# Pharma Foods International Co., Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2024/08/01－2025/07/31) (S100WW38)
> Page: https://vizora.meequs.com/en/company/pharma-foods-international
> Retrieved: 2026-09-30T21:15:49.653Z

## Company

Pharma Foods International, founded in 1997, is a company in Processed Foods listed on TSE Prime. It has 613 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pharma Foods International Co., Ltd. |
| Ticker | 2929 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2929.T) |
| Listing | TSE Prime |
| Head office | 京都市西京区御陵大原1番地49 |
| Representative (per filing) | 代表取締役社長 金 武祚 |
| Founded | Sep 1997 |
| Share capital | ¥2.04B |
| Employees (consolidated) | 613 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | July |
| Website | www.pharmafoods.co.jp (https://www.pharmafoods.co.jp/) |
| Corporate number | 5130001011549 |
| EDINET | E02484 |
| Industries (Vizora) | Processed Foods, Catalog & TV Shopping, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100WW38, filed 2025-10-21). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 9 |
| Profitability | 35 | 10 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 85 | 10 |

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 87% of Pharma Foods International's sales come from BtoC, with BtoB and Bio Medical making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit -53.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥65.3B |  |
| Operating income | ¥2.37B | Margin 3.6% |
| Net income | ¥368M | Margin 0.6% |
| Free cash flow | -¥2B |  |
| Largest business | BtoC | of segment revenue 86.9% |
| Employees (consolidated) | 613 |  |
| EPS | ¥95.07 |  |
| Book value per share | ¥562.05 |  |
| Equity ratio | 35.4% |  |
| Shares outstanding | 29,079,000 |  |
| Treasury shares | 206,900 |  |
| Shareholders | 15,078 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 27.7% | Cash ÷ revenue 13.9% |
| Vs. industry median margin | -1 pp | Catalog & TV Shopping |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 75% of positive segment profit
- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15353000000 | ¥65260000000 | +325.1% |
| Operating income | ¥740000000 | ¥2367000000 | +219.9% |
| Operating margin | 4.8% | 3.6% | -1.2 pp |
| Employees | 168 people | 613 people | +264.9% |
| Cash and equivalents | ¥3282000000 | ¥9057000000 | +176.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ＢtoＢ事業 → 事業再編・廃止 | 16.8% |
| ＢtoＣ事業 → 事業再編・廃止 | 82.0% |
| バイオメディカル事業 → バイオメディカル事業 | 0.5% |
| バイオメディカル事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → BtoB事業 | 12.5% |
| 新設・再編 → BtoC事業 | 86.9% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| BtoC | 3 years | +3.0% | ¥56730000000 | 6.5% | 2 |
| BtoB | 3 years | +0.4% | ¥8182000000 | 15.3% | 2 |
| Bio Medical | 5 years | +12.2% | ¥331000000 | -114.2% | 2 |
| Other | 2 years | -15.5% | ¥15000000 | -66.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 65,260 | 100.0% | S100WW38 |
| Cost of revenue | 12,676 | 19.4% | S100WW38 |
| Gross profit | 52,583 | 80.6% | S100WW38 |
| SG&A | 50,215 | 76.9% | S100WW38 |
| Operating income | 2,367 | 3.6% | S100WW38 |
| Ordinary income | 2,553 | 3.9% | S100WW38 |
| Pretax income | 2,434 | 3.7% | S100WW38 |
| Income tax | 2,066 | 3.2% | S100WW38 |
| Net income | 368 | 0.6% | S100WW38 |
| Net income attributable to owners | 368 | 0.6% | S100WW38 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 19 |
| SG&A | 77 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 80.6% → Operating margin 3.6% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.0%; Core profit growth: -53.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.72×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 62,147 | 65,260 | 3,113 | +5.0% |
| Gross profit | 48,751 | 52,583 | 3,832 | +7.9% |
| Operating income | 5,113 | 2,367 | -2,746 | -53.7% |
| Net income attributable to owners | 3,205 | 368 | -2,837 | -88.5% |
| Operating cash flow | 5,486 | -1,092 | -6,578 | -119.9% |
| Free cash flow | 4,614 | -1,998 | -6,612 | -143.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 10,533 | 576 | 5.5% | 500 | 91 | -190 | S100JY6D |
| FY ending Jul 2020 | 15,353 | 740 | 4.8% | 690 | -547 | -1,459 | S100MMP3 |
| FY ending Jul 2021 | 46,752 | 5,673 | 12.1% | 3,841 | 5,938 | 5,765 | S100PDNZ |
| FY ending Jul 2022 | 60,185 | 1,080 | 1.8% | -374 | -6,065 | -6,537 | S100S2IX |
| FY ending Jul 2023 | 68,572 | 3,610 | 5.3% | 3,081 | 6,125 | 5,720 | S100UKTG |
| FY ending Jul 2024 | 62,147 | 5,113 | 8.2% | 3,205 | 5,486 | 4,614 | S100WW38 |
| FY ending Jul 2025 | 65,260 | 2,367 | 3.6% | 368 | -1,092 | -1,998 | S100WW38 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥106.5M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥600.3K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 293 | 624 | 670 | 642 | 613 |
| Average salary (parent company) | ¥6.6M | ¥5.7M | ¥6.3M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 37.2 years | 36.8 years | 37.8 years | 38.5 years | 39.3 years |
| Average tenure (parent company) | 4.5 years | 4.4 years | 4.0 years | 4.3 years | 5.0 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BtoB | 8,182 | 12.5% | 1,248 | 15.3% |
| BtoC | 56,730 | 86.9% | 3,703 | 6.5% |
| Bio Medical | 331 | 0.5% | -378 | -114.2% |
| Other | 15 | 0.0% | -10 | -66.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| BtoB | 12.5% | 25.2% | 12.7 | 15.3% |
| BtoC | 86.9% | 74.8% | -12.1 | 6.5% |
| Bio Medical | 0.5% | — | — | -114.2% |
| Other | 0.0% | — | — | -66.7% |

Loss-making segment (excluded from profit shares): Bio Medical -378 JPY mn

Loss-making segment (excluded from profit shares): Other -10 JPY mn

Segment → industry: BtoB → Processed Foods / BtoC → Catalog & TV Shopping / Bio Medical → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,092 | -1.7% | S100WW38 |
| Capital expenditure | 906 | 1.4% | S100WW38 |
| Free cash flow | -1,998 | -3.1% | 算出 |
| Investing cash flow | -950 | -1.5% | S100WW38 |
| Financing cash flow | -4,467 | -6.8% | S100WW38 |
| Dividends paid | 784 | 1.2% | S100WW38 |
| Share buyback | 175 | 0.3% | S100WW38 |
| Change in cash | -6,509 | -10.0% | S100WW38 |
| Cash and equivalents | 9,057 | 13.9% | S100WW38 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,794 | 8,845 | 16,306 | 15,566 | 9,057 | S100S2IX, S100UKTG, S100WW38 |
| Total assets | 20,944 | 31,159 | 36,232 | 36,573 | 32,649 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Net assets | 8,465 | 7,074 | 9,630 | 11,585 | 11,547 | S100S2IX, S100UKTG, S100WW38 |
| Share capital | 2,038 | 2,042 | 2,043 | 2,043 | 2,043 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Trade receivables | 4,916 | 6,702 | 4,058 | 4,038 | 5,038 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Property, plant and equipment | 1,808 | 4,458 | 4,404 | 4,609 | 4,696 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Intangible assets excluding goodwill | 185 | 305 | 238 | 177 | 120 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Goodwill | 140 | 270 | 197 | 124 | 71 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Investment securities | 335 | 1,572 | 2,514 | 3,037 | 2,450 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Current assets | 17,933 | 23,513 | 27,530 | 27,275 | 23,870 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Current liabilities | 10,978 | 22,795 | 24,374 | 23,163 | 20,005 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Trade payables | 846 | 1,176 | 937 | 1,250 | 1,923 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Short-term borrowings | 2,500 | 15,400 | 17,400 | 14,900 | 11,400 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Long-term borrowings | 1,458 | 697 | 1,741 | 1,231 | 671 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Total liabilities | 12,478 | 24,084 | 26,601 | 24,987 | 21,101 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Non-controlling interests | — | 2 | — | — | — | S100S2IX |
| Equity attributable to owners of parent | 8,455 | 7,024 | 9,306 | 11,019 | 11,353 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Retained earnings | 4,599 | 3,300 | 5,792 | 8,356 | 7,691 | S100PDNZ, S100S2IX, S100UKTG, S100WW38 |
| Treasury stock | — | -138 | -343 | -1,194 | -195 | S100S2IX, S100UKTG, S100WW38 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100WW38 |
| Receivables | 15% | S100WW38 |
| Property, plant and equipment | 14% | S100WW38 |
| Intangibles and goodwill | 1% | S100WW38 |
| Investment securities | 8% | S100WW38 |
| Other assets | 34% | S100WW38 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100WW38 |
| Other liabilities | 59% | S100WW38 |
| Equity | 35% | S100WW38 |
| Other liabilities | 0% | S100WW38 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,944 | 31,159 | 36,232 | 36,573 | 32,649 |
| Equity | 8,465 | 7,074 | 9,630 | 11,585 | 11,547 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,794 | 8,845 | 16,306 | 15,566 | 9,057 |

## 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) | 7.2% | S100WW38 |
| Fixed assets ÷ total assets | 14.4% | S100WW38 |
| Goodwill ÷ parent equity | 0.6% | S100WW38 |

Goodwill over 4 years: 140 → 71 JPY; total investing cash flow: -6,334 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) | 27.7% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -46.1% |
| Cash vs. profit gap | -1,460 JPY mn (of net income -396.7%) |
| Shareholder returns / net income | 260.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 213.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.2% | 2.23× | 18.3% | 2.48× | 45.4% | S100PDNZ |
| 2022 | — | —× | -1.4% | —× | — | S100S2IX |
| 2023 | 4.5% | 2.04× | 9.1% | 4.13× | 37.7% | S100UKTG |
| 2024 | 5.2% | 1.71× | 8.8% | 3.58× | 31.5% | S100WW38 |
| 2025 | 0.6% | 1.89× | 1.1% | 3.09× | 3.3% | S100WW38 |

## 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 | 10.8% | 2025-07-31 |
| 金 武祚 | Major shareholder | 7.7% | 2025-07-31 |
| 株式会社ＰＦホールディングス | Major shareholder | 5.1% | 2025-07-31 |
| 伊藤忠商事株式会社 | Major shareholder | 5.0% | 2025-07-31 |
| 益田 和二行 | Major shareholder | 2.5% | 2025-07-31 |
| 江崎グリコ株式会社 | Major shareholder | 2.5% | 2025-07-31 |
| 金 英一 | Major shareholder | 2.3% | 2025-07-31 |
| ロート製薬株式会社 | Major shareholder | 2.1% | 2025-07-31 |
| 金 千尋 | Major shareholder | 1.8% | 2025-07-31 |
| 益田 美玲 | Major shareholder | 1.6% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/08/01－2025/07/31) | S100WW38 | 2025-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW38,, |
| 有価証券報告書－第27期(2023/08/01－2024/07/31) | S100UKTG | 2024-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKTG,, |
| 有価証券報告書－第26期(2022/08/01－2023/07/31) | S100S2IX | 2023-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2IX,, |
| 有価証券報告書－第25期(令和3年8月1日－令和4年7月31日) | S100PDNZ | 2022-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PDNZ,, |
| 有価証券報告書－第24期(令和2年8月1日－令和3年7月31日) | S100MMP3 | 2021-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MMP3,, |
| 有価証券報告書－第23期(令和1年8月1日－令和2年7月31日) | S100JY6D | 2020-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JY6D,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 播州調味料株式会社 | Supply/OEM | 播州調味料が当社製品のGABA・カテキンを製造受託 | S100WW38 |
| 豊通食料株式会社 | Supply/OEM | GABA・カテキンの製造委託の窓口（豊通食料経由で播州調味料へ） | S100WW38 |
| 田辺三菱製薬株式会社 | Co-development | 開発候補抗体の全世界独占ライセンスを導出 | S100WW38 |
| 三菱商事 | Alliance | 販売提携（三菱商事が当社商品を国内外で販売） | S100WW38 |
| 伊藤忠 | Capital alliance | 資本業務提携（機能性素材・製品の国内外販売） | S100WW38 |

## 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).