# OKUWA CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/02/21－2026/02/20) (S100Y362)
> Page: https://vizora.meequs.com/en/company/okuwa
> Retrieved: 2026-09-30T20:26:16.092Z

## Company

Okuwa, founded in 1969, is a company in Supermarkets listed on TSE Prime. It has 2,068 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKUWA CO., LTD. |
| Ticker | 8217 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8217.T) |
| Listing | TSE Prime |
| Head office | 和歌山県和歌山市中島185番地の3 |
| Representative (per filing) | 代表取締役社長 大桑弘嗣 |
| Founded | Feb 1969 |
| Share capital | ¥14.1B |
| Employees (consolidated) | 2,068 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | February |
| Website | www.okuwa.net (https://www.okuwa.net/) |
| Corporate number | 2170001002092 |
| EDINET | E03119 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y362, filed 2026-05-13). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 45 |
| Profitability | 11.2 | 49 |
| Cash conversion | 88.3 | 47 |
| Efficiency | 37.8 | 49 |

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)

- Okuwa brought in ¥239.5B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit +41.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥239549000000 → ¥284000000
- Net income → operating cash flow: ¥284000000 → ¥7619000000（difference ¥7335000000）
- Main uses of operating cash flow: CapEx ¥5777000000 / dividends ¥1074000000 / buybacks ¥1000000000
- Change in cash: ¥-153000000
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 | ¥239.5B |  |
| Operating income | ¥1.88B | Margin 0.8% |
| Net income | ¥264M | Margin 0.1% |
| Free cash flow | ¥1.84B |  |
| Employees (consolidated) | 2,068 |  |
| EPS | ¥5.2 |  |
| Diluted EPS | ¥5.2 |  |
| Book value per share | ¥1758.7 |  |
| Equity ratio | 57.5% |  |
| Shares outstanding | 41,937,000 |  |
| Treasury shares | 1,254,700 |  |
| Shareholders | 15,755 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 8.5% | Cash ÷ revenue 4.6% |
| Vs. industry median margin | -2 pp | Supermarkets |
| ROE | 0.4% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 28.9× net income
- FY2026, employees -2% while operating income rose 41%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥268679000000 | ¥239549000000 | -10.8% |
| Operating income | ¥7845000000 | ¥1878000000 | -76.1% |
| Operating margin | 2.9% | 0.8% | -2.1 pp |
| Employees | 2,074 people | 2,068 people | -0.3% |
| Cash and equivalents | ¥18239000000 | ¥10999000000 | -39.7% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 239,549 | 100.0% | S100Y362 |
| Cost of revenue | 173,114 | 72.3% | S100Y362 |
| Gross profit | 66,434 | 27.7% | S100Y362 |
| SG&A | 77,662 | 32.4% | S100Y362 |
| Operating income | 1,878 | 0.8% | S100Y362 |
| Ordinary income | 1,973 | 0.8% | S100Y362 |
| Pretax income | 780 | 0.3% | S100Y362 |
| Income tax | 496 | 0.2% | S100Y362 |
| Net income | 284 | 0.1% | S100Y362 |
| Net income attributable to owners | 264 | 0.1% | S100Y362 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 32 |
| Other operating | -5 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 27.7% → Operating margin 0.8% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.9%; Core profit growth: +41.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 48.68×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 237,528 | 239,549 | 2,021 | +0.9% |
| Gross profit | 65,388 | 66,434 | 1,046 | +1.6% |
| Operating income | 1,328 | 1,878 | 550 | +41.4% |
| Net income attributable to owners | -2,381 | 264 | 2,645 | — |
| Operating cash flow | 6,596 | 7,619 | 1,023 | +15.5% |
| Free cash flow | -2,281 | 1,842 | 4,123 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 255,225 | 3,448 | 1.4% | 1,429 | 9,606 | 4,193 | S100LAGG |
| FY ending Feb 2021 | 268,679 | 7,845 | 2.9% | 3,786 | 13,772 | 7,381 | S100O06O |
| FY ending Feb 2022 | 255,996 | 5,233 | 2.0% | 1,523 | 8,590 | 438 | S100QQNL |
| FY ending Feb 2023 | 234,726 | 2,927 | 1.2% | 928 | 5,931 | -695 | S100TEV9 |
| FY ending Feb 2024 | 235,038 | 2,888 | 1.2% | 1,000 | 9,692 | 1,946 | S100VQ6R |
| FY ending Feb 2025 | 237,528 | 1,328 | 0.6% | -2,381 | 6,596 | -2,281 | S100Y362 |
| FY ending Feb 2026 | 239,549 | 1,878 | 0.8% | 264 | 7,619 | 1,842 | S100Y362 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥115.8M |
| Operating income per employee (consolidated) | ¥908.1K |
| Net income per employee (consolidated) | ¥127.7K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,113 | 2,128 | 2,112 | 2,104 | 2,068 |
| Average salary (parent company) | ¥5.4M | ¥5.1M | ¥5.1M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 47.3 years | 47.0 years | 46.8 years | 47.0 years | 47.6 years |
| Average tenure (parent company) | 18.1 years | 17.6 years | 17.7 years | 17.9 years | 18.4 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +0.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,619 | 3.2% | S100Y362 |
| Capital expenditure | 5,777 | 2.4% | S100Y362 |
| Free cash flow | 1,842 | 0.8% | 算出 |
| Investing cash flow | -5,751 | -2.4% | S100Y362 |
| Financing cash flow | -2,020 | -0.8% | S100Y362 |
| Dividends paid | 1,074 | 0.4% | S100Y362 |
| Share buyback | 1,000 | 0.4% | S100Y362 |
| Change in cash | -153 | -0.1% | S100Y362 |
| Cash and equivalents | 10,999 | 4.6% | S100Y362 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,668 | 15,386 | 16,182 | 11,152 | 10,999 | S100TEV9, S100VQ6R, S100Y362 |
| Total assets | 133,513 | 132,526 | 132,496 | 128,629 | 129,223 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Net assets | 78,170 | 77,928 | 78,679 | 74,527 | 74,641 | S100TEV9, S100VQ6R, S100Y362 |
| Share capital | 14,117 | 14,117 | 14,117 | 14,117 | 14,117 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Trade receivables | 5,653 | 6,294 | 6,238 | 6,727 | 6,959 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Property, plant and equipment | 83,708 | 82,093 | 80,483 | 79,508 | 77,789 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Intangible assets excluding goodwill | 3,929 | 3,691 | 4,094 | 3,703 | 3,701 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Investment securities | 2,361 | 2,512 | 2,631 | 2,766 | 3,783 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Current assets | 33,414 | 33,899 | 34,500 | 30,364 | 30,650 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Current liabilities | 38,768 | 38,963 | 36,323 | 35,197 | 35,982 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Trade payables | 13,192 | 12,684 | 12,875 | 13,280 | 12,998 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Short-term borrowings | 5,060 | 4,660 | 4,850 | 4,850 | 4,850 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Long-term borrowings | 9,310 | 9,174 | 11,614 | 12,992 | 12,387 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Total liabilities | 55,342 | 54,597 | 53,816 | 54,101 | 54,581 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Non-controlling interests | 249 | 267 | 289 | 302 | 319 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Equity attributable to owners of parent | 78,131 | 78,010 | 77,885 | 72,400 | 70,540 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Retained earnings | 50,656 | 50,513 | 50,372 | 44,454 | 43,573 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |
| Treasury stock | -1,658 | -1,629 | -1,608 | -199 | -1,178 | S100QQNL, S100TEV9, S100VQ6R, S100Y362 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y362 |
| Receivables | 5% | S100Y362 |
| Property, plant and equipment | 60% | S100Y362 |
| Intangibles and goodwill | 3% | S100Y362 |
| Investment securities | 3% | S100Y362 |
| Other assets | 20% | S100Y362 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100Y362 |
| Other liabilities | 32% | S100Y362 |
| Equity | 58% | S100Y362 |
| Other liabilities | 0% | S100Y362 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 133,513 | 132,526 | 132,496 | 128,629 | 129,223 |
| Equity | 78,170 | 77,928 | 78,679 | 74,527 | 74,641 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,668 | 15,386 | 16,182 | 11,152 | 10,999 |

## 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) | 32.5% | S100Y362 |
| Fixed assets ÷ total assets | 60.2% | S100Y362 |
| Goodwill ÷ parent equity | — | —, S100Y362 |

### 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) | 8.5% |
| Cash ÷ revenue | 4.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 405.7% |
| Cash vs. profit gap | 7,355 JPY mn (of net income 2786.0%) |
| Shareholder returns / net income | 785.6% |
| Shareholder returns / FCF | 112.6% |
| Shareholder payments — dividends / net income | 406.8% |
| Shareholder payments — dividends / FCF | 58.3% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 75.5% |

## 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 | 0.6% | 1.92× | 1.1% | 1.71× | 1.9% | S100QQNL |
| 2023 | 0.4% | 1.76× | 0.7% | 1.70× | 1.2% | S100TEV9 |
| 2024 | 0.4% | 1.77× | 0.8% | 1.70× | 1.3% | S100VQ6R |
| 2025 | — | —× | -1.8% | —× | — | S100Y362 |
| 2026 | 0.1% | 1.86× | 0.2% | 1.80× | 0.4% | S100Y362 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| オークワ共栄会 | Major shareholder | 8.8% | 2026-02-20 |
| 大桑堉嗣 | Major shareholder | 7.2% | 2026-02-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2026-02-20 |
| BermudaAssetment株式会社 | Major shareholder | 3.8% | 2026-02-20 |
| 公益財団法人大桑教育文化振興財団 | Major shareholder | 3.7% | 2026-02-20 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.6% | 2026-02-20 |
| 株式会社紀陽銀行 | Major shareholder | 3.4% | 2026-02-20 |
| 大桑啓嗣 | Major shareholder | 3.0% | 2026-02-20 |
| 大桑俊男 | Major shareholder | 3.0% | 2026-02-20 |
| オークワ社員持株会 | Major shareholder | 2.0% | 2026-02-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/02/21－2026/02/20) | S100Y362 | 2026-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y362,, |
| 有価証券報告書－第56期(2024/02/21－2025/02/20) | S100VQ6R | 2025-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VQ6R,, |
| 有価証券報告書－第55期(2023/02/21－2024/02/20) | S100TEV9 | 2024-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TEV9,, |
| 有価証券報告書－第54期(2022/02/21－2023/02/20) | S100QQNL | 2023-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QQNL,, |
| 有価証券報告書－第53期(令和3年2月21日－令和4年2月20日) | S100O06O | 2022-05-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O06O,, |
| 有価証券報告書－第52期(令和2年2月21日－令和3年2月20日) | S100LAGG | 2021-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LAGG,, |

## 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).