# Kanro Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/01/01－2025/12/31) (S100XTWS)
> Page: https://vizora.meequs.com/en/company/kanro
> Retrieved: 2026-09-30T20:48:07.181Z

## Company

Kanro, founded in 1950, is a company in Processed Foods listed on TSE Standard. It has 705 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kanro Inc. |
| Ticker | 2216 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2216.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿3丁目20番2号 東京オペラシティビル |
| Representative (per filing) | 代表取締役社長 村田哲也 |
| Founded | May 1950 |
| Share capital | ¥2.86B |
| Employees (consolidated) | 705 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.kanro.co.jp (https://www.kanro.co.jp/) |
| Corporate number | 9011201001240 |
| EDINET | E00378 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100XTWS, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 94.2 | 60 |
| Cash conversion | 39.5 | 57 |
| Efficiency | 44.2 | 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)

- Kanro brought in ¥34.8B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +9.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥34771829000 → ¥3378807000
- Net income → operating cash flow: ¥3378807000 → ¥5053097000（difference ¥1674290000）
- Main uses of operating cash flow: CapEx ¥5278273000 / dividends ¥1477319000 / buybacks —
- Change in cash: ¥-720009000
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 | ¥34.8B |  |
| Operating income | ¥4.69B | Margin 13.5% |
| Net income | ¥3.38B | Margin 9.7% |
| Free cash flow | -¥225.2M |  |
| Employees (consolidated) | 705 |  |
| EPS | ¥81.13 |  |
| Book value per share | ¥445.55 |  |
| Equity ratio | 56.5% |  |
| Shares outstanding | 45,946,812 |  |
| Treasury shares | 2,768,900 |  |
| Shareholders | 18,755 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | +9.5 pp | Processed Foods |
| ROE | 18.1% | Derived from disclosed figures |
| ROA | 10.1% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23321485000 | ¥34771829000 | — |
| Operating income | ¥836499000 | ¥4691307000 | — |
| Operating margin | 3.6% | 13.5% | +9.9 pp |
| Employees | 601 people | 705 people | — |
| Cash and equivalents | ¥1253031000 | ¥4261250000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,772 | 100.0% | S100XTWS |
| Cost of revenue | 20,074 | 57.7% | S100XTWS |
| Gross profit | 14,698 | 42.3% | S100XTWS |
| SG&A | 10,006 | 28.8% | S100XTWS |
| Operating income | 4,691 | 13.5% | S100XTWS |
| Ordinary income | 4,747 | 13.7% | S100XTWS |
| Pretax income | 4,708 | 13.5% | S100XTWS |
| Income tax | 1,330 | 3.8% | S100XTWS |
| Net income | 3,379 | 9.7% | S100XTWS |
| Net income attributable to owners | 3,379 | 9.7% | S100XTWS |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 29 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 42.3% → Operating margin 13.5% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 31,778 | 34,772 | 2,993 | +9.4% |
| Gross profit | 13,186 | 14,698 | 1,512 | +11.5% |
| Operating income | 4,284 | 4,691 | 407 | +9.5% |
| Operating cash flow | 4,398 | 5,053 | 655 | +14.9% |
| Free cash flow | 1,850 | -225 | -2,075 | -112.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 24,039 | 924 | 3.8% | 652 | 2,014 | -9 | S100L1Y8 |
| FY ending Dec 2020 | 23,321 | 836 | 3.6% | 611 | 1,443 | -285 | S100NS9J |
| FY ending Dec 2021 | 21,590 | 1,255 | 5.8% | 879 | 2,620 | 1,463 | S100QG1G |
| FY ending Dec 2022 | 25,118 | 1,933 | 7.7% | 1,346 | 2,374 | 1,244 | S100T57Y |
| FY ending Dec 2023 | 29,016 | 3,389 | 11.7% | 2,463 | 3,936 | 2,098 | S100VGVJ |
| FY ending Dec 2024 | 31,778 | 4,284 | 13.5% | 3,260 | 4,398 | 1,850 | S100VGVJ |
| FY ending Dec 2025 | 34,772 | 4,691 | 13.5% | 3,379 | 5,053 | -225 | S100XTWS |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.3M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.8M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 608 | 608 | 639 | 678 | 705 |
| Average salary (parent company) | ¥6.3M | ¥6.9M | ¥7M | ¥7.2M | ¥7.2M |
| Average age (parent company) | 39.0 years | 39.6 years | 39.3 years | 39.3 years | 39.2 years |
| Average tenure (parent company) | 14.2 years | 14.7 years | 14.2 years | 14.0 years | 13.9 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,053 | 14.5% | S100XTWS |
| Capital expenditure | 5,278 | 15.2% | S100XTWS |
| Free cash flow | -225 | -0.6% | 算出 |
| Investing cash flow | -5,248 | -15.1% | S100XTWS |
| Financing cash flow | -526 | -1.5% | S100XTWS |
| Dividends paid | 1,477 | 4.2% | S100XTWS |
| Change in cash | -720 | -2.1% | S100XTWS |
| Cash and equivalents | 4,261 | 12.3% | S100XTWS |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,100 | 2,251 | 3,762 | 4,981 | 4,261 | S100T57Y, S100VGVJ, S100XTWS |
| Total assets | 21,200 | 22,315 | 25,839 | 29,106 | 33,607 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Net assets | 11,751 | 12,555 | 14,534 | 16,831 | 18,985 | S100T57Y, S100VGVJ, S100XTWS |
| Share capital | 2,864 | 2,864 | 2,864 | 2,864 | 2,864 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Property, plant and equipment | 9,171 | 9,069 | 9,743 | 11,207 | 14,610 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Intangible assets excluding goodwill | 203 | 228 | 375 | 479 | 495 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Investment securities | 149 | 174 | 227 | 161 | 160 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Current assets | 10,144 | 11,352 | 13,936 | 15,938 | 17,001 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Current liabilities | 7,025 | 7,208 | 8,632 | 9,617 | 12,254 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Trade payables | — | — | — | — | 3,249 | S100XTWS |
| Short-term borrowings | 500 | — | — | — | 1,000 | S100QG1G, S100XTWS |
| Total liabilities | 9,450 | 9,760 | 11,305 | 12,275 | 14,622 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Equity attributable to owners of parent | 11,718 | 12,503 | 14,446 | 16,755 | 18,650 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Retained earnings | 6,956 | 7,944 | 9,845 | 12,055 | 13,951 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |
| Treasury stock | -664 | -883 | -841 | -742 | -743 | S100QG1G, S100T57Y, S100VGVJ, S100XTWS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XTWS |
| Property, plant and equipment | 43% | S100XTWS |
| Intangibles and goodwill | 1% | S100XTWS |
| Investment securities | 1% | S100XTWS |
| Other assets | 42% | S100XTWS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100XTWS |
| Other liabilities | 34% | S100XTWS |
| Equity | 56% | S100XTWS |
| Other liabilities | 0% | S100XTWS |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 21,200 | 22,315 | 25,839 | 29,106 | 33,607 |
| Equity | 11,751 | 12,555 | 14,534 | 16,831 | 18,985 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,100 | 2,251 | 3,762 | 4,981 | 4,261 |

## 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) | 42.0% | S100XTWS |
| Fixed assets ÷ total assets | 43.5% | S100XTWS |
| Goodwill ÷ parent equity | — | —, S100XTWS |

### 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) | 12.7% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.7% |
| Cash vs. profit gap | 1,674 JPY mn (of net income 49.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.2% |
| Investing CF relative to operating CF | 103.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.1% | 1.02× | 4.1% | 1.81× | 7.5% | S100QG1G |
| 2022 | 5.4% | 1.15× | 6.2% | 1.80× | 11.1% | S100T57Y |
| 2023 | 8.5% | 1.21× | 10.2% | 1.79× | 18.3% | S100VGVJ |
| 2024 | 10.3% | 1.16× | 11.9% | 1.76× | 20.9% | S100VGVJ |
| 2025 | 9.7% | 1.03× | 10.1% | 1.80× | 18.1% | S100XTWS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 29.5% | 2025-12-31 |
| 株式会社榎本武平商店 | Major shareholder | 6.3% | 2025-12-31 |
| カンロ共栄会 | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.7% | 2025-12-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.3% | 2025-12-31 |
| BOFAS INC SEGREGATION ACCOUNT (常任代理人 ＢＯＦＡ証券株式会社) | Major shareholder | 2.1% | 2025-12-31 |
| 三井住友信託銀行株式会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社山口銀行 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.1% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/01/01－2025/12/31) | S100XTWS | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTWS,, |
| 有価証券報告書－第75期(2024/01/01－2024/12/31) | S100VGVJ | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGVJ,, |
| 有価証券報告書－第74期(2023/01/01－2023/12/31) | S100T57Y | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T57Y,, |
| 有価証券報告書－第73期(2022/01/01－2022/12/31) | S100QG1G | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG1G,, |
| 有価証券報告書－第72期(令和3年1月1日－令和3年12月31日) | S100NS9J | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS9J,, |
| 有価証券報告書－第71期(令和2年1月1日－令和2年12月31日) | S100L1Y8 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1Y8,, |

## 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).