# KADOYA SESAME MILLS INCORPORATED: 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69期(2025/04/01－2026/03/31) (S100YEW9)
> Page: https://vizora.meequs.com/en/company/kadoya-sesame-mills
> Retrieved: 2026-09-30T20:38:49.455Z

## Company

Kadoya Sesame Mills, founded in 1957, is a company in Food Ingredients listed on TSE Standard. It has 530 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KADOYA SESAME MILLS INCORPORATED |
| Ticker | 2612 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2612.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区北品川五丁目1番18号 |
| Representative (per filing) | 代表取締役社長 北川 淳一 |
| Founded | May 1957 |
| Share capital | ¥2.16B |
| Employees (consolidated) | 530 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.kadoya.com (https://www.kadoya.com/) |
| Corporate number | 9010701002351 |
| EDINET | E00433 |
| Industries (Vizora) | Food Ingredients, Processed Foods |

> Profile source: annual securities report (S100YEW9, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.6 | 22 |
| Profitability | 77.1 | 24 |
| Cash conversion | 77.1 | 24 |
| Efficiency | 35.4 | 24 |

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 78% of Kadoya Sesame Mills's sales come from Sesame oil, with Edible sesame seed and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +20.6%.

## Company structure

- Segment revenue mix: Sesame oil 78.4%、Edible sesame seed 21.5%、Other 0.0%
- Revenue → net income: ¥40030000000 → ¥2724000000
- Net income → operating cash flow: ¥2724000000 → ¥5688000000（difference ¥2964000000）
- Main uses of operating cash flow: CapEx ¥375000000 / dividends ¥920000000 / buybacks ¥0
- Change in cash: ¥4101000000
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 | ¥40B |  |
| Operating income | ¥3.82B | Margin 9.5% |
| Net income | ¥2.72B | Margin 6.8% |
| Free cash flow | ¥5.31B |  |
| Largest business | Sesame oil | of segment revenue 78.4% |
| Employees (consolidated) | 530 |  |
| EPS | ¥93.96 |  |
| Book value per share | ¥1315.08 |  |
| Equity ratio | 79.1% |  |
| Shares outstanding | 9,400,000 |  |
| Treasury shares | 185,500 |  |
| Shareholders | 14,477 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 25.3% | Cash ÷ revenue 29.9% |
| Vs. industry median margin | +4.2 pp | Food Ingredients |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, employees -3% while operating income rose 21%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31371000000 | ¥40030000000 | +27.6% |
| Operating income | ¥3021000000 | ¥3818000000 | +26.4% |
| Operating margin | 9.6% | 9.5% | -0.1 pp |
| Employees | 518 people | 530 people | +2.3% |
| Cash and equivalents | ¥2846000000 | ¥11983000000 | +321.0% |

### 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 |
| --- | ---: |
| ごま油 → ごま油 | 75.1% |
| 食品ごま → 食品ごま | 21.5% |
| 食品ごま → 事業再編・廃止 | 3.0% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → ごま油 | 3.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sesame oil | 5 years | +5.9% | ¥31401000000 | 11.5% | 2 |
| Edible sesame seed | 5 years | +2.3% | ¥8611000000 | 2.1% | 2 |
| Other | 5 years | -32.1% | ¥16000000 | 50.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,030 | 100.0% | S100YEW9 |
| Cost of revenue | 28,712 | 71.7% | S100YEW9 |
| Gross profit | 11,317 | 28.3% | S100YEW9 |
| SG&A | 7,498 | 18.7% | S100YEW9 |
| Operating income | 3,818 | 9.5% | S100YEW9 |
| Ordinary income | 4,060 | 10.1% | S100YEW9 |
| Pretax income | 3,947 | 9.9% | S100YEW9 |
| Income tax | 1,223 | 3.1% | S100YEW9 |
| Net income | 2,724 | 6.8% | S100YEW9 |
| Net income attributable to owners | 2,724 | 6.8% | S100YEW9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.3% → Operating margin 9.5% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +20.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.01×
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 | 39,450 | 40,030 | 580 | +1.5% |
| Gross profit | 10,146 | 11,317 | 1,171 | +11.5% |
| Operating income | 3,166 | 3,818 | 652 | +20.6% |
| Net income attributable to owners | 2,357 | 2,724 | 367 | +15.6% |
| Operating cash flow | 384 | 5,688 | 5,304 | +1381.3% |
| Free cash flow | 87 | 5,313 | 5,226 | +6006.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,781 | 3,255 | 9.6% | 2,552 | 1,682 | -2,730 | S100LM33 |
| FY ending Mar 2021 | 31,371 | 3,021 | 9.6% | 2,101 | 2,715 | 1,624 | S100OHCB |
| FY ending Mar 2022 | 32,185 | 3,450 | 10.7% | 2,769 | 4,542 | 3,871 | S100R763 |
| FY ending Mar 2023 | 33,690 | 2,914 | 8.6% | 2,219 | 2,460 | 1,778 | S100TSDW |
| FY ending Mar 2024 | 35,680 | 3,117 | 8.7% | 2,255 | 2,972 | 2,703 | S100VZHJ |
| FY ending Mar 2025 | 39,450 | 3,166 | 8.0% | 2,357 | 384 | 87 | S100YEW9 |
| FY ending Mar 2026 | 40,030 | 3,818 | 9.5% | 2,724 | 5,688 | 5,313 | S100YEW9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.5M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 541 | 555 | 550 | 545 | 530 |
| Average salary (parent company) | ¥7.1M | ¥6.8M | ¥6.7M | ¥7.2M | ¥7.7M |
| Average age (parent company) | 41.2 years | 41.5 years | 42.1 years | 42.6 years | 42.4 years |
| Average tenure (parent company) | 13.7 years | 14.1 years | 14.7 years | 15.3 years | 15.5 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sesame oil | 31,401 | 78.4% | 3,625 | 11.5% |
| Edible sesame seed | 8,611 | 21.5% | 184 | 2.1% |
| Other | 16 | 0.0% | 8 | 50.0% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Sesame oil | 78.4% | 95.0% | 16.5 | 11.5% |
| Edible sesame seed | 21.5% | 4.8% | -16.7 | 2.1% |
| Other | 0.0% | 0.2% | 0.2 | 50.0% |

Segment → industry: Sesame oil → Food Ingredients / Edible sesame seed → Processed Foods

## 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 | 5,688 | 14.2% | S100YEW9 |
| Capital expenditure | 375 | 0.9% | S100YEW9 |
| Free cash flow | 5,313 | 13.3% | 算出 |
| Investing cash flow | -671 | -1.7% | S100YEW9 |
| Financing cash flow | -920 | -2.3% | S100YEW9 |
| Dividends paid | 920 | 2.3% | S100YEW9 |
| Share buyback | 0 | 0.0% | S100YEW9 |
| Change in cash | 4,101 | 10.2% | S100YEW9 |
| Cash and equivalents | 11,983 | 29.9% | S100YEW9 |

## 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 | 6,133 | 6,871 | 8,681 | 7,881 | 11,983 | S100TSDW, S100VZHJ, S100YEW9 |
| Total assets | 39,361 | 41,490 | 42,671 | 43,536 | 47,346 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Net assets | 31,150 | 32,731 | 34,354 | 35,265 | 37,440 | S100TSDW, S100VZHJ, S100YEW9 |
| Share capital | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Property, plant and equipment | 12,760 | 12,006 | 10,992 | 10,234 | 9,452 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Intangible assets excluding goodwill | 348 | 229 | 141 | 73 | 44 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Investment securities | 1,998 | 2,597 | 2,919 | 2,213 | 2,570 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Current assets | 23,705 | 26,091 | 28,206 | 30,369 | 34,404 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Current liabilities | 6,148 | 6,603 | 6,071 | 6,018 | 7,663 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Trade payables | 2,755 | 3,604 | 3,052 | 2,832 | 3,662 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Total liabilities | 8,210 | 8,759 | 8,316 | 8,271 | 9,905 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Equity attributable to owners of parent | 30,277 | 31,494 | 32,832 | 34,268 | 36,076 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Retained earnings | 26,423 | 27,629 | 28,964 | 30,400 | 32,202 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |
| Treasury stock | -1,373 | -1,362 | -1,359 | -1,359 | -1,353 | S100R763, S100TSDW, S100VZHJ, S100YEW9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YEW9 |
| Property, plant and equipment | 20% | S100YEW9 |
| Intangibles and goodwill | 0% | S100YEW9 |
| Investment securities | 6% | S100YEW9 |
| Other assets | 49% | S100YEW9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YEW9 |
| Other liabilities | 13% | S100YEW9 |
| Equity | 79% | S100YEW9 |
| Other liabilities | 0% | S100YEW9 |

### 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 | 39,361 | 41,490 | 42,671 | 43,536 | 47,346 |
| Equity | 31,150 | 32,731 | 34,354 | 35,265 | 37,440 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,133 | 6,871 | 8,681 | 7,881 | 11,983 |

## 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) | 23.6% | S100YEW9 |
| Fixed assets ÷ total assets | 20.0% | S100YEW9 |
| Goodwill ÷ parent equity | — | —, S100YEW9 |

### 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) | 25.3% |
| Cash ÷ revenue | 29.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.0% |
| Cash vs. profit gap | 2,964 JPY mn (of net income 108.8%) |
| Shareholder returns / net income | 33.8% |
| Shareholder returns / FCF | 17.3% |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | 17.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 11.8% |

## 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 | 8.6% | 0.82× | 7.0% | 1.30× | 9.1% | S100R763 |
| 2023 | 6.6% | 0.83× | 5.5% | 1.31× | 7.2% | S100TSDW |
| 2024 | 6.3% | 0.85× | 5.4% | 1.31× | 7.0% | S100VZHJ |
| 2025 | 6.0% | 0.92× | 5.5% | 1.28× | 7.0% | S100YEW9 |
| 2026 | 6.8% | 0.88× | 6.0% | 1.29× | 7.7% | S100YEW9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 26.9% | 2026-03-31 |
| 三井物産株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 21.9% | 2026-03-31 |
| 小澤物産株式会社 | Major shareholder | 11.5% | 2026-03-31 |
| 小澤商事株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 国分グループ本社株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 日清食品ホールディングス株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-03-31 |
| かどや製油従業員持株会 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YEW9 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEW9,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100VZHJ | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZHJ,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TSDW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSDW,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R763 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R763,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OHCB | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHCB,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LM33 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM33,, |

## 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).