# MatsukiyoCocokara & Co: 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19期(2025/04/01－2026/03/31) (S100YD1I)
> Page: https://vizora.meequs.com/en/company/matsukiyococokara-and-co
> Retrieved: 2026-09-30T21:49:03.945Z

## Company

MatsukiyoCocokara & Co, founded in 1954, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 14,293 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MatsukiyoCocokara&Co. |
| Ticker | 3088 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3088.T) |
| Listing | TSE Prime |
| Head office | 千葉県松戸市新松戸東9番地1 |
| Representative (per filing) | 代表取締役社長 松本 清雄 |
| Founded | Jan 1954 |
| Share capital | ¥22.1B |
| Employees (consolidated) | 14,293 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 2040001040238 |
| EDINET | E03519 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100YD1I, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.6 | 16 |
| Profitability | 97.4 | 19 |
| Cash conversion | 30.6 | 18 |
| Efficiency | 28.9 | 19 |

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 64% of MatsukiyoCocokara & Co's sales come from Matsumoto Kiyoshi Group, with Cocokara Fine Group and And Company making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +3.5%.

## Company structure

- Segment revenue mix: Matsumoto Kiyoshi Group 63.6%、Cocokara Fine Group 34.9%、And Company 1.2%、Management business 0.3%
- Revenue → net income: ¥1117440000000 → ¥56102000000
- Net income → operating cash flow: ¥56102000000 → ¥73201000000（difference ¥17099000000）
- Main uses of operating cash flow: CapEx ¥20139000000 / dividends ¥18858000000 / buybacks ¥15299000000
- Change in cash: ¥4803000000
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 | ¥1.12T |  |
| Operating income | ¥84.9B | Margin 7.6% |
| Net income | ¥55.8B | Margin 5.0% |
| Free cash flow | ¥53.1B |  |
| Largest business | Matsumoto Kiyoshi Group | of segment revenue 63.6% |
| Employees (consolidated) | 14,293 |  |
| EPS | ¥42.09 |  |
| Diluted EPS | ¥42.08 |  |
| Book value per share | ¥795.81 |  |
| Equity ratio | 71.9% |  |
| Shares outstanding | 410,275,000 |  |
| Treasury shares | 11,687,600 |  |
| Shareholders | 80,093 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 15.8% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | +3.3 pp | Drugstores & Pharmacies |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥544737000000 | ¥1117440000000 | +105.1% |
| Operating income | ¥31582000000 | ¥84935000000 | +168.9% |
| Operating margin | 5.8% | 7.6% | +1.8 pp |
| Employees | 6,692 people | 14,293 people | +113.6% |
| Cash and equivalents | ¥38517000000 | ¥119670000000 | +210.7% |

### 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 |
| --- | ---: |
| マツモトキヨシグループ → マツモトキヨシグループ | 49.0% |
| マツモトキヨシ小売事業 → 事業再編・廃止 | 30.2% |
| その他小売事業 → 事業再編・廃止 | 17.9% |
| 管理サポート事業 → 管理サポート事業 | 0.3% |
| 管理サポート事業 → 事業再編・廃止 | 0.3% |
| マツモトキヨシホールディングス卸売事業 → 事業再編・廃止 | 0.5% |
| その他卸売事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → マツモトキヨシグループ | 14.7% |
| 新設・再編 → ココカラファイングループ | 34.9% |
| 新設・再編 → アンドカンパニー | 1.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Matsumoto Kiyoshi Group | 5 years | +5.8% | ¥711030000000 | 8.6% | 2 |
| Cocokara Fine Group | 4 years | +20.9% | ¥389926000000 | 6.0% | 2 |
| And Company | — | — | ¥12947000000 | 1.5% | 2 |
| Management business | 5 years | -13.2% | ¥3534000000 | 484.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,117,440 | 100.0% | S100YD1I |
| Cost of revenue | 723,655 | 64.8% | S100YD1I |
| Gross profit | 393,784 | 35.2% | S100YD1I |
| SG&A | 308,849 | 27.6% | S100YD1I |
| Operating income | 84,935 | 7.6% | S100YD1I |
| Ordinary income | 89,855 | 8.0% | S100YD1I |
| Pretax income | 88,007 | 7.9% | S100YD1I |
| Income tax | 31,904 | 2.9% | S100YD1I |
| Net income | 56,102 | 5.0% | S100YD1I |
| Net income attributable to owners | 55,776 | 5.0% | S100YD1I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 28 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 35.2% → Operating margin 7.6% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +3.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.66×
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 | 1,061,626 | 1,117,440 | 55,814 | +5.3% |
| Gross profit | 372,235 | 393,784 | 21,549 | +5.8% |
| Operating income | 82,082 | 84,935 | 2,853 | +3.5% |
| Net income attributable to owners | 54,675 | 55,776 | 1,101 | +2.0% |
| Operating cash flow | 81,472 | 73,201 | -8,271 | -10.2% |
| Free cash flow | 67,014 | 53,062 | -13,952 | -20.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 590,593 | 37,563 | 6.4% | 26,176 | 24,764 | 18,535 | S100LR7W |
| FY ending Mar 2021 | 544,737 | 31,582 | 5.8% | 21,602 | 25,875 | 20,609 | S100OE2A |
| FY ending Mar 2022 | 729,969 | 41,091 | 5.6% | 34,377 | 39,812 | 28,846 | S100R0WI |
| FY ending Mar 2023 | 951,247 | 62,276 | 6.5% | 40,545 | 64,061 | 47,315 | S100TNUD |
| FY ending Mar 2024 | 1,022,531 | 75,705 | 7.4% | 52,347 | 63,506 | 43,393 | S100W0CL |
| FY ending Mar 2025 | 1,061,626 | 82,082 | 7.7% | 54,675 | 81,472 | 67,014 | S100YD1I |
| FY ending Mar 2026 | 1,117,440 | 84,935 | 7.6% | 55,776 | 73,201 | 53,062 | S100YD1I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.2M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 13,321 | 13,657 | 13,371 | 12,753 | 14,293 |
| Average salary (parent company) | ¥8.3M | ¥8.5M | ¥7.6M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 47.7 years | 47.8 years | 47.0 years | 45.2 years | 48.3 years |
| Average tenure (parent company) | 14.6 years | 15.1 years | 14.7 years | 15.6 years | 10.7 years |

Year over year: Employees (consolidated) +12.1% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Matsumoto Kiyoshi Group | 711,030 | 63.6% | 60,818 | 8.6% |
| Cocokara Fine Group | 389,926 | 34.9% | 23,456 | 6.0% |
| Management business | 3,534 | 0.3% | 17,137 | 484.9% |
| And Company | 12,947 | 1.2% | 200 | 1.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Matsumoto Kiyoshi Group | 63.6% | 59.9% | -3.8 | 8.6% |
| Cocokara Fine Group | 34.9% | 23.1% | -11.8 | 6.0% |
| Management business | 0.3% | 16.9% | 16.5 | 484.9% |
| And Company | 1.2% | 0.2% | -1.0 | 1.5% |

Segment → industry: And Company → Drugstores & Pharmacies / Management business → Drugstores & Pharmacies / Cocokara Fine Group → Drugstores & Pharmacies / Matsumoto Kiyoshi Group → Drugstores & Pharmacies

## 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 | 73,201 | 6.6% | S100YD1I |
| Capital expenditure | 20,139 | 1.8% | S100YD1I |
| Free cash flow | 53,062 | 4.7% | 算出 |
| Investing cash flow | -34,223 | -3.1% | S100YD1I |
| Financing cash flow | -34,141 | -3.1% | S100YD1I |
| Dividends paid | 18,858 | 1.7% | S100YD1I |
| Share buyback | 15,299 | 1.4% | S100YD1I |
| Change in cash | 4,803 | 0.4% | S100YD1I |
| Cash and equivalents | 119,670 | 10.7% | S100YD1I |

## 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 | 74,519 | 95,224 | 117,720 | 111,750 | 119,670 | S100TNUD, S100W0CL, S100YD1I |
| Total assets | 652,524 | 688,132 | 724,747 | 712,780 | 755,831 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Net assets | 460,130 | 482,718 | 515,176 | 521,499 | 544,451 | S100TNUD, S100W0CL, S100YD1I |
| Share capital | 22,051 | 22,051 | 22,051 | 22,051 | 22,051 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Property, plant and equipment | 107,126 | 109,671 | 113,668 | 110,878 | 115,919 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Intangible assets excluding goodwill | 143,365 | 137,954 | 133,207 | 128,036 | 129,629 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Goodwill | 119,046 | 113,125 | 105,737 | 99,259 | 98,308 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Investment securities | 22,528 | 27,476 | 24,340 | 27,786 | 28,974 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Current assets | 298,215 | 329,808 | 370,798 | 364,316 | 401,128 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Current liabilities | 142,449 | 153,270 | 179,428 | 162,640 | 181,696 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Short-term borrowings | 884 | 995 | 970 | 1,187 | 1,880 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Long-term borrowings | 18,400 | 18,400 | — | — | — | S100R0WI, S100TNUD |
| Total liabilities | 192,393 | 205,413 | 209,570 | 191,280 | 211,380 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Non-controlling interests | 24 | 245 | 447 | 701 | 928 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Equity attributable to owners of parent | 453,602 | 471,937 | 507,902 | 514,924 | 535,307 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Retained earnings | 232,052 | 262,001 | 301,098 | 338,939 | 374,508 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |
| Treasury stock | -6,439 | -18,094 | -21,351 | -24,946 | -27,998 | S100R0WI, S100TNUD, S100W0CL, S100YD1I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YD1I |
| Property, plant and equipment | 15% | S100YD1I |
| Intangibles and goodwill | 30% | S100YD1I |
| Investment securities | 4% | S100YD1I |
| Other assets | 35% | S100YD1I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YD1I |
| Equity | 72% | S100YD1I |

### 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 | 652,524 | 688,132 | 724,747 | 712,780 | 755,831 |
| Equity | 460,130 | 482,718 | 515,176 | 521,499 | 544,451 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 74,519 | 95,224 | 117,720 | 111,750 | 119,670 |

## 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) | 10.4% | S100YD1I |
| Fixed assets ÷ total assets | 15.3% | S100YD1I |
| Goodwill ÷ parent equity | 18.4% | S100YD1I |

Goodwill over 4 years: 119,046 → 98,308 JPY; total investing cash flow: -112,929 JPY. This does not imply causation.

### 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) | 15.8% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.2% |
| Cash vs. profit gap | 17,425 JPY mn (of net income 31.2%) |
| Shareholder returns / net income | 61.2% |
| Shareholder returns / FCF | 64.4% |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | 35.5% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 46.8% |

## 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 | 4.7% | 1.12× | 5.3% | 1.44× | 7.6% | S100R0WI |
| 2023 | 4.3% | 1.42× | 6.0% | 1.45× | 8.8% | S100TNUD |
| 2024 | 5.1% | 1.45× | 7.4% | 1.44× | 10.7% | S100W0CL |
| 2025 | 5.2% | 1.48× | 7.6% | 1.41× | 10.7% | S100YD1I |
| 2026 | 5.0% | 1.52× | 7.6% | 1.40× | 10.6% | S100YD1I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 14.2% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社千葉銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社南海公産 | Major shareholder | 3.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505038（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| 松本 南海雄 | Major shareholder | 2.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 松本 清雄 | Major shareholder | 1.9% | 2026-03-31 |
| 松本 貴志 | Major shareholder | 1.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.12T, up +5.3% from ¥1.06T a year earlier.
- Operating income grew +3.5% to ¥84.9B and net income grew +2.0% to ¥55.8B, so profit rose more slowly than sales.
- Cash generation weakened: operating cash flow fell -10.2% to ¥73.2B and free cash flow fell -20.8% to ¥53.1B.

### Drivers

- At Matsumoto Kiyoshi, more foot traffic in cities and shopping centers, plus spending by foreign tourists, lifted sales, led by cosmetics.
- The group bought Shinseido Pharmacy, a pharmacy and drugstore chain in northern Kyushu, which now forms a new And Company segment.
- Cocokara Fine closed some stores and opened others elsewhere to improve profitability.

### Risks

- Competition is intense, not only from other drugstores but also from supermarkets, convenience stores and online retailers.
- Fewer foreign visitors to Japan would cut tourist demand.
- Changes to drug prices and dispensing fees, and difficulty hiring pharmacists, could weigh on the pharmacy business.

Cited: Annual securities report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YD1I | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD1I,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W0CL | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0CL,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TNUD | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNUD,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R0WI | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0WI,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OE2A | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE2A,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LR7W | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR7W,, |

## 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).