# MATSUYA FOODS HOLDINGS 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51期(2025/04/01－2026/03/31) (S100YJ71)
> Page: https://vizora.meequs.com/en/company/matsuya-foods-holdings
> Retrieved: 2026-09-30T22:03:29.374Z

## Company

Matsuya Foods Holdings is a company in Fast Food & Quick Service listed on TSE Prime. It has 2,617 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUYA FOODS HOLDINGS CO., LTD. |
| Ticker | 9887 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9887.T) |
| Listing | TSE Prime |
| Head office | 東京都武蔵野市中町1丁目14番5号 |
| Representative (per filing) | 代表取締役社長 瓦葺 一利 |
| Share capital | ¥11B |
| Employees (consolidated) | 2,617 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.matsuyafoods-holdings.co.jp (https://www.matsuyafoods-holdings.co.jp/) |
| Corporate number | 6012401015768 |
| EDINET | E03164 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100YJ71, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 18 |
| Profitability | 38.6 | 22 |
| Cash conversion | 78.6 | 21 |
| Efficiency | 34.1 | 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)

- Matsuya Foods Holdings brought in ¥184.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +19.6% from the prior year, operating profit +72.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥184.5B |  |
| Operating income | ¥7.59B | Margin 4.1% |
| Net income | ¥3.77B | Margin 2.0% |
| Free cash flow | — |  |
| Employees (consolidated) | 2,617 |  |
| EPS | ¥59.95 |  |
| Book value per share | ¥2474.34 |  |
| Equity ratio | 41.0% |  |
| Shares outstanding | 20,595,000 |  |
| Treasury shares | 700 |  |
| Shareholders | 53,834 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | -1.4 pp | Fast Food & Quick Service |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥94410893000 | ¥184474683000 | +95.4% |
| Operating income | ¥-1683664000 | ¥7594605000 | — |
| Operating margin | -1.8% | 4.1% | +5.9 pp |
| Employees | 1,688 people | 2,617 people | +55.0% |
| Cash and equivalents | ¥10591494000 | ¥28234158000 | +166.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 184,475 | 100.0% | S100YJ71 |
| Cost of revenue | 67,971 | 36.8% | S100YJ71 |
| Gross profit | 116,504 | 63.2% | S100YJ71 |
| SG&A | 108,909 | 59.0% | S100YJ71 |
| Operating income | 7,595 | 4.1% | S100YJ71 |
| Ordinary income | 8,345 | 4.5% | S100YJ71 |
| Pretax income | 7,204 | 3.9% | S100YJ71 |
| Income tax | 3,431 | 1.9% | S100YJ71 |
| Net income | 3,773 | 2.0% | S100YJ71 |
| Net income attributable to owners | 3,773 | 2.0% | S100YJ71 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 59 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 63.2% → Operating margin 4.1% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.6%; Core profit growth: +72.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.69×
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 | 154,223 | 184,475 | 30,252 | +19.6% |
| Gross profit | 98,587 | 116,504 | 17,916 | +18.2% |
| Operating income | 4,407 | 7,595 | 3,188 | +72.3% |
| Net income attributable to owners | 2,186 | 3,773 | 1,587 | +72.6% |
| Operating cash flow | 8,323 | 15,348 | 7,025 | +84.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 106,511 | 5,080 | 4.8% | 2,604 | 9,143 | — | S100LQC0 |
| FY ending Mar 2021 | 94,411 | -1,684 | -1.8% | -2,376 | 533 | — | S100OIN0 |
| FY ending Mar 2022 | 94,472 | -4,200 | -4.4% | 1,105 | 8,840 | — | S100R757 |
| FY ending Mar 2023 | 106,599 | 1,468 | 1.4% | 1,255 | 8,648 | — | S100TURB |
| FY ending Mar 2024 | 127,611 | 5,323 | 4.2% | 2,916 | 13,236 | — | S100W5US |
| FY ending Mar 2025 | 154,223 | 4,407 | 2.9% | 2,186 | 8,323 | — | S100YJ71 |
| FY ending Mar 2026 | 184,475 | 7,595 | 4.1% | 3,773 | 15,348 | — | S100YJ71 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.5M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 1,835 | 1,821 | 1,958 | 2,180 | 2,617 |
| Average salary (parent company) | ¥6.4M | ¥6.3M | ¥6.6M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 44.2 years | 47.2 years | 46.8 years | 47.7 years | 48.5 years |
| Average tenure (parent company) | 16.5 years | 19.1 years | 18.5 years | 20.0 years | 18.5 years |

Year over year: Employees (consolidated) +20.0% · Revenue (consolidated) +19.6%

## 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 | 15,348 | 8.3% | S100YJ71 |
| Investing cash flow | -26,502 | -14.4% | S100YJ71 |
| Financing cash flow | 25,616 | 13.9% | S100YJ71 |
| Dividends paid | 458 | 0.2% | S100YJ71 |
| Share buyback | 1 | 0.0% | S100YJ71 |
| Change in cash | 14,467 | 7.8% | S100YJ71 |
| Cash and equivalents | 28,234 | 15.3% | S100YJ71 |

## 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 | 10,291 | 11,779 | 16,020 | 13,767 | 28,234 | S100TURB, S100W5US, S100YJ71 |
| Total assets | 76,955 | 79,697 | 91,121 | 104,155 | 140,787 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Net assets | 40,592 | 41,403 | 43,874 | 45,615 | 57,668 | S100TURB, S100W5US, S100YJ71 |
| Share capital | 6,656 | 6,656 | 6,656 | 6,656 | 11,014 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Property, plant and equipment | 34,066 | 35,381 | 40,558 | 49,346 | 59,495 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Intangible assets excluding goodwill | 472 | 465 | 489 | 516 | 8,118 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Goodwill | — | — | — | — | 7,435 | S100YJ71 |
| Investment securities | 90 | 90 | 91 | 103 | 103 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Current assets | 25,820 | 26,996 | 32,168 | 33,968 | 50,261 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Current liabilities | 15,468 | 17,209 | 21,974 | 25,999 | 33,454 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Short-term borrowings | — | 25 | — | — | — | S100TURB |
| Long-term borrowings | 15,158 | 14,906 | 17,708 | 24,665 | 41,465 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Total liabilities | 36,363 | 38,294 | 47,247 | 58,540 | 83,119 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Equity attributable to owners of parent | 40,671 | 41,499 | 43,779 | 45,506 | 57,537 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Retained earnings | 27,070 | 27,868 | 30,148 | 31,877 | 35,192 | S100R757, S100TURB, S100W5US, S100YJ71 |
| Treasury stock | -18 | -1 | -1 | -3 | -3 | S100R757, S100TURB, S100W5US, S100YJ71 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJ71 |
| Property, plant and equipment | 42% | S100YJ71 |
| Intangibles and goodwill | 11% | S100YJ71 |
| Investment securities | 0% | S100YJ71 |
| Other assets | 27% | S100YJ71 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YJ71 |
| Equity | 41% | S100YJ71 |
| Other liabilities | 0% | S100YJ71 |

### 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 | 76,955 | 79,697 | 91,121 | 104,155 | 140,787 |
| Equity | 40,592 | 41,403 | 43,874 | 45,615 | 57,668 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,291 | 11,779 | 16,020 | 13,767 | 28,234 |

## 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) | 32.3% | S100YJ71 |
| Fixed assets ÷ total assets | 42.3% | S100YJ71 |
| Goodwill ÷ parent equity | 12.9% | S100YJ71 |

### 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) | 20.1% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 202.1% |
| Cash vs. profit gap | 11,575 JPY mn (of net income 306.8%) |
| Shareholder returns / net income | 12.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 172.7% |

## 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 | 1.2% | 1.23× | 1.4% | 1.89× | 2.7% | S100R757 |
| 2023 | 1.2% | 1.36× | 1.6% | 1.91× | 3.1% | S100TURB |
| 2024 | 2.3% | 1.49× | 3.4% | 2.00× | 6.8% | S100W5US |
| 2025 | 1.4% | 1.58× | 2.2% | 2.19× | 4.9% | S100YJ71 |
| 2026 | 2.0% | 1.51× | 3.1% | 2.38× | 7.3% | S100YJ71 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 瓦葺 利夫 | Major shareholder | 18.7% | 2026-03-31 |
| 有限会社ティケイケイ | Major shareholder | 14.5% | 2026-03-31 |
| 有限会社トゥイール | Major shareholder | 8.9% | 2026-03-31 |
| 瓦葺 一利 | Major shareholder | 4.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 瓦葺 香 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ＳＭＢＣ信託銀行（株式会社三井住友銀行 退職給付信託口） | Major shareholder | 1.5% | 2026-03-31 |
| 松屋社員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YJ71 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ71,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W5US | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5US,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TURB | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TURB,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R757 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R757,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OIN0 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIN0,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LQC0 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQC0,, |

## 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).