# J-OIL MILLS, 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24期(2025/04/01－2026/03/31) (S100YFUT)
> Page: https://vizora.meequs.com/en/company/j-oil-mills
> Retrieved: 2026-09-30T20:33:46.057Z

## Company

J-Oil Mills, founded in 2002, is a company in Food Ingredients listed on TSE Prime. It has 1,222 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J-OIL MILLS, INC. |
| Ticker | 2613 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2613.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区明石町8番1号 聖路加タワー |
| Representative (per filing) | 代表取締役社長執行役員 CEO 春山裕一郎 |
| Founded | Apr 2002 |
| Share capital | ¥10B |
| Employees (consolidated) | 1,222 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.j-oil.com (https://www.j-oil.com/) |
| Corporate number | 6010001078021 |
| EDINET | E00434 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100YFUT, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.8 | 22 |
| Profitability | 6.3 | 24 |
| Cash conversion | 14.6 | 24 |
| Efficiency | 93.8 | 24 |
| Financial strength | 25 | 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 J-Oil Mills's sales come from Oil and Fats, with Speciality Food and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit -48.6%.

## Company structure

- Segment revenue mix: Oil and Fats 91.3%、Speciality Food 8.4%、Other 0.3%
- Revenue → net income: ¥226574000000 → ¥4787000000
- Net income → operating cash flow: ¥4787000000 → ¥2998000000（difference ¥-1789000000）
- Main uses of operating cash flow: CapEx ¥5615000000 / dividends ¥2497000000 / buybacks —
- Change in cash: ¥-8649000000
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 | ¥226.6B |  |
| Operating income | ¥4.4B | Margin 1.9% |
| Net income | ¥4.75B | Margin 2.1% |
| Free cash flow | -¥2.62B |  |
| Largest business | Oil and Fats | of segment revenue 91.3% |
| Employees (consolidated) | 1,222 |  |
| EPS | ¥139.52 |  |
| Book value per share | ¥3086.95 |  |
| Equity ratio | 66.5% |  |
| Shares outstanding | 33,508,000 |  |
| Treasury shares | 177,500 |  |
| Shareholders | 36,752 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 2.0% | Net cash -¥15.2B · Cash ÷ revenue 1.5% |
| Vs. industry median margin | -3.4 pp | Food Ingredients |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥164816000000 | ¥226574000000 | +37.5% |
| Operating income | ¥6687000000 | ¥4404000000 | -34.1% |
| Operating margin | 4.1% | 1.9% | -2.1 pp |
| Employees | 1,354 people | 1,222 people | -9.7% |
| Cash and equivalents | ¥7778000000 | ¥3300000000 | -57.6% |

### 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 |
| --- | ---: |
| 油脂事業 → 油脂事業 | 42.3% |
| 油脂事業 → 事業再編・廃止 | 42.3% |
| スペシャリティフード事業 → スペシャリティフード事業 | 6.0% |
| 油脂加工品事業 → 事業再編・廃止 | 3.7% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 1.6% |
| 食品・ファイン事業 → 事業再編・廃止 | 3.9% |
| 新設・再編 → 油脂事業 | 49.0% |
| 新設・再編 → スペシャリティフード事業 | 2.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Oil and Fats | 5 years | +8.3% | ¥206849000000 | 1.6% | 2 |
| Speciality Food | 5 years | -0.6% | ¥18991000000 | 4.4% | 2 |
| Other | 5 years | -35.0% | ¥733000000 | 27.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 226,574 | 100.0% | S100YFUT |
| Cost of revenue | 192,492 | 85.0% | S100YFUT |
| Gross profit | 34,082 | 15.0% | S100YFUT |
| SG&A | 29,677 | 13.1% | S100YFUT |
| Operating income | 4,404 | 1.9% | S100YFUT |
| Ordinary income | 5,781 | 2.6% | S100YFUT |
| Pretax income | 6,405 | 2.8% | S100YFUT |
| Income tax | 1,618 | 0.7% | S100YFUT |
| Net income | 4,787 | 2.1% | S100YFUT |
| Net income attributable to owners | 4,753 | 2.1% | S100YFUT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.0% → Operating margin 1.9% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.8%; Core profit growth: -48.6%
Operating leverage (core profit growth ÷ revenue growth): 26.66×
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 | 230,783 | 226,574 | -4,209 | -1.8% |
| Gross profit | 38,034 | 34,082 | -3,952 | -10.4% |
| Operating income | 8,572 | 4,404 | -4,168 | -48.6% |
| Net income attributable to owners | 6,996 | 4,753 | -2,243 | -32.1% |
| Operating cash flow | 18,294 | 2,998 | -15,296 | -83.6% |
| Free cash flow | 14,004 | -2,617 | -16,621 | -118.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 178,196 | 6,661 | 3.7% | 5,203 | 14,647 | 9,727 | S100LOOR |
| FY ending Mar 2021 | 164,816 | 6,687 | 4.1% | 5,253 | 4,270 | 826 | S100OHYM |
| FY ending Mar 2022 | 201,551 | -21 | -0.0% | 1,953 | -16,807 | -22,040 | S100R3HY |
| FY ending Mar 2023 | 260,410 | 734 | 0.3% | 986 | -10,022 | -14,774 | S100TQEX |
| FY ending Mar 2024 | 244,319 | 7,243 | 3.0% | 6,792 | 22,468 | 18,501 | S100WYOE |
| FY ending Mar 2025 | 230,783 | 8,572 | 3.7% | 6,996 | 18,294 | 14,004 | S100YFUT |
| FY ending Mar 2026 | 226,574 | 4,404 | 1.9% | 4,753 | 2,998 | -2,617 | S100YFUT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥185.4M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 1,361 | 1,330 | 1,275 | 1,248 | 1,222 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥7.6M | ¥8.2M | ¥8.4M |
| Average age (parent company) | 43.0 years | 44.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 16.0 years | 17.0 years | 17.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Oil and Fats | 206,849 | 91.3% | 3,375 | 1.6% |
| Speciality Food | 18,991 | 8.4% | 828 | 4.4% |
| Other | 733 | 0.3% | 200 | 27.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Oil and Fats | 91.3% | 76.7% | -14.6 | 1.6% |
| Speciality Food | 8.4% | 18.8% | 10.4 | 4.4% |
| Other | 0.3% | 4.5% | 4.2 | 27.3% |

Segment → industry: Speciality Food → Food Ingredients / Oil and Fats → Food Ingredients

## 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 | 2,998 | 1.3% | S100YFUT |
| Capital expenditure | 5,615 | 2.5% | S100YFUT |
| Free cash flow | -2,617 | -1.2% | 算出 |
| Investing cash flow | -3,523 | -1.6% | S100YFUT |
| Financing cash flow | -8,208 | -3.6% | S100YFUT |
| Dividends paid | 2,497 | 1.1% | S100YFUT |
| Change in cash | -8,649 | -3.8% | S100YFUT |
| Cash and equivalents | 3,300 | 1.5% | S100YFUT |

## 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 | 3,505 | 2,424 | 4,246 | 11,950 | 3,300 | S100TQEX, S100WYOE, S100YFUT |
| Total assets | 161,700 | 178,621 | 178,093 | 170,164 | 166,316 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Net assets | 94,523 | 94,263 | 102,051 | 106,288 | 111,102 | S100TQEX, S100WYOE, S100YFUT |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Property, plant and equipment | 51,502 | 51,052 | 42,813 | 43,456 | 44,134 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Intangible assets excluding goodwill | 2,667 | 3,092 | 2,835 | 2,476 | 1,992 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Goodwill | 26 | 17 | 8 | — | — | S100R3HY, S100TQEX, S100WYOE |
| Investment securities | 11,461 | 11,843 | 20,907 | 19,753 | 19,860 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Current assets | 94,196 | 110,793 | 108,806 | 101,415 | 95,686 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Current liabilities | 40,748 | 51,527 | 42,971 | 37,540 | 28,767 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Trade payables | 17,057 | 18,244 | 20,727 | 15,015 | 14,623 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Short-term borrowings | 12,300 | 20,400 | 4,600 | — | 850 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Long-term borrowings | 5,850 | 12,240 | 12,240 | 5,850 | 5,650 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Bonds | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Interest-bearing debt | 30,150 | 44,640 | 28,840 | — | 18,500 | 算出 |
| Total liabilities | 67,176 | 84,357 | 76,042 | 63,876 | 55,214 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Non-controlling interests | 390 | 413 | 445 | 474 | 530 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Equity attributable to owners of parent | 89,958 | 89,785 | 95,241 | 100,243 | 102,572 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Retained earnings | 49,137 | 48,956 | 54,415 | 59,411 | 61,665 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |
| Treasury stock | -812 | -804 | -808 | -802 | -726 | S100R3HY, S100TQEX, S100WYOE, S100YFUT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YFUT |
| Property, plant and equipment | 27% | S100YFUT |
| Intangibles and goodwill | 1% | S100YFUT |
| Investment securities | 12% | S100YFUT |
| Other assets | 58% | S100YFUT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YFUT |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 13% | S100YFUT |
| Equity | 67% | S100YFUT |

### 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 | 161,700 | 178,621 | 178,093 | 170,164 | 166,316 |
| Equity | 94,523 | 94,263 | 102,051 | 106,288 | 111,102 |
| Interest-bearing debt | 30,150 | 44,640 | 28,840 | — | 18,500 |
| Cash | 3,505 | 2,424 | 4,246 | 11,950 | 3,300 |

## 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) | 19.5% | S100YFUT |
| Fixed assets ÷ total assets | 26.5% | S100YFUT |
| Goodwill ÷ parent equity | — | —, S100YFUT |

### 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) | 2.0% |
| Cash ÷ revenue | 1.5% |
| Net cash (cash − interest-bearing debt) | -¥15.2B |
| Net debt ÷ operating cash flow | 5.07× |
| Cash conversion (operating CF ÷ operating income) | 68.1% |
| Cash vs. profit gap | -1,755 JPY mn (of net income -36.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 117.5% |

## 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 | 1.0% | 1.25× | 1.2% | 1.80× | 2.2% | S100R3HY |
| 2023 | 0.4% | 1.53× | 0.6% | 1.89× | 1.1% | S100TQEX |
| 2024 | 2.8% | 1.37× | 3.8% | 1.93× | 7.3% | S100WYOE |
| 2025 | 3.0% | 1.33× | 4.0% | 1.78× | 7.2% | S100YFUT |
| 2026 | 2.1% | 1.35× | 2.8% | 1.66× | 4.7% | S100YFUT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 味の素株式会社 | Major shareholder | 27.2% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 12.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（その他信託口） | Major shareholder | 4.5% | 2026-03-31 |
| Ｊ-オイルミルズ取引先持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（投資信託口） | Major shareholder | 2.6% | 2026-03-31 |
| Ｊ-オイルミルズ従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（その他信託口） | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（投資信託口） | Major shareholder | 0.8% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YFUT | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFUT,, |
| 訂正有価証券報告書－第23期(2024/04/01－2025/03/31) | S100WYOE | 2025-11-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WYOE,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TQEX | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQEX,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R3HY | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3HY,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OHYM | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHYM,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LOOR | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOOR,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 不二製油 | Capital alliance | 業務提携と株式相互保有（共同調達・中間原料油の相互供給等） | S100YEWN |
| 味の素 | Alliance | 食用油脂事業の業務提携（ブランド使用・販売ルート利用） | S100YFUT |
| 不二製油 | Alliance | 食用油脂事業の業務提携（原料・資材の調達、中間原料油の相互供給） | S100YFUT |
| 日清オイリオグループ | Alliance | 搾油工程（原油と油粕の製造）までの業務提携 | S100YFUT |
| 全国農業協同組合連合会 | Alliance | 岡山エリア運営の相互協力（原料大豆の保管・飼料原料の供給等） | S100YFUT |
| JA西日本くみあい飼料株式会社 | Alliance | 岡山エリア運営の相互協力（原料大豆の保管・飼料原料の供給等） | S100YFUT |
| 全農サイロ株式会社 | Alliance | 岡山エリア運営の相互協力（原料大豆の保管・飼料原料の供給等） | S100YFUT |
| Premium Nutrients Private Limited | Capital alliance | 油脂加工品事業の業務提携と同社子会社2社への出資（マレーシア） | S100YFUT |

## 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).