# MOS FOOD SERVICES,INC.: 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54期(2025/04/01－2026/03/31) (S100YE7I)
> Page: https://vizora.meequs.com/en/company/mos-food-services
> Retrieved: 2026-09-30T23:27:07.575Z

## Company

MOS Food Services, founded in 1972, is a company in Fast Food & Quick Service listed on TSE Prime. It has 1,323 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MOS FOOD SERVICES, INC. |
| Ticker | 8153 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8153.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 中村 栄輔 |
| Founded | Jul 1972 |
| Share capital | ¥11.4B |
| Employees (consolidated) | 1,323 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 5010701019713 |
| EDINET | E02675 |
| Industries (Vizora) | Fast Food & Quick Service, Restaurants & Pubs, Cafés |

> Profile source: annual securities report (S100YE7I, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.4 | 18 |
| Profitability | 61.4 | 22 |
| Cash conversion | 54.8 | 21 |
| Efficiency | 20.5 | 22 |

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 82% of MOS Food Services's sales come from DomesticMOS Burger Business, with Overseas Business and Restaurant Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit +25.6%.

## Company structure

- Segment revenue mix: DomesticMOS Burger Business 81.7%、Overseas Business 15.1%、Restaurant Business 2.0%、Other business 1.3%
- Revenue → net income: ¥102773000000 → ¥4573000000
- Net income → operating cash flow: ¥4573000000 → ¥9221000000（difference ¥4648000000）
- Main uses of operating cash flow: CapEx ¥4536000000 / dividends ¥940000000 / buybacks ¥84000000
- Change in cash: ¥2390000000
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 | ¥102.8B |  |
| Operating income | ¥6.56B | Margin 6.4% |
| Net income | ¥4.59B | Margin 4.5% |
| Free cash flow | ¥4.68B |  |
| Largest business | DomesticMOS Burger Business | of segment revenue 81.7% |
| Employees (consolidated) | 1,323 |  |
| EPS | ¥134.71 |  |
| Book value per share | ¥1627.13 |  |
| Equity ratio | 67.6% |  |
| Shares outstanding | 32,009,910 |  |
| Treasury shares | 681,400 |  |
| Shareholders | 51,399 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 31.7% | Cash ÷ revenue 26.9% |
| Vs. industry median margin | +0.9 pp | Fast Food & Quick Service |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, employees -3% while operating income rose 26%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥71972000000 | ¥102773000000 | +42.8% |
| Operating income | ¥1422000000 | ¥6561000000 | +361.4% |
| Operating margin | 2.0% | 6.4% | +4.4 pp |
| Employees | 1,377 people | 1,323 people | -3.9% |
| Cash and equivalents | ¥13744000000 | ¥27678000000 | +101.4% |

### 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 |
| --- | ---: |
| 国内モスバーガー事業 → 国内モスバーガー事業 | 81.7% |
| 国内モスバーガー事業 → 事業再編・廃止 | 0.4% |
| 海外事業 → 海外事業 | 14.7% |
| その他飲食事業 → 事業再編・廃止 | 2.1% |
| その他の事業 → その他の事業 | 1.1% |
| 新設・再編 → 海外事業 | 0.4% |
| 新設・再編 → 新規飲食事業 | 2.0% |
| 新設・再編 → その他の事業 | 0.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| DomesticMOS Burger Business | 5 years | +7.3% | ¥83993000000 | 9.4% | 2 |
| Overseas Business | 5 years | +7.9% | ¥15477000000 | 2.1% | 2 |
| Restaurant Business | — | — | ¥2015000000 | -10.4% | 2 |
| Other business | 5 years | +9.9% | ¥1287000000 | 44.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 102,773 | 100.0% | S100YE7I |
| Cost of revenue | 55,018 | 53.5% | S100YE7I |
| Gross profit | 47,754 | 46.5% | S100YE7I |
| SG&A | 41,193 | 40.1% | S100YE7I |
| Operating income | 6,561 | 6.4% | S100YE7I |
| Ordinary income | 7,107 | 6.9% | S100YE7I |
| Pretax income | 6,534 | 6.4% | S100YE7I |
| Income tax | 1,961 | 1.9% | S100YE7I |
| Net income | 4,573 | 4.4% | S100YE7I |
| Net income attributable to owners | 4,587 | 4.5% | S100YE7I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 40 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 46.5% → Operating margin 6.4% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.8%; Core profit growth: +25.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.74×
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 | 96,185 | 102,773 | 6,588 | +6.8% |
| Gross profit | 45,447 | 47,754 | 2,307 | +5.1% |
| Operating income | 5,223 | 6,561 | 1,338 | +25.6% |
| Net income attributable to owners | 3,150 | 4,587 | 1,437 | +45.6% |
| Operating cash flow | 7,346 | 9,221 | 1,875 | +25.5% |
| Free cash flow | 4,586 | 4,685 | 99 | +2.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 68,985 | 1,060 | 1.5% | 365 | 5,661 | 2,881 | S100LL8D |
| FY ending Mar 2021 | 71,972 | 1,422 | 2.0% | 997 | 4,399 | 2,454 | S100OJ57 |
| FY ending Mar 2022 | 78,447 | 3,473 | 4.4% | 3,419 | 10,449 | 7,536 | S100R5K6 |
| FY ending Mar 2023 | 85,059 | 41 | 0.0% | -317 | 1,422 | -2,963 | S100TSH4 |
| FY ending Mar 2024 | 93,058 | 4,185 | 4.5% | 2,573 | 10,160 | 5,744 | S100W05O |
| FY ending Mar 2025 | 96,185 | 5,223 | 5.4% | 3,150 | 7,346 | 4,586 | S100YE7I |
| FY ending Mar 2026 | 102,773 | 6,561 | 6.4% | 4,587 | 9,221 | 4,685 | S100YE7I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.7M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 1,370 | 1,399 | 1,410 | 1,362 | 1,323 |
| Average salary (parent company) | ¥6.6M | ¥6.4M | ¥6.4M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 42.2 years | 42.5 years | 41.9 years | 41.7 years | 41.6 years |
| Average tenure (parent company) | 16.0 years | 16.1 years | 15.0 years | 14.6 years | 14.3 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DomesticMOS Burger Business | 83,993 | 81.7% | 7,876 | 9.4% |
| Overseas Business | 15,477 | 15.1% | 328 | 2.1% |
| Restaurant Business | 2,015 | 2.0% | -210 | -10.4% |
| Other business | 1,287 | 1.3% | 568 | 44.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| DomesticMOS Burger Business | 81.7% | 89.8% | 8.1 | 9.4% |
| Overseas Business | 15.1% | 3.7% | -11.3 | 2.1% |
| Restaurant Business | 2.0% | — | — | -10.4% |
| Other business | 1.3% | 6.5% | 5.2 | 44.1% |

Loss-making segment (excluded from profit shares): Restaurant Business -210 JPY mn

Segment → industry: Overseas Business → Fast Food & Quick Service / DomesticMOS Burger Business → Fast Food & Quick Service / Restaurant Business → Restaurants & Pubs / Restaurant Business → Cafés

## 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 | 9,221 | 9.0% | S100YE7I |
| Capital expenditure | 4,536 | 4.4% | S100YE7I |
| Free cash flow | 4,685 | 4.6% | 算出 |
| Investing cash flow | -3,206 | -3.1% | S100YE7I |
| Financing cash flow | -3,530 | -3.4% | S100YE7I |
| Dividends paid | 940 | 0.9% | S100YE7I |
| Share buyback | 84 | 0.1% | S100YE7I |
| Change in cash | 2,390 | 2.3% | S100YE7I |
| Cash and equivalents | 27,678 | 26.9% | S100YE7I |

## 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 | 19,746 | 19,031 | 23,155 | 25,287 | 27,678 | S100TSH4, S100W05O, S100YE7I |
| Total assets | 69,602 | 74,479 | 79,711 | 80,576 | 87,342 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Net assets | 48,576 | 48,091 | 52,086 | 54,326 | 59,620 | S100TSH4, S100W05O, S100YE7I |
| Share capital | 11,412 | 11,412 | 11,412 | 11,412 | 11,412 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Property, plant and equipment | 11,138 | 13,289 | 13,305 | 11,969 | 13,572 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Intangible assets excluding goodwill | 2,163 | 2,555 | 2,350 | 2,211 | 3,070 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Investment securities | 14,031 | 13,300 | 15,267 | 9,645 | 9,858 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Current assets | 32,908 | 35,771 | 39,773 | 43,730 | 47,303 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Current liabilities | 15,625 | 17,521 | 18,673 | 19,385 | 20,731 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Trade payables | 5,139 | 5,378 | 5,650 | 5,895 | 5,912 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Short-term borrowings | — | 86 | 92 | 295 | — | S100TSH4, S100W05O, S100YE7I |
| Long-term borrowings | 38 | 3,631 | 2,899 | 2,160 | 1,440 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Total liabilities | 21,026 | 26,388 | 27,625 | 26,250 | 27,722 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Non-controlling interests | 252 | 235 | 256 | 279 | 545 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Equity attributable to owners of parent | 46,414 | 45,199 | 46,889 | 49,155 | 52,798 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Retained earnings | 25,726 | 24,470 | 26,168 | 28,411 | 32,059 | S100R5K6, S100TSH4, S100W05O, S100YE7I |
| Treasury stock | -1,747 | -1,773 | -1,750 | -1,788 | -1,821 | S100R5K6, S100TSH4, S100W05O, S100YE7I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YE7I |
| Property, plant and equipment | 16% | S100YE7I |
| Intangibles and goodwill | 3% | S100YE7I |
| Investment securities | 11% | S100YE7I |
| Other assets | 38% | S100YE7I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YE7I |
| Other liabilities | 25% | S100YE7I |
| Equity | 68% | S100YE7I |

### 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 | 69,602 | 74,479 | 79,711 | 80,576 | 87,342 |
| Equity | 48,576 | 48,091 | 52,086 | 54,326 | 59,620 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,746 | 19,031 | 23,155 | 25,287 | 27,678 |

## 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) | 13.2% | S100YE7I |
| Fixed assets ÷ total assets | 15.5% | S100YE7I |
| Goodwill ÷ parent equity | — | —, S100YE7I |

### 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) | 31.7% |
| Cash ÷ revenue | 26.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.5% |
| Cash vs. profit gap | 4,634 JPY mn (of net income 101.0%) |
| Shareholder returns / net income | 22.3% |
| Shareholder returns / FCF | 21.9% |
| Shareholder payments — dividends / net income | 20.5% |
| Shareholder payments — dividends / FCF | 20.1% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 34.8% |

## 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 | 4.4% | 1.13× | 4.9% | 1.50× | 7.4% | S100R5K6 |
| 2023 | — | —× | -0.4% | —× | — | S100TSH4 |
| 2024 | 2.8% | 1.21× | 3.3% | 1.67× | 5.6% | S100W05O |
| 2025 | 3.3% | 1.20× | 3.9% | 1.67× | 6.6% | S100YE7I |
| 2026 | 4.5% | 1.22× | 5.5% | 1.65× | 9.0% | S100YE7I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 8.6% | 2026-03-31 |
| 紅梅食品工業株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社ダスキン | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社ニットー | Major shareholder | 3.9% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 3.9% | 2026-03-31 |
| 山崎製パン株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.7% | 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 | 1.2% | 2026-03-31 |
| モスフードサービス協力会社持株会 | Major shareholder | 1.0% | 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 | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YE7I | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE7I,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W05O | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W05O,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TSH4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSH4,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R5K6 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5K6,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OJ57 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ57,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LL8D | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL8D,, |

## 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).