# IWATSUKA CONFECTIONERY 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73期(2025/04/01－2026/03/31) (S100YJ2N)
> Page: https://vizora.meequs.com/en/company/iwatsuka-confectionery
> Retrieved: 2026-09-30T18:26:16.038Z

## Company

Iwatsuka Confectionery, founded in 1954, is a company in Processed Foods listed on TSE Standard. It has 844 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IWATSUKA CONFECTIONERY CO.,LTD. |
| Ticker | 2221 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2221.T) |
| Listing | TSE Standard |
| Head office | 新潟県長岡市飯塚2958番地 |
| Representative (per filing) | 代表取締役社長 COO 槇 大介 |
| Founded | Apr 1954 |
| Share capital | ¥1.63B |
| Employees (consolidated) | 844 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.iwatsukaseika.co.jp (https://www.iwatsukaseika.co.jp/) |
| Corporate number | 5110001023736 |
| EDINET | E00386 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YJ2N, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.4 | 56 |
| Profitability | 42.5 | 60 |
| Cash conversion | 88.6 | 57 |
| Efficiency | 0.8 | 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)

- Iwatsuka Confectionery brought in ¥28.8B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +15.6% from the prior year, operating profit +6.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥28848672000 → ¥2032337000
- Net income → operating cash flow: ¥2032337000 → ¥3072722000（difference ¥1040385000）
- Main uses of operating cash flow: CapEx ¥3016853000 / dividends ¥313174000 / buybacks ¥431609000
- Change in cash: ¥-1531042000
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 | ¥28.8B |  |
| Operating income | ¥867.6M | Margin 3.0% |
| Net income | ¥2.03B | Margin 7.0% |
| Free cash flow | ¥55.9M |  |
| Employees (consolidated) | 844 |  |
| EPS | ¥176.47 |  |
| Book value per share | ¥6677.16 |  |
| Equity ratio | 75.1% |  |
| Shares outstanding | 11,990,000 |  |
| Treasury shares | 1,690,500 |  |
| Shareholders | 6,340 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 2.7% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -1 pp | Processed Foods |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22167631000 | ¥28848672000 | +30.1% |
| Operating income | ¥181136000 | ¥867577000 | +379.0% |
| Operating margin | 0.8% | 3.0% | +2.2 pp |
| Employees | 912 people | 844 people | -7.5% |
| Cash and equivalents | ¥1265919000 | ¥2528437000 | +99.7% |

### 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 | 28,849 | 100.0% | S100YJ2N |
| Cost of revenue | 21,523 | 74.6% | S100YJ2N |
| Gross profit | 7,326 | 25.4% | S100YJ2N |
| SG&A | 6,458 | 22.4% | S100YJ2N |
| Operating income | 868 | 3.0% | S100YJ2N |
| Ordinary income | 2,881 | 10.0% | S100YJ2N |
| Pretax income | 2,894 | 10.0% | S100YJ2N |
| Income tax | 862 | 3.0% | S100YJ2N |
| Net income | 2,032 | 7.0% | S100YJ2N |
| Net income attributable to owners | 2,032 | 7.0% | S100YJ2N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 22 |
| Operating income | 3 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 25.4% → Operating margin 3.0% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.6%; Core profit growth: +6.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.41×
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 | 24,954 | 28,849 | 3,894 | +15.6% |
| Gross profit | 6,956 | 7,326 | 370 | +5.3% |
| Operating income | 815 | 868 | 52 | +6.4% |
| Net income attributable to owners | 2,909 | 2,032 | -877 | -30.1% |
| Operating cash flow | 3,940 | 3,073 | -867 | -22.0% |
| Free cash flow | 1,942 | 56 | -1,886 | -97.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,840 | 174 | 0.8% | 1,769 | 2,178 | 279 | S100LQYR |
| FY ending Mar 2021 | 22,168 | 181 | 0.8% | 2,006 | 3,573 | -2,431 | S100OFMR |
| FY ending Mar 2022 | 18,044 | -327 | -1.8% | 828 | 2,378 | 662 | S100RADK |
| FY ending Mar 2023 | 20,386 | -214 | -1.0% | 3,971 | 5,342 | 3,738 | S100TXC8 |
| FY ending Mar 2024 | 22,000 | 603 | 2.7% | 1,958 | 2,756 | 843 | S100W51P |
| FY ending Mar 2025 | 24,954 | 815 | 3.3% | 2,909 | 3,940 | 1,942 | S100YJ2N |
| FY ending Mar 2026 | 28,849 | 868 | 3.0% | 2,032 | 3,073 | 56 | S100YJ2N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 881 | 854 | 828 | 821 | 844 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥4.8M | ¥5.3M | ¥5.2M |
| Average age (parent company) | 41.5 years | 41.9 years | 43.1 years | 43.1 years | 43.7 years |
| Average tenure (parent company) | 16.5 years | 17.3 years | 17.0 years | 17.2 years | 16.9 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +15.6%

## 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 | 3,073 | 10.7% | S100YJ2N |
| Capital expenditure | 3,017 | 10.5% | S100YJ2N |
| Free cash flow | 56 | 0.2% | 算出 |
| Investing cash flow | -3,422 | -11.9% | S100YJ2N |
| Financing cash flow | -1,182 | -4.1% | S100YJ2N |
| Dividends paid | 313 | 1.1% | S100YJ2N |
| Share buyback | 432 | 1.5% | S100YJ2N |
| Change in cash | -1,531 | -5.3% | S100YJ2N |
| Cash and equivalents | 2,528 | 8.8% | S100YJ2N |

## 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 | 1,773 | 4,537 | 2,840 | 4,059 | 2,528 | S100TXC8, S100W51P, S100YJ2N |
| Total assets | 96,277 | 83,555 | 85,754 | 91,105 | 93,056 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Net assets | 69,689 | 62,062 | 63,806 | 67,952 | 69,852 | S100TXC8, S100W51P, S100YJ2N |
| Share capital | 1,635 | 1,635 | 1,635 | 1,635 | 1,635 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Trade receivables | 4,453 | 4,753 | 5,400 | 5,990 | 5,974 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Property, plant and equipment | 13,833 | 14,035 | 14,327 | 14,986 | 15,814 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Intangible assets excluding goodwill | 69 | 110 | 107 | 87 | 77 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Investment securities | 72,865 | 56,407 | 59,362 | 63,601 | 64,548 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Current assets | 8,210 | 11,599 | 11,633 | 12,113 | 12,317 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Current liabilities | 4,007 | 4,912 | 4,784 | 4,800 | 4,726 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Long-term borrowings | 1,507 | 806 | 405 | 4 | — | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Total liabilities | 26,588 | 21,494 | 21,947 | 23,153 | 23,204 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Equity attributable to owners of parent | 20,252 | 24,042 | 23,711 | 26,387 | 27,674 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Retained earnings | 17,822 | 21,613 | 23,362 | 26,031 | 27,750 | S100RADK, S100TXC8, S100W51P, S100YJ2N |
| Treasury stock | -1,065 | -1,065 | -3,145 | -3,138 | -3,570 | S100RADK, S100TXC8, S100W51P, S100YJ2N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YJ2N |
| Receivables | 6% | S100YJ2N |
| Property, plant and equipment | 17% | S100YJ2N |
| Intangibles and goodwill | 0% | S100YJ2N |
| Investment securities | 69% | S100YJ2N |
| Other assets | 5% | S100YJ2N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YJ2N |
| Equity | 75% | S100YJ2N |

### 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 | 96,277 | 83,555 | 85,754 | 91,105 | 93,056 |
| Equity | 69,689 | 62,062 | 63,806 | 67,952 | 69,852 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,773 | 4,537 | 2,840 | 4,059 | 2,528 |

## 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) | 54.8% | S100YJ2N |
| Fixed assets ÷ total assets | 17.0% | S100YJ2N |
| Goodwill ÷ parent equity | — | —, S100YJ2N |

### 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) | 2.7% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 354.2% |
| Cash vs. profit gap | 1,040 JPY mn (of net income 51.2%) |
| Shareholder returns / net income | 36.6% |
| Shareholder returns / FCF | 1333.1% |
| Shareholder payments — dividends / net income | 15.4% |
| Shareholder payments — dividends / FCF | 560.6% |
| CapEx intensity (capex ÷ revenue) | 10.5% |
| Investing CF relative to operating CF | 111.4% |

## 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 | 4.6% | 0.19× | 0.9% | 4.75× | 4.1% | S100RADK |
| 2023 | 19.5% | 0.23× | 4.4% | 4.06× | 17.9% | S100TXC8 |
| 2024 | 8.9% | 0.26× | 2.3% | 3.55× | 8.2% | S100W51P |
| 2025 | 11.7% | 0.28× | 3.3% | 3.53× | 11.6% | S100YJ2N |
| 2026 | 7.0% | 0.31× | 2.2% | 3.41× | 7.5% | S100YJ2N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩塚製菓共栄会 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 槇 政男 | Major shareholder | 3.9% | 2026-03-31 |
| LEADING GUIDE HONG KONG LIMITED (常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.8% | 2026-03-31 |
| 槇 キク | Major shareholder | 3.1% | 2026-03-31 |
| 平石 惠子 | Major shareholder | 3.0% | 2026-03-31 |
| 第四北越ジェーシービーカード株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 第四北越証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社魚沼運輸 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YJ2N | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ2N,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W51P | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W51P,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TXC8 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXC8,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100RADK | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RADK,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OFMR | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFMR,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LQYR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQYR,, |

## 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).