# ITO EN,LTD.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/05/01－2026/04/30) (S100YRK7)
> Page: https://vizora.meequs.com/en/company/ito-en
> Retrieved: 2026-09-30T21:01:34.016Z

## Company

ITO EN, founded in 1966, is a company in Beverages & Dairy listed on TSE Prime. It has 7,945 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITO EN,LTD. |
| Ticker | 2593 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2593.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区本町三丁目47番10号 |
| Representative (per filing) | 代表取締役社長 本庄大介 |
| Founded | Aug 1966 |
| Share capital | ¥19.9B |
| Employees (consolidated) | 7,945 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | April |
| Website | www.itoen.co.jp (https://www.itoen.co.jp/) |
| Corporate number | 3011001002279 |
| EDINET | E00414 |
| Industries (Vizora) | Beverages & Dairy, Cafés |

> Profile source: annual securities report (S100YRK7, filed 2026-07-21). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 17 |
| Profitability | 47.5 | 20 |
| Cash conversion | 17.5 | 20 |
| Efficiency | 92.5 | 20 |
| Financial strength | 91.7 | 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 91% of ITO EN's sales come from Tea leaves/Beverages Business, with Restaurant Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Tea leaves/Beverages Business 90.5%、Restaurant Business 9.5%
- Revenue → net income: ¥497877000000 → ¥3762000000
- Net income → operating cash flow: ¥3762000000 → ¥11301000000（difference ¥7539000000）
- Main uses of operating cash flow: CapEx ¥11304000000 / dividends ¥5660000000 / buybacks ¥5000000
- Change in cash: ¥-14502000000
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 | ¥497.9B |  |
| Operating income | ¥21.7B | Margin 4.4% |
| Net income | ¥3.47B | Margin 0.7% |
| Free cash flow | -¥3M |  |
| Largest business | Tea leaves/Beverages Business | of segment revenue 90.5% |
| Employees (consolidated) | 7,945 |  |
| EPS | ¥9.63 |  |
| Diluted EPS | ¥9.61 |  |
| Book value per share | ¥1371 |  |
| Equity ratio | 51.4% |  |
| Shares outstanding | 85,212,380 |  |
| Treasury shares | 889,800 |  |
| Shareholders | 100,135 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 20.7% | Net cash ¥9.05B · Cash ÷ revenue 14.3% |
| Vs. industry median margin | 0 pp | Beverages & Dairy |
| ROE | 2.0% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥446281000000 | ¥497877000000 | +11.6% |
| Operating income | ¥16675000000 | ¥21684000000 | +30.0% |
| Operating margin | 3.7% | 4.4% | +0.6 pp |
| Employees | 8,180 people | 7,945 people | -2.9% |
| Cash and equivalents | ¥107763000000 | ¥71080000000 | -34.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| リーフ・ドリンク関連事業 → リーフ・ドリンク関連事業 | 90.5% |
| リーフ・ドリンク関連事業 → 事業再編・廃止 | 3.5% |
| 飲食関連事業 → 飲食関連事業 | 6.0% |
| 新設・再編 → 飲食関連事業 | 3.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 497,877 | 100.0% | S100YRK7 |
| Cost of revenue | 318,459 | 64.0% | S100YRK7 |
| Gross profit | 179,417 | 36.0% | S100YRK7 |
| SG&A | 157,733 | 31.7% | S100YRK7 |
| Operating income | 21,684 | 4.4% | S100YRK7 |
| Ordinary income | 23,267 | 4.7% | S100YRK7 |
| Pretax income | 6,843 | 1.4% | S100YRK7 |
| Income tax | 3,080 | 0.6% | S100YRK7 |
| Net income | 3,762 | 0.8% | S100YRK7 |
| Net income attributable to owners | 3,466 | 0.7% | S100YRK7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 32 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 36.0% → Operating margin 4.4% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.3%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.05×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 472,716 | 497,877 | 25,161 | +5.3% |
| Gross profit | 179,638 | 179,417 | -221 | -0.1% |
| Operating income | 22,969 | 21,684 | -1,285 | -5.6% |
| Net income attributable to owners | 14,156 | 3,466 | -10,690 | -75.5% |
| Operating cash flow | 18,038 | 11,301 | -6,737 | -37.3% |
| Free cash flow | 5,752 | -3 | -5,755 | -100.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 483,360 | 19,940 | 4.1% | 7,793 | 24,719 | 14,371 | S100M1Z8 |
| FY ending Apr 2021 | 446,281 | 16,675 | 3.7% | 7,011 | 25,351 | 18,271 | S100OSM2 |
| FY ending Apr 2022 | 400,769 | 18,794 | 4.7% | 12,928 | 22,226 | 14,375 | S100RH38 |
| FY ending Apr 2023 | 431,674 | 19,588 | 4.5% | 12,888 | 23,773 | 16,786 | S100U4C2 |
| FY ending Apr 2024 | 453,899 | 25,023 | 5.5% | 15,650 | 25,482 | 15,569 | S100WEAV |
| FY ending Apr 2025 | 472,716 | 22,969 | 4.9% | 14,156 | 18,038 | 5,752 | S100YRK7 |
| FY ending Apr 2026 | 497,877 | 21,684 | 4.4% | 3,466 | 11,301 | -3 | S100YRK7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.7M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥436.2K |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 8,028 | 7,928 | 7,929 | 7,916 | 7,945 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6.5M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 40.3 years | 40.9 years | 41.5 years | 42.4 years | 43.1 years |
| Average tenure (parent company) | 16.7 years | 17.2 years | 17.7 years | 18.5 years | 19.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tea leaves/Beverages Business | 443,443 | 90.5% | 17,500 | 3.9% |
| Restaurant Business | 46,495 | 9.5% | 3,555 | 7.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tea leaves/Beverages Business | 90.5% | 83.1% | -7.4 | 3.9% |
| Restaurant Business | 9.5% | 16.9% | 7.4 | 7.6% |

Segment → industry: Tea leaves/Beverages Business → Beverages & Dairy / Restaurant Business → Cafés

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,301 | 2.3% | S100YRK7 |
| Capital expenditure | 11,304 | 2.3% | S100YRK7 |
| Free cash flow | -3 | -0.0% | 算出 |
| Investing cash flow | -11,072 | -2.2% | S100YRK7 |
| Financing cash flow | -16,609 | -3.3% | S100YRK7 |
| Dividends paid | 5,660 | 1.1% | S100YRK7 |
| Share buyback | 5 | 0.0% | S100YRK7 |
| Change in cash | -14,502 | -2.9% | S100YRK7 |
| Cash and equivalents | 71,080 | 14.3% | S100YRK7 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 94,471 | 100,899 | 105,397 | 85,565 | 71,080 | S100U4C2, S100WEAV, S100YRK7 |
| Total assets | 328,359 | 338,774 | 353,892 | 344,598 | 342,667 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Net assets | 163,012 | 172,128 | 183,216 | 175,971 | 177,951 | S100U4C2, S100WEAV, S100YRK7 |
| Share capital | 19,912 | 19,912 | 19,912 | 19,912 | 19,912 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Property, plant and equipment | 74,490 | 72,005 | 74,036 | 77,356 | 65,669 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Intangible assets excluding goodwill | 8,249 | 8,270 | 7,110 | 6,521 | 7,446 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Goodwill | 3,594 | 2,528 | 1,456 | 762 | 1,071 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Investment securities | 3,319 | 3,990 | 4,581 | 4,939 | 5,966 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Current assets | 223,278 | 234,393 | 243,749 | 231,995 | 237,179 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Current liabilities | 76,796 | 89,226 | 96,665 | 108,120 | 93,961 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Short-term borrowings | 2,897 | 2,743 | 14,442 | 24,177 | 5,997 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Long-term borrowings | 58,917 | 58,210 | 47,306 | 35,001 | 46,037 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Bonds | 10,000 | — | 10,000 | 10,000 | 10,000 | S100RH38, S100WEAV, S100YRK7 |
| Interest-bearing debt | 71,814 | — | 71,748 | 69,178 | 62,034 | 算出 |
| Total liabilities | 165,346 | 166,646 | 170,675 | 168,626 | 164,715 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Non-controlling interests | 1,254 | 1,404 | 1,627 | 1,610 | 1,730 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Equity attributable to owners of parent | 162,664 | 170,386 | 178,141 | 172,137 | 170,099 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Retained earnings | 131,105 | 138,827 | 149,154 | 153,367 | 151,162 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |
| Treasury stock | -7,016 | -6,911 | -9,480 | -5,930 | -5,764 | S100RH38, S100U4C2, S100WEAV, S100YRK7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YRK7 |
| Property, plant and equipment | 19% | S100YRK7 |
| Intangibles and goodwill | 2% | S100YRK7 |
| Investment securities | 2% | S100YRK7 |
| Other assets | 56% | S100YRK7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 30% | S100YRK7 |
| Equity | 52% | S100YRK7 |
| Other liabilities | 0% | S100YRK7 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 328,359 | 338,774 | 353,892 | 344,598 | 342,667 |
| Equity | 163,012 | 172,128 | 183,216 | 175,971 | 177,951 |
| Interest-bearing debt | 71,814 | — | 71,748 | 69,178 | 62,034 |
| Cash | 94,471 | 100,899 | 105,397 | 85,565 | 71,080 |

## 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) | 13.2% | S100YRK7 |
| Fixed assets ÷ total assets | 19.2% | S100YRK7 |
| Goodwill ÷ parent equity | 0.6% | S100YRK7 |

Goodwill over 4 years: 3,594 → 1,071 JPY; total investing cash flow: -51,177 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) | 20.7% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | ¥9.05B |
| Net debt ÷ operating cash flow | -0.80× |
| Cash conversion (operating CF ÷ operating income) | 52.1% |
| Cash vs. profit gap | 7,835 JPY mn (of net income 226.1%) |
| Shareholder returns / net income | 163.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 163.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 98.0% |

## 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 | 3.2% | 1.22× | 3.9% | 2.02× | 7.9% | S100RH38 |
| 2023 | 3.0% | 1.29× | 3.9% | 2.00× | 7.7% | S100U4C2 |
| 2024 | 3.4% | 1.31× | 4.5% | 1.99× | 9.0% | S100WEAV |
| 2025 | 3.0% | 1.35× | 4.1% | 1.99× | 8.1% | S100YRK7 |
| 2026 | 0.7% | 1.45× | 1.0% | 2.01× | 2.0% | S100YRK7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| グリーンコア株式会社 | Major shareholder | 19.7% | 2026-04-30 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 6.1% | 2026-04-30 |
| 公益財団法人本庄国際奨学財団 | Major shareholder | 5.9% | 2026-04-30 |
| 本 庄 八 郎 | Major shareholder | 2.7% | 2026-04-30 |
| 伊藤園従業員持株会 | Major shareholder | 2.0% | 2026-04-30 |
| 東洋製罐グループホールディングス 株式会社 | Major shareholder | 1.8% | 2026-04-30 |
| 株式会社りそな銀行 | Major shareholder | 1.4% | 2026-04-30 |
| 本 庄 大 介 | Major shareholder | 1.2% | 2026-04-30 |
| ステート・ストリート・バンク・アンド・トラスト・カンパニー ５０５２２３ | Major shareholder | 1.2% | 2026-04-30 |
| 明治安田生命保険相互会社 | Major shareholder | 0.9% | 2026-04-30 |

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

- Revenue rose +5.3% to ¥497.9B in the FY ending Apr 2026, up from ¥472.7B.
- Profit did not keep pace: gross profit was flat at -0.1%, and operating income slipped -5.6% to ¥21.7B.
- Net income attributable to owners fell -75.5%, from ¥14.2B to ¥3.47B.
- Operating cash flow dropped -37.3% to ¥11.3B, the same as capital expenditure, so free cash flow came to about zero at -¥3M.

### Drivers

- Demand for Japanese tea, including matcha, grew abroad, lifting sales mainly in the US and Southeast Asia.
- Raw material and other costs rose more than expected, and price increases and spending control were not enough to offset them.
- The vending machine business sold less and became less profitable, and the resulting impairment loss pulled net income sharply lower.

### Risks

- Fewer tea farms and rising global demand for matcha could push up the cost of tea leaves or make supply short.
- Japanese tea drinks make up most of its drink volume, so a shift in the market would hit results.
- As overseas sales grow, tariffs and tensions between countries could affect the business.

Cited: Annual Securities Report (61st term) (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 (61st term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/05/01－2026/04/30) | S100YRK7 | 2026-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRK7,, |
| 有価証券報告書－第60期(2024/05/01－2025/04/30) | S100WEAV | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEAV,, |
| 有価証券報告書－第59期(2023/05/01－2024/04/30) | S100U4C2 | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4C2,, |
| 有価証券報告書－第58期(2022/05/01－2023/04/30) | S100RH38 | 2023-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH38,, |
| 有価証券報告書－第57期(令和3年5月1日－令和4年4月30日) | S100OSM2 | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSM2,, |
| 有価証券報告書－第56期(令和2年5月1日－令和3年4月30日) | S100M1Z8 | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1Z8,, |

## 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).