# NH Foods Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第81期(2025/04/01－2026/03/31) (S100YEEQ)
> Page: https://vizora.meequs.com/en/company/nh-foods
> Retrieved: 2026-09-30T17:46:19.565Z

## Company

NH Foods, founded in 1989, is a company in Meat Processing listed on TSE Prime. It has 15,790 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NH Foods Ltd. |
| Ticker | 2282 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2282.T) |
| Listing | TSE Prime |
| Head office | 大阪府大阪市北区梅田二丁目4番9号 |
| Representative (per filing) | 代表取締役社長 前田文男 |
| Founded | Oct 1989 |
| Share capital | ¥36.3B |
| Employees (consolidated) | 15,790 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.nipponham.co.jp (https://www.nipponham.co.jp/) |
| Corporate number | 6120001077615 |
| EDINET | E00334 |
| Industries (Vizora) | Meat Processing, Processed Foods, Professional Sports, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YEEQ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 11 |
| Efficiency | 20.8 | 12 |
| Financial strength | 50 | 3 |

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 67% of NH Foods's sales come from Fresh Meats Business Division, with Processed Foods Business Division and Ballpark Business Division making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.46T |  |
| Operating income | — | Margin — |
| Net income | ¥35.1B | Margin 2.4% |
| Free cash flow | — |  |
| Largest business | Fresh Meats Business Division | of segment revenue 67.3% |
| Employees (consolidated) | 15,790 |  |
| EPS | ¥361.13 |  |
| Book value per share | ¥2253.56 |  |
| Equity ratio | 53.8% | Derived from disclosed figures |
| Shares outstanding | 99,095,000 |  |
| Treasury shares | 4,862,900 |  |
| Shareholders | 44,430 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 6.9% | Net cash -¥159.9B · Cash ÷ revenue 4.7% |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, segment profit share differs by -21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1106351000000 | ¥1457391000000 | +31.7% |
| Employees | 17,168 people | 15,790 people | -8.0% |
| Cash and equivalents | ¥83831000000 | ¥68679000000 | -18.1% |

### 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 |
| --- | ---: |
| 加工事業本部 → 加工事業本部 | 30.8% |
| 加工事業本部 → 事業再編・廃止 | 8.9% |
| 食肉事業本部 → 食肉事業本部 | 50.7% |
| 海外事業本部 → 事業再編・廃止 | 9.6% |
| 新設・再編 → 食肉事業本部 | 16.6% |
| 新設・再編 → ボールパーク事業 | 1.9% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fresh Meats Business Division | 5 years | +10.6% | ¥979609000000 | 6.3% | 2 |
| Processed Foods Business Division | 5 years | -0.7% | ¥448366000000 | 1.6% | 2 |
| Ballpark Business Division | 2 years | +16.2% | ¥27785000000 | 19.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,457,391 | 100.0% | S100YEEQ |
| Cost of revenue | 1,206,807 | 82.8% | S100YEEQ |
| Gross profit | 250,584 | 17.2% | 算出 |
| SG&A | 192,984 | 13.2% | S100YEEQ |
| Pretax income | 54,545 | 3.7% | S100YEEQ |
| Income tax | 17,627 | 1.2% | S100YEEQ |
| Net income | 36,918 | 2.5% | S100YEEQ |
| Net income attributable to owners | 35,066 | 2.4% | S100YEEQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 13 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.2% → Net margin 2.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,370,553 | 1,457,391 | 86,838 | +6.3% |
| Gross profit | 220,383 | 250,584 | 30,201 | +13.7% |
| Net income attributable to owners | 26,585 | 35,066 | 8,481 | +31.9% |
| Operating cash flow | 77,441 | 82,344 | 4,903 | +6.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,202,293 | — | — | 35,004 | 65,254 | — | S100LME5 |
| FY ending Mar 2018 | 1,269,201 | — | — | 37,552 | 53,284 | — | S100OV5A |
| FY ending Mar 2019 | 1,234,180 | — | — | 19,561 | 30,844 | — | S100R1UE |
| FY ending Mar 2020 | 1,229,826 | — | — | 19,214 | 65,464 | — | S100LME5 |
| FY ending Mar 2021 | 1,106,351 | — | — | 32,616 | 82,518 | — | S100OV5A |
| FY ending Mar 2022 | 1,151,886 | — | — | 48,049 | 33,387 | — | S100R1UE |
| FY ending Mar 2023 | 1,259,792 | — | — | 16,637 | 11,331 | — | S100TOJ7 |
| FY ending Mar 2024 | 1,303,432 | — | — | 28,078 | 86,586 | — | S100VYMP |
| FY ending Mar 2025 | 1,370,553 | — | — | 26,585 | 77,441 | — | S100YEEQ |
| FY ending Mar 2026 | 1,457,391 | — | — | 35,066 | 82,344 | — | S100YEEQ |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.3M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 16,192 | 16,064 | 15,429 | 15,732 | 15,790 |
| Average salary (parent company) | ¥8.5M | ¥8.5M | ¥8.2M | ¥8.6M | ¥8.8M |
| Average age (parent company) | 39.6 years | 41.7 years | 41.4 years | 40.4 years | 40.1 years |
| Average tenure (parent company) | 17.8 years | 17.7 years | 17.3 years | 15.8 years | 15.4 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +6.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Processed Foods Business Division | 448,366 | 30.8% | 7,183 | 1.6% |
| Fresh Meats Business Division | 979,609 | 67.3% | 61,296 | 6.3% |
| Ballpark Business Division | 27,785 | 1.9% | 5,418 | 19.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Processed Foods Business Division | 30.8% | 9.7% | -21.1 | 1.6% |
| Fresh Meats Business Division | 67.3% | 82.9% | 15.7 | 6.3% |
| Ballpark Business Division | 1.9% | 7.3% | 5.4 | 19.5% |

Segment → industry: Fresh Meats Business Division → Meat Processing / Processed Foods Business Division → Meat Processing / Processed Foods Business Division → Processed Foods / Ballpark Business Division → Professional Sports / Ballpark Business Division → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 82,344 | 5.7% | S100YEEQ |
| Investing cash flow | -34,044 | -2.3% | S100YEEQ |
| Financing cash flow | -56,004 | -3.8% | S100YEEQ |
| Share buyback | 30,007 | 2.1% | S100YEEQ |
| Change in cash | -2,878 | -0.2% | S100YEEQ |
| Cash and equivalents | 68,679 | 4.7% | S100YEEQ |

## 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 | 85,374 | 64,986 | 65,465 | 71,557 | 68,679 | S100TOJ7, S100VYMP, S100YEEQ |
| Total assets | 909,213 | 937,155 | 958,237 | 949,272 | 997,477 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Net assets | 489,554 | 502,781 | 539,202 | 537,072 | 551,692 | S100TOJ7, S100VYMP, S100YEEQ |
| Share capital | 36,294 | 36,294 | 36,294 | 36,294 | 36,294 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Property, plant and equipment | 345,022 | 364,381 | 375,211 | 375,048 | 376,092 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Goodwill | 201 | 201 | 206 | 4,460 | 4,763 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Current assets | 414,306 | 428,018 | 423,430 | 406,308 | 438,302 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Interest-bearing debt | 211,407 | 242,055 | 214,852 | 223,902 | 228,548 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Total liabilities | 419,659 | 434,374 | 419,035 | 412,200 | 445,785 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Equity attributable to owners of parent | 479,069 | 492,913 | 527,503 | 524,293 | 536,940 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Retained earnings | 360,900 | 369,389 | 390,305 | 387,789 | 414,070 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |
| Treasury stock | -2,856 | -2,057 | -1,403 | -776 | -30,542 | S100R1UE, S100TOJ7, S100VYMP, S100YEEQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YEEQ |
| Property, plant and equipment | 38% | S100YEEQ |
| Intangibles and goodwill | 0% | — |
| Other assets | 55% | S100YEEQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 23% | S100YEEQ |
| Other liabilities | 22% | S100YEEQ |
| Equity | 55% | S100YEEQ |

### 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 | 909,213 | 937,155 | 958,237 | 949,272 | 997,477 |
| Equity | 489,554 | 502,781 | 539,202 | 537,072 | 551,692 |
| Interest-bearing debt | 211,407 | 242,055 | 214,852 | 223,902 | 228,548 |
| Cash | 85,374 | 64,986 | 65,465 | 71,557 | 68,679 |

## 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) | 25.8% | S100YEEQ |
| Fixed assets ÷ total assets | 37.7% | S100YEEQ |
| Goodwill ÷ parent equity | 0.9% | S100YEEQ |

Goodwill over 4 years: 201 → 4,763 JPY; total investing cash flow: -202,499 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) | 6.9% |
| Cash ÷ revenue | 4.7% |
| Net cash (cash − interest-bearing debt) | -¥159.9B |
| Net debt ÷ operating cash flow | 1.94× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 47,278 JPY mn (of net income 134.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 41.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.2% | 1.27× | 5.3% | 1.90× | 10.0% | S100R1UE |
| 2023 | 1.3% | 1.36× | 1.8% | 1.90× | 3.4% | S100TOJ7 |
| 2024 | 2.2% | 1.38× | 3.0% | 1.86× | 5.5% | S100VYMP |
| 2025 | 1.9% | 1.44× | 2.8% | 1.81× | 5.1% | S100YEEQ |
| 2026 | 2.4% | 1.50× | 3.6% | 1.83× | 6.6% | S100YEEQ |

## 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 | 19.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.6% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001(常任代理人株式会社みずほ銀行) | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社百十四銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 共栄火災海上保険株式会社 | 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) | Major shareholder | 1.5% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.46T, up +6.3% from ¥1.37T the year before.
- Profit grew faster than sales: gross profit rose +13.7% to ¥250.6B, and net income attributable to owners rose +31.9% to ¥35.1B.
- Operating cash flow also increased, from ¥77.4B to ¥82.3B.

### Drivers

- In the meat business, higher sales volumes of Japanese chicken and Australian beef, plus passing higher costs on to prices, lifted revenue
- Rising domestic chicken prices helped the farming side earn more, and Australian beef sold well both in Australia and abroad
- Record attendance at Fighters games, helped by a strong team season, raised ticket, merchandise and food income in the ballpark business
- On the other hand, the processed foods division earned less, as first-half sales volumes fell and factories ran below capacity

### Risks

- A drawn-out Middle East conflict could push oil prices up further, raising fuel, material and shipping costs
- Swings in meat and feed prices, and livestock diseases such as bird flu or swine fever, could disrupt supply and hurt results
- US trade policy raises concerns about a slowdown in the world economy

Cited: Annual Securities Report, 81st fiscal year (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 (MD&A)); Annual Securities Report, 81st fiscal year (Apr 2025 – Mar 2026) (事業等のリスク (Business risks))

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YEEQ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEEQ,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100VYMP | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYMP,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TOJ7 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOJ7,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R1UE | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1UE,, |
| 訂正有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OV5A | 2022-08-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OV5A,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LME5 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LME5,, |

## 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).