# Lacto Japan Co.,Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2024/12/01－2025/11/30) (S100XMUD)
> Page: https://vizora.meequs.com/en/company/lacto-japan
> Retrieved: 2026-09-30T17:55:53.082Z

## Company

Lacto Japan, founded in 1998, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 424 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Lacto Japan Co., Ltd. |
| Ticker | 3139 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3139.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目11番2号 |
| Representative (per filing) | 代表取締役社長 小島 新 |
| Founded | May 1998 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 424 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | November |
| Website | www.lactojapan.com (https://www.lactojapan.com/) |
| Corporate number | 5010001051615 |
| EDINET | E31729 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XMUD, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.6 | 179 |
| Profitability | 57.6 | 185 |
| Cash conversion | 12 | 179 |
| Efficiency | 80.3 | 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)

- Lacto Japan brought in ¥182.8B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +33.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥182.8B |  |
| Operating income | ¥5.95B | Margin 3.3% |
| Net income | ¥4.32B | Margin 2.4% |
| Free cash flow | -¥1.79B |  |
| Employees (consolidated) | 424 |  |
| EPS | ¥288.1 |  |
| Diluted EPS | ¥287.28 |  |
| Book value per share | ¥2236.97 |  |
| Equity ratio | 35.9% |  |
| Shares outstanding | 10,021,600 |  |
| Treasury shares | 50,400 |  |
| Shareholders | 19,147 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 10.5% | Cash ÷ revenue 5.2% |
| Vs. industry median margin | +0.4 pp | Specialty Trading & Wholesale |
| ROE | 16.2% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥110837536000 | ¥182816000000 | +64.9% |
| Operating income | ¥2958939000 | ¥5947000000 | +101.0% |
| Operating margin | 2.7% | 3.3% | +0.6 pp |
| Employees | 305 people | 424 people | +39.0% |
| Cash and equivalents | ¥4508366000 | ¥9504000000 | +110.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 182,816 | 100.0% | S100XMUD |
| Cost of revenue | 170,527 | 93.3% | S100XMUD |
| Gross profit | 12,288 | 6.7% | S100XMUD |
| SG&A | 6,341 | 3.5% | S100XMUD |
| Operating income | 5,947 | 3.3% | S100XMUD |
| Ordinary income | 5,796 | 3.2% | S100XMUD |
| Pretax income | 5,796 | 3.2% | S100XMUD |
| Income tax | 1,479 | 0.8% | S100XMUD |
| Net income | 4,317 | 2.4% | S100XMUD |
| Net income attributable to owners | 4,317 | 2.4% | S100XMUD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 4 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 6.7% → Operating margin 3.3% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +33.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.81×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 170,907 | 182,816 | 11,909 | +7.0% |
| Gross profit | 10,071 | 12,288 | 2,217 | +22.0% |
| Operating income | 4,455 | 5,947 | 1,492 | +33.5% |
| Net income attributable to owners | 3,146 | 4,317 | 1,171 | +37.2% |
| Operating cash flow | 636 | -268 | -904 | -142.1% |
| Free cash flow | -185 | -1,793 | -1,608 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 116,794 | 3,144 | 2.7% | 1,963 | 3,365 | 3,297 | S100KVOA |
| FY ending Nov 2020 | 110,838 | 2,959 | 2.7% | 2,062 | 4,534 | 4,379 | S100NKVN |
| FY ending Nov 2021 | 110,884 | 2,787 | 2.5% | 1,959 | -4,037 | -4,224 | S100QA0A |
| FY ending Nov 2022 | 147,423 | 2,971 | 2.0% | 2,287 | -10,408 | -10,569 | S100SYRV |
| FY ending Nov 2023 | 158,328 | 3,184 | 2.0% | 2,048 | 3,222 | 2,063 | S100VAPA |
| FY ending Nov 2024 | 170,907 | 4,455 | 2.6% | 3,146 | 636 | -185 | S100XMUD |
| FY ending Nov 2025 | 182,816 | 5,947 | 3.3% | 4,317 | -268 | -1,793 | S100XMUD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥431.2M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥10.2M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 323 | 364 | 377 | 398 | 424 |
| Average salary (parent company) | ¥8.9M | ¥8.5M | ¥8.2M | ¥8.5M | ¥9.8M |
| Average age (parent company) | 36.0 years | 37.0 years | 36.0 years | 37.0 years | 37.0 years |
| Average tenure (parent company) | 7.0 years | 7.0 years | 7.0 years | 8.0 years | 8.0 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) +7.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -268 | -0.1% | S100XMUD |
| Capital expenditure | 1,525 | 0.8% | S100XMUD |
| Free cash flow | -1,793 | -1.0% | 算出 |
| Investing cash flow | -1,508 | -0.8% | S100XMUD |
| Financing cash flow | 2,431 | 1.3% | S100XMUD |
| Dividends paid | 985 | 0.5% | S100XMUD |
| Share buyback | 0 | 0.0% | S100XMUD |
| Change in cash | 984 | 0.5% | S100XMUD |
| Cash and equivalents | 9,504 | 5.2% | S100XMUD |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,015 | 5,883 | 7,282 | 8,520 | 9,504 | S100SYRV, S100VAPA, S100XMUD |
| Total assets | 52,900 | 73,457 | 72,038 | 81,435 | 90,209 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Net assets | 19,579 | 22,481 | 24,724 | 27,581 | 32,448 | S100SYRV, S100VAPA, S100XMUD |
| Share capital | 1,152 | 1,159 | 1,178 | 1,209 | 1,209 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Trade receivables | 19,277 | 21,066 | 18,700 | 24,028 | 23,951 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Property, plant and equipment | 709 | 942 | 2,185 | 2,502 | 3,550 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Intangible assets excluding goodwill | 45 | 39 | 73 | 321 | 754 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Investment securities | 838 | 795 | 1,141 | 1,327 | 1,863 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Current assets | 50,018 | 70,067 | 67,068 | 75,826 | 83,151 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Current liabilities | 27,525 | 41,102 | 37,033 | 44,455 | 48,800 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Short-term borrowings | 10,669 | 13,949 | 14,380 | 17,133 | 22,199 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Long-term borrowings | 5,010 | 8,960 | 9,125 | 8,293 | 7,659 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Total liabilities | 33,321 | 50,975 | 47,314 | 53,853 | 57,761 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Equity attributable to owners of parent | 18,907 | 20,923 | 22,409 | 24,931 | 28,298 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Retained earnings | 16,681 | 18,652 | 20,066 | 22,665 | 25,996 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |
| Treasury stock | -112 | -66 | -14 | -152 | -121 | S100QA0A, S100SYRV, S100VAPA, S100XMUD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XMUD |
| Receivables | 27% | S100XMUD |
| Property, plant and equipment | 4% | S100XMUD |
| Intangibles and goodwill | 1% | S100XMUD |
| Investment securities | 2% | S100XMUD |
| Other assets | 56% | S100XMUD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XMUD |
| Equity | 36% | S100XMUD |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 52,900 | 73,457 | 72,038 | 81,435 | 90,209 |
| Equity | 19,579 | 22,481 | 24,724 | 27,581 | 32,448 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,015 | 5,883 | 7,282 | 8,520 | 9,504 |

## 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) | 1.9% | S100XMUD |
| Fixed assets ÷ total assets | 3.9% | S100XMUD |
| Goodwill ÷ parent equity | — | —, S100XMUD |

### 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) | 10.5% |
| Cash ÷ revenue | 5.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -4.5% |
| Cash vs. profit gap | -4,585 JPY mn (of net income -106.2%) |
| Shareholder returns / net income | 22.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | — |

## 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 | 1.8% | 2.10× | 3.7% | 2.80× | 10.4% | S100QA0A |
| 2022 | 1.6% | 2.33× | 3.6% | 3.17× | 11.5% | S100SYRV |
| 2023 | 1.3% | 2.18× | 2.8% | 3.36× | 9.5% | S100VAPA |
| 2024 | 1.8% | 2.23× | 4.1% | 3.24× | 13.3% | S100XMUD |
| 2025 | 2.4% | 2.13× | 5.0% | 3.22× | 16.2% | S100XMUD |

## 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 | 10.7% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2025-11-30 |
| 八住 繁 | Major shareholder | 2.8% | 2025-11-30 |
| 三浦 元久 | Major shareholder | 2.7% | 2025-11-30 |
| 鎌倉 喜一郎 | Major shareholder | 2.4% | 2025-11-30 |
| よつ葉乳業株式会社 | Major shareholder | 2.0% | 2025-11-30 |
| 前川 昌之 | Major shareholder | 1.9% | 2025-11-30 |
| 小島 新 | Major shareholder | 1.8% | 2025-11-30 |
| マリンフード株式会社 | Major shareholder | 1.7% | 2025-11-30 |
| SMBC日興証券株式会社 | Major shareholder | 1.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/12/01－2025/11/30) | S100XMUD | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMUD,, |
| 有価証券報告書－第27期(2023/12/01－2024/11/30) | S100VAPA | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAPA,, |
| 有価証券報告書－第26期(2022/12/01－2023/11/30) | S100SYRV | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYRV,, |
| 有価証券報告書－第25期(2021/12/01－2022/11/30) | S100QA0A | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QA0A,, |
| 有価証券報告書－第24期(令和2年12月1日－令和3年11月30日) | S100NKVN | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKVN,, |
| 有価証券報告書－第23期(令和1年12月1日－令和2年11月30日) | S100KVOA | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVOA,, |

## 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).