# KATO SANGYO CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2024/10/01－2025/09/30) (S100XA3X)
> Page: https://vizora.meequs.com/en/company/kato-sangyo
> Retrieved: 2026-09-30T22:08:46.716Z

## Company

Kato Sangyo, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 4,099 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KATO SANGYO CO., LTD. |
| Ticker | 9869 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9869.T) |
| Listing | TSE Prime |
| Head office | 兵庫県西宮市松原町9番20号 |
| Representative (per filing) | 代表取締役社長執行役員 加藤和弥 |
| Founded | Aug 1947 |
| Share capital | ¥5.93B |
| Employees (consolidated) | 4,099 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | September |
| Website | www.katosangyo.co.jp (https://www.katosangyo.co.jp/) |
| Corporate number | 6140001068331 |
| EDINET | E02719 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XA3X, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.6 | 179 |
| Profitability | 24.6 | 185 |
| Cash conversion | 15.4 | 179 |
| Efficiency | 88.9 | 185 |

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 61% of Kato Sangyo's sales come from Processed foods business, with Alcoholic beverages business and Frozen and chilled business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +7.9%.

## Company structure

- Segment revenue mix: Processed foods business 61.0%、Alcoholic beverages business 21.0%、Frozen and chilled business 9.7%、Overseas business 7.9%、Other 0.4%
- Revenue → net income: ¥1178768000000 → ¥14112000000
- Net income → operating cash flow: ¥14112000000 → ¥4068000000（difference ¥-10044000000）
- Main uses of operating cash flow: CapEx ¥15152000000 / dividends ¥4206000000 / buybacks ¥2003000000
- Change in cash: ¥-19334000000
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 | ¥1.18T |  |
| Operating income | ¥18.2B | Margin 1.5% |
| Net income | ¥13.2B | Margin 1.1% |
| Free cash flow | -¥11.1B |  |
| Largest business | Processed foods business | of segment revenue 61.0% |
| Employees (consolidated) | 4,099 |  |
| EPS | ¥387.8 |  |
| Book value per share | ¥4904.7 |  |
| Equity ratio | 36.2% |  |
| Shares outstanding | 35,000,000 |  |
| Treasury shares | 4,199,000 |  |
| Shareholders | 5,962 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 6.0% |
| Vs. industry median margin | -1.3 pp | Specialty Trading & Wholesale |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 80% of positive segment profit
- FY2025, employees -7% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1104695000000 | ¥1178768000000 | +6.7% |
| Operating income | ¥11574000000 | ¥18180000000 | +57.1% |
| Operating margin | 1.0% | 1.5% | +0.5 pp |
| Employees | 3,517 people | 4,099 people | +16.5% |
| Cash and equivalents | ¥83447000000 | ¥70934000000 | -15.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 常温流通事業 → 常温流通事業 | 61.0% |
| 常温流通事業 → 事業再編・廃止 | 8.1% |
| 低温流通事業 → 低温流通事業 | 9.4% |
| 酒類流通事業 → 酒類流通事業 | 17.2% |
| 海外事業 → 海外事業 | 3.5% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 低温流通事業 | 0.3% |
| 新設・再編 → 酒類流通事業 | 3.8% |
| 新設・再編 → 海外事業 | 4.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Processed foods business | 5 years | -0.6% | ¥741260000000 | 1.9% | 2 |
| Alcoholic beverages business | 5 years | +6.0% | ¥254659000000 | 0.6% | 2 |
| Frozen and chilled business | 5 years | +2.5% | ¥117837000000 | 1.1% | 2 |
| Overseas business | 5 years | +19.7% | ¥95746000000 | 0.2% | 2 |
| Other | 5 years | -8.6% | ¥4760000000 | 10.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,178,768 | 100.0% | S100XA3X |
| Cost of revenue | 1,096,043 | 93.0% | S100XA3X |
| Gross profit | 82,725 | 7.0% | S100XA3X |
| SG&A | 70,020 | 5.9% | S100XA3X |
| Operating income | 18,180 | 1.5% | S100XA3X |
| Ordinary income | 20,100 | 1.7% | S100XA3X |
| Pretax income | 20,669 | 1.8% | S100XA3X |
| Income tax | 6,557 | 0.6% | S100XA3X |
| Net income | 14,112 | 1.2% | S100XA3X |
| Net income attributable to owners | 13,228 | 1.1% | S100XA3X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 6 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 7.0% → Operating margin 1.5% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +7.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,135,778 | 1,178,768 | 42,990 | +3.8% |
| Gross profit | 78,452 | 82,725 | 4,273 | +5.4% |
| Operating income | 16,856 | 18,180 | 1,324 | +7.9% |
| Net income attributable to owners | 14,459 | 13,228 | -1,231 | -8.5% |
| Operating cash flow | 25,868 | 4,068 | -21,800 | -84.3% |
| Free cash flow | 17,253 | -11,084 | -28,337 | -164.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,063,219 | 10,795 | 1.0% | 7,148 | 17,132 | 14,221 | S100KCU4 |
| FY ending Sep 2020 | 1,104,695 | 11,574 | 1.0% | 9,051 | 15,193 | 9,950 | S100N1H7 |
| FY ending Sep 2021 | 1,129,888 | 11,612 | 1.0% | 8,385 | 14,257 | 7,265 | S100PTJ7 |
| FY ending Sep 2022 | 1,003,221 | 13,413 | 1.3% | 11,276 | 15,083 | 10,145 | S100SH13 |
| FY ending Sep 2023 | 1,066,072 | 16,731 | 1.6% | 12,002 | 14,679 | 6,329 | S100UXYD |
| FY ending Sep 2024 | 1,135,778 | 16,856 | 1.5% | 14,459 | 25,868 | 17,253 | S100XA3X |
| FY ending Sep 2025 | 1,178,768 | 18,180 | 1.5% | 13,228 | 4,068 | -11,084 | S100XA3X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥287.6M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,282 | 4,210 | 4,327 | 4,413 | 4,099 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥7M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 40.6 years | 40.7 years | 41.0 years | 40.5 years | 40.5 years |
| Average tenure (parent company) | 15.4 years | 15.6 years | 15.7 years | 15.0 years | 14.8 years |

Year over year: Employees (consolidated) -7.1% · Revenue (consolidated) +3.8%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Processed foods business | 741,260 | 61.0% | 14,353 | 1.9% |
| Frozen and chilled business | 117,837 | 9.7% | 1,325 | 1.1% |
| Alcoholic beverages business | 254,659 | 21.0% | 1,631 | 0.6% |
| Overseas business | 95,746 | 7.9% | 196 | 0.2% |
| Other | 4,760 | 0.4% | 511 | 10.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Processed foods business | 61.0% | 79.7% | 18.6 | 1.9% |
| Frozen and chilled business | 9.7% | 7.4% | -2.3 | 1.1% |
| Alcoholic beverages business | 21.0% | 9.1% | -11.9 | 0.6% |
| Overseas business | 7.9% | 1.1% | -6.8 | 0.2% |
| Other | 0.4% | 2.8% | 2.4 | 10.7% |

Segment → industry: Overseas business → Specialty Trading & Wholesale / Alcoholic beverages business → Specialty Trading & Wholesale / Frozen and chilled business → Specialty Trading & Wholesale / Processed foods business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,068 | 0.3% | S100XA3X |
| Capital expenditure | 15,152 | 1.3% | S100XA3X |
| Free cash flow | -11,084 | -0.9% | 算出 |
| Investing cash flow | -14,876 | -1.3% | S100XA3X |
| Financing cash flow | -8,406 | -0.7% | S100XA3X |
| Dividends paid | 4,206 | 0.4% | S100XA3X |
| Share buyback | 2,003 | 0.2% | S100XA3X |
| Change in cash | -19,334 | -1.6% | S100XA3X |
| Cash and equivalents | 70,934 | 6.0% | S100XA3X |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 81,305 | 82,208 | 83,491 | 90,268 | 70,934 | S100SH13, S100UXYD, S100XA3X |
| Total assets | 384,102 | 400,792 | 452,966 | 454,688 | 466,325 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Net assets | 135,560 | 140,188 | 155,709 | 162,893 | 177,013 | S100SH13, S100UXYD, S100XA3X |
| Share capital | 5,934 | 5,934 | 5,934 | 5,934 | 5,934 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Trade receivables | 136,881 | — | — | — | — | S100PTJ7 |
| Property, plant and equipment | 48,092 | 47,343 | 50,618 | 55,493 | 63,941 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Intangible assets excluding goodwill | 6,517 | 5,774 | 7,384 | 7,282 | 8,029 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Goodwill | 943 | 673 | 1,068 | 1,617 | 1,087 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Investment securities | 48,380 | 48,236 | 56,465 | 58,082 | 66,804 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Current assets | 255,508 | 271,621 | 311,377 | 305,532 | 297,841 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Current liabilities | 223,255 | 237,239 | 272,252 | 265,926 | 261,133 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Trade payables | 202,960 | 212,314 | 246,559 | 237,965 | 236,842 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Short-term borrowings | 3,691 | 4,234 | 5,646 | 4,903 | 4,520 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Long-term borrowings | 136 | — | — | 273 | 211 | S100PTJ7, S100XA3X |
| Total liabilities | 248,542 | 260,603 | 297,257 | 291,795 | 289,312 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Non-controlling interests | 5,364 | 5,062 | 5,991 | 7,141 | 7,993 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Equity attributable to owners of parent | 112,663 | 118,141 | 127,068 | 128,760 | 135,795 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Retained earnings | 107,671 | 116,384 | 116,442 | 127,354 | 136,376 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |
| Treasury stock | -9,702 | -12,709 | -3,859 | -12,954 | -14,944 | S100PTJ7, S100SH13, S100UXYD, S100XA3X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XA3X |
| Property, plant and equipment | 14% | S100XA3X |
| Intangibles and goodwill | 2% | S100XA3X |
| Investment securities | 14% | S100XA3X |
| Other assets | 55% | S100XA3X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 51% | S100XA3X |
| Other liabilities | 11% | S100XA3X |
| Equity | 38% | S100XA3X |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 384,102 | 400,792 | 452,966 | 454,688 | 466,325 |
| Equity | 135,560 | 140,188 | 155,709 | 162,893 | 177,013 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 81,305 | 82,208 | 83,491 | 90,268 | 70,934 |

## 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) | 5.4% | S100XA3X |
| Fixed assets ÷ total assets | 13.7% | S100XA3X |
| Goodwill ÷ parent equity | 0.8% | S100XA3X |

Goodwill over 4 years: 943 → 1,087 JPY; total investing cash flow: -43,200 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) | 15.2% |
| Cash ÷ revenue | 6.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 22.4% |
| Cash vs. profit gap | -9,160 JPY mn (of net income -69.2%) |
| Shareholder returns / net income | 46.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 365.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.7% | 2.94× | 2.2% | 3.41× | 7.4% | S100PTJ7 |
| 2022 | 1.1% | 2.56× | 2.9% | 3.40× | 9.8% | S100SH13 |
| 2023 | 1.1% | 2.50× | 2.8% | 3.48× | 9.8% | S100UXYD |
| 2024 | 1.3% | 2.50× | 3.2% | 3.55× | 11.3% | S100XA3X |
| 2025 | 1.1% | 2.56× | 2.9% | 3.48× | 10.0% | S100XA3X |

## 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 | 11.0% | 2025-09-30 |
| 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 | 5.1% | 2025-09-30 |
| 株式会社プラスダブル | Major shareholder | 4.2% | 2025-09-30 |
| 三菱商事株式会社 | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社加藤興産 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2025-09-30 |
| キユーピー株式会社 | Major shareholder | 2.7% | 2025-09-30 |
| ハウス食品グループ本社株式会社 | Major shareholder | 2.7% | 2025-09-30 |
| カゴメ株式会社 | Major shareholder | 2.4% | 2025-09-30 |
| JP MORGAN CHASE BANK 385632 （常任代理人株式会社みずほ銀行） | Major shareholder | 2.1% | 2025-09-30 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Sep 2025 was ¥1.18T, up +3.8% from ¥1.14T.
- Operating income grew faster than sales, rising +7.9% from ¥16.9B to ¥18.2B.
- Net income attributable to owners went the other way, falling -8.5% from ¥14.5B to ¥13.2B.
- Operating cash flow dropped from ¥25.9B to ¥4.07B, and free cash flow turned negative at -¥11.1B.

### Drivers

- Higher sales to existing customers such as supermarkets and drugstores
- In the core processed foods business, price revisions and tighter margin control improved profit
- The alcoholic beverages business sold more but earned less, due to higher shipping and other costs and spending on a new core IT system
- Net income fell because the prior year included gains from selling cross-held shares
- Operating cash flow shrank because of tax payments and increases in receivables and inventory

### Risks

- A shrinking domestic market as the population declines, weak consumption, and tougher competition
- Purchase prices, wages and logistics costs keep rising, and repeated price hikes may make shoppers cut back further
- Political and economic changes and currency swings in the countries where it has overseas subsidiaries

Cited: Annual securities report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2024/10/01－2025/09/30) | S100XA3X | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XA3X,, |
| 有価証券報告書－第78期(2023/10/01－2024/09/30) | S100UXYD | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UXYD,, |
| 有価証券報告書－第77期(2022/10/01－2023/09/30) | S100SH13 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SH13,, |
| 有価証券報告書－第76期(令和3年10月1日－令和4年9月30日) | S100PTJ7 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTJ7,, |
| 有価証券報告書－第75期(令和2年10月1日－令和3年9月30日) | S100N1H7 | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N1H7,, |
| 有価証券報告書－第74期(令和1年10月1日－令和2年9月30日) | S100KCU4 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KCU4,, |

## 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).