# MARUSAN-AI  CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第74期(2024/09/21－2025/09/20) (S100X978)
> Page: https://vizora.meequs.com/en/company/marusan-ai
> Retrieved: 2026-09-30T21:37:49.437Z

## Company

Marusan-Ai, founded in 1952, is a company in Beverages & Dairy listed on Nagoya. It has 439 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MARUSAN-AI CO.,LTD. |
| Ticker | 2551 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2551.T) |
| Listing | Nagoya |
| Head office | 愛知県岡崎市仁木町字荒下1番地 |
| Representative (per filing) | 代表取締役社長 堺信好 |
| Founded | Mar 1952 |
| Share capital | ¥865.4M |
| Employees (consolidated) | 439 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | www.marusanai.co.jp (https://www.marusanai.co.jp/) |
| Corporate number | 9180301001869 |
| EDINET | E00422 |
| Industries (Vizora) | Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100X978, filed 2025-12-10). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2025-09-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 17 |
| Profitability | 22.5 | 20 |
| Cash conversion | 27.5 | 20 |
| Efficiency | 67.5 | 20 |

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 93% of Marusan-Ai's sales come from Soymilk, with Miso and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.9% from the prior year, operating profit -25.3%.

## Company structure

- Segment revenue mix: Soymilk 93.3%、Miso 6.7%、Other 0.0%
- Revenue → net income: ¥32872887000 → ¥712302000
- Net income → operating cash flow: ¥712302000 → ¥788322000（difference ¥76020000）
- Main uses of operating cash flow: CapEx ¥1754982000 / dividends ¥114064000 / buybacks ¥147470000
- Change in cash: ¥-1537324000
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 | ¥32.9B |  |
| Operating income | ¥857.6M | Margin 2.6% |
| Net income | ¥712.9M | Margin 2.2% |
| Free cash flow | -¥966.7M |  |
| Largest business | Soymilk | of segment revenue 93.3% |
| Employees (consolidated) | 439 |  |
| EPS | ¥297.11 |  |
| Book value per share | ¥2376.19 |  |
| Equity ratio | 26.0% |  |
| Shares outstanding | 2,296,176 |  |
| Treasury shares | 54,800 |  |
| Shareholders | 3,729 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 7.1% |
| Vs. industry median margin | -1.8 pp | Beverages & Dairy |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.3× dividends
- FY2025, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29466259000 | ¥32872887000 | +11.6% |
| Operating income | ¥914460000 | ¥857553000 | -6.2% |
| Operating margin | 3.1% | 2.6% | -0.5 pp |
| Employees | 426 people | 439 people | +3.1% |
| Cash and equivalents | ¥2884421000 | ¥2335328000 | -19.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 豆乳飲料事業 → 豆乳飲料事業 | 82.5% |
| みそ事業 → みそ事業 | 6.7% |
| みそ事業 → 事業再編・廃止 | 10.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 豆乳飲料事業 | 10.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Soymilk | 5 years | +4.6% | ¥28136631000 | 18.2% | 2 |
| Miso | 5 years | -15.7% | ¥2030458000 | 6.6% | 2 |
| Other | 5 years | -62.0% | ¥149000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,873 | 100.0% | S100X978 |
| Cost of revenue | 24,354 | 74.1% | S100X978 |
| Gross profit | 8,519 | 25.9% | S100X978 |
| SG&A | 7,662 | 23.3% | S100X978 |
| Operating income | 858 | 2.6% | S100X978 |
| Ordinary income | 858 | 2.6% | S100X978 |
| Pretax income | 938 | 2.9% | S100X978 |
| Income tax | 226 | 0.7% | S100X978 |
| Net income | 712 | 2.2% | S100X978 |
| Net income attributable to owners | 713 | 2.2% | S100X978 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.9% → Operating margin 2.6% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.9%; Core profit growth: -25.3%
Operating leverage (core profit growth ÷ revenue growth): 29.47×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,157 | 32,873 | -284 | -0.9% |
| Gross profit | 8,675 | 8,519 | -155 | -1.8% |
| Operating income | 1,147 | 858 | -290 | -25.3% |
| Net income attributable to owners | 829 | 713 | -116 | -14.0% |
| Operating cash flow | 2,396 | 788 | -1,607 | -67.1% |
| Free cash flow | 2,082 | -967 | -3,049 | -146.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 27,374 | 389 | 1.4% | 889 | 1,860 | 219 | S100KBP0 |
| FY ending Sep 2020 | 29,466 | 914 | 3.1% | 716 | 2,078 | 374 | S100N1YB |
| FY ending Sep 2021 | 30,091 | 380 | 1.3% | 177 | 715 | -1,651 | S100PSBU |
| FY ending Sep 2022 | 30,700 | 237 | 0.8% | 143 | 2,423 | 90 | S100SG7A |
| FY ending Sep 2023 | 30,950 | -280 | -0.9% | -898 | 676 | 103 | S100UX4V |
| FY ending Sep 2024 | 33,157 | 1,147 | 3.5% | 829 | 2,396 | 2,082 | S100X978 |
| FY ending Sep 2025 | 32,873 | 858 | 2.6% | 713 | 788 | -967 | S100X978 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.9M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 444 | 453 | 452 | 444 | 439 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥6M | ¥6.2M | ¥6.6M |
| Average age (parent company) | 40.2 years | 40.6 years | 41.3 years | 41.9 years | 42.0 years |
| Average tenure (parent company) | 16.3 years | 16.5 years | 17.2 years | 17.6 years | 17.4 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) -0.9%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Soymilk | 28,137 | 93.3% | 5,121 | 18.2% |
| Miso | 2,030 | 6.7% | 134 | 6.6% |
| Other | 0 | 0.0% | 0 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Soymilk | 93.3% | 97.4% | 4.2 | 18.2% |
| Miso | 6.7% | 2.6% | -4.2 | 6.6% |
| Other | 0.0% | 0.0% | 0.0 | 100.0% |

Segment → industry: Soymilk → Beverages & Dairy / Other → Processed Foods / Miso → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 788 | 2.4% | S100X978 |
| Capital expenditure | 1,755 | 5.3% | S100X978 |
| Free cash flow | -967 | -2.9% | 算出 |
| Investing cash flow | -2,215 | -6.7% | S100X978 |
| Financing cash flow | -110 | -0.3% | S100X978 |
| Dividends paid | 114 | 0.3% | S100X978 |
| Share buyback | 147 | 0.4% | S100X978 |
| Change in cash | -1,537 | -4.7% | S100X978 |
| Cash and equivalents | 2,335 | 7.1% | S100X978 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,929 | 2,315 | 1,964 | 3,873 | 2,335 | S100SG7A, S100UX4V, S100X978 |
| Total assets | 25,964 | 27,198 | 25,646 | 26,911 | 27,022 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Net assets | 6,531 | 6,634 | 5,671 | 6,481 | 7,018 | S100SG7A, S100UX4V, S100X978 |
| Share capital | 865 | 865 | 865 | 865 | 865 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Trade receivables | 5,250 | 4,598 | 5,119 | 5,216 | 6,302 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Inventories | 1,970 | 2,828 | 3,332 | 3,331 | 2,608 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Property, plant and equipment | 13,247 | 13,922 | 11,180 | 10,602 | 11,785 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Intangible assets excluding goodwill | 188 | 227 | 167 | 118 | 113 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Investment securities | 168 | 143 | 156 | 127 | 136 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Current assets | 10,963 | 11,650 | 12,604 | 14,485 | 13,805 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Current liabilities | 10,510 | 12,164 | 12,014 | 12,444 | 12,335 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Trade payables | 3,573 | 3,949 | 4,386 | 4,289 | 4,241 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Short-term borrowings | 600 | 1,482 | 200 | — | 300 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Long-term borrowings | 6,620 | 6,075 | 5,662 | 5,762 | 5,564 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Total liabilities | 19,432 | 20,563 | 19,975 | 20,430 | 20,005 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Non-controlling interests | 2 | 0 | 0 | 1 | 0 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Equity attributable to owners of parent | 6,454 | 6,525 | 5,558 | 6,318 | 6,770 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Retained earnings | 4,993 | 5,063 | 4,096 | 4,857 | 5,456 | S100PSBU, S100SG7A, S100UX4V, S100X978 |
| Treasury stock | -41 | -41 | -42 | -42 | -189 | S100PSBU, S100SG7A, S100UX4V, S100X978 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100X978 |
| Receivables | 23% | S100X978 |
| Inventories | 10% | S100X978 |
| Property, plant and equipment | 44% | S100X978 |
| Intangibles and goodwill | 0% | S100X978 |
| Investment securities | 0% | S100X978 |
| Other assets | 14% | S100X978 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100X978 |
| Other liabilities | 58% | S100X978 |
| Equity | 26% | S100X978 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,964 | 27,198 | 25,646 | 26,911 | 27,022 |
| Equity | 6,531 | 6,634 | 5,671 | 6,481 | 7,018 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,929 | 2,315 | 1,964 | 3,873 | 2,335 |

## 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) | 35.9% | S100X978 |
| Fixed assets ÷ total assets | 43.6% | S100X978 |
| Goodwill ÷ parent equity | — | —, S100X978 |

### 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) | 8.6% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.9% |
| Cash vs. profit gap | 75 JPY mn (of net income 10.6%) |
| Shareholder returns / net income | 36.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 281.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.6% | 1.16× | 0.7% | 4.02× | 2.7% | S100PSBU |
| 2022 | 0.5% | 1.15× | 0.5% | 4.10× | 2.2% | S100SG7A |
| 2023 | — | —× | -3.4% | —× | — | S100UX4V |
| 2024 | 2.5% | 1.26× | 3.2% | 4.43× | 14.0% | S100X978 |
| 2025 | 2.2% | 1.22× | 2.6% | 4.12× | 10.9% | S100X978 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社K&M associates | Major shareholder | 13.6% | 2025-09-20 |
| 佐藤公信 | Major shareholder | 8.1% | 2025-09-20 |
| マルサンアイ取引先持株会 | Major shareholder | 6.3% | 2025-09-20 |
| 石田典子 | Major shareholder | 3.4% | 2025-09-20 |
| 福島裕子 | Major shareholder | 3.3% | 2025-09-20 |
| マルサンアイ従業員持株会 | Major shareholder | 2.7% | 2025-09-20 |
| ひかり味噌株式会社 | Major shareholder | 2.1% | 2025-09-20 |
| 福島みなみ | Major shareholder | 1.9% | 2025-09-20 |
| 福島淳 | Major shareholder | 1.9% | 2025-09-20 |
| 佐藤明子 | Major shareholder | 1.9% | 2025-09-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2024/09/21－2025/09/20) | S100X978 | 2025-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X978,, |
| 有価証券報告書－第73期(2023/09/21－2024/09/20) | S100UX4V | 2024-12-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UX4V,, |
| 有価証券報告書－第72期(2022/09/21－2023/09/20) | S100SG7A | 2023-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SG7A,, |
| 有価証券報告書－第71期(令和3年9月21日－令和4年9月20日) | S100PSBU | 2022-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSBU,, |
| 有価証券報告書－第70期(令和2年9月21日－令和3年9月20日) | S100N1YB | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N1YB,, |
| 有価証券報告書－第69期(令和1年9月21日－令和2年9月20日) | S100KBP0 | 2020-12-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KBP0,, |

## 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).