# KOIKE-YA 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50期(2025/04/01－2026/03/31) (S100YDGW)
> Page: https://vizora.meequs.com/en/company/koike-ya
> Retrieved: 2026-09-30T21:00:45.948Z

## Company

Koike-Ya, founded in 2020, is a company in Processed Foods listed on TSE Standard. It has 1,172 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOIKE-YA Inc. |
| Ticker | 2226 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2226.T) |
| Listing | TSE Standard |
| Head office | 東京都板橋区成増五丁目9番7号 |
| Representative (per filing) | 代表取締役会長 小池 孝 |
| Founded | Nov 2020 |
| Share capital | ¥2.27B |
| Employees (consolidated) | 1,172 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | koike-ya.com (https://koike-ya.com/) |
| Corporate number | 9011401005578 |
| EDINET | E00389 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YDGW, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 72.5 | 60 |
| Cash conversion | 34.2 | 57 |
| Efficiency | 74.2 | 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 89% of Koike-Ya's sales come from Domestic, with Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -3.8%.

## Company structure

- Segment revenue mix: Domestic 90.9%、Overseas 10.7%
- Revenue → net income: ¥61156000000 → ¥2751000000
- Net income → operating cash flow: ¥2751000000 → ¥3996000000（difference ¥1245000000）
- Main uses of operating cash flow: CapEx ¥7031000000 / dividends ¥586000000 / buybacks —
- Change in cash: ¥787000000
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 | ¥61.2B |  |
| Operating income | ¥3.87B | Margin 6.3% |
| Net income | ¥2.59B | Margin 4.2% |
| Free cash flow | -¥3.04B |  |
| Largest business | Domestic | of segment revenue 89.5% |
| Employees (consolidated) | 1,172 |  |
| EPS | ¥228.68 |  |
| Book value per share | ¥1923.89 |  |
| Equity ratio | 45.0% |  |
| Shares outstanding | 10,670,000 |  |
| Treasury shares | 2,200 |  |
| Shareholders | 8,486 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 7.1% |
| Vs. industry median margin | +2.3 pp | Processed Foods |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.0× its level five years ago
- FY2026, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40205000000 | ¥61156000000 | +52.1% |
| Operating income | ¥1665000000 | ¥3868000000 | +132.3% |
| Operating margin | 4.1% | 6.3% | +2.2 pp |
| Employees | 826 people | 1,172 people | +41.9% |
| Cash and equivalents | ¥4264000000 | ¥4354000000 | +2.1% |

### Change in segment revenue mix

Span: FY ending Jun 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 → 国内 | 89.5% |
| 国内 → 事業再編・廃止 | 1.8% |
| 海外 → 海外 | 8.7% |
| 新設・再編 → 海外 | 1.8% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,156 | 100.0% | S100YDGW |
| Cost of revenue | 42,066 | 68.8% | S100YDGW |
| Gross profit | 19,089 | 31.2% | S100YDGW |
| SG&A | 15,220 | 24.9% | S100YDGW |
| Operating income | 3,868 | 6.3% | S100YDGW |
| Ordinary income | 3,773 | 6.2% | S100YDGW |
| Pretax income | 3,540 | 5.8% | S100YDGW |
| Income tax | 789 | 1.3% | S100YDGW |
| Net income | 2,751 | 4.5% | S100YDGW |
| Net income attributable to owners | 2,594 | 4.2% | S100YDGW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 31.2% → Operating margin 6.3% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.0%; Core profit growth: -3.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.26×
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 | 59,383 | 61,156 | 1,773 | +3.0% |
| Gross profit | 19,323 | 19,089 | -234 | -1.2% |
| Operating income | 4,019 | 3,868 | -151 | -3.8% |
| Net income attributable to owners | 2,590 | 2,594 | 4 | +0.2% |
| Operating cash flow | -150 | 3,996 | 4,146 | — |
| Free cash flow | -6,975 | -3,035 | 3,940 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 40,205 | 1,665 | 4.1% | 1,161 | 3,027 | -1,763 | S100OA5S |
| FY ending Mar 2022 | 30,395 | 1,089 | 3.6% | 758 | 219 | -915 | S100QYLG |
| FY ending Mar 2023 | 44,574 | 1,774 | 4.0% | 1,164 | 2,570 | 1,934 | S100TPRU |
| FY ending Mar 2024 | 54,829 | 3,598 | 6.6% | 2,208 | 5,614 | 3,246 | S100W0IO |
| FY ending Mar 2025 | 59,383 | 4,019 | 6.8% | 2,590 | -150 | -6,975 | S100YDGW |
| FY ending Mar 2026 | 61,156 | 3,868 | 6.3% | 2,594 | 3,996 | -3,035 | S100YDGW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.2M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 909 | 945 | 1,015 | 1,110 | 1,172 |
| Average salary (parent company) | ¥5.7M | ¥5.5M | ¥5.9M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 39.3 years | 39.5 years | 39.3 years | 38.9 years | 38.3 years |
| Average tenure (parent company) | 11.1 years | 11.5 years | 11.1 years | 10.3 years | 10.0 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic | 54,733 | 90.9% | 3,439 | 6.3% |
| Overseas | 6,422 | 10.7% | 649 | 10.1% |
| Other | -933 | -1.5% | -220 | 23.6% |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Domestic | 84.1% | 6.3% |
| Overseas | 15.9% | 10.1% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -220 JPY mn

Segment → industry: Overseas → Processed Foods / Domestic → Processed Foods

## 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 | 3,996 | 6.5% | S100YDGW |
| Capital expenditure | 7,031 | 11.5% | S100YDGW |
| Free cash flow | -3,035 | -5.0% | 算出 |
| Investing cash flow | -6,928 | -11.3% | S100YDGW |
| Financing cash flow | 3,608 | 5.9% | S100YDGW |
| Dividends paid | 586 | 1.0% | S100YDGW |
| Change in cash | 787 | 1.3% | S100YDGW |
| Cash and equivalents | 4,354 | 7.1% | S100YDGW |

## 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 | 3,366 | 4,510 | 6,854 | 3,567 | 4,354 | S100TPRU, S100W0IO, S100YDGW |
| Total assets | 27,093 | 29,576 | 36,399 | 39,055 | 47,363 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Net assets | 14,227 | 15,194 | 17,368 | 19,410 | 21,626 | S100TPRU, S100W0IO, S100YDGW |
| Share capital | 2,269 | 2,269 | 2,269 | 2,269 | 2,269 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Property, plant and equipment | 12,217 | 11,691 | 12,848 | 18,148 | 25,473 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Intangible assets excluding goodwill | 342 | 275 | 245 | 229 | 254 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Investment securities | 322 | 350 | 368 | 296 | 305 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Current assets | 12,857 | 15,809 | 21,200 | 18,558 | 19,521 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Current liabilities | 9,082 | 11,069 | 16,307 | 12,308 | 12,858 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Short-term borrowings | 500 | 500 | 500 | 500 | 1,200 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Long-term borrowings | 1,170 | 746 | 322 | 4,711 | 7,853 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Total liabilities | 12,865 | 14,382 | 19,031 | 19,645 | 25,737 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Non-controlling interests | 198 | 145 | 261 | 335 | 335 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Equity attributable to owners of parent | 14,099 | 15,023 | 16,884 | 18,941 | 20,949 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Retained earnings | 9,678 | 10,603 | 12,464 | 14,521 | 16,529 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |
| Treasury stock | -2 | -3 | -4 | -4 | -4 | S100QYLG, S100TPRU, S100W0IO, S100YDGW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YDGW |
| Property, plant and equipment | 54% | S100YDGW |
| Intangibles and goodwill | 0% | S100YDGW |
| Investment securities | 1% | S100YDGW |
| Other assets | 36% | S100YDGW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YDGW |
| Equity | 46% | S100YDGW |

### 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 | 27,093 | 29,576 | 36,399 | 39,055 | 47,363 |
| Equity | 14,227 | 15,194 | 17,368 | 19,410 | 21,626 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,366 | 4,510 | 6,854 | 3,567 | 4,354 |

## 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) | 41.7% | S100YDGW |
| Fixed assets ÷ total assets | 53.8% | S100YDGW |
| Goodwill ÷ parent equity | — | —, S100YDGW |

### 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) | 9.2% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.3% |
| Cash vs. profit gap | 1,402 JPY mn (of net income 54.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.5% |
| Investing CF relative to operating CF | 173.4% |

## 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 | 2.5% | 1.12× | 2.8% | 1.92× | 5.4% | S100QYLG |
| 2023 | 2.6% | 1.57× | 4.1% | 1.95× | 8.0% | S100TPRU |
| 2024 | 4.0% | 1.66× | 6.7% | 2.07× | 13.8% | S100W0IO |
| 2025 | 4.4% | 1.57× | 6.9% | 2.11× | 14.5% | S100YDGW |
| 2026 | 4.2% | 1.42× | 6.0% | 2.17× | 13.0% | S100YDGW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日清食品ホールディングス株式会社 | Major shareholder | 45.1% | 2026-03-31 |
| 一般社団法人湖池の会 | Major shareholder | 15.0% | 2026-03-31 |
| 小池 孝 | Major shareholder | 7.0% | 2026-03-31 |
| 有限会社ダブリュー・ビー・ファイン | Major shareholder | 3.0% | 2026-03-31 |
| 小池 渉 | Major shareholder | 3.0% | 2026-03-31 |
| 湖池屋従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| 岸田 俊 | Major shareholder | 0.8% | 2026-03-31 |
| 石田 美奈子 | Major shareholder | 0.8% | 2026-03-31 |
| 岸田 亮 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YDGW | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDGW,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W0IO | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0IO,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TPRU | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPRU,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100QYLG | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYLG,, |
| 有価証券報告書－第46期(令和3年7月1日－令和4年3月31日) | S100OA5S | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA5S,, |

## 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).