# PIETRO Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第41期(2025/04/01－2026/03/31) (S100YOI8)
> Page: https://vizora.meequs.com/en/company/pietro
> Retrieved: 2026-09-30T20:59:54.413Z

## Company

Pietro, founded in 1981, is a company in Processed Foods listed on TSE Standard. It has 315 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PIETRO Co., Ltd. |
| Ticker | 2818 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2818.T) |
| Listing | TSE Standard |
| Head office | 福岡市中央区天神三丁目4番5号 |
| Representative (per filing) | 代表取締役社長 高橋 泰行 |
| Founded | Jun 1981 |
| Share capital | ¥1.72B |
| Employees (consolidated) | 315 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.pietro.co.jp (https://www.pietro.co.jp/) |
| Corporate number | 3290001018662 |
| EDINET | E00513 |
| Industries (Vizora) | Processed Foods, Real Estate Development & Leasing, Restaurants & Pubs |

> Profile source: annual securities report (S100YOI8, filed 2026-07-03). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.9 | 56 |
| Profitability | 20.8 | 60 |
| Cash conversion | 85.1 | 57 |
| Efficiency | 39.2 | 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)

- About 58% of Pietro's sales come from Food Business, with Restaurant business and Other business(rental of headquarters building) making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +11.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.1B |  |
| Operating income | ¥197.1M | Margin 1.6% |
| Net income | -¥33M | Margin -0.3% |
| Free cash flow | -¥3.64B |  |
| Largest business | Food Business | of segment revenue 58.4% |
| Employees (consolidated) | 315 |  |
| EPS | ¥12.75 |  |
| Book value per share | ¥944.57 |  |
| Equity ratio | 43.4% |  |
| Shares outstanding | 7,062,230 |  |
| Treasury shares | 134,200 |  |
| Shareholders | 20,947 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 18.7% |
| Vs. industry median margin | -2.4 pp | Processed Foods |
| ROA | -0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, segment profit share differs by -32 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8556251000 | ¥12146122000 | +42.0% |
| Operating income | ¥585344000 | ¥197088000 | -66.3% |
| Operating margin | 6.8% | 1.6% | -5.2 pp |
| Employees | 255 people | 315 people | +23.5% |
| Cash and equivalents | ¥1913053000 | ¥2272478000 | +18.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 商品事業 → 商品事業 | 58.4% |
| 商品事業 → 事業再編・廃止 | 22.0% |
| 店舗事業 → 店舗事業 | 17.7% |
| その他（本社ビルの賃貸等）事業 → その他（本社ビルの賃貸等）事業 | 1.5% |
| その他（本社ビルの賃貸等）事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 店舗事業 | 22.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food Business | 5 years | +0.6% | ¥7094571000 | 21.7% | 2 |
| Restaurant business | 5 years | +26.4% | ¥4871675000 | 3.0% | 2 |
| Other business(rental of headquarters building) | 5 years | +1.4% | ¥179876000 | 40.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,146 | 100.0% | S100YOI8 |
| Cost of revenue | 6,033 | 49.7% | S100YOI8 |
| Gross profit | 6,113 | 50.3% | S100YOI8 |
| SG&A | 5,916 | 48.7% | S100YOI8 |
| Operating income | 197 | 1.6% | S100YOI8 |
| Ordinary income | 54 | 0.4% | S100YOI8 |
| Pretax income | 79 | 0.7% | S100YOI8 |
| Income tax | 112 | 0.9% | S100YOI8 |
| Net income | -33 | -0.3% | S100YOI8 |
| Net income attributable to owners | -33 | -0.3% | S100YOI8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 49 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 50.3% → Operating margin 1.6% → Net margin -0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +11.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.24×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,135 | 12,146 | 1,011 | +9.1% |
| Gross profit | 5,703 | 6,113 | 409 | +7.2% |
| Operating income | 177 | 197 | 20 | +11.2% |
| Net income attributable to owners | 58 | -33 | -91 | -157.1% |
| Operating cash flow | 458 | 597 | 139 | +30.3% |
| Free cash flow | -1,025 | -3,636 | -2,612 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,548 | 487 | 5.1% | 221 | 525 | 292 | S100LQDE |
| FY ending Mar 2021 | 8,556 | 585 | 6.8% | 321 | 640 | 17 | S100OGVZ |
| FY ending Mar 2022 | 8,540 | 353 | 4.1% | 165 | 688 | -283 | S100R4P6 |
| FY ending Mar 2023 | 9,108 | -76 | -0.8% | -400 | 561 | 345 | S100TVP9 |
| FY ending Mar 2024 | 10,096 | 219 | 2.2% | 110 | 730 | 66 | S100W7A4 |
| FY ending Mar 2025 | 11,135 | 177 | 1.6% | 58 | 458 | -1,025 | S100YOI8 |
| FY ending Mar 2026 | 12,146 | 197 | 1.6% | -33 | 597 | -3,636 | S100YOI8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.6M |
| Operating income per employee (consolidated) | ¥625.7K |
| Net income per employee (consolidated) | -¥104.7K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 276 | 293 | 297 | 308 | 315 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5M | ¥5.3M | ¥5.3M |
| Average age (parent company) | 37.0 years | 36.0 years | 37.0 years | 36.0 years | 37.0 years |
| Average tenure (parent company) | 9.0 years | 8.0 years | 8.0 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +9.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food Business | 7,095 | 58.4% | 1,537 | 21.7% |
| Restaurant business | 4,872 | 40.1% | 148 | 3.0% |
| Other business(rental of headquarters building) | 180 | 1.5% | 73 | 40.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food Business | 58.4% | 87.4% | 29.0 | 21.7% |
| Restaurant business | 40.1% | 8.4% | -31.7 | 3.0% |
| Other business(rental of headquarters building) | 1.5% | 4.1% | 2.7 | 40.5% |

Segment → industry: Food Business → Processed Foods / Other business(rental of headquarters building) → Real Estate Development & Leasing / Restaurant business → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 597 | 4.9% | S100YOI8 |
| Capital expenditure | 4,234 | 34.9% | S100YOI8 |
| Free cash flow | -3,636 | -29.9% | 算出 |
| Investing cash flow | -3,279 | -27.0% | S100YOI8 |
| Financing cash flow | 3,773 | 31.1% | S100YOI8 |
| Dividends paid | 166 | 1.4% | S100YOI8 |
| Change in cash | 1,095 | 9.0% | S100YOI8 |
| Cash and equivalents | 2,272 | 18.7% | S100YOI8 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,291 | 1,360 | 2,568 | 1,177 | 2,272 | S100TVP9, S100W7A4, S100YOI8 |
| Total assets | 9,180 | 8,832 | 10,583 | 10,272 | 14,322 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Net assets | 5,531 | 5,058 | 6,430 | 6,358 | 6,211 | S100TVP9, S100W7A4, S100YOI8 |
| Share capital | 1,042 | 1,042 | 1,720 | 1,720 | 1,720 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Property, plant and equipment | 5,298 | 4,888 | 5,138 | 6,266 | 9,129 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Intangible assets excluding goodwill | 115 | 88 | 57 | 60 | 71 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Investment securities | 15 | 17 | 14 | 16 | 26 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Current assets | 3,084 | 3,140 | 4,651 | 3,275 | 4,571 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Current liabilities | 2,778 | 3,013 | 3,454 | 3,136 | 3,969 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Short-term borrowings | 1,350 | 1,350 | 1,350 | 1,350 | 2,120 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Long-term borrowings | 257 | 143 | 17 | — | 3,341 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Total liabilities | 3,649 | 3,774 | 4,154 | 3,914 | 8,112 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Equity attributable to owners of parent | 5,530 | 5,023 | 6,379 | 6,298 | 6,137 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Retained earnings | 3,783 | 3,239 | 3,203 | 3,085 | 2,887 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |
| Treasury stock | -372 | -337 | -302 | -267 | -230 | S100R4P6, S100TVP9, S100W7A4, S100YOI8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YOI8 |
| Property, plant and equipment | 64% | S100YOI8 |
| Intangibles and goodwill | 0% | S100YOI8 |
| Investment securities | 0% | S100YOI8 |
| Other assets | 20% | S100YOI8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YOI8 |
| Equity | 43% | S100YOI8 |
| Other liabilities | 0% | S100YOI8 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,180 | 8,832 | 10,583 | 10,272 | 14,322 |
| Equity | 5,531 | 5,058 | 6,430 | 6,358 | 6,211 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,291 | 1,360 | 2,568 | 1,177 | 2,272 |

## 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) | 75.2% | S100YOI8 |
| Fixed assets ÷ total assets | 63.7% | S100YOI8 |
| Goodwill ÷ parent equity | — | —, S100YOI8 |

### 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) | 15.9% |
| Cash ÷ revenue | 18.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 303.1% |
| Cash vs. profit gap | 630 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 34.9% |
| Investing CF relative to operating CF | 548.8% |

## 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 | 1.9% | 0.93× | 1.8% | 1.66× | 3.0% | S100R4P6 |
| 2023 | — | —× | -4.4% | —× | — | S100TVP9 |
| 2024 | 1.1% | 1.04× | 1.1% | 1.70× | 1.9% | S100W7A4 |
| 2025 | 0.5% | 1.07× | 0.6% | 1.65× | 0.9% | S100YOI8 |
| 2026 | — | —× | -0.3% | —× | — | S100YOI8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｍ・ＬＹＮＸ | Major shareholder | 21.3% | 2026-03-31 |
| 日清オイリオグループ株式会社 | Major shareholder | 15.3% | 2026-03-31 |
| 西川 啓子 | Major shareholder | 3.7% | 2026-03-31 |
| ピエトロ従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| ピエトロ取引先持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 0.9% | 2026-03-31 |
| 高橋 泰行 | Major shareholder | 0.6% | 2026-03-31 |
| 宮川 慎一 | Major shareholder | 0.6% | 2026-03-31 |
| ＴＯＰＰＡＮ株式会社 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YOI8 | 2026-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOI8,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W7A4 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7A4,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TVP9 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVP9,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R4P6 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4P6,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OGVZ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGVZ,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LQDE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQDE,, |

## 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).