# Okamura Foods Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/07/01－2026/06/30) (S100Z3GH)
> Page: https://vizora.meequs.com/en/company/okamura-foods
> Retrieved: 2026-09-30T20:33:19.632Z

## Company

Okamura Foods, founded in 1971, is a company in Fisheries listed on TSE Standard. It has 902 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Okamura Foods Co.,Ltd. |
| Ticker | 2938 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2938.T) |
| Listing | TSE Standard |
| Head office | 青森県青森市八重田一丁目6番11号 |
| Representative (per filing) | 代表取締役社長兼CEO 岡村 恒一 |
| Founded | Aug 1971 |
| Share capital | ¥1.26B |
| Employees (consolidated) | 902 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | June |
| Website | www.okamurashokuhin.co.jp (https://www.okamurashokuhin.co.jp/) |
| Corporate number | 2420001000582 |
| EDINET | E38979 |
| Industries (Vizora) | Fisheries |

> Profile source: annual securities report (S100Z3GH, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Profitability | 95.5 | 11 |
| Cash conversion | 4.5 | 11 |
| Efficiency | 4.5 | 11 |

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 36% of Okamura Foods's sales come from Overseas wholesaling, with Domestic processing and Overseas processing making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +20.9% from the prior year, operating profit +28.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥42.7B |  |
| Operating income | ¥3.87B | Margin 9.1% |
| Net income | ¥2.78B | Margin 6.5% |
| Free cash flow | -¥11B |  |
| Largest business | Overseas wholesaling | of segment revenue 35.7% |
| Employees (consolidated) | 902 |  |
| EPS | ¥25.88 |  |
| Diluted EPS | ¥25.33 |  |
| Book value per share | ¥191.99 |  |
| Equity ratio | 32.5% |  |
| Shares outstanding | 50,311,340 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 31,226 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 8.7% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | +5.8 pp | Fisheries |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 26 points

## What changed in 4 years

| Metric | FY ending Jun 2022 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24100000000 | ¥42726000000 | +77.3% |
| Operating income | ¥2961000000 | ¥3873000000 | +30.8% |
| Operating margin | 12.3% | 9.1% | -3.2 pp |
| Employees | 600 people | 902 people | +50.3% |
| Cash and equivalents | ¥1961000000 | ¥5246000000 | +167.5% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 養殖事業 → 養殖事業 | 15.4% |
| 国内加工事業 → 国内加工事業 | 24.6% |
| 国内加工事業 → 事業再編・廃止 | 10.3% |
| 海外加工事業 → 海外加工事業 | 22.0% |
| 海外加工事業 → 事業再編・廃止 | 7.0% |
| 海外卸売事業 → 海外卸売事業 | 20.7% |
| 新設・再編 → 養殖事業 | 2.2% |
| 新設・再編 → 海外卸売事業 | 15.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas wholesaling | 4 years | +32.3% | ¥15271000000 | 6.8% | 2 |
| Domestic processing | 4 years | +5.8% | ¥10505000000 | 24.8% | 2 |
| Overseas processing | 4 years | +7.7% | ¥9418000000 | 7.4% | 2 |
| Culture enterprise | 4 years | +19.4% | ¥7529000000 | 10.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,726 | 100.0% | S100Z3GH |
| Cost of revenue | 33,355 | 78.1% | S100Z3GH |
| Gross profit | 9,370 | 21.9% | S100Z3GH |
| SG&A | 5,497 | 12.9% | S100Z3GH |
| Operating income | 3,873 | 9.1% | S100Z3GH |
| Ordinary income | 4,056 | 9.5% | S100Z3GH |
| Pretax income | 4,096 | 9.6% | S100Z3GH |
| Income tax | 1,313 | 3.1% | S100Z3GH |
| Net income | 2,782 | 6.5% | S100Z3GH |
| Net income attributable to owners | 2,782 | 6.5% | S100Z3GH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 21.9% → Operating margin 9.1% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.9%; Core profit growth: +28.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.35×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,345 | 42,726 | 7,381 | +20.9% |
| Gross profit | 7,394 | 9,370 | 1,976 | +26.7% |
| Operating income | 3,021 | 3,873 | 852 | +28.2% |
| Net income attributable to owners | 2,020 | 2,782 | 762 | +37.7% |
| Operating cash flow | 3,536 | -8,264 | -11,800 | -333.7% |
| Free cash flow | 1,552 | -10,996 | -12,548 | -808.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 24,100 | 2,961 | 12.3% | 2,249 | -863 | -2,536 | S100RXR0 |
| FY ending Jun 2023 | 28,939 | 3,187 | 11.0% | 2,389 | -1,141 | -3,267 | S100UDXP |
| FY ending Jun 2024 | 32,665 | 2,548 | 7.8% | 1,968 | 277 | -2,061 | S100WQVV |
| FY ending Jun 2025 | 35,345 | 3,021 | 8.5% | 2,020 | 3,536 | 1,552 | S100Z3GH |
| FY ending Jun 2026 | 42,726 | 3,873 | 9.1% | 2,782 | -8,264 | -10,996 | S100Z3GH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 600 | 830 | 852 | 806 | 902 |
| Average salary (parent company) | — | ¥5.8M | ¥6.1M | ¥6.1M | ¥6.3M |
| Average age (parent company) | — | 39.5 years | 41.5 years | 39.1 years | 41.2 years |
| Average tenure (parent company) | — | 6.6 years | 6.6 years | 5.8 years | 6.4 years |

Year over year: Employees (consolidated) +11.9% · Revenue (consolidated) +20.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Culture enterprise | 7,529 | 17.6% | 772 | 10.3% |
| Domestic processing | 10,505 | 24.6% | 2,610 | 24.8% |
| Overseas processing | 9,418 | 22.0% | 700 | 7.4% |
| Overseas wholesaling | 15,271 | 35.7% | 1,044 | 6.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Culture enterprise | 17.6% | 15.1% | -2.6 | 10.3% |
| Domestic processing | 24.6% | 50.9% | 26.3 | 24.8% |
| Overseas processing | 22.0% | 13.7% | -8.4 | 7.4% |
| Overseas wholesaling | 35.7% | 20.4% | -15.4 | 6.8% |

Segment → industry: Overseas wholesaling → Fisheries / Overseas processing → Fisheries / Domestic processing → Fisheries / Culture enterprise → Fisheries

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -8,264 | -19.3% | S100Z3GH |
| Capital expenditure | 2,732 | 6.4% | S100Z3GH |
| Free cash flow | -10,996 | -25.7% | 算出 |
| Investing cash flow | -3,709 | -8.7% | S100Z3GH |
| Financing cash flow | 12,628 | 29.6% | S100Z3GH |
| Dividends paid | 355 | 0.8% | S100Z3GH |
| Change in cash | 831 | 1.9% | S100Z3GH |
| Cash and equivalents | 5,246 | 12.3% | S100Z3GH |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,961 | 2,061 | 4,833 | 4,415 | 5,246 | S100UDXP, S100WQVV, S100Z3GH |
| Total assets | 24,333 | 30,111 | 39,170 | 41,271 | 60,639 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Net assets | 7,447 | 9,968 | 14,151 | 16,043 | 19,719 | S100UDXP, S100WQVV, S100Z3GH |
| Share capital | 90 | 90 | 1,093 | 1,161 | 1,256 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Property, plant and equipment | 5,445 | 7,049 | 9,211 | 10,104 | 12,480 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Intangible assets excluding goodwill | 109 | 66 | 266 | 259 | 435 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Goodwill | 39 | — | — | — | — | S100RXR0 |
| Investment securities | 98 | 100 | 99 | 89 | 143 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Current assets | 18,457 | 22,581 | 29,249 | 30,327 | 46,920 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Current liabilities | 12,293 | 15,439 | 19,119 | 20,036 | 35,015 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Trade payables | 782 | 1,067 | 1,314 | 1,823 | 1,663 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Short-term borrowings | 6,832 | 10,132 | 12,558 | 11,696 | 24,292 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Long-term borrowings | 3,485 | 3,422 | 4,053 | 3,388 | 3,934 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Total liabilities | 16,885 | 20,143 | 25,019 | 25,228 | 40,919 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Non-controlling interests | — | — | — | — | 2 | S100Z3GH |
| Equity attributable to owners of parent | 7,557 | 9,890 | 13,668 | 15,532 | 18,149 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Retained earnings | 5,769 | 8,102 | 9,873 | 11,601 | 14,028 | S100RXR0, S100UDXP, S100WQVV, S100Z3GH |
| Treasury stock | — | — | 0 | 0 | 0 | S100WQVV, S100Z3GH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Z3GH |
| Property, plant and equipment | 20% | S100Z3GH |
| Intangibles and goodwill | 1% | S100Z3GH |
| Investment securities | 0% | S100Z3GH |
| Other assets | 70% | S100Z3GH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Z3GH |
| Other liabilities | 65% | S100Z3GH |
| Equity | 32% | S100Z3GH |
| Other liabilities | 0% | S100Z3GH |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,333 | 30,111 | 39,170 | 41,271 | 60,639 |
| Equity | 7,447 | 9,968 | 14,151 | 16,043 | 19,719 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,961 | 2,061 | 4,833 | 4,415 | 5,246 |

## 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) | 29.2% | S100Z3GH |
| Fixed assets ÷ total assets | 20.6% | S100Z3GH |
| Goodwill ÷ parent equity | — | —, S100Z3GH |

### 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) | 8.7% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -213.4% |
| Cash vs. profit gap | -11,046 JPY mn (of net income -397.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | — |

## 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 | 9.3% | 0.99× | 9.2% | 3.22× | 29.8% | S100RXR0 |
| 2023 | 8.3% | 1.06× | 8.8% | 3.12× | 27.4% | S100UDXP |
| 2024 | 6.0% | 0.94× | 5.7% | 2.94× | 16.7% | S100WQVV |
| 2025 | 5.7% | 0.88× | 5.0% | 2.75× | 13.8% | S100Z3GH |
| 2026 | 6.5% | 0.84× | 5.5% | 3.03× | 16.5% | S100Z3GH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オカムラ | Major shareholder | 35.4% | 2026-06-30 |
| 岡村恒一 | Major shareholder | 18.9% | 2026-06-30 |
| Steelhead Aps | Major shareholder | 4.7% | 2026-06-30 |
| 岡村直子 | Major shareholder | 3.0% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.9% | 2026-06-30 |
| 八木康次 | Major shareholder | 1.8% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2026-06-30 |
| 岡村大祐 | Major shareholder | 1.6% | 2026-06-30 |
| 岡村麻里 | Major shareholder | 1.6% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/07/01－2026/06/30) | S100Z3GH | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3GH,, |
| 有価証券報告書－第55期(2024/07/01－2025/06/30) | S100WQVV | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQVV,, |
| 有価証券報告書－第54期(2023/07/01－2024/06/30) | S100UDXP | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UDXP,, |
| 有価証券報告書－第53期(2022/07/01－2023/06/30) | S100RXR0 | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXR0,, |

## 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).