# HIROTA GROUP HOLDINGS 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27期(2025/04/01－2026/03/31) (S100YI7T)
> Page: https://vizora.meequs.com/en/company/hirota-group-holdings
> Retrieved: 2026-09-30T20:42:22.253Z

## Company

Hirota Group Holdings, founded in 2000, is a company in Processed Foods listed on Nagoya. It has 29 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIROTAGROUP HOLDINGS Co.,Ltd. |
| Ticker | 3346 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3346.T) |
| Listing | Nagoya |
| Head office | 東京都港区新橋二丁目6番8号(2026年3月1日から本店所在地 東京都港区東新橋一丁目1番19号 が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 遠藤隆史 |
| Founded | Mar 2000 |
| Share capital | ¥100M |
| Employees (consolidated) | 29 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.hirotaghd.com (https://www.hirotaghd.com/) |
| Corporate number | 3010001067927 |
| EDINET | E00390 |
| Industries (Vizora) | Processed Foods, Cosmetics |

> Profile source: annual securities report (S100YI7T, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 56 |
| Profitability | 0.8 | 60 |
| Efficiency | 80.8 | 60 |

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 92% of Hirota Group Holdings's sales come from Sweets, with Beauty and Healthcare making up much of the rest.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed -27.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.69B |  |
| Operating income | -¥117.1M | Margin -6.9% |
| Net income | -¥35.5M | Margin -2.1% |
| Free cash flow | -¥116.4M |  |
| Largest business | Sweets | of segment revenue 92.5% |
| Employees (consolidated) | 29 |  |
| EPS | ¥-7.37 |  |
| Book value per share | ¥5.86 |  |
| Equity ratio | 14.4% |  |
| Shares outstanding | 26,306,253 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,504 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | -10.9 pp | Processed Foods |
| ROA | -3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 92 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1966758000 | ¥1692585000 | -13.9% |
| Operating income | ¥-166898000 | ¥-117066000 | — |
| Operating margin | -8.5% | -6.9% | +1.6 pp |
| Employees | 102 people | 29 people | -71.6% |
| Cash and equivalents | ¥209909000 | ¥218786000 | +4.2% |

### 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 |
| --- | ---: |
| 新設・再編 → スイーツ事業 | 92.5% |
| 新設・再編 → 美容ヘルスケア事業 | 7.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,693 | 100.0% | S100YI7T |
| Cost of revenue | 1,250 | 73.9% | S100YI7T |
| Gross profit | 442 | 26.1% | S100YI7T |
| SG&A | 559 | 33.0% | S100YI7T |
| Operating income | -117 | -6.9% | S100YI7T |
| Ordinary income | -130 | -7.7% | S100YI7T |
| Pretax income | -32 | -1.9% | S100YI7T |
| Income tax | 4 | 0.2% | S100YI7T |
| Net income | -36 | -2.1% | S100YI7T |
| Net income attributable to owners | -36 | -2.1% | S100YI7T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 33 |
| Operating income | -7 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 26.1% → Operating margin -6.9% → Net margin -2.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,340 | 1,693 | -648 | -27.7% |
| Gross profit | 901 | 442 | -459 | -50.9% |
| Operating income | -358 | -117 | 241 | — |
| Net income attributable to owners | -412 | -36 | 377 | — |
| Operating cash flow | -419 | -104 | 315 | — |
| Free cash flow | -435 | -116 | 319 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,930 | -165 | -8.5% | -408 | -187 | -225 | S100LV68 |
| FY ending Mar 2021 | 1,967 | -167 | -8.5% | -202 | -213 | -235 | S100Q1EA |
| FY ending Mar 2022 | 2,188 | -113 | -5.2% | -128 | -144 | -161 | S100RHX6 |
| FY ending Mar 2023 | 2,269 | 20 | 0.9% | 17 | -26 | -189 | S100U34E |
| FY ending Mar 2024 | 2,364 | -380 | -16.1% | -545 | -309 | -438 | S100W7IS |
| FY ending Mar 2025 | 2,340 | -358 | -15.3% | -412 | -419 | -435 | S100YI7T |
| FY ending Mar 2026 | 1,693 | -117 | -6.9% | -36 | -104 | -116 | S100YI7T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.4M |
| Operating income per employee (consolidated) | -¥4M |
| Net income per employee (consolidated) | -¥1.2M |

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) | 102 | 98 | 98 | 72 | 29 |
| Average salary (parent company) | ¥4.4M | ¥4M | ¥4.9M | ¥4.6M | ¥5M |
| Average age (parent company) | 50.0 years | 62.0 years | 50.0 years | 55.1 years | 56.7 years |
| Average tenure (parent company) | 8.8 years | 12.7 years | 0.3 years | 1.0 years | 1.8 years |

Year over year: Employees (consolidated) -59.7% · Revenue (consolidated) -27.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sweets | 1,565 | 92.5% | -68 | -4.3% |
| Beauty and Healthcare | 127 | 7.5% | 117 | 92.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sweets | 92.5% | — | — | -4.3% |
| Beauty and Healthcare | 7.5% | 100.0% | 92.5 | 92.2% |

Loss-making segment (excluded from profit shares): Sweets -68 JPY mn

Segment → industry: Sweets → Processed Foods / Beauty and Healthcare → Cosmetics

## 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 | -104 | -6.1% | S100YI7T |
| Capital expenditure | 12 | 0.7% | S100YI7T |
| Free cash flow | -116 | -6.9% | 算出 |
| Investing cash flow | 43 | 2.6% | S100YI7T |
| Financing cash flow | -90 | -5.3% | S100YI7T |
| Change in cash | -151 | -8.9% | S100YI7T |
| Cash and equivalents | 219 | 12.9% | S100YI7T |

## 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 | 555 | 380 | 100 | 370 | 219 | S100U34E, S100W7IS, S100YI7T |
| Total assets | 1,343 | 1,252 | 1,086 | 1,270 | 1,071 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Net assets | 103 | 120 | -148 | 190 | 154 | S100U34E, S100W7IS, S100YI7T |
| Share capital | 671 | 100 | 239 | 100 | 100 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Property, plant and equipment | 288 | 372 | 327 | 325 | 303 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Intangible assets excluding goodwill | — | 0 | — | 1 | 1 | S100U34E, S100YI7T |
| Current assets | 977 | 783 | 606 | 778 | 699 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Current liabilities | 471 | 451 | 626 | 484 | 467 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Short-term borrowings | 3 | 3 | 5 | 46 | — | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Long-term borrowings | 516 | 434 | 375 | 369 | 234 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Total liabilities | 1,241 | 1,132 | 1,235 | 1,080 | 917 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Equity attributable to owners of parent | 103 | 120 | -148 | 190 | 154 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Retained earnings | -1,575 | -344 | -890 | -1,302 | -195 | S100RHX6, S100U34E, S100W7IS, S100YI7T |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RHX6, S100U34E, S100W7IS, S100YI7T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YI7T |
| Property, plant and equipment | 28% | S100YI7T |
| Intangibles and goodwill | 0% | S100YI7T |
| Other assets | 51% | S100YI7T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 86% | S100YI7T |
| Equity | 14% | S100YI7T |
| Other liabilities | 0% | S100YI7T |

### 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 | 1,343 | 1,252 | 1,086 | 1,270 | 1,071 |
| Equity | 103 | 120 | -148 | 190 | 154 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 555 | 380 | 100 | 370 | 219 |

## 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) | 17.9% | S100YI7T |
| Fixed assets ÷ total assets | 28.2% | S100YI7T |
| Goodwill ÷ parent equity | — | —, S100YI7T |

### 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) | 20.4% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -69 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| 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 | — | —× | -9.6% | —× | — | S100RHX6 |
| 2023 | 0.7% | 1.75× | 1.3% | 11.66× | 15.2% | S100U34E |
| 2024 | — | —× | -46.6% | —× | — | S100W7IS |
| 2025 | — | —× | -35.0% | —× | — | S100YI7T |
| 2026 | — | —× | -3.0% | —× | — | S100YI7T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＡＳＨＤ | Major shareholder | 66.2% | 2026-03-31 |
| ＹＵＴＯＮＧ ＨＷＡＧＤＡＥ有限責任事業組合 | Major shareholder | 6.3% | 2026-03-31 |
| 尾方 久美子 | Major shareholder | 2.8% | 2026-03-31 |
| 鄒 積人 | Major shareholder | 1.8% | 2026-03-31 |
| ＯＤＣキャピタル有限責任事業組合 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ペンタスネット | Major shareholder | 1.3% | 2026-03-31 |
| ＫＭキャピタルパートナーズ有限責任事業組合 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社シンコー | Major shareholder | 0.8% | 2026-03-31 |
| 内藤 有紀子 | Major shareholder | 0.7% | 2026-03-31 |
| 合同会社Happyhorse | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YI7T | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI7T,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W7IS | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7IS,, |
| 訂正有価証券報告書－第25期(2023/04/01－2024/03/31) | S100U34E | 2024-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U34E,, |
| 訂正有価証券報告書－第24期(2022/04/01－2023/03/31) | S100RHX6 | 2023-08-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHX6,, |
| 訂正有価証券報告書－第23期(2021/04/01－2022/03/31) | S100Q1EA | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1EA,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LV68 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV68,, |

## 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).