# Iceco Inc.: 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74期(2025/04/01－2026/03/31) (S100YHLL)
> Page: https://vizora.meequs.com/en/company/iceco
> Retrieved: 2026-09-30T20:58:46.727Z

## Company

Iceco, founded in 1952, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 868 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Iceco Inc. |
| Ticker | 7698 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7698.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市泉区新橋町1212番地 |
| Representative (per filing) | 代表取締役社長 相原 貴久 |
| Founded | May 1952 |
| Share capital | ¥383.9M |
| Employees (consolidated) | 868 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.iceco.co.jp (https://www.iceco.co.jp/) |
| Corporate number | 5020001000471 |
| EDINET | E36435 |
| Industries (Vizora) | Specialty Trading & Wholesale, Supermarkets |

> Profile source: annual securities report (S100YHLL, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.4 | 179 |
| Profitability | 20.3 | 185 |
| Cash conversion | 34.4 | 179 |
| Efficiency | 93.8 | 185 |

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 88% of Iceco's sales come from Frozen, with Supermarket making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +24.6%.

## Company structure

- Segment revenue mix: Frozen 87.6%、Supermarket 12.4%
- Revenue → net income: ¥57716328000 → ¥374997000
- Net income → operating cash flow: ¥374997000 → ¥593591000（difference ¥218594000）
- Main uses of operating cash flow: CapEx ¥3381823000 / dividends ¥75457000 / buybacks —
- Change in cash: ¥326558000
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 | ¥57.7B |  |
| Operating income | ¥782.2M | Margin 1.4% |
| Net income | ¥375M | Margin 0.6% |
| Free cash flow | -¥2.79B |  |
| Largest business | Frozen | of segment revenue 87.6% |
| Employees (consolidated) | 868 |  |
| EPS | ¥95.78 |  |
| Diluted EPS | ¥92.52 |  |
| Book value per share | ¥1055.21 |  |
| Equity ratio | 19.8% |  |
| Shares outstanding | 3,930,500 |  |
| Shareholders | 10,964 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 8.4% | Cash ÷ revenue 3.1% |
| Vs. industry median margin | -1.5 pp | Specialty Trading & Wholesale |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40551298000 | ¥57716328000 | +42.3% |
| Operating income | ¥800061000 | ¥782208000 | -2.2% |
| Operating margin | 2.0% | 1.4% | -0.6 pp |
| Employees | 645 people | 868 people | +34.6% |
| Cash and equivalents | ¥1677384000 | ¥1764518000 | +5.2% |

### 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 |
| --- | ---: |
| フローズン事業 → フローズン事業 | 76.9% |
| スーパーマーケット事業 → スーパーマーケット事業 | 12.4% |
| スーパーマーケット事業 → 事業再編・廃止 | 10.8% |
| 新設・再編 → フローズン事業 | 10.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,716 | 100.0% | S100YHLL |
| Cost of revenue | 47,725 | 82.7% | S100YHLL |
| Gross profit | 9,991 | 17.3% | S100YHLL |
| SG&A | 9,209 | 16.0% | S100YHLL |
| Operating income | 782 | 1.4% | S100YHLL |
| Ordinary income | 791 | 1.4% | S100YHLL |
| Pretax income | 557 | 1.0% | S100YHLL |
| Income tax | 182 | 0.3% | S100YHLL |
| Net income | 375 | 0.6% | S100YHLL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 17.3% → Operating margin 1.4% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +24.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.48×
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 | 54,717 | 57,716 | 2,999 | +5.5% |
| Gross profit | 9,573 | 9,991 | 418 | +4.4% |
| Operating income | 628 | 782 | 154 | +24.6% |
| Operating cash flow | 179 | 594 | 415 | +232.3% |
| Free cash flow | -562 | -2,788 | -2,226 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,728 | 145 | 0.4% | 144 | 311 | -292 | S100LTEM |
| FY ending Mar 2021 | 40,551 | 800 | 2.0% | 524 | 1,105 | 875 | S100OVQD |
| FY ending Mar 2022 | 42,265 | 353 | 0.8% | 255 | 992 | 657 | S100R40X |
| FY ending Mar 2023 | 44,887 | 117 | 0.3% | 144 | 392 | 83 | S100TT8F |
| FY ending Mar 2024 | 50,499 | 452 | 0.9% | 319 | 1,667 | 526 | S100W76Y |
| FY ending Mar 2025 | 54,717 | 628 | 1.1% | 482 | 179 | -562 | S100YHLL |
| FY ending Mar 2026 | 57,716 | 782 | 1.4% | 375 | 594 | -2,788 | S100YHLL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.5M |
| Operating income per employee (consolidated) | ¥901.2K |
| Net income per employee (consolidated) | ¥432K |

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) | 679 | 693 | 752 | 850 | 868 |
| Average salary (parent company) | ¥4.3M | ¥4.3M | ¥4.3M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 36.7 years | 37.3 years | 37.6 years | 38.5 years | 39.1 years |
| Average tenure (parent company) | 5.7 years | 5.9 years | 5.0 years | 5.7 years | 5.8 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Frozen | 50,568 | 87.6% | 699 | 1.4% |
| Supermarket | 7,148 | 12.4% | 83 | 1.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Frozen | 87.6% | 89.4% | 1.8 | 1.4% |
| Supermarket | 12.4% | 10.6% | -1.8 | 1.2% |

Segment → industry: Frozen → Specialty Trading & Wholesale / Supermarket → Supermarkets

## 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 | 594 | 1.0% | S100YHLL |
| Capital expenditure | 3,382 | 5.9% | S100YHLL |
| Free cash flow | -2,788 | -4.8% | 算出 |
| Investing cash flow | -2,883 | -5.0% | S100YHLL |
| Financing cash flow | 2,616 | 4.5% | S100YHLL |
| Dividends paid | 75 | 0.1% | S100YHLL |
| Change in cash | 327 | 0.6% | S100YHLL |
| Cash and equivalents | 1,765 | 3.1% | S100YHLL |

## 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 | 2,287 | 1,968 | 2,403 | 1,438 | 1,765 | S100TT8F, S100W76Y, S100YHLL |
| Total assets | 14,860 | 15,124 | 16,757 | 17,357 | 20,962 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Net assets | 3,073 | 3,166 | 3,431 | 3,839 | 4,148 | S100TT8F, S100W76Y, S100YHLL |
| Share capital | 351 | 361 | 372 | 378 | 384 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Trade receivables | 3,821 | 4,163 | 5,199 | 5,016 | 5,785 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Property, plant and equipment | 5,050 | 4,906 | 5,694 | 6,308 | 8,735 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Intangible assets excluding goodwill | 27 | 16 | 26 | 77 | 62 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Investment securities | 30 | 39 | 32 | 20 | 19 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Current assets | 8,499 | 8,960 | 9,766 | 9,669 | 10,730 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Current liabilities | 8,671 | 9,194 | 10,548 | 10,332 | 12,325 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Trade payables | 6,280 | 7,000 | 7,943 | 8,150 | 8,516 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Short-term borrowings | 700 | 700 | 700 | — | 1,491 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Long-term borrowings | 2,219 | 1,821 | 1,749 | 2,082 | 3,296 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Total liabilities | 11,787 | 11,958 | 13,326 | 13,518 | 16,814 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Equity attributable to owners of parent | 3,057 | 3,151 | 3,420 | 3,839 | 4,148 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Retained earnings | 2,430 | 2,504 | 2,751 | 3,158 | 3,455 | S100R40X, S100TT8F, S100W76Y, S100YHLL |
| Treasury stock | — | — | — | -0 | -0 | S100YHLL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YHLL |
| Receivables | 28% | S100YHLL |
| Property, plant and equipment | 42% | S100YHLL |
| Intangibles and goodwill | 0% | S100YHLL |
| Investment securities | 0% | S100YHLL |
| Other assets | 22% | S100YHLL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 41% | S100YHLL |
| Other liabilities | 39% | S100YHLL |
| Equity | 20% | S100YHLL |
| Other liabilities | 0% | S100YHLL |

### 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 | 14,860 | 15,124 | 16,757 | 17,357 | 20,962 |
| Equity | 3,073 | 3,166 | 3,431 | 3,839 | 4,148 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,287 | 1,968 | 2,403 | 1,438 | 1,765 |

## 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) | 15.1% | S100YHLL |
| Fixed assets ÷ total assets | 41.7% | S100YHLL |
| Goodwill ÷ parent equity | — | —, S100YHLL |

### 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) | 8.4% |
| Cash ÷ revenue | 3.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.9% |
| Cash vs. profit gap | 219 JPY mn (of net income 58.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 485.6% |

## 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 | 0.6% | 2.84× | 1.7% | 4.86× | 8.3% | S100R40X |
| 2023 | 0.3% | 2.99× | 1.0% | 4.83× | 4.7% | S100TT8F |
| 2024 | 0.6% | 3.17× | 2.0% | 4.85× | 9.7% | S100W76Y |
| 2025 | 0.9% | 3.21× | 2.8% | 4.70× | 13.3% | S100YHLL |
| 2026 | 0.6% | 3.01× | 2.0% | 4.80× | 9.4% | S100YHLL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社KANコーポレーション | Major shareholder | 34.4% | 2026-03-31 |
| 相原 敏貴 | Major shareholder | 5.7% | 2026-03-31 |
| 相原 貴久 | Major shareholder | 5.0% | 2026-03-31 |
| 江崎グリコ株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| アイスコ従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 大洋建設株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 青木 哲也 | Major shareholder | 1.5% | 2026-03-31 |
| 相原 久子 | Major shareholder | 1.5% | 2026-03-31 |
| 山本 宗男 | Major shareholder | 0.9% | 2026-03-31 |
| 浅井 功 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YHLL | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHLL,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W76Y | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W76Y,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TT8F | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT8F,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R40X | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R40X,, |
| 訂正有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OVQD | 2022-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OVQD,, |
| 訂正有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LTEM | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTEM,, |

## 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).