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

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/04/01－2025/11/30) (S100XN95)
> Page: https://vizora.meequs.com/en/company/horiifoodservice
> Retrieved: 2026-09-30T20:00:02.119Z

## Company

Horiifoodservice, founded in 1983, is a company in Restaurants & Pubs listed on TSE Standard. It has 140 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Horiifoodservice Co., Ltd. |
| Ticker | 3077 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3077.T) |
| Listing | TSE Standard |
| Head office | 茨城県水戸市城南三丁目10番17号 |
| Representative (per filing) | 代表取締役社長 藤田 明久 |
| Founded | Mar 1983 |
| Share capital | ¥100M |
| Employees (consolidated) | 140 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | November |
| Website | www.horiifood.co.jp (https://www.horiifood.co.jp/) |
| Corporate number | 2050001002286 |
| EDINET | E03505 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100XN95, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 55.3 | 66 |
| Cash conversion | 11.8 | 55 |
| Efficiency | 9.8 | 66 |
| Financial strength | 62.5 | 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 47% of Horiifoodservice's sales come from North Kanto Area, with Metropolitan Area and Tohoku Area making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -32.5% from the prior year, operating profit -25.2%.

## Company structure

- Segment revenue mix: North Kanto Area 46.7%、Metropolitan Area 38.7%、Tohoku Area 14.7%
- Revenue → net income: ¥3220077000 → ¥183601000
- Net income → operating cash flow: ¥183601000 → ¥137317000（difference ¥-46284000）
- Main uses of operating cash flow: CapEx ¥100694000 / dividends — / buybacks —
- Change in cash: ¥361616000
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 | ¥3.22B |  |
| Operating income | ¥149.3M | Margin 4.6% |
| Net income | ¥180.9M | Margin 5.6% |
| Free cash flow | ¥36.6M |  |
| Largest business | North Kanto Area | of segment revenue 46.7% |
| Employees (consolidated) | 140 |  |
| EPS | ¥28.65 |  |
| Diluted EPS | ¥28.43 |  |
| Book value per share | ¥144.16 |  |
| Equity ratio | 29.6% |  |
| Shares outstanding | 6,930,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 5,186 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 40.4% | Net cash -¥97.2M · Cash ÷ revenue 43.7% |
| Vs. industry median margin | +0.7 pp | Restaurants & Pubs |
| ROE | 18.9% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 40% of total assets

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4770191000 | ¥3220077000 | -32.5% |
| Operating income | ¥199677000 | ¥149273000 | -25.2% |
| Operating margin | 4.2% | 4.6% | +0.4 pp |
| Employees | 133 people | 140 people | +5.3% |
| Cash and equivalents | ¥1044118000 | ¥1405734000 | +34.6% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 北関東エリア → 北関東エリア | 45.2% |
| 首都圏エリア → 首都圏エリア | 37.9% |
| 東北エリア → 東北エリア | 14.7% |
| 東北エリア → 事業再編・廃止 | 2.2% |
| 新設・再編 → 北関東エリア | 1.5% |
| 新設・再編 → 首都圏エリア | 0.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North Kanto Area | — | — | ¥1502460000 | 14.6% | 2 |
| Metropolitan Area | — | — | ¥1245254000 | 10.9% | 2 |
| Tohoku Area | — | — | ¥472362000 | 11.0% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,220 | 100.0% | S100XN95 |
| Cost of revenue | 822 | 25.5% | S100XN95 |
| Gross profit | 2,398 | 74.5% | S100XN95 |
| SG&A | 2,249 | 69.8% | S100XN95 |
| Operating income | 149 | 4.6% | S100XN95 |
| Ordinary income | 159 | 4.9% | S100XN95 |
| Pretax income | 141 | 4.4% | S100XN95 |
| Income tax | -43 | -1.3% | S100XN95 |
| Net income | 184 | 5.7% | S100XN95 |
| Net income attributable to owners | 181 | 5.6% | S100XN95 |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 70 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 74.5% → Operating margin 4.6% → Net margin 5.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,770 | 3,220 | -1,550 | -32.5% |
| Gross profit | 3,501 | 2,398 | -1,103 | -31.5% |
| Operating income | 200 | 149 | -50 | -25.2% |
| Net income attributable to owners | 175 | 181 | 6 | +3.2% |
| Operating cash flow | 193 | 137 | -56 | -28.9% |
| Free cash flow | 123 | 37 | -87 | -70.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 4,770 | 200 | 4.2% | 175 | 193 | 123 | S100XN95 |
| FY ending Nov 2025 | 3,220 | 149 | 4.6% | 181 | 137 | 37 | S100XN95 |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2025 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 133 | 140 |
| Average salary (parent company) | — | ¥4.6M |
| Average age (parent company) | — | 40.7 years |
| Average tenure (parent company) | — | 10.5 years |

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| North Kanto Area | 1,502 | 46.7% | 219 | 14.6% |
| Metropolitan Area | 1,245 | 38.7% | 136 | 10.9% |
| Tohoku Area | 472 | 14.7% | 52 | 11.0% |
| Other | — | 0.0% | -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 | Profit share | Margin |
| --- | ---: | ---: |
| North Kanto Area | 53.8% | 14.6% |
| Metropolitan Area | 33.4% | 10.9% |
| Tohoku Area | 12.8% | 11.0% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -5 JPY mn

Segment → industry: Tohoku Area → Restaurants & Pubs / Metropolitan Area → Restaurants & Pubs / North Kanto Area → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 137 | 4.3% | S100XN95 |
| Capital expenditure | 101 | 3.1% | S100XN95 |
| Free cash flow | 37 | 1.1% | 算出 |
| Investing cash flow | 11 | 0.3% | S100XN95 |
| Financing cash flow | 214 | 6.6% | S100XN95 |
| Change in cash | 362 | 11.2% | S100XN95 |
| Cash and equivalents | 1,406 | 43.7% | S100XN95 |

## 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 2025 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,044 | 1,406 | S100XN95 |
| Total assets | 3,019 | 3,483 | S100XN95 |
| Net assets | 517 | 1,077 | S100XN95 |
| Share capital | 100 | 100 | S100XN95 |
| Property, plant and equipment | 213 | 306 | S100XN95 |
| Intangible assets excluding goodwill | 1 | 2 | S100XN95 |
| Investment securities | 148 | 169 | S100XN95 |
| Current assets | 2,163 | 2,439 | S100XN95 |
| Current liabilities | 2,074 | 1,995 | S100XN95 |
| Short-term borrowings | 1,500 | 1,400 | S100XN95 |
| Long-term borrowings | 91 | 87 | S100XN95 |
| Bonds | 23 | 16 | S100XN95 |
| Interest-bearing debt | 1,614 | 1,503 | 算出 |
| Total liabilities | 2,501 | 2,406 | S100XN95 |
| Non-controlling interests | 43 | 46 | S100XN95 |
| Equity attributable to owners of parent | 421 | 957 | S100XN95 |
| Retained earnings | 257 | 437 | S100XN95 |
| Treasury stock | -0 | -0 | S100XN95 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100XN95 |
| Property, plant and equipment | 9% | S100XN95 |
| Intangibles and goodwill | 0% | S100XN95 |
| Investment securities | 5% | S100XN95 |
| Other assets | 46% | S100XN95 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 43% | 算出 |
| Other liabilities | 26% | S100XN95 |
| Equity | 31% | S100XN95 |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Total assets | 3,019 | 3,483 |
| Equity | 517 | 1,077 |
| Interest-bearing debt | 1,614 | 1,503 |
| Cash | 1,044 | 1,406 |

## 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) | 9.5% | S100XN95 |
| Fixed assets ÷ total assets | 8.8% | S100XN95 |
| Goodwill ÷ parent equity | — | —, S100XN95 |

### 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) | 40.4% |
| Cash ÷ revenue | 43.7% |
| Net cash (cash − interest-bearing debt) | -¥97.2M |
| Net debt ÷ operating cash flow | 0.71× |
| Cash conversion (operating CF ÷ operating income) | 92.0% |
| Cash vs. profit gap | -44 JPY mn (of net income -24.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 7.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 3.7% | 1.58× | 5.8% | 7.16× | 41.6% | S100XN95 |
| 2025 | 5.6% | 0.92× | 5.2% | 3.64× | 18.9% | S100XN95 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＣＣＨ | Major shareholder | 47.1% | 2025-11-30 |
| 堀井 克美 | Major shareholder | 4.0% | 2025-11-30 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 3.5% | 2025-11-30 |
| 清水 伸昭 | Major shareholder | 2.3% | 2025-11-30 |
| ホリイフード従業員持株会 | Major shareholder | 1.2% | 2025-11-30 |
| 林 喜代志 | Major shareholder | 1.1% | 2025-11-30 |
| 楽天証券株式会社 | Major shareholder | 0.8% | 2025-11-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2025-11-30 |
| 大貫 春樹 | Major shareholder | 0.7% | 2025-11-30 |
| 横須賀 修 | Major shareholder | 0.6% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2025/11/30) | S100XN95 | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN95,, |

## 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).