# KOBE BUSSAN CO., LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2024/11/01－2025/10/31) (S100XHUJ)
> Page: https://vizora.meequs.com/en/company/kobe-bussan
> Retrieved: 2026-09-30T19:50:49.208Z

## Company

Kobe Bussan, founded in 1985, is a company in Electric Power & Gas listed on TSE Prime. It has 1,674 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOBE BUSSAN CO., LTD. |
| Ticker | 3038 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3038.T) |
| Listing | TSE Prime |
| Head office | 兵庫県加古川市加古川町平野125番1 |
| Representative (per filing) | 代表取締役社長 沼田 博和 |
| Founded | Nov 1985 |
| Share capital | ¥500M |
| Employees (consolidated) | 1,674 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | October |
| Website | www.kobebussan.co.jp (https://www.kobebussan.co.jp/) |
| Corporate number | 5140001044630 |
| EDINET | E02999 |
| Industries (Vizora) | Electric Power & Gas, Processed Foods, Restaurants & Pubs, Takeout & Delivery Meals, Supermarkets |

> Profile source: annual securities report (S100XHUJ, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.2 | 45 |
| Profitability | 88.8 | 49 |
| Cash conversion | 22.3 | 47 |
| Efficiency | 60.2 | 49 |

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 96% of Kobe Bussan's sales come from Gyomu Super division, with KOBE COOK division and Eco Renewable Energy Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +16.1%.

## Company structure

- Segment revenue mix: Gyomu Super division 96.2%、KOBE COOK division 3.0%、Eco Renewable Energy Business 0.8%、Other 0.0%
- Revenue → net income: ¥551701000000 → ¥31878000000
- Net income → operating cash flow: ¥31878000000 → ¥42113000000（difference ¥10235000000）
- Main uses of operating cash flow: CapEx ¥9345000000 / dividends ¥5094000000 / buybacks ¥0
- Change in cash: ¥23186000000
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 | ¥551.7B |  |
| Operating income | ¥39.9B | Margin 7.2% |
| Net income | ¥31.9B | Margin 5.8% |
| Free cash flow | ¥32.8B |  |
| Largest business | Gyomu Super division | of segment revenue 96.2% |
| Employees (consolidated) | 1,674 |  |
| EPS | ¥125.27 |  |
| Diluted EPS | ¥124.51 |  |
| Book value per share | ¥610.2 |  |
| Equity ratio | 60.5% |  |
| Shares outstanding | 273,600,000 |  |
| Treasury shares | 51,607,800 |  |
| Shareholders | 66,613 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 50.2% | Cash ÷ revenue 23.7% |
| Vs. industry median margin | +3.2 pp | Processed Foods |
| ROE | 22.1% | Derived from disclosed figures |
| ROA | 12.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 95% of positive segment profit
- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥340870000000 | ¥551701000000 | +61.9% |
| Operating income | ¥23851000000 | ¥39878000000 | +67.2% |
| Operating margin | 7.0% | 7.2% | +0.2 pp |
| Employees | 1,372 people | 1,674 people | +22.0% |
| Cash and equivalents | ¥68285000000 | ¥130498000000 | +91.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 業務スーパー事業 → 業務スーパー事業 | 93.9% |
| 外食・中食事業 → 外食・中食事業 | 0.7% |
| エコ再生エネルギー事業 → エコ再生エネルギー事業 | 0.7% |
| クックイノベンチャー事業 → 事業再編・廃止 | 4.6% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 業務スーパー事業 | 2.2% |
| 新設・再編 → 外食・中食事業 | 2.3% |
| 新設・再編 → エコ再生エネルギー事業 | 0.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gyomu Super division | 5 years | +10.6% | ¥530509000000 | 8.2% | 2 |
| KOBE COOK division | 5 years | +45.7% | ¥16474000000 | 6.7% | 2 |
| Eco Renewable Energy Business | 5 years | +14.2% | ¥4669000000 | 23.3% | 2 |
| Other | 5 years | -9.0% | ¥48000000 | -41.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 551,701 | 100.0% | S100XHUJ |
| Cost of revenue | 485,235 | 88.0% | S100XHUJ |
| Gross profit | 66,466 | 12.0% | S100XHUJ |
| SG&A | 26,587 | 4.8% | S100XHUJ |
| Operating income | 39,878 | 7.2% | S100XHUJ |
| Ordinary income | 48,081 | 8.7% | S100XHUJ |
| Pretax income | 46,619 | 8.5% | S100XHUJ |
| Income tax | 14,741 | 2.7% | S100XHUJ |
| Net income | 31,878 | 5.8% | S100XHUJ |
| Net income attributable to owners | 31,878 | 5.8% | S100XHUJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 5 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 12.0% → Operating margin 7.2% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.6%; Core profit growth: +16.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 507,883 | 551,701 | 43,818 | +8.6% |
| Gross profit | 58,413 | 66,466 | 8,053 | +13.8% |
| Operating income | 34,350 | 39,878 | 5,528 | +16.1% |
| Net income attributable to owners | 21,443 | 31,878 | 10,435 | +48.7% |
| Operating cash flow | 30,772 | 42,113 | 11,341 | +36.9% |
| Free cash flow | 20,441 | 32,768 | 12,327 | +60.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 299,616 | 19,239 | 6.4% | 12,056 | 19,217 | 10,095 | S100KL8G |
| FY ending Oct 2020 | 340,870 | 23,851 | 7.0% | 15,047 | 19,543 | 7,418 | S100NAJY |
| FY ending Oct 2021 | 362,064 | 27,311 | 7.5% | 19,592 | 21,261 | 2,833 | S100Q1QH |
| FY ending Oct 2022 | 406,813 | 27,820 | 6.8% | 20,832 | 21,582 | 10,188 | S100SP8X |
| FY ending Oct 2023 | 461,546 | 30,717 | 6.7% | 20,560 | 30,343 | 20,967 | S100V5MU |
| FY ending Oct 2024 | 507,883 | 34,350 | 6.8% | 21,443 | 30,772 | 20,441 | S100XHUJ |
| FY ending Oct 2025 | 551,701 | 39,878 | 7.2% | 31,878 | 42,113 | 32,768 | S100XHUJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥329.6M |
| Operating income per employee (consolidated) | ¥23.8M |
| Net income per employee (consolidated) | ¥19M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,488 | 1,565 | 1,562 | 1,629 | 1,674 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥4.9M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 39.0 years | 38.6 years | 37.9 years | 38.5 years | 38.5 years |
| Average tenure (parent company) | 7.8 years | 7.6 years | 7.1 years | 7.6 years | 7.9 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +8.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gyomu Super division | 530,509 | 96.2% | 43,506 | 8.2% |
| KOBE COOK division | 16,474 | 3.0% | 1,105 | 6.7% |
| Eco Renewable Energy Business | 4,669 | 0.8% | 1,088 | 23.3% |
| Other | 48 | 0.0% | -20 | -41.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gyomu Super division | 96.2% | 95.2% | -1.0 | 8.2% |
| KOBE COOK division | 3.0% | 2.4% | -0.6 | 6.7% |
| Eco Renewable Energy Business | 0.8% | 2.4% | 1.5 | 23.3% |
| Other | 0.0% | — | — | -41.7% |

Loss-making segment (excluded from profit shares): Other -20 JPY mn

Segment → industry: Eco Renewable Energy Business → Electric Power & Gas / Gyomu Super division → Processed Foods / KOBE COOK division → Restaurants & Pubs / KOBE COOK division → Takeout & Delivery Meals / Gyomu Super division → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 42,113 | 7.6% | S100XHUJ |
| Capital expenditure | 9,345 | 1.7% | S100XHUJ |
| Free cash flow | 32,768 | 5.9% | 算出 |
| Investing cash flow | -8,918 | -1.6% | S100XHUJ |
| Financing cash flow | -11,100 | -2.0% | S100XHUJ |
| Dividends paid | 5,094 | 0.9% | S100XHUJ |
| Share buyback | 0 | 0.0% | S100XHUJ |
| Change in cash | 23,186 | 4.2% | S100XHUJ |
| Cash and equivalents | 130,498 | 23.7% | S100XHUJ |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 56,710 | 65,753 | 91,265 | 107,311 | 130,498 | S100SP8X, S100V5MU, S100XHUJ |
| Total assets | 156,737 | 180,275 | 211,891 | 233,392 | 260,193 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Net assets | 78,218 | 97,220 | 114,451 | 132,773 | 161,400 | S100SP8X, S100V5MU, S100XHUJ |
| Share capital | 500 | 500 | 500 | 500 | 500 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Trade receivables | 19,837 | — | — | — | — | S100Q1QH |
| Property, plant and equipment | 54,493 | 58,112 | 64,195 | 64,814 | 66,221 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Intangible assets excluding goodwill | 884 | 1,041 | 1,509 | 1,504 | 1,731 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Goodwill | 17 | 12 | 7 | 252 | 483 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Investment securities | 1,784 | 1,267 | 1,051 | 424 | 8 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Current assets | 95,862 | 116,011 | 141,641 | 161,089 | 184,906 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Current liabilities | 51,047 | 47,987 | 49,057 | 56,929 | 59,370 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Short-term borrowings | 15,155 | 8,217 | 1,317 | 6,865 | 3,115 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Long-term borrowings | 19,534 | 26,317 | 37,000 | 30,135 | 27,019 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Total liabilities | 78,518 | 83,055 | 97,439 | 100,618 | 98,792 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Equity attributable to owners of parent | 77,539 | 95,074 | 112,348 | 130,105 | 158,064 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Retained earnings | 76,592 | 93,061 | 108,797 | 125,381 | 152,165 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |
| Treasury stock | -9,135 | -8,953 | -9,087 | -8,990 | -8,911 | S100Q1QH, S100SP8X, S100V5MU, S100XHUJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XHUJ |
| Property, plant and equipment | 25% | S100XHUJ |
| Intangibles and goodwill | 1% | S100XHUJ |
| Investment securities | 0% | S100XHUJ |
| Other assets | 24% | S100XHUJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XHUJ |
| Equity | 62% | S100XHUJ |
| Other liabilities | 0% | S100XHUJ |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 156,737 | 180,275 | 211,891 | 233,392 | 260,193 |
| Equity | 78,218 | 97,220 | 114,451 | 132,773 | 161,400 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 56,710 | 65,753 | 91,265 | 107,311 | 130,498 |

## 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) | 12.0% | S100XHUJ |
| Fixed assets ÷ total assets | 25.5% | S100XHUJ |
| Goodwill ÷ parent equity | 0.3% | S100XHUJ |

Goodwill over 4 years: 17 → 483 JPY; total investing cash flow: -55,813 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) | 50.2% |
| Cash ÷ revenue | 23.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.6% |
| Cash vs. profit gap | 10,235 JPY mn (of net income 32.1%) |
| Shareholder returns / net income | 16.0% |
| Shareholder returns / FCF | 15.5% |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | 15.5% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 21.2% |

## 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 | 5.4% | 2.31× | 12.5% | 2.02× | 25.3% | S100Q1QH |
| 2022 | 5.1% | 2.41× | 12.4% | 1.95× | 24.1% | S100SP8X |
| 2023 | 4.5% | 2.35× | 10.5% | 1.89× | 19.8% | S100V5MU |
| 2024 | 4.2% | 2.28× | 9.6% | 1.84× | 17.7% | S100XHUJ |
| 2025 | 5.8% | 2.24× | 12.9% | 1.71× | 22.1% | S100XHUJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人業務スーパージャパンドリーム財団 | Major shareholder | 31.7% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2025-10-31 |
| 特定有価証券信託受託者 株式会社SMBC信託銀行 | Major shareholder | 2.6% | 2025-10-31 |
| 株式会社コッコラーレ | Major shareholder | 2.6% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-10-31 |
| 沼田 博和 | Major shareholder | 1.7% | 2025-10-31 |
| STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-10-31 |
| 合同会社M&Uアセットマネジメント | Major shareholder | 1.6% | 2025-10-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-10-31 |
| CACEIS IRLAND BRANCH / UCITS - TREATY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-10-31 |

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

- Revenue for the year ending Oct 2025 was ¥551.7B, up 8.6% from ¥507.9B.
- Operating income grew faster, rising 16.1% from ¥34.4B to ¥39.9B.
- Net income attributable to owners jumped 48.7% to ¥31.9B.
- Operating cash flow rose 36.9% to ¥42.1B, and free cash flow reached ¥32.8B.

### Drivers

- Purchase costs went up with volatile exchange rates and rising prices, but the company says its pricing strategy worked
- Wide media coverage of Gyomu Super's private-brand products brought more shoppers into stores
- In restaurants and delis, new Chisouna deli shops opened steadily, and Premium Karubi sales rose as more people came to know the brand

### Risks

- Imports are paid mainly in US dollars and euros, so sharp currency moves can hurt results
- Animal disease outbreaks, trouble in supplier countries, energy costs and bad weather can push purchase prices sharply higher
- Private-brand goods make up a large share of gross profit, so a drop in their sales would weigh heavily

Cited: Annual Securities Report (40th fiscal year) (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 (40th fiscal year) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2024/11/01－2025/10/31) | S100XHUJ | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHUJ,, |
| 有価証券報告書－第39期(2023/11/01－2024/10/31) | S100V5MU | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5MU,, |
| 有価証券報告書－第38期(2022/11/01－2023/10/31) | S100SP8X | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP8X,, |
| 有価証券報告書－第37期(2021/11/01－2022/10/31) | S100Q1QH | 2023-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1QH,, |
| 有価証券報告書－第36期(令和2年11月1日－令和3年10月31日) | S100NAJY | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAJY,, |
| 有価証券報告書－第35期(令和1年11月1日－令和2年10月31日) | S100KL8G | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL8G,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| G‐7ホールディングス | Supply/OEM | 業務スーパーFC加盟店として商品仕入を受け小売 | S100YI5T |

## 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).