# Kakiyasu Honten Co.,Ltd.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/05/01－2026/04/30) (S100YRG8)
> Page: https://vizora.meequs.com/en/company/kakiyasu-honten
> Retrieved: 2026-09-30T23:08:43.231Z

## Company

Kakiyasu Honten, founded in 1968, is a company in Meat Processing listed on TSE Prime. It has 853 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kakiyasu Honten Co., Ltd. |
| Ticker | 2294 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2294.T) |
| Listing | TSE Prime |
| Head office | 三重県桑名市吉之丸8番地 |
| Representative (per filing) | 代表取締役社長 赤塚 保正 |
| Founded | Nov 1968 |
| Share capital | ¥1.27B |
| Employees (consolidated) | 853 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | April |
| Website | www.kakiyasuhonten.co.jp (https://www.kakiyasuhonten.co.jp/) |
| Corporate number | 7190001012102 |
| EDINET | E03283 |
| Industries (Vizora) | Meat Processing, Processed Foods, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YRG8, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86.4 | 11 |
| Cash conversion | 38.9 | 9 |
| Efficiency | 37.5 | 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 38% of Kakiyasu Honten's sales come from Dressed Meat, with Delicatessen and Japanese confectionery making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -4.9%.

## Company structure

- Segment revenue mix: Dressed Meat 37.6%、Delicatessen 35.5%、Japanese confectionery 19.0%、Foods 4.2%、Restaurant Business 3.6%
- Revenue → net income: ¥36072000000 → ¥811000000
- Net income → operating cash flow: ¥811000000 → ¥1541000000（difference ¥730000000）
- Main uses of operating cash flow: CapEx ¥460000000 / dividends ¥812000000 / buybacks ¥0
- Change in cash: ¥57000000
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 | ¥36.1B |  |
| Operating income | ¥1.43B | Margin 4.0% |
| Net income | ¥811M | Margin 2.2% |
| Free cash flow | ¥1.08B |  |
| Largest business | Dressed Meat | of segment revenue 37.6% |
| Employees (consolidated) | 853 |  |
| EPS | ¥87.45 |  |
| Book value per share | ¥1596.72 |  |
| Equity ratio | 79.6% |  |
| Shares outstanding | 12,446,000 |  |
| Treasury shares | 2,863,500 |  |
| Shareholders | 14,383 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 41.3% | Cash ÷ revenue 22.3% |
| Vs. industry median margin | +1.7 pp | Meat Processing |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 41% of total assets

## What changed in 4 years

| Metric | FY ending Feb 2022 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37998000000 | ¥36072000000 | -5.1% |
| Operating income | ¥2777000000 | ¥1426000000 | -48.6% |
| Operating margin | 7.3% | 4.0% | -3.4 pp |
| Employees | 912 people | 853 people | -6.5% |
| Cash and equivalents | ¥9951000000 | ¥8052000000 | -19.1% |

### Change in segment revenue mix

Span: FY ending Feb 2022 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 精肉事業 → 精肉事業 | 37.6% |
| 精肉事業 → 事業再編・廃止 | 4.0% |
| 惣菜事業 → 惣菜事業 | 30.9% |
| 和菓子事業 → 和菓子事業 | 17.5% |
| レストラン事業 → レストラン事業 | 3.6% |
| レストラン事業 → 事業再編・廃止 | 1.1% |
| 食品事業 → 食品事業 | 4.2% |
| 食品事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 惣菜事業 | 4.7% |
| 新設・再編 → 和菓子事業 | 1.5% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dressed Meat | 4 years | -3.8% | ¥13573000000 | 7.5% | 2 |
| Delicatessen | 4 years | +2.2% | ¥12821000000 | 7.1% | 2 |
| Japanese confectionery | 4 years | +0.8% | ¥6852000000 | 5.7% | 2 |
| Foods | 4 years | -6.6% | ¥1525000000 | 6.5% | 2 |
| Restaurant Business | 4 years | -7.8% | ¥1298000000 | -1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,072 | 100.0% | S100YRG8 |
| Cost of revenue | 16,737 | 46.4% | S100YRG8 |
| Gross profit | 19,334 | 53.6% | S100YRG8 |
| SG&A | 17,908 | 49.6% | S100YRG8 |
| Operating income | 1,426 | 4.0% | S100YRG8 |
| Ordinary income | 1,473 | 4.1% | S100YRG8 |
| Pretax income | 1,362 | 3.8% | S100YRG8 |
| Income tax | 551 | 1.5% | S100YRG8 |
| Net income | 811 | 2.2% | S100YRG8 |
| Net income attributable to owners | 811 | 2.2% | S100YRG8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 50 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 53.6% → Operating margin 4.0% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -4.9%
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,104 | 36,072 | -32 | -0.1% |
| Gross profit | 19,579 | 19,334 | -245 | -1.3% |
| Operating income | 1,500 | 1,426 | -74 | -4.9% |
| Net income attributable to owners | 701 | 811 | 110 | +15.7% |
| Operating cash flow | 1,746 | 1,541 | -205 | -11.7% |
| Free cash flow | 751 | 1,081 | 330 | +43.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2022 | 37,998 | 2,777 | 7.3% | 1,704 | 3,742 | 3,532 | S100RFT3 |
| FY ending Apr 2024 | 37,052 | 2,200 | 5.9% | 1,400 | 1,410 | 383 | S100WEKB |
| FY ending Apr 2025 | 36,104 | 1,500 | 4.2% | 701 | 1,746 | 751 | S100YRG8 |
| FY ending Apr 2026 | 36,072 | 1,426 | 4.0% | 811 | 1,541 | 1,081 | S100YRG8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.3M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥950.8K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 912 | 886 | 888 | 853 |
| Average salary (parent company) | — | ¥5.1M | ¥5.1M | ¥5M |
| Average age (parent company) | — | 43.0 years | 43.3 years | 44.0 years |
| Average tenure (parent company) | — | 11.3 years | 11.6 years | 12.5 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dressed Meat | 13,573 | 37.6% | 1,020 | 7.5% |
| Delicatessen | 12,821 | 35.5% | 916 | 7.1% |
| Japanese confectionery | 6,852 | 19.0% | 388 | 5.7% |
| Restaurant Business | 1,298 | 3.6% | -21 | -1.6% |
| Foods | 1,525 | 4.2% | 99 | 6.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dressed Meat | 37.6% | 42.1% | 4.5 | 7.5% |
| Delicatessen | 35.5% | 37.8% | 2.3 | 7.1% |
| Japanese confectionery | 19.0% | 16.0% | -3.0 | 5.7% |
| Restaurant Business | 3.6% | — | — | -1.6% |
| Foods | 4.2% | 4.1% | -0.1 | 6.5% |

Loss-making segment (excluded from profit shares): Restaurant Business -21 JPY mn

Segment → industry: Dressed Meat → Meat Processing / Foods → Processed Foods / Japanese confectionery → Processed Foods / Restaurant Business → Restaurants & Pubs / Delicatessen → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,541 | 4.3% | S100YRG8 |
| Capital expenditure | 460 | 1.3% | S100YRG8 |
| Free cash flow | 1,081 | 3.0% | 算出 |
| Investing cash flow | -657 | -1.8% | S100YRG8 |
| Financing cash flow | -826 | -2.3% | S100YRG8 |
| Dividends paid | 812 | 2.3% | S100YRG8 |
| Share buyback | 0 | 0.0% | S100YRG8 |
| Change in cash | 57 | 0.2% | S100YRG8 |
| Cash and equivalents | 8,052 | 22.3% | S100YRG8 |

## 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 Feb 2022 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,951 | 10,108 | 7,995 | 8,052 | S100U2W2, S100YRG8 |
| Total assets | 20,002 | 21,687 | 19,196 | 19,480 | S100RFT3, S100WEKB, S100YRG8 |
| Net assets | 15,834 | 17,657 | 15,044 | 15,504 | S100U2W2, S100YRG8 |
| Share capital | 1,269 | 1,269 | 1,269 | 1,269 | S100RFT3, S100WEKB, S100YRG8 |
| Trade receivables | 2,260 | — | — | — | S100RFT3 |
| Property, plant and equipment | 4,800 | 5,575 | 5,835 | 5,604 | S100RFT3, S100WEKB, S100YRG8 |
| Intangible assets excluding goodwill | 226 | 194 | 182 | 172 | S100RFT3, S100WEKB, S100YRG8 |
| Investment securities | 111 | 212 | 219 | 562 | S100RFT3, S100WEKB, S100YRG8 |
| Current assets | 13,565 | 14,359 | 11,530 | 11,571 | S100RFT3, S100WEKB, S100YRG8 |
| Current liabilities | 3,712 | 3,539 | 3,629 | 3,490 | S100RFT3, S100WEKB, S100YRG8 |
| Trade payables | 1,022 | 1,222 | 1,278 | — | S100RFT3, S100WEKB |
| Total liabilities | 4,168 | 4,029 | 4,152 | 3,975 | S100RFT3, S100WEKB, S100YRG8 |
| Equity attributable to owners of parent | 15,759 | 17,445 | 14,893 | 14,905 | S100RFT3, S100WEKB, S100YRG8 |
| Retained earnings | 16,958 | 18,627 | 18,438 | 18,435 | S100RFT3, S100WEKB, S100YRG8 |
| Treasury stock | -3,542 | -3,531 | -5,900 | -5,889 | S100RFT3, S100WEKB, S100YRG8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YRG8 |
| Property, plant and equipment | 29% | S100YRG8 |
| Intangibles and goodwill | 1% | S100YRG8 |
| Investment securities | 3% | S100YRG8 |
| Other assets | 26% | S100YRG8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YRG8 |
| Equity | 80% | S100YRG8 |
| Other liabilities | 0% | S100YRG8 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 20,002 | 21,687 | 19,196 | 19,480 |
| Equity | 15,834 | 17,657 | 15,044 | 15,504 |
| Interest-bearing debt | — | — | — | — |
| Cash | 9,951 | 10,108 | 7,995 | 8,052 |

## 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) | 15.5% | S100YRG8 |
| Fixed assets ÷ total assets | 28.8% | S100YRG8 |
| Goodwill ÷ parent equity | — | —, S100YRG8 |

### 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) | 41.3% |
| Cash ÷ revenue | 22.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.1% |
| Cash vs. profit gap | 730 JPY mn (of net income 90.0%) |
| Shareholder returns / net income | 100.1% |
| Shareholder returns / FCF | 75.1% |
| Shareholder payments — dividends / net income | 100.1% |
| Shareholder payments — dividends / FCF | 75.1% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 42.6% |

## 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 | 4.5% | 1.90× | 8.5% | 1.27× | 10.8% | S100RFT3 |
| 2024 | 3.8% | 1.71× | 6.5% | 1.24× | 8.0% | S100WEKB |
| 2025 | 1.9% | 1.77× | 3.4% | 1.26× | 4.3% | S100YRG8 |
| 2026 | 2.2% | 1.87× | 4.2% | 1.30× | 5.4% | S100YRG8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.9% | 2026-04-30 |
| 株式会社百五銀行 | Major shareholder | 3.9% | 2026-04-30 |
| 赤塚 保正 | Major shareholder | 3.5% | 2026-04-30 |
| 赤塚 美雪 | Major shareholder | 2.8% | 2026-04-30 |
| 赤塚 和隆 | Major shareholder | 2.8% | 2026-04-30 |
| 赤塚 勝子 | Major shareholder | 2.6% | 2026-04-30 |
| 柿安取引先持株会 | Major shareholder | 2.2% | 2026-04-30 |
| 柿安社員持株会 | Major shareholder | 2.0% | 2026-04-30 |
| 赤塚 元康 | Major shareholder | 1.7% | 2026-04-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/05/01－2026/04/30) | S100YRG8 | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRG8,, |
| 有価証券報告書－第57期(2024/05/01－2025/04/30) | S100WEKB | 2025-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEKB,, |
| 有価証券報告書－第56期(2023/05/01－2024/04/30) | S100U2W2 | 2024-07-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2W2,, |
| 有価証券報告書－第55期(2022/03/01－2023/04/30) | S100RFT3 | 2023-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RFT3,, |

## 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).