# Life Foods Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/03/01－2026/02/28) (S100Y57D)
> Page: https://vizora.meequs.com/en/company/life-foods
> Retrieved: 2026-09-30T21:50:52.307Z

## Company

Life Foods, founded in 1986, is a company in Fast Food & Quick Service listed on TSE Standard. It has 173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Life Foods Co.,Ltd. |
| Ticker | 3065 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3065.T) |
| Listing | TSE Standard |
| Head office | 大阪府吹田市江坂町一丁目13番41号 |
| Representative (per filing) | 代表取締役社長 菅本祥宏 |
| Founded | Mar 1986 |
| Share capital | ¥100M |
| Employees (consolidated) | 173 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | February |
| Website | www.meshiya.co.jp (https://www.meshiya.co.jp/) |
| Corporate number | 4120901008761 |
| EDINET | E03490 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100Y57D, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.8 | 18 |
| Profitability | 11.4 | 22 |
| Cash conversion | 92.9 | 21 |
| Efficiency | 88.6 | 22 |

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)

- Life Foods brought in ¥9.61B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit -74.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9614830000 → ¥35783000
- Net income → operating cash flow: ¥35783000 → ¥505369000（difference ¥469586000）
- Main uses of operating cash flow: CapEx ¥254524000 / dividends ¥16035000 / buybacks ¥63000
- Change in cash: ¥-208815000
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 | ¥9.61B |  |
| Operating income | ¥87.5M | Margin 0.9% |
| Net income | ¥35.8M | Margin 0.4% |
| Free cash flow | ¥250.8M |  |
| Employees (consolidated) | 173 |  |
| EPS | ¥11.58 |  |
| Book value per share | ¥552.57 |  |
| Equity ratio | 43.6% |  |
| Shares outstanding | 3,660,400 |  |
| Treasury shares | 565,500 |  |
| Shareholders | 2,651 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 47.7% | Cash ÷ revenue 19.5% |
| Vs. industry median margin | -4.6 pp | Fast Food & Quick Service |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 14.1× net income
- FY2026, cash is 48% of total assets
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9226387000 | ¥9614830000 | +4.2% |
| Operating income | ¥-1215793000 | ¥87507000 | — |
| Operating margin | -13.2% | 0.9% | +14.1 pp |
| Employees | 254 people | 173 people | -31.9% |
| Cash and equivalents | ¥3619490000 | ¥1871787000 | -48.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,615 | 100.0% | S100Y57D |
| Cost of revenue | 3,227 | 33.6% | S100Y57D |
| Gross profit | 6,388 | 66.4% | S100Y57D |
| SG&A | 6,300 | 65.5% | S100Y57D |
| Operating income | 88 | 0.9% | S100Y57D |
| Ordinary income | 128 | 1.3% | S100Y57D |
| Pretax income | 72 | 0.7% | S100Y57D |
| Income tax | 36 | 0.4% | S100Y57D |
| Net income | 36 | 0.4% | S100Y57D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 65 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 66.4% → Operating margin 0.9% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.7%; Core profit growth: -74.8%
Operating leverage (core profit growth ÷ revenue growth): 43.50×
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 | 9,783 | 9,615 | -168 | -1.7% |
| Gross profit | 6,739 | 6,388 | -351 | -5.2% |
| Operating income | 347 | 88 | -260 | -74.8% |
| Operating cash flow | 315 | 505 | 191 | +60.7% |
| Free cash flow | 230 | 251 | 21 | +8.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 13,227 | 89 | 0.7% | 8 | 912 | 698 | S100LED7 |
| FY ending Feb 2021 | 9,226 | -1,216 | -13.2% | -1,693 | -1,863 | -1,993 | S100O49D |
| FY ending Feb 2022 | 8,716 | -1,295 | -14.9% | 61 | 42 | -144 | S100QT56 |
| FY ending Feb 2023 | 9,888 | -594 | -6.0% | -448 | 88 | -100 | S100TGSN |
| FY ending Feb 2024 | 10,426 | -25 | -0.2% | -735 | 245 | 153 | S100VS97 |
| FY ending Feb 2025 | 9,783 | 347 | 3.6% | 402 | 315 | 230 | S100Y57D |
| FY ending Feb 2026 | 9,615 | 88 | 0.9% | 36 | 505 | 251 | S100Y57D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.6M |
| Operating income per employee (consolidated) | ¥505.8K |
| Net income per employee (consolidated) | ¥206.8K |

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) | 241 | 224 | 200 | 176 | 173 |
| Average salary (parent company) | ¥4.6M | ¥4.4M | ¥4.8M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 40.7 years | 42.5 years | 44.0 years | 45.4 years | 45.2 years |
| Average tenure (parent company) | 16.7 years | 18.6 years | 20.0 years | 21.8 years | 21.0 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -1.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 505 | 5.3% | S100Y57D |
| Capital expenditure | 255 | 2.6% | S100Y57D |
| Free cash flow | 251 | 2.6% | 算出 |
| Investing cash flow | -221 | -2.3% | S100Y57D |
| Financing cash flow | -493 | -5.1% | S100Y57D |
| Dividends paid | 16 | 0.2% | S100Y57D |
| Share buyback | 0 | 0.0% | S100Y57D |
| Change in cash | -209 | -2.2% | S100Y57D |
| Cash and equivalents | 1,872 | 19.5% | S100Y57D |

## 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 | 3,697 | 3,110 | 2,693 | 2,081 | 1,872 | S100TGSN, S100VS97, S100Y57D |
| Total assets | 6,775 | 6,091 | 4,638 | 4,070 | 3,923 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Net assets | 2,429 | 1,981 | 1,257 | 1,682 | 1,710 | S100TGSN, S100VS97, S100Y57D |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Property, plant and equipment | 766 | 746 | 407 | 387 | 330 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Intangible assets excluding goodwill | 63 | 64 | 97 | 94 | 268 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Investment securities | 200 | 200 | 200 | 200 | 200 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Current assets | 4,503 | 3,944 | 3,265 | 2,632 | 2,428 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Current liabilities | 1,657 | 1,904 | 1,962 | 1,518 | 1,478 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Long-term borrowings | 1,885 | 1,340 | 556 | 103 | 17 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Total liabilities | 4,346 | 4,110 | 3,381 | 2,388 | 2,213 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Equity attributable to owners of parent | 2,429 | 1,981 | 1,257 | 1,682 | 1,710 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Retained earnings | 61 | -387 | -1,122 | 402 | 422 | S100QT56, S100TGSN, S100VS97, S100Y57D |
| Treasury stock | -154 | -154 | -148 | -137 | -129 | S100QT56, S100TGSN, S100VS97, S100Y57D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100Y57D |
| Property, plant and equipment | 8% | S100Y57D |
| Intangibles and goodwill | 7% | S100Y57D |
| Investment securities | 5% | S100Y57D |
| Other assets | 32% | S100Y57D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Y57D |
| Equity | 44% | S100Y57D |

### 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 | 6,775 | 6,091 | 4,638 | 4,070 | 3,923 |
| Equity | 2,429 | 1,981 | 1,257 | 1,682 | 1,710 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,697 | 3,110 | 2,693 | 2,081 | 1,872 |

## 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) | 3.4% | S100Y57D |
| Fixed assets ÷ total assets | 8.4% | S100Y57D |
| Goodwill ÷ parent equity | — | —, S100Y57D |

### 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) | 47.7% |
| Cash ÷ revenue | 19.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 577.5% |
| Cash vs. profit gap | 470 JPY mn (of net income 1312.3%) |
| Shareholder returns / net income | 45.0% |
| Shareholder returns / FCF | 6.4% |
| Shareholder payments — dividends / net income | 44.8% |
| Shareholder payments — dividends / FCF | 6.4% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 43.8% |

## 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 | 0.7% | 1.29× | 0.9% | 2.79× | 2.5% | S100QT56 |
| 2023 | — | —× | -7.0% | —× | — | S100TGSN |
| 2024 | — | —× | -13.7% | —× | — | S100VS97 |
| 2025 | 4.1% | 2.25× | 9.2% | 2.96× | 27.4% | S100Y57D |
| 2026 | 0.4% | 2.41× | 0.9% | 2.36× | 2.1% | S100Y57D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人ライフスポーツ財団 | Major shareholder | 18.4% | 2026-02-28 |
| 清久商事株式会社 | Major shareholder | 16.1% | 2026-02-28 |
| 清水 三夫 | Major shareholder | 12.6% | 2026-02-28 |
| ライフフーズ従業員持株会 | Major shareholder | 6.7% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 5.1% | 2026-02-28 |
| 麒麟麦酒株式会社 | Major shareholder | 3.1% | 2026-02-28 |
| ケイ低温フーズ株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 株式会社昭和 | Major shareholder | 1.8% | 2026-02-28 |
| 清水 周一 | Major shareholder | 1.2% | 2026-02-28 |
| 清水 京子 | Major shareholder | 1.2% | 2026-02-28 |
| 株式会社神明ホールディングス | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/03/01－2026/02/28) | S100Y57D | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y57D,, |
| 有価証券報告書－第39期(2024/03/01－2025/02/28) | S100VS97 | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VS97,, |
| 有価証券報告書－第38期(2023/03/01－2024/02/29) | S100TGSN | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGSN,, |
| 有価証券報告書－第37期(2022/03/01－2023/02/28) | S100QT56 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT56,, |
| 有価証券報告書－第36期(令和3年3月1日－令和4年2月28日) | S100O49D | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O49D,, |
| 有価証券報告書－第35期(令和2年3月1日－令和3年2月28日) | S100LED7 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LED7,, |

## 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).