# LIFE CORPORATION: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2025/03/01－2026/02/28) (S100Y63D)
> Page: https://vizora.meequs.com/en/company/life
> Retrieved: 2026-09-30T20:24:43.228Z

## Company

Life, founded in 1941, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 7,506 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LIFE CORPORATION |
| Ticker | 8194 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8194.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区西宮原二丁目2番22号(大阪本社) 同所は登記上の本店所在地で実際の業務は下記で行っております。 東京都品川区東品川四丁目12番3号 品川シーサイドTSタワー(東京本社) |
| Representative (per filing) | 代表取締役社長執行役員 岩崎高治 |
| Founded | Feb 1941 |
| Share capital | ¥10B |
| Employees (consolidated) | 7,506 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | February |
| Website | www.lifecorp.jp (https://www.lifecorp.jp/) |
| Corporate number | 9010001060208 |
| EDINET | E03083 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Supermarkets |

> Profile source: annual securities report (S100Y63D, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.3 | 45 |
| Profitability | 52 | 49 |
| Cash conversion | 81.9 | 47 |
| Efficiency | 86.7 | 49 |

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 100% of Life's sales come from Retail, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +2.9%.

## Company structure

- Segment revenue mix: Retail 99.8%、Other 0.2%
- Revenue → net income: ¥848570000000 → ¥18822000000
- Net income → operating cash flow: ¥18822000000 → ¥74477000000（difference ¥55655000000）
- Main uses of operating cash flow: CapEx ¥12604000000 / dividends ¥5407000000 / buybacks ¥0
- Change in cash: ¥18226000000
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 | ¥848.6B |  |
| Operating income | ¥26B | Margin 3.1% |
| Net income | ¥18.8B | Margin 2.2% |
| Free cash flow | ¥61.9B |  |
| Largest business | Retail | of segment revenue 99.8% |
| Employees (consolidated) | 7,506 |  |
| EPS | ¥214.04 |  |
| Book value per share | ¥1703.69 |  |
| Equity ratio | 46.4% |  |
| Shares outstanding | 90,501,600 |  |
| Treasury shares | 3,822,900 |  |
| Shareholders | 17,347 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 3.1% |
| Vs. industry median margin | +0.2 pp | Supermarkets |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥736346000000 | ¥848570000000 | +15.2% |
| Operating income | ¥27388000000 | ¥26006000000 | -5.0% |
| Operating margin | 3.7% | 3.1% | -0.7 pp |
| Employees | 6,576 people | 7,506 people | +14.1% |
| Cash and equivalents | ¥14943000000 | ¥26592000000 | +78.0% |

### 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 |
| --- | ---: |
| 小売事業 → 小売事業 | 99.8% |
| 小売事業 → 事業再編・廃止 | 0.0% |
| その他 → その他 | 0.1% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 848,570 | 100.0% | S100Y63D |
| Cost of revenue | 582,096 | 68.6% | S100Y63D |
| Gross profit | 266,474 | 31.4% | S100Y63D |
| SG&A | 273,223 | 32.2% | S100Y63D |
| Operating income | 26,006 | 3.1% | S100Y63D |
| Ordinary income | 27,068 | 3.2% | S100Y63D |
| Pretax income | 24,718 | 2.9% | S100Y63D |
| Income tax | 5,895 | 0.7% | S100Y63D |
| Net income | 18,822 | 2.2% | S100Y63D |
| Net income attributable to owners | 18,822 | 2.2% | S100Y63D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 32 |
| Other operating | -4 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 31.4% → Operating margin 3.1% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +2.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.80×
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 | 818,892 | 848,570 | 29,678 | +3.6% |
| Gross profit | 254,897 | 266,474 | 11,577 | +4.5% |
| Operating income | 25,270 | 26,006 | 736 | +2.9% |
| Net income attributable to owners | 17,948 | 18,822 | 874 | +4.9% |
| Operating cash flow | 22,319 | 74,477 | 52,158 | +233.7% |
| Free cash flow | -370 | 61,873 | 62,243 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 693,062 | 13,879 | 2.0% | 7,834 | 54,898 | 40,850 | S100LF0Y |
| FY ending Feb 2021 | 736,346 | 27,388 | 3.7% | 17,824 | 41,747 | 21,810 | S100O3W2 |
| FY ending Feb 2022 | 745,080 | 22,932 | 3.1% | 15,208 | -7,926 | -27,793 | S100QT9L |
| FY ending Feb 2023 | 738,494 | 19,148 | 2.6% | 13,327 | 23,899 | 1,813 | S100TH99 |
| FY ending Feb 2024 | 780,028 | 24,118 | 3.1% | 16,938 | 41,700 | 25,551 | S100VS1P |
| FY ending Feb 2025 | 818,892 | 25,270 | 3.1% | 17,948 | 22,319 | -370 | S100Y63D |
| FY ending Feb 2026 | 848,570 | 26,006 | 3.1% | 18,822 | 74,477 | 61,873 | S100Y63D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥113.1M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 6,847 | 7,125 | 7,304 | 7,391 | 7,506 |
| Average salary (parent company) | ¥5.7M | ¥5.4M | ¥5.7M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 41.2 years | 41.0 years | 40.8 years | 41.0 years | 41.2 years |
| Average tenure (parent company) | 15.4 years | 15.3 years | 15.3 years | 15.5 years | 15.8 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 879,911 | 99.8% | 26,625 | 3.0% |
| Other | 1,414 | 0.2% | 443 | 31.3% |

### 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 |
| --- | ---: |
| Retail | 99.8% |
| Other | 0.2% |

Segment → industry: Other → Credit Cards & Consumer Credit / Retail → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 74,477 | 8.8% | S100Y63D |
| Capital expenditure | 12,604 | 1.5% | S100Y63D |
| Free cash flow | 61,873 | 7.3% | 算出 |
| Investing cash flow | -11,206 | -1.3% | S100Y63D |
| Financing cash flow | -45,044 | -5.3% | S100Y63D |
| Dividends paid | 5,407 | 0.6% | S100Y63D |
| Share buyback | 0 | 0.0% | S100Y63D |
| Change in cash | 18,226 | 2.1% | S100Y63D |
| Cash and equivalents | 26,592 | 3.1% | S100Y63D |

## 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 | 9,409 | 9,327 | 8,206 | 8,366 | 26,592 | S100TH99, S100VS1P, S100Y63D |
| Total assets | 270,229 | 280,810 | 287,146 | 306,027 | 335,246 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Net assets | 110,299 | 122,002 | 136,855 | 138,435 | 155,534 | S100TH99, S100VS1P, S100Y63D |
| Share capital | 10,004 | 10,004 | 10,004 | 10,004 | 10,004 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Property, plant and equipment | 150,490 | 155,880 | 156,315 | 161,351 | 157,003 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Intangible assets excluding goodwill | 3,508 | 3,218 | 5,484 | 5,851 | 5,741 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Investment securities | 1,208 | 1,487 | 1,910 | 2,356 | 130 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Current assets | 74,480 | 80,490 | 82,849 | 96,348 | 121,530 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Current liabilities | 132,478 | 128,236 | 118,219 | 129,927 | 144,359 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Short-term borrowings | 38,500 | 44,120 | 19,400 | 32,500 | — | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Long-term borrowings | 12,248 | 17,497 | 19,922 | 25,824 | 18,827 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Total liabilities | 159,929 | 158,807 | 150,290 | 167,592 | 179,712 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Equity attributable to owners of parent | 110,923 | 121,010 | 134,430 | 135,857 | 149,261 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Retained earnings | 99,221 | 109,147 | 122,560 | 135,807 | 141,774 | S100QT9L, S100TH99, S100VS1P, S100Y63D |
| Treasury stock | -3,930 | -3,838 | -3,831 | -15,651 | -5,017 | S100QT9L, S100TH99, S100VS1P, S100Y63D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y63D |
| Property, plant and equipment | 47% | S100Y63D |
| Intangibles and goodwill | 2% | S100Y63D |
| Investment securities | 0% | S100Y63D |
| Other assets | 43% | S100Y63D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100Y63D |
| Equity | 46% | S100Y63D |

### 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 | 270,229 | 280,810 | 287,146 | 306,027 | 335,246 |
| Equity | 110,299 | 122,002 | 136,855 | 138,435 | 155,534 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,409 | 9,327 | 8,206 | 8,366 | 26,592 |

## 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) | 18.5% | S100Y63D |
| Fixed assets ÷ total assets | 46.8% | S100Y63D |
| Goodwill ÷ parent equity | — | —, S100Y63D |

### 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) | 7.9% |
| Cash ÷ revenue | 3.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 286.4% |
| Cash vs. profit gap | 55,655 JPY mn (of net income 295.7%) |
| Shareholder returns / net income | 28.7% |
| Shareholder returns / FCF | 8.7% |
| Shareholder payments — dividends / net income | 28.7% |
| Shareholder payments — dividends / FCF | 8.7% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 15.0% |

## 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 | 2.0% | 2.76× | 5.6% | 2.44× | 13.7% | S100QT9L |
| 2023 | 1.8% | 2.68× | 4.8% | 2.38× | 11.5% | S100TH99 |
| 2024 | 2.2% | 2.75× | 6.0% | 2.22× | 13.3% | S100VS1P |
| 2025 | 2.2% | 2.76× | 6.1% | 2.19× | 13.3% | S100Y63D |
| 2026 | 2.2% | 2.65× | 5.9% | 2.25× | 13.2% | S100Y63D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 24.4% | 2026-02-28 |
| 清信興産株式会社 | Major shareholder | 12.4% | 2026-02-28 |
| 公益財団法人ライフスポーツ財団 | Major shareholder | 7.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2026-02-28 |
| ライフ共栄会 | Major shareholder | 5.4% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-02-28 |
| 住友生命保険相互会社 | Major shareholder | 1.7% | 2026-02-28 |
| 清 水 久 子 | Major shareholder | 1.6% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-02-28 |
| 三菱食品株式会社 | Major shareholder | 1.2% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Feb 2026 was ¥848.6B, up +3.6% from ¥818.9B.
- Gross profit grew faster, at +4.5%, but operating income rose only +2.9% to ¥26B as operating costs climbed.
- Net income attributable to owners reached ¥18.8B, up +4.9%.
- Operating cash flow jumped +233.7% to ¥74.5B, and free cash flow turned positive at ¥61.9B after a small outflow the year before.

### Drivers

- New stores, a bigger online grocery business, and stronger private brands such as BIO-RAL lifted sales
- SG&A rose with rent for new stores, cashless payment fees, IT costs, and higher wages, but kaizen work and tighter spending on other expenses offset much of it
- The cash flow jump came mainly from a rise in amounts owed to suppliers

### Risks

- Rising labor costs from staff shortages and wage increases that the company may not fully absorb
- Higher purchase prices from poor harvests and raw material costs, plus higher store energy bills
- Tougher competition from drugstores, discounters, and online retailers moving into groceries

Cited: Annual securities report, 71st fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 71st fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/03/01－2026/02/28) | S100Y63D | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y63D,, |
| 有価証券報告書－第70期(2024/03/01－2025/02/28) | S100VS1P | 2025-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VS1P,, |
| 有価証券報告書－第69期(2023/03/01－2024/02/29) | S100TH99 | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH99,, |
| 有価証券報告書－第68期(2022/03/01－2023/02/28) | S100QT9L | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT9L,, |
| 有価証券報告書－第67期(令和3年3月1日－令和4年2月28日) | S100O3W2 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3W2,, |
| 有価証券報告書－第66期(令和2年3月1日－令和3年2月28日) | S100LF0Y | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF0Y,, |

## 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).