# Hokuryo Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/04/01－2026/03/31) (S100YK1Y)
> Page: https://vizora.meequs.com/en/company/hokuryo
> Retrieved: 2026-09-30T19:51:15.535Z

## Company

Hokuryo, founded in 1949, is a company in Livestock, Feed & Fertilizer listed on TSE Standard. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hokuryo Co., Ltd. |
| Ticker | 1384 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1384.T) |
| Listing | TSE Standard |
| Head office | 札幌市白石区中央二条三丁目6番15号 |
| Representative (per filing) | 代表取締役社長 勝部 慎一 |
| Founded | May 1949 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.hokuryo.co.jp (https://www.hokuryo.co.jp/) |
| Corporate number | 2430001028862 |
| EDINET | E31220 |
| Industries (Vizora) | Livestock, Feed & Fertilizer |

> Profile source: annual securities report (S100YK1Y, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Livestock, Feed & Fertilizer (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 91.7 | 6 |
| Cash conversion | 58.3 | 6 |
| Efficiency | 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)

- Hokuryo brought in ¥23.1B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +19.1% from the prior year, operating profit +157.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23107000000 → ¥3862000000
- Net income → operating cash flow: ¥3862000000 → ¥6087000000（difference ¥2225000000）
- Main uses of operating cash flow: CapEx ¥2008000000 / dividends ¥592000000 / buybacks ¥0
- Change in cash: ¥3109000000
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 | ¥23.1B |  |
| Operating income | ¥4.96B | Margin 21.5% |
| Net income | ¥3.86B | Margin 16.7% |
| Free cash flow | ¥4.08B |  |
| Employees (consolidated) | 259 |  |
| EPS | ¥456.65 |  |
| Book value per share | ¥2071.04 |  |
| Equity ratio | 74.9% |  |
| Shares outstanding | 8,459,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 11,651 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 31.6% |
| Vs. industry median margin | +18.5 pp | Livestock, Feed & Fertilizer |
| ROE | 24.8% | Derived from disclosed figures |
| ROA | 18.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years
- FY2026, cash is 31% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13060962000 | ¥23107000000 | — |
| Operating income | ¥152646000 | ¥4965000000 | — |
| Operating margin | 1.2% | 21.5% | +20.3 pp |
| Employees | 235 people | 259 people | — |
| Cash and equivalents | ¥1395633000 | ¥7304000000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,107 | 100.0% | S100YK1Y |
| Cost of revenue | 15,725 | 68.1% | S100YK1Y |
| Gross profit | 7,381 | 31.9% | S100YK1Y |
| SG&A | 2,416 | 10.5% | S100YK1Y |
| Operating income | 4,965 | 21.5% | S100YK1Y |
| Ordinary income | 5,046 | 21.8% | S100YK1Y |
| Pretax income | 5,406 | 23.4% | S100YK1Y |
| Income tax | 1,543 | 6.7% | S100YK1Y |
| Net income | 3,862 | 16.7% | S100YK1Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 10 |
| Operating income | 22 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 31.9% → Operating margin 21.5% → Net margin 16.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.1%; Core profit growth: +157.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.26×
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 | 19,397 | 23,107 | 3,710 | +19.1% |
| Gross profit | 3,809 | 7,381 | 3,572 | +93.8% |
| Operating income | 1,925 | 4,965 | 3,040 | +157.9% |
| Operating cash flow | 3,216 | 6,087 | 2,871 | +89.3% |
| Free cash flow | 1,072 | 4,079 | 3,007 | +280.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,416 | 140 | 1.0% | 223 | 1,904 | 889 | S100LNX6 |
| FY ending Mar 2021 | 13,062 | 271 | 2.1% | 132 | 635 | — | S100OJCY |
| FY ending Mar 2021 | 13,061 | 153 | 1.2% | 133 | 635 | -278 | S100LNX6 |
| FY ending Mar 2022 | 15,359 | 878 | 5.7% | 1,191 | 1,836 | 987 | S100R75Z |
| FY ending Mar 2023 | 17,823 | 1,318 | 7.4% | 745 | 2,519 | 588 | S100TWBW |
| FY ending Mar 2024 | 18,901 | 2,245 | 11.9% | 1,656 | 3,376 | 2,125 | S100W83V |
| FY ending Mar 2025 | 19,397 | 1,925 | 9.9% | 2,181 | 3,216 | 1,072 | S100YK1Y |
| FY ending Mar 2026 | 23,107 | 4,965 | 21.5% | 3,862 | 6,087 | 4,079 | S100YK1Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.2M |
| Operating income per employee (consolidated) | ¥19.2M |
| Net income per employee (consolidated) | ¥14.9M |

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) | 242 | 252 | 248 | 250 | 259 |
| Average salary (parent company) | ¥4.1M | ¥4.4M | ¥4.6M | ¥4.7M | ¥5M |
| Average age (parent company) | 45.5 years | 45.5 years | 45.7 years | 46.5 years | 45.7 years |
| Average tenure (parent company) | 10.9 years | 11.0 years | 11.6 years | 12.0 years | 11.5 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +19.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,087 | 26.3% | S100YK1Y |
| Capital expenditure | 2,008 | 8.7% | S100YK1Y |
| Free cash flow | 4,079 | 17.7% | 算出 |
| Investing cash flow | -2,065 | -8.9% | S100YK1Y |
| Financing cash flow | -911 | -3.9% | S100YK1Y |
| Dividends paid | 592 | 2.6% | S100YK1Y |
| Share buyback | 0 | 0.0% | S100YK1Y |
| Change in cash | 3,109 | 13.5% | S100YK1Y |
| Cash and equivalents | 7,304 | 31.6% | S100YK1Y |

## 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 | 1,849 | 2,528 | 3,900 | 4,194 | 7,304 | S100TWBW, S100W83V, S100YK1Y |
| Total assets | 15,549 | 16,849 | 17,764 | 19,216 | 23,402 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Net assets | 10,154 | 10,746 | 12,318 | 14,153 | 17,518 | S100TWBW, S100W83V, S100YK1Y |
| Share capital | 1,055 | 1,055 | 1,055 | 1,055 | 1,055 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Property, plant and equipment | 10,636 | 10,093 | 10,311 | 11,308 | 12,020 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Intangible assets excluding goodwill | 77 | 62 | 58 | 64 | 166 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Investment securities | 473 | 436 | 545 | 530 | 626 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Current assets | 3,847 | 5,763 | 6,344 | 6,795 | 10,139 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Current liabilities | 3,408 | 3,988 | 3,649 | 3,555 | 4,642 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Long-term borrowings | 1,597 | 1,730 | 1,428 | 1,134 | 859 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Total liabilities | 5,394 | 6,102 | 5,446 | 5,062 | 5,884 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Equity attributable to owners of parent | 10,017 | 10,636 | 12,123 | 13,966 | 17,237 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Retained earnings | 8,208 | 8,827 | 10,314 | 12,157 | 15,428 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R75Z, S100TWBW, S100W83V, S100YK1Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YK1Y |
| Property, plant and equipment | 51% | S100YK1Y |
| Intangibles and goodwill | 1% | S100YK1Y |
| Investment securities | 3% | S100YK1Y |
| Other assets | 14% | S100YK1Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YK1Y |
| Equity | 75% | S100YK1Y |

### 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 | 15,549 | 16,849 | 17,764 | 19,216 | 23,402 |
| Equity | 10,154 | 10,746 | 12,318 | 14,153 | 17,518 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,849 | 2,528 | 3,900 | 4,194 | 7,304 |

## 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) | 52.0% | S100YK1Y |
| Fixed assets ÷ total assets | 51.4% | S100YK1Y |
| Goodwill ÷ parent equity | — | —, S100YK1Y |

### 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) | 31.2% |
| Cash ÷ revenue | 31.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.6% |
| Cash vs. profit gap | 2,225 JPY mn (of net income 57.6%) |
| Shareholder returns / net income | 15.3% |
| Shareholder returns / FCF | 14.5% |
| Shareholder payments — dividends / net income | 15.3% |
| Shareholder payments — dividends / FCF | 14.5% |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 33.9% |

## 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 | 7.8% | 0.99× | 7.7% | 1.55× | 11.9% | S100R75Z |
| 2023 | 4.2% | 1.10× | 4.6% | 1.57× | 7.2% | S100TWBW |
| 2024 | 8.8% | 1.09× | 9.6% | 1.52× | 14.6% | S100W83V |
| 2025 | 11.2% | 1.05× | 11.8% | 1.42× | 16.7% | S100YK1Y |
| 2026 | 16.7% | 1.08× | 18.1% | 1.37× | 24.8% | S100YK1Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ココリコ | Major shareholder | 42.0% | 2026-03-31 |
| 株式会社十文字チキンカンパニー | Major shareholder | 5.0% | 2026-03-31 |
| 米山 惠子 | Major shareholder | 3.1% | 2026-03-31 |
| 米山 大介 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社北海道銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 都丸 高志 | Major shareholder | 1.0% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 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 | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YK1Y | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK1Y,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W83V | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W83V,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TWBW | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWBW,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R75Z | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R75Z,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OJCY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJCY,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LNX6 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNX6,, |

## 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).