# KUZE 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79期(2025/04/01－2026/03/31) (S100YG7R)
> Page: https://vizora.meequs.com/en/company/kuze
> Retrieved: 2026-09-30T17:49:13.851Z

## Company

Kuze, founded in 1950, is a company in Processed Foods listed on TSE Standard. It has 649 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUZE CO., LTD. |
| Ticker | 2708 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2708.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区東池袋二丁目29番7号 |
| Representative (per filing) | 代表取締役社長 久世真也 |
| Founded | Jan 1950 |
| Share capital | ¥100M |
| Employees (consolidated) | 649 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.kuze.co.jp (https://www.kuze.co.jp/) |
| Corporate number | 7013301002723 |
| EDINET | E02938 |
| Industries (Vizora) | Processed Foods, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YG7R, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.6 | 179 |
| Profitability | 52.7 | 185 |
| Cash conversion | 24.3 | 179 |
| Efficiency | 95.4 | 185 |

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 Kuze's sales come from Food wholesale, with Food manufacturing and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit +19.1%.

## Company structure

- Segment revenue mix: Food wholesale 90.4%、Food manufacturing 9.4%、Other 0.2%
- Revenue → net income: ¥73503000000 → ¥1758000000
- Net income → operating cash flow: ¥1758000000 → ¥1223000000（difference ¥-535000000）
- Main uses of operating cash flow: CapEx ¥397000000 / dividends ¥193000000 / buybacks —
- Change in cash: ¥324000000
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 | ¥73.5B |  |
| Operating income | ¥2.2B | Margin 3.0% |
| Net income | ¥1.76B | Margin 2.4% |
| Free cash flow | ¥826M |  |
| Largest business | Food wholesale | of segment revenue 90.4% |
| Employees (consolidated) | 649 |  |
| EPS | ¥267.36 |  |
| Book value per share | ¥1419.22 |  |
| Equity ratio | 39.1% |  |
| Shares outstanding | 4,626,327 |  |
| Shareholders | 5,188 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 5.9% |
| Vs. industry median margin | +0.1 pp | Specialty Trading & Wholesale |
| ROE | 21.8% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37854000000 | ¥73503000000 | +94.2% |
| Operating income | ¥-2336000000 | ¥2199000000 | — |
| Operating margin | -6.2% | 3.0% | +9.2 pp |
| Employees | 626 people | 649 people | +3.7% |
| Cash and equivalents | ¥3867000000 | ¥4333000000 | +12.1% |

### 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 |
| --- | ---: |
| 食材卸売事業 → 食材卸売事業 | 89.6% |
| 食材製造事業 → 食材製造事業 | 9.4% |
| 食材製造事業 → 事業再編・廃止 | 1.0% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 食材卸売事業 | 0.8% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food wholesale | 5 years | +14.4% | ¥66419000000 | 3.9% | 2 |
| Food manufacturing | 5 years | +11.9% | ¥6920000000 | 12.6% | 2 |
| Other | 4 years | +10.1% | ¥163000000 | 17.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 73,503 | 100.0% | S100YG7R |
| Cost of revenue | 56,151 | 76.4% | S100YG7R |
| Gross profit | 17,352 | 23.6% | S100YG7R |
| SG&A | 15,153 | 20.6% | S100YG7R |
| Operating income | 2,199 | 3.0% | S100YG7R |
| Ordinary income | 2,351 | 3.2% | S100YG7R |
| Pretax income | 2,388 | 3.2% | S100YG7R |
| Income tax | 629 | 0.9% | S100YG7R |
| Net income | 1,758 | 2.4% | S100YG7R |
| Net income attributable to owners | 1,758 | 2.4% | S100YG7R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 21 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.6% → Operating margin 3.0% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.2%; Core profit growth: +19.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.65×
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 | 68,568 | 73,503 | 4,935 | +7.2% |
| Gross profit | 15,723 | 17,352 | 1,629 | +10.4% |
| Operating income | 1,847 | 2,199 | 352 | +19.1% |
| Net income attributable to owners | 1,754 | 1,758 | 4 | +0.2% |
| Operating cash flow | 664 | 1,223 | 559 | +84.2% |
| Free cash flow | 340 | 826 | 486 | +142.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 64,356 | -55 | -0.1% | -290 | -1,141 | -1,556 | S100LPPE |
| FY ending Mar 2021 | 37,854 | -2,336 | -6.2% | -1,861 | -3,072 | -3,424 | S100ONI9 |
| FY ending Mar 2022 | 43,851 | -908 | -2.1% | -727 | -238 | -401 | S100R8DK |
| FY ending Mar 2023 | 56,460 | 842 | 1.5% | 832 | 2,006 | 1,578 | S100TWTL |
| FY ending Mar 2024 | 64,474 | 1,861 | 2.9% | 2,008 | 3,564 | 2,677 | S100W7LO |
| FY ending Mar 2025 | 68,568 | 1,847 | 2.7% | 1,754 | 664 | 340 | S100YG7R |
| FY ending Mar 2026 | 73,503 | 2,199 | 3.0% | 1,758 | 1,223 | 826 | S100YG7R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥113.3M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 613 | 614 | 627 | 614 | 649 |
| Average salary (parent company) | ¥4.6M | ¥5.2M | ¥5.9M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 40.4 years | 42.0 years | 42.6 years | 42.7 years | 42.7 years |
| Average tenure (parent company) | 10.6 years | 11.1 years | 11.2 years | 10.7 years | 10.9 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +7.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food wholesale | 66,419 | 90.4% | 2,560 | 3.9% |
| Food manufacturing | 6,920 | 9.4% | 869 | 12.6% |
| Other | 163 | 0.2% | 29 | 17.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food wholesale | 90.4% | 74.0% | -16.3 | 3.9% |
| Food manufacturing | 9.4% | 25.1% | 15.7 | 12.6% |
| Other | 0.2% | 0.8% | 0.6 | 17.8% |

Segment → industry: Food manufacturing → Processed Foods / Food wholesale → Specialty Trading & Wholesale

## 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 | 1,223 | 1.7% | S100YG7R |
| Capital expenditure | 397 | 0.5% | S100YG7R |
| Free cash flow | 826 | 1.1% | 算出 |
| Investing cash flow | -606 | -0.8% | S100YG7R |
| Financing cash flow | -299 | -0.4% | S100YG7R |
| Dividends paid | 193 | 0.3% | S100YG7R |
| Change in cash | 324 | 0.4% | S100YG7R |
| Cash and equivalents | 4,333 | 5.9% | S100YG7R |

## 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 | 3,536 | 4,215 | 6,505 | 4,008 | 4,333 | S100TWTL, S100W7LO, S100YG7R |
| Total assets | 17,674 | 20,794 | 24,863 | 22,969 | 24,722 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Net assets | 2,777 | 4,446 | 6,668 | 7,919 | 9,665 | S100TWTL, S100W7LO, S100YG7R |
| Share capital | 302 | 100 | 100 | 100 | 100 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Trade receivables | 5,267 | 6,649 | 7,444 | 7,763 | 8,081 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Property, plant and equipment | 2,410 | 2,664 | 3,222 | 3,162 | 3,073 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Intangible assets excluding goodwill | 367 | 244 | 232 | 214 | 294 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Goodwill | 34 | — | — | — | — | S100R8DK |
| Investment securities | 1,237 | 1,425 | 1,698 | 1,731 | 1,976 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Current assets | 12,017 | 14,729 | 17,924 | 15,871 | 17,131 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Current liabilities | 11,135 | 12,374 | 14,011 | 13,411 | 13,121 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Trade payables | 6,308 | 8,798 | 10,603 | — | — | S100R8DK, S100TWTL |
| Short-term borrowings | 2,323 | 667 | — | — | — | S100R8DK, S100TWTL |
| Long-term borrowings | 3,020 | 3,204 | 3,464 | 775 | 1,050 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Total liabilities | 14,897 | 16,348 | 18,194 | 15,049 | 15,057 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Equity attributable to owners of parent | 2,231 | 3,764 | 5,716 | 7,277 | 8,842 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Retained earnings | 1,832 | 2,664 | 4,617 | 6,177 | 7,742 | S100R8DK, S100TWTL, S100W7LO, S100YG7R |
| Treasury stock | -151 | — | 0 | 0 | 0 | S100R8DK, S100W7LO, S100YG7R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YG7R |
| Receivables | 33% | S100YG7R |
| Property, plant and equipment | 12% | S100YG7R |
| Intangibles and goodwill | 1% | S100YG7R |
| Investment securities | 8% | S100YG7R |
| Other assets | 28% | S100YG7R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YG7R |
| Equity | 39% | S100YG7R |

### 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 | 17,674 | 20,794 | 24,863 | 22,969 | 24,722 |
| Equity | 2,777 | 4,446 | 6,668 | 7,919 | 9,665 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,536 | 4,215 | 6,505 | 4,008 | 4,333 |

## 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) | 4.2% | S100YG7R |
| Fixed assets ÷ total assets | 12.4% | S100YG7R |
| Goodwill ÷ parent equity | — | —, S100YG7R |

### 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) | 17.5% |
| Cash ÷ revenue | 5.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.6% |
| Cash vs. profit gap | -535 JPY mn (of net income -30.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.0% |
| Shareholder payments — dividends / FCF | 23.4% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 49.6% |

## 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 | — | —× | -4.1% | —× | — | S100R8DK |
| 2023 | 1.5% | 2.94× | 4.3% | 6.42× | 27.8% | S100TWTL |
| 2024 | 3.1% | 2.82× | 8.8% | 4.82× | 42.4% | S100W7LO |
| 2025 | 2.6% | 2.87× | 7.3% | 3.68× | 27.0% | S100YG7R |
| 2026 | 2.4% | 3.08× | 7.4% | 2.96× | 21.8% | S100YG7R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 国分グループ本社株式会社 | Major shareholder | 20.0% | 2026-03-31 |
| 久 世 健 吉 | Major shareholder | 10.3% | 2026-03-31 |
| 久 世 真 也 | Major shareholder | 6.3% | 2026-03-31 |
| 久 世 純 子 | Major shareholder | 4.7% | 2026-03-31 |
| 久世社員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社パートナー | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社トーホー | Major shareholder | 2.9% | 2026-03-31 |
| 久 世 将 寛 | Major shareholder | 2.8% | 2026-03-31 |
| 久 世 晃 介 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社極楽湯ホールディングス | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YG7R | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG7R,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W7LO | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7LO,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TWTL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWTL,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R8DK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8DK,, |
| 訂正有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100ONI9 | 2022-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONI9,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LPPE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPPE,, |

## 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).