | -1,134 | -8.5% | S100YI3U |
| Dividends paid | 47 | 0.4% | S100YI3U |
| Change in cash | -70 | -0.5% | S100YI3U |
| Cash and equivalents | 1,277 | 9.6% | S100YI3U |

## 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 | 1,594 | 1,023 | 1,177 | 1,347 | 1,277 | S100TT7L, S100W3RZ, S100YI3U |
| Total assets | 12,082 | 14,367 | 14,700 | 14,226 | 12,129 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Net assets | 5,203 | 5,216 | 5,206 | 5,134 | 4,458 | S100TT7L, S100W3RZ, S100YI3U |
| Share capital | 603 | 603 | 603 | 603 | 603 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Property, plant and equipment | 4,572 | 6,436 | 6,174 | 5,995 | 3,899 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Intangible assets excluding goodwill | 133 | 87 | 78 | 59 | 42 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Goodwill | 109 | 66 | 47 | 28 | 9 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Investment securities | 701 | 899 | 1,116 | 868 | 1,038 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Current assets | 6,195 | 6,501 | 6,826 | 6,756 | 6,129 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Current liabilities | 4,903 | 5,317 | 5,012 | 5,413 | 4,513 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Short-term borrowings | 3,480 | 3,731 | 3,128 | 3,796 | 2,959 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Long-term borrowings | 1,314 | 2,179 | 2,864 | 2,355 | 2,153 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Total liabilities | 6,879 | 9,151 | 9,494 | 9,091 | 7,671 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Equity attributable to owners of parent | 5,059 | 4,965 | 4,834 | 4,888 | 4,123 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Retained earnings | 4,924 | 4,814 | 4,674 | 4,719 | 3,945 | S100R622, S100TT7L, S100W3RZ, S100YI3U |
| Treasury stock | -906 | -886 | -875 | -865 | -855 | S100R622, S100TT7L, S100W3RZ, S100YI3U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YI3U |
| Property, plant and equipment | 32% | S100YI3U |
| Intangibles and goodwill | 0% | S100YI3U |
| Investment securities | 9% | S100YI3U |
| Other assets | 48% | S100YI3U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YI3U |
| Equity | 37% | S100YI3U |

### 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 | 12,082 | 14,367 | 14,700 | 14,226 | 12,129 |
| Equity | 5,203 | 5,216 | 5,206 | 5,134 | 4,458 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,594 | 1,023 | 1,177 | 1,347 | 1,277 |

## 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) | 29.2% | S100YI3U |
| Fixed assets ÷ total assets | 32.1% | S100YI3U |
| Goodwill ÷ parent equity | 0.2% | S100YI3U |

Goodwill over 4 years: 109 → 9 JPY; total investing cash flow: -2,491 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) | 10.5% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 214.1% |
| Cash vs. profit gap | 1,642 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 10.2% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 14.5% |

## 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 | 0.0% | 0.93× | 0.0% | 2.39× | 0.1% | S100R622 |
| 2023 | — | —× | -0.6% | —× | — | S100TT7L |
| 2024 | — | —× | -0.7% | —× | — | S100W3RZ |
| 2025 | 0.6% | 0.98× | 0.6% | 2.98× | 1.6% | S100YI3U |
| 2026 | — | —× | -5.4% | —× | — | S100YI3U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東 勤 | Major shareholder | 15.1% | 2026-03-31 |
| 東 実 | Major shareholder | 14.1% | 2026-03-31 |
| 有限会社ヒガシマル開発 | Major shareholder | 10.8% | 2026-03-31 |
| ヒガシマル共栄会 | Major shareholder | 10.2% | 2026-03-31 |
| 株式会社鹿児島銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 東 紘一郎 | Major shareholder | 4.0% | 2026-03-31 |
| 東 吉太郎 | Major shareholder | 4.0% | 2026-03-31 |
| 鹿児島ビル不動産株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| ヒガシマル従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YI3U | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI3U,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100W3RZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3RZ,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TT7L | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT7L,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R622 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R622,, |
| 訂正有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100OIL9 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIL9,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LSLN | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSLN,, |

## 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).