# ICHIMASA KAMABOKO CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/07/01－2026/06/30) (S100Z3NV)
> Page: https://vizora.meequs.com/en/company/ichimasa-kamaboko
> Retrieved: 2026-09-30T20:00:02.262Z

## Company

Ichimasa Kamaboko, founded in 1965, is a company in Agriculture & Seeds listed on TSE Standard. It has 938 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICHIMASA KAMABOKO CO.,LTD. |
| Ticker | 2904 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2904.T) |
| Listing | TSE Standard |
| Head office | 新潟市東区津島屋七丁目77番地 |
| Representative (per filing) | 代表取締役 社長執行役員 野崎正博 |
| Founded | Jan 1965 |
| Share capital | ¥940M |
| Employees (consolidated) | 938 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | June |
| Website | corporate.ichimasa.co.jp (https://corporate.ichimasa.co.jp/) |
| Corporate number | 5110001001304 |
| EDINET | E00476 |
| Industries (Vizora) | Agriculture & Seeds, Fisheries, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Z3NV, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 4.5 | 11 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 31.8 | 11 |

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 Ichimasa Kamaboko's sales come from Fish jelly product and fish dish, with Mushroom and Transportation and warehousing business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -31.3%.

## Company structure

- Segment revenue mix: Fish jelly product and fish dish 88.1%、Mushroom 11.0%、Transportation and warehousing business 0.9%
- Revenue → net income: ¥35542412000 → ¥301077000
- Net income → operating cash flow: ¥301077000 → ¥2285181000（difference ¥1984104000）
- Main uses of operating cash flow: CapEx ¥1879518000 / dividends ¥259348000 / buybacks —
- Change in cash: ¥195046000
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 | ¥35.5B |  |
| Operating income | ¥611.9M | Margin 1.7% |
| Net income | ¥326.2M | Margin 0.9% |
| Free cash flow | ¥405.7M |  |
| Largest business | Fish jelly product and fish dish | of segment revenue 88.1% |
| Employees (consolidated) | 938 |  |
| EPS | ¥-0.18 |  |
| Book value per share | ¥765.29 |  |
| Equity ratio | 48.5% |  |
| Shares outstanding | 18,590,000 |  |
| Treasury shares | 65,000 |  |
| Shareholders | 18,660 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 4.1% | Cash ÷ revenue 3.5% |
| Vs. industry median margin | -1.5 pp | Fisheries |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.0× net income
- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34689227000 | ¥35542412000 | +2.5% |
| Operating income | ¥1735953000 | ¥611901000 | -64.8% |
| Operating margin | 5.0% | 1.7% | -3.3 pp |
| Employees | 943 people | 938 people | -0.5% |
| Cash and equivalents | ¥1286873000 | ¥1256866000 | -2.3% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 水産練製品 ・ 惣菜事業 → 水産練製品 ・ 惣菜事業 | 85.4% |
| きのこ事業 → きのこ事業 | 11.0% |
| きのこ事業 → 事業再編・廃止 | 2.3% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 水産練製品 ・ 惣菜事業 | 2.7% |
| 新設・再編 → 運送・倉庫事業 | 0.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fish jelly product and fish dish | 5 years | +1.1% | ¥31318040000 | 2.4% | 2 |
| Mushroom | 5 years | -3.2% | ¥3894785000 | -6.3% | 2 |
| Transportation and warehousing business | 2 years | -8.3% | ¥329586000 | 30.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,542 | 100.0% | S100Z3NV |
| Cost of revenue | 28,924 | 81.4% | S100Z3NV |
| Gross profit | 6,618 | 18.6% | S100Z3NV |
| SG&A | 6,006 | 16.9% | S100Z3NV |
| Operating income | 612 | 1.7% | S100Z3NV |
| Ordinary income | 529 | 1.5% | S100Z3NV |
| Pretax income | 505 | 1.4% | S100Z3NV |
| Income tax | 204 | 0.6% | S100Z3NV |
| Net income | 301 | 0.8% | S100Z3NV |
| Net income attributable to owners | 326 | 0.9% | S100Z3NV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 17 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 18.6% → Operating margin 1.7% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -31.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -11.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,579 | 35,542 | 963 | +2.8% |
| Gross profit | 6,988 | 6,618 | -370 | -5.3% |
| Operating income | 891 | 612 | -279 | -31.3% |
| Net income attributable to owners | 747 | 326 | -421 | -56.3% |
| Operating cash flow | 1,616 | 2,285 | 669 | +41.4% |
| Free cash flow | -959 | 406 | 1,364 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 36,047 | 1,888 | 5.2% | 253 | 2,836 | 1,984 | S100MHPA |
| FY ending Jun 2021 | 34,689 | 1,736 | 5.0% | 2,684 | 2,417 | 862 | S100P7X7 |
| FY ending Jun 2022 | 31,636 | 546 | 1.7% | 565 | 1,802 | -688 | S100RVLN |
| FY ending Jun 2023 | 32,814 | -193 | -0.6% | 84 | -1,017 | -5,536 | S100UEAA |
| FY ending Jun 2024 | 34,487 | 1,271 | 3.7% | 957 | 5,198 | 3,122 | S100WQ1K |
| FY ending Jun 2025 | 34,579 | 891 | 2.6% | 747 | 1,616 | -959 | S100Z3NV |
| FY ending Jun 2026 | 35,542 | 612 | 1.7% | 326 | 2,285 | 406 | S100Z3NV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.9M |
| Operating income per employee (consolidated) | ¥652.3K |
| Net income per employee (consolidated) | ¥347.8K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 952 | 935 | 928 | 928 | 938 |
| Average salary (parent company) | ¥4.1M | ¥4.1M | ¥4.2M | ¥4.3M | ¥4.5M |
| Average age (parent company) | 39.6 years | 40.0 years | 39.9 years | 40.2 years | 40.4 years |
| Average tenure (parent company) | 11.8 years | 12.2 years | 12.5 years | 12.8 years | 13.2 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fish jelly product and fish dish | 31,318 | 88.1% | 751 | 2.4% |
| Mushroom | 3,895 | 11.0% | -247 | -6.3% |
| Transportation and warehousing business | 330 | 0.9% | 100 | 30.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fish jelly product and fish dish | 88.1% | 88.2% | 0.1 | 2.4% |
| Mushroom | 11.0% | — | — | -6.3% |
| Transportation and warehousing business | 0.9% | 11.8% | 10.8 | 30.4% |

Loss-making segment (excluded from profit shares): Mushroom -247 JPY mn

Segment → industry: Mushroom → Agriculture & Seeds / Fish jelly product and fish dish → Fisheries / Transportation and warehousing business → Trucking & Parcel Delivery / Transportation and warehousing business → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,285 | 6.4% | S100Z3NV |
| Capital expenditure | 1,880 | 5.3% | S100Z3NV |
| Free cash flow | 406 | 1.1% | 算出 |
| Investing cash flow | -1,766 | -5.0% | S100Z3NV |
| Financing cash flow | -330 | -0.9% | S100Z3NV |
| Dividends paid | 259 | 0.7% | S100Z3NV |
| Change in cash | 195 | 0.5% | S100Z3NV |
| Cash and equivalents | 1,257 | 3.5% | S100Z3NV |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,283 | 1,372 | 3,184 | 1,062 | 1,257 | S100UEAA, S100WQ1K, S100Z3NV |
| Total assets | 25,296 | 30,679 | 31,393 | 30,413 | 30,886 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Net assets | 13,863 | 13,580 | 14,504 | 14,908 | 15,035 | S100UEAA, S100WQ1K, S100Z3NV |
| Share capital | 940 | 940 | 940 | 940 | 940 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Property, plant and equipment | 12,944 | 17,236 | 17,643 | 18,805 | 18,644 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Intangible assets excluding goodwill | 435 | 390 | 354 | 409 | 311 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Goodwill | — | — | — | 113 | — | S100Z3NV |
| Investment securities | 2,467 | 2,014 | 2,104 | 1,833 | 1,905 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Current assets | 9,112 | 10,522 | 10,851 | 8,952 | 9,646 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Current liabilities | 8,364 | 10,971 | 8,426 | 7,679 | 8,658 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Trade payables | 1,985 | 1,942 | 1,949 | 1,999 | 2,506 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Short-term borrowings | 1,495 | 4,000 | — | 360 | 600 | S100RVLN, S100UEAA, S100Z3NV |
| Long-term borrowings | 2,376 | 4,015 | 6,255 | 5,528 | 5,058 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Bonds | 200 | 100 | — | — | — | S100RVLN, S100UEAA |
| Interest-bearing debt | 4,071 | 8,115 | — | — | — | 算出 |
| Total liabilities | 11,433 | 17,099 | 16,888 | 15,505 | 15,850 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Non-controlling interests | — | — | — | 80 | 59 | S100Z3NV |
| Equity attributable to owners of parent | 12,744 | 12,606 | 13,341 | 13,823 | 13,906 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Retained earnings | 11,320 | 11,182 | 11,917 | 12,442 | 12,509 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |
| Treasury stock | -166 | -166 | -166 | -209 | -192 | S100RVLN, S100UEAA, S100WQ1K, S100Z3NV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Z3NV |
| Property, plant and equipment | 60% | S100Z3NV |
| Intangibles and goodwill | 1% | S100Z3NV |
| Investment securities | 6% | S100Z3NV |
| Other assets | 29% | S100Z3NV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Z3NV |
| Other liabilities | 43% | S100Z3NV |
| Equity | 49% | S100Z3NV |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,296 | 30,679 | 31,393 | 30,413 | 30,886 |
| Equity | 13,863 | 13,580 | 14,504 | 14,908 | 15,035 |
| Interest-bearing debt | 4,071 | 8,115 | — | — | — |
| Cash | 2,283 | 1,372 | 3,184 | 1,062 | 1,257 |

## 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) | 52.5% | S100Z3NV |
| Fixed assets ÷ total assets | 60.4% | S100Z3NV |
| Goodwill ÷ parent equity | — | —, S100Z3NV |

### 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) | 4.1% |
| Cash ÷ revenue | 3.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 373.5% |
| Cash vs. profit gap | 1,959 JPY mn (of net income 600.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 79.5% |
| Shareholder payments — dividends / FCF | 63.9% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 77.3% |

## 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 | 1.8% | 1.25× | 2.2% | 1.98× | 4.4% | S100RVLN |
| 2023 | 0.3% | 1.17× | 0.3% | 2.21× | 0.7% | S100UEAA |
| 2024 | 2.8% | 1.11× | 3.1% | 2.39× | 7.4% | S100WQ1K |
| 2025 | 2.2% | 1.12× | 2.4% | 2.28× | 5.5% | S100Z3NV |
| 2026 | 0.9% | 1.16× | 1.1% | 2.21× | 2.4% | S100Z3NV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ノザキ | Major shareholder | 31.0% | 2026-06-30 |
| 東京中小企業投資育成株式会社 | Major shareholder | 5.9% | 2026-06-30 |
| 野 崎 正 博 | Major shareholder | 2.8% | 2026-06-30 |
| サトウ食品株式会社 | Major shareholder | 2.8% | 2026-06-30 |
| 川 口 栄 介 | Major shareholder | 1.8% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.7% | 2026-06-30 |
| 日本生命保険相互会社 | Major shareholder | 1.4% | 2026-06-30 |
| みずほ信託銀行株式会社 退職給付信託 亀田製菓口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.4% | 2026-06-30 |
| 農林中央金庫 | Major shareholder | 1.1% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.1% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/07/01－2026/06/30) | S100Z3NV | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3NV,, |
| 有価証券報告書－第61期(2024/07/01－2025/06/30) | S100WQ1K | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ1K,, |
| 有価証券報告書－第60期(2023/07/01－2024/06/30) | S100UEAA | 2024-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEAA,, |
| 有価証券報告書－第59期(2022/07/01－2023/06/30) | S100RVLN | 2023-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVLN,, |
| 有価証券報告書－第58期(令和3年7月1日－令和4年6月30日) | S100P7X7 | 2022-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P7X7,, |
| 訂正有価証券報告書－第57期(令和2年7月1日－令和3年6月30日) | S100MHPA | 2021-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHPA,, |

## 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).