# OHSHO FOOD SERVICE CORP.: 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52期(2025/04/01－2026/03/31) (S100YHJQ)
> Page: https://vizora.meequs.com/en/company/ohsho-food-service
> Retrieved: 2026-09-30T21:13:23.471Z

## Company

Ohsho Food Service, founded in 1974, is a company in Restaurants & Pubs listed on TSE Prime. It has 2,501 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OHSHO FOOD SERVICE CORP. |
| Ticker | 9936 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9936.T) |
| Listing | TSE Prime |
| Head office | 京都市山科区西野山射庭ノ上町294番地の1 (上記は、登記上の本店所在地であり、本社事務は、下記の最寄りの連絡場所で行っております。) |
| Representative (per filing) | 代表取締役社長 渡邊 直人 |
| Founded | Jul 1974 |
| Share capital | ¥8.17B |
| Employees (consolidated) | 2,501 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.ohsho.co.jp (https://www.ohsho.co.jp/) |
| Corporate number | 3130001012441 |
| EDINET | E03193 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YHJQ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.5 | 56 |
| Profitability | 94.7 | 66 |
| Cash conversion | 15.5 | 55 |
| Efficiency | 35.6 | 66 |

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)

- Ohsho Food Service brought in ¥116.8B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit -4.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥116838000000 → ¥7470000000
- Net income → operating cash flow: ¥7470000000 → ¥10709000000（difference ¥3239000000）
- Main uses of operating cash flow: CapEx ¥4356000000 / dividends ¥3048000000 / buybacks ¥14490000000
- Change in cash: ¥-13592000000
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 | ¥116.8B |  |
| Operating income | ¥10.4B | Margin 8.9% |
| Net income | ¥7.47B | Margin 6.4% |
| Free cash flow | ¥6.35B |  |
| Employees (consolidated) | 2,501 |  |
| EPS | ¥139.91 |  |
| Book value per share | ¥1220.41 |  |
| Equity ratio | 76.5% |  |
| Shares outstanding | 64,858,000 |  |
| Treasury shares | 12,327,400 |  |
| Shareholders | 69,782 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 28.8% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | +5 pp | Restaurants & Pubs |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 4.8× dividends
- FY2026, parent-company salary changed +26% over five years
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80616000000 | ¥116838000000 | +44.9% |
| Operating income | ¥6073000000 | ¥10410000000 | +71.4% |
| Operating margin | 7.5% | 8.9% | +1.4 pp |
| Employees | 2,256 people | 2,501 people | +10.9% |
| Cash and equivalents | ¥39590000000 | ¥24527000000 | -38.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 116,838 | 100.0% | S100YHJQ |
| Cost of revenue | 37,922 | 32.5% | S100YHJQ |
| Gross profit | 78,916 | 67.5% | S100YHJQ |
| SG&A | 68,505 | 58.6% | S100YHJQ |
| Operating income | 10,410 | 8.9% | S100YHJQ |
| Ordinary income | 10,702 | 9.2% | S100YHJQ |
| Pretax income | 10,583 | 9.1% | S100YHJQ |
| Income tax | 3,112 | 2.7% | S100YHJQ |
| Net income | 7,470 | 6.4% | S100YHJQ |
| Net income attributable to owners | 7,470 | 6.4% | S100YHJQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 59 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 67.5% → Operating margin 8.9% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.2%; Core profit growth: -4.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.87×
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 | 111,033 | 116,838 | 5,805 | +5.2% |
| Gross profit | 75,602 | 78,916 | 3,314 | +4.4% |
| Operating income | 10,904 | 10,410 | -494 | -4.5% |
| Net income attributable to owners | 8,071 | 7,470 | -601 | -7.4% |
| Operating cash flow | 11,215 | 10,709 | -506 | -4.5% |
| Free cash flow | 7,035 | 6,353 | -682 | -9.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 85,571 | 7,698 | 9.0% | 5,311 | 7,736 | 5,493 | S100LPMX |
| FY ending Mar 2021 | 80,616 | 6,073 | 7.5% | 4,287 | 5,824 | 2,632 | S100OEX1 |
| FY ending Mar 2022 | 84,775 | 6,959 | 8.2% | 8,807 | 13,596 | 11,040 | S100R48Q |
| FY ending Mar 2023 | 93,022 | 7,981 | 8.6% | 6,213 | 7,325 | 4,119 | S100TS1T |
| FY ending Mar 2024 | 101,401 | 10,286 | 10.1% | 7,911 | 12,217 | 8,735 | S100W2HP |
| FY ending Mar 2025 | 111,033 | 10,904 | 9.8% | 8,071 | 11,215 | 7,035 | S100YHJQ |
| FY ending Mar 2026 | 116,838 | 10,410 | 8.9% | 7,470 | 10,709 | 6,353 | S100YHJQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.7M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3M |

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) | 2,292 | 2,254 | 2,290 | 2,370 | 2,501 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.5M | ¥5.8M | ¥6.6M |
| Average age (parent company) | 36.2 years | 36.7 years | 36.8 years | 37.3 years | 37.1 years |
| Average tenure (parent company) | 10.8 years | 11.3 years | 11.4 years | 11.4 years | 11.3 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +5.2%

## 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 | 10,709 | 9.2% | S100YHJQ |
| Capital expenditure | 4,356 | 3.7% | S100YHJQ |
| Free cash flow | 6,353 | 5.4% | 算出 |
| Investing cash flow | -4,774 | -4.1% | S100YHJQ |
| Financing cash flow | -19,538 | -16.7% | S100YHJQ |
| Dividends paid | 3,048 | 2.6% | S100YHJQ |
| Share buyback | 14,490 | 12.4% | S100YHJQ |
| Change in cash | -13,592 | -11.6% | S100YHJQ |
| Cash and equivalents | 24,527 | 21.0% | S100YHJQ |

## 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 | 37,440 | 32,029 | 36,296 | 38,120 | 24,527 | S100TS1T, S100W2HP, S100YHJQ |
| Total assets | 89,405 | 84,103 | 91,462 | 96,632 | 85,087 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Net assets | 59,098 | 62,770 | 68,635 | 74,238 | 65,069 | S100TS1T, S100W2HP, S100YHJQ |
| Share capital | 8,166 | 8,166 | 8,166 | 8,166 | 8,166 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Property, plant and equipment | 36,228 | 36,129 | 37,750 | 39,596 | 40,426 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Intangible assets excluding goodwill | 232 | 197 | 145 | 318 | 531 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Investment securities | 4,096 | 3,855 | 4,166 | 4,894 | 4,447 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Current assets | 40,880 | 35,869 | 40,607 | 43,092 | 29,833 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Current liabilities | 25,446 | 12,624 | 14,975 | 16,011 | 15,606 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Long-term borrowings | 3,151 | 7,000 | 5,000 | 3,000 | 1,000 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Total liabilities | 30,307 | 21,333 | 22,827 | 22,394 | 20,017 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Equity attributable to owners of parent | 59,673 | 63,561 | 68,129 | 73,516 | 64,269 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Retained earnings | 52,860 | 56,630 | 61,096 | 66,344 | 64,667 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |
| Treasury stock | -10,669 | -10,629 | -10,593 | -10,556 | -17,591 | S100R48Q, S100TS1T, S100W2HP, S100YHJQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YHJQ |
| Property, plant and equipment | 47% | S100YHJQ |
| Intangibles and goodwill | 1% | S100YHJQ |
| Investment securities | 5% | S100YHJQ |
| Other assets | 18% | S100YHJQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YHJQ |
| Equity | 76% | S100YHJQ |
| Other liabilities | 0% | S100YHJQ |

### 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 | 89,405 | 84,103 | 91,462 | 96,632 | 85,087 |
| Equity | 59,098 | 62,770 | 68,635 | 74,238 | 65,069 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,440 | 32,029 | 36,296 | 38,120 | 24,527 |

## 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) | 34.6% | S100YHJQ |
| Fixed assets ÷ total assets | 47.5% | S100YHJQ |
| Goodwill ÷ parent equity | — | —, S100YHJQ |

### 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) | 28.8% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.9% |
| Cash vs. profit gap | 3,239 JPY mn (of net income 43.4%) |
| Shareholder returns / net income | 234.8% |
| Shareholder returns / FCF | 276.1% |
| Shareholder payments — dividends / net income | 40.8% |
| Shareholder payments — dividends / FCF | 48.0% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 44.6% |

## 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 | 10.4% | 0.95× | 9.9% | 1.50× | 14.8% | S100R48Q |
| 2023 | 6.7% | 1.07× | 7.2% | 1.41× | 10.1% | S100TS1T |
| 2024 | 7.8% | 1.16× | 9.0% | 1.33× | 12.0% | S100W2HP |
| 2025 | 7.3% | 1.18× | 8.6% | 1.33× | 11.4% | S100YHJQ |
| 2026 | 6.4% | 1.29× | 8.2% | 1.32× | 10.8% | S100YHJQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アサヒビール株式会社 | Major shareholder | 11.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.8% | 2026-03-31 |
| アリアケジャパン株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| 加藤 梅子 | Major shareholder | 3.5% | 2026-03-31 |
| 加藤 ひろみ | Major shareholder | 3.4% | 2026-03-31 |
| 公益財団法人 加藤朝雄国際奨学財団 | Major shareholder | 3.0% | 2026-03-31 |
| 王将フードサービス取引先持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 加藤 貴司 | Major shareholder | 1.5% | 2026-03-31 |
| 吉田 英里 | Major shareholder | 1.5% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YHJQ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJQ,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W2HP | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2HP,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TS1T | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS1T,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R48Q | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R48Q,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OEX1 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEX1,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LPMX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPMX,, |

## 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).