# Hiramatsu Inc.: 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44期(2025/04/01－2026/03/31) (S100YL5S)
> Page: https://vizora.meequs.com/en/company/hiramatsu
> Retrieved: 2026-09-30T22:07:10.314Z

## Company

Hiramatsu, founded in 1983, is a company in Restaurants & Pubs listed on TSE Standard. It has 716 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hiramatsu Inc. |
| Ticker | 2764 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2764.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長CEO 三須 和泰 |
| Founded | Jun 1983 |
| Share capital | ¥100M |
| Employees (consolidated) | 716 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.hiramatsu.co.jp (https://www.hiramatsu.co.jp/) |
| Corporate number | 9011001037410 |
| EDINET | E03406 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YL5S, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.5 | 56 |
| Profitability | 28 | 66 |
| Cash conversion | 2.7 | 55 |
| Efficiency | 6.8 | 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)

- Hiramatsu brought in ¥9.88B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -7.3% from the prior year, operating profit -19.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.88B |  |
| Operating income | ¥200.5M | Margin 2.0% |
| Net income | ¥219.8M | Margin 2.2% |
| Free cash flow | -¥1.28B |  |
| Employees (consolidated) | 716 |  |
| EPS | ¥2.84 |  |
| Book value per share | ¥87.3 |  |
| Equity ratio | 51.2% |  |
| Shares outstanding | 74,740,400 |  |
| Treasury shares | 4,092,900 |  |
| Shareholders | 37,555 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 41.7% | Cash ÷ revenue 50.3% |
| Vs. industry median margin | -1.9 pp | Restaurants & Pubs |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6266361000 | ¥9881044000 | +57.7% |
| Operating income | ¥-2458661000 | ¥200469000 | — |
| Operating margin | -39.2% | 2.0% | +41.3 pp |
| Employees | 648 people | 716 people | +10.5% |
| Cash and equivalents | ¥640327000 | ¥4966198000 | +675.6% |

### 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 |
| --- | ---: |
| レストラン事業 → 事業再編・廃止 | 62.9% |
| ホテル事業 → 事業再編・廃止 | 35.0% |
| その他 → 事業再編・廃止 | 2.2% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,881 | 100.0% | S100YL5S |
| Cost of revenue | 4,401 | 44.5% | S100YL5S |
| Gross profit | 5,480 | 55.5% | S100YL5S |
| SG&A | 5,280 | 53.4% | S100YL5S |
| Operating income | 200 | 2.0% | S100YL5S |
| Ordinary income | 204 | 2.1% | S100YL5S |
| Pretax income | 164 | 1.7% | S100YL5S |
| Income tax | -56 | -0.6% | S100YL5S |
| Net income | 220 | 2.2% | S100YL5S |
| Net income attributable to owners | 220 | 2.2% | S100YL5S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 53 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 55.5% → Operating margin 2.0% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.3%; Core profit growth: -19.7%
Operating leverage (core profit growth ÷ revenue growth): 2.69×
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 | 10,663 | 9,881 | -782 | -7.3% |
| Gross profit | 5,994 | 5,480 | -514 | -8.6% |
| Operating income | 250 | 200 | -49 | -19.7% |
| Net income attributable to owners | 1,531 | 220 | -1,311 | -85.6% |
| Operating cash flow | -347 | -653 | -307 | — |
| Free cash flow | -509 | -1,281 | -771 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,887 | -49 | -0.5% | -2,097 | 555 | -4,361 | S100M08Q |
| FY ending Mar 2021 | 6,266 | -2,459 | -39.2% | -4,112 | -2,696 | -5,673 | S100PGM0 |
| FY ending Mar 2022 | 9,222 | -2,109 | -22.9% | -2,470 | -68 | -334 | S100RDQR |
| FY ending Mar 2023 | 12,377 | -617 | -5.0% | -904 | -99 | -303 | S100TUS4 |
| FY ending Mar 2024 | 13,859 | 267 | 1.9% | -153 | 1,152 | 444 | S100W3EH |
| FY ending Mar 2025 | 10,663 | 250 | 2.3% | 1,531 | -347 | -509 | S100YL5S |
| FY ending Mar 2026 | 9,881 | 200 | 2.0% | 220 | -653 | -1,281 | S100YL5S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.8M |
| Operating income per employee (consolidated) | ¥280K |
| Net income per employee (consolidated) | ¥307K |

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) | 651 | 679 | 703 | 733 | 716 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.1M | ¥5.2M | ¥5.5M |
| Average age (parent company) | 32.8 years | 34.1 years | 33.9 years | 33.7 years | 34.5 years |
| Average tenure (parent company) | 6.0 years | 6.3 years | 6.9 years | 6.9 years | 7.2 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) -7.3%

## 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 | -653 | -6.6% | S100YL5S |
| Capital expenditure | 627 | 6.3% | S100YL5S |
| Free cash flow | -1,281 | -13.0% | 算出 |
| Investing cash flow | -793 | -8.0% | S100YL5S |
| Financing cash flow | -234 | -2.4% | S100YL5S |
| Change in cash | -1,679 | -17.0% | S100YL5S |
| Cash and equivalents | 4,966 | 50.3% | S100YL5S |

## 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 | 5,581 | 5,260 | 5,630 | 6,645 | 4,966 | S100TUS4, S100W3EH, S100YL5S |
| Total assets | 22,804 | 21,762 | 21,872 | 12,142 | 11,914 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Net assets | 5,387 | 4,522 | 4,347 | 5,895 | 6,116 | S100TUS4, S100W3EH, S100YL5S |
| Share capital | 3,514 | 100 | 100 | 100 | 100 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Property, plant and equipment | 13,592 | 12,850 | 12,393 | 1,656 | 2,187 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Intangible assets excluding goodwill | 27 | 33 | 29 | 24 | 28 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Investment securities | — | — | — | 56 | 58 | S100YL5S |
| Current assets | 7,730 | 7,630 | 8,371 | 9,424 | 8,506 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Current liabilities | 2,120 | 1,983 | 2,421 | 4,144 | 3,859 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Short-term borrowings | — | — | — | 1,700 | 1,700 | S100YL5S |
| Long-term borrowings | 14,024 | 14,224 | 14,424 | 1,898 | 1,668 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Bonds | 500 | 300 | — | — | — | S100RDQR, S100TUS4 |
| Total liabilities | 17,417 | 17,240 | 17,525 | 6,247 | 5,798 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Equity attributable to owners of parent | 5,275 | 4,371 | 4,218 | 5,758 | 5,984 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Retained earnings | -417 | -1,321 | -1,474 | 56 | 276 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |
| Treasury stock | -2,066 | -2,066 | -2,066 | -2,043 | -2,020 | S100RDQR, S100TUS4, S100W3EH, S100YL5S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YL5S |
| Property, plant and equipment | 18% | S100YL5S |
| Intangibles and goodwill | 0% | S100YL5S |
| Investment securities | 1% | S100YL5S |
| Other assets | 39% | S100YL5S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YL5S |
| Equity | 51% | S100YL5S |

### 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 | 22,804 | 21,762 | 21,872 | 12,142 | 11,914 |
| Equity | 5,387 | 4,522 | 4,347 | 5,895 | 6,116 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,581 | 5,260 | 5,630 | 6,645 | 4,966 |

## 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) | 22.1% | S100YL5S |
| Fixed assets ÷ total assets | 18.4% | S100YL5S |
| Goodwill ÷ parent equity | — | —, S100YL5S |

### 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) | 41.7% |
| Cash ÷ revenue | 50.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -325.9% |
| Cash vs. profit gap | -873 JPY mn (of net income -397.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| 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 | — | —× | -10.8% | —× | — | S100RDQR |
| 2023 | — | —× | -4.1% | —× | — | S100TUS4 |
| 2024 | — | —× | -0.7% | —× | — | S100W3EH |
| 2025 | 14.4% | 0.63× | 9.0% | 3.41× | 30.7% | S100YL5S |
| 2026 | 2.2% | 0.82× | 1.8% | 2.05× | 3.7% | S100YL5S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マルハン太平洋クラブインベストメント | Major shareholder | 36.2% | 2026-03-31 |
| ロードスターキャピタル株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| ひらまつ社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 中川 一 | Major shareholder | 1.0% | 2026-03-31 |
| 新行内 儀春 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社太平洋クラブ | Major shareholder | 0.8% | 2026-03-31 |
| 江頭 和子 | Major shareholder | 0.7% | 2026-03-31 |
| 重川 龍子 | Major shareholder | 0.4% | 2026-03-31 |
| 遠藤 宣夫 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YL5S | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL5S,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W3EH | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3EH,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TUS4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUS4,, |
| 訂正有価証券報告書－第41期(2022/04/01－2023/03/31) | S100RDQR | 2023-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RDQR,, |
| 訂正有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100PGM0 | 2022-11-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PGM0,, |
| 訂正有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100M08Q | 2021-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M08Q,, |

## 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).