# RINGER HUT 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62期(2025/03/01－2026/02/28) (S100Y5IT)
> Page: https://vizora.meequs.com/en/company/ringer-hut
> Retrieved: 2026-09-30T21:34:36.568Z

## Company

Ringer HUT, founded in 1970, is a company in Fast Food & Quick Service listed on TSE Prime. It has 587 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RINGER HUT CO.,LTD. |
| Ticker | 8200 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8200.T) |
| Listing | TSE Prime |
| Head office | 長崎県長崎市鍛冶屋町6番50号 (同所は登記上の本店所在地で実際の業務は下記で行っております。) 東京都品川区大崎一丁目6番1号TOC大崎ビル14階 |
| Representative (per filing) | 代表取締役社長 福原 扶美勇 |
| Founded | Jun 1970 |
| Share capital | ¥9B |
| Employees (consolidated) | 587 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | February |
| Website | www.ringerhut.co.jp (https://www.ringerhut.co.jp/) |
| Corporate number | 5310001001011 |
| EDINET | E03099 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100Y5IT, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.9 | 18 |
| Profitability | 20.5 | 22 |
| Cash conversion | 83.3 | 21 |
| Efficiency | 29.5 | 22 |

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 82% of Ringer HUT's sales come from Nagasaki Champon, with Tonkatsu and Maintenance making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -16.3%.

## Company structure

- Segment revenue mix: Nagasaki Champon 81.8%、Tonkatsu 17.8%、Maintenance 0.4%
- Revenue → net income: ¥44265122000 → ¥1727752000
- Net income → operating cash flow: ¥1727752000 → ¥2945495000（difference ¥1217743000）
- Main uses of operating cash flow: CapEx ¥1953655000 / dividends ¥338226000 / buybacks ¥444000
- Change in cash: ¥102263000
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 | ¥44.3B |  |
| Operating income | ¥1.42B | Margin 3.2% |
| Net income | ¥1.73B | Margin 3.9% |
| Free cash flow | ¥991.8M |  |
| Largest business | Nagasaki Champon | of segment revenue 81.8% |
| Employees (consolidated) | 587 |  |
| EPS | ¥62.8 |  |
| Book value per share | ¥553.98 |  |
| Equity ratio | 48.9% |  |
| Shares outstanding | 26,067,972 |  |
| Treasury shares | 2,100 |  |
| Shareholders | 55,697 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 7.4% | Cash ÷ revenue 5.2% |
| Vs. industry median margin | -2.3 pp | Fast Food & Quick Service |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33006725000 | ¥44265122000 | +34.1% |
| Operating income | ¥-5403132000 | ¥1418176000 | — |
| Operating margin | -16.4% | 3.2% | +19.6 pp |
| Employees | 584 people | 587 people | +0.5% |
| Cash and equivalents | ¥8348621000 | ¥2296898000 | -72.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 長崎ちゃんぽん → 長崎ちゃんぽん | 77.9% |
| とんかつ → とんかつ | 17.8% |
| とんかつ → 事業再編・廃止 | 3.8% |
| 設備メンテナンス → 設備メンテナンス | 0.4% |
| 設備メンテナンス → 事業再編・廃止 | 0.1% |
| 新設・再編 → 長崎ちゃんぽん | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Nagasaki Champon | 5 years | +6.8% | ¥36881742000 | 3.1% | 2 |
| Tonkatsu | 5 years | +1.7% | ¥8007738000 | 1.8% | 2 |
| Maintenance | 5 years | +2.4% | ¥195200000 | 111.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,265 | 100.0% | S100Y5IT |
| Cost of revenue | 15,443 | 34.9% | S100Y5IT |
| Gross profit | 28,822 | 65.1% | S100Y5IT |
| SG&A | 28,223 | 63.8% | S100Y5IT |
| Operating income | 1,418 | 3.2% | S100Y5IT |
| Ordinary income | 1,598 | 3.6% | S100Y5IT |
| Pretax income | 1,479 | 3.3% | S100Y5IT |
| Income tax | -249 | -0.6% | S100Y5IT |
| Net income | 1,728 | 3.9% | S100Y5IT |
| Net income attributable to owners | 1,728 | 3.9% | S100Y5IT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 64 |
| Other operating | -2 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 65.1% → Operating margin 3.2% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.0%; Core profit growth: -16.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.44×
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 | 42,978 | 44,265 | 1,287 | +3.0% |
| Gross profit | 28,064 | 28,822 | 757 | +2.7% |
| Operating income | 1,694 | 1,418 | -276 | -16.3% |
| Net income attributable to owners | 969 | 1,728 | 759 | +78.4% |
| Operating cash flow | 3,122 | 2,945 | -177 | -5.7% |
| Free cash flow | 891 | 992 | 101 | +11.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 45,899 | 1,554 | 3.4% | -211 | 2,677 | -186 | S100LE1J |
| FY ending Feb 2021 | 33,007 | -5,403 | -16.4% | -8,746 | -3,405 | -5,610 | S100O433 |
| FY ending Feb 2022 | 32,868 | -1,464 | -4.5% | 943 | 2,458 | 801 | S100QSZ1 |
| FY ending Feb 2023 | 36,618 | -292 | -0.8% | -403 | 1,365 | -707 | S100TGO1 |
| FY ending Feb 2024 | 38,971 | 1,005 | 2.6% | 752 | 2,895 | 930 | S100VTS9 |
| FY ending Feb 2025 | 42,978 | 1,694 | 3.9% | 969 | 3,122 | 891 | S100Y5IT |
| FY ending Feb 2026 | 44,265 | 1,418 | 3.2% | 1,728 | 2,945 | 992 | S100Y5IT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.4M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥2.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 536 | 548 | 547 | 559 | 587 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.3M | ¥6.6M | ¥7.4M |
| Average age (parent company) | 44.7 years | 45.9 years | 46.6 years | 46.1 years | 46.6 years |
| Average tenure (parent company) | 16.9 years | 18.0 years | 18.7 years | 18.5 years | 18.5 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nagasaki Champon | 36,882 | 81.8% | 1,146 | 3.1% |
| Tonkatsu | 8,008 | 17.8% | 141 | 1.8% |
| Maintenance | 195 | 0.4% | 218 | 111.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nagasaki Champon | 81.8% | 76.2% | -5.6 | 3.1% |
| Tonkatsu | 17.8% | 9.4% | -8.4 | 1.8% |
| Maintenance | 0.4% | 14.5% | 14.0 | 111.5% |

Segment → industry: Tonkatsu → Fast Food & Quick Service / Nagasaki Champon → Fast Food & Quick Service

## 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 | 2,945 | 6.7% | S100Y5IT |
| Capital expenditure | 1,954 | 4.4% | S100Y5IT |
| Free cash flow | 992 | 2.2% | 算出 |
| Investing cash flow | -2,037 | -4.6% | S100Y5IT |
| Financing cash flow | -819 | -1.8% | S100Y5IT |
| Dividends paid | 338 | 0.8% | S100Y5IT |
| Share buyback | 0 | 0.0% | S100Y5IT |
| Change in cash | 102 | 0.2% | S100Y5IT |
| Cash and equivalents | 2,297 | 5.2% | S100Y5IT |

## 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 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,897 | 2,373 | 2,243 | 2,195 | 2,297 | S100TGO1, S100VTS9, S100Y5IT |
| Total assets | 34,119 | 28,731 | 28,727 | 29,204 | 31,124 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Net assets | 12,522 | 11,867 | 12,860 | 13,647 | 15,231 | S100TGO1, S100VTS9, S100Y5IT |
| Share capital | 9,003 | 9,003 | 9,003 | 9,003 | 9,003 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Property, plant and equipment | 18,422 | 18,202 | 18,125 | 18,285 | 18,595 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Intangible assets excluding goodwill | 438 | 470 | 390 | 401 | 402 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Investment securities | 599 | 718 | 910 | 933 | 1,355 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Current assets | 10,475 | 5,266 | 5,267 | 5,557 | 6,151 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Current liabilities | 7,446 | 7,663 | 9,902 | 7,520 | 7,097 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Short-term borrowings | — | 620 | — | 900 | 200 | S100TGO1, S100Y5IT |
| Long-term borrowings | 10,854 | 5,964 | 2,918 | 4,918 | 5,167 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Bonds | 50 | — | — | — | — | S100QSZ1 |
| Total liabilities | 21,597 | 16,864 | 15,867 | 15,557 | 15,893 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Non-controlling interests | 19 | — | — | — | — | S100QSZ1 |
| Equity attributable to owners of parent | 12,347 | 11,820 | 12,447 | 13,159 | 14,552 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Retained earnings | 1,509 | 976 | 1,597 | 2,305 | 3,694 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |
| Treasury stock | -358 | -352 | -347 | -343 | -338 | S100QSZ1, S100TGO1, S100VTS9, S100Y5IT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y5IT |
| Property, plant and equipment | 60% | S100Y5IT |
| Intangibles and goodwill | 1% | S100Y5IT |
| Investment securities | 4% | S100Y5IT |
| Other assets | 27% | S100Y5IT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100Y5IT |
| Equity | 49% | S100Y5IT |
| Other liabilities | 0% | S100Y5IT |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,119 | 28,731 | 28,727 | 29,204 | 31,124 |
| Equity | 12,522 | 11,867 | 12,860 | 13,647 | 15,231 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,897 | 2,373 | 2,243 | 2,195 | 2,297 |

## 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) | 42.0% | S100Y5IT |
| Fixed assets ÷ total assets | 59.7% | S100Y5IT |
| Goodwill ÷ parent equity | — | —, S100Y5IT |

### 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) | 7.4% |
| Cash ÷ revenue | 5.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 207.7% |
| Cash vs. profit gap | 1,218 JPY mn (of net income 70.5%) |
| Shareholder returns / net income | 19.6% |
| Shareholder returns / FCF | 34.1% |
| Shareholder payments — dividends / net income | 19.6% |
| Shareholder payments — dividends / FCF | 34.1% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 69.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.9% | 0.96× | 2.8% | 2.76× | 7.6% | S100QSZ1 |
| 2023 | — | —× | -1.3% | —× | — | S100TGO1 |
| 2024 | 1.9% | 1.36× | 2.6% | 2.37× | 6.2% | S100VTS9 |
| 2025 | 2.3% | 1.48× | 3.3% | 2.26× | 7.6% | S100Y5IT |
| 2026 | 3.9% | 1.47× | 5.7% | 2.18× | 12.5% | S100Y5IT |

## 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 | 8.9% | 2026-02-28 |
| 株式会社十八親和銀行 | Major shareholder | 2.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（米濵・リンガーハット財団口） | Major shareholder | 2.3% | 2026-02-28 |
| 公益財団法人米濵・リンガーハット財団 | Major shareholder | 2.3% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-02-28 |
| 第一生命保険株式会社 | Major shareholder | 1.6% | 2026-02-28 |
| アサヒビール株式会社 | Major shareholder | 1.4% | 2026-02-28 |
| 株式会社福岡銀行 | Major shareholder | 1.3% | 2026-02-28 |
| 麒麟麦酒株式会社 | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/03/01－2026/02/28) | S100Y5IT | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5IT,, |
| 有価証券報告書－第61期(2024/03/01－2025/02/28) | S100VTS9 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTS9,, |
| 有価証券報告書－第60期(2023/03/01－2024/02/29) | S100TGO1 | 2024-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGO1,, |
| 有価証券報告書－第59期(2022/03/01－2023/02/28) | S100QSZ1 | 2023-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSZ1,, |
| 有価証券報告書－第58期(令和3年3月1日－令和4年2月28日) | S100O433 | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O433,, |
| 有価証券報告書－第57期(令和2年3月1日－令和3年2月28日) | S100LE1J | 2021-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE1J,, |

## 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).