# Ifuji Sangyo Co., Ltd.: 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54期(2025/04/01－2026/03/31) (S100Y9CI)
> Page: https://vizora.meequs.com/en/company/ifuji-sangyo
> Retrieved: 2026-09-30T22:47:28.113Z

## Company

Ifuji Sangyo, founded in 1972, is a company in E-commerce listed on TSE Standard. It has 184 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ifuji Sangyo Co., Ltd. |
| Ticker | 2924 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2924.T) |
| Listing | TSE Standard |
| Head office | 福岡県糟屋郡粕屋町戸原東二丁目1番29号 |
| Representative (per filing) | 代表取締役社長 藤井宗徳 |
| Founded | Oct 1972 |
| Share capital | ¥455M |
| Employees (consolidated) | 184 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.ifuji.co.jp (https://www.ifuji.co.jp/) |
| Corporate number | 7290001038112 |
| EDINET | E00511 |
| Industries (Vizora) | E-commerce, Food Ingredients, Processed Foods |

> Profile source: annual securities report (S100Y9CI, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.2 | 22 |
| Profitability | 64.6 | 24 |
| Cash conversion | 6.3 | 24 |
| Efficiency | 97.9 | 24 |
| Financial strength | 75 | 6 |

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 94% of Ifuji Sangyo's sales come from Liquid egg business, with Seasoning and Organic food and E-commerce Business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +27.4% from the prior year, operating profit -6.9%.

## Company structure

- Segment revenue mix: Liquid egg business 93.6%、Seasoning 3.7%、Organic food and E-commerce Business 2.7%
- Revenue → net income: ¥32572000000 → ¥2003000000
- Net income → operating cash flow: ¥2003000000 → ¥1174000000（difference ¥-829000000）
- Main uses of operating cash flow: CapEx ¥2231000000 / dividends ¥585000000 / buybacks ¥0
- Change in cash: ¥-559000000
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 | ¥32.6B |  |
| Operating income | ¥2.79B | Margin 8.6% |
| Net income | ¥2B | Margin 6.1% |
| Free cash flow | -¥1.06B |  |
| Largest business | Liquid egg business | of segment revenue 93.6% |
| Employees (consolidated) | 184 |  |
| EPS | ¥243.68 |  |
| Book value per share | ¥1472.07 |  |
| Equity ratio | 66.7% |  |
| Shares outstanding | 8,345,370 |  |
| Treasury shares | 195,700 |  |
| Shareholders | 4,941 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 18.3% | Net cash ¥236M · Cash ÷ revenue 10.6% |
| Vs. industry median margin | +3.2 pp | Food Ingredients |
| ROE | 16.9% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13825000000 | ¥32572000000 | +135.6% |
| Operating income | ¥1184000000 | ¥2790000000 | +135.6% |
| Operating margin | 8.6% | 8.6% | 0 pp |
| Employees | 145 people | 184 people | +26.9% |
| Cash and equivalents | ¥2429000000 | ¥3454000000 | +42.2% |

### 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 |
| --- | ---: |
| 鶏卵関連事業 → 事業再編・廃止 | 91.8% |
| 調味料関連事業 → 事業再編・廃止 | 8.0% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 液卵事業 | 93.6% |
| 新設・再編 → 調味料事業 | 3.7% |
| 新設・再編 → オーガニックEC事業 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Liquid egg business | 2 years | +14.4% | ¥30482000000 | 8.8% | 2 |
| Seasoning | 2 years | +0.2% | ¥1212000000 | 7.3% | 2 |
| Organic food and E-commerce Business | — | — | ¥877000000 | 0.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,572 | 100.0% | S100Y9CI |
| Cost of revenue | 26,668 | 81.9% | S100Y9CI |
| Gross profit | 5,903 | 18.1% | S100Y9CI |
| SG&A | 3,113 | 9.6% | S100Y9CI |
| Operating income | 2,790 | 8.6% | S100Y9CI |
| Ordinary income | 2,857 | 8.8% | S100Y9CI |
| Pretax income | 2,857 | 8.8% | S100Y9CI |
| Income tax | 854 | 2.6% | S100Y9CI |
| Net income | 2,003 | 6.1% | S100Y9CI |
| Net income attributable to owners | 2,003 | 6.1% | S100Y9CI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 9 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 18.1% → Operating margin 8.6% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +27.4%; Core profit growth: -6.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.25×
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 | 25,557 | 32,572 | 7,015 | +27.4% |
| Gross profit | 6,069 | 5,903 | -166 | -2.7% |
| Operating income | 2,998 | 2,790 | -208 | -6.9% |
| Net income attributable to owners | 2,102 | 2,003 | -99 | -4.7% |
| Operating cash flow | 4,031 | 1,174 | -2,857 | -70.9% |
| Free cash flow | 2,614 | -1,057 | -3,671 | -140.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,312 | 928 | 6.5% | 614 | 1,165 | 887 | S100LM54 |
| FY ending Mar 2021 | 13,825 | 1,184 | 8.6% | 830 | 1,053 | 817 | S100O7LH |
| FY ending Mar 2022 | 17,430 | 1,325 | 7.6% | 996 | 1,140 | 829 | S100QX3A |
| FY ending Mar 2023 | 20,891 | 1,575 | 7.5% | 1,116 | 1,273 | 830 | S100TM28 |
| FY ending Mar 2024 | 24,503 | 1,766 | 7.2% | 1,597 | -292 | -984 | S100VXIA |
| FY ending Mar 2025 | 25,557 | 2,998 | 11.7% | 2,102 | 4,031 | 2,614 | S100Y9CI |
| FY ending Mar 2026 | 32,572 | 2,790 | 8.6% | 2,003 | 1,174 | -1,057 | S100Y9CI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥177M |
| Operating income per employee (consolidated) | ¥15.2M |
| Net income per employee (consolidated) | ¥10.9M |

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) | 138 | 146 | 153 | 168 | 184 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.4M | ¥5.8M | ¥5.7M |
| Average age (parent company) | 39.5 years | 38.5 years | 38.5 years | 38.5 years | 38.5 years |
| Average tenure (parent company) | 13.3 years | 12.7 years | 12.3 years | 12.3 years | 12.3 years |

Year over year: Employees (consolidated) +9.5% · Revenue (consolidated) +27.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Liquid egg business | 30,482 | 93.6% | 2,695 | 8.8% |
| Seasoning | 1,212 | 3.7% | 89 | 7.3% |
| Organic food and E-commerce Business | 877 | 2.7% | 5 | 0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Liquid egg business | 93.6% | 96.6% | 3.0 | 8.8% |
| Seasoning | 3.7% | 3.2% | -0.5 | 7.3% |
| Organic food and E-commerce Business | 2.7% | 0.2% | -2.5 | 0.6% |

Segment → industry: Organic food and E-commerce Business → E-commerce / Liquid egg business → Food Ingredients / Seasoning → 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 | 1,174 | 3.6% | S100Y9CI |
| Capital expenditure | 2,231 | 6.8% | S100Y9CI |
| Free cash flow | -1,057 | -3.2% | 算出 |
| Investing cash flow | -2,251 | -6.9% | S100Y9CI |
| Financing cash flow | 517 | 1.6% | S100Y9CI |
| Dividends paid | 585 | 1.8% | S100Y9CI |
| Share buyback | 0 | 0.0% | S100Y9CI |
| Change in cash | -559 | -1.7% | S100Y9CI |
| Cash and equivalents | 3,454 | 10.6% | S100Y9CI |

## 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 | 2,661 | 3,130 | 3,133 | 4,014 | 3,454 | S100TM28, S100VXIA, S100Y9CI |
| Total assets | 11,759 | 13,669 | 14,636 | 16,749 | 18,925 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Net assets | 7,529 | 8,430 | 9,693 | 11,161 | 12,620 | S100TM28, S100VXIA, S100Y9CI |
| Share capital | 455 | 455 | 455 | 455 | 455 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Property, plant and equipment | 4,704 | 4,849 | 4,821 | 6,039 | 7,274 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Intangible assets excluding goodwill | 8 | 6 | 5 | 466 | 412 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Goodwill | — | — | — | 456 | 393 | S100Y9CI |
| Investment securities | 123 | 129 | 181 | 175 | 207 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Current assets | 6,824 | 8,520 | 9,429 | 9,967 | 10,921 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Current liabilities | 2,863 | 3,927 | 4,525 | 4,549 | 4,833 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Trade payables | 667 | 1,272 | 1,091 | 1,191 | 1,499 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Short-term borrowings | 1,002 | 960 | 2,197 | 1,160 | 1,865 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Long-term borrowings | 775 | 708 | 329 | 911 | 1,329 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Bonds | — | — | — | 40 | 24 | S100Y9CI |
| Interest-bearing debt | — | — | — | 2,111 | 3,218 | 算出 |
| Total liabilities | 4,230 | 5,239 | 4,943 | 5,588 | 6,305 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Equity attributable to owners of parent | 7,489 | 8,389 | 9,619 | 11,096 | 12,539 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Retained earnings | 6,737 | 7,607 | 8,817 | 10,523 | 11,939 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |
| Treasury stock | -86 | -65 | -53 | -297 | -279 | S100QX3A, S100TM28, S100VXIA, S100Y9CI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y9CI |
| Property, plant and equipment | 39% | S100Y9CI |
| Intangibles and goodwill | 4% | S100Y9CI |
| Investment securities | 1% | S100Y9CI |
| Other assets | 38% | S100Y9CI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Y9CI |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 8% | S100Y9CI |
| Equity | 67% | S100Y9CI |

### 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 | 11,759 | 13,669 | 14,636 | 16,749 | 18,925 |
| Equity | 7,529 | 8,430 | 9,693 | 11,161 | 12,620 |
| Interest-bearing debt | — | — | — | 2,111 | 3,218 |
| Cash | 2,661 | 3,130 | 3,133 | 4,014 | 3,454 |

## 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) | 22.3% | S100Y9CI |
| Fixed assets ÷ total assets | 38.4% | S100Y9CI |
| Goodwill ÷ parent equity | 3.1% | S100Y9CI |

### 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) | 18.3% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | ¥236M |
| Net debt ÷ operating cash flow | -0.20× |
| Cash conversion (operating CF ÷ operating income) | 42.1% |
| Cash vs. profit gap | -829 JPY mn (of net income -41.4%) |
| Shareholder returns / net income | 29.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 191.7% |

## 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 | 5.7% | 1.48× | 8.5% | 1.57× | 13.3% | S100QX3A |
| 2023 | 5.3% | 1.64× | 8.8% | 1.60× | 14.1% | S100TM28 |
| 2024 | 6.5% | 1.73× | 11.3% | 1.57× | 17.7% | S100VXIA |
| 2025 | 8.2% | 1.63× | 13.4% | 1.52× | 20.3% | S100Y9CI |
| 2026 | 6.1% | 1.83× | 11.2% | 1.51× | 16.9% | S100Y9CI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社将コーポレーション | Major shareholder | 14.5% | 2026-03-31 |
| 宇髙 紫乃 | Major shareholder | 8.9% | 2026-03-31 |
| 宇髙 真一 | Major shareholder | 5.2% | 2026-03-31 |
| 宇髙 和真 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 藤井 将徳 | Major shareholder | 4.5% | 2026-03-31 |
| 宇髙 悠真 | Major shareholder | 3.5% | 2026-03-31 |
| 藤井 智徳 | Major shareholder | 3.4% | 2026-03-31 |
| 国立大学法人九州大学 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社オリエンタルフアーム | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100Y9CI | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9CI,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100VXIA | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXIA,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TM28 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM28,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100QX3A | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QX3A,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100O7LH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7LH,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LM54 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM54,, |

## 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).