# Morozoff Limited: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第96期(2025/02/01－2026/01/31) (S100Y0DZ)
> Page: https://vizora.meequs.com/en/company/morozoff
> Retrieved: 2026-09-30T21:31:18.782Z

## Company

Morozoff, founded in 1931, is a company in Processed Foods listed on TSE Prime. It has 573 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Morozoff Limited |
| Ticker | 2217 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2217.T) |
| Listing | TSE Prime |
| Head office | 神戸市東灘区御影本町六丁目11番19号 (同所は登記上の本店所在地であり、実際の業務は六甲アイランドオフィスで行っております。) |
| Representative (per filing) | 代表取締役社長 山口 信二 |
| Founded | Jul 1931 |
| Share capital | ¥3.74B |
| Employees (consolidated) | 573 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | January |
| Website | www.morozoff.co.jp (https://www.morozoff.co.jp/) |
| Corporate number | 2140001002665 |
| EDINET | E00381 |
| Industries (Vizora) | Processed Foods, Cafés |

> Profile source: annual securities report (S100Y0DZ, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 44.2 | 60 |
| Cash conversion | 13.2 | 57 |
| Efficiency | 65.8 | 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 94% of Morozoff's sales come from Confectionery Division, with Cafe and restaurant management Division making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -38.6%.

## Company structure

- Segment revenue mix: Confectionery Division 94.3%、Cafe and restaurant management Division 5.7%
- Revenue → net income: ¥36273371000 → ¥642902000
- Net income → operating cash flow: ¥642902000 → ¥399377000（difference ¥-243525000）
- Main uses of operating cash flow: CapEx ¥3650284000 / dividends ¥436898000 / buybacks —
- Change in cash: ¥-1485064000
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 | ¥36.3B |  |
| Operating income | ¥1.26B | Margin 3.5% |
| Net income | ¥642.9M | Margin 1.8% |
| Free cash flow | -¥3.25B |  |
| Largest business | Confectionery Division | of segment revenue 94.3% |
| Employees (consolidated) | 573 |  |
| EPS | ¥37.91 |  |
| Book value per share | ¥984.38 |  |
| Equity ratio | 70.6% |  |
| Shares outstanding | 21,265,356 |  |
| Treasury shares | 943,500 |  |
| Shareholders | 20,290 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 7.5% | Cash ÷ revenue 5.8% |
| Vs. industry median margin | -0.5 pp | Processed Foods |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25672838000 | ¥36273371000 | — |
| Operating income | ¥751333000 | ¥1264948000 | — |
| Operating margin | 2.9% | 3.5% | +0.6 pp |
| Employees | 644 people | 573 people | — |
| Cash and equivalents | ¥3417188000 | ¥2109585000 | — |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 洋菓子製造販売事業 → 事業再編・廃止 | 95.6% |
| 喫茶・レストラン事業 → 事業再編・廃止 | 4.4% |
| 新設・再編 → 洋菓子製造販売事業 | 94.3% |
| 新設・再編 → 喫茶・レストラン事業 | 5.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,273 | 100.0% | S100Y0DZ |
| Cost of revenue | 18,750 | 51.7% | S100Y0DZ |
| Gross profit | 17,523 | 48.3% | S100Y0DZ |
| SG&A | 16,258 | 44.8% | S100Y0DZ |
| Operating income | 1,265 | 3.5% | S100Y0DZ |
| Ordinary income | 1,286 | 3.5% | S100Y0DZ |
| Pretax income | 1,089 | 3.0% | S100Y0DZ |
| Income tax | 446 | 1.2% | S100Y0DZ |
| Net income | 643 | 1.8% | S100Y0DZ |
| Net income attributable to owners | 643 | 1.8% | S100Y0DZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 45 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 48.3% → Operating margin 3.5% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -38.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -54.33×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,018 | 36,273 | 256 | +0.7% |
| Gross profit | 18,292 | 17,523 | -769 | -4.2% |
| Operating income | 2,059 | 1,265 | -794 | -38.6% |
| Net income attributable to owners | 1,415 | 643 | -772 | -54.6% |
| Operating cash flow | -561 | 399 | 961 | — |
| Free cash flow | -1,235 | -3,251 | -2,016 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 29,523 | 1,674 | 5.7% | 1,096 | 772 | -529 | S100L8QA |
| FY ending Jan 2021 | 25,673 | 751 | 2.9% | 352 | 1,635 | 961 | S100NYGX |
| FY ending Jan 2022 | 27,207 | 2,013 | 7.4% | 1,029 | 2,626 | 2,283 | S100NYGX |
| FY ending Jan 2023 | 32,506 | 2,424 | 7.5% | 1,703 | 2,201 | 1,590 | S100TBUW |
| FY ending Jan 2024 | 34,934 | 2,474 | 7.1% | 1,716 | 2,117 | 1,510 | S100VOFE |
| FY ending Jan 2025 | 36,018 | 2,059 | 5.7% | 1,415 | -561 | -1,235 | S100Y0DZ |
| FY ending Jan 2026 | 36,273 | 1,265 | 3.5% | 643 | 399 | -3,251 | S100Y0DZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.3M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 543 | 534 | 553 | 566 | 573 |
| Average salary (parent company) | ¥5.3M | ¥5.5M | ¥5.5M | ¥5.3M | ¥5.3M |
| Average age (parent company) | 43.0 years | 43.4 years | 43.1 years | 42.0 years | 40.9 years |
| Average tenure (parent company) | 15.9 years | 16.0 years | 15.3 years | 14.1 years | 13.4 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Confectionery Division | 34,200 | 94.3% | 2,629 | 7.7% |
| Cafe and restaurant management Division | 2,073 | 5.7% | 23 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Confectionery Division | 94.3% | 99.1% | 4.9 | 7.7% |
| Cafe and restaurant management Division | 5.7% | 0.9% | -4.9 | 1.1% |

Segment → industry: Confectionery Division → Processed Foods / Cafe and restaurant management Division → Cafés

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 399 | 1.1% | S100Y0DZ |
| Capital expenditure | 3,650 | 10.1% | S100Y0DZ |
| Free cash flow | -3,251 | -9.0% | 算出 |
| Investing cash flow | -2,153 | -5.9% | S100Y0DZ |
| Financing cash flow | 277 | 0.8% | S100Y0DZ |
| Dividends paid | 437 | 1.2% | S100Y0DZ |
| Change in cash | -1,485 | -4.1% | S100Y0DZ |
| Cash and equivalents | 2,110 | 5.8% | S100Y0DZ |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,384 | 5,647 | 6,641 | 3,595 | 2,110 | S100NYGX, S100VOFE, S100Y0DZ |
| Total assets | 25,114 | 26,596 | 27,920 | 25,591 | 28,163 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Net assets | 17,579 | 18,580 | 19,720 | 19,483 | 19,873 | S100NYGX, S100VOFE, S100Y0DZ |
| Share capital | 3,737 | 3,737 | 3,737 | 3,737 | 3,737 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Property, plant and equipment | 7,214 | 7,796 | 7,598 | 7,104 | 10,662 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Intangible assets excluding goodwill | 90 | 140 | 192 | 220 | 230 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Investment securities | 1,493 | 1,608 | 1,496 | 1,275 | 1,515 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Current assets | 14,029 | 15,920 | 17,453 | 15,294 | 13,427 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Current liabilities | 6,858 | 7,351 | 7,534 | 5,412 | 6,954 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Trade payables | — | 885 | 1,049 | 955 | 1,016 | S100TBUW, S100VOFE, S100Y0DZ |
| Short-term borrowings | 1,750 | 1,670 | 1,590 | 1,510 | 2,145 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Long-term borrowings | — | — | — | — | 380 | S100Y0DZ |
| Total liabilities | 7,535 | 8,016 | 8,200 | 6,108 | 8,290 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Equity attributable to owners of parent | 16,868 | 18,232 | 19,241 | 18,939 | 18,919 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Retained earnings | 9,870 | 10,689 | 12,146 | 12,641 | 12,846 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |
| Treasury stock | -661 | -112 | -566 | -1,364 | -1,675 | S100NYGX, S100TBUW, S100VOFE, S100Y0DZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y0DZ |
| Property, plant and equipment | 38% | S100Y0DZ |
| Intangibles and goodwill | 1% | S100Y0DZ |
| Investment securities | 5% | S100Y0DZ |
| Other assets | 48% | S100Y0DZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y0DZ |
| Other liabilities | 26% | S100Y0DZ |
| Equity | 70% | S100Y0DZ |
| Other liabilities | 0% | S100Y0DZ |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,114 | 26,596 | 27,920 | 25,591 | 28,163 |
| Equity | 17,579 | 18,580 | 19,720 | 19,483 | 19,873 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,384 | 5,647 | 6,641 | 3,595 | 2,110 |

## 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) | 29.4% | S100Y0DZ |
| Fixed assets ÷ total assets | 37.9% | S100Y0DZ |
| Goodwill ÷ parent equity | — | —, S100Y0DZ |

### 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) | 7.5% |
| Cash ÷ revenue | 5.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 31.6% |
| Cash vs. profit gap | -244 JPY mn (of net income -37.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.1% |
| Investing CF relative to operating CF | 539.2% |

## 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 | 3.8% | 1.08× | 4.1% | 1.49× | 6.1% | S100NYGX |
| 2023 | 5.2% | 1.22× | 6.4% | 1.46× | 9.3% | S100TBUW |
| 2024 | 4.9% | 1.28× | 6.3% | 1.45× | 9.2% | S100VOFE |
| 2025 | 3.9% | 1.35× | 5.3% | 1.40× | 7.4% | S100Y0DZ |
| 2026 | 1.8% | 1.35× | 2.4% | 1.42× | 3.4% | S100Y0DZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行（株）（信託口） | Major shareholder | 7.7% | 2026-01-31 |
| 平和（株） | Major shareholder | 4.7% | 2026-01-31 |
| （株）みずほ銀行 | Major shareholder | 3.8% | 2026-01-31 |
| 三菱ＵＦＪ信託銀行（株） | Major shareholder | 3.2% | 2026-01-31 |
| 山陽電気鉄道（株） | Major shareholder | 3.2% | 2026-01-31 |
| ＳＭＢＣ日興証券（株） | Major shareholder | 3.1% | 2026-01-31 |
| （株）みなと銀行 | Major shareholder | 2.6% | 2026-01-31 |
| 片岡物産（株） | Major shareholder | 2.3% | 2026-01-31 |
| 則岡 迪子 | Major shareholder | 1.9% | 2026-01-31 |
| 日本生命保険（相） | Major shareholder | 1.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/02/01－2026/01/31) | S100Y0DZ | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0DZ,, |
| 有価証券報告書－第95期(2024/02/01－2025/01/31) | S100VOFE | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOFE,, |
| 有価証券報告書－第94期(2023/02/01－2024/01/31) | S100TBUW | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBUW,, |
| 有価証券報告書－第93期(2022/02/01－2023/01/31) | S100QNHT | 2023-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNHT,, |
| 有価証券報告書－第92期(令和3年2月1日－令和4年1月31日) | S100NYGX | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYGX,, |
| 有価証券報告書－第91期(令和2年2月1日－令和3年1月31日) | S100L8QA | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8QA,, |

## 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).