# KOMEDA Holdings Co., Ltd: business model and financials

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/03/01－2026/02/28) (S100Y6O9)
> Page: https://vizora.meequs.com/en/company/komeda-holdings
> Retrieved: 2026-09-30T20:32:57.103Z

## Company

KOMEDA Holdings, founded in 2014, is a company in Cafés listed on TSE Prime. It has 828 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOMEDA Holdings Co., Ltd. |
| Ticker | 3543 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3543.T) |
| Listing | TSE Prime |
| Head office | 名古屋市東区葵三丁目12番23号 |
| Representative (per filing) | 代表取締役社長CEO 甘利 祐一 |
| Founded | Nov 2014 |
| Share capital | ¥673M |
| Employees (consolidated) | 828 |
| Average salary (parent only) | ¥11M |
| Fiscal year end | February |
| Website | www.komeda-holdings.co.jp (https://www.komeda-holdings.co.jp/) |
| Corporate number | 2180001116676 |
| EDINET | E32427 |
| Industries (Vizora) | Cafés |

> Profile source: annual securities report (S100Y6O9, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Cafés (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 4 |
| Profitability | 87.5 | 4 |
| Cash conversion | 62.5 | 4 |
| Efficiency | 12.5 | 4 |

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 90% of KOMEDA Holdings's sales come from Domestic, with Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +21.6% from the prior year, operating profit +6.8%.

## Company structure

- Segment revenue mix: Domestic 89.8%、Overseas 10.2%
- Revenue → net income: ¥57225000000 → ¥6482000000
- Net income → operating cash flow: ¥6482000000 → ¥12353000000（difference ¥5871000000）
- Main uses of operating cash flow: CapEx ¥1750000000 / dividends ¥2594000000 / buybacks ¥0
- Change in cash: ¥-1818000000
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 | ¥57.2B |  |
| Operating income | ¥9.42B | Margin 16.5% |
| Net income | ¥6.46B | Margin 11.3% |
| Free cash flow | ¥10.6B |  |
| Largest business | Domestic | of segment revenue 89.8% |
| Employees (consolidated) | 828 |  |
| EPS | ¥141.98 |  |
| Diluted EPS | ¥83.89 |  |
| Book value per share | ¥439.44 |  |
| Equity ratio | 45.2% | Derived from disclosed figures |
| Shares outstanding | 46,271,400 |  |
| Treasury shares | 761,100 |  |
| Shareholders | 201,526 |  |
| Average salary (parent only) | ¥11M | Filing company only |
| Cash ratio | 8.0% | Cash ÷ revenue 15.5% |
| Vs. industry median margin | +9.6 pp | Cafés |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28836000000 | ¥57225000000 | +98.4% |
| Operating income | ¥5511000000 | ¥9424000000 | +71.0% |
| Operating margin | 19.1% | 16.5% | -2.6 pp |
| Employees | 441 people | 828 people | +87.8% |
| Cash and equivalents | ¥7301000000 | ¥8859000000 | +21.3% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 国内事業 | 89.8% |
| 新設・再編 → 海外事業 | 10.2% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,225 | 100.0% | S100Y6O9 |
| Cost of revenue | 40,375 | 70.6% | S100Y6O9 |
| Gross profit | 16,850 | 29.4% | S100Y6O9 |
| SG&A | 7,625 | 13.3% | S100Y6O9 |
| Operating income | 9,424 | 16.5% | S100Y6O9 |
| Pretax income | 9,332 | 16.3% | S100Y6O9 |
| Income tax | 2,850 | 5.0% | S100Y6O9 |
| Net income | 6,482 | 11.3% | S100Y6O9 |
| Net income attributable to owners | 6,461 | 11.3% | S100Y6O9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 13 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 29.4% → Operating margin 16.5% → Net margin 11.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.6%; Core profit growth: +6.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.32×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 47,057 | 57,225 | 10,168 | +21.6% |
| Gross profit | 15,680 | 16,850 | 1,170 | +7.5% |
| Operating income | 8,820 | 9,424 | 604 | +6.8% |
| Net income attributable to owners | 5,814 | 6,461 | 647 | +11.1% |
| Operating cash flow | 11,235 | 12,353 | 1,118 | +10.0% |
| Free cash flow | 9,774 | 10,603 | 829 | +8.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2017 | 24,052 | 6,885 | 28.6% | 4,508 | 6,040 | — | S100LFEF |
| FY ending Feb 2018 | 25,984 | 7,207 | 27.7% | 4,905 | 5,392 | — | S100O4NS |
| FY ending Feb 2019 | 30,335 | 7,568 | 24.9% | 5,117 | 6,212 | — | S100QTWD |
| FY ending Feb 2020 | 31,219 | 7,878 | 25.2% | 5,376 | 9,318 | 7,943 | S100LFEF |
| FY ending Feb 2021 | 28,836 | 5,511 | 19.1% | 3,590 | 10,359 | 8,875 | S100O4NS |
| FY ending Feb 2022 | 33,317 | 7,305 | 21.9% | 4,934 | 8,148 | 6,862 | S100QTWD |
| FY ending Feb 2023 | 37,836 | 8,024 | 21.2% | 5,424 | 10,257 | 8,988 | S100TIRG |
| FY ending Feb 2024 | 43,236 | 8,717 | 20.2% | 5,972 | 11,437 | 10,334 | S100VU67 |
| FY ending Feb 2025 | 47,057 | 8,820 | 18.7% | 5,814 | 11,235 | 9,774 | S100Y6O9 |
| FY ending Feb 2026 | 57,225 | 9,424 | 16.5% | 6,461 | 12,353 | 10,603 | S100Y6O9 |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.1M |
| Operating income per employee (consolidated) | ¥11.4M |
| Net income per employee (consolidated) | ¥7.8M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 468 | 548 | 533 | 565 | 828 |
| Average salary (parent company) | ¥9.6M | ¥9.9M | ¥10M | ¥10.8M | ¥11M |
| Average age (parent company) | 47.8 years | 49.0 years | 52.1 years | 53.8 years | 52.0 years |
| Average tenure (parent company) | 2.6 years | 6.2 years | 6.4 years | 8.3 years | 9.7 years |

Year over year: Employees (consolidated) +46.5% · Revenue (consolidated) +21.6%

## Segments（FY ending Feb 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic | 51,374 | 89.8% | 11,513 | 22.4% |
| Overseas | 5,851 | 10.2% | 142 | 2.4% |

### 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 | 89.8% | 98.8% | 9.0 | 22.4% |
| Overseas | 10.2% | 1.2% | -9.0 | 2.4% |

Segment → industry: Overseas → Cafés / Domestic → Cafés

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,353 | 21.6% | S100Y6O9 |
| Capital expenditure | 1,750 | 3.1% | S100Y6O9 |
| Free cash flow | 10,603 | 18.5% | 算出 |
| Investing cash flow | -4,773 | -8.3% | S100Y6O9 |
| Financing cash flow | -9,496 | -16.6% | S100Y6O9 |
| Dividends paid | 2,594 | 4.5% | S100Y6O9 |
| Share buyback | 0 | 0.0% | S100Y6O9 |
| Change in cash | -1,818 | -3.2% | S100Y6O9 |
| Cash and equivalents | 8,859 | 15.5% | S100Y6O9 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,205 | 6,681 | 7,923 | 10,390 | 8,859 | S100TIRG, S100VU67, S100Y6O9 |
| Total assets | 97,431 | 100,045 | 102,772 | 105,739 | 110,385 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Net assets | 37,615 | 40,619 | 43,110 | 45,618 | 50,154 | S100TIRG, S100VU67, S100Y6O9 |
| Share capital | 639 | 651 | 659 | 672 | 673 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Property, plant and equipment | 13,679 | 14,316 | 12,880 | 13,838 | 16,384 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Goodwill | 38,354 | 38,354 | 38,354 | 38,354 | 39,789 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Current assets | 15,395 | 16,484 | 19,413 | 20,566 | 21,582 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Total liabilities | 59,816 | 59,426 | 59,662 | 60,121 | 60,231 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Equity attributable to owners of parent | 37,559 | 40,543 | 43,110 | 45,618 | 49,860 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Retained earnings | 23,870 | 26,895 | 30,476 | 33,825 | 37,692 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |
| Treasury stock | -53 | -109 | -1,071 | -2,028 | -1,990 | S100QTWD, S100TIRG, S100VU67, S100Y6O9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y6O9 |
| Property, plant and equipment | 15% | S100Y6O9 |
| Intangibles and goodwill | 36% | — |
| Other assets | 41% | S100Y6O9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100Y6O9 |
| Equity | 45% | S100Y6O9 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 97,431 | 100,045 | 102,772 | 105,739 | 110,385 |
| Equity | 37,615 | 40,619 | 43,110 | 45,618 | 50,154 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,205 | 6,681 | 7,923 | 10,390 | 8,859 |

## 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) | 28.6% | S100Y6O9 |
| Fixed assets ÷ total assets | 14.8% | S100Y6O9 |
| Goodwill ÷ parent equity | 79.8% | S100Y6O9 |

Goodwill over 4 years: 38,354 → 39,789 JPY; total investing cash flow: 2,049 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) | 8.0% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.1% |
| Cash vs. profit gap | 5,892 JPY mn (of net income 91.2%) |
| Shareholder returns / net income | 40.1% |
| Shareholder returns / FCF | 24.5% |
| Shareholder payments — dividends / net income | 40.1% |
| Shareholder payments — dividends / FCF | 24.5% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 38.6% |

## 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 | 14.8% | 0.34× | 5.1% | 2.59× | 13.1% | S100QTWD |
| 2023 | 14.3% | 0.38× | 5.5% | 2.53× | 13.9% | S100TIRG |
| 2024 | 13.8% | 0.43× | 5.9% | 2.42× | 14.3% | S100VU67 |
| 2025 | 12.4% | 0.45× | 5.6% | 2.35× | 13.1% | S100Y6O9 |
| 2026 | 11.3% | 0.53× | 6.0% | 2.26× | 13.5% | S100Y6O9 |

## 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 | 11.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 2.9% | 2026-02-28 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.4% | 2026-02-28 |
| 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 | 1.1% | 2026-02-28 |
| JP MORGAN CHASE BANK 385166 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 0.9% | 2026-02-28 |
| JPモルガン証券株式会社 | Major shareholder | 0.9% | 2026-02-28 |
| コメダＦＣ持株会 | Major shareholder | 0.8% | 2026-02-28 |
| ISHARES CORE MSCI EAFE ETF （常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部） | Major shareholder | 0.8% | 2026-02-28 |
| JP MORGAN CHASE BANK 385864 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/03/01－2026/02/28) | S100Y6O9 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6O9,, |
| 有価証券報告書－第11期(2024/03/01－2025/02/28) | S100VU67 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU67,, |
| 有価証券報告書－第10期(2023/03/01－2024/02/29) | S100TIRG | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIRG,, |
| 有価証券報告書－第9期(2022/03/01－2023/02/28) | S100QTWD | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTWD,, |
| 有価証券報告書－第8期(令和3年3月1日－令和4年2月28日) | S100O4NS | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4NS,, |
| 有価証券報告書－第7期(令和2年3月1日－令和3年2月28日) | S100LFEF | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFEF,, |

## 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).