# Maxvalu Tokai Co., Ltd.: 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64期(2025/03/01－2026/02/28) (S100Y494)
> Page: https://vizora.meequs.com/en/company/maxvalu-tokai
> Retrieved: 2026-09-30T22:12:51.877Z

## Company

Maxvalu Tokai, founded in 1948, is a company in Supermarkets listed on TSE Standard. It has 2,510 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maxvalu Tokai Co., Ltd. |
| Ticker | 8198 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8198.T) |
| Listing | TSE Standard |
| Head office | 静岡県浜松市中央区篠ケ瀬町1295番地1 |
| Representative (per filing) | 代表取締役社長 作道 政昭 |
| Founded | Oct 1948 |
| Share capital | ¥2.27B |
| Employees (consolidated) | 2,510 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | February |
| Website | www.mv-tokai.co.jp (https://www.mv-tokai.co.jp/) |
| Corporate number | 1080101006499 |
| EDINET | E03087 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y494, filed 2026-05-18). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.4 | 45 |
| Profitability | 64.3 | 49 |
| Cash conversion | 50 | 47 |
| Efficiency | 82.7 | 49 |

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)

- Maxvalu Tokai brought in ¥377B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit -3.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥377031000000 → ¥10256000000
- Net income → operating cash flow: ¥10256000000 → ¥19672000000（difference ¥9416000000）
- Main uses of operating cash flow: CapEx ¥6503000000 / dividends ¥2390000000 / buybacks —
- Change in cash: ¥10364000000
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 | ¥377B |  |
| Operating income | ¥13.6B | Margin 3.6% |
| Net income | ¥10.2B | Margin 2.7% |
| Free cash flow | ¥13.2B |  |
| Employees (consolidated) | 2,510 |  |
| EPS | ¥313.88 |  |
| Diluted EPS | ¥313.82 |  |
| Book value per share | ¥2987.12 |  |
| Equity ratio | 63.7% |  |
| Shares outstanding | 31,973,000 |  |
| Treasury shares | 87,800 |  |
| Shareholders | 36,126 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 31.4% | Cash ÷ revenue 12.7% |
| Vs. industry median margin | +0.8 pp | Supermarkets |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥349458000000 | ¥377031000000 | +7.9% |
| Operating income | ¥11726000000 | ¥13557000000 | +15.6% |
| Operating margin | 3.4% | 3.6% | +0.2 pp |
| Employees | 2,801 people | 2,510 people | -10.4% |
| Cash and equivalents | ¥41643000000 | ¥47835000000 | +14.9% |

### 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 | 377,031 | 100.0% | S100Y494 |
| Cost of revenue | 275,394 | 73.0% | S100Y494 |
| Gross profit | 101,636 | 27.0% | S100Y494 |
| SG&A | 96,000 | 25.5% | S100Y494 |
| Operating income | 13,557 | 3.6% | S100Y494 |
| Ordinary income | 13,771 | 3.7% | S100Y494 |
| Pretax income | 12,952 | 3.4% | S100Y494 |
| Income tax | 2,695 | 0.7% | S100Y494 |
| Net income | 10,256 | 2.7% | S100Y494 |
| Net income attributable to owners | 10,249 | 2.7% | S100Y494 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 25 |
| Other operating | -2 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 27.0% → Operating margin 3.6% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.0%; Core profit growth: -3.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.78×
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 | 369,576 | 377,031 | 7,455 | +2.0% |
| Gross profit | 100,946 | 101,636 | 690 | +0.7% |
| Operating income | 14,061 | 13,557 | -504 | -3.6% |
| Net income attributable to owners | 9,387 | 10,249 | 862 | +9.2% |
| Operating cash flow | 9,761 | 19,672 | 9,911 | +101.5% |
| Free cash flow | -698 | 13,169 | 13,867 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 266,849 | 7,150 | 2.7% | 2,937 | 4,991 | 1,620 | S100LEHD |
| FY ending Feb 2021 | 349,458 | 11,726 | 3.4% | 5,302 | 18,849 | 13,183 | S100O46B |
| FY ending Feb 2022 | 348,649 | 11,296 | 3.2% | 7,595 | 6,358 | 997 | S100QT2S |
| FY ending Feb 2023 | 343,557 | 10,302 | 3.0% | 6,169 | 10,500 | 3,421 | S100U6CO |
| FY ending Feb 2024 | 358,988 | 13,482 | 3.8% | 8,313 | 18,228 | 11,876 | S100VT8O |
| FY ending Feb 2025 | 369,576 | 14,061 | 3.8% | 9,387 | 9,761 | -698 | S100Y494 |
| FY ending Feb 2026 | 377,031 | 13,557 | 3.6% | 10,249 | 19,672 | 13,169 | S100Y494 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥150.2M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 2,659 | 2,693 | 2,673 | 2,647 | 2,510 |
| Average salary (parent company) | ¥5.7M | ¥5.6M | ¥5.6M | ¥5.9M | ¥5.7M |
| Average age (parent company) | 43.0 years | 43.0 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 7.0 years | 8.0 years | 8.0 years | 9.0 years | 10.0 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) +2.0%

## 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 | 19,672 | 5.2% | S100Y494 |
| Capital expenditure | 6,503 | 1.7% | S100Y494 |
| Free cash flow | 13,169 | 3.5% | 算出 |
| Investing cash flow | -6,654 | -1.8% | S100Y494 |
| Financing cash flow | -2,667 | -0.7% | S100Y494 |
| Dividends paid | 2,390 | 0.6% | S100Y494 |
| Change in cash | 10,364 | 2.7% | S100Y494 |
| Cash and equivalents | 47,835 | 12.7% | S100Y494 |

## 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 | 29,877 | 31,133 | 40,777 | 37,471 | 47,835 | S100U6CO, S100VT8O, S100Y494 |
| Total assets | 117,181 | 119,391 | 133,245 | 135,420 | 152,405 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Net assets | 69,428 | 73,772 | 80,596 | 88,448 | 97,052 | S100U6CO, S100VT8O, S100Y494 |
| Share capital | 2,267 | 2,267 | 2,267 | 2,267 | 2,267 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Property, plant and equipment | 54,056 | 55,067 | 56,948 | 61,682 | 62,284 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Intangible assets excluding goodwill | 346 | 266 | 212 | 149 | 109 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Goodwill | 218 | 150 | 85 | 43 | 25 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Investment securities | 477 | 485 | 636 | 679 | 1,445 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Current assets | 47,484 | 50,091 | 61,188 | 58,686 | 73,950 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Current liabilities | 38,001 | 36,296 | 43,752 | 37,931 | 46,547 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Total liabilities | 47,752 | 45,619 | 52,649 | 46,972 | 55,353 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Non-controlling interests | 35 | — | — | — | — | S100QT2S |
| Equity attributable to owners of parent | 69,738 | 74,108 | 80,645 | 88,172 | 96,036 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Retained earnings | 56,476 | 60,831 | 67,330 | 74,807 | 82,665 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |
| Treasury stock | -349 | -326 | -276 | -224 | -208 | S100QT2S, S100U6CO, S100VT8O, S100Y494 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100Y494 |
| Property, plant and equipment | 41% | S100Y494 |
| Intangibles and goodwill | 0% | S100Y494 |
| Investment securities | 1% | S100Y494 |
| Other assets | 27% | S100Y494 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100Y494 |
| Equity | 64% | S100Y494 |

### 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 | 117,181 | 119,391 | 133,245 | 135,420 | 152,405 |
| Equity | 69,428 | 73,772 | 80,596 | 88,448 | 97,052 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,877 | 31,133 | 40,777 | 37,471 | 47,835 |

## 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) | 16.5% | S100Y494 |
| Fixed assets ÷ total assets | 40.9% | S100Y494 |
| Goodwill ÷ parent equity | 0.0% | S100Y494 |

Goodwill over 4 years: 218 → 25 JPY; total investing cash flow: -36,566 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) | 31.4% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.1% |
| Cash vs. profit gap | 9,423 JPY mn (of net income 91.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.3% |
| Shareholder payments — dividends / FCF | 18.1% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 33.8% |

## 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 | 2.2% | 2.98× | 6.5% | 1.68× | 10.9% | S100QT2S |
| 2023 | 1.8% | 2.90× | 5.2% | 1.64× | 8.6% | S100U6CO |
| 2024 | 2.3% | 2.84× | 6.6% | 1.63× | 10.7% | S100VT8O |
| 2025 | 2.5% | 2.75× | 7.0% | 1.59× | 11.1% | S100Y494 |
| 2026 | 2.7% | 2.62× | 7.1% | 1.56× | 11.1% | S100Y494 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオン株式会社 | Major shareholder | 63.9% | 2026-02-28 |
| マックスバリュ東海従業員持株会 | Major shareholder | 1.7% | 2026-02-28 |
| 株式会社百五銀行 | Major shareholder | 1.2% | 2026-02-28 |
| 株式会社三十三銀行 | Major shareholder | 1.2% | 2026-02-28 |
| 三菱食品株式会社 | Major shareholder | 1.1% | 2026-02-28 |
| 株式会社ウメモト | Major shareholder | 0.6% | 2026-02-28 |
| 加藤産業株式会社 | Major shareholder | 0.6% | 2026-02-28 |
| 竹内 晶子 | Major shareholder | 0.6% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.5% | 2026-02-28 |
| サントリー株式会社 | Major shareholder | 0.4% | 2026-02-28 |

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

- Revenue for the FY ending Feb 2026 was ¥377B, up 2.0% from ¥369.6B.
- Gross profit grew only 0.7%, and operating income fell 3.6% to ¥13.6B.
- Net income attributable to owners still rose 9.2% to ¥10.2B.
- Operating cash flow climbed from ¥9.76B to ¥19.7B, and free cash flow swung from negative to ¥13.2B.

### Drivers

- New stores, store remodels, mobile supermarkets and unstaffed mini-stores brought in more customers, who also spent more per visit.
- A pricing shift toward stronger bargains lowered the gross margin.
- Electronic shelf labels and self-checkouts improved labor productivity, and SG&A fell slightly as a share of sales.
- Finishing the liquidation of a subsidiary in China reduced the tax bill, which lifted net income.

### Risks

- Competition from other store types is intense, and the business is sensitive to consumer spending, price rises and unusual weather.
- If hiring falls short as Japan's population ages, or labor costs rise, results could suffer.
- Its stores sit in areas expected to be hit by major Tokai, Tonankai and Nankai earthquakes.

Cited: Annual securities report, 64th fiscal year (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, 64th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/03/01－2026/02/28) | S100Y494 | 2026-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y494,, |
| 有価証券報告書－第63期(2024/03/01－2025/02/28) | S100VT8O | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT8O,, |
| 訂正有価証券報告書－第62期(2023/03/01－2024/02/29) | S100U6CO | 2024-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U6CO,, |
| 有価証券報告書－第61期(2022/03/01－2023/02/28) | S100QT2S | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT2S,, |
| 有価証券報告書－第60期(令和3年3月1日－令和4年2月28日) | S100O46B | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O46B,, |
| 有価証券報告書－第59期(令和2年3月1日－令和3年2月28日) | S100LEHD | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEHD,, |

## 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).