# Maruyoshi Center Inc.: 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66期(2025/03/01－2026/02/28) (S100Y5AV)
> Page: https://vizora.meequs.com/en/company/maruyoshi-center
> Retrieved: 2026-09-30T20:18:01.488Z

## Company

Maruyoshi Center, founded in 1961, is a company in Supermarkets listed on TSE Standard. It has 455 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruyoshi Center Inc. |
| Ticker | 7515 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7515.T) |
| Listing | TSE Standard |
| Head office | 香川県高松市国分寺町国分367番地1 |
| Representative (per filing) | 代表取締役会長 CEO 佐竹 克彦 |
| Founded | Mar 1961 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 455 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Corporate number | 3470001003902 |
| EDINET | E03272 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y5AV, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.6 | 45 |
| Profitability | 13.3 | 49 |
| Cash conversion | 98.9 | 47 |
| Efficiency | 74.5 | 49 |
| Financial strength | 43.8 | 8 |

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)

- Maruyoshi Center brought in ¥40.8B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +155.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥40754887000 → ¥158992000
- Net income → operating cash flow: ¥158992000 → ¥2164825000（difference ¥2005833000）
- Main uses of operating cash flow: CapEx ¥416699000 / dividends ¥28033000 / buybacks ¥147000
- Change in cash: ¥269586000
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 | ¥40.8B |  |
| Operating income | ¥339.7M | Margin 0.8% |
| Net income | ¥131.3M | Margin 0.3% |
| Free cash flow | ¥1.75B |  |
| Employees (consolidated) | 455 |  |
| EPS | ¥9.43 |  |
| Book value per share | ¥3062.47 |  |
| Equity ratio | 19.7% |  |
| Shares outstanding | 934,999 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,487 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 5.5% | Net cash -¥3.34B · Cash ÷ revenue 2.3% |
| Vs. industry median margin | -2 pp | Supermarkets |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 16.5× net income
- FY2026, employees -1% while operating income rose 156%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39704295000 | ¥40754887000 | +2.6% |
| Operating income | ¥981326000 | ¥339660000 | -65.4% |
| Operating margin | 2.5% | 0.8% | -1.6 pp |
| Employees | 501 people | 455 people | -9.2% |
| Cash and equivalents | ¥2630576000 | ¥923235000 | -64.9% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,755 | 100.0% | S100Y5AV |
| Cost of revenue | 31,331 | 76.9% | S100Y5AV |
| Gross profit | 9,423 | 23.1% | S100Y5AV |
| SG&A | 11,321 | 27.8% | S100Y5AV |
| Operating income | 340 | 0.8% | S100Y5AV |
| Ordinary income | 324 | 0.8% | S100Y5AV |
| Pretax income | 276 | 0.7% | S100Y5AV |
| Income tax | 117 | 0.3% | S100Y5AV |
| Net income | 159 | 0.4% | S100Y5AV |
| Net income attributable to owners | 131 | 0.3% | S100Y5AV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 28 |
| Other operating | -6 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 23.1% → Operating margin 0.8% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +155.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 62.67×
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 | 39,767 | 40,755 | 988 | +2.5% |
| Gross profit | 9,326 | 9,423 | 97 | +1.0% |
| Operating income | 133 | 340 | 207 | +155.7% |
| Net income attributable to owners | 14 | 131 | 118 | +851.8% |
| Operating cash flow | 357 | 2,165 | 1,807 | +505.8% |
| Free cash flow | -475 | 1,748 | 2,223 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 37,946 | 224 | 0.6% | 140 | 1,986 | 1,524 | S100LEP7 |
| FY ending Feb 2021 | 39,704 | 981 | 2.5% | 480 | 1,673 | 1,369 | S100Q0R8 |
| FY ending Feb 2022 | 37,914 | 722 | 1.9% | 418 | -367 | -1,035 | S100RP33 |
| FY ending Feb 2023 | 37,238 | 272 | 0.7% | 142 | 665 | 271 | S100VI6O |
| FY ending Feb 2024 | 38,341 | 412 | 1.1% | 135 | 1,535 | 685 | S100VTCQ |
| FY ending Feb 2025 | 39,767 | 133 | 0.3% | 14 | 357 | -475 | S100Y5AV |
| FY ending Feb 2026 | 40,755 | 340 | 0.8% | 131 | 2,165 | 1,748 | S100Y5AV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.6M |
| Operating income per employee (consolidated) | ¥746.5K |
| Net income per employee (consolidated) | ¥288.6K |

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) | 479 | 464 | 463 | 459 | 455 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.7M | ¥4.9M | ¥5M |
| Average age (parent company) | 43.1 years | 43.5 years | 44.4 years | 44.3 years | 44.3 years |
| Average tenure (parent company) | 16.5 years | 17.1 years | 17.7 years | 17.8 years | 17.7 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +2.5%

## 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 | 2,165 | 5.3% | S100Y5AV |
| Capital expenditure | 417 | 1.0% | S100Y5AV |
| Free cash flow | 1,748 | 4.3% | 算出 |
| Investing cash flow | -404 | -1.0% | S100Y5AV |
| Financing cash flow | -1,491 | -3.7% | S100Y5AV |
| Dividends paid | 28 | 0.1% | S100Y5AV |
| Share buyback | 0 | 0.0% | S100Y5AV |
| Change in cash | 270 | 0.7% | S100Y5AV |
| Cash and equivalents | 923 | 2.3% | S100Y5AV |

## 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 | 1,056 | 941 | 1,049 | 654 | 923 | S100VI6O, S100VTCQ, S100Y5AV |
| Total assets | 16,478 | 16,148 | 16,195 | 16,199 | 16,637 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Net assets | 2,959 | 3,068 | 3,256 | 3,233 | 3,535 | S100VI6O, S100VTCQ, S100Y5AV |
| Share capital | 1,078 | 1,078 | 1,078 | 1,078 | 1,078 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Property, plant and equipment | 11,127 | 10,878 | 10,947 | 10,884 | 10,808 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Intangible assets excluding goodwill | 672 | 621 | 529 | 620 | 589 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Goodwill | 13 | 4 | — | — | — | S100RP33, S100VI6O |
| Investment securities | 303 | 298 | 324 | 290 | 539 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Current assets | 2,986 | 2,990 | 3,050 | 3,070 | 3,442 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Current liabilities | 6,025 | 6,024 | 6,415 | 6,611 | 7,719 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Short-term borrowings | 150 | 250 | 550 | 1,080 | 617 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Long-term borrowings | 5,464 | 5,203 | 4,601 | 4,540 | 3,534 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Bonds | 585 | 500 | 337 | 203 | 115 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Interest-bearing debt | 6,199 | 5,953 | 5,488 | 5,823 | 4,266 | 算出 |
| Total liabilities | 13,519 | 13,081 | 12,940 | 12,966 | 13,102 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Non-controlling interests | 171 | 182 | 209 | 236 | 264 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Equity attributable to owners of parent | 2,777 | 2,889 | 3,024 | 3,010 | 3,113 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Retained earnings | 1,209 | 1,321 | 1,429 | 1,415 | 1,518 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |
| Treasury stock | -25 | -25 | -0 | -1 | -1 | S100RP33, S100VI6O, S100VTCQ, S100Y5AV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y5AV |
| Property, plant and equipment | 65% | S100Y5AV |
| Intangibles and goodwill | 3% | S100Y5AV |
| Investment securities | 3% | S100Y5AV |
| Other assets | 23% | S100Y5AV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 26% | 算出 |
| Other liabilities | 53% | S100Y5AV |
| Equity | 21% | S100Y5AV |
| Other liabilities | 0% | S100Y5AV |

### 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 | 16,478 | 16,148 | 16,195 | 16,199 | 16,637 |
| Equity | 2,959 | 3,068 | 3,256 | 3,233 | 3,535 |
| Interest-bearing debt | 6,199 | 5,953 | 5,488 | 5,823 | 4,266 |
| Cash | 1,056 | 941 | 1,049 | 654 | 923 |

## 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) | 26.5% | S100Y5AV |
| Fixed assets ÷ total assets | 65.0% | S100Y5AV |
| Goodwill ÷ parent equity | — | —, S100Y5AV |

### 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) | 5.5% |
| Cash ÷ revenue | 2.3% |
| Net cash (cash − interest-bearing debt) | -¥3.34B |
| Net debt ÷ operating cash flow | 1.54× |
| Cash conversion (operating CF ÷ operating income) | 637.4% |
| Cash vs. profit gap | 2,034 JPY mn (of net income 1548.7%) |
| Shareholder returns / net income | 21.5% |
| Shareholder returns / FCF | 1.6% |
| Shareholder payments — dividends / net income | 21.3% |
| Shareholder payments — dividends / FCF | 1.6% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 18.7% |

## 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 | 1.1% | 2.30× | 2.5% | 5.93× | 15.0% | S100RP33 |
| 2023 | 0.4% | 2.28× | 0.9% | 5.76× | 5.0% | S100VI6O |
| 2024 | 0.4% | 2.37× | 0.8% | 5.47× | 4.6% | S100VTCQ |
| 2025 | 0.0% | 2.46× | 0.1% | 5.37× | 0.5% | S100Y5AV |
| 2026 | 0.3% | 2.48× | 0.8% | 5.36× | 4.3% | S100Y5AV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社 イズミ | Major shareholder | 19.8% | 2026-02-28 |
| 佐竹 睦子 | Major shareholder | 9.9% | 2026-02-28 |
| マルヨシセンター取引先持株会 | Major shareholder | 8.8% | 2026-02-28 |
| 有限会社 佐竹興産 | Major shareholder | 5.3% | 2026-02-28 |
| 株式会社 百十四銀行 | Major shareholder | 3.5% | 2026-02-28 |
| 株式会社 阿波銀行 | Major shareholder | 3.4% | 2026-02-28 |
| 佐竹 克彦 | Major shareholder | 2.8% | 2026-02-28 |
| マルヨシセンター従業員持株会 | Major shareholder | 2.0% | 2026-02-28 |
| ロージー 美佳 | Major shareholder | 1.8% | 2026-02-28 |
| 黒田 真由美 | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/03/01－2026/02/28) | S100Y5AV | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5AV,, |
| 有価証券報告書－第65期(2024/03/01－2025/02/28) | S100VTCQ | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTCQ,, |
| 訂正有価証券報告書－第64期(2023/03/01－2024/02/29) | S100VI6O | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI6O,, |
| 訂正有価証券報告書－第63期(2022/03/01－2023/02/28) | S100RP33 | 2023-08-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RP33,, |
| 訂正有価証券報告書－第62期(2021/03/01－2022/02/28) | S100Q0R8 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0R8,, |
| 有価証券報告書－第61期(令和2年3月1日－令和3年2月28日) | S100LEP7 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEP7,, |

## 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).