# HOKUTO CORPORATION: 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63期(2025/04/01－2026/03/31) (S100YKAZ)
> Page: https://vizora.meequs.com/en/company/hokuto
> Retrieved: 2026-09-30T17:49:13.385Z

## Company

Hokuto, founded in 1964, is a company in Chemicals listed on TSE Prime. It has 4,097 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKUTO CORPORATION |
| Ticker | 1379 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1379.T) |
| Listing | TSE Prime |
| Head office | 長野県長野市南堀138番地1 |
| Representative (per filing) | 代表取締役社長 水野 雅義 |
| Founded | Jul 1964 |
| Share capital | ¥5.5B |
| Employees (consolidated) | 4,097 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.hokto-kinoko.co.jp (https://www.hokto-kinoko.co.jp/) |
| Corporate number | 6100001003151 |
| EDINET | E00008 |
| Industries (Vizora) | Chemicals, Agriculture & Seeds, Processed Foods |

> Profile source: annual securities report (S100YKAZ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Agriculture & Seeds (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 4 |
| Profitability | 62.5 | 4 |
| Cash conversion | 83.3 | 3 |
| Efficiency | 37.5 | 4 |

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 65% of Hokuto's sales come from Domestic Mushrooms Business, with Industrial Supplies Business and Overseas Mushrooms Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +6.1%.

## Company structure

- Segment revenue mix: Domestic Mushrooms Business 65.3%、Industrial Supplies Business 15.8%、Overseas Mushrooms Business 9.6%、Processed Food Business 9.3%
- Revenue → net income: ¥85915000000 → ¥7006000000
- Net income → operating cash flow: ¥7006000000 → ¥10824000000（difference ¥3818000000）
- Main uses of operating cash flow: CapEx ¥4923000000 / dividends ¥1591000000 / buybacks ¥63000000
- Change in cash: ¥3792000000
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 | ¥85.9B |  |
| Operating income | ¥7.03B | Margin 8.2% |
| Net income | ¥7.01B | Margin 8.2% |
| Free cash flow | ¥5.9B |  |
| Largest business | Domestic Mushrooms Business | of segment revenue 65.3% |
| Employees (consolidated) | 4,097 |  |
| EPS | ¥182.44 |  |
| Diluted EPS | ¥156.34 |  |
| Book value per share | ¥1917.23 |  |
| Equity ratio | 57.1% |  |
| Shares outstanding | 33,359,000 |  |
| Treasury shares | 1,541,400 |  |
| Shareholders | 57,513 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 16.6% | Cash ÷ revenue 22.0% |
| Vs. industry median margin | +3.3 pp | Agriculture & Seeds |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥73889000000 | ¥85915000000 | +16.3% |
| Operating income | ¥6012000000 | ¥7031000000 | +16.9% |
| Operating margin | 8.1% | 8.2% | 0 pp |
| Employees | 4,148 people | 4,097 people | -1.2% |
| Cash and equivalents | ¥12833000000 | ¥18861000000 | +47.0% |

### 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 |
| --- | ---: |
| 国内きのこ事業 → 国内きのこ事業 | 65.3% |
| 国内きのこ事業 → 事業再編・廃止 | 3.1% |
| 海外きのこ事業 → 海外きのこ事業 | 6.9% |
| 加工品事業 → 加工品事業 | 9.3% |
| 加工品事業 → 事業再編・廃止 | 1.9% |
| 化成品事業 → 化成品事業 | 13.5% |
| 新設・再編 → 海外きのこ事業 | 2.7% |
| 新設・再編 → 化成品事業 | 2.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Mushrooms Business | 5 years | +2.1% | ¥56077000000 | 12.9% | 2 |
| Industrial Supplies Business | 5 years | +6.3% | ¥13598000000 | 3.5% | 2 |
| Overseas Mushrooms Business | 5 years | +10.2% | ¥8236000000 | 13.9% | 2 |
| Processed Food Business | 5 years | -0.7% | ¥8003000000 | 6.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 85,915 | 100.0% | S100YKAZ |
| Cost of revenue | 60,996 | 71.0% | S100YKAZ |
| Gross profit | 24,919 | 29.0% | S100YKAZ |
| SG&A | 17,888 | 20.8% | S100YKAZ |
| Operating income | 7,031 | 8.2% | S100YKAZ |
| Ordinary income | 8,186 | 9.5% | S100YKAZ |
| Pretax income | 10,054 | 11.7% | S100YKAZ |
| Income tax | 3,047 | 3.5% | S100YKAZ |
| Net income | 7,006 | 8.2% | S100YKAZ |
| Net income attributable to owners | 7,006 | 8.2% | S100YKAZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 29.0% → Operating margin 8.2% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +6.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.80×
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 | 83,104 | 85,915 | 2,811 | +3.4% |
| Gross profit | 23,760 | 24,919 | 1,159 | +4.9% |
| Operating income | 6,628 | 7,031 | 403 | +6.1% |
| Net income attributable to owners | 4,441 | 7,006 | 2,565 | +57.8% |
| Operating cash flow | 12,222 | 10,824 | -1,398 | -11.4% |
| Free cash flow | 10,567 | 5,901 | -4,666 | -44.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 71,220 | 3,923 | 5.5% | 1,531 | 10,778 | 8,052 | S100LPX2 |
| FY ending Mar 2021 | 73,889 | 6,012 | 8.1% | 4,038 | 10,471 | 6,476 | S100OI8L |
| FY ending Mar 2022 | 70,932 | 2,014 | 2.8% | 2,530 | 5,851 | -4,545 | S100R1XO |
| FY ending Mar 2023 | 72,980 | -2,948 | -4.0% | -2,037 | 4,675 | 3,098 | S100TPNJ |
| FY ending Mar 2024 | 79,426 | 3,180 | 4.0% | 3,525 | 8,375 | 6,156 | S100W0ZY |
| FY ending Mar 2025 | 83,104 | 6,628 | 8.0% | 4,441 | 12,222 | 10,567 | S100YKAZ |
| FY ending Mar 2026 | 85,915 | 7,031 | 8.2% | 7,006 | 10,824 | 5,901 | S100YKAZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 4,187 | 4,203 | 4,117 | 4,048 | 4,097 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.3M | ¥6.1M | ¥6M |
| Average age (parent company) | 38.1 years | 38.9 years | 39.6 years | 40.2 years | 40.6 years |
| Average tenure (parent company) | 12.3 years | 13.0 years | 13.6 years | 14.1 years | 14.5 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Mushrooms Business | 56,077 | 65.3% | 7,242 | 12.9% |
| Overseas Mushrooms Business | 8,236 | 9.6% | 1,147 | 13.9% |
| Processed Food Business | 8,003 | 9.3% | 511 | 6.4% |
| Industrial Supplies Business | 13,598 | 15.8% | 470 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Mushrooms Business | 65.3% | 77.3% | 12.0 | 12.9% |
| Overseas Mushrooms Business | 9.6% | 12.2% | 2.7 | 13.9% |
| Processed Food Business | 9.3% | 5.5% | -3.9 | 6.4% |
| Industrial Supplies Business | 15.8% | 5.0% | -10.8 | 3.5% |

Segment → industry: Industrial Supplies Business → Chemicals / Overseas Mushrooms Business → Agriculture & Seeds / Domestic Mushrooms Business → Agriculture & Seeds / Processed Food 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 | 10,824 | 12.6% | S100YKAZ |
| Capital expenditure | 4,923 | 5.7% | S100YKAZ |
| Free cash flow | 5,901 | 6.9% | 算出 |
| Investing cash flow | -2,917 | -3.4% | S100YKAZ |
| Financing cash flow | -4,420 | -5.1% | S100YKAZ |
| Dividends paid | 1,591 | 1.9% | S100YKAZ |
| Share buyback | 63 | 0.1% | S100YKAZ |
| Change in cash | 3,792 | 4.4% | S100YKAZ |
| Cash and equivalents | 18,861 | 22.0% | S100YKAZ |

## 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 | 10,399 | 12,047 | 13,638 | 15,069 | 18,861 | S100TPNJ, S100W0ZY, S100YKAZ |
| Total assets | 104,933 | 104,897 | 103,505 | 107,620 | 113,726 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Net assets | 54,509 | 50,955 | 54,824 | 56,808 | 64,924 | S100TPNJ, S100W0ZY, S100YKAZ |
| Share capital | 5,500 | 5,500 | 5,500 | 5,500 | 5,500 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Property, plant and equipment | 68,774 | 63,973 | 60,691 | 56,796 | 57,426 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Intangible assets excluding goodwill | 250 | 211 | 171 | 136 | 96 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Goodwill | 46 | 9 | — | — | — | S100R1XO, S100TPNJ |
| Investment securities | 5,664 | 6,681 | 7,986 | 8,374 | 11,046 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Current assets | 27,100 | 30,790 | 31,225 | 38,621 | 40,529 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Current liabilities | 21,757 | 37,936 | 30,304 | 24,823 | 23,483 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Trade payables | 5,763 | 6,187 | 2,134 | 1,730 | 1,667 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Short-term borrowings | 4,951 | 7,088 | 12,084 | 7,097 | 5,636 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Long-term borrowings | 17,753 | 14,072 | 15,118 | 12,672 | 10,683 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Total liabilities | 50,423 | 53,941 | 48,680 | 50,811 | 48,802 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Equity attributable to owners of parent | 53,798 | 50,020 | 52,397 | 54,420 | 59,994 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Retained earnings | 45,888 | 41,943 | 44,194 | 47,044 | 52,460 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |
| Treasury stock | -3,318 | -3,151 | -3,024 | -3,851 | -3,694 | S100R1XO, S100TPNJ, S100W0ZY, S100YKAZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKAZ |
| Property, plant and equipment | 50% | S100YKAZ |
| Intangibles and goodwill | 0% | S100YKAZ |
| Investment securities | 10% | S100YKAZ |
| Other assets | 23% | S100YKAZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YKAZ |
| Other liabilities | 41% | S100YKAZ |
| Equity | 57% | S100YKAZ |

### 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 | 104,933 | 104,897 | 103,505 | 107,620 | 113,726 |
| Equity | 54,509 | 50,955 | 54,824 | 56,808 | 64,924 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,399 | 12,047 | 13,638 | 15,069 | 18,861 |

## 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) | 66.8% | S100YKAZ |
| Fixed assets ÷ total assets | 50.5% | S100YKAZ |
| Goodwill ÷ parent equity | — | —, S100YKAZ |

### 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) | 16.6% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.9% |
| Cash vs. profit gap | 3,818 JPY mn (of net income 54.5%) |
| Shareholder returns / net income | 23.6% |
| Shareholder returns / FCF | 28.0% |
| Shareholder payments — dividends / net income | 22.7% |
| Shareholder payments — dividends / FCF | 27.0% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 26.9% |

## 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 | 3.6% | 0.68× | 2.4% | 1.95× | 4.7% | S100R1XO |
| 2023 | — | —× | -1.9% | —× | — | S100TPNJ |
| 2024 | 4.4% | 0.76× | 3.4% | 2.03× | 6.9% | S100W0ZY |
| 2025 | 5.3% | 0.79× | 4.2% | 1.98× | 8.3% | S100YKAZ |
| 2026 | 8.2% | 0.78× | 6.3% | 1.93× | 12.2% | S100YKAZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社北斗 | Major shareholder | 18.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.9% | 2026-03-31 |
| 株式会社八十二長野銀行 （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 | 5.0% | 2026-03-31 |
| 公益財団法人水野美術館 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| ホクト従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 水野 雅義 | Major shareholder | 1.9% | 2026-03-31 |
| キッセイ薬品工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 三木産業株式会社 | Major shareholder | 1.4% | 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 | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YKAZ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKAZ,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W0ZY | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0ZY,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TPNJ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPNJ,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R1XO | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1XO,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OI8L | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI8L,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LPX2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPX2,, |

## 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).