# Mitsui DM Sugar 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102期(2025/04/01－2026/03/31) (S100YCZI)
> Page: https://vizora.meequs.com/en/company/mitsui-dm-sugar
> Retrieved: 2026-09-30T20:31:05.896Z

## Company

Mitsui DM Sugar, founded in 1947, is a company in Food Ingredients listed on TSE Prime. It has 1,550 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsui DM Sugar Co., Ltd. |
| Ticker | 2109 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2109.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝五丁目26番16号 |
| Representative (per filing) | 代表取締役社長 森本 卓 |
| Founded | Sep 1947 |
| Share capital | ¥7.08B |
| Employees (consolidated) | 1,550 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | wri.org (https://wri.org/) |
| Corporate number | 1010001034929 |
| EDINET | E00356 |
| Industries (Vizora) | Food Ingredients, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YCZI, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.6 | 22 |
| Profitability | 60.4 | 24 |
| Cash conversion | 35.4 | 24 |
| Efficiency | 47.9 | 24 |

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 85% of Mitsui DM Sugar's sales come from Sugar business, with Life energy segment and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -6.7%.

## Company structure

- Segment revenue mix: Sugar business 84.5%、Life energy segment 14.1%、Real estate business 1.4%
- Revenue → net income: ¥180102000000 → ¥2400000000
- Net income → operating cash flow: ¥2400000000 → ¥12343000000（difference ¥9943000000）
- Main uses of operating cash flow: CapEx ¥6229000000 / dividends ¥4133000000 / buybacks ¥3843000000
- Change in cash: ¥-11983000000
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 | ¥180.1B |  |
| Operating income | ¥12.9B | Margin 7.2% |
| Net income | ¥3.96B | Margin 2.2% |
| Free cash flow | ¥6.11B |  |
| Largest business | Sugar business | of segment revenue 84.5% |
| Employees (consolidated) | 1,550 |  |
| EPS | ¥1468.67 |  |
| Book value per share | ¥3088.55 |  |
| Equity ratio | 61.6% |  |
| Shares outstanding | 31,464,000 |  |
| Treasury shares | 216,600 |  |
| Shareholders | 41,138 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 15.5% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | +1.8 pp | Food Ingredients |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥108887000000 | ¥180102000000 | +65.4% |
| Operating income | ¥3631000000 | ¥12909000000 | +255.5% |
| Operating margin | 3.3% | 7.2% | +3.8 pp |
| Employees | 1,222 people | 1,550 people | +26.8% |
| Cash and equivalents | ¥17691000000 | ¥28116000000 | +58.9% |

### 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 |
| --- | ---: |
| 砂糖事業 → 砂糖事業 | 80.3% |
| フードサイエンス事業 → 事業再編・廃止 | 17.9% |
| 不動産事業 → 不動産事業 | 1.4% |
| 不動産事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 砂糖事業 | 4.2% |
| 新設・再編 → ライフ・エナジー事業 | 14.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sugar business | 5 years | +11.7% | ¥152201000000 | 7.5% | 2 |
| Life energy segment | 4 years | +3.8% | ¥25348000000 | 4.0% | 2 |
| Real estate business | 5 years | +5.4% | ¥2552000000 | 18.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 180,102 | 100.0% | S100YCZI |
| Cost of revenue | 138,052 | 76.7% | S100YCZI |
| Gross profit | 42,049 | 23.3% | S100YCZI |
| SG&A | 29,140 | 16.2% | S100YCZI |
| Operating income | 12,909 | 7.2% | S100YCZI |
| Ordinary income | 12,640 | 7.0% | S100YCZI |
| Pretax income | 7,416 | 4.1% | S100YCZI |
| Income tax | 5,016 | 2.8% | S100YCZI |
| Net income | 2,400 | 1.3% | S100YCZI |
| Net income attributable to owners | 3,961 | 2.2% | S100YCZI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.3% → Operating margin 7.2% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -6.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.13×
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 | 178,785 | 180,102 | 1,317 | +0.7% |
| Gross profit | 40,075 | 42,049 | 1,974 | +4.9% |
| Operating income | 13,840 | 12,909 | -931 | -6.7% |
| Net income attributable to owners | 6,295 | 3,961 | -2,334 | -37.1% |
| Operating cash flow | 22,592 | 12,343 | -10,249 | -45.4% |
| Free cash flow | 18,533 | 6,114 | -12,419 | -67.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 113,854 | 4,848 | 4.3% | 2,422 | 11,167 | 4,142 | S100LL71 |
| FY ending Mar 2021 | 108,887 | 3,631 | 3.3% | 2,764 | 11,124 | 5,233 | S100OAM8 |
| FY ending Mar 2022 | 147,880 | 3,630 | 2.5% | 3,657 | 6,356 | -4,041 | S100SJS8 |
| FY ending Mar 2023 | 163,310 | 1,100 | 0.7% | 7,911 | 6,228 | -11,729 | S100TQLY |
| FY ending Mar 2024 | 170,774 | 4,251 | 2.5% | 8,445 | 12,739 | 5,143 | S100VYQL |
| FY ending Mar 2025 | 178,785 | 13,840 | 7.7% | 6,295 | 22,592 | 18,533 | S100YCZI |
| FY ending Mar 2026 | 180,102 | 12,909 | 7.2% | 3,961 | 12,343 | 6,114 | S100YCZI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥116.2M |
| Operating income per employee (consolidated) | ¥8.3M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 1,482 | 1,456 | 1,462 | 1,504 | 1,550 |
| Average salary (parent company) | ¥9.8M | ¥9.2M | ¥9.3M | ¥8.7M | ¥8.2M |
| Average age (parent company) | 49.2 years | 47.9 years | 49.2 years | 45.4 years | 43.4 years |
| Average tenure (parent company) | 23.4 years | 22.1 years | 22.5 years | 17.6 years | 18.3 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sugar business | 152,201 | 84.5% | 11,440 | 7.5% |
| Life energy segment | 25,348 | 14.1% | 1,007 | 4.0% |
| Real estate business | 2,552 | 1.4% | 461 | 18.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sugar business | 84.5% | 88.6% | 4.1 | 7.5% |
| Life energy segment | 14.1% | 7.8% | -6.3 | 4.0% |
| Real estate business | 1.4% | 3.6% | 2.2 | 18.1% |

Segment → industry: Life energy segment → Food Ingredients / Sugar business → Food Ingredients / Real estate business → 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 | 12,343 | 6.9% | S100YCZI |
| Capital expenditure | 6,229 | 3.5% | S100YCZI |
| Free cash flow | 6,114 | 3.4% | 算出 |
| Investing cash flow | -5,309 | -2.9% | S100YCZI |
| Financing cash flow | -19,157 | -10.6% | S100YCZI |
| Dividends paid | 4,133 | 2.3% | S100YCZI |
| Share buyback | 3,843 | 2.1% | S100YCZI |
| Change in cash | -11,983 | -6.7% | S100YCZI |
| Cash and equivalents | 28,116 | 15.6% | S100YCZI |

## 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 | 31,077 | 27,610 | 24,777 | 40,099 | 28,116 | S100TQLY, S100VYQL, S100YCZI |
| Total assets | 189,497 | 196,123 | 191,428 | 202,196 | 181,955 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Net assets | 109,926 | 112,578 | 117,340 | 119,341 | 114,595 | S100TQLY, S100VYQL, S100YCZI |
| Share capital | 7,083 | 7,083 | 7,083 | 7,083 | 7,083 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Trade receivables | 12,382 | — | — | — | — | S100OAM8 |
| Property, plant and equipment | 59,600 | 63,848 | 65,404 | 60,614 | 58,647 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Intangible assets excluding goodwill | 6,361 | 9,515 | 8,863 | 8,460 | 2,790 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Goodwill | 3,470 | 5,226 | 4,760 | 4,538 | 1,043 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Investment securities | 16,208 | 16,022 | 15,159 | 16,728 | 17,390 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Current assets | 88,935 | 88,877 | 84,352 | 98,689 | 86,058 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Current liabilities | 42,468 | 38,205 | 29,010 | 45,756 | 41,082 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Trade payables | 15,894 | 15,320 | 9,308 | 9,482 | 8,798 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Short-term borrowings | 7,590 | 9,017 | 6,626 | 8,552 | 8,011 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Long-term borrowings | 4,290 | 16,060 | 15,490 | 17,404 | 17,168 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Bonds | 10,000 | 20,000 | 20,000 | 10,000 | — | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Interest-bearing debt | 21,880 | 45,077 | 42,116 | 35,956 | — | 算出 |
| Total liabilities | 79,570 | 83,545 | 74,087 | 82,855 | 67,359 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Non-controlling interests | 8,716 | 5,402 | 5,175 | 4,726 | 2,587 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Equity attributable to owners of parent | 99,607 | 104,036 | 107,660 | 109,419 | 105,514 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Retained earnings | 83,170 | 89,136 | 92,719 | 94,638 | 90,629 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |
| Treasury stock | -727 | -724 | -724 | -708 | -685 | S100SJS8, S100TQLY, S100VYQL, S100YCZI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YCZI |
| Property, plant and equipment | 32% | S100YCZI |
| Intangibles and goodwill | 2% | S100YCZI |
| Investment securities | 10% | S100YCZI |
| Other assets | 41% | S100YCZI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YCZI |
| Other liabilities | 32% | S100YCZI |
| Equity | 63% | S100YCZI |
| Other liabilities | 0% | S100YCZI |

### 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 | 189,497 | 196,123 | 191,428 | 202,196 | 181,955 |
| Equity | 109,926 | 112,578 | 117,340 | 119,341 | 114,595 |
| Interest-bearing debt | 21,880 | 45,077 | 42,116 | 35,956 | — |
| Cash | 31,077 | 27,610 | 24,777 | 40,099 | 28,116 |

## 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) | 32.6% | S100YCZI |
| Fixed assets ÷ total assets | 32.2% | S100YCZI |
| Goodwill ÷ parent equity | 1.0% | S100YCZI |

Goodwill over 4 years: 3,470 → 1,043 JPY; total investing cash flow: -38,826 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) | 15.5% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.6% |
| Cash vs. profit gap | 8,382 JPY mn (of net income 211.6%) |
| Shareholder returns / net income | 201.4% |
| Shareholder returns / FCF | 130.5% |
| Shareholder payments — dividends / net income | 104.3% |
| Shareholder payments — dividends / FCF | 67.6% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 43.0% |

## 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 | 2.5% | 0.78× | 1.9% | 1.90× | 3.7% | S100SJS8 |
| 2023 | 4.8% | 0.85× | 4.1% | 1.89× | 7.8% | S100TQLY |
| 2024 | 4.9% | 0.88× | 4.4% | 1.83× | 8.0% | S100VYQL |
| 2025 | 3.5% | 0.91× | 3.2% | 1.81× | 5.8% | S100YCZI |
| 2026 | 2.2% | 0.94× | 2.1% | 1.79× | 3.7% | S100YCZI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井物産株式会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 27.6% | 2026-03-31 |
| 三菱商事株式会社 | Major shareholder | 20.8% | 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 | 6.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 双日食料株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 和田製糖株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 日本甜菜製糖株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.7% | 2026-03-31 |
| 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 | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YCZI | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCZI,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100VYQL | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYQL,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TQLY | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQLY,, |
| 訂正有価証券報告書－第99期(2022/04/01－2023/03/31) | S100SJS8 | 2023-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJS8,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OAM8 | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAM8,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LL71 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL71,, |

## 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).