# KIBUN FOODS INC.: 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88期(2025/04/01－2026/03/31) (S100YGHF)
> Page: https://vizora.meequs.com/en/company/kibun-foods
> Retrieved: 2026-09-30T20:32:51.904Z

## Company

Kibun Foods, founded in 1957, is a company in Processed Foods listed on TSE Prime. It has 2,457 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIBUN FOODS INC. |
| Ticker | 2933 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2933.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座五丁目15番1号 (同所は登記上の本店所在地であり、主な業務は「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 國松 浩 |
| Founded | Nov 1957 |
| Share capital | ¥6.37B |
| Employees (consolidated) | 2,457 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.kibun.co.jp (https://www.kibun.co.jp/) |
| Corporate number | 4010001041880 |
| EDINET | E36466 |
| Industries (Vizora) | Processed Foods, Fisheries, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YGHF, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 11 |
| Profitability | 31.8 | 11 |
| Cash conversion | 31.8 | 11 |
| Efficiency | 50 | 11 |
| Financial strength | 50 | 5 |

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 70% of Kibun Foods's sales come from Domestic Food Business, with Food-related Business and Oversea Food Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit -27.6%.

## Company structure

- Segment revenue mix: Domestic Food Business 70.4%、Food-related Business 19.3%、Oversea Food Business 10.3%
- Revenue → net income: ¥111037517000 → ¥1235322000
- Net income → operating cash flow: ¥1235322000 → ¥1442460000（difference ¥207138000）
- Main uses of operating cash flow: CapEx ¥1344813000 / dividends ¥456594000 / buybacks ¥48000
- Change in cash: ¥-415326000
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 | ¥111B |  |
| Operating income | ¥3.27B | Margin 2.9% |
| Net income | ¥1.1B | Margin 1.0% |
| Free cash flow | ¥97.6M |  |
| Largest business | Domestic Food Business | of segment revenue 70.4% |
| Employees (consolidated) | 2,457 |  |
| EPS | ¥39.33 |  |
| Book value per share | ¥624.72 |  |
| Equity ratio | 32.0% |  |
| Shares outstanding | 22,829,781 |  |
| Treasury shares | 100 |  |
| Shareholders | 18,581 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 10.3% | Net cash -¥10.3B · Cash ÷ revenue 7.5% |
| Vs. industry median margin | -1.1 pp | Processed Foods |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -32 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥99851605000 | ¥111037517000 | +11.2% |
| Operating income | ¥3634883000 | ¥3265654000 | -10.2% |
| Operating margin | 3.6% | 2.9% | -0.7 pp |
| Employees | 2,664 people | 2,457 people | -7.8% |
| Cash and equivalents | ¥4265073000 | ¥8292203000 | +94.4% |

### 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 |
| --- | ---: |
| 国内食品事業 → 国内食品事業 | 70.4% |
| 国内食品事業 → 事業再編・廃止 | 2.9% |
| 海外食品事業 → 海外食品事業 | 9.4% |
| 食品関連事業 → 食品関連事業 | 17.3% |
| 新設・再編 → 海外食品事業 | 0.9% |
| 新設・再編 → 食品関連事業 | 2.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Food Business | 5 years | +1.3% | ¥78167680000 | 1.6% | 2 |
| Food-related Business | 5 years | +4.4% | ¥21401365000 | 6.9% | 2 |
| Oversea Food Business | 5 years | +4.1% | ¥11468472000 | 4.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 111,038 | 100.0% | S100YGHF |
| Cost of revenue | 86,750 | 78.1% | S100YGHF |
| Gross profit | 24,288 | 21.9% | S100YGHF |
| SG&A | 21,022 | 18.9% | S100YGHF |
| Operating income | 3,266 | 2.9% | S100YGHF |
| Ordinary income | 2,700 | 2.4% | S100YGHF |
| Pretax income | 2,501 | 2.3% | S100YGHF |
| Income tax | 1,266 | 1.1% | S100YGHF |
| Net income | 1,235 | 1.1% | S100YGHF |
| Net income attributable to owners | 1,099 | 1.0% | S100YGHF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 19 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 21.9% → Operating margin 2.9% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.0%; Core profit growth: -27.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -14.16×
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 | 108,912 | 111,038 | 2,125 | +2.0% |
| Gross profit | 25,131 | 24,288 | -843 | -3.4% |
| Operating income | 4,513 | 3,266 | -1,247 | -27.6% |
| Net income attributable to owners | 2,588 | 1,099 | -1,488 | -57.5% |
| Operating cash flow | 3,863 | 1,442 | -2,420 | -62.7% |
| Free cash flow | 1,872 | 98 | -1,775 | -94.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 102,253 | 2,754 | 2.7% | 983 | 125 | -911 | S100LTYX |
| FY ending Mar 2021 | 99,852 | 3,635 | 3.6% | 2,579 | 5,789 | 4,770 | S100P9Z9 |
| FY ending Mar 2022 | 99,203 | 3,810 | 3.8% | 1,899 | 155 | -769 | S100QVAQ |
| FY ending Mar 2023 | 105,692 | 2,022 | 1.9% | 443 | 921 | -489 | S100TGJJ |
| FY ending Mar 2024 | 106,516 | 4,720 | 4.4% | 2,829 | 5,521 | 4,499 | S100W1Z4 |
| FY ending Mar 2025 | 108,912 | 4,513 | 4.1% | 2,588 | 3,863 | 1,872 | S100YGHF |
| FY ending Mar 2026 | 111,038 | 3,266 | 2.9% | 1,099 | 1,442 | 98 | S100YGHF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.2M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥447.5K |

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) | 2,686 | 2,581 | 2,554 | 2,545 | 2,457 |
| Average salary (parent company) | ¥4.8M | ¥4.6M | ¥4.9M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 40.5 years | 39.8 years | 40.2 years | 40.2 years | 40.3 years |
| Average tenure (parent company) | 17.0 years | 16.9 years | 17.2 years | 16.5 years | 16.6 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Food Business | 78,168 | 70.4% | 1,249 | 1.6% |
| Oversea Food Business | 11,468 | 10.3% | 535 | 4.7% |
| Food-related Business | 21,401 | 19.3% | 1,479 | 6.9% |

### 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 Food Business | 70.4% | 38.3% | -32.1 | 1.6% |
| Oversea Food Business | 10.3% | 16.4% | 6.1 | 4.7% |
| Food-related Business | 19.3% | 45.3% | 26.1 | 6.9% |

Segment → industry: Domestic Food Business → Processed Foods / Oversea Food Business → Fisheries / Domestic Food Business → Fisheries / Food-related Business → Warehouses & Logistics Facilities

## 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 | 1,442 | 1.3% | S100YGHF |
| Capital expenditure | 1,345 | 1.2% | S100YGHF |
| Free cash flow | 98 | 0.1% | 算出 |
| Investing cash flow | -1,037 | -0.9% | S100YGHF |
| Financing cash flow | -938 | -0.8% | S100YGHF |
| Dividends paid | 457 | 0.4% | S100YGHF |
| Share buyback | 0 | 0.0% | S100YGHF |
| Change in cash | -415 | -0.4% | S100YGHF |
| Cash and equivalents | 8,292 | 7.5% | S100YGHF |

## 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 | 7,634 | 6,395 | 8,527 | 8,708 | 8,292 | S100TGJJ, S100W1Z4, S100YGHF |
| Total assets | 63,514 | 63,751 | 70,992 | 72,407 | 80,307 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Net assets | 14,182 | 13,839 | 19,201 | 21,268 | 26,440 | S100TGJJ, S100W1Z4, S100YGHF |
| Share capital | 6,369 | 6,369 | 6,369 | 6,369 | 6,369 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Property, plant and equipment | 17,143 | 17,187 | 17,027 | 17,954 | 18,943 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Intangible assets excluding goodwill | 758 | 577 | 366 | 254 | 231 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Investment securities | 1,963 | 2,000 | 2,322 | 2,367 | 2,318 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Current assets | 27,899 | 27,965 | 30,956 | 31,226 | 31,067 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Current liabilities | 27,098 | 25,381 | 26,458 | 26,090 | 25,677 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Trade payables | 8,541 | 8,397 | 9,872 | 9,957 | 8,933 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Short-term borrowings | 3,785 | 4,319 | 3,205 | 3,064 | 3,873 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Long-term borrowings | 11,712 | 13,430 | 12,312 | 12,004 | 11,866 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Bonds | 1,514 | 2,286 | 3,165 | 3,079 | 2,893 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Interest-bearing debt | 17,012 | 20,034 | 18,682 | 18,147 | 18,632 | 算出 |
| Total liabilities | 49,332 | 49,912 | 51,791 | 51,138 | 53,867 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Non-controlling interests | 316 | 339 | 454 | 520 | 720 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Equity attributable to owners of parent | 13,470 | 13,571 | 15,990 | 18,190 | 18,833 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Retained earnings | 5,159 | 5,259 | 7,679 | 9,879 | 10,522 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QVAQ, S100TGJJ, S100W1Z4, S100YGHF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGHF |
| Property, plant and equipment | 24% | S100YGHF |
| Intangibles and goodwill | 0% | S100YGHF |
| Investment securities | 3% | S100YGHF |
| Other assets | 63% | S100YGHF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YGHF |
| Interest-bearing debt | 23% | 算出 |
| Other liabilities | 33% | S100YGHF |
| Equity | 33% | S100YGHF |
| Other liabilities | 0% | S100YGHF |

### 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 | 63,514 | 63,751 | 70,992 | 72,407 | 80,307 |
| Equity | 14,182 | 13,839 | 19,201 | 21,268 | 26,440 |
| Interest-bearing debt | 17,012 | 20,034 | 18,682 | 18,147 | 18,632 |
| Cash | 7,634 | 6,395 | 8,527 | 8,708 | 8,292 |

## 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) | 17.1% | S100YGHF |
| Fixed assets ÷ total assets | 23.6% | S100YGHF |
| Goodwill ÷ parent equity | — | —, S100YGHF |

### 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) | 10.3% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | -¥10.3B |
| Net debt ÷ operating cash flow | 7.17× |
| Cash conversion (operating CF ÷ operating income) | 44.2% |
| Cash vs. profit gap | 343 JPY mn (of net income 31.2%) |
| Shareholder returns / net income | 41.5% |
| Shareholder returns / FCF | 467.6% |
| Shareholder payments — dividends / net income | 41.5% |
| Shareholder payments — dividends / FCF | 467.6% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 71.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.9% | 1.56× | 3.0% | 4.72× | 14.1% | S100QVAQ |
| 2023 | 0.4% | 1.66× | 0.7% | 4.71× | 3.3% | S100TGJJ |
| 2024 | 2.7% | 1.58× | 4.2% | 4.56× | 19.1% | S100W1Z4 |
| 2025 | 2.4% | 1.52× | 3.6% | 4.20× | 15.1% | S100YGHF |
| 2026 | 1.0% | 1.45× | 1.4% | 4.12× | 5.9% | S100YGHF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人紀文・保芦記念財団 | Major shareholder | 15.9% | 2026-03-31 |
| Umios㈱ | Major shareholder | 9.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 落合 正行 | Major shareholder | 2.6% | 2026-03-31 |
| キッコーマン㈱ | Major shareholder | 2.5% | 2026-03-31 |
| 紀文グループ社員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| キッコーマンソイフーズ㈱ | Major shareholder | 1.5% | 2026-03-31 |
| 保芦 惠子 | Major shareholder | 1.4% | 2026-03-31 |
| ㈱プロネクサス | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YGHF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGHF,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W1Z4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1Z4,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TGJJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGJJ,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100QVAQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QVAQ,, |
| 訂正有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100P9Z9 | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9Z9,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LTYX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTYX,, |

## 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).