# MiyoshiOil&FatCo.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第100期(2025/01/01－2025/12/31) (S100XSY8)
> Page: https://vizora.meequs.com/en/company/miyoshioil-and-fatco
> Retrieved: 2026-09-30T17:53:02.779Z

## Company

MiyoshiOil&FatCo., founded in 1921, is a company in Chemicals listed on TSE Standard. It has 599 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Miyoshi Oil & Fat Co., Ltd. |
| Ticker | 4404 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4404.T) |
| Listing | TSE Standard |
| Head office | 東京都葛飾区堀切四丁目36番5号 |
| Representative (per filing) | 代表取締役社長兼CEO 三木逸郎 |
| Founded | Nov 1921 |
| Share capital | ¥9.02B |
| Employees (consolidated) | 599 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.miyoshi-yushi.co.jp (https://www.miyoshi-yushi.co.jp/) |
| Corporate number | 2011801004789 |
| EDINET | E00881 |
| Industries (Vizora) | Chemicals, Food Ingredients, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100XSY8, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.4 | 22 |
| Profitability | 18.8 | 24 |
| Cash conversion | 47.9 | 24 |
| Efficiency | 18.8 | 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 71% of MiyoshiOil&FatCo.'s sales come from Foods business, with Oil chemicals business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit -33.8%.

## Company structure

- Segment revenue mix: Foods business 70.8%、Oil chemicals business 28.4%、Other 0.8%
- Revenue → net income: ¥59474000000 → ¥9623000000
- Net income → operating cash flow: ¥9623000000 → ¥2346000000（difference ¥-7277000000）
- Main uses of operating cash flow: CapEx ¥5132000000 / dividends ¥618000000 / buybacks ¥0
- Change in cash: ¥2268000000
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 | ¥59.5B |  |
| Operating income | ¥1.96B | Margin 3.3% |
| Net income | ¥9.62B | Margin 16.2% |
| Free cash flow | -¥2.79B |  |
| Largest business | Foods business | of segment revenue 70.8% |
| Employees (consolidated) | 599 |  |
| EPS | ¥950.02 |  |
| Book value per share | ¥3817.33 |  |
| Equity ratio | 50.6% |  |
| Shares outstanding | 10,306,895 |  |
| Treasury shares | 16,300 |  |
| Shareholders | 23,016 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -2 pp | Food Ingredients |
| ROE | 32.0% | Derived from disclosed figures |
| ROA | 12.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 74% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43080000000 | ¥59474000000 | +38.1% |
| Operating income | ¥1126000000 | ¥1960000000 | +74.1% |
| Operating margin | 2.6% | 3.3% | +0.7 pp |
| Employees | 590 people | 599 people | +1.5% |
| Cash and equivalents | ¥4859000000 | ¥9673000000 | +99.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 | 67.6% |
| 油化事業 → 油化事業 | 28.4% |
| 油化事業 → 事業再編・廃止 | 3.3% |
| その他 → その他 | 0.7% |
| 新設・再編 → 食品事業 | 3.2% |
| 新設・再編 → その他 | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Foods business | 5 years | +7.7% | ¥42093000000 | 3.4% | 2 |
| Oil chemicals business | 5 years | +4.3% | ¥16904000000 | 2.6% | 2 |
| Other | 5 years | +9.8% | ¥476000000 | 15.3% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,474 | 100.0% | S100XSY8 |
| Cost of revenue | 48,208 | 81.1% | S100XSY8 |
| Gross profit | 11,265 | 18.9% | S100XSY8 |
| SG&A | 9,304 | 15.6% | S100XSY8 |
| Operating income | 1,960 | 3.3% | S100XSY8 |
| Ordinary income | 1,913 | 3.2% | S100XSY8 |
| Pretax income | 13,883 | 23.3% | S100XSY8 |
| Income tax | 4,259 | 7.2% | S100XSY8 |
| Net income | 9,623 | 16.2% | S100XSY8 |
| Net income attributable to owners | 9,616 | 16.2% | S100XSY8 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 18.9% → Operating margin 3.3% → Net margin 16.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.3%; Core profit growth: -33.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.90×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 57,033 | 59,474 | 2,441 | +4.3% |
| Gross profit | 11,627 | 11,265 | -362 | -3.1% |
| Operating income | 2,961 | 1,960 | -1,001 | -33.8% |
| Net income attributable to owners | 2,819 | 9,616 | 6,797 | +241.1% |
| Operating cash flow | 3,283 | 2,346 | -937 | -28.5% |
| Free cash flow | -266 | -2,786 | -2,520 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 44,941 | 1,194 | 2.7% | 1,306 | 3,665 | 2,092 | S100L0YF |
| FY ending Dec 2020 | 43,080 | 1,126 | 2.6% | 1,018 | 2,390 | 33 | S100NRIE |
| FY ending Dec 2021 | 47,476 | 698 | 1.5% | 677 | 3,346 | 1,031 | S100RCG4 |
| FY ending Dec 2022 | 52,743 | -1,604 | -3.0% | -268 | -3,560 | -4,896 | S100T4UL |
| FY ending Dec 2023 | 56,236 | 2,372 | 4.2% | 2,077 | 3,716 | 1,936 | S100VH5M |
| FY ending Dec 2024 | 57,033 | 2,961 | 5.2% | 2,819 | 3,283 | -266 | S100XSY8 |
| FY ending Dec 2025 | 59,474 | 1,960 | 3.3% | 9,616 | 2,346 | -2,786 | S100XSY8 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99.3M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥16.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 579 | 581 | 567 | 577 | 599 |
| Average salary (parent company) | ¥6.5M | ¥6.1M | ¥6.7M | ¥7.3M | ¥7.2M |
| Average age (parent company) | 41.5 years | 41.6 years | 42.3 years | 41.4 years | 41.4 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 18.6 years | 17.5 years | 17.3 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +4.3%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Foods business | 42,093 | 70.8% | 1,442 | 3.4% |
| Oil chemicals business | 16,904 | 28.4% | 444 | 2.6% |
| Other | 476 | 0.8% | 73 | 15.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Foods business | 70.8% | 73.6% | 2.8 | 3.4% |
| Oil chemicals business | 28.4% | 22.7% | -5.8 | 2.6% |
| Other | 0.8% | 3.7% | 2.9 | 15.3% |

Segment → industry: Oil chemicals business → Chemicals / Foods business → Food Ingredients / Other → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,346 | 3.9% | S100XSY8 |
| Capital expenditure | 5,132 | 8.6% | S100XSY8 |
| Free cash flow | -2,786 | -4.7% | 算出 |
| Investing cash flow | 5,310 | 8.9% | S100XSY8 |
| Financing cash flow | -5,217 | -8.8% | S100XSY8 |
| Dividends paid | 618 | 1.0% | S100XSY8 |
| Share buyback | 0 | 0.0% | S100XSY8 |
| Change in cash | 2,268 | 3.8% | S100XSY8 |
| Cash and equivalents | 9,673 | 16.3% | S100XSY8 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,532 | 4,955 | 6,107 | 7,071 | 9,673 | S100T4UL, S100VH5M, S100XSY8 |
| Total assets | 52,623 | 58,669 | 62,443 | 72,706 | 84,160 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Net assets | 25,291 | 24,562 | 28,255 | 31,067 | 42,672 | S100T4UL, S100VH5M, S100XSY8 |
| Share capital | 9,015 | 9,015 | 9,015 | 9,015 | 9,015 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Trade receivables | 12,366 | 14,693 | 15,183 | 15,151 | 15,311 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Property, plant and equipment | 15,721 | 14,986 | 14,775 | 22,286 | 25,466 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Intangible assets excluding goodwill | 394 | 525 | 942 | 1,583 | 1,783 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Investment securities | 8,001 | 7,438 | 9,726 | 10,356 | 11,131 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Current assets | 25,504 | 32,179 | 32,684 | 33,763 | 37,678 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Current liabilities | 18,743 | 24,570 | 26,167 | 25,562 | 23,936 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Trade payables | 11,067 | 14,525 | 12,576 | 11,535 | 13,076 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Short-term borrowings | 3,925 | 6,425 | 6,425 | 6,835 | 4,835 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Long-term borrowings | 4,472 | 5,185 | 2,785 | 3,535 | 3,235 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Total liabilities | 27,331 | 34,106 | 34,187 | 41,639 | 41,487 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Non-controlling interests | 31 | 40 | 47 | 39 | 47 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Equity attributable to owners of parent | 22,225 | 21,540 | 23,331 | 25,572 | 34,538 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Retained earnings | 7,865 | 7,180 | 8,948 | 11,253 | 20,183 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |
| Treasury stock | -147 | -147 | -124 | -188 | -152 | S100RCG4, S100T4UL, S100VH5M, S100XSY8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XSY8 |
| Receivables | 18% | S100XSY8 |
| Property, plant and equipment | 30% | S100XSY8 |
| Intangibles and goodwill | 2% | S100XSY8 |
| Investment securities | 13% | S100XSY8 |
| Other assets | 25% | S100XSY8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100XSY8 |
| Other liabilities | 34% | S100XSY8 |
| Equity | 51% | S100XSY8 |
| Other liabilities | 0% | S100XSY8 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 52,623 | 58,669 | 62,443 | 72,706 | 84,160 |
| Equity | 25,291 | 24,562 | 28,255 | 31,067 | 42,672 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,532 | 4,955 | 6,107 | 7,071 | 9,673 |

## 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) | 42.8% | S100XSY8 |
| Fixed assets ÷ total assets | 30.3% | S100XSY8 |
| Goodwill ÷ parent equity | — | —, S100XSY8 |

### 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) | 11.5% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.7% |
| Cash vs. profit gap | -7,270 JPY mn (of net income -75.6%) |
| Shareholder returns / net income | 6.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 6.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.6% |
| Investing CF relative to operating CF | 226.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.4% | 0.90× | 1.3% | 2.37× | 3.0% | S100RCG4 |
| 2022 | — | —× | -0.5% | —× | — | S100T4UL |
| 2023 | 3.7% | 0.93× | 3.4% | 2.70× | 9.3% | S100VH5M |
| 2024 | 4.9% | 0.84× | 4.2% | 2.76× | 11.5% | S100XSY8 |
| 2025 | 16.2% | 0.76× | 12.3% | 2.61× | 32.0% | S100XSY8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日清オイリオグループ株式会社 | Major shareholder | 10.0% | 2025-12-31 |
| 山崎製パン株式会社 | Major shareholder | 10.0% | 2025-12-31 |
| ミヨシ協力会 | Major shareholder | 5.0% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 3.9% | 2025-12-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.6% | 2025-12-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 農林中央金庫 | Major shareholder | 1.6% | 2025-12-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.5% | 2025-12-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社千葉銀行 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/01/01－2025/12/31) | S100XSY8 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSY8,, |
| 有価証券報告書－第99期(2024/01/01－2024/12/31) | S100VH5M | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH5M,, |
| 有価証券報告書－第98期(2023/01/01－2023/12/31) | S100T4UL | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4UL,, |
| 訂正有価証券報告書－第97期(2022/01/01－2022/12/31) | S100RCG4 | 2023-07-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCG4,, |
| 有価証券報告書－第96期(令和3年1月1日－令和3年12月31日) | S100NRIE | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRIE,, |
| 有価証券報告書－第95期(令和2年1月1日－令和2年12月31日) | S100L0YF | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0YF,, |

## 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).