# KENKO Mayonnaise 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) (S100YDV4)
> Page: https://vizora.meequs.com/en/company/kenko-mayonnaise
> Retrieved: 2026-09-30T20:45:03.400Z

## Company

KENKO Mayonnaise, founded in 1958, is a company in Processed Foods listed on TSE Prime. It has 964 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KENKO Mayonnaise Co.,Ltd. |
| Ticker | 2915 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2915.T) |
| Listing | TSE Prime |
| Head office | 兵庫県神戸市灘区都通三丁目3番16号 上記は登記上の本店所在地であり、実際の業務は下記「最寄りの連絡場所」で行っております。 |
| Representative (per filing) | 代表取締役社長 島本 国一 |
| Founded | Mar 1958 |
| Share capital | ¥5.42B |
| Employees (consolidated) | 964 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.kenkomayo.co.jp (https://www.kenkomayo.co.jp/) |
| Corporate number | 6140001003305 |
| EDINET | E00493 |
| Industries (Vizora) | Processed Foods, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YDV4, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.5 | 56 |
| Profitability | 55.8 | 60 |
| Cash conversion | 18.4 | 57 |
| Efficiency | 79.2 | 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 80% of KENKO Mayonnaise's sales come from Seasoning processed food enterprise, with Daily dish assocliated enterprise and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -14.2%.

## Company structure

- Segment revenue mix: Seasoning processed food enterprise 79.5%、Daily dish assocliated enterprise 19.7%、Other 0.8%
- Revenue → net income: ¥92354000000 → ¥2926000000
- Net income → operating cash flow: ¥2926000000 → ¥2940000000（difference ¥14000000）
- Main uses of operating cash flow: CapEx ¥2774000000 / dividends ¥699000000 / buybacks ¥1034000000
- Change in cash: ¥-2241000000
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 | ¥92.4B |  |
| Operating income | ¥4.16B | Margin 4.5% |
| Net income | ¥2.93B | Margin 3.2% |
| Free cash flow | ¥166M |  |
| Largest business | Seasoning processed food enterprise | of segment revenue 79.5% |
| Employees (consolidated) | 964 |  |
| EPS | ¥206.65 |  |
| Book value per share | ¥2604.33 |  |
| Equity ratio | 65.0% |  |
| Shares outstanding | 16,476,000 |  |
| Treasury shares | 2,078,200 |  |
| Shareholders | 16,595 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | +0.5 pp | Processed Foods |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.5× dividends
- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥68502000000 | ¥92354000000 | +34.8% |
| Operating income | ¥1976000000 | ¥4155000000 | +110.3% |
| Operating margin | 2.9% | 4.5% | +1.6 pp |
| Employees | 1,056 people | 964 people | -8.7% |
| Cash and equivalents | ¥12385000000 | ¥13487000000 | +8.9% |

### 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 |
| --- | ---: |
| 調味料・加工食品事業 → 調味料・加工食品事業 | 75.3% |
| 総菜関連事業等 → 総菜関連事業等 | 19.7% |
| 総菜関連事業等 → 事業再編・廃止 | 3.8% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 調味料・加工食品事業 | 4.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Seasoning processed food enterprise | 5 years | +7.3% | ¥73434000000 | 4.2% | 2 |
| Daily dish assocliated enterprise | 5 years | +2.5% | ¥18180000000 | 5.5% | 2 |
| Other | 5 years | -2.3% | ¥740000000 | -4.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 92,354 | 100.0% | S100YDV4 |
| Cost of revenue | 71,497 | 77.4% | S100YDV4 |
| Gross profit | 20,857 | 22.6% | S100YDV4 |
| SG&A | 16,702 | 18.1% | S100YDV4 |
| Operating income | 4,155 | 4.5% | S100YDV4 |
| Ordinary income | 4,329 | 4.7% | S100YDV4 |
| Pretax income | 4,239 | 4.6% | S100YDV4 |
| Income tax | 1,312 | 1.4% | S100YDV4 |
| Net income | 2,926 | 3.2% | S100YDV4 |
| Net income attributable to owners | 2,926 | 3.2% | S100YDV4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.6% → Operating margin 4.5% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -14.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -20.06×
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 | 91,703 | 92,354 | 651 | +0.7% |
| Gross profit | 20,537 | 20,857 | 320 | +1.6% |
| Operating income | 4,845 | 4,155 | -690 | -14.2% |
| Net income attributable to owners | 3,503 | 2,926 | -577 | -16.5% |
| Operating cash flow | 4,594 | 2,940 | -1,654 | -36.0% |
| Free cash flow | 3,772 | 166 | -3,606 | -95.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 74,480 | 2,900 | 3.9% | 2,058 | 5,575 | 3,507 | S100LP8U |
| FY ending Mar 2021 | 68,502 | 1,976 | 2.9% | 1,458 | 5,203 | 4,498 | S100OIVX |
| FY ending Mar 2022 | 75,647 | 1,616 | 2.1% | 1,211 | 3,757 | 3,359 | S100R7FJ |
| FY ending Mar 2023 | 82,363 | 105 | 0.1% | 485 | 3,526 | 2,222 | S100TS4H |
| FY ending Mar 2024 | 88,724 | 2,949 | 3.3% | 2,735 | 5,957 | 5,044 | S100W3MC |
| FY ending Mar 2025 | 91,703 | 4,845 | 5.3% | 3,503 | 4,594 | 3,772 | S100YDV4 |
| FY ending Mar 2026 | 92,354 | 4,155 | 4.5% | 2,926 | 2,940 | 166 | S100YDV4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95.8M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

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) | 1,064 | 1,056 | 1,031 | 997 | 964 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥6.2M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 38.9 years | 39.3 years | 39.3 years | 38.1 years | 38.8 years |
| Average tenure (parent company) | 13.7 years | 13.9 years | 14.4 years | 13.6 years | 13.8 years |

Year over year: Employees (consolidated) -3.3% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Seasoning processed food enterprise | 73,434 | 79.5% | 3,094 | 4.2% |
| Daily dish assocliated enterprise | 18,180 | 19.7% | 1,004 | 5.5% |
| Other | 740 | 0.8% | -35 | -4.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Seasoning processed food enterprise | 79.5% | 75.5% | -4.0 | 4.2% |
| Daily dish assocliated enterprise | 19.7% | 24.5% | 4.8 | 5.5% |
| Other | 0.8% | — | — | -4.7% |

Loss-making segment (excluded from profit shares): Other -35 JPY mn

Segment → industry: Seasoning processed food enterprise → Processed Foods / Daily dish assocliated enterprise → Takeout & Delivery Meals

## 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 | 2,940 | 3.2% | S100YDV4 |
| Capital expenditure | 2,774 | 3.0% | S100YDV4 |
| Free cash flow | 166 | 0.2% | 算出 |
| Investing cash flow | -2,706 | -2.9% | S100YDV4 |
| Financing cash flow | -2,475 | -2.7% | S100YDV4 |
| Dividends paid | 699 | 0.8% | S100YDV4 |
| Share buyback | 1,034 | 1.1% | S100YDV4 |
| Change in cash | -2,241 | -2.4% | S100YDV4 |
| Cash and equivalents | 13,487 | 14.6% | S100YDV4 |

## 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 | 12,441 | 12,289 | 15,729 | 15,729 | 13,487 | S100TS4H, S100W3MC, S100YDV4 |
| Total assets | 61,760 | 62,229 | 67,370 | 64,080 | 63,922 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Net assets | 36,539 | 36,794 | 38,978 | 39,963 | 41,563 | S100TS4H, S100W3MC, S100YDV4 |
| Share capital | 5,424 | 5,424 | 5,424 | 5,424 | 5,424 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Property, plant and equipment | 26,889 | 24,738 | 22,500 | 20,868 | 20,840 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Intangible assets excluding goodwill | 290 | 807 | 1,308 | 1,445 | 1,200 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Investment securities | 5,360 | 5,582 | 5,484 | 5,631 | 5,811 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Current assets | 27,868 | 29,651 | 36,575 | 34,312 | 33,733 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Current liabilities | 16,068 | 18,087 | 21,866 | 18,391 | 17,062 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Long-term borrowings | 5,466 | 4,321 | 3,815 | 3,293 | 2,771 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Total liabilities | 25,221 | 25,435 | 28,391 | 24,116 | 22,358 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Equity attributable to owners of parent | 34,936 | 35,221 | 37,372 | 38,312 | 39,537 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Retained earnings | 24,153 | 24,635 | 27,064 | 29,944 | 32,169 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |
| Treasury stock | -332 | -530 | -808 | -2,755 | -3,757 | S100R7FJ, S100TS4H, S100W3MC, S100YDV4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YDV4 |
| Property, plant and equipment | 33% | S100YDV4 |
| Intangibles and goodwill | 2% | S100YDV4 |
| Investment securities | 9% | S100YDV4 |
| Other assets | 35% | S100YDV4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YDV4 |
| Equity | 65% | S100YDV4 |
| Other liabilities | 0% | S100YDV4 |

### 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 | 61,760 | 62,229 | 67,370 | 64,080 | 63,922 |
| Equity | 36,539 | 36,794 | 38,978 | 39,963 | 41,563 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,441 | 12,289 | 15,729 | 15,729 | 13,487 |

## 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) | 22.6% | S100YDV4 |
| Fixed assets ÷ total assets | 32.6% | S100YDV4 |
| Goodwill ÷ parent equity | — | —, S100YDV4 |

### 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) | 21.1% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.8% |
| Cash vs. profit gap | 14 JPY mn (of net income 0.5%) |
| Shareholder returns / net income | 59.2% |
| Shareholder returns / FCF | 1044.0% |
| Shareholder payments — dividends / net income | 23.9% |
| Shareholder payments — dividends / FCF | 421.1% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 92.0% |

## 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 | 1.6% | 1.22× | 2.0% | 1.77× | 3.5% | S100R7FJ |
| 2023 | 0.6% | 1.33× | 0.8% | 1.77× | 1.4% | S100TS4H |
| 2024 | 3.1% | 1.37× | 4.2% | 1.79× | 7.5% | S100W3MC |
| 2025 | 3.8% | 1.40× | 5.3% | 1.74× | 9.3% | S100YDV4 |
| 2026 | 3.2% | 1.44× | 4.6% | 1.64× | 7.5% | S100YDV4 |

## 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）（注）１ | Major shareholder | 10.1% | 2026-03-31 |
| 株式会社ティーアンドエー | Major shareholder | 10.1% | 2026-03-31 |
| 鈴与コンストラクションホールディングス株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 日本生命保険相互会社（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 | 4.0% | 2026-03-31 |
| キッコーマン株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 一般財団法人旗影会 | Major shareholder | 3.1% | 2026-03-31 |
| 東洋製罐グループホールディングス株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 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 | 2.0% | 2026-03-31 |
| 中島 美奈子 | Major shareholder | 1.8% | 2026-03-31 |
| CACEIS BK ES IICS CLIENTS（常任代理人：香港上海銀行東京支店） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YDV4 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDV4,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W3MC | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3MC,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TS4H | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS4H,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R7FJ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7FJ,, |
| 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) | S100OIVX | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIVX,, |
| 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) | S100LP8U | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP8U,, |

## 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).