# NATORI 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78期(2025/04/01－2026/03/31) (S100YJ2U)
> Page: https://vizora.meequs.com/en/company/natori
> Retrieved: 2026-09-30T18:30:15.159Z

## Company

Natori, founded in 1948, is a company in Processed Foods listed on TSE Prime. It has 815 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NATORI CO., LTD. |
| Ticker | 2922 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2922.T) |
| Listing | TSE Prime |
| Head office | 東京都北区王子5丁目5番1号 |
| Representative (per filing) | 代表取締役会長兼社長 名取三郎 |
| Founded | Jun 1948 |
| Share capital | ¥1.98B |
| Employees (consolidated) | 815 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.natori.co.jp (https://www.natori.co.jp/) |
| Corporate number | 9011501003449 |
| EDINET | E00506 |
| Industries (Vizora) | Processed Foods, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJ2U, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 56 |
| Profitability | 49.2 | 60 |
| Cash conversion | 25.4 | 57 |
| Efficiency | 52.5 | 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 99% of Natori's sales come from Grocery manufacturing and selling business, with Real estate rent business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit -4.0%.

## Company structure

- Segment revenue mix: Grocery manufacturing and selling business 99.1%、Real estate rent business 0.9%
- Revenue → net income: ¥48584809000 → ¥1342595000
- Net income → operating cash flow: ¥1342595000 → ¥1675026000（difference ¥332431000）
- Main uses of operating cash flow: CapEx ¥464117000 / dividends ¥314548000 / buybacks ¥200000
- Change in cash: ¥-3686000
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 | ¥48.6B |  |
| Operating income | ¥1.89B | Margin 3.9% |
| Net income | ¥1.34B | Margin 2.8% |
| Free cash flow | ¥1.21B |  |
| Largest business | Grocery manufacturing and selling business | of segment revenue 99.1% |
| Employees (consolidated) | 815 |  |
| EPS | ¥104.95 |  |
| Book value per share | ¥1958.59 |  |
| Equity ratio | 65.0% |  |
| Shares outstanding | 15,032,209 |  |
| Treasury shares | 2,449,700 |  |
| Shareholders | 40,509 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | -0.1 pp | Processed Foods |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49041008000 | ¥48584809000 | -0.9% |
| Operating income | ¥2253639000 | ¥1890547000 | -16.1% |
| Operating margin | 4.6% | 3.9% | -0.7 pp |
| Employees | 878 people | 815 people | -7.2% |
| Cash and equivalents | ¥3341862000 | ¥4215279000 | +26.1% |

### 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 |
| --- | ---: |
| 食品製造販売事業 → 食品製造販売事業 | 99.1% |
| 食品製造販売事業 → 事業再編・廃止 | 0.2% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.7% |
| 新設・再編 → 不動産賃貸事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,585 | 100.0% | S100YJ2U |
| Cost of revenue | 38,235 | 78.7% | S100YJ2U |
| Gross profit | 10,350 | 21.3% | S100YJ2U |
| SG&A | 8,459 | 17.4% | S100YJ2U |
| Operating income | 1,891 | 3.9% | S100YJ2U |
| Ordinary income | 1,929 | 4.0% | S100YJ2U |
| Pretax income | 1,959 | 4.0% | S100YJ2U |
| Income tax | 616 | 1.3% | S100YJ2U |
| Net income | 1,343 | 2.8% | S100YJ2U |
| Net income attributable to owners | 1,343 | 2.8% | S100YJ2U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.3% → Operating margin 3.9% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.6%; Core profit growth: -4.0%
Operating leverage (core profit growth ÷ revenue growth): 6.31×
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 | 48,893 | 48,585 | -308 | -0.6% |
| Gross profit | 10,311 | 10,350 | 39 | +0.4% |
| Operating income | 1,969 | 1,891 | -78 | -4.0% |
| Net income attributable to owners | 1,352 | 1,343 | -9 | -0.7% |
| Operating cash flow | 342 | 1,675 | 1,333 | +389.6% |
| Free cash flow | -167 | 1,211 | 1,378 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,974 | 1,550 | 3.2% | 1,106 | 1,323 | 725 | S100LUEF |
| FY ending Mar 2021 | 49,041 | 2,254 | 4.6% | 1,737 | 3,305 | 2,903 | S100OM23 |
| FY ending Mar 2022 | 45,095 | 2,272 | 5.0% | 1,557 | 3,670 | 1,617 | S100RAG7 |
| FY ending Mar 2023 | 45,094 | 622 | 1.4% | 407 | -1,331 | -1,923 | S100TVQ4 |
| FY ending Mar 2024 | 47,579 | 2,125 | 4.5% | 1,400 | 6,480 | 5,622 | S100W4BA |
| FY ending Mar 2025 | 48,893 | 1,969 | 4.0% | 1,352 | 342 | -167 | S100YJ2U |
| FY ending Mar 2026 | 48,585 | 1,891 | 3.9% | 1,343 | 1,675 | 1,211 | S100YJ2U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.6M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 877 | 863 | 826 | 812 | 815 |
| Average salary (parent company) | ¥5.3M | ¥5.2M | ¥5.6M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 40.3 years | 40.7 years | 40.6 years | 40.6 years | 40.4 years |
| Average tenure (parent company) | 16.7 years | 17.1 years | 17.0 years | 17.1 years | 17.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery manufacturing and selling business | 48,155 | 99.1% | 1,587 | 3.3% |
| Real estate rent business | 430 | 0.9% | 303 | 70.5% |

### 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 manufacturing and selling business | 99.1% | 84.0% | -15.2 | 3.3% |
| Real estate rent business | 0.9% | 16.0% | 15.2 | 70.5% |

Segment → industry: Grocery manufacturing and selling business → Processed Foods / Real estate rent 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 | 1,675 | 3.4% | S100YJ2U |
| Capital expenditure | 464 | 1.0% | S100YJ2U |
| Free cash flow | 1,211 | 2.5% | 算出 |
| Investing cash flow | -487 | -1.0% | S100YJ2U |
| Financing cash flow | -1,192 | -2.5% | S100YJ2U |
| Dividends paid | 315 | 0.6% | S100YJ2U |
| Share buyback | 0 | 0.0% | S100YJ2U |
| Change in cash | -4 | -0.0% | S100YJ2U |
| Cash and equivalents | 4,215 | 8.7% | S100YJ2U |

## 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 | 4,589 | 1,714 | 5,789 | 4,219 | 4,215 | S100TVQ4, S100W4BA, S100YJ2U |
| Total assets | 41,389 | 40,024 | 43,439 | 41,573 | 42,585 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Net assets | 23,406 | 23,582 | 25,075 | 26,213 | 27,678 | S100TVQ4, S100W4BA, S100YJ2U |
| Share capital | 1,975 | 1,975 | 1,975 | 1,975 | 1,975 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Property, plant and equipment | 19,335 | 18,053 | 16,945 | 16,795 | 16,665 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Intangible assets excluding goodwill | 349 | 747 | 917 | 950 | 930 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Investment securities | 1,210 | 1,298 | 1,924 | 2,094 | 2,736 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Current assets | 19,422 | 18,786 | 22,876 | 20,975 | 21,520 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Current liabilities | 12,311 | 11,782 | 14,658 | 11,853 | 11,342 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Trade payables | 4,365 | 3,874 | 5,635 | 4,647 | — | S100RAG7, S100TVQ4, S100W4BA |
| Short-term borrowings | 2,229 | 3,208 | 3,187 | 2,566 | 2,545 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Long-term borrowings | 2,599 | 2,108 | 1,638 | 1,168 | 898 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Total liabilities | 17,983 | 16,443 | 18,364 | 15,360 | 14,907 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Equity attributable to owners of parent | 22,945 | 23,076 | 24,199 | 25,249 | 26,277 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Retained earnings | 20,776 | 20,906 | 22,030 | 23,080 | 24,108 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |
| Treasury stock | -2,096 | -2,096 | -2,096 | -2,096 | -2,097 | S100RAG7, S100TVQ4, S100W4BA, S100YJ2U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YJ2U |
| Property, plant and equipment | 39% | S100YJ2U |
| Intangibles and goodwill | 2% | S100YJ2U |
| Investment securities | 7% | S100YJ2U |
| Other assets | 42% | S100YJ2U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YJ2U |
| Equity | 65% | S100YJ2U |
| Other liabilities | 0% | S100YJ2U |

### 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 | 41,389 | 40,024 | 43,439 | 41,573 | 42,585 |
| Equity | 23,406 | 23,582 | 25,075 | 26,213 | 27,678 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,589 | 1,714 | 5,789 | 4,219 | 4,215 |

## 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) | 34.3% | S100YJ2U |
| Fixed assets ÷ total assets | 39.1% | S100YJ2U |
| Goodwill ÷ parent equity | — | —, S100YJ2U |

### 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) | 9.9% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.6% |
| Cash vs. profit gap | 332 JPY mn (of net income 24.8%) |
| Shareholder returns / net income | 23.4% |
| Shareholder returns / FCF | 26.0% |
| Shareholder payments — dividends / net income | 23.4% |
| Shareholder payments — dividends / FCF | 26.0% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 29.1% |

## 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 | 3.5% | 1.09× | 3.8% | 1.80× | 6.8% | S100RAG7 |
| 2023 | 0.9% | 1.11× | 1.0% | 1.77× | 1.8% | S100TVQ4 |
| 2024 | 2.9% | 1.14× | 3.4% | 1.77× | 5.9% | S100W4BA |
| 2025 | 2.8% | 1.15× | 3.2% | 1.72× | 5.5% | S100YJ2U |
| 2026 | 2.8% | 1.15× | 3.2% | 1.63× | 5.2% | S100YJ2U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.4% | 2026-03-31 |
| なとり取引先持株会 | Major shareholder | 5.2% | 2026-03-31 |
| 名 取 三 郎 | Major shareholder | 3.5% | 2026-03-31 |
| 名 取 晟一郎 | Major shareholder | 3.5% | 2026-03-31 |
| 有限会社エヌアンドエフ | Major shareholder | 3.4% | 2026-03-31 |
| なとり社員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社テイーエヌコーポレーション | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.1% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YJ2U | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ2U,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W4BA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4BA,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TVQ4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVQ4,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100RAG7 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAG7,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OM23 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM23,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LUEF | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUEF,, |

## 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).