# PEPPER FOOD SERVICE CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/01/01－2025/12/31) (S100XULF)
> Page: https://vizora.meequs.com/en/company/pepper-fs
> Retrieved: 2026-09-30T19:42:03.087Z

## Company

Pepper Food Service, founded in 1985, is a company in Processed Foods listed on TSE Standard. It has 351 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PEPPER FOOD SERVICE CO.,LTD. |
| Ticker | 3053 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3053.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区太平四丁目1番3号オリナスタワー17F |
| Representative (per filing) | 代表取締役社長 CEO 一瀬 健作 |
| Founded | Oct 1985 |
| Share capital | ¥10M |
| Employees (consolidated) | 351 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.pepper-fs.co.jp (https://www.pepper-fs.co.jp/) |
| Corporate number | 7010601023532 |
| EDINET | E03478 |
| Industries (Vizora) | Processed Foods, Fast Food & Quick Service, Restaurants & Pubs |

> Profile source: annual securities report (S100XULF, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.9 | 56 |
| Profitability | 18.9 | 66 |
| Cash conversion | 93.6 | 55 |
| Efficiency | 90.2 | 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)

- About 95% of Pepper Food Service's sales come from Ikinari Steak division, with Restaurant division and Merchandise sale division making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +4.0% from the prior year, operating profit -44.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.6B |  |
| Operating income | ¥42M | Margin 0.3% |
| Net income | -¥114M | Margin -0.8% |
| Free cash flow | -¥227M |  |
| Largest business | Ikinari Steak division | of segment revenue 95.0% |
| Employees (consolidated) | 351 |  |
| EPS | ¥-1.89 |  |
| Book value per share | ¥55.57 |  |
| Equity ratio | 57.1% |  |
| Shares outstanding | 61,424,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 63,976 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 33.4% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | -5.2 pp | Fast Food & Quick Service |
| ROA | -2.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, parent-company salary changed +32% over five years
- FY2025, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31085000000 | ¥14553000000 | -53.2% |
| Operating income | ¥-4025000000 | ¥42000000 | — |
| Operating margin | -12.9% | 0.3% | +13.2 pp |
| Employees | 478 people | 351 people | -26.6% |
| Cash and equivalents | ¥5589000000 | ¥1995000000 | -64.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| いきなり！ステーキ事業 → いきなり！ステーキ事業 | 86.7% |
| レストラン事業 → レストラン事業 | 3.5% |
| 商品販売事業 → 商品販売事業 | 0.4% |
| 商品販売事業 → 事業再編・廃止 | 0.7% |
| ペッパーランチ事業 → 事業再編・廃止 | 7.8% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → いきなり！ステーキ事業 | 8.3% |
| 新設・再編 → レストラン事業 | 0.9% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ikinari Steak division | 5 years | -12.5% | ¥13832000000 | 11.1% | 2 |
| Restaurant division | 5 years | -9.9% | ¥648000000 | -10.8% | 2 |
| Merchandise sale division | 5 years | -30.4% | ¥53000000 | 0.0% | 2 |
| others | 5 years | -41.1% | ¥20000000 | -420.0% | 2 |

## Income statement（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,553 | 100.0% | S100XULF |
| Cost of revenue | 5,742 | 39.5% | 算出 |
| Gross profit | 8,811 | 60.5% | S100XULF |
| SG&A | 8,768 | 60.2% | S100XULF |
| Operating income | 42 | 0.3% | S100XULF |
| Ordinary income | 44 | 0.3% | S100XULF |
| Pretax income | -52 | -0.4% | S100XULF |
| Income tax | 62 | 0.4% | S100XULF |
| Net income | -114 | -0.8% | S100XULF |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 60 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 60.5% → Operating margin 0.3% → Net margin -0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.0%; Core profit growth: -44.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -11.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,988 | 14,553 | 565 | +4.0% |
| Gross profit | 8,290 | 8,811 | 521 | +6.3% |
| Operating income | 76 | 42 | -34 | -44.7% |
| Operating cash flow | 210 | 143 | -67 | -31.9% |
| Free cash flow | 102 | -227 | -329 | -322.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 66,879 | 213 | 0.3% | -2,707 | -626 | — | S100L1I6 |
| FY ending Dec 2020 | 31,085 | -4,025 | -12.9% | -3,955 | -7,158 | -7,431 | S100NS0F |
| FY ending Dec 2021 | 18,950 | -1,412 | -7.5% | 387 | -658 | -687 | S100QII8 |
| FY ending Dec 2022 | 14,775 | -1,555 | -10.5% | -1,925 | -44 | -90 | S100T5XA |
| FY ending Dec 2023 | 14,587 | -490 | -3.4% | -710 | -445 | -485 | S100VHP0 |
| FY ending Dec 2024 | 13,988 | 76 | 0.5% | 28 | 210 | 102 | S100XULF |
| FY ending Dec 2025 | 14,553 | 42 | 0.3% | -114 | 143 | -227 | S100XULF |

## People and productivity（FY ending Dec 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.5M |
| Operating income per employee (consolidated) | ¥119.7K |
| Net income per employee (consolidated) | -¥324.8K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 382 | 343 | 308 | 338 | 351 |
| Average salary (parent company) | ¥4M | ¥5M | ¥5.3M | ¥5.3M | ¥5.3M |
| Average age (parent company) | 40.5 years | 41.7 years | 42.4 years | 41.6 years | 40.2 years |
| Average tenure (parent company) | 5.3 years | 6.2 years | 6.8 years | 6.9 years | 6.3 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +4.0%

## Segments（FY ending Dec 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ikinari Steak division | 13,832 | 95.0% | 1,532 | 11.1% |
| Restaurant division | 648 | 4.5% | -70 | -10.8% |
| Merchandise sale division | 53 | 0.4% | 0 | 0.0% |
| others | 20 | 0.1% | -84 | -420.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ikinari Steak division | 95.0% | 100.0% | 5.0 | 11.1% |
| Restaurant division | 4.5% | — | — | -10.8% |
| Merchandise sale division | 0.4% | 0.0% | -0.4 | 0.0% |
| others | 0.1% | — | — | -420.0% |

Loss-making segment (excluded from profit shares): Restaurant division -70 JPY mn

Loss-making segment (excluded from profit shares): others -84 JPY mn

Segment → industry: Merchandise sale division → Processed Foods / Ikinari Steak division → Fast Food & Quick Service / Restaurant division → Restaurants & Pubs / Ikinari Steak division → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 143 | 1.0% | S100XULF |
| Capital expenditure | 370 | 2.5% | S100XULF |
| Free cash flow | -227 | -1.6% | 算出 |
| Investing cash flow | -676 | -4.6% | S100XULF |
| Financing cash flow | 349 | 2.4% | S100XULF |
| Change in cash | -183 | -1.3% | S100XULF |
| Cash and equivalents | 1,995 | 13.7% | S100XULF |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,355 | 1,888 | 2,121 | 2,179 | 1,995 | S100T5XA, S100VHP0, S100XULF |
| Total assets | 10,896 | 6,221 | 5,641 | 5,642 | 5,977 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Net assets | 3,287 | 1,296 | 2,540 | 3,152 | 3,417 | S100T5XA, S100VHP0, S100XULF |
| Share capital | 4,777 | 23 | 10 | 10 | 10 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Property, plant and equipment | 2,992 | 1,106 | 762 | 700 | 848 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Intangible assets excluding goodwill | 81 | 64 | 55 | 67 | 261 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Goodwill | — | — | — | — | 177 | S100XULF |
| Investment securities | 16 | 16 | 17 | 20 | 47 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Current assets | 6,034 | 3,419 | 3,456 | 3,493 | 3,385 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Current liabilities | 4,824 | 3,200 | 2,285 | 1,719 | 1,787 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Short-term borrowings | 1,576 | 543 | 31 | — | — | S100QII8, S100T5XA, S100VHP0 |
| Long-term borrowings | 1,409 | 583 | 31 | — | — | S100QII8, S100T5XA, S100VHP0 |
| Total liabilities | 7,609 | 4,925 | 3,100 | 2,489 | 2,559 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Equity attributable to owners of parent | 3,173 | 1,259 | 2,530 | 3,146 | 3,385 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Retained earnings | -5,661 | -1,940 | -710 | 28 | -85 | S100QII8, S100T5XA, S100VHP0, S100XULF |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100QII8, S100T5XA, S100VHP0, S100XULF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100XULF |
| Property, plant and equipment | 14% | S100XULF |
| Intangibles and goodwill | 7% | S100XULF |
| Investment securities | 1% | S100XULF |
| Other assets | 44% | S100XULF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100XULF |
| Equity | 57% | S100XULF |
| Other liabilities | 0% | S100XULF |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,896 | 6,221 | 5,641 | 5,642 | 5,977 |
| Equity | 3,287 | 1,296 | 2,540 | 3,152 | 3,417 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,355 | 1,888 | 2,121 | 2,179 | 1,995 |

## 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) | 5.8% | S100XULF |
| Fixed assets ÷ total assets | 14.2% | S100XULF |
| Goodwill ÷ parent equity | 5.2% | S100XULF |

### 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) | 33.4% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 340.5% |
| Cash vs. profit gap | 257 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 472.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.0% | 1.74× | 3.6% | 3.43× | 12.2% | S100QII8 |
| 2022 | — | —× | -22.5% | —× | — | S100T5XA |
| 2023 | — | —× | -12.0% | —× | — | S100VHP0 |
| 2024 | 0.2% | 2.48× | 0.5% | 1.99× | 1.0% | S100XULF |
| 2025 | — | —× | -2.0% | —× | — | S100XULF |

## 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 | 6.8% | 2025-12-31 |
| 一瀬 邦夫 | Major shareholder | 5.5% | 2025-12-31 |
| エスフーズ株式会社 | Major shareholder | 4.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2025-12-31 |
| 一瀬 健作 | Major shareholder | 0.9% | 2025-12-31 |
| 宇佐美 貴久 | Major shareholder | 0.8% | 2025-12-31 |
| 投資事業有限責任組合インフレクションⅡ号 | Major shareholder | 0.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.5% | 2025-12-31 |
| 株式会社マルゼン | Major shareholder | 0.5% | 2025-12-31 |
| フジパングループ本社株式会社 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/01/01－2025/12/31) | S100XULF | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XULF,, |
| 有価証券報告書－第40期(2024/01/01－2024/12/31) | S100VHP0 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHP0,, |
| 有価証券報告書－第39期(2023/01/01－2023/12/31) | S100T5XA | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5XA,, |
| 有価証券報告書－第38期(2022/01/01－2022/12/31) | S100QII8 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QII8,, |
| 有価証券報告書－第37期(令和3年1月1日－令和3年12月31日) | S100NS0F | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS0F,, |
| 有価証券報告書－第36期(令和2年1月1日－令和2年12月31日) | S100L1I6 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1I6,, |

## 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).