# Kotobuki Spirits 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74期(2025/04/01－2026/03/31) (S100YCOO)
> Page: https://vizora.meequs.com/en/company/kotobuki-spirits
> Retrieved: 2026-09-30T22:17:18.137Z

## Company

Kotobuki Spirits, founded in 1952, is a company in Processed Foods listed on TSE Prime. It has 1,801 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kotobuki Spirits Co., Ltd. |
| Ticker | 2222 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2222.T) |
| Listing | TSE Prime |
| Head office | 鳥取県米子市旗ヶ崎2028番地 |
| Representative (per filing) | 代表取締役社長 河越 誠剛 |
| Founded | Apr 1952 |
| Share capital | ¥1.26B |
| Employees (consolidated) | 1,801 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | March |
| Website | www.kotobukispirits.co.jp (https://www.kotobukispirits.co.jp/) |
| Corporate number | 1270001003263 |
| EDINET | E00387 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YCOO, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 56 |
| Profitability | 99.2 | 60 |
| Cash conversion | 20.2 | 57 |
| Efficiency | 72.5 | 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 46% of Kotobuki Spirits's sales come from Sucrey Group, with KCC and Kotobukiseika Group making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +8.9% from the prior year, operating profit +5.6%.

## Company structure

- Segment revenue mix: Sucrey Group 45.8%、KCC 29.0%、Kotobukiseika Group 14.5%、sales subsidiary 9.8%、Other 0.9%
- Revenue → net income: ¥78781000000 → ¥12557000000
- Net income → operating cash flow: ¥12557000000 → ¥13801000000（difference ¥1244000000）
- Main uses of operating cash flow: CapEx ¥2440000000 / dividends ¥4939000000 / buybacks —
- Change in cash: ¥3119000000
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 | ¥78.8B |  |
| Operating income | ¥18.6B | Margin 23.6% |
| Net income | ¥12.6B | Margin 15.9% |
| Free cash flow | ¥11.4B |  |
| Largest business | Sucrey Group | of segment revenue 45.8% |
| Employees (consolidated) | 1,801 |  |
| EPS | ¥77.89 |  |
| Book value per share | ¥121.24 |  |
| Equity ratio | 79.7% |  |
| Shares outstanding | 155,658,000 |  |
| Treasury shares | 1,225,300 |  |
| Shareholders | 93,272 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 46.9% | Cash ÷ revenue 35.8% |
| Vs. industry median margin | +19.6 pp | Processed Foods |
| ROE | 28.7% | Derived from disclosed figures |
| ROA | 22.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, parent-company salary changed +49% over five years
- FY2026, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23204841000 | ¥78781000000 | +239.5% |
| Operating income | ¥-2890186000 | ¥18598000000 | — |
| Operating margin | -12.5% | 23.6% | +36.1 pp |
| Employees | 1,583 people | 1,801 people | +13.8% |
| Cash and equivalents | ¥7309405000 | ¥28200000000 | +285.8% |

### 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 |
| --- | ---: |
| シュクレイ → 事業再編・廃止 | 32.1% |
| ケイシイシイ → ケイシイシイ | 29.0% |
| ケイシイシイ → 事業再編・廃止 | 5.4% |
| 寿製菓・但馬寿 → 事業再編・廃止 | 15.6% |
| 販売子会社 → 販売子会社 | 9.1% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 1.5% |
| 九十九島グループ → 事業再編・廃止 | 6.4% |
| 新設・再編 → シュクレイグループ | 45.8% |
| 新設・再編 → 寿製菓グループ | 14.5% |
| 新設・再編 → 販売子会社 | 0.7% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sucrey Group | — | — | ¥36120000000 | 19.6% | 2 |
| KCC | 5 years | +23.4% | ¥22828000000 | 21.2% | 2 |
| Kotobukiseika Group | — | — | ¥11461000000 | 33.4% | 2 |
| sales subsidiary | 5 years | +29.6% | ¥7697000000 | 14.1% | 2 |
| Other | 5 years | +4.5% | ¥673000000 | 4.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 78,781 | 100.0% | S100YCOO |
| Cost of revenue | 30,393 | 38.6% | S100YCOO |
| Gross profit | 48,388 | 61.4% | S100YCOO |
| SG&A | 29,789 | 37.8% | S100YCOO |
| Operating income | 18,598 | 23.6% | S100YCOO |
| Ordinary income | 18,733 | 23.8% | S100YCOO |
| Pretax income | 18,745 | 23.8% | S100YCOO |
| Income tax | 6,188 | 7.9% | S100YCOO |
| Net income | 12,557 | 15.9% | S100YCOO |
| Net income attributable to owners | 12,557 | 15.9% | S100YCOO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 38 |
| Operating income | 24 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 61.4% → Operating margin 23.6% → Net margin 15.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.9%; Core profit growth: +5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.63×
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 | 72,349 | 78,781 | 6,432 | +8.9% |
| Gross profit | 44,804 | 48,388 | 3,584 | +8.0% |
| Operating income | 17,610 | 18,598 | 988 | +5.6% |
| Net income attributable to owners | 12,122 | 12,557 | 435 | +3.6% |
| Operating cash flow | 13,204 | 13,801 | 597 | +4.5% |
| Free cash flow | 10,017 | 11,361 | 1,344 | +13.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,181 | 6,455 | 14.3% | 4,100 | 6,578 | 4,270 | S100LK9P |
| FY ending Mar 2021 | 23,205 | -2,890 | -12.5% | -570 | 83 | -580 | S100OETK |
| FY ending Mar 2022 | 32,192 | 1,403 | 4.4% | 1,916 | 4,293 | 3,820 | S100R29Q |
| FY ending Mar 2023 | 50,155 | 9,952 | 19.8% | 7,018 | 9,086 | 8,505 | S100TTGI |
| FY ending Mar 2024 | 64,035 | 15,780 | 24.6% | 10,831 | 10,845 | 8,953 | S100W26M |
| FY ending Mar 2025 | 72,349 | 17,610 | 24.3% | 12,122 | 13,204 | 10,017 | S100YCOO |
| FY ending Mar 2026 | 78,781 | 18,598 | 23.6% | 12,557 | 13,801 | 11,361 | S100YCOO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.7M |
| Operating income per employee (consolidated) | ¥10.3M |
| Net income per employee (consolidated) | ¥7M |

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) | 1,507 | 1,512 | 1,636 | 1,758 | 1,801 |
| Average salary (parent company) | ¥6.9M | ¥7.6M | ¥8.1M | ¥9.3M | ¥10.2M |
| Average age (parent company) | 45.6 years | 46.9 years | 48.2 years | 47.6 years | 49.6 years |
| Average tenure (parent company) | 13.8 years | 15.8 years | 14.8 years | 12.5 years | 14.6 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +8.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sucrey Group | 36,120 | 45.8% | 7,087 | 19.6% |
| KCC | 22,828 | 29.0% | 4,833 | 21.2% |
| Kotobukiseika Group | 11,461 | 14.5% | 3,823 | 33.4% |
| sales subsidiary | 7,697 | 9.8% | 1,089 | 14.1% |
| Other | 673 | 0.9% | 28 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sucrey Group | 45.8% | 42.0% | -3.8 | 19.6% |
| KCC | 29.0% | 28.7% | -0.3 | 21.2% |
| Kotobukiseika Group | 14.5% | 22.7% | 8.1 | 33.4% |
| sales subsidiary | 9.8% | 6.5% | -3.3 | 14.1% |
| Other | 0.9% | 0.2% | -0.7 | 4.2% |

Segment → industry: Other → Processed Foods / sales subsidiary → Processed Foods / Kotobukiseika Group → Processed Foods / KCC → Processed Foods / Sucrey Group → 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 | 13,801 | 17.5% | S100YCOO |
| Capital expenditure | 2,440 | 3.1% | S100YCOO |
| Free cash flow | 11,361 | 14.4% | 算出 |
| Investing cash flow | -5,451 | -6.9% | S100YCOO |
| Financing cash flow | -5,241 | -6.7% | S100YCOO |
| Dividends paid | 4,939 | 6.3% | S100YCOO |
| Change in cash | 3,119 | 4.0% | S100YCOO |
| Cash and equivalents | 28,200 | 35.8% | S100YCOO |

## 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 | 9,913 | 16,162 | 22,689 | 25,081 | 28,200 | S100TTGI, S100W26M, S100YCOO |
| Total assets | 27,470 | 36,953 | 46,510 | 51,980 | 60,142 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Net assets | 20,357 | 26,517 | 35,223 | 40,085 | 47,936 | S100TTGI, S100W26M, S100YCOO |
| Share capital | 1,218 | 1,218 | 1,217 | 1,263 | 1,263 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Trade receivables | 3,768 | 6,074 | 7,015 | 7,400 | 8,257 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Property, plant and equipment | 9,208 | 8,750 | 9,465 | 11,520 | 12,380 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Intangible assets excluding goodwill | 142 | 101 | 82 | 108 | 141 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Investment securities | 142 | 154 | 211 | 211 | 269 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Current assets | 15,804 | 25,741 | 34,408 | 37,649 | 44,775 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Current liabilities | 4,620 | 8,095 | 8,824 | 9,735 | 10,102 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Trade payables | 923 | 1,563 | 1,704 | 2,169 | 2,067 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Long-term borrowings | 486 | 300 | 300 | — | — | S100R29Q, S100TTGI, S100W26M |
| Total liabilities | 7,114 | 10,436 | 11,287 | 11,894 | 12,206 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Non-controlling interests | — | — | — | 2 | 5 | S100YCOO |
| Equity attributable to owners of parent | 20,336 | 26,391 | 35,042 | 39,900 | 47,663 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Retained earnings | 17,800 | 23,855 | 32,508 | 40,274 | 47,892 | S100R29Q, S100TTGI, S100W26M, S100YCOO |
| Treasury stock | -4 | -5 | -6 | -3,006 | -2,842 | S100R29Q, S100TTGI, S100W26M, S100YCOO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YCOO |
| Receivables | 14% | S100YCOO |
| Property, plant and equipment | 21% | S100YCOO |
| Intangibles and goodwill | 0% | S100YCOO |
| Investment securities | 0% | S100YCOO |
| Other assets | 18% | S100YCOO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YCOO |
| Other liabilities | 17% | S100YCOO |
| Equity | 80% | S100YCOO |

### 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 | 27,470 | 36,953 | 46,510 | 51,980 | 60,142 |
| Equity | 20,357 | 26,517 | 35,223 | 40,085 | 47,936 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,913 | 16,162 | 22,689 | 25,081 | 28,200 |

## 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) | 15.7% | S100YCOO |
| Fixed assets ÷ total assets | 20.6% | S100YCOO |
| Goodwill ÷ parent equity | — | —, S100YCOO |

### 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) | 46.9% |
| Cash ÷ revenue | 35.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.2% |
| Cash vs. profit gap | 1,244 JPY mn (of net income 9.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.3% |
| Shareholder payments — dividends / FCF | 43.5% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 39.5% |

## 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 | 6.0% | 1.17× | 7.0% | 1.35× | 9.4% | S100R29Q |
| 2023 | 14.0% | 1.56× | 21.8% | 1.38× | 30.0% | S100TTGI |
| 2024 | 16.9% | 1.53× | 26.0% | 1.36× | 35.3% | S100W26M |
| 2025 | 16.8% | 1.47× | 24.6% | 1.31× | 32.4% | S100YCOO |
| 2026 | 15.9% | 1.41× | 22.4% | 1.28× | 28.7% | S100YCOO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エスカワゴエ株式会社 | Major shareholder | 29.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.9% | 2026-03-31 |
| 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 | 3.7% | 2026-03-31 |
| ＩＮＤＵＳ ＳＥＬＥＣＴ ＭＡＳＴＥＲ ＦＵＮＤ,ＬＴＤ．（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社山陰合同銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| とりぎんリース株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 寿スピリッツ従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 福山通運株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YCOO | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCOO,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W26M | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W26M,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TTGI | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTGI,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R29Q | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R29Q,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OETK | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OETK,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LK9P | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK9P,, |

## 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).