# Ishii Food 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85期(2025/04/01－2026/03/31) (S100YMHZ)
> Page: https://vizora.meequs.com/en/company/ishii-food
> Retrieved: 2026-09-30T22:20:16.469Z

## Company

Ishii Food, founded in 1966, is a company in Processed Foods listed on TSE Standard. It has 405 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ishii Food Co., Ltd. |
| Ticker | 2894 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2894.T) |
| Listing | TSE Standard |
| Head office | 千葉県船橋市本町二丁目7番17号 |
| Representative (per filing) | 代表取締役社長執行役員 石井 智康 |
| Founded | Nov 1966 |
| Share capital | ¥919.6M |
| Employees (consolidated) | 405 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | ishiifood.co.jp (https://ishiifood.co.jp/) |
| Corporate number | 7040001016687 |
| EDINET | E00453 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YMHZ, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.2 | 56 |
| Profitability | 5.8 | 60 |
| Cash conversion | 99.1 | 57 |
| Efficiency | 69.2 | 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)

- Ishii Food brought in ¥11B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +1.0% from the prior year, operating profit -97.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11B |  |
| Operating income | ¥6.4M | Margin 0.1% |
| Net income | -¥124.8M | Margin -1.1% |
| Free cash flow | ¥189.3M |  |
| Employees (consolidated) | 405 |  |
| EPS | ¥-5.9 |  |
| Book value per share | ¥225.46 |  |
| Equity ratio | 46.6% |  |
| Shares outstanding | 18,392,000 |  |
| Treasury shares | 1,745,200 |  |
| Shareholders | 8,154 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 25.2% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | -4 pp | Processed Foods |
| ROA | -1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8307026000 | ¥10979803000 | +32.2% |
| Operating income | ¥-182591000 | ¥6360000 | — |
| Operating margin | -2.2% | 0.1% | +2.3 pp |
| Employees | 358 people | 405 people | +13.1% |
| Cash and equivalents | ¥2579907000 | ¥2062799000 | -20.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,980 | 100.0% | S100YMHZ |
| Cost of revenue | 7,417 | 67.6% | S100YMHZ |
| Gross profit | 3,562 | 32.4% | S100YMHZ |
| SG&A | 3,556 | 32.4% | S100YMHZ |
| Operating income | 6 | 0.1% | S100YMHZ |
| Ordinary income | 5 | 0.0% | S100YMHZ |
| Pretax income | -90 | -0.8% | S100YMHZ |
| Income tax | 35 | 0.3% | S100YMHZ |
| Net income | -125 | -1.1% | S100YMHZ |
| Net income attributable to owners | -125 | -1.1% | S100YMHZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 32 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 32.4% → Operating margin 0.1% → Net margin -1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.0%; Core profit growth: -97.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -96.34×
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 | 10,870 | 10,980 | 110 | +1.0% |
| Gross profit | 3,628 | 3,562 | -65 | -1.8% |
| Operating income | 268 | 6 | -261 | -97.6% |
| Net income attributable to owners | 288 | -125 | -413 | -143.3% |
| Operating cash flow | 118 | 684 | 566 | +481.7% |
| Free cash flow | -561 | 189 | 750 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,556 | -126 | -1.3% | -162 | -132 | -305 | S100LR1P |
| FY ending Mar 2021 | 8,307 | -183 | -2.2% | -798 | 89 | -51 | S100OGTY |
| FY ending Mar 2022 | 8,831 | 78 | 0.9% | 16 | 155 | -121 | S100QZVS |
| FY ending Mar 2023 | 9,550 | 220 | 2.3% | 309 | 341 | -16 | S100TRT4 |
| FY ending Mar 2024 | 10,492 | 414 | 3.9% | 472 | 1,248 | 639 | S100W3AM |
| FY ending Mar 2025 | 10,870 | 268 | 2.5% | 288 | 118 | -561 | S100YMHZ |
| FY ending Mar 2026 | 10,980 | 6 | 0.1% | -125 | 684 | 189 | S100YMHZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.1M |
| Operating income per employee (consolidated) | ¥15.7K |
| Net income per employee (consolidated) | -¥308.1K |

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) | 368 | 372 | 388 | 403 | 405 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.3M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 43.0 years | 43.5 years | 43.3 years | 43.1 years | 42.9 years |
| Average tenure (parent company) | 15.3 years | 15.8 years | 15.4 years | 15.4 years | 15.2 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +1.0%

## 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 | 684 | 6.2% | S100YMHZ |
| Capital expenditure | 495 | 4.5% | S100YMHZ |
| Free cash flow | 189 | 1.7% | 算出 |
| Investing cash flow | -346 | -3.2% | S100YMHZ |
| Financing cash flow | -87 | -0.8% | S100YMHZ |
| Dividends paid | 67 | 0.6% | S100YMHZ |
| Share buyback | 0 | 0.0% | S100YMHZ |
| Change in cash | 250 | 2.3% | S100YMHZ |
| Cash and equivalents | 2,063 | 18.8% | S100YMHZ |

## 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 | 2,023 | 1,945 | 2,458 | 1,812 | 2,063 | S100TRT4, S100W3AM, S100YMHZ |
| Total assets | 6,035 | 6,708 | 8,096 | 7,657 | 8,200 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Net assets | 2,557 | 2,876 | 3,422 | 3,852 | 3,820 | S100TRT4, S100W3AM, S100YMHZ |
| Share capital | 920 | 920 | 920 | 920 | 920 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Property, plant and equipment | 1,719 | 1,812 | 2,179 | 2,406 | 2,614 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Intangible assets excluding goodwill | 252 | 383 | 451 | 476 | 416 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Investment securities | 455 | 508 | 706 | 778 | 1,070 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Current assets | 3,574 | 3,720 | 4,501 | 3,862 | 3,967 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Current liabilities | 2,828 | 3,194 | 4,003 | 3,191 | 3,561 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Short-term borrowings | 1,700 | 1,900 | 1,900 | 1,900 | 1,900 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Total liabilities | 3,478 | 3,832 | 4,674 | 3,805 | 4,380 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Equity attributable to owners of parent | 2,637 | 2,895 | 3,260 | 3,472 | 3,280 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Retained earnings | 1,355 | 1,613 | 2,034 | 2,255 | 2,064 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |
| Treasury stock | -311 | -311 | -367 | -376 | -376 | S100QZVS, S100TRT4, S100W3AM, S100YMHZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YMHZ |
| Property, plant and equipment | 32% | S100YMHZ |
| Intangibles and goodwill | 5% | S100YMHZ |
| Investment securities | 13% | S100YMHZ |
| Other assets | 25% | S100YMHZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YMHZ |
| Equity | 47% | S100YMHZ |

### 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 | 6,035 | 6,708 | 8,096 | 7,657 | 8,200 |
| Equity | 2,557 | 2,876 | 3,422 | 3,852 | 3,820 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,023 | 1,945 | 2,458 | 1,812 | 2,063 |

## 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) | 23.8% | S100YMHZ |
| Fixed assets ÷ total assets | 31.9% | S100YMHZ |
| Goodwill ÷ parent equity | — | —, S100YMHZ |

### 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) | 25.2% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 10753.7% |
| Cash vs. profit gap | 809 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 35.2% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 35.2% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 50.6% |

## 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 | 0.2% | 1.46× | 0.3% | 2.29× | 0.6% | S100QZVS |
| 2023 | 3.2% | 1.50× | 4.8% | 2.30× | 11.2% | S100TRT4 |
| 2024 | 4.5% | 1.42× | 6.4% | 2.41× | 15.3% | S100W3AM |
| 2025 | 2.6% | 1.38× | 3.7% | 2.34× | 8.6% | S100YMHZ |
| 2026 | — | —× | -1.6% | —× | — | S100YMHZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲ケイアンドアイ | Major shareholder | 12.8% | 2026-03-31 |
| 石井 智康 | Major shareholder | 6.3% | 2026-03-31 |
| ㈱千葉銀行 | Major shareholder | 5.0% | 2026-03-31 |
| ㈱榎本武平商店 | Major shareholder | 3.9% | 2026-03-31 |
| ㈱十文字チキンカンパニー | Major shareholder | 2.4% | 2026-03-31 |
| 石井 逹雄 | Major shareholder | 2.3% | 2026-03-31 |
| 損害保険ジャパン㈱ | Major shareholder | 2.1% | 2026-03-31 |
| 石井 健太郎 | Major shareholder | 1.7% | 2026-03-31 |
| ユアサ・フナショク㈱ | Major shareholder | 1.3% | 2026-03-31 |
| カネダ㈱ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YMHZ | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMHZ,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W3AM | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3AM,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TRT4 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRT4,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100QZVS | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZVS,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OGTY | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGTY,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LR1P | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR1P,, |

## 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).