# ITOHAM YONEKYU HOLDINGS INC.: 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10期(2025/04/01－2026/03/31) (S100YCXD)
> Page: https://vizora.meequs.com/en/company/itoham-yonekyu-holdings
> Retrieved: 2026-09-30T19:18:27.184Z

## Company

Itoham Yonekyu Holdings, founded in 2015, is a company in Meat Processing listed on TSE Prime. It has 6,805 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITOHAM YONEKYU HOLDINGS INC. |
| Ticker | 2296 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2296.T) |
| Listing | TSE Prime |
| Head office | 東京都目黒区三田1丁目6番21号 |
| Representative (per filing) | 代表取締役社長 浦田 寛之 |
| Founded | Sep 2015 |
| Share capital | ¥30B |
| Employees (consolidated) | 6,805 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.itoham-yonekyu-holdings.com (https://www.itoham-yonekyu-holdings.com/) |
| Corporate number | 6011001110293 |
| EDINET | E32069 |
| Industries (Vizora) | Meat Processing |

> Profile source: annual securities report (S100YCXD, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 59.1 | 11 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 79.2 | 12 |

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 63% of Itoham Yonekyu Holdings's sales come from Meat, with Processed food and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +8.4% from the prior year, operating profit +45.4%.

## Company structure

- Segment revenue mix: Meat 62.8%、Processed food 37.2%、Other 0.0%
- Revenue → net income: ¥1071381000000 → ¥20259000000
- Net income → operating cash flow: ¥20259000000 → ¥13663000000（difference ¥-6596000000）
- Main uses of operating cash flow: CapEx ¥25835000000 / dividends ¥18105000000 / buybacks ¥5000000
- Change in cash: ¥-3008000000
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 | ¥1.07T |  |
| Operating income | ¥28.5B | Margin 2.7% |
| Net income | ¥20.2B | Margin 1.9% |
| Free cash flow | -¥12.2B |  |
| Largest business | Meat | of segment revenue 62.8% |
| Employees (consolidated) | 6,805 |  |
| EPS | ¥177.41 |  |
| Diluted EPS | ¥177.35 |  |
| Book value per share | ¥3910.87 |  |
| Equity ratio | 56.2% |  |
| Shares outstanding | 57,471,011 |  |
| Treasury shares | 720,400 |  |
| Shareholders | 60,449 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 3.3% | Cash ÷ revenue 1.6% |
| Vs. industry median margin | +0.4 pp | Meat Processing |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 45%
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥842675000000 | ¥1071381000000 | +27.1% |
| Operating income | ¥24018000000 | ¥28456000000 | +18.5% |
| Operating margin | 2.9% | 2.7% | -0.2 pp |
| Employees | 8,313 people | 6,805 people | -18.1% |
| Cash and equivalents | ¥50651000000 | ¥17572000000 | -65.3% |

### 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 |
| --- | ---: |
| 加工食品事業 → 加工食品事業 | 36.4% |
| 食肉事業 → 食肉事業 | 62.8% |
| 食肉事業 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 加工食品事業 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Meat | 5 years | +4.8% | ¥672814000000 | 3.4% | 2 |
| Processed food | 5 years | +5.4% | ¥398553000000 | 2.4% | 2 |
| Other | 5 years | -67.8% | ¥14000000 | 500.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,071,381 | 100.0% | S100YCXD |
| Cost of revenue | 924,902 | 86.3% | S100YCXD |
| Gross profit | 146,478 | 13.7% | S100YCXD |
| SG&A | 118,022 | 11.0% | S100YCXD |
| Operating income | 28,456 | 2.7% | S100YCXD |
| Ordinary income | 30,395 | 2.8% | S100YCXD |
| Pretax income | 29,558 | 2.8% | S100YCXD |
| Income tax | 9,298 | 0.9% | S100YCXD |
| Net income | 20,259 | 1.9% | S100YCXD |
| Net income attributable to owners | 20,225 | 1.9% | S100YCXD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.7% → Operating margin 2.7% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.4%; Core profit growth: +45.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.43×
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 | 988,771 | 1,071,381 | 82,610 | +8.4% |
| Gross profit | 133,272 | 146,478 | 13,206 | +9.9% |
| Operating income | 19,576 | 28,456 | 8,880 | +45.4% |
| Net income attributable to owners | 13,097 | 20,225 | 7,128 | +54.4% |
| Operating cash flow | 10,016 | 13,663 | 3,647 | +36.4% |
| Free cash flow | -11,245 | -12,172 | -927 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 852,450 | 17,266 | 2.0% | 11,439 | 31,847 | 22,281 | S100LJNE |
| FY ending Mar 2021 | 842,675 | 24,018 | 2.9% | 20,204 | 40,862 | 29,951 | S100OEBM |
| FY ending Mar 2022 | 854,374 | 24,611 | 2.9% | 19,118 | 18,473 | 7,245 | S100R215 |
| FY ending Mar 2023 | 922,682 | 22,994 | 2.5% | 16,975 | 3,947 | -11,272 | S100TYH7 |
| FY ending Mar 2024 | 955,580 | 22,336 | 2.3% | 15,553 | 29,392 | 13,027 | S100W36P |
| FY ending Mar 2025 | 988,771 | 19,576 | 2.0% | 13,097 | 10,016 | -11,245 | S100YCXD |
| FY ending Mar 2026 | 1,071,381 | 28,456 | 2.7% | 20,225 | 13,663 | -12,172 | S100YCXD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥157.4M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3M |

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) | 7,107 | 7,063 | 7,135 | 6,940 | 6,805 |
| Average salary (parent company) | ¥6.9M | ¥7M | ¥7.2M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 41.6 years | 42.1 years | 42.1 years | 42.0 years | 41.0 years |
| Average tenure (parent company) | 13.9 years | 14.4 years | 16.5 years | 16.2 years | 16.4 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +8.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Processed food | 398,553 | 37.2% | 9,410 | 2.4% |
| Meat | 672,814 | 62.8% | 22,624 | 3.4% |
| Other | 14 | 0.0% | 70 | 500.0% |

### 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 |
| --- | ---: |
| Processed food | 37.2% |
| Meat | 62.8% |
| Other | 0.0% |

Segment → industry: Meat → Meat Processing / Processed food → Meat Processing

## 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 | 13,663 | 1.3% | S100YCXD |
| Capital expenditure | 25,835 | 2.4% | S100YCXD |
| Free cash flow | -12,172 | -1.1% | 算出 |
| Investing cash flow | -26,013 | -2.4% | S100YCXD |
| Financing cash flow | 8,523 | 0.8% | S100YCXD |
| Dividends paid | 18,105 | 1.7% | S100YCXD |
| Share buyback | 5 | 0.0% | S100YCXD |
| Change in cash | -3,008 | -0.3% | S100YCXD |
| Cash and equivalents | 17,572 | 1.6% | S100YCXD |

## 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 | 47,690 | 22,359 | 22,917 | 20,581 | 17,572 | S100TYH7, S100W36P, S100YCXD |
| Total assets | 413,123 | 436,763 | 462,570 | 467,009 | 524,726 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Net assets | 262,740 | 269,261 | 285,326 | 286,318 | 295,509 | S100TYH7, S100W36P, S100YCXD |
| Share capital | 30,003 | 30,003 | 30,003 | 30,003 | 30,003 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Property, plant and equipment | 97,000 | 101,472 | 105,265 | 109,668 | 121,875 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Intangible assets excluding goodwill | 22,114 | 26,842 | 25,210 | 25,469 | 26,026 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Goodwill | 18,158 | 18,286 | 16,798 | 15,184 | 13,605 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Investment securities | 29,598 | 30,302 | 34,699 | 33,322 | 39,701 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Current assets | 243,405 | 256,463 | 272,036 | 277,227 | 311,427 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Current liabilities | 126,533 | 152,941 | 161,234 | 144,439 | 181,418 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Trade payables | 62,351 | 66,978 | 73,830 | 65,195 | 74,818 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Short-term borrowings | 24,407 | 32,062 | 39,815 | 39,093 | 58,391 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Long-term borrowings | 10,572 | 446 | 340 | 20,240 | 30,140 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Total liabilities | 150,383 | 167,501 | 177,244 | 180,691 | 229,217 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Non-controlling interests | 598 | 576 | 632 | 708 | 699 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Equity attributable to owners of parent | 252,273 | 257,655 | 265,424 | 267,543 | 269,693 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Retained earnings | 129,805 | 140,066 | 148,784 | 150,821 | 152,889 | S100R215, S100TYH7, S100W36P, S100YCXD |
| Treasury stock | -4,150 | -1,841 | -2,793 | -2,723 | -2,663 | S100R215, S100TYH7, S100W36P, S100YCXD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YCXD |
| Property, plant and equipment | 23% | S100YCXD |
| Intangibles and goodwill | 8% | S100YCXD |
| Investment securities | 8% | S100YCXD |
| Other assets | 58% | S100YCXD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YCXD |
| Other liabilities | 30% | S100YCXD |
| Equity | 56% | S100YCXD |

### 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 | 413,123 | 436,763 | 462,570 | 467,009 | 524,726 |
| Equity | 262,740 | 269,261 | 285,326 | 286,318 | 295,509 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 47,690 | 22,359 | 22,917 | 20,581 | 17,572 |

## 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) | 11.4% | S100YCXD |
| Fixed assets ÷ total assets | 23.2% | S100YCXD |
| Goodwill ÷ parent equity | 5.0% | S100YCXD |

Goodwill over 4 years: 18,158 → 13,605 JPY; total investing cash flow: -96,846 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) | 3.3% |
| Cash ÷ revenue | 1.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 48.0% |
| Cash vs. profit gap | -6,562 JPY mn (of net income -32.4%) |
| Shareholder returns / net income | 89.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 89.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 190.4% |

## 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 | 2.2% | 2.07× | 4.6% | 1.64× | 7.6% | S100R215 |
| 2023 | 1.8% | 2.17× | 4.0% | 1.67× | 6.7% | S100TYH7 |
| 2024 | 1.6% | 2.13× | 3.5% | 1.72× | 5.9% | S100W36P |
| 2025 | 1.3% | 2.13× | 2.8% | 1.74× | 4.9% | S100YCXD |
| 2026 | 1.9% | 2.16× | 4.1% | 1.85× | 7.5% | S100YCXD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 40.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 公益財団法人伊藤記念財団 | Major shareholder | 4.2% | 2026-03-31 |
| 公益財団法人伊藤文化財団 | Major shareholder | 2.2% | 2026-03-31 |
| エス企画株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 伊藤 功一 | Major shareholder | 1.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.0% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.07T, up +8.4% from ¥988.8B.
- Profit grew much faster than sales: operating income rose +45.4% from ¥19.6B to ¥28.5B, and net income attributable to owners rose +54.4% from ¥13.1B to ¥20.2B.
- Operating cash flow improved to ¥13.7B, but capital spending of ¥25.8B kept free cash flow negative at -¥12.2B.

### Drivers

- In Japan, higher domestic chicken prices made the farming business more profitable, and tighter risk management improved margins on domestic pork.
- Overseas, ANZCO Foods earned more on beef sold to North America and lamb sold to Europe. A change in its fiscal year-end also meant a longer-than-usual period was included this year.
- Processed food saw lower sales volumes as consumer demand weakened, and higher raw material and logistics costs cut its profit.

### Risks

- The company expects consumers to stay cautious with spending as prices rise, and raw material costs are expected to climb.
- Geopolitical risks, including the Middle East, and currency moves could affect oil, energy and materials sourcing.
- Outbreaks of livestock diseases such as African swine fever or bird flu could swing meat prices and disrupt buying and selling.

Cited: Annual securities report (10th 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 (10th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YCXD | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCXD,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100W36P | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W36P,, |
| 訂正有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TYH7 | 2024-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYH7,, |
| 有価証券報告書－第7期(2022/04/01－2023/03/31) | S100R215 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R215,, |
| 有価証券報告書－第6期(令和3年4月1日－令和4年3月31日) | S100OEBM | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEBM,, |
| 有価証券報告書－第5期(令和2年4月1日－令和3年3月31日) | S100LJNE | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJNE,, |

## 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).