# HOUSE FOODS GROUP INC.: 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80期(2025/04/01－2026/03/31) (S100YD7A)
> Page: https://vizora.meequs.com/en/company/house-foods-group
> Retrieved: 2026-09-30T21:56:28.697Z

## Company

House Foods Group, founded in 1947, is a company in Beverages & Dairy listed on TSE Prime. It has 6,564 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOUSE FOODS GROUP INC. |
| Ticker | 2810 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2810.T) |
| Listing | TSE Prime |
| Head office | 大阪府東大阪市御厨栄町1丁目5番7号 |
| Representative (per filing) | 代表取締役社長 浦上博史 |
| Founded | Jun 1947 |
| Share capital | ¥9.95B |
| Employees (consolidated) | 6,564 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | housefoods-group.com (https://housefoods-group.com/) |
| Corporate number | 2122001005872 |
| EDINET | E00462 |
| Industries (Vizora) | Beverages & Dairy, Processed Foods, Fast Food & Quick Service, Specialty Trading & Wholesale, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YD7A, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 56 |
| Profitability | 65.8 | 60 |
| Cash conversion | 64 | 57 |
| Efficiency | 15.8 | 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 40% of House Foods Group's sales come from Spices and processed food, with Food restaurant and Overseas food products making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit -8.8%.

## Company structure

- Segment revenue mix: Spices and processed food 40.0%、Food restaurant 20.6%、Overseas food products 19.8%、Other foods related 14.3%、Healthy food 5.2%
- Revenue → net income: ¥316977000000 → ¥8762000000
- Net income → operating cash flow: ¥8762000000 → ¥24474000000（difference ¥15712000000）
- Main uses of operating cash flow: CapEx ¥14526000000 / dividends ¥4504000000 / buybacks ¥10001000000
- Change in cash: ¥6446000000
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 | ¥317B |  |
| Operating income | ¥18.2B | Margin 5.8% |
| Net income | ¥7.36B | Margin 2.3% |
| Free cash flow | ¥9.95B |  |
| Largest business | Spices and processed food | of segment revenue 40.0% |
| Employees (consolidated) | 6,564 |  |
| EPS | ¥138.67 |  |
| Book value per share | ¥2051.98 |  |
| Equity ratio | 67.0% |  |
| Shares outstanding | 98,498,000 |  |
| Treasury shares | 7,318,200 |  |
| Shareholders | 74,709 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 21.7% | Cash ÷ revenue 29.9% |
| Vs. industry median margin | +1.7 pp | Processed Foods |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, buybacks were 2.2× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥250066000000 | ¥316977000000 | +26.8% |
| Operating income | ¥19413000000 | ¥18246000000 | -6.0% |
| Operating margin | 7.8% | 5.8% | -2 pp |
| Employees | 6,153 people | 6,564 people | +6.7% |
| Cash and equivalents | ¥78343000000 | ¥94803000000 | +21.0% |

### 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 |
| --- | ---: |
| 香辛・調味加工食品事業 → 香辛・調味加工食品事業 | 40.0% |
| 香辛・調味加工食品事業 → 事業再編・廃止 | 6.4% |
| 健康食品事業 → 健康食品事業 | 5.2% |
| 健康食品事業 → 事業再編・廃止 | 0.8% |
| 海外食品事業 → 海外食品事業 | 13.6% |
| 外食事業 → 外食事業 | 17.9% |
| その他食品関連事業 → その他食品関連事業 | 14.3% |
| その他食品関連事業 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 海外食品事業 | 6.3% |
| 新設・再編 → 外食事業 | 2.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Spices and processed food | 5 years | +1.8% | ¥126812000000 | 10.1% | 2 |
| Food restaurant | 5 years | +7.9% | ¥65393000000 | 5.2% | 2 |
| Overseas food products | 5 years | +13.1% | ¥62860000000 | 5.3% | 2 |
| Other foods related | 5 years | +2.3% | ¥45418000000 | 2.0% | 2 |
| Healthy food | 5 years | +1.8% | ¥16323000000 | 9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 316,977 | 100.0% | S100YD7A |
| Cost of revenue | 198,886 | 62.7% | S100YD7A |
| Gross profit | 118,091 | 37.3% | S100YD7A |
| SG&A | 99,845 | 31.5% | S100YD7A |
| Operating income | 18,246 | 5.8% | S100YD7A |
| Ordinary income | 19,526 | 6.2% | S100YD7A |
| Pretax income | 17,663 | 5.6% | S100YD7A |
| Income tax | 8,901 | 2.8% | S100YD7A |
| Net income | 8,762 | 2.8% | S100YD7A |
| Net income attributable to owners | 7,360 | 2.3% | S100YD7A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 31 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 37.3% → Operating margin 5.8% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.5%; Core profit growth: -8.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -17.78×
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 | 315,418 | 316,977 | 1,559 | +0.5% |
| Gross profit | 115,910 | 118,091 | 2,181 | +1.9% |
| Operating income | 20,004 | 18,246 | -1,758 | -8.8% |
| Net income attributable to owners | 12,493 | 7,360 | -5,133 | -41.1% |
| Operating cash flow | 26,568 | 24,474 | -2,094 | -7.9% |
| Free cash flow | 11,432 | 9,948 | -1,484 | -13.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 293,682 | 19,005 | 6.5% | 11,458 | 24,218 | 8,319 | S100LNVK |
| FY ending Mar 2021 | 250,066 | 19,413 | 7.8% | 8,752 | 23,181 | 12,187 | S100PHB5 |
| FY ending Mar 2022 | 253,386 | 19,227 | 7.6% | 13,956 | 16,140 | 2,365 | S100R1XD |
| FY ending Mar 2023 | 275,060 | 16,686 | 6.1% | 13,672 | 19,483 | 4,320 | S100UMVH |
| FY ending Mar 2024 | 299,600 | 19,470 | 6.5% | 17,580 | 25,571 | 12,899 | S100W1GI |
| FY ending Mar 2025 | 315,418 | 20,004 | 6.3% | 12,493 | 26,568 | 11,432 | S100YD7A |
| FY ending Mar 2026 | 316,977 | 18,246 | 5.8% | 7,360 | 24,474 | 9,948 | S100YD7A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.3M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 6,169 | 6,502 | 6,543 | 6,666 | 6,564 |
| Average salary (parent company) | ¥8.1M | ¥8.1M | ¥8M | ¥8.3M | ¥8.4M |
| Average age (parent company) | 42.1 years | 42.1 years | 42.3 years | 41.8 years | 41.9 years |
| Average tenure (parent company) | 16.1 years | 15.7 years | 15.2 years | 14.9 years | 14.3 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Spices and processed food | 126,812 | 40.0% | 12,838 | 10.1% |
| Healthy food | 16,323 | 5.2% | 1,527 | 9.4% |
| Overseas food products | 62,860 | 19.8% | 3,361 | 5.3% |
| Food restaurant | 65,393 | 20.6% | 3,388 | 5.2% |
| Other foods related | 45,418 | 14.3% | 905 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Spices and processed food | 40.0% | 58.3% | 18.3 | 10.1% |
| Healthy food | 5.2% | 6.9% | 1.8 | 9.4% |
| Overseas food products | 19.8% | 15.3% | -4.6 | 5.3% |
| Food restaurant | 20.6% | 15.4% | -5.3 | 5.2% |
| Other foods related | 14.3% | 4.1% | -10.2 | 2.0% |

Segment → industry: Healthy food → Beverages & Dairy / Overseas food products → Processed Foods / Healthy food → Processed Foods / Spices and processed food → Processed Foods / Food restaurant → Fast Food & Quick Service / Other foods related → Specialty Trading & Wholesale / Other foods related → Takeout & Delivery Meals

## 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 | 24,474 | 7.7% | S100YD7A |
| Capital expenditure | 14,526 | 4.6% | S100YD7A |
| Free cash flow | 9,948 | 3.1% | 算出 |
| Investing cash flow | 325 | 0.1% | S100YD7A |
| Financing cash flow | -19,365 | -6.1% | S100YD7A |
| Dividends paid | 4,504 | 1.4% | S100YD7A |
| Share buyback | 10,001 | 3.2% | S100YD7A |
| Change in cash | 6,446 | 2.0% | S100YD7A |
| Cash and equivalents | 94,803 | 29.9% | S100YD7A |

## 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 | 75,705 | 62,682 | 80,165 | 88,357 | 94,803 | S100UMVH, S100W1GI, S100YD7A |
| Total assets | 382,021 | 396,910 | 431,836 | 435,074 | 437,275 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Net assets | 298,567 | 301,335 | 321,609 | 322,878 | 322,715 | S100UMVH, S100W1GI, S100YD7A |
| Share capital | 9,948 | 9,948 | 9,948 | 9,948 | 9,948 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Trade receivables | 46,446 | 50,364 | 53,984 | 53,664 | 54,550 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Property, plant and equipment | 92,024 | 102,368 | 104,609 | 110,698 | 107,212 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Intangible assets excluding goodwill | 43,368 | 54,187 | 56,056 | 49,379 | 43,048 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Goodwill | 268 | 7,745 | 9,296 | 3,734 | 3,467 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Investment securities | 66,729 | 59,108 | 65,690 | 48,344 | 51,298 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Current assets | 157,123 | 154,924 | 171,208 | 189,802 | 196,289 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Current liabilities | 51,609 | 56,654 | 65,777 | 63,121 | 64,840 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Trade payables | 18,264 | 20,506 | 22,032 | 22,261 | 20,344 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Short-term borrowings | 4,149 | 5,452 | 7,523 | 7,859 | 6,835 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Long-term borrowings | 177 | 161 | 193 | 6,549 | 5,838 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Total liabilities | 83,454 | 95,575 | 110,227 | 112,196 | 114,559 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Non-controlling interests | 29,601 | 29,050 | 29,400 | 30,055 | 29,906 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Equity attributable to owners of parent | 237,762 | 240,925 | 252,064 | 252,290 | 246,086 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Retained earnings | 208,969 | 218,106 | 231,199 | 232,501 | 235,527 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |
| Treasury stock | -3,984 | -9,957 | -11,933 | -13,008 | -22,238 | S100R1XD, S100UMVH, S100W1GI, S100YD7A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YD7A |
| Receivables | 12% | S100YD7A |
| Property, plant and equipment | 24% | S100YD7A |
| Intangibles and goodwill | 11% | S100YD7A |
| Investment securities | 12% | S100YD7A |
| Other assets | 19% | S100YD7A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YD7A |
| Other liabilities | 21% | S100YD7A |
| Equity | 74% | S100YD7A |
| Other liabilities | 0% | S100YD7A |

### 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 | 382,021 | 396,910 | 431,836 | 435,074 | 437,275 |
| Equity | 298,567 | 301,335 | 321,609 | 322,878 | 322,715 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 75,705 | 62,682 | 80,165 | 88,357 | 94,803 |

## 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) | 33.8% | S100YD7A |
| Fixed assets ÷ total assets | 24.5% | S100YD7A |
| Goodwill ÷ parent equity | 1.4% | S100YD7A |

Goodwill over 4 years: 268 → 3,467 JPY; total investing cash flow: -46,120 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) | 21.7% |
| Cash ÷ revenue | 29.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.1% |
| Cash vs. profit gap | 17,114 JPY mn (of net income 232.5%) |
| Shareholder returns / net income | 197.1% |
| Shareholder returns / FCF | 145.8% |
| Shareholder payments — dividends / net income | 61.2% |
| Shareholder payments — dividends / FCF | 45.3% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 1.3% |

## 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 | 5.5% | 0.66× | 3.7% | 1.61× | 5.9% | S100R1XD |
| 2023 | 5.0% | 0.71× | 3.5% | 1.63× | 5.7% | S100UMVH |
| 2024 | 5.9% | 0.72× | 4.2% | 1.68× | 7.1% | S100W1GI |
| 2025 | 4.0% | 0.73× | 2.9% | 1.72× | 5.0% | S100YD7A |
| 2026 | 2.3% | 0.73× | 1.7% | 1.75× | 3.0% | S100YD7A |

## 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 | 9.6% | 2026-03-31 |
| ハウス興産株式会社 | Major shareholder | 9.3% | 2026-03-31 |
| 株式会社HKL | Major shareholder | 8.7% | 2026-03-31 |
| 公益財団法人浦上食品・食文化 振興財団 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 浦上 節子 | Major shareholder | 2.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 edged up +0.5% to ¥317B from ¥315.4B.
- Profit went the other way: operating income slipped -8.8% to ¥18.2B, and net income attributable to owners fell -41.1% to ¥7.36B.
- Operating cash flow was ¥24.5B, down -7.9%, and free cash flow came in at ¥9.95B.

### Drivers

- The company raised prices on some products, but that was not enough to offset higher raw material and other costs.
- In spices and processed food, volumes dropped right after the price increases but recovered in the second half, keeping full-year profit roughly level.
- An impairment on goodwill and customer-related assets from the US business acquisition weighed on net income, outweighing gains from selling a subsidiary and some cross-held shares.

### Risks

- Most sales are in Japan, so a shrinking domestic market from population decline could hurt results.
- If acquired businesses fall short of plan, more impairment losses on goodwill could follow.
- Rising raw material prices and inflation are pushing consumers to save more.

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YD7A | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7A,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W1GI | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1GI,, |
| 訂正有価証券報告書－第78期(2023/04/01－2024/03/31) | S100UMVH | 2024-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UMVH,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R1XD | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1XD,, |
| 訂正有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100PHB5 | 2022-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PHB5,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LNVK | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNVK,, |

## 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).