# Prima Meat Packers, Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2025/04/01－2026/03/31) (S100YDH8)
> Page: https://vizora.meequs.com/en/company/prima-meat-packers
> Retrieved: 2026-09-30T21:02:22.501Z

## Company

Prima Meat Packers, founded in 1948, is a company in Meat Processing listed on TSE Prime. It has 3,630 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Prima Meat Packers, Ltd. |
| Ticker | 2281 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2281.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東大井三丁目17番4号(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役会長 千葉尚登 |
| Founded | Jul 1948 |
| Share capital | ¥7.91B |
| Employees (consolidated) | 3,630 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.primaham.co.jp (https://www.primaham.co.jp/) |
| Corporate number | 6010701008888 |
| EDINET | E00335 |
| Industries (Vizora) | Meat Processing, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YDH8, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 11 |
| Profitability | 31.8 | 11 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 70.8 | 12 |

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 66% of Prima Meat Packers's sales come from Meat processing business headquarters, with Meat business headquarters and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +2.0%.

## Company structure

- Segment revenue mix: Meat processing business headquarters 66.2%、Meat business headquarters 33.7%、Other 0.2%
- Revenue → net income: ¥475574000000 → ¥2413000000
- Net income → operating cash flow: ¥2413000000 → ¥19752000000（difference ¥17339000000）
- Main uses of operating cash flow: CapEx ¥17240000000 / dividends ¥4022000000 / buybacks ¥1000000
- Change in cash: ¥-349000000
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 | ¥475.6B |  |
| Operating income | ¥9.13B | Margin 1.9% |
| Net income | ¥4.59B | Margin 1.0% |
| Free cash flow | ¥2.51B |  |
| Largest business | Meat processing business headquarters | of segment revenue 66.2% |
| Employees (consolidated) | 3,630 |  |
| EPS | ¥210.37 |  |
| Book value per share | ¥1773.71 |  |
| Equity ratio | 50.5% |  |
| Shares outstanding | 50,524,399 |  |
| Treasury shares | 189,400 |  |
| Shareholders | 27,273 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 2.5% | Cash ÷ revenue 1.2% |
| Vs. industry median margin | -0.3 pp | Meat Processing |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.3× net income
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥433572000000 | ¥475574000000 | +9.7% |
| Operating income | ¥21475000000 | ¥9131000000 | -57.5% |
| Operating margin | 5.0% | 1.9% | -3 pp |
| Employees | 3,512 people | 3,630 people | +3.4% |
| Cash and equivalents | ¥29773000000 | ¥5917000000 | -80.1% |

### 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 |
| --- | ---: |
| 加工食品事業部門 → 加工食品事業部門 | 66.2% |
| 加工食品事業部門 → 事業再編・廃止 | 1.5% |
| 食肉事業部門 → 食肉事業部門 | 32.2% |
| その他 → その他 | 0.1% |
| 新設・再編 → 食肉事業部門 | 1.4% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Meat processing business headquarters | 5 years | +1.4% | ¥314627000000 | 2.5% | 2 |
| Meat business headquarters | 5 years | +2.8% | ¥160064000000 | 1.2% | 2 |
| Other | 5 years | +11.2% | ¥882000000 | 33.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 475,574 | 100.0% | S100YDH8 |
| Cost of revenue | 422,998 | 88.9% | S100YDH8 |
| Gross profit | 52,575 | 11.1% | S100YDH8 |
| SG&A | 43,444 | 9.1% | S100YDH8 |
| Operating income | 9,131 | 1.9% | S100YDH8 |
| Ordinary income | 11,185 | 2.4% | S100YDH8 |
| Pretax income | 8,673 | 1.8% | S100YDH8 |
| Income tax | 6,259 | 1.3% | S100YDH8 |
| Net income | 2,413 | 0.5% | S100YDH8 |
| Net income attributable to owners | 4,587 | 1.0% | S100YDH8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 11.1% → Operating margin 1.9% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +2.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.54×
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 | 458,354 | 475,574 | 17,220 | +3.8% |
| Gross profit | 48,486 | 52,575 | 4,089 | +8.4% |
| Operating income | 8,948 | 9,131 | 183 | +2.0% |
| Net income attributable to owners | 7,076 | 4,587 | -2,489 | -35.2% |
| Operating cash flow | 14,211 | 19,752 | 5,541 | +39.0% |
| Free cash flow | 2,168 | 2,512 | 344 | +15.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 418,060 | 15,636 | 3.7% | 8,823 | 22,304 | 7,921 | S100LUIO |
| FY ending Mar 2021 | 433,572 | 21,475 | 5.0% | 14,165 | 27,248 | 16,855 | S100P4G5 |
| FY ending Mar 2022 | 420,717 | 14,037 | 3.3% | 9,718 | 16,739 | 1,129 | S100RK4C |
| FY ending Mar 2023 | 430,740 | 9,725 | 2.3% | 4,505 | 11,719 | -8,852 | S100TRK6 |
| FY ending Mar 2024 | 448,429 | 11,820 | 2.6% | 7,489 | 22,542 | 5,882 | S100W0KK |
| FY ending Mar 2025 | 458,354 | 8,948 | 2.0% | 7,076 | 14,211 | 2,168 | S100YDH8 |
| FY ending Mar 2026 | 475,574 | 9,131 | 1.9% | 4,587 | 19,752 | 2,512 | S100YDH8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥131M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 3,611 | 3,680 | 3,643 | 3,667 | 3,630 |
| Average salary (parent company) | ¥7.3M | ¥7.8M | ¥7.7M | ¥7.7M | ¥7.4M |
| Average age (parent company) | 42.8 years | 41.8 years | 41.8 years | 41.6 years | 41.0 years |
| Average tenure (parent company) | 18.6 years | 17.2 years | 17.1 years | 16.7 years | 15.9 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Meat processing business headquarters | 314,627 | 66.2% | 7,928 | 2.5% |
| Meat business headquarters | 160,064 | 33.7% | 1,931 | 1.2% |
| Other | 882 | 0.2% | 292 | 33.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Meat processing business headquarters | 66.2% | 78.1% | 11.9 | 2.5% |
| Meat business headquarters | 33.7% | 19.0% | -14.6 | 1.2% |
| Other | 0.2% | 2.9% | 2.7 | 33.1% |

Segment → industry: Meat business headquarters → Meat Processing / Meat processing business headquarters → Meat Processing / Meat processing business headquarters → Takeout & Delivery Meals

## 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 | 19,752 | 4.2% | S100YDH8 |
| Capital expenditure | 17,240 | 3.6% | S100YDH8 |
| Free cash flow | 2,512 | 0.5% | 算出 |
| Investing cash flow | -13,762 | -2.9% | S100YDH8 |
| Financing cash flow | -6,377 | -1.3% | S100YDH8 |
| Dividends paid | 4,022 | 0.8% | S100YDH8 |
| Share buyback | 1 | 0.0% | S100YDH8 |
| Change in cash | -349 | -0.1% | S100YDH8 |
| Cash and equivalents | 5,917 | 1.2% | S100YDH8 |

## 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 | 16,230 | 14,098 | 9,765 | 6,266 | 5,917 | S100TRK6, S100W0KK, S100YDH8 |
| Total assets | 221,721 | 229,887 | 244,793 | 239,610 | 241,280 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Net assets | 122,567 | 123,194 | 130,213 | 130,228 | 130,536 | S100TRK6, S100W0KK, S100YDH8 |
| Share capital | 7,908 | 7,908 | 7,908 | 7,908 | 7,908 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Trade receivables | 44,104 | 46,471 | 52,592 | 48,383 | 49,293 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Property, plant and equipment | 97,204 | 102,309 | 98,961 | 97,006 | 94,187 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Intangible assets excluding goodwill | 4,854 | 7,308 | 12,386 | 14,248 | 22,074 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Goodwill | 2,467 | 1,506 | 1,440 | 375 | — | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Investment securities | 5,693 | 6,154 | 8,855 | 9,275 | 3,901 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Current assets | 95,828 | 95,311 | 103,192 | 99,561 | 103,670 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Current liabilities | 71,659 | 74,867 | 85,150 | 81,718 | 85,328 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Trade payables | 49,644 | 49,287 | 58,856 | 57,202 | 57,476 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Short-term borrowings | 278 | 323 | 362 | 234 | 155 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Long-term borrowings | 14,923 | 19,783 | 15,961 | 15,856 | 14,082 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Total liabilities | 99,154 | 106,692 | 114,580 | 109,382 | 110,743 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Non-controlling interests | 10,706 | 10,024 | 10,899 | 10,846 | 8,604 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Equity attributable to owners of parent | 102,769 | 104,025 | 108,265 | 111,107 | 111,666 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Retained earnings | 85,084 | 86,324 | 90,554 | 93,352 | 93,913 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |
| Treasury stock | -409 | -405 | -397 | -372 | -374 | S100RK4C, S100TRK6, S100W0KK, S100YDH8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YDH8 |
| Receivables | 20% | S100YDH8 |
| Property, plant and equipment | 39% | S100YDH8 |
| Intangibles and goodwill | 9% | S100YDH8 |
| Investment securities | 2% | S100YDH8 |
| Other assets | 27% | S100YDH8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 24% | S100YDH8 |
| Other liabilities | 22% | S100YDH8 |
| Equity | 54% | S100YDH8 |
| Other liabilities | 0% | S100YDH8 |

### 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 | 221,721 | 229,887 | 244,793 | 239,610 | 241,280 |
| Equity | 122,567 | 123,194 | 130,213 | 130,228 | 130,536 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,230 | 14,098 | 9,765 | 6,266 | 5,917 |

## 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) | 19.8% | S100YDH8 |
| Fixed assets ÷ total assets | 39.0% | S100YDH8 |
| Goodwill ÷ parent equity | — | —, S100YDH8 |

### 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) | 2.5% |
| Cash ÷ revenue | 1.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 216.3% |
| Cash vs. profit gap | 15,165 JPY mn (of net income 330.6%) |
| Shareholder returns / net income | 87.7% |
| Shareholder returns / FCF | 160.2% |
| Shareholder payments — dividends / net income | 87.7% |
| Shareholder payments — dividends / FCF | 160.1% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 69.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.3% | 1.90× | 4.4% | 2.16× | 9.5% | S100RK4C |
| 2023 | 1.0% | 1.91× | 2.0% | 2.18× | 4.4% | S100TRK6 |
| 2024 | 1.7% | 1.89× | 3.2% | 2.24× | 7.1% | S100W0KK |
| 2025 | 1.5% | 1.89× | 2.9% | 2.21× | 6.5% | S100YDH8 |
| 2026 | 1.0% | 1.98× | 1.9% | 2.16× | 4.1% | S100YDH8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 46.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| 伊藤忠食品株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 学校法人竹岸学園 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社サンショク | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATEDCLIENT ACCOUNT（シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥475.6B, up 3.8% from ¥458.4B.
- Gross profit grew 8.4% to ¥52.6B, and operating income edged up 2.0% to ¥9.13B.
- Net income attributable to owners, however, dropped 35.2%, from ¥7.08B to ¥4.59B.
- Operating cash flow improved 39.0% to ¥19.8B.

### Drivers

- In processed foods, price increases covered higher raw material costs, and retail ham and sausage volumes grew. But lower profit at the unit that makes sandwiches and ready meals for convenience stores kept segment profit roughly flat
- In meat, overseas meat prices stayed high and the yen stayed weak, yet the company passed costs on to customers, moved more deals to market-linked pricing, and sold more volume, lifting profit
- It wrote off goodwill for Rudi's Fine Food in Singapore and TMG International, booked as an extraordinary loss

### Risks

- Livestock prices, animal disease, and rising feed, fuel and logistics costs can push up raw material costs
- It imports raw materials and goods from the US, Europe, China and elsewhere, so exchange rates affect results
- A serious quality problem or allergen contamination could damage trust and make it hard to keep the business running

Cited: Annual Securities Report (79th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (79th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YDH8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDH8,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W0KK | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0KK,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TRK6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRK6,, |
| 訂正有価証券報告書－第76期(2022/04/01－2023/03/31) | S100RK4C | 2023-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RK4C,, |
| 訂正有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100P4G5 | 2022-09-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P4G5,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LUIO | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIO,, |

## 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).