# Kanemi Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/03/01－2026/02/28) (S100Y5SJ)
> Page: https://vizora.meequs.com/en/company/kanemi
> Retrieved: 2026-09-30T19:42:03.704Z

## Company

Kanemi, founded in 1971, is a company in Takeout & Delivery Meals listed on TSE Standard. It has 1,121 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kanemi Co.,Ltd. |
| Ticker | 2669 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2669.T) |
| Listing | TSE Standard |
| Head office | 名古屋市緑区徳重三丁目107番地 |
| Representative (per filing) | 代表取締役社長 今井 善広 |
| Founded | Mar 1971 |
| Share capital | ¥2B |
| Employees (consolidated) | 1,121 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | February |
| Website | www.kanemi-foods.co.jp (https://www.kanemi-foods.co.jp/) |
| Corporate number | 1180001023411 |
| EDINET | E03358 |
| Industries (Vizora) | Takeout & Delivery Meals |

> Profile source: annual securities report (S100Y5SJ, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 15 |
| Profitability | 46.9 | 16 |
| Cash conversion | 17.9 | 14 |
| Efficiency | 90.6 | 16 |

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 55% of Kanemi's sales come from Tenant business, with Outside sale business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -4.2% from the prior year, operating profit -10.4%.

## Company structure

- Segment revenue mix: Tenant business 54.7%、Outside sale business 45.3%
- Revenue → net income: ¥86653533000 → ¥1807608000
- Net income → operating cash flow: ¥1807608000 → ¥1646716000（difference ¥-160892000）
- Main uses of operating cash flow: CapEx ¥2860476000 / dividends ¥363832000 / buybacks ¥707372000
- Change in cash: ¥-3150319000
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 | ¥86.7B |  |
| Operating income | ¥2.76B | Margin 3.2% |
| Net income | ¥1.81B | Margin 2.1% |
| Free cash flow | -¥1.21B |  |
| Largest business | Tenant business | of segment revenue 54.7% |
| Employees (consolidated) | 1,121 |  |
| EPS | ¥188.95 |  |
| Book value per share | ¥3156.89 |  |
| Equity ratio | 77.9% |  |
| Shares outstanding | 10,000,000 |  |
| Treasury shares | 533,300 |  |
| Shareholders | 16,013 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 41.1% | Cash ÷ revenue 18.2% |
| Vs. industry median margin | 0 pp | Takeout & Delivery Meals |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.9× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 45 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥75529652000 | ¥86653533000 | +14.7% |
| Operating income | ¥465649000 | ¥2757401000 | +492.2% |
| Operating margin | 0.6% | 3.2% | +2.6 pp |
| Employees | 1,196 people | 1,121 people | -6.3% |
| Cash and equivalents | ¥12653492000 | ¥15775259000 | +24.7% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| テナント事業 → テナント事業 | 53.5% |
| 外販事業 → 外販事業 | 45.3% |
| 外販事業 → 事業再編・廃止 | 1.3% |
| 新設・再編 → テナント事業 | 1.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 86,654 | 100.0% | S100Y5SJ |
| Cost of revenue | 71,564 | 82.6% | S100Y5SJ |
| Gross profit | 15,090 | 17.4% | S100Y5SJ |
| SG&A | 12,332 | 14.2% | S100Y5SJ |
| Operating income | 2,757 | 3.2% | S100Y5SJ |
| Ordinary income | 2,878 | 3.3% | S100Y5SJ |
| Pretax income | 2,829 | 3.3% | S100Y5SJ |
| Income tax | 1,021 | 1.2% | S100Y5SJ |
| Net income | 1,808 | 2.1% | S100Y5SJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.4% → Operating margin 3.2% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.2%; Core profit growth: -10.4%
Operating leverage (core profit growth ÷ revenue growth): 2.46×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 90,481 | 86,654 | -3,828 | -4.2% |
| Gross profit | 15,665 | 15,090 | -575 | -3.7% |
| Operating income | 3,078 | 2,757 | -320 | -10.4% |
| Operating cash flow | 2,921 | 1,647 | -1,275 | -43.6% |
| Free cash flow | 864 | -1,214 | -2,078 | -240.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 84,703 | 1,729 | 2.0% | 1,282 | 2,152 | 1,573 | S100LE7W |
| FY ending Feb 2021 | 75,530 | 466 | 0.6% | 204 | 967 | 301 | S100O3YP |
| FY ending Feb 2022 | 77,630 | 1,942 | 2.5% | 1,320 | 3,193 | 2,408 | S100QTLV |
| FY ending Feb 2023 | 81,059 | 2,686 | 3.3% | 1,720 | 2,584 | 1,931 | S100THYE |
| FY ending Feb 2024 | 87,108 | 3,162 | 3.6% | 1,855 | 3,148 | 1,939 | S100VTBQ |
| FY ending Feb 2025 | 90,481 | 3,078 | 3.4% | 1,948 | 2,921 | 864 | S100Y5SJ |
| FY ending Feb 2026 | 86,654 | 2,757 | 3.2% | 1,808 | 1,647 | -1,214 | S100Y5SJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.3M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.6M |

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 Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,180 | 1,157 | 1,141 | 1,153 | 1,121 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | ¥5.6M | ¥5.6M | ¥5.2M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 41.0 years | 42.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.0 years | 16.0 years | 18.0 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) -4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tenant business | 47,420 | 54.7% | 2,871 | 6.1% |
| Outside sale business | 39,233 | 45.3% | -114 | -0.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tenant business | 54.7% | 100.0% | 45.3 | 6.1% |
| Outside sale business | 45.3% | — | — | -0.3% |

Loss-making segment (excluded from profit shares): Outside sale business -114 JPY mn

Segment → industry: Outside sale business → Takeout & Delivery Meals / Tenant business → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,647 | 1.9% | S100Y5SJ |
| Capital expenditure | 2,860 | 3.3% | S100Y5SJ |
| Free cash flow | -1,214 | -1.4% | 算出 |
| Investing cash flow | -3,721 | -4.3% | S100Y5SJ |
| Financing cash flow | -1,076 | -1.2% | S100Y5SJ |
| Dividends paid | 364 | 0.4% | S100Y5SJ |
| Share buyback | 707 | 0.8% | S100Y5SJ |
| Change in cash | -3,150 | -3.6% | S100Y5SJ |
| Cash and equivalents | 15,775 | 18.2% | S100Y5SJ |

## 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 Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,103 | 16,957 | 18,443 | 18,926 | 15,775 | S100THYE, S100VTBQ, S100Y5SJ |
| Total assets | 31,762 | 33,406 | 35,938 | 37,409 | 38,355 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Net assets | 24,449 | 25,912 | 27,507 | 29,084 | 29,885 | S100THYE, S100VTBQ, S100Y5SJ |
| Share capital | 2,002 | 2,002 | 2,002 | 2,002 | 2,002 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Property, plant and equipment | 9,395 | 8,919 | 9,076 | 10,059 | 11,344 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Intangible assets excluding goodwill | 189 | 138 | 88 | 58 | 105 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Investment securities | 516 | 433 | 608 | 595 | 682 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Current assets | 20,740 | 22,888 | 25,125 | 25,406 | 24,833 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Current liabilities | 6,990 | 7,165 | 8,075 | 7,956 | 8,102 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Total liabilities | 7,312 | 7,494 | 8,431 | 8,325 | 8,470 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Equity attributable to owners of parent | 24,198 | 25,701 | 27,166 | 28,751 | 29,489 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Retained earnings | 21,031 | 22,529 | 23,987 | 25,567 | 27,011 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |
| Treasury stock | -1,013 | -1,008 | -1,002 | -996 | -1,703 | S100QTLV, S100THYE, S100VTBQ, S100Y5SJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100Y5SJ |
| Property, plant and equipment | 30% | S100Y5SJ |
| Intangibles and goodwill | 0% | S100Y5SJ |
| Investment securities | 2% | S100Y5SJ |
| Other assets | 27% | S100Y5SJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100Y5SJ |
| Equity | 78% | S100Y5SJ |
| Other liabilities | 0% | S100Y5SJ |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,762 | 33,406 | 35,938 | 37,409 | 38,355 |
| Equity | 24,449 | 25,912 | 27,507 | 29,084 | 29,885 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,103 | 16,957 | 18,443 | 18,926 | 15,775 |

## 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) | 13.1% | S100Y5SJ |
| Fixed assets ÷ total assets | 29.6% | S100Y5SJ |
| Goodwill ÷ parent equity | — | —, S100Y5SJ |

### 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) | 41.1% |
| Cash ÷ revenue | 18.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.7% |
| Cash vs. profit gap | -161 JPY mn (of net income -8.9%) |
| Shareholder returns / net income | 59.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 226.0% |

## 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 | 1.7% | 2.44× | 4.2% | 1.31× | 5.5% | S100QTLV |
| 2023 | 2.1% | 2.49× | 5.3% | 1.31× | 6.9% | S100THYE |
| 2024 | 2.1% | 2.51× | 5.3% | 1.31× | 7.0% | S100VTBQ |
| 2025 | 2.2% | 2.47× | 5.3% | 1.31× | 7.0% | S100Y5SJ |
| 2026 | 2.1% | 2.29× | 4.8% | 1.30× | 6.2% | S100Y5SJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社パン・パシフィック・インターナショナルホールディングス | Major shareholder | 40.3% | 2026-02-28 |
| 株式会社日本アクセス | Major shareholder | 7.7% | 2026-02-28 |
| 株式会社ファミリーマート | Major shareholder | 4.3% | 2026-02-28 |
| カネ美食品共栄会 | Major shareholder | 3.3% | 2026-02-28 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社昭和 | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社トーカン | Major shareholder | 2.2% | 2026-02-28 |
| シティグループ証券株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 東海東京フィナンシャル・ホールディングス株式会社 | Major shareholder | 1.1% | 2026-02-28 |
| カネ美食品社員持株会 | Major shareholder | 0.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/03/01－2026/02/28) | S100Y5SJ | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5SJ,, |
| 有価証券報告書－第55期(2024/03/01－2025/02/28) | S100VTBQ | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTBQ,, |
| 有価証券報告書－第54期(2023/03/01－2024/02/29) | S100THYE | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THYE,, |
| 有価証券報告書－第53期(2022/03/01－2023/02/28) | S100QTLV | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTLV,, |
| 有価証券報告書－第52期(令和3年3月1日－令和4年2月28日) | S100O3YP | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3YP,, |
| 有価証券報告書－第51期(令和2年3月1日－令和3年2月28日) | S100LE7W | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE7W,, |

## 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).