# MEITO 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84期(2025/04/01－2026/03/31) (S100YHY5)
> Page: https://vizora.meequs.com/en/company/meito
> Retrieved: 2026-09-30T18:13:19.771Z

## Company

Meito, founded in 1945, is a company in Pharmaceuticals listed on TSE Prime. It has 639 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEITO CO.,LTD.(旧英訳名 Meito Sangyo Co., Ltd.)(注)2025年9月1日付で商号を「名糖産業株式会社」から「株式会社meito」に変更いたしました。 |
| Ticker | 2207 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2207.T) |
| Listing | TSE Prime |
| Head office | 名古屋市西区笹塚町二丁目41番地 |
| Representative (per filing) | 代表取締役社長 三矢益夫 |
| Founded | Feb 1945 |
| Share capital | ¥1.33B |
| Employees (consolidated) | 639 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.meito-sangyo.co.jp (https://www.meito-sangyo.co.jp/) |
| Corporate number | 5180001027409 |
| EDINET | E00376 |
| Industries (Vizora) | Pharmaceuticals, Food Ingredients, Processed Foods, Theme Parks & Leisure Facilities, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YHY5, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 56 |
| Profitability | 54.2 | 60 |
| Cash conversion | 6.1 | 57 |
| Efficiency | 2.5 | 60 |

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 86% of Meito's sales come from Grocery, with Fine chemicals and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -12.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥29.1B |  |
| Operating income | ¥1.23B | Margin 4.2% |
| Net income | ¥3.07B | Margin 10.5% |
| Free cash flow | -¥12.2B |  |
| Largest business | Grocery | of segment revenue 86.5% |
| Employees (consolidated) | 639 |  |
| EPS | ¥179.23 |  |
| Book value per share | ¥3689.78 |  |
| Equity ratio | 62.0% |  |
| Shares outstanding | 16,651,000 |  |
| Treasury shares | 349,100 |  |
| Shareholders | 26,927 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 3.6% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | +0.2 pp | Processed Foods |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.3× dividends
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by -23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24180000000 | ¥29106000000 | +20.4% |
| Operating income | ¥403000000 | ¥1230000000 | +205.2% |
| Operating margin | 1.7% | 4.2% | +2.6 pp |
| Employees | 531 people | 639 people | +20.3% |
| Cash and equivalents | ¥5045000000 | ¥3575000000 | -29.1% |

### 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 |
| --- | ---: |
| 食品事業 → 食品事業 | 86.5% |
| 食品事業 → 事業再編・廃止 | 2.8% |
| 化成品事業 → 化成品事業 | 9.5% |
| 不動産事業 → 不動産事業 | 1.2% |
| 新設・再編 → 化成品事業 | 2.7% |
| 新設・再編 → 不動産事業 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Grocery | 5 years | +3.1% | ¥25166000000 | 6.9% | 2 |
| Fine chemicals | 5 years | +9.1% | ¥3546000000 | 22.8% | 2 |
| Real estate | 5 years | +5.5% | ¥393000000 | 50.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,106 | 100.0% | S100YHY5 |
| Cost of revenue | 20,637 | 70.9% | S100YHY5 |
| Gross profit | 8,468 | 29.1% | S100YHY5 |
| SG&A | 7,238 | 24.9% | S100YHY5 |
| Operating income | 1,230 | 4.2% | S100YHY5 |
| Ordinary income | 2,913 | 10.0% | S100YHY5 |
| Pretax income | 4,262 | 14.6% | S100YHY5 |
| Income tax | 1,194 | 4.1% | S100YHY5 |
| Net income | 3,067 | 10.5% | S100YHY5 |
| Net income attributable to owners | 3,067 | 10.5% | S100YHY5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 25 |
| Operating income | 4 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 29.1% → Operating margin 4.2% → Net margin 10.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -12.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.38×
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 | 28,071 | 29,106 | 1,035 | +3.7% |
| Gross profit | 7,985 | 8,468 | 483 | +6.0% |
| Operating income | 1,405 | 1,230 | -175 | -12.5% |
| Net income attributable to owners | 4,719 | 3,067 | -1,652 | -35.0% |
| Operating cash flow | 4,236 | -708 | -4,944 | -116.7% |
| Free cash flow | 714 | -12,244 | -12,958 | -1814.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,995 | -629 | -2.7% | 608 | 3,754 | 1,643 | S100LQDY |
| FY ending Mar 2021 | 24,180 | 403 | 1.7% | 1,023 | 3,279 | 1,985 | S100OJFP |
| FY ending Mar 2022 | 21,136 | 350 | 1.7% | 1,816 | 2,634 | 1,388 | S100R4HL |
| FY ending Mar 2023 | 22,727 | 95 | 0.4% | 700 | -85 | -2,775 | S100TTHS |
| FY ending Mar 2024 | 24,392 | 232 | 1.0% | -703 | 2,903 | -1,308 | S100W3JR |
| FY ending Mar 2025 | 28,071 | 1,405 | 5.0% | 4,719 | 4,236 | 714 | S100YHY5 |
| FY ending Mar 2026 | 29,106 | 1,230 | 4.2% | 3,067 | -708 | -12,244 | S100YHY5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.5M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 547 | 540 | 590 | 627 | 639 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥5.6M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 40.6 years | 40.9 years | 40.8 years | 40.9 years | 40.7 years |
| Average tenure (parent company) | 17.1 years | 17.1 years | 16.7 years | 16.6 years | 16.5 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery | 25,166 | 86.5% | 1,739 | 6.9% |
| Fine chemicals | 3,546 | 12.2% | 808 | 22.8% |
| Real estate | 393 | 1.4% | 198 | 50.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Grocery | 86.5% | 63.4% | -23.1 | 6.9% |
| Fine chemicals | 12.2% | 29.4% | 17.3 | 22.8% |
| Real estate | 1.4% | 7.2% | 5.9 | 50.4% |

Segment → industry: Fine chemicals → Pharmaceuticals / Fine chemicals → Food Ingredients / Grocery → Processed Foods / Real estate → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing

## 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 | -708 | -2.4% | S100YHY5 |
| Capital expenditure | 11,536 | 39.6% | S100YHY5 |
| Free cash flow | -12,244 | -42.1% | 算出 |
| Investing cash flow | -9,296 | -31.9% | S100YHY5 |
| Financing cash flow | 6,387 | 21.9% | S100YHY5 |
| Dividends paid | 642 | 2.2% | S100YHY5 |
| Share buyback | 1,501 | 5.2% | S100YHY5 |
| Change in cash | -3,618 | -12.4% | S100YHY5 |
| Cash and equivalents | 3,575 | 12.3% | S100YHY5 |

## 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 | 5,478 | 5,351 | 6,362 | 7,194 | 3,575 | S100TTHS, S100W3JR, S100YHY5 |
| Total assets | 70,867 | 70,276 | 82,247 | 83,325 | 100,319 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Net assets | 44,713 | 44,637 | 51,068 | 54,912 | 62,164 | S100TTHS, S100W3JR, S100YHY5 |
| Share capital | 1,313 | 1,313 | 1,323 | 1,335 | 1,335 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Property, plant and equipment | 17,132 | 18,903 | 18,843 | 20,249 | 30,088 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Intangible assets excluding goodwill | 85 | 83 | 2,149 | 2,057 | 1,892 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Goodwill | — | — | 499 | 460 | 413 | S100W3JR, S100YHY5 |
| Investment securities | 35,337 | 33,815 | 43,793 | 43,064 | 51,733 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Current assets | 18,154 | 17,033 | 16,998 | 17,395 | 16,071 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Current liabilities | 7,632 | 7,868 | 10,998 | 8,838 | 9,376 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Trade payables | 2,366 | 3,138 | 3,067 | 2,882 | 2,304 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Short-term borrowings | 50 | 100 | 3,070 | — | 1,850 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Long-term borrowings | 10,610 | 9,844 | 9,079 | 8,342 | 14,454 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Total liabilities | 26,153 | 25,639 | 31,178 | 28,412 | 38,155 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Equity attributable to owners of parent | 29,370 | 29,633 | 28,509 | 32,709 | 33,659 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Retained earnings | 28,689 | 28,931 | 27,788 | 31,965 | 32,991 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |
| Treasury stock | -708 | -687 | -688 | -689 | -766 | S100R4HL, S100TTHS, S100W3JR, S100YHY5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YHY5 |
| Property, plant and equipment | 30% | S100YHY5 |
| Intangibles and goodwill | 2% | S100YHY5 |
| Investment securities | 52% | S100YHY5 |
| Other assets | 13% | S100YHY5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YHY5 |
| Other liabilities | 36% | S100YHY5 |
| Equity | 62% | S100YHY5 |

### 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 | 70,867 | 70,276 | 82,247 | 83,325 | 100,319 |
| Equity | 44,713 | 44,637 | 51,068 | 54,912 | 62,164 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,478 | 5,351 | 6,362 | 7,194 | 3,575 |

## 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) | 103.4% | S100YHY5 |
| Fixed assets ÷ total assets | 30.0% | S100YHY5 |
| Goodwill ÷ parent equity | 1.2% | S100YHY5 |

### 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) | 3.6% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -57.6% |
| Cash vs. profit gap | -3,775 JPY mn (of net income -123.1%) |
| Shareholder returns / net income | 69.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 39.6% |
| Investing CF relative to operating CF | — |

## 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 | 8.6% | 0.30× | 2.6% | 2.41× | 6.2% | S100R4HL |
| 2023 | 3.1% | 0.32× | 1.0% | 2.39× | 2.4% | S100TTHS |
| 2024 | — | —× | -0.9% | —× | — | S100W3JR |
| 2025 | 16.8% | 0.34× | 5.7% | 2.70× | 15.4% | S100YHY5 |
| 2026 | 10.5% | 0.32× | 3.3% | 2.77× | 9.2% | S100YHY5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 興和株式会社 | Major shareholder | 9.6% | 2026-03-31 |
| meito取引先持株会 | Major shareholder | 8.5% | 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 | 4.6% | 2026-03-31 |
| 高砂香料株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 東邦瓦斯株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| サンシャインＤ号投資事業組合 | Major shareholder | 2.0% | 2026-03-31 |
| 大和産業株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| サンシャインＧ号投資事業組合 | Major shareholder | 1.8% | 2026-03-31 |
| 不二製油株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| サンシャインＥ号投資事業組合 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YHY5 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHY5,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W3JR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3JR,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TTHS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTHS,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R4HL | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4HL,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OJFP | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJFP,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LQDY | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQDY,, |

## 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).