# Maruchiyo Yamaokaya Corporation: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第33期(2025/02/01－2026/01/31) (S100Y1KO)
> Page: https://vizora.meequs.com/en/company/maruchiyo-yamaokaya
> Retrieved: 2026-09-30T19:58:20.350Z

## Company

Maruchiyo Yamaokaya, founded in 1980, is a company in Fast Food & Quick Service listed on TSE Standard. It has 776 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruchiyo Yamaokaya Corporation |
| Ticker | 3399 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3399.T) |
| Listing | TSE Standard |
| Head office | 札幌市東区東雁来7条1丁目4番32号 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 一由 聡 |
| Founded | Feb 1980 |
| Share capital | ¥325.8M |
| Employees (consolidated) | 776 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | January |
| Corporate number | 9430001017223 |
| EDINET | E03470 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100Y1KO, filed 2026-04-30). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 18 |
| Profitability | 93.2 | 22 |
| Cash conversion | 21.4 | 21 |
| Efficiency | 93.2 | 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)

- Maruchiyo Yamaokaya brought in ¥43B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +24.3% from the prior year, operating profit +26.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥43000813000 → ¥3688198000
- Net income → operating cash flow: ¥3688198000 → ¥5144700000（difference ¥1456502000）
- Main uses of operating cash flow: CapEx ¥2018448000 / dividends ¥79677000 / buybacks ¥200087000
- Change in cash: ¥2189875000
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 | ¥43B |  |
| Operating income | ¥4.68B | Margin 10.9% |
| Net income | ¥3.69B | Margin 8.6% |
| Free cash flow | ¥3.13B |  |
| Employees (consolidated) | 776 |  |
| EPS | ¥187.65 |  |
| Book value per share | ¥514.21 |  |
| Equity ratio | 55.4% |  |
| Shares outstanding | 20,112,800 |  |
| Treasury shares | 193,500 |  |
| Shareholders | 17,222 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 32.7% | Cash ÷ revenue 13.9% |
| Vs. industry median margin | +5.4 pp | Fast Food & Quick Service |
| ROE | 44.1% | Derived from disclosed figures |
| ROA | 22.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.5× dividends
- FY2026, revenue is 2.8× its level five years ago
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14265342000 | ¥43000813000 | +201.4% |
| Operating income | ¥322728000 | ¥4678935000 | +1349.8% |
| Operating margin | 2.3% | 10.9% | +8.6 pp |
| Employees | 387 people | 776 people | +100.5% |
| Cash and equivalents | ¥1359652000 | ¥5977480000 | +339.6% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,001 | 100.0% | S100Y1KO |
| Cost of revenue | 13,129 | 30.5% | S100Y1KO |
| Gross profit | 29,872 | 69.5% | S100Y1KO |
| SG&A | 25,193 | 58.6% | S100Y1KO |
| Operating income | 4,679 | 10.9% | S100Y1KO |
| Ordinary income | 4,845 | 11.3% | S100Y1KO |
| Pretax income | 4,826 | 11.2% | S100Y1KO |
| Income tax | 1,138 | 2.6% | S100Y1KO |
| Net income | 3,688 | 8.6% | S100Y1KO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 59 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 69.5% → Operating margin 10.9% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.3%; Core profit growth: +26.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,585 | 43,001 | 8,416 | +24.3% |
| Gross profit | 24,345 | 29,872 | 5,527 | +22.7% |
| Operating income | 3,708 | 4,679 | 971 | +26.2% |
| Operating cash flow | 2,967 | 5,145 | 2,178 | +73.4% |
| Free cash flow | 1,674 | 3,126 | 1,453 | +86.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 14,107 | 612 | 4.3% | 277 | 997 | 260 | S100L93Q |
| FY ending Jan 2021 | 14,265 | 323 | 2.3% | 142 | 753 | 364 | S100NYXJ |
| FY ending Jan 2022 | 15,122 | 300 | 2.0% | 386 | 969 | 386 | S100QO35 |
| FY ending Jan 2023 | 18,677 | 514 | 2.8% | 414 | 1,361 | 134 | S100TCBK |
| FY ending Jan 2024 | 26,494 | 2,064 | 7.8% | 1,433 | 2,442 | 1,161 | S100VO75 |
| FY ending Jan 2025 | 34,585 | 3,708 | 10.7% | 2,833 | 2,967 | 1,674 | S100Y1KO |
| FY ending Jan 2026 | 43,001 | 4,679 | 10.9% | 3,688 | 5,145 | 3,126 | S100Y1KO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.4M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥4.8M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 407 | 443 | 558 | 654 | 776 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.4M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 40.2 years | 40.6 years | 41.1 years | 40.9 years | 40.9 years |
| Average tenure (parent company) | 8.0 years | 8.2 years | 8.2 years | 7.4 years | 7.1 years |

Year over year: Employees (consolidated) +18.7% · Revenue (consolidated) +24.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,145 | 12.0% | S100Y1KO |
| Capital expenditure | 2,018 | 4.7% | S100Y1KO |
| Free cash flow | 3,126 | 7.3% | 算出 |
| Investing cash flow | -2,002 | -4.7% | S100Y1KO |
| Financing cash flow | -953 | -2.2% | S100Y1KO |
| Dividends paid | 80 | 0.2% | S100Y1KO |
| Share buyback | 200 | 0.5% | S100Y1KO |
| Change in cash | 2,190 | 5.1% | S100Y1KO |
| Cash and equivalents | 5,977 | 13.9% | S100Y1KO |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,459 | 2,028 | 2,634 | 3,788 | 5,977 | S100TCBK, S100VO75, S100Y1KO |
| Total assets | 6,702 | 8,463 | 11,164 | 14,452 | 18,283 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Net assets | 2,228 | 2,462 | 3,867 | 6,668 | 10,130 | S100TCBK, S100VO75, S100Y1KO |
| Share capital | 322 | 326 | 326 | 326 | 326 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Property, plant and equipment | 3,196 | 4,032 | 4,746 | 5,395 | 6,715 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Intangible assets excluding goodwill | 51 | 47 | 79 | 145 | 137 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Investment securities | 17 | 26 | 37 | 63 | 89 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Current assets | 2,284 | 3,082 | 4,844 | 7,390 | 9,843 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Current liabilities | 2,597 | 3,670 | 5,150 | 6,089 | 6,858 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Short-term borrowings | 28 | 80 | — | — | — | S100QO35, S100TCBK |
| Long-term borrowings | 1,056 | 1,554 | 1,366 | 1,302 | 1,078 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Bonds | 730 | 640 | 578 | 225 | 122 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Interest-bearing debt | 1,814 | 2,274 | — | — | — | 算出 |
| Total liabilities | 4,475 | 6,001 | 7,297 | 7,784 | 8,153 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Equity attributable to owners of parent | 2,213 | 2,457 | 3,852 | 6,635 | 10,079 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Retained earnings | 1,658 | 1,894 | 3,287 | 6,069 | 9,677 | S100QO35, S100TCBK, S100VO75, S100Y1KO |
| Treasury stock | -103 | -103 | -101 | -101 | -265 | S100QO35, S100TCBK, S100VO75, S100Y1KO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100Y1KO |
| Property, plant and equipment | 37% | S100Y1KO |
| Intangibles and goodwill | 1% | S100Y1KO |
| Investment securities | 0% | S100Y1KO |
| Other assets | 29% | S100Y1KO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100Y1KO |
| Equity | 55% | S100Y1KO |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,702 | 8,463 | 11,164 | 14,452 | 18,283 |
| Equity | 2,228 | 2,462 | 3,867 | 6,668 | 10,130 |
| Interest-bearing debt | 1,814 | 2,274 | — | — | — |
| Cash | 1,459 | 2,028 | 2,634 | 3,788 | 5,977 |

## 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) | 15.6% | S100Y1KO |
| Fixed assets ÷ total assets | 36.7% | S100Y1KO |
| Goodwill ÷ parent equity | — | —, S100Y1KO |

### 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) | 32.7% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.0% |
| Cash vs. profit gap | 1,457 JPY mn (of net income 39.5%) |
| Shareholder returns / net income | 7.6% |
| Shareholder returns / FCF | 8.9% |
| Shareholder payments — dividends / net income | 2.2% |
| Shareholder payments — dividends / FCF | 2.5% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 38.9% |

## 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 | 2.6% | 2.26× | 5.8% | 3.03× | 17.5% | S100QO35 |
| 2023 | 2.2% | 2.46× | 5.5% | 3.25× | 17.7% | S100TCBK |
| 2024 | 5.4% | 2.70× | 14.6% | 3.11× | 45.4% | S100VO75 |
| 2025 | 8.2% | 2.70× | 22.1% | 2.44× | 54.0% | S100Y1KO |
| 2026 | 8.6% | 2.63× | 22.5% | 1.96× | 44.1% | S100Y1KO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山岡 正 | Major shareholder | 17.8% | 2026-01-31 |
| ㈱ＭＹコーポレーション | Major shareholder | 13.5% | 2026-01-31 |
| ㈱エヌジーシー | Major shareholder | 3.6% | 2026-01-31 |
| 若杉 精三郎 | Major shareholder | 2.7% | 2026-01-31 |
| 山岡 江利子 | Major shareholder | 2.6% | 2026-01-31 |
| 一由 聡 | Major shareholder | 2.1% | 2026-01-31 |
| 和弘食品㈱ | Major shareholder | 2.1% | 2026-01-31 |
| ㈱三和 | Major shareholder | 2.0% | 2026-01-31 |
| ㈱大橋製麺所 | Major shareholder | 2.0% | 2026-01-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 1.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/02/01－2026/01/31) | S100Y1KO | 2026-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1KO,, |
| 有価証券報告書－第32期(2024/02/01－2025/01/31) | S100VO75 | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO75,, |
| 有価証券報告書－第31期(2023/02/01－2024/01/31) | S100TCBK | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCBK,, |
| 有価証券報告書－第30期(2022/02/01－2023/01/31) | S100QO35 | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QO35,, |
| 有価証券報告書－第29期(令和3年2月1日－令和4年1月31日) | S100NYXJ | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYXJ,, |
| 有価証券報告書－第28期(令和2年2月1日－令和3年1月31日) | S100L93Q | 2021-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L93Q,, |

## 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).