# KAMEDA SEIKA 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69期(2025/04/01－2026/03/31) (S100YEEA)
> Page: https://vizora.meequs.com/en/company/kameda-seika
> Retrieved: 2026-09-30T22:15:50.095Z

## Company

Kameda Seika, founded in 1957, is a company in Processed Foods listed on TSE Prime. It has 4,533 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAMEDA SEIKA CO., LTD. |
| Ticker | 2220 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2220.T) |
| Listing | TSE Prime |
| Head office | 新潟県新潟市江南区亀田工業団地3丁目1番1号 |
| Representative (per filing) | 代表取締役社長 髙木政紀 |
| Founded | Aug 1957 |
| Share capital | ¥1.95B |
| Employees (consolidated) | 4,533 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Corporate number | 4110001006378 |
| EDINET | E00385 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YEEA, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67 | 56 |
| Profitability | 64.2 | 60 |
| Cash conversion | 72.8 | 57 |
| Efficiency | 29.2 | 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)

- About 52% of Kameda Seika's sales come from Domestic rice crackers, with Overseas and Food making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +33.7% from the prior year, operating profit +36.9%.

## Company structure

- Segment revenue mix: Domestic rice crackers 52.4%、Overseas 35.8%、Food 6.4%、Other 5.4%
- Revenue → net income: ¥138052000000 → ¥25032000000
- Net income → operating cash flow: ¥25032000000 → ¥11897000000（difference ¥-13135000000）
- Main uses of operating cash flow: CapEx ¥7467000000 / dividends ¥1201000000 / buybacks ¥1000000
- Change in cash: ¥10481000000
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 | ¥138.1B |  |
| Operating income | ¥7.53B | Margin 5.5% |
| Net income | ¥24.6B | Margin 17.9% |
| Free cash flow | ¥4.43B |  |
| Largest business | Domestic rice crackers | of segment revenue 52.4% |
| Employees (consolidated) | 4,533 |  |
| EPS | ¥14.82 |  |
| Book value per share | ¥702.9 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 22,318,000 |  |
| Treasury shares | 1,235,600 |  |
| Shareholders | 17,584 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 13.5% |
| Vs. industry median margin | +1.4 pp | Processed Foods |
| ROE | 32.0% | Derived from disclosed figures |
| ROA | 15.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥103305000000 | ¥138052000000 | +33.6% |
| Operating income | ¥5620000000 | ¥7528000000 | +34.0% |
| Operating margin | 5.4% | 5.5% | 0 pp |
| Employees | 3,362 people | 4,533 people | +34.8% |
| Cash and equivalents | ¥6505000000 | ¥18601000000 | +185.9% |

### 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 |
| --- | ---: |
| 国内米菓 → 事業再編・廃止 | 79.1% |
| 海外 → 事業再編・廃止 | 8.2% |
| 食品 → 事業再編・廃止 | 6.0% |
| その他 → その他 | 5.4% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 国内米菓 | 52.4% |
| 新設・再編 → 海外 | 35.8% |
| 新設・再編 → 食品 | 6.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic rice crackers | — | — | ¥72309000000 | 7.1% | 2 |
| Overseas | — | — | ¥49477000000 | 3.6% | 2 |
| Food | — | — | ¥8820000000 | 5.1% | 2 |
| Other | 5 years | +1.5% | ¥7445000000 | 1.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 138,052 | 100.0% | S100YEEA |
| Cost of revenue | 98,281 | 71.2% | S100YEEA |
| Gross profit | 39,771 | 28.8% | S100YEEA |
| SG&A | 32,243 | 23.4% | S100YEEA |
| Operating income | 7,528 | 5.5% | S100YEEA |
| Ordinary income | 7,501 | 5.4% | S100YEEA |
| Pretax income | 27,200 | 19.7% | S100YEEA |
| Income tax | 2,167 | 1.6% | S100YEEA |
| Net income | 25,032 | 18.1% | S100YEEA |
| Net income attributable to owners | 24,647 | 17.9% | S100YEEA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 28.8% → Operating margin 5.5% → Net margin 17.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +33.7%; Core profit growth: +36.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.09×
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 | 103,262 | 138,052 | 34,790 | +33.7% |
| Gross profit | 28,064 | 39,771 | 11,707 | +41.7% |
| Operating income | 5,500 | 7,528 | 2,028 | +36.9% |
| Net income attributable to owners | 5,417 | 24,647 | 19,230 | +355.0% |
| Operating cash flow | 9,442 | 11,897 | 2,455 | +26.0% |
| Free cash flow | 1,653 | 4,430 | 2,777 | +168.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 103,808 | 5,813 | 5.6% | 4,463 | 8,048 | 2,947 | S100LJ4F |
| FY ending Mar 2021 | 103,305 | 5,620 | 5.4% | 4,757 | 8,671 | 2,893 | S100O8QE |
| FY ending Mar 2022 | 85,163 | 4,832 | 5.7% | 4,419 | 8,305 | 137 | S100QXQN |
| FY ending Mar 2023 | 94,992 | 3,564 | 3.8% | 1,892 | 8,285 | 1,033 | S100TMYO |
| FY ending Mar 2024 | 95,534 | 4,467 | 4.7% | 2,257 | 9,730 | 2,427 | S100VYFR |
| FY ending Mar 2025 | 103,262 | 5,500 | 5.3% | 5,417 | 9,442 | 1,653 | S100YEEA |
| FY ending Mar 2026 | 138,052 | 7,528 | 5.5% | 24,647 | 11,897 | 4,430 | S100YEEA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 3,776 | 3,858 | 4,040 | 4,090 | 4,533 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.4M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 41.9 years | 41.8 years | 41.8 years | 41.3 years | 41.0 years |
| Average tenure (parent company) | 19.8 years | 19.6 years | 19.5 years | 18.4 years | 17.8 years |

Year over year: Employees (consolidated) +10.8% · Revenue (consolidated) +33.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic rice crackers | 72,309 | 52.4% | 5,139 | 7.1% |
| Overseas | 49,477 | 35.8% | 1,792 | 3.6% |
| Food | 8,820 | 6.4% | 451 | 5.1% |
| Other | 7,445 | 5.4% | 95 | 1.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic rice crackers | 52.4% | 68.7% | 16.4 | 7.1% |
| Overseas | 35.8% | 24.0% | -11.9 | 3.6% |
| Food | 6.4% | 6.0% | -0.4 | 5.1% |
| Other | 5.4% | 1.3% | -4.1 | 1.3% |

Segment → industry: Food → Processed Foods / Overseas → Processed Foods / Domestic rice crackers → 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 | 11,897 | 8.6% | S100YEEA |
| Capital expenditure | 7,467 | 5.4% | S100YEEA |
| Free cash flow | 4,430 | 3.2% | 算出 |
| Investing cash flow | -26,024 | -18.9% | S100YEEA |
| Financing cash flow | 23,507 | 17.0% | S100YEEA |
| Dividends paid | 1,201 | 0.9% | S100YEEA |
| Share buyback | 1 | 0.0% | S100YEEA |
| Change in cash | 10,481 | 7.6% | S100YEEA |
| Cash and equivalents | 18,601 | 13.5% | S100YEEA |

## 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 | 5,944 | 6,974 | 7,442 | 8,120 | 18,601 | S100TMYO, S100VYFR, S100YEEA |
| Total assets | 103,421 | 111,182 | 120,510 | 123,862 | 188,223 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Net assets | 66,046 | 67,996 | 73,718 | 78,908 | 106,466 | S100TMYO, S100VYFR, S100YEEA |
| Share capital | 1,946 | 1,946 | 1,946 | 1,946 | 1,946 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Property, plant and equipment | 49,728 | 51,981 | 52,071 | 54,034 | 63,799 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Intangible assets excluding goodwill | 5,645 | 5,382 | 5,255 | 5,039 | 48,318 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Goodwill | 2,177 | 2,125 | 2,085 | 1,911 | 16,380 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Investment securities | 12,931 | 14,941 | 17,336 | 18,096 | 3,915 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Current assets | 27,383 | 31,266 | 34,208 | 33,275 | 56,806 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Current liabilities | 28,102 | 25,722 | 29,856 | 25,081 | 28,673 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Trade payables | 3,853 | 4,571 | 4,563 | 4,862 | 4,976 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Short-term borrowings | 11,721 | 7,034 | 9,652 | 6,401 | 9,129 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Long-term borrowings | 6,001 | 13,470 | 11,189 | 15,417 | 38,096 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Total liabilities | 37,375 | 43,185 | 46,791 | 44,954 | 81,757 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Non-controlling interests | 2,631 | 3,141 | 3,780 | 3,314 | 3,538 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Equity attributable to owners of parent | 58,623 | 59,378 | 60,474 | 65,260 | 88,705 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Retained earnings | 58,408 | 59,163 | 60,260 | 64,498 | 87,944 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |
| Treasury stock | -1,901 | -1,901 | -1,903 | -1,903 | -1,904 | S100QXQN, S100TMYO, S100VYFR, S100YEEA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YEEA |
| Property, plant and equipment | 34% | S100YEEA |
| Intangibles and goodwill | 34% | S100YEEA |
| Investment securities | 2% | S100YEEA |
| Other assets | 20% | S100YEEA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YEEA |
| Other liabilities | 41% | S100YEEA |
| Equity | 56% | S100YEEA |

### 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 | 103,421 | 111,182 | 120,510 | 123,862 | 188,223 |
| Equity | 66,046 | 67,996 | 73,718 | 78,908 | 106,466 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,944 | 6,974 | 7,442 | 8,120 | 18,601 |

## 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) | 46.2% | S100YEEA |
| Fixed assets ÷ total assets | 33.9% | S100YEEA |
| Goodwill ÷ parent equity | 18.5% | S100YEEA |

Goodwill over 4 years: 2,177 → 16,380 JPY; total investing cash flow: -60,277 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) | 9.9% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.0% |
| Cash vs. profit gap | -12,750 JPY mn (of net income -51.7%) |
| Shareholder returns / net income | 4.9% |
| Shareholder returns / FCF | 27.1% |
| Shareholder payments — dividends / net income | 4.9% |
| Shareholder payments — dividends / FCF | 27.1% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 218.7% |

## 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 | 5.2% | 0.82× | 4.3% | 1.76× | 7.5% | S100QXQN |
| 2023 | 2.0% | 0.89× | 1.8% | 1.82× | 3.2% | S100TMYO |
| 2024 | 2.4% | 0.82× | 1.9% | 1.93× | 3.8% | S100VYFR |
| 2025 | 5.2% | 0.85× | 4.4% | 1.94× | 8.6% | S100YEEA |
| 2026 | 17.9% | 0.88× | 15.8% | 2.03× | 32.0% | S100YEEA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エイケイ | Major shareholder | 10.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.6% | 2026-03-31 |
| ＫＡＭＥＤＡ共栄会 | Major shareholder | 8.5% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.7% | 2026-03-31 |
| 亀田製菓従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社原信 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| キッコーマン株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 第四北越リース株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YEEA | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEEA,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100VYFR | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYFR,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TMYO | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMYO,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100QXQN | 2023-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXQN,, |
| 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) | S100O8QE | 2022-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8QE,, |
| 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) | S100LJ4F | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ4F,, |

## 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).