# Hikari Food Service Co., Ltd.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/12/01－2025/11/30) (S100XMX3)
> Page: https://vizora.meequs.com/en/company/hikari-food-service
> Retrieved: 2026-09-30T21:13:56.039Z

## Company

Hikari Food Service, founded in 2009, is a company in Restaurants & Pubs listed on TSE Growth. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hikari Food Service Co., Ltd. |
| Ticker | 138A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/138A.T) |
| Listing | TSE Growth |
| Head office | 名古屋市中村区則武一丁目10番6号 |
| Representative (per filing) | 代表取締役社長 大谷 光徳 |
| Founded | Dec 2009 |
| Share capital | ¥411.6M |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | November |
| Website | www.hikari-food-service.jp (https://www.hikari-food-service.jp/) |
| Corporate number | 6180001072619 |
| EDINET | E39377 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100XMX3, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83 | 56 |
| Profitability | 88.6 | 66 |
| Cash conversion | 33.6 | 55 |
| Efficiency | 15.9 | 66 |

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)

- Hikari Food Service brought in ¥2.86B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +4.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2861834000 → ¥102461000
- Net income → operating cash flow: ¥102461000 → ¥290255000（difference ¥187794000）
- Main uses of operating cash flow: CapEx ¥249540000 / dividends ¥39625000 / buybacks —
- Change in cash: ¥354227000
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 | ¥2.86B |  |
| Operating income | ¥225.9M | Margin 7.9% |
| Net income | ¥102.5M | Margin 3.6% |
| Free cash flow | ¥40.7M |  |
| Employees (consolidated) | 189 |  |
| EPS | ¥103.29 |  |
| Book value per share | ¥1320.67 |  |
| Equity ratio | 49.4% |  |
| Shares outstanding | 992,000 |  |
| Shareholders | 1,251 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 52.3% | Cash ÷ revenue 48.5% |
| Vs. industry median margin | +4 pp | Restaurants & Pubs |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, cash is 52% of total assets

## What changed in 3 years

| Metric | FY ending Nov 2022 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1684256000 | ¥2861834000 | +69.9% |
| Operating income | ¥49401000 | ¥225861000 | +357.2% |
| Operating margin | 2.9% | 7.9% | +5 pp |
| Employees | 125 people | 189 people | +51.2% |
| Cash and equivalents | ¥677037000 | ¥1388132000 | +105.0% |

### Change in segment revenue mix

Span: FY ending Nov 2022 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Nov 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,862 | 100.0% | S100XMX3 |
| Cost of revenue | 765 | 26.7% | S100XMX3 |
| Gross profit | 2,097 | 73.3% | S100XMX3 |
| SG&A | 1,871 | 65.4% | S100XMX3 |
| Operating income | 226 | 7.9% | S100XMX3 |
| Ordinary income | 222 | 7.7% | S100XMX3 |
| Pretax income | 154 | 5.4% | S100XMX3 |
| Income tax | 52 | 1.8% | S100XMX3 |
| Net income | 102 | 3.6% | S100XMX3 |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 65 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 73.3% → Operating margin 7.9% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +4.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.35×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,567 | 2,862 | 295 | +11.5% |
| Gross profit | 1,885 | 2,097 | 212 | +11.3% |
| Operating income | 217 | 226 | 9 | +4.0% |
| Operating cash flow | 209 | 290 | 81 | +38.9% |
| Free cash flow | -33 | 41 | 73 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2022 | 1,684 | 49 | 2.9% | 63 | 389 | 197 | S100SZBP |
| FY ending Nov 2023 | 2,225 | 262 | 11.8% | 201 | 373 | 301 | S100VBCD |
| FY ending Nov 2024 | 2,567 | 217 | 8.5% | 100 | 209 | -33 | S100XMX3 |
| FY ending Nov 2025 | 2,862 | 226 | 7.9% | 102 | 290 | 41 | S100XMX3 |

## People and productivity（FY ending Nov 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.1M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥542.1K |

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

| History | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 125 | 144 | 174 | 189 |
| Average salary (parent company) | — | ¥3.9M | ¥4.2M | ¥4M |
| Average age (parent company) | — | 28.8 years | 28.8 years | 29.0 years |
| Average tenure (parent company) | — | 2.8 years | 2.8 years | 3.0 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +11.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 290 | 10.1% | S100XMX3 |
| Capital expenditure | 250 | 8.7% | S100XMX3 |
| Free cash flow | 41 | 1.4% | 算出 |
| Investing cash flow | 23 | 0.8% | S100XMX3 |
| Financing cash flow | 41 | 1.4% | S100XMX3 |
| Dividends paid | 40 | 1.4% | S100XMX3 |
| Change in cash | 354 | 12.4% | S100XMX3 |
| Cash and equivalents | 1,388 | 48.5% | S100XMX3 |

## 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 Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 677 | 604 | 1,034 | 1,388 | S100VBCD, S100XMX3 |
| Total assets | 1,871 | 1,765 | 2,409 | 2,653 | S100SZBP, S100VBCD, S100XMX3 |
| Net assets | 163 | 364 | 1,247 | 1,310 | S100VBCD, S100XMX3 |
| Share capital | 20 | 20 | 412 | 412 | S100SZBP, S100VBCD, S100XMX3 |
| Property, plant and equipment | 563 | 531 | 656 | 753 | S100SZBP, S100VBCD, S100XMX3 |
| Intangible assets excluding goodwill | 8 | 7 | 11 | 13 | S100SZBP, S100VBCD, S100XMX3 |
| Goodwill | 1 | — | — | — | S100SZBP |
| Current assets | 1,110 | 998 | 1,502 | 1,632 | S100SZBP, S100VBCD, S100XMX3 |
| Current liabilities | 513 | 521 | 519 | 654 | S100SZBP, S100VBCD, S100XMX3 |
| Long-term borrowings | 1,143 | 825 | 585 | 624 | S100SZBP, S100VBCD, S100XMX3 |
| Total liabilities | 1,708 | 1,401 | 1,161 | 1,342 | S100SZBP, S100VBCD, S100XMX3 |
| Equity attributable to owners of parent | 163 | 364 | 1,247 | 1,310 | S100SZBP, S100VBCD, S100XMX3 |
| Retained earnings | 143 | 344 | 444 | 507 | S100SZBP, S100VBCD, S100XMX3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XMX3 |
| Property, plant and equipment | 28% | S100XMX3 |
| Intangibles and goodwill | 1% | S100XMX3 |
| Other assets | 19% | S100XMX3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XMX3 |
| Equity | 49% | S100XMX3 |

### Balance sheet history

| Metric | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,871 | 1,765 | 2,409 | 2,653 |
| Equity | 163 | 364 | 1,247 | 1,310 |
| Interest-bearing debt | — | — | — | — |
| Cash | 677 | 604 | 1,034 | 1,388 |

## 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) | 26.3% | S100XMX3 |
| Fixed assets ÷ total assets | 28.4% | S100XMX3 |
| Goodwill ÷ parent equity | — | —, S100XMX3 |

### 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) | 52.3% |
| Cash ÷ revenue | 48.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.5% |
| Cash vs. profit gap | 188 JPY mn (of net income 183.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.7% |
| Shareholder payments — dividends / FCF | 97.3% |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 8.1% |

## 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% | 0.90× | 3.4% | 11.49× | 38.6% | S100SZBP |
| 2023 | 9.0% | 1.22× | 11.1% | 6.90× | 76.3% | S100VBCD |
| 2024 | 3.9% | 1.23× | 4.8% | 2.59× | 12.5% | S100XMX3 |
| 2025 | 3.6% | 1.13× | 4.0% | 1.98× | 8.0% | S100XMX3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エム・カンパニー | Major shareholder | 42.3% | 2025-11-30 |
| 大谷 光徳 | Major shareholder | 13.3% | 2025-11-30 |
| 中島 翔太 | Major shareholder | 6.0% | 2025-11-30 |
| 三菱ＵＦＪ ｅスマート証券株式会社 | Major shareholder | 2.9% | 2025-11-30 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.9% | 2025-11-30 |
| 野村證券株式会社 | Major shareholder | 1.4% | 2025-11-30 |
| 石田 央 | Major shareholder | 1.2% | 2025-11-30 |
| 南角 光彦 | Major shareholder | 0.8% | 2025-11-30 |
| 向田 茂雄 | Major shareholder | 0.7% | 2025-11-30 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.6% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/12/01－2025/11/30) | S100XMX3 | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMX3,, |
| 有価証券報告書－第15期(2023/12/01－2024/11/30) | S100VBCD | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBCD,, |
| 有価証券報告書－第14期(2022/12/01－2023/11/30) | S100SZBP | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZBP,, |

## 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).