# ROCK FIELD CO.,LTD.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/05/01－2026/04/30) (S100YSC6)
> Page: https://vizora.meequs.com/en/company/rock-field
> Retrieved: 2026-09-30T21:01:50.806Z

## Company

Rock Field, founded in 1972, is a company in Takeout & Delivery Meals listed on TSE Prime. It has 1,590 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ROCK FIELD CO.,LTD. |
| Ticker | 2910 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2910.T) |
| Listing | TSE Prime |
| Head office | 神戸市東灘区魚崎浜町15番地2 |
| Representative (per filing) | 代表取締役社長 古塚 孝志 |
| Founded | Jun 1972 |
| Share capital | ¥5.54B |
| Employees (consolidated) | 1,590 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | April |
| Website | www.rockfield.co.jp (https://www.rockfield.co.jp/) |
| Corporate number | 4140001002820 |
| EDINET | E00482 |
| Industries (Vizora) | Takeout & Delivery Meals |

> Profile source: annual securities report (S100YSC6, filed 2026-07-27). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.7 | 15 |
| Profitability | 21.9 | 16 |
| Cash conversion | 96.4 | 14 |
| Efficiency | 40.6 | 16 |

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)

- Rock Field brought in ¥51.1B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.2% from the prior year, operating profit -37.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥51096000000 → ¥98000000
- Net income → operating cash flow: ¥98000000 → ¥2315000000（difference ¥2217000000）
- Main uses of operating cash flow: CapEx ¥1563000000 / dividends ¥597000000 / buybacks ¥0
- Change in cash: ¥-441000000
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 | ¥51.1B |  |
| Operating income | ¥780M | Margin 1.5% |
| Net income | ¥98M | Margin 0.2% |
| Free cash flow | ¥752M |  |
| Employees (consolidated) | 1,590 |  |
| EPS | ¥11.14 |  |
| Book value per share | ¥1102.04 |  |
| Equity ratio | 82.1% |  |
| Shares outstanding | 26,788,000 |  |
| Treasury shares | 648,100 |  |
| Shareholders | 29,900 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 36.6% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | -1.7 pp | Takeout & Delivery Meals |
| ROE | 0.3% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 23.6× net income
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43762000000 | ¥51096000000 | +16.8% |
| Operating income | ¥1107000000 | ¥780000000 | -29.5% |
| Operating margin | 2.5% | 1.5% | -1 pp |
| Employees | 1,557 people | 1,590 people | +2.1% |
| Cash and equivalents | ¥13018000000 | ¥12754000000 | -2.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,096 | 100.0% | S100YSC6 |
| Cost of revenue | 21,796 | 42.7% | S100YSC6 |
| Gross profit | 29,299 | 57.3% | S100YSC6 |
| SG&A | 28,518 | 55.8% | S100YSC6 |
| Operating income | 780 | 1.5% | S100YSC6 |
| Ordinary income | 800 | 1.6% | S100YSC6 |
| Pretax income | 492 | 1.0% | S100YSC6 |
| Income tax | 393 | 0.8% | S100YSC6 |
| Net income | 98 | 0.2% | S100YSC6 |
| Net income attributable to owners | 98 | 0.2% | S100YSC6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 56 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 57.3% → Operating margin 1.5% → Net margin 0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.2%; Core profit growth: -37.2%
Operating leverage (core profit growth ÷ revenue growth): 216.36×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 51,184 | 51,096 | -88 | -0.2% |
| Gross profit | 29,388 | 29,299 | -89 | -0.3% |
| Operating income | 1,242 | 780 | -462 | -37.2% |
| Net income attributable to owners | 329 | 98 | -231 | -70.2% |
| Operating cash flow | 2,027 | 2,315 | 288 | +14.2% |
| Free cash flow | 733 | 752 | 19 | +2.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 47,667 | 475 | 1.0% | 193 | 2,481 | -644 | S100M1U4 |
| FY ending Apr 2021 | 43,762 | 1,107 | 2.5% | 1,165 | 2,763 | 431 | S100OSFM |
| FY ending Apr 2022 | 47,119 | 2,155 | 4.6% | 1,380 | 3,421 | 2,590 | S100RGQ1 |
| FY ending Apr 2023 | 49,970 | 1,500 | 3.0% | 1,078 | 2,213 | 1,287 | S100U43R |
| FY ending Apr 2024 | 51,357 | 1,738 | 3.4% | 1,252 | 3,565 | 2,390 | S100WEDD |
| FY ending Apr 2025 | 51,184 | 1,242 | 2.4% | 329 | 2,027 | 733 | S100YSC6 |
| FY ending Apr 2026 | 51,096 | 780 | 1.5% | 98 | 2,315 | 752 | S100YSC6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.1M |
| Operating income per employee (consolidated) | ¥490.6K |
| Net income per employee (consolidated) | ¥61.6K |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,578 | 1,573 | 1,635 | 1,616 | 1,590 |
| Average salary (parent company) | ¥4.6M | ¥4.9M | ¥4.9M | ¥5M | ¥5M |
| Average age (parent company) | 38.1 years | 38.6 years | 38.3 years | 38.9 years | 39.2 years |
| Average tenure (parent company) | 14.2 years | 14.7 years | 14.2 years | 14.6 years | 15.1 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) -0.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,315 | 4.5% | S100YSC6 |
| Capital expenditure | 1,563 | 3.1% | S100YSC6 |
| Free cash flow | 752 | 1.5% | 算出 |
| Investing cash flow | -1,714 | -3.4% | S100YSC6 |
| Financing cash flow | -1,026 | -2.0% | S100YSC6 |
| Dividends paid | 597 | 1.2% | S100YSC6 |
| Share buyback | 0 | 0.0% | S100YSC6 |
| Change in cash | -441 | -0.9% | S100YSC6 |
| Cash and equivalents | 12,754 | 25.0% | S100YSC6 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,124 | 13,423 | 13,764 | 13,195 | 12,754 | S100U43R, S100WEDD, S100YSC6 |
| Total assets | 36,502 | 36,046 | 36,022 | 35,308 | 34,866 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Net assets | 29,082 | 29,159 | 29,139 | 28,908 | 28,612 | S100U43R, S100WEDD, S100YSC6 |
| Share capital | 5,544 | 5,544 | 5,544 | 5,544 | 5,544 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Property, plant and equipment | 14,844 | 14,594 | 14,334 | 14,014 | 13,787 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Intangible assets excluding goodwill | 222 | 297 | 421 | 639 | 592 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Investment securities | 368 | 413 | 486 | 530 | 808 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Current assets | 19,747 | 19,399 | 19,391 | 18,786 | 18,559 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Current liabilities | 5,933 | 6,110 | 5,872 | 5,526 | 5,517 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Long-term borrowings | 1,040 | 200 | 375 | 275 | 175 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Total liabilities | 7,420 | 6,887 | 6,882 | 6,399 | 6,253 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Equity attributable to owners of parent | 28,927 | 28,954 | 28,864 | 28,603 | 28,116 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Retained earnings | 17,689 | 17,704 | 18,371 | 18,100 | 17,598 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |
| Treasury stock | -183 | -176 | -938 | -928 | -915 | S100RGQ1, S100U43R, S100WEDD, S100YSC6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YSC6 |
| Property, plant and equipment | 39% | S100YSC6 |
| Intangibles and goodwill | 2% | S100YSC6 |
| Investment securities | 2% | S100YSC6 |
| Other assets | 20% | S100YSC6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YSC6 |
| Equity | 82% | S100YSC6 |
| Other liabilities | 0% | S100YSC6 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 36,502 | 36,046 | 36,022 | 35,308 | 34,866 |
| Equity | 29,082 | 29,159 | 29,139 | 28,908 | 28,612 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,124 | 13,423 | 13,764 | 13,195 | 12,754 |

## 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) | 27.0% | S100YSC6 |
| Fixed assets ÷ total assets | 39.5% | S100YSC6 |
| Goodwill ÷ parent equity | — | —, S100YSC6 |

### 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) | 36.6% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 296.8% |
| Cash vs. profit gap | 2,217 JPY mn (of net income 2262.2%) |
| Shareholder returns / net income | 609.2% |
| Shareholder returns / FCF | 79.4% |
| Shareholder payments — dividends / net income | 609.2% |
| Shareholder payments — dividends / FCF | 79.4% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 74.0% |

## 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% | 1.29× | 3.8% | 1.26× | 4.8% | S100RGQ1 |
| 2023 | 2.2% | 1.38× | 3.0% | 1.25× | 3.7% | S100U43R |
| 2024 | 2.4% | 1.43× | 3.5% | 1.25× | 4.3% | S100WEDD |
| 2025 | 0.6% | 1.44× | 0.9% | 1.24× | 1.1% | S100YSC6 |
| 2026 | 0.2% | 1.46× | 0.3% | 1.24× | 0.3% | S100YSC6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社岩田 | Major shareholder | 8.8% | 2026-04-30 |
| 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% | 2026-04-30 |
| ロック・フィールド取引先持株会 | Major shareholder | 5.6% | 2026-04-30 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.0% | 2026-04-30 |
| 株式会社四国銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.8% | 2026-04-30 |
| 岩田 弘三 | Major shareholder | 3.0% | 2026-04-30 |
| ロック・フィールド社員持株会 | Major shareholder | 2.1% | 2026-04-30 |
| 株式会社みなと銀行 | Major shareholder | 1.6% | 2026-04-30 |
| ニューコウチビル株式会社 | Major shareholder | 1.3% | 2026-04-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.2% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/05/01－2026/04/30) | S100YSC6 | 2026-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSC6,, |
| 有価証券報告書－第53期(2024/05/01－2025/04/30) | S100WEDD | 2025-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEDD,, |
| 有価証券報告書－第52期(2023/05/01－2024/04/30) | S100U43R | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U43R,, |
| 有価証券報告書－第51期(2022/05/01－2023/04/30) | S100RGQ1 | 2023-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGQ1,, |
| 有価証券報告書－第50期(令和3年5月1日－令和4年4月30日) | S100OSFM | 2022-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSFM,, |
| 有価証券報告書－第49期(令和2年5月1日－令和3年4月30日) | S100M1U4 | 2021-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1U4,, |

## 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).