# PICKLES HOLDINGS 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4期(2025/03/01－2026/02/28) (S100Y62P)
> Page: https://vizora.meequs.com/en/company/pickles-holdings
> Retrieved: 2026-09-30T23:24:53.085Z

## Company

Pickles Holdings, founded in 2022, is a company in Processed Foods listed on TSE Prime. It has 411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PICKLES HOLDINGS CO., LTD. |
| Ticker | 2935 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2935.T) |
| Listing | TSE Prime |
| Head office | 埼玉県所沢市東住吉7番8号 |
| Representative (per filing) | 代表取締役社長 影山 直司 |
| Founded | Sep 2022 |
| Share capital | ¥100M |
| Employees (consolidated) | 411 |
| Fiscal year end | February |
| Website | www.pickles-hd.co.jp (https://www.pickles-hd.co.jp/) |
| Corporate number | 8030001149933 |
| EDINET | E37741 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100Y62P, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.5 | 56 |
| Profitability | 60.8 | 60 |
| Cash conversion | 79.8 | 57 |
| Efficiency | 67.5 | 60 |

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)

- Pickles Holdings brought in ¥40.9B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit +63.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥40923000000 → ¥1379000000
- Net income → operating cash flow: ¥1379000000 → ¥4196000000（difference ¥2817000000）
- Main uses of operating cash flow: CapEx ¥419000000 / dividends ¥361000000 / buybacks —
- Change in cash: ¥1240000000
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 | ¥40.9B |  |
| Operating income | ¥2.08B | Margin 5.1% |
| Net income | ¥1.38B | Margin 3.4% |
| Free cash flow | ¥3.78B |  |
| Employees (consolidated) | 411 |  |
| EPS | ¥-2.9 |  |
| Diluted EPS | ¥107.16 |  |
| Book value per share | ¥1170.93 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 12,858,000 |  |
| Treasury shares | 330,200 |  |
| Shareholders | 20,596 |  |
| Cash ratio | 20.6% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | +1.1 pp | Processed Foods |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, employees -1% while operating income rose 63%

## What changed in 3 years

| Metric | FY ending Feb 2023 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41052000000 | ¥40923000000 | -0.3% |
| Operating income | ¥1538000000 | ¥2085000000 | +35.6% |
| Operating margin | 3.7% | 5.1% | +1.3 pp |
| Employees | 462 people | 411 people | -11.0% |
| Cash and equivalents | ¥5940000000 | ¥6214000000 | +4.6% |

### Change in segment revenue mix

Span: FY ending Feb 2023 → 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 | 40,923 | 100.0% | S100Y62P |
| Cost of revenue | 32,021 | 78.2% | S100Y62P |
| Gross profit | 8,902 | 21.8% | S100Y62P |
| SG&A | 6,816 | 16.7% | S100Y62P |
| Operating income | 2,085 | 5.1% | S100Y62P |
| Ordinary income | 2,148 | 5.2% | S100Y62P |
| Pretax income | 2,091 | 5.1% | S100Y62P |
| Income tax | 711 | 1.7% | S100Y62P |
| Net income | 1,379 | 3.4% | S100Y62P |
| Net income attributable to owners | 1,384 | 3.4% | S100Y62P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 17 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.8% → Operating margin 5.1% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.4%; Core profit growth: +63.0%
Operating leverage (core profit growth ÷ revenue growth): -43.97×
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 | 41,518 | 40,923 | -595 | -1.4% |
| Gross profit | 8,193 | 8,902 | 709 | +8.7% |
| Operating income | 1,279 | 2,085 | 806 | +63.0% |
| Net income attributable to owners | 958 | 1,384 | 426 | +44.5% |
| Operating cash flow | 831 | 4,196 | 3,365 | +404.9% |
| Free cash flow | -3,869 | 3,777 | 7,646 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2023 | 41,052 | 1,538 | 3.7% | 1,138 | 1,665 | 783 | S100TI5X |
| FY ending Feb 2024 | 43,028 | 1,668 | 3.9% | 1,175 | 2,718 | 1,768 | S100VTEP |
| FY ending Feb 2025 | 41,518 | 1,279 | 3.1% | 958 | 831 | -3,869 | S100Y62P |
| FY ending Feb 2026 | 40,923 | 2,085 | 5.1% | 1,384 | 4,196 | 3,777 | S100Y62P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99.6M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 462 | 439 | 414 | 411 |
| Average salary (parent company) | — | — | — | — |
| Average age (parent company) | — | — | — | — |
| Average tenure (parent company) | — | — | — | — |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) -1.4%

## 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 | 4,196 | 10.3% | S100Y62P |
| Capital expenditure | 419 | 1.0% | S100Y62P |
| Free cash flow | 3,777 | 9.2% | 算出 |
| Investing cash flow | -428 | -1.0% | S100Y62P |
| Financing cash flow | -2,527 | -6.2% | S100Y62P |
| Dividends paid | 361 | 0.9% | S100Y62P |
| Change in cash | 1,240 | 3.0% | S100Y62P |
| Cash and equivalents | 6,214 | 15.2% | S100Y62P |

## 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 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,940 | 7,754 | 4,974 | 6,214 | S100VTEP, S100Y62P |
| Total assets | 26,308 | 27,713 | 30,242 | 30,204 | S100TI5X, S100VTEP, S100Y62P |
| Net assets | 17,404 | 18,254 | 18,884 | 20,053 | S100VTEP, S100Y62P |
| Share capital | 100 | 100 | 100 | 100 | S100TI5X, S100VTEP, S100Y62P |
| Trade receivables | 4,251 | 4,119 | 4,083 | 4,550 | S100TI5X, S100VTEP, S100Y62P |
| Property, plant and equipment | 13,387 | 13,436 | 17,788 | 17,063 | S100TI5X, S100VTEP, S100Y62P |
| Intangible assets excluding goodwill | 463 | 326 | 186 | 76 | S100TI5X, S100VTEP, S100Y62P |
| Goodwill | 304 | 206 | 107 | 8 | S100TI5X, S100VTEP, S100Y62P |
| Investment securities | 617 | 677 | 726 | 872 | S100TI5X, S100VTEP, S100Y62P |
| Current assets | 11,249 | 12,622 | 10,888 | 11,579 | S100TI5X, S100VTEP, S100Y62P |
| Current liabilities | 7,257 | 6,668 | 8,019 | 6,608 | S100TI5X, S100VTEP, S100Y62P |
| Short-term borrowings | 1,300 | 1,100 | 1,000 | 400 | S100TI5X, S100VTEP, S100Y62P |
| Long-term borrowings | 528 | 1,628 | 2,152 | 2,312 | S100TI5X, S100VTEP, S100Y62P |
| Total liabilities | 8,904 | 9,459 | 11,358 | 10,150 | S100TI5X, S100VTEP, S100Y62P |
| Non-controlling interests | 0 | 11 | 21 | 16 | S100TI5X, S100VTEP, S100Y62P |
| Equity attributable to owners of parent | 16,995 | 17,719 | 18,230 | 19,343 | S100TI5X, S100VTEP, S100Y62P |
| Retained earnings | 14,417 | 15,315 | 15,826 | 16,849 | S100TI5X, S100VTEP, S100Y62P |
| Treasury stock | -324 | -499 | -499 | -391 | S100TI5X, S100VTEP, S100Y62P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y62P |
| Receivables | 15% | S100Y62P |
| Property, plant and equipment | 56% | S100Y62P |
| Intangibles and goodwill | 0% | S100Y62P |
| Investment securities | 3% | S100Y62P |
| Other assets | 5% | S100Y62P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100Y62P |
| Equity | 66% | S100Y62P |
| Other liabilities | 0% | S100Y62P |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 26,308 | 27,713 | 30,242 | 30,204 |
| Equity | 17,404 | 18,254 | 18,884 | 20,053 |
| Interest-bearing debt | — | — | — | — |
| Cash | 5,940 | 7,754 | 4,974 | 6,214 |

## 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) | 41.7% | S100Y62P |
| Fixed assets ÷ total assets | 56.5% | S100Y62P |
| Goodwill ÷ parent equity | 0.0% | S100Y62P |

### 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) | 20.6% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 201.2% |
| Cash vs. profit gap | 2,812 JPY mn (of net income 203.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 9.6% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 10.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 2.8% | 1.56× | 4.3% | 1.55× | 6.7% | S100TI5X |
| 2024 | 2.7% | 1.59× | 4.4% | 1.56× | 6.8% | S100VTEP |
| 2025 | 2.3% | 1.43× | 3.3% | 1.61× | 5.3% | S100Y62P |
| 2026 | 3.4% | 1.35× | 4.6% | 1.61× | 7.4% | S100Y62P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東海漬物株式会社 | Major shareholder | 15.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-02-28 |
| 荻野 芳隆 | Major shareholder | 3.9% | 2026-02-28 |
| ピックルスホールディングス取引先持株会 | Major shareholder | 3.0% | 2026-02-28 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社セブン－イレブン・ジャパン | Major shareholder | 2.2% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＬＩＥＮＴ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ ＯＭ０２ ５０５００２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-02-28 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.8% | 2026-02-28 |
| 株式会社武蔵野銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2025/03/01－2026/02/28) | S100Y62P | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y62P,, |
| 有価証券報告書－第3期(2024/03/01－2025/02/28) | S100VTEP | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTEP,, |
| 有価証券報告書－第2期(2023/03/01－2024/02/29) | S100TI5X | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TI5X,, |
| 有価証券報告書－第1期(2022/03/01－2023/02/28) | S100QU2B | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU2B,, |

## 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).