# ROKKO BUTTER CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第102期(2025/01/01－2025/12/31) (S100XSYQ)
> Page: https://vizora.meequs.com/en/company/rokko-butter
> Retrieved: 2026-09-30T21:38:57.266Z

## Company

Rokko Butter, founded in 1948, is a company in Beverages & Dairy listed on TSE Prime. It has 726 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ROKKO BUTTER CO., LTD. |
| Ticker | 2266 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2266.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区坂口通一丁目3番13号 |
| Representative (per filing) | 代表取締役社長兼CEO 塚本 浩康 |
| Founded | Dec 1948 |
| Share capital | ¥2.84B |
| Employees (consolidated) | 726 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.qbb.co.jp (https://www.qbb.co.jp/) |
| Corporate number | 6140001011869 |
| EDINET | E00337 |
| Industries (Vizora) | Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100XSYQ, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 32.5 | 20 |
| Cash conversion | 7.5 | 20 |
| Efficiency | 22.5 | 20 |

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 98% of Rokko Butter's sales come from Cheese, with Nuts making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit -23.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥43.3B |  |
| Operating income | ¥1.44B | Margin 3.3% |
| Net income | ¥1.49B | Margin 3.4% |
| Free cash flow | -¥2.06B |  |
| Largest business | Cheese | of segment revenue 98.5% |
| Employees (consolidated) | 726 |  |
| EPS | ¥53.6 |  |
| Book value per share | ¥1646.24 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 21,452,125 |  |
| Treasury shares | 1,969,200 |  |
| Shareholders | 7,448 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 6.4% | Cash ÷ revenue 9.0% |
| Vs. industry median margin | -1.1 pp | Beverages & Dairy |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54948450000 | ¥43293346000 | — |
| Operating income | ¥1940741000 | ¥1435464000 | — |
| Operating margin | 3.5% | 3.3% | -0.2 pp |
| Employees | 464 people | 726 people | — |
| Cash and equivalents | ¥7270892000 | ¥3915108000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → チーズ | 98.5% |
| 新設・再編 → ナッツ | 1.5% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,293 | 100.0% | S100XSYQ |
| Cost of revenue | 34,903 | 80.6% | S100XSYQ |
| Gross profit | 8,390 | 19.4% | S100XSYQ |
| SG&A | 6,955 | 16.1% | S100XSYQ |
| Operating income | 1,435 | 3.3% | S100XSYQ |
| Ordinary income | 1,327 | 3.1% | S100XSYQ |
| Pretax income | 1,922 | 4.4% | S100XSYQ |
| Income tax | 436 | 1.0% | S100XSYQ |
| Net income | 1,486 | 3.4% | S100XSYQ |
| Net income attributable to owners | 1,486 | 3.4% | S100XSYQ |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.4% → Operating margin 3.3% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 42,924 | 43,293 | 369 | +0.9% |
| Gross profit | 8,305 | 8,390 | 85 | +1.0% |
| Operating income | 1,865 | 1,435 | -430 | -23.0% |
| Operating cash flow | 3,668 | -1,667 | -5,336 | -145.5% |
| Free cash flow | 3,174 | -2,055 | -5,229 | -164.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 53,947 | 2,234 | 4.1% | 980 | 2,088 | -6,456 | S100L0V7 |
| FY ending Dec 2020 | 54,948 | 1,941 | 3.5% | 957 | 5,769 | 3,314 | S100NRFA |
| FY ending Dec 2021 | 55,074 | 2,366 | 4.3% | 2,272 | 5,732 | 3,798 | S100QH6Y |
| FY ending Dec 2022 | 41,924 | 346 | 0.8% | 220 | 1,094 | 407 | S100T4YK |
| FY ending Dec 2023 | 44,296 | 627 | 1.4% | 446 | 3,239 | 2,735 | S100VGZG |
| FY ending Dec 2024 | 42,924 | 1,865 | 4.3% | 1,041 | 3,668 | 3,174 | S100VGZG |
| FY ending Dec 2025 | 43,293 | 1,435 | 3.3% | 1,486 | -1,667 | -2,055 | S100XSYQ |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.6M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 466 | 469 | 477 | 495 | 726 |
| Average salary (parent company) | ¥6.4M | ¥6.1M | ¥6M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 40.8 years | 40.3 years | 40.5 years | 39.7 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 14.4 years | 15.0 years | 14.6 years | 15.0 years |

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cheese | 42,102 | 98.5% | 1,464 | 3.5% |
| Nuts | 641 | 1.5% | 2 | 0.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cheese | 98.5% | 99.8% | 1.3 | 3.5% |
| Nuts | 1.5% | 0.2% | -1.3 | 0.4% |

Segment → industry: Cheese → Beverages & Dairy / Nuts → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,667 | -3.9% | S100XSYQ |
| Capital expenditure | 388 | 0.9% | S100XSYQ |
| Free cash flow | -2,055 | -4.7% | 算出 |
| Investing cash flow | -2,173 | -5.0% | S100XSYQ |
| Financing cash flow | 1,579 | 3.6% | S100XSYQ |
| Dividends paid | 390 | 0.9% | S100XSYQ |
| Share buyback | 0 | 0.0% | S100XSYQ |
| Change in cash | -2,265 | -5.2% | S100XSYQ |
| Cash and equivalents | 3,915 | 9.0% | S100XSYQ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,271 | 4,822 | 5,662 | 6,180 | 3,915 | S100T4YK, S100VGZG, S100XSYQ |
| Total assets | 54,209 | 51,422 | 50,986 | 51,404 | 60,942 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Net assets | 29,697 | 29,233 | 30,097 | 30,863 | 33,326 | S100T4YK, S100VGZG, S100XSYQ |
| Share capital | 2,843 | 2,843 | 2,843 | 2,843 | 2,843 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Inventories | — | — | — | — | 6,905 | S100XSYQ |
| Property, plant and equipment | 24,699 | 22,711 | 21,013 | 19,462 | 21,910 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Intangible assets excluding goodwill | 170 | 137 | 141 | 178 | 651 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Investment securities | 1,418 | 1,925 | 2,508 | 2,871 | 3,829 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Current assets | 25,376 | 24,110 | 24,739 | 24,890 | 32,066 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Current liabilities | 22,761 | 14,426 | 16,045 | 19,014 | 20,399 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Short-term borrowings | 11,000 | 3,000 | 5,000 | 7,000 | 6,756 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Long-term borrowings | — | 6,000 | 3,000 | — | 3,775 | S100T4YK, S100VGZG, S100XSYQ |
| Total liabilities | 24,512 | 22,189 | 20,889 | 20,540 | 27,617 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Equity attributable to owners of parent | 29,003 | 28,833 | 28,889 | 29,443 | 30,888 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Retained earnings | 25,953 | 25,784 | 25,840 | 26,394 | 27,840 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |
| Treasury stock | -2,316 | -2,317 | -2,317 | -2,318 | -2,318 | S100QH6Y, S100T4YK, S100VGZG, S100XSYQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XSYQ |
| Inventories | 11% | S100XSYQ |
| Property, plant and equipment | 36% | S100XSYQ |
| Intangibles and goodwill | 1% | S100XSYQ |
| Investment securities | 6% | S100XSYQ |
| Other assets | 39% | S100XSYQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XSYQ |
| Equity | 55% | S100XSYQ |
| Other liabilities | 0% | S100XSYQ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 54,209 | 51,422 | 50,986 | 51,404 | 60,942 |
| Equity | 29,697 | 29,233 | 30,097 | 30,863 | 33,326 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,271 | 4,822 | 5,662 | 6,180 | 3,915 |

## 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) | 50.6% | S100XSYQ |
| Fixed assets ÷ total assets | 36.0% | S100XSYQ |
| Goodwill ÷ parent equity | — | —, S100XSYQ |

### 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) | 6.4% |
| Cash ÷ revenue | 9.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -116.2% |
| Cash vs. profit gap | -3,153 JPY mn (of net income -212.2%) |
| Shareholder returns / net income | 26.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.1% | 1.02× | 4.2% | 1.87× | 7.8% | S100QH6Y |
| 2022 | 0.5% | 0.79× | 0.4% | 1.83× | 0.8% | S100T4YK |
| 2023 | 1.0% | 0.87× | 0.9% | 1.77× | 1.5% | S100VGZG |
| 2024 | 2.4% | 0.84× | 2.0% | 1.76× | 3.6% | S100VGZG |
| 2025 | 3.4% | 0.71× | 2.4% | 1.97× | 4.8% | S100XSYQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 16.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.9% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 5.0% | 2025-12-31 |
| ＱＢＢ持株会 | Major shareholder | 4.5% | 2025-12-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.4% | 2025-12-31 |
| 株式会社メイワパックス | Major shareholder | 2.2% | 2025-12-31 |
| 住友生命保険相互会社 | Major shareholder | 2.0% | 2025-12-31 |
| エムエスティ保険サービス株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 今津 龍三 | Major shareholder | 1.9% | 2025-12-31 |
| 六甲バター労働組合 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/01/01－2025/12/31) | S100XSYQ | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSYQ,, |
| 有価証券報告書－第101期(2024/01/01－2024/12/31) | S100VGZG | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGZG,, |
| 有価証券報告書－第100期(2023/01/01－2023/12/31) | S100T4YK | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4YK,, |
| 有価証券報告書－第99期(2022/01/01－2022/12/31) | S100QH6Y | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH6Y,, |
| 有価証券報告書－第98期(令和3年1月1日－令和3年12月31日) | S100NRFA | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRFA,, |
| 有価証券報告書－第97期(令和2年1月1日－令和2年12月31日) | S100L0V7 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0V7,, |

## 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).