# HIRAKI 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49期(2025/04/01－2026/03/31) (S100YJ9F)
> Page: https://vizora.meequs.com/en/company/hiraki
> Retrieved: 2026-09-30T20:26:25.647Z

## Company

Hiraki, founded in 1961, is a company in Shoes & Bags listed on TSE Standard. It has 234 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIRAKI CO.,LTD. |
| Ticker | 3059 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3059.T) |
| Listing | TSE Standard |
| Head office | 神戸市須磨区中島町三丁目2番6号(同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役 梅木孝雄 |
| Founded | Jan 1961 |
| Share capital | ¥450.5M |
| Employees (consolidated) | 234 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | company.hiraki.co.jp (https://company.hiraki.co.jp/) |
| Corporate number | 9140001017855 |
| EDINET | E03494 |
| Industries (Vizora) | Shoes & Bags, Catalog & TV Shopping, Supermarkets |

> Profile source: annual securities report (S100YJ9F, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.1 | 45 |
| Profitability | 1 | 49 |
| Efficiency | 7.1 | 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 55% of Hiraki's sales come from Store sales, with Catalog and internet sales and Wholesale making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -8.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.9B |  |
| Operating income | -¥320.6M | Margin -2.7% |
| Net income | -¥426.7M | Margin -3.6% |
| Free cash flow | -¥158.1M |  |
| Largest business | Store sales | of segment revenue 54.9% |
| Employees (consolidated) | 234 |  |
| EPS | ¥-89.73 |  |
| Book value per share | ¥1236.31 |  |
| Equity ratio | 41.6% |  |
| Shares outstanding | 5,155,600 |  |
| Treasury shares | 288,100 |  |
| Shareholders | 17,357 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 32.0% | Cash ÷ revenue 38.8% |
| Vs. industry median margin | -4.6 pp | Shoes & Bags |
| ROA | -2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 45 points
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15962612000 | ¥11895863000 | -25.5% |
| Operating income | ¥922553000 | ¥-320563000 | -134.7% |
| Operating margin | 5.8% | -2.7% | -8.5 pp |
| Employees | 262 people | 234 people | -10.7% |
| Cash and equivalents | ¥2750216000 | ¥4616320000 | +67.9% |

### 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 |
| --- | ---: |
| 通信販売事業 → 通信販売事業 | 43.9% |
| 通信販売事業 → 事業再編・廃止 | 11.3% |
| 店舗販売事業 → 店舗販売事業 | 43.1% |
| 卸販売事業 → 卸販売事業 | 1.2% |
| 卸販売事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 店舗販売事業 | 11.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Store sales | 5 years | -1.0% | ¥6535133000 | 2.1% | 2 |
| Catalog and internet sales | 5 years | -9.9% | ¥5219644000 | -0.6% | 2 |
| Wholesale | 5 years | -12.6% | ¥141085000 | -2.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,896 | 100.0% | S100YJ9F |
| Cost of revenue | 6,608 | 55.6% | S100YJ9F |
| Gross profit | 5,288 | 44.4% | S100YJ9F |
| SG&A | 5,608 | 47.1% | S100YJ9F |
| Operating income | -321 | -2.7% | S100YJ9F |
| Ordinary income | -314 | -2.6% | S100YJ9F |
| Pretax income | -337 | -2.8% | S100YJ9F |
| Income tax | 89 | 0.8% | S100YJ9F |
| Net income | -427 | -3.6% | S100YJ9F |
| Net income attributable to owners | -427 | -3.6% | S100YJ9F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 47 |
| Operating income | -3 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 44.4% → Operating margin -2.7% → Net margin -3.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,960 | 11,896 | -1,064 | -8.2% |
| Gross profit | 5,853 | 5,288 | -566 | -9.7% |
| Operating income | -4 | -321 | -317 | — |
| Net income attributable to owners | -772 | -427 | 345 | — |
| Operating cash flow | 163 | -87 | -250 | -153.3% |
| Free cash flow | 35 | -158 | -193 | -552.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,932 | 436 | 2.7% | 324 | 659 | 501 | S100LM8B |
| FY ending Mar 2021 | 15,963 | 923 | 5.8% | 560 | 1,298 | 1,192 | S100OBMF |
| FY ending Mar 2022 | 15,199 | 690 | 4.5% | 467 | 741 | 673 | S100QZCM |
| FY ending Mar 2023 | 14,288 | 155 | 1.1% | 112 | -899 | -1,051 | S100U1CD |
| FY ending Mar 2024 | 13,314 | -46 | -0.3% | -15 | 1,426 | 1,370 | S100VZNF |
| FY ending Mar 2025 | 12,960 | -4 | -0.0% | -772 | 163 | 35 | S100YJ9F |
| FY ending Mar 2026 | 11,896 | -321 | -2.7% | -427 | -87 | -158 | S100YJ9F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.8M |
| Operating income per employee (consolidated) | -¥1.4M |
| Net income per employee (consolidated) | -¥1.8M |

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) | 252 | 251 | 250 | 240 | 234 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥4.7M | ¥4.7M | ¥4.8M |
| Average age (parent company) | 45.3 years | 45.1 years | 45.3 years | 45.5 years | 46.5 years |
| Average tenure (parent company) | 15.1 years | 15.5 years | 15.8 years | 16.5 years | 17.0 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) -8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Catalog and internet sales | 5,220 | 43.9% | -31 | -0.6% |
| Store sales | 6,535 | 54.9% | 134 | 2.1% |
| Wholesale | 141 | 1.2% | -3 | -2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Catalog and internet sales | 43.9% | — | — | -0.6% |
| Store sales | 54.9% | 100.0% | 45.1 | 2.1% |
| Wholesale | 1.2% | — | — | -2.4% |

Loss-making segment (excluded from profit shares): Catalog and internet sales -31 JPY mn

Loss-making segment (excluded from profit shares): Wholesale -3 JPY mn

Segment → industry: Wholesale → Shoes & Bags / Store sales → Shoes & Bags / Catalog and internet sales → Shoes & Bags / Catalog and internet sales → Catalog & TV Shopping / Store sales → Supermarkets

## 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 | -87 | -0.7% | S100YJ9F |
| Capital expenditure | 71 | 0.6% | S100YJ9F |
| Free cash flow | -158 | -1.3% | 算出 |
| Investing cash flow | 2,316 | 19.5% | S100YJ9F |
| Financing cash flow | -295 | -2.5% | S100YJ9F |
| Dividends paid | 97 | 0.8% | S100YJ9F |
| Change in cash | 1,935 | 16.3% | S100YJ9F |
| Cash and equivalents | 4,616 | 38.8% | S100YJ9F |

## 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 | 3,057 | 2,629 | 2,861 | 2,681 | 4,616 | S100U1CD, S100VZNF, S100YJ9F |
| Total assets | 16,735 | 16,439 | 16,264 | 14,989 | 14,422 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Net assets | 7,420 | 7,453 | 7,355 | 6,482 | 6,001 | S100U1CD, S100VZNF, S100YJ9F |
| Share capital | 450 | 450 | 450 | 450 | 450 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Property, plant and equipment | 5,410 | 5,294 | 5,142 | 4,419 | 4,241 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Intangible assets excluding goodwill | 51 | 101 | 72 | 52 | 33 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Investment securities | 52 | 63 | 98 | 126 | 169 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Current assets | 11,008 | 10,773 | 10,732 | 10,317 | 9,886 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Current liabilities | 3,926 | 3,613 | 3,708 | 3,456 | 3,390 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Long-term borrowings | 5,102 | 5,050 | 4,858 | 4,718 | 4,631 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Total liabilities | 9,316 | 8,986 | 8,908 | 8,506 | 8,421 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Equity attributable to owners of parent | 7,381 | 7,392 | 7,279 | 6,410 | 5,886 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Retained earnings | 5,933 | 5,947 | 5,835 | 4,965 | 4,441 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |
| Treasury stock | -151 | -155 | -155 | -155 | -155 | S100QZCM, S100U1CD, S100VZNF, S100YJ9F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YJ9F |
| Property, plant and equipment | 30% | S100YJ9F |
| Intangibles and goodwill | 0% | S100YJ9F |
| Investment securities | 1% | S100YJ9F |
| Other assets | 37% | S100YJ9F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YJ9F |
| Equity | 42% | S100YJ9F |

### 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 | 16,735 | 16,439 | 16,264 | 14,989 | 14,422 |
| Equity | 7,420 | 7,453 | 7,355 | 6,482 | 6,001 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,057 | 2,629 | 2,861 | 2,681 | 4,616 |

## 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) | 35.7% | S100YJ9F |
| Fixed assets ÷ total assets | 29.4% | S100YJ9F |
| Goodwill ÷ parent equity | — | —, S100YJ9F |

### 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) | 32.0% |
| Cash ÷ revenue | 38.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 340 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 | 3.1% | 0.91× | 2.8% | 2.27× | 6.3% | S100QZCM |
| 2023 | 0.8% | 0.86× | 0.7% | 2.25× | 1.5% | S100U1CD |
| 2024 | — | —× | -0.1% | —× | — | S100VZNF |
| 2025 | — | —× | -4.9% | —× | — | S100YJ9F |
| 2026 | — | —× | -2.9% | —× | — | S100YJ9F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マヤハ | Major shareholder | 15.4% | 2026-03-31 |
| 神戸信用金庫 | Major shareholder | 5.2% | 2026-03-31 |
| ヒラキ従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 平木 和代 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社山陰合同銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 兵庫県信用農業協同組合連合会 | Major shareholder | 2.3% | 2026-03-31 |
| 梅木 孝雄 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社山口銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 埜邨 治子 | Major shareholder | 1.1% | 2026-03-31 |
| 上野 万弓 | Major shareholder | 1.1% | 2026-03-31 |
| 平木 裕子 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YJ9F | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ9F,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100VZNF | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZNF,, |
| 訂正有価証券報告書－第47期(2023/04/01－2024/03/31) | S100U1CD | 2024-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U1CD,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100QZCM | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZCM,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OBMF | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBMF,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LM8B | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM8B,, |

## 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).