# JFLA 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20期(2025/04/01－2026/03/31) (S100YK48)
> Page: https://vizora.meequs.com/en/company/jfla-holdings
> Retrieved: 2026-09-30T19:51:25.216Z

## Company

JFLA Holdings, founded in 1995, is a company in Beverages & Dairy listed on TSE Standard. It has 1,549 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JFLA Holdings Inc. |
| Ticker | 3069 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3069.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋蛎殻町一丁目5番6号 |
| Representative (per filing) | 代表取締役社長 檜垣 周作 |
| Founded | Sep 1995 |
| Share capital | ¥3.8B |
| Employees (consolidated) | 1,549 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | j-fla.com (https://j-fla.com/) |
| Corporate number | 2010401066843 |
| EDINET | E03508 |
| Industries (Vizora) | Beverages & Dairy, Processed Foods, Specialty Trading & Wholesale, Restaurants & Pubs |

> Profile source: annual securities report (S100YK48, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.8 | 17 |
| Profitability | 17.5 | 20 |
| Cash conversion | 47.5 | 20 |
| Efficiency | 97.5 | 20 |

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 67% of JFLA Holdings's sales come from Production, with Distribution and Sales making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit +16.6%.

## Company structure

- Segment revenue mix: Production 67.1%、Distribution 21.1%、Sales 11.1%、Other 0.7%
- Revenue → net income: ¥65657125000 → ¥579783000
- Net income → operating cash flow: ¥579783000 → ¥1720754000（difference ¥1140971000）
- Main uses of operating cash flow: CapEx ¥1258299000 / dividends ¥120020000 / buybacks ¥507000
- Change in cash: ¥-18235000
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 | ¥65.7B |  |
| Operating income | ¥1.53B | Margin 2.3% |
| Net income | ¥664.6M | Margin 1.0% |
| Free cash flow | ¥462.5M |  |
| Largest business | Production | of segment revenue 67.1% |
| Employees (consolidated) | 1,549 |  |
| EPS | ¥52.61 |  |
| Book value per share | ¥158.87 |  |
| Equity ratio | 20.4% |  |
| Shares outstanding | 48,277,135 |  |
| Treasury shares | 52,000 |  |
| Shareholders | 21,630 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 11.2% | Cash ÷ revenue 6.9% |
| Vs. industry median margin | -2.1 pp | Beverages & Dairy |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, segment profit share differs by 23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69619945000 | ¥65657125000 | -5.7% |
| Operating income | ¥-1185351000 | ¥1527441000 | — |
| Operating margin | -1.7% | 2.3% | +4 pp |
| Employees | 1,809 people | 1,549 people | -14.4% |
| Cash and equivalents | ¥5727217000 | ¥4536100000 | -20.8% |

### 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 |
| --- | ---: |
| 生産 → 生産 | 54.8% |
| 流通 → 流通 | 21.1% |
| 流通 → 事業再編・廃止 | 3.2% |
| 販売 → 販売 | 11.1% |
| 販売 → 事業再編・廃止 | 8.6% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 生産 | 12.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Production | 5 years | +2.9% | ¥44069599000 | 4.9% | 2 |
| Distribution | 5 years | -3.9% | ¥13847113000 | 1.2% | 2 |
| Sales | 5 years | -11.8% | ¥7309350000 | 0.2% | 2 |
| Other | 5 years | -12.5% | ¥431062000 | 11.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 65,657 | 100.0% | S100YK48 |
| Cost of revenue | 48,360 | 73.7% | S100YK48 |
| Gross profit | 17,297 | 26.3% | S100YK48 |
| SG&A | 15,770 | 24.0% | S100YK48 |
| Operating income | 1,527 | 2.3% | S100YK48 |
| Ordinary income | 1,293 | 2.0% | S100YK48 |
| Pretax income | 1,059 | 1.6% | S100YK48 |
| Income tax | 480 | 0.7% | S100YK48 |
| Net income | 580 | 0.9% | S100YK48 |
| Net income attributable to owners | 665 | 1.0% | S100YK48 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 24 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 26.3% → Operating margin 2.3% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.7%; Core profit growth: +16.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 24.01×
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 | 65,208 | 65,657 | 449 | +0.7% |
| Gross profit | 17,206 | 17,297 | 91 | +0.5% |
| Operating income | 1,311 | 1,527 | 217 | +16.6% |
| Net income attributable to owners | 638 | 665 | 26 | +4.2% |
| Operating cash flow | 471 | 1,721 | 1,249 | +265.0% |
| Free cash flow | -792 | 462 | 1,254 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 80,871 | 516 | 0.6% | 1,689 | 1,406 | 520 | S100LLVZ |
| FY ending Mar 2021 | 69,620 | -1,185 | -1.7% | -2,558 | -292 | -1,597 | S100OB5C |
| FY ending Mar 2022 | 70,374 | -792 | -1.1% | -1,884 | 594 | -1,009 | S100QZMZ |
| FY ending Mar 2023 | 76,714 | -401 | -0.5% | -2,198 | -728 | -1,871 | S100TTQ4 |
| FY ending Mar 2024 | 67,902 | 815 | 1.2% | -618 | 1,656 | 1,239 | S100W6VR |
| FY ending Mar 2025 | 65,208 | 1,311 | 2.0% | 638 | 471 | -792 | S100YK48 |
| FY ending Mar 2026 | 65,657 | 1,527 | 2.3% | 665 | 1,721 | 462 | S100YK48 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.4M |
| Operating income per employee (consolidated) | ¥986.1K |
| Net income per employee (consolidated) | ¥429.1K |

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) | 2,056 | 1,860 | 1,545 | 1,477 | 1,549 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.5M | ¥5.9M | ¥6M |
| Average age (parent company) | 45.4 years | 45.8 years | 46.5 years | 48.1 years | 48.6 years |
| Average tenure (parent company) | 8.5 years | 7.8 years | 7.9 years | 8.6 years | 7.8 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Production | 44,070 | 67.1% | 2,146 | 4.9% |
| Distribution | 13,847 | 21.1% | 166 | 1.2% |
| Sales | 7,309 | 11.1% | 13 | 0.2% |
| Other | 431 | 0.7% | 51 | 11.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Production | 67.1% | 90.3% | 23.2 | 4.9% |
| Distribution | 21.1% | 7.0% | -14.1 | 1.2% |
| Sales | 11.1% | 0.6% | -10.6 | 0.2% |
| Other | 0.7% | 2.1% | 1.5 | 11.8% |

Segment → industry: Production → Beverages & Dairy / Production → Processed Foods / Distribution → Specialty Trading & Wholesale / Sales → Restaurants & Pubs

## 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 | 1,721 | 2.6% | S100YK48 |
| Capital expenditure | 1,258 | 1.9% | S100YK48 |
| Free cash flow | 462 | 0.7% | 算出 |
| Investing cash flow | -1,115 | -1.7% | S100YK48 |
| Financing cash flow | -662 | -1.0% | S100YK48 |
| Dividends paid | 120 | 0.2% | S100YK48 |
| Share buyback | 1 | 0.0% | S100YK48 |
| Change in cash | -18 | -0.0% | S100YK48 |
| Cash and equivalents | 4,536 | 6.9% | S100YK48 |

## 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 | 4,545 | 2,049 | 5,696 | 4,554 | 4,536 | S100TTQ4, S100W6VR, S100YK48 |
| Total assets | 48,452 | 41,395 | 41,404 | 39,466 | 40,503 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Net assets | 8,283 | 6,159 | 8,474 | 9,083 | 10,147 | S100TTQ4, S100W6VR, S100YK48 |
| Share capital | 3,514 | 3,634 | 3,801 | 3,801 | 3,801 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Property, plant and equipment | 17,641 | 14,907 | 14,007 | 13,913 | 14,285 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Intangible assets excluding goodwill | 3,251 | 2,587 | 1,899 | 1,309 | 924 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Goodwill | 2,917 | 2,355 | 1,740 | 1,222 | 861 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Investment securities | 1,609 | 1,136 | 1,264 | 1,250 | 1,545 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Current assets | 23,229 | 20,162 | 21,894 | 20,848 | 21,455 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Current liabilities | 26,570 | 24,120 | 10,702 | 9,432 | 10,248 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Trade payables | 6,429 | 6,697 | 6,040 | 5,285 | 5,340 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Short-term borrowings | 11,630 | 10,634 | 48 | 27 | 161 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Long-term borrowings | 8,660 | 6,877 | 18,774 | 18,033 | 17,373 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Bonds | 154 | — | — | — | — | S100QZMZ |
| Interest-bearing debt | 20,444 | — | — | — | — | 算出 |
| Total liabilities | 40,169 | 35,235 | 32,930 | 30,383 | 30,356 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Non-controlling interests | 1,290 | 1,344 | 1,888 | 1,951 | 1,869 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Equity attributable to owners of parent | 7,501 | 5,315 | 7,305 | 7,925 | 8,580 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Retained earnings | -4,524 | -6,765 | -7,359 | -6,720 | -6,056 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |
| Treasury stock | -14 | -16 | -17 | -18 | -18 | S100QZMZ, S100TTQ4, S100W6VR, S100YK48 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YK48 |
| Property, plant and equipment | 35% | S100YK48 |
| Intangibles and goodwill | 5% | S100YK48 |
| Investment securities | 4% | S100YK48 |
| Other assets | 45% | S100YK48 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YK48 |
| Other liabilities | 62% | S100YK48 |
| Equity | 25% | S100YK48 |

### 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 | 48,452 | 41,395 | 41,404 | 39,466 | 40,503 |
| Equity | 8,283 | 6,159 | 8,474 | 9,083 | 10,147 |
| Interest-bearing debt | 20,444 | — | — | — | — |
| Cash | 4,545 | 2,049 | 5,696 | 4,554 | 4,536 |

## 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) | 21.8% | S100YK48 |
| Fixed assets ÷ total assets | 35.3% | S100YK48 |
| Goodwill ÷ parent equity | 10.0% | S100YK48 |

Goodwill over 4 years: 2,917 → 861 JPY; total investing cash flow: -4,200 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) | 11.2% |
| Cash ÷ revenue | 6.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.7% |
| Cash vs. profit gap | 1,056 JPY mn (of net income 158.9%) |
| Shareholder returns / net income | 18.1% |
| Shareholder returns / FCF | 26.1% |
| Shareholder payments — dividends / net income | 18.1% |
| Shareholder payments — dividends / FCF | 26.0% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 64.8% |

## 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 | — | —× | -3.9% | —× | — | S100QZMZ |
| 2023 | — | —× | -4.9% | —× | — | S100TTQ4 |
| 2024 | — | —× | -1.5% | —× | — | S100W6VR |
| 2025 | 1.0% | 1.61× | 1.6% | 5.31× | 8.4% | S100YK48 |
| 2026 | 1.0% | 1.64× | 1.7% | 4.85× | 8.1% | S100YK48 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＨＳＩグローバル株式会社 | Major shareholder | 23.7% | 2026-03-31 |
| 株式会社神明ホールディングス | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社ＳＡＫＥアソシエイツ | Major shareholder | 4.8% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 青柳 和洋 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社Ｍ＆Ｔ | Major shareholder | 1.6% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.5% | 2026-03-31 |
| 小岩井 壮 | Major shareholder | 1.3% | 2026-03-31 |
| 檜垣 周作 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YK48 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK48,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W6VR | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6VR,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TTQ4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTQ4,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100QZMZ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZMZ,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OB5C | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB5C,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LLVZ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLVZ,, |

## 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).