# HOKKAN HOLDINGS LIMITED: 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101期(2025/04/01－2026/03/31) (S100YIET)
> Page: https://vizora.meequs.com/en/company/hokkan-holdings
> Retrieved: 2026-09-30T20:33:00.326Z

## Company

Hokkan Holdings, founded in 1921, is a company in Food Packaging listed on TSE Prime. It has 2,247 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKKAN HOLDINGS LIMITED |
| Ticker | 5902 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5902.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋室町二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 池田 孝資 |
| Founded | Oct 1921 |
| Share capital | ¥11.1B |
| Employees (consolidated) | 2,247 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | hokkanholdings.co.jp (https://hokkanholdings.co.jp/) |
| Corporate number | 6010001008804 |
| EDINET | E01354 |
| Industries (Vizora) | Food Packaging, Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100YIET, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.9 | 17 |
| Profitability | 37.5 | 20 |
| Cash conversion | 87.5 | 20 |
| Efficiency | 17.5 | 20 |
| Financial strength | 25 | 6 |

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 44% of Hokkan Holdings's sales come from Filling Business, with Container Business and Global business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -2.0% from the prior year, operating profit -16.5%.

## Company structure

- Segment revenue mix: Filling Business 43.9%、Container Business 35.0%、Global business 17.0%、Other 4.0%
- Revenue → net income: ¥90557000000 → ¥3246000000
- Net income → operating cash flow: ¥3246000000 → ¥9394000000（difference ¥6148000000）
- Main uses of operating cash flow: CapEx ¥12470000000 / dividends ¥1270000000 / buybacks ¥0
- Change in cash: ¥-3156000000
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 | ¥90.6B |  |
| Operating income | ¥3.76B | Margin 4.1% |
| Net income | ¥3.28B | Margin 3.6% |
| Free cash flow | -¥3.08B |  |
| Largest business | Filling Business | of segment revenue 43.9% |
| Employees (consolidated) | 2,247 |  |
| EPS | ¥145.05 |  |
| Book value per share | ¥3002.04 |  |
| Equity ratio | 43.5% |  |
| Shares outstanding | 13,469,387 |  |
| Treasury shares | 767,300 |  |
| Shareholders | 30,623 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 7.3% | Net cash -¥36.2B · Cash ÷ revenue 11.2% |
| Vs. industry median margin | -0.2 pp | Beverages & Dairy |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥109367000000 | ¥90557000000 | -17.2% |
| Operating income | ¥759000000 | ¥3758000000 | +395.1% |
| Operating margin | 0.7% | 4.1% | +3.5 pp |
| Employees | 2,513 people | 2,247 people | -10.6% |
| Cash and equivalents | ¥8433000000 | ¥10115000000 | +19.9% |

### 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 |
| --- | ---: |
| 容器事業 → 容器事業 | 32.2% |
| 充填事業 → 充填事業 | 43.9% |
| 充填事業 → 事業再編・廃止 | 11.5% |
| 海外事業 → 海外事業 | 7.8% |
| 機械製作事業 → 事業再編・廃止 | 2.7% |
| その他 → その他 | 1.9% |
| 新設・再編 → 容器事業 | 2.8% |
| 新設・再編 → 海外事業 | 9.2% |
| 新設・再編 → その他 | 2.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Filling Business | 5 years | -8.1% | ¥39780000000 | 9.6% | 2 |
| Container Business | 5 years | -2.1% | ¥31738000000 | 5.3% | 2 |
| Global business | 5 years | +12.5% | ¥15378000000 | 0.2% | 2 |
| Other | 5 years | +12.0% | ¥3660000000 | 9.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 90,557 | 100.0% | S100YIET |
| Cost of revenue | 69,579 | 76.8% | S100YIET |
| Gross profit | 20,977 | 23.2% | S100YIET |
| SG&A | 17,219 | 19.0% | S100YIET |
| Operating income | 3,758 | 4.1% | S100YIET |
| Ordinary income | 4,119 | 4.5% | S100YIET |
| Pretax income | 4,495 | 5.0% | S100YIET |
| Income tax | 1,248 | 1.4% | S100YIET |
| Net income | 3,246 | 3.6% | S100YIET |
| Net income attributable to owners | 3,278 | 3.6% | S100YIET |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 19 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.2% → Operating margin 4.1% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.0%; Core profit growth: -16.5%
Operating leverage (core profit growth ÷ revenue growth): 8.21×
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 | 92,419 | 90,557 | -1,862 | -2.0% |
| Gross profit | 21,272 | 20,977 | -295 | -1.4% |
| Operating income | 4,503 | 3,758 | -745 | -16.5% |
| Net income attributable to owners | 3,262 | 3,278 | 16 | +0.5% |
| Operating cash flow | 12,509 | 9,394 | -3,115 | -24.9% |
| Free cash flow | 2,196 | -3,076 | -5,272 | -240.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 127,741 | 6,333 | 5.0% | 1,968 | 14,261 | 6,566 | S100LTBL |
| FY ending Mar 2021 | 109,367 | 759 | 0.7% | -368 | 3,967 | -839 | S100ODJV |
| FY ending Mar 2022 | 86,329 | 1,324 | 1.5% | -1,234 | 11,860 | 3,715 | S100R6ET |
| FY ending Mar 2023 | 93,660 | -456 | -0.5% | -2,007 | 9,295 | 5,501 | S100TSFT |
| FY ending Mar 2024 | 90,933 | 4,390 | 4.8% | 2,719 | 7,359 | 3,189 | S100W82U |
| FY ending Mar 2025 | 92,419 | 4,503 | 4.9% | 3,262 | 12,509 | 2,196 | S100YIET |
| FY ending Mar 2026 | 90,557 | 3,758 | 4.1% | 3,278 | 9,394 | -3,076 | S100YIET |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.3M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 2,485 | 2,412 | 2,231 | 2,206 | 2,247 |
| Average salary (parent company) | ¥6.7M | ¥6.3M | ¥8.3M | ¥8.2M | ¥8.5M |
| Average age (parent company) | 39.2 years | 40.9 years | 41.8 years | 39.8 years | 40.5 years |
| Average tenure (parent company) | 11.4 years | 12.5 years | 11.7 years | 11.3 years | 11.6 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) -2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Container Business | 31,738 | 35.0% | 1,678 | 5.3% |
| Filling Business | 39,780 | 43.9% | 3,816 | 9.6% |
| Global business | 15,378 | 17.0% | 25 | 0.2% |
| Other | 3,660 | 4.0% | 362 | 9.9% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Container Business | 35.0% | 28.5% | -6.5 | 5.3% |
| Filling Business | 43.9% | 64.9% | 21.0 | 9.6% |
| Global business | 17.0% | 0.4% | -16.6 | 0.2% |
| Other | 4.0% | 6.2% | 2.1 | 9.9% |

Segment → industry: Global business → Food Packaging / Container Business → Food Packaging / Global business → Beverages & Dairy / Filling Business → Beverages & Dairy / Filling Business → Processed Foods

## 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 | 9,394 | 10.4% | S100YIET |
| Capital expenditure | 12,470 | 13.8% | S100YIET |
| Free cash flow | -3,076 | -3.4% | 算出 |
| Investing cash flow | -11,883 | -13.1% | S100YIET |
| Financing cash flow | -697 | -0.8% | S100YIET |
| Dividends paid | 1,270 | 1.4% | S100YIET |
| Share buyback | 0 | 0.0% | S100YIET |
| Change in cash | -3,156 | -3.5% | S100YIET |
| Cash and equivalents | 10,115 | 11.2% | S100YIET |

## 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 | 10,070 | 10,161 | 12,800 | 13,272 | 10,115 | S100TSFT, S100W82U, S100YIET |
| Total assets | 142,326 | 129,205 | 134,050 | 132,323 | 138,627 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Net assets | 57,029 | 54,880 | 60,870 | 62,225 | 62,885 | S100TSFT, S100W82U, S100YIET |
| Share capital | 11,086 | 11,086 | 11,086 | 11,086 | 11,086 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Property, plant and equipment | 67,728 | 57,905 | 55,659 | 59,290 | 66,632 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Intangible assets excluding goodwill | 6,398 | 6,619 | 6,846 | 6,169 | 6,018 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Goodwill | 2,445 | 2,087 | 1,785 | 1,273 | 896 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Investment securities | 12,494 | 10,980 | 13,253 | 11,920 | 12,719 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Current assets | 52,776 | 50,936 | 55,515 | 51,675 | 49,433 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Current liabilities | 41,563 | 40,503 | 37,827 | 33,772 | 35,440 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Trade payables | 16,767 | 16,601 | 16,324 | 14,858 | 14,550 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Short-term borrowings | 15,528 | 13,652 | 11,959 | 11,110 | 12,579 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Long-term borrowings | 32,442 | 22,304 | 24,350 | 25,482 | 28,701 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Bonds | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Interest-bearing debt | 52,970 | 40,956 | 41,309 | 41,592 | 46,280 | 算出 |
| Total liabilities | 85,297 | 74,324 | 73,180 | 70,097 | 75,741 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Non-controlling interests | 4,055 | 4,293 | 4,822 | 4,736 | 2,523 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Equity attributable to owners of parent | 48,089 | 45,546 | 47,759 | 50,166 | 51,046 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Retained earnings | 27,842 | 25,267 | 27,426 | 29,703 | 31,711 | S100R6ET, S100TSFT, S100W82U, S100YIET |
| Treasury stock | -1,925 | -1,893 | -1,857 | -1,768 | -1,758 | S100R6ET, S100TSFT, S100W82U, S100YIET |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YIET |
| Property, plant and equipment | 48% | S100YIET |
| Intangibles and goodwill | 5% | S100YIET |
| Investment securities | 9% | S100YIET |
| Other assets | 31% | S100YIET |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YIET |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 11% | S100YIET |
| Equity | 45% | S100YIET |
| Other liabilities | 0% | S100YIET |

### 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 | 142,326 | 129,205 | 134,050 | 132,323 | 138,627 |
| Equity | 57,029 | 54,880 | 60,870 | 62,225 | 62,885 |
| Interest-bearing debt | 52,970 | 40,956 | 41,309 | 41,592 | 46,280 |
| Cash | 10,070 | 10,161 | 12,800 | 13,272 | 10,115 |

## 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) | 73.6% | S100YIET |
| Fixed assets ÷ total assets | 48.1% | S100YIET |
| Goodwill ÷ parent equity | 1.8% | S100YIET |

Goodwill over 4 years: 2,445 → 896 JPY; total investing cash flow: -25,399 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) | 7.3% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | -¥36.2B |
| Net debt ÷ operating cash flow | 3.85× |
| Cash conversion (operating CF ÷ operating income) | 250.0% |
| Cash vs. profit gap | 6,116 JPY mn (of net income 186.6%) |
| Shareholder returns / net income | 38.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.8% |
| Investing CF relative to operating CF | 126.5% |

## 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 | — | —× | -0.9% | —× | — | S100R6ET |
| 2023 | — | —× | -1.5% | —× | — | S100TSFT |
| 2024 | 3.0% | 0.69× | 2.1% | 2.82× | 5.8% | S100W82U |
| 2025 | 3.5% | 0.69× | 2.4% | 2.72× | 6.7% | S100YIET |
| 2026 | 3.6% | 0.67× | 2.4% | 2.68× | 6.5% | S100YIET |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.1% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 3.1% | 2026-03-31 |
| ホッカンホールディングスグループ取引先持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.9% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| 福岡パッキング株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YIET | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIET,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W82U | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W82U,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TSFT | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSFT,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R6ET | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6ET,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100ODJV | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODJV,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LTBL | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTBL,, |

## 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).