# MARUDAI FOOD 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78期(2025/04/01－2026/03/31) (S100YD4W)
> Page: https://vizora.meequs.com/en/company/marudai-food
> Retrieved: 2026-09-30T20:34:16.990Z

## Company

Marudai Food, founded in 1950, is a company in Meat Processing listed on TSE Prime. It has 1,928 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUDAI FOOD CO., LTD. |
| Ticker | 2288 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2288.T) |
| Listing | TSE Prime |
| Head office | 大阪府高槻市緑町21番3号 |
| Representative (per filing) | 代表取締役社長 佐藤勇二 |
| Founded | Feb 1950 |
| Share capital | ¥6.72B |
| Employees (consolidated) | 1,928 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.marudai.jp (https://www.marudai.jp/) |
| Corporate number | 3120901012046 |
| EDINET | E00458 |
| Industries (Vizora) | Meat Processing |

> Profile source: annual securities report (S100YD4W, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 11 |
| Profitability | 68.2 | 11 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 54.2 | 12 |

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 67% of Marudai Food's sales come from Processed food, with Meat and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +37.2%.

## Company structure

- Segment revenue mix: Processed food 67.3%、Meat 32.6%、Other 0.1%
- Revenue → net income: ¥238396000000 → ¥9835000000
- Net income → operating cash flow: ¥9835000000 → ¥10536000000（difference ¥701000000）
- Main uses of operating cash flow: CapEx ¥7071000000 / dividends ¥1219000000 / buybacks ¥692000000
- Change in cash: ¥812000000
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 | ¥238.4B |  |
| Operating income | ¥7.5B | Margin 3.1% |
| Net income | ¥9.79B | Margin 4.1% |
| Free cash flow | ¥3.46B |  |
| Largest business | Processed food | of segment revenue 67.3% |
| Employees (consolidated) | 1,928 |  |
| EPS | ¥330.39 |  |
| Book value per share | ¥2492.5 |  |
| Equity ratio | 61.1% |  |
| Shares outstanding | 26,505,581 |  |
| Treasury shares | 2,090,200 |  |
| Shareholders | 30,044 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 4.1% |
| Vs. industry median margin | +0.9 pp | Meat Processing |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, segment profit share differs by -23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥223000000000 | ¥238396000000 | +6.9% |
| Operating income | ¥-333000000 | ¥7504000000 | — |
| Operating margin | -0.1% | 3.1% | +3.3 pp |
| Employees | 2,107 people | 1,928 people | -8.5% |
| Cash and equivalents | ¥8476000000 | ¥9796000000 | +15.6% |

### 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 |
| --- | ---: |
| 加工食品事業 → 加工食品事業 | 67.3% |
| 加工食品事業 → 事業再編・廃止 | 0.7% |
| 食肉事業 → 食肉事業 | 31.9% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 食肉事業 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Processed food | 5 years | +1.1% | ¥160500000000 | 4.2% | 2 |
| Meat | 5 years | +1.8% | ¥77763000000 | 0.9% | 2 |
| Other | 5 years | -2.5% | ¥132000000 | 19.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 238,396 | 100.0% | S100YD4W |
| Cost of revenue | 198,842 | 83.4% | S100YD4W |
| Gross profit | 39,553 | 16.6% | S100YD4W |
| SG&A | 32,049 | 13.4% | S100YD4W |
| Operating income | 7,504 | 3.1% | S100YD4W |
| Ordinary income | 7,932 | 3.3% | S100YD4W |
| Pretax income | 13,061 | 5.5% | S100YD4W |
| Income tax | 3,225 | 1.4% | S100YD4W |
| Net income | 9,835 | 4.1% | S100YD4W |
| Net income attributable to owners | 9,786 | 4.1% | S100YD4W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.6% → Operating margin 3.1% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +37.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 25.52×
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 | 234,970 | 238,396 | 3,426 | +1.5% |
| Gross profit | 37,100 | 39,553 | 2,453 | +6.6% |
| Operating income | 5,469 | 7,504 | 2,035 | +37.2% |
| Net income attributable to owners | 5,488 | 9,786 | 4,298 | +78.3% |
| Operating cash flow | 5,396 | 10,536 | 5,140 | +95.3% |
| Free cash flow | -267 | 3,465 | 3,732 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 245,820 | 2,617 | 1.1% | 1,653 | 8,608 | -131 | S100LPJI |
| FY ending Mar 2021 | 223,000 | -333 | -0.1% | 412 | 7,673 | 2,255 | S100PW30 |
| FY ending Mar 2022 | 218,610 | -865 | -0.4% | -376 | 7,030 | 253 | S100R6S3 |
| FY ending Mar 2023 | 221,979 | -1,400 | -0.6% | -4,987 | 2,906 | -2,652 | S100TWHQ |
| FY ending Mar 2024 | 228,808 | 3,117 | 1.4% | -9,414 | 10,014 | 5,142 | S100W30K |
| FY ending Mar 2025 | 234,970 | 5,469 | 2.3% | 5,488 | 5,396 | -267 | S100YD4W |
| FY ending Mar 2026 | 238,396 | 7,504 | 3.1% | 9,786 | 10,536 | 3,465 | S100YD4W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥123.6M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 2,066 | 1,967 | 1,931 | 1,902 | 1,928 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥5.9M | ¥6M | ¥5.9M |
| Average age (parent company) | 43.4 years | 43.4 years | 43.1 years | 42.6 years | 41.6 years |
| Average tenure (parent company) | 20.7 years | 20.5 years | 19.9 years | 19.0 years | 17.5 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Processed food | 160,500 | 67.3% | 6,788 | 4.2% |
| Meat | 77,763 | 32.6% | 689 | 0.9% |
| Other | 132 | 0.1% | 26 | 19.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Processed food | 67.3% | 90.5% | 23.1 | 4.2% |
| Meat | 32.6% | 9.2% | -23.4 | 0.9% |
| Other | 0.1% | 0.3% | 0.3 | 19.7% |

Segment → industry: Meat → Meat Processing / Processed food → Meat Processing

## 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 | 10,536 | 4.4% | S100YD4W |
| Capital expenditure | 7,071 | 3.0% | S100YD4W |
| Free cash flow | 3,465 | 1.5% | 算出 |
| Investing cash flow | 367 | 0.2% | S100YD4W |
| Financing cash flow | -10,091 | -4.2% | S100YD4W |
| Dividends paid | 1,219 | 0.5% | S100YD4W |
| Share buyback | 692 | 0.3% | S100YD4W |
| Change in cash | 812 | 0.3% | S100YD4W |
| Cash and equivalents | 9,796 | 4.1% | S100YD4W |

## 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 | 7,990 | 6,916 | 9,668 | 8,983 | 9,796 | S100TWHQ, S100W30K, S100YD4W |
| Total assets | 128,903 | 126,261 | 121,819 | 120,920 | 124,641 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Net assets | 75,489 | 69,014 | 62,751 | 67,007 | 76,971 | S100TWHQ, S100W30K, S100YD4W |
| Share capital | 6,716 | 6,716 | 6,716 | 6,716 | 6,716 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Trade receivables | 23,436 | 23,897 | 28,018 | 25,050 | 25,960 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Property, plant and equipment | 60,085 | 57,319 | 42,430 | 41,446 | 42,763 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Intangible assets excluding goodwill | 2,267 | 1,573 | 324 | 489 | 643 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Investment securities | 11,718 | 11,438 | 15,915 | 16,222 | 15,793 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Current assets | 49,813 | 51,416 | 57,078 | 55,746 | 56,957 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Current liabilities | 41,729 | 44,063 | 45,697 | 40,630 | 34,392 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Trade payables | 20,913 | 20,754 | 22,491 | 19,047 | 18,395 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Short-term borrowings | 8,100 | 9,858 | 9,248 | 8,275 | 1,050 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Long-term borrowings | 4,551 | 5,255 | 5,177 | 5,361 | 4,893 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Total liabilities | 53,414 | 57,246 | 59,068 | 53,912 | 47,670 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Non-controlling interests | 658 | 682 | 741 | 805 | 850 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Equity attributable to owners of parent | 69,868 | 63,848 | 53,656 | 58,006 | 66,133 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Retained earnings | 44,132 | 38,388 | 28,474 | 33,465 | 42,028 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |
| Treasury stock | -3,066 | -3,342 | -3,620 | -4,261 | -4,685 | S100R6S3, S100TWHQ, S100W30K, S100YD4W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YD4W |
| Receivables | 21% | S100YD4W |
| Property, plant and equipment | 34% | S100YD4W |
| Intangibles and goodwill | 0% | S100YD4W |
| Investment securities | 13% | S100YD4W |
| Other assets | 24% | S100YD4W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YD4W |
| Other liabilities | 23% | S100YD4W |
| Equity | 62% | S100YD4W |

### 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 | 128,903 | 126,261 | 121,819 | 120,920 | 124,641 |
| Equity | 75,489 | 69,014 | 62,751 | 67,007 | 76,971 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,990 | 6,916 | 9,668 | 8,983 | 9,796 |

## 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) | 17.9% | S100YD4W |
| Fixed assets ÷ total assets | 34.3% | S100YD4W |
| Goodwill ÷ parent equity | — | —, S100YD4W |

### 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 | 4.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.4% |
| Cash vs. profit gap | 750 JPY mn (of net income 7.7%) |
| Shareholder returns / net income | 19.5% |
| Shareholder returns / FCF | 55.2% |
| Shareholder payments — dividends / net income | 12.5% |
| Shareholder payments — dividends / FCF | 35.2% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 3.5% |

## 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 | — | —× | -0.3% | —× | — | S100R6S3 |
| 2023 | — | —× | -3.9% | —× | — | S100TWHQ |
| 2024 | — | —× | -7.6% | —× | — | S100W30K |
| 2025 | 2.3% | 1.94× | 4.5% | 2.17× | 9.8% | S100YD4W |
| 2026 | 4.1% | 1.94× | 8.0% | 1.98× | 15.8% | S100YD4W |

## 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 | 9.3% | 2026-03-31 |
| 丸大共栄会 | Major shareholder | 8.1% | 2026-03-31 |
| 兼松株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 公益財団法人小森記念財団 | Major shareholder | 4.3% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 1.3% | 2026-03-31 |
| レンゴー株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YD4W | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD4W,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W30K | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W30K,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TWHQ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWHQ,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R6S3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6S3,, |
| 訂正有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100PW30 | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW30,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LPJI | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPJI,, |

## 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).