# ROYAL HOLDINGS Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第77期(2025/01/01－2025/12/31) (S100XX3T)
> Page: https://vizora.meequs.com/en/company/royal-holdings
> Retrieved: 2026-09-30T22:27:52.196Z

## Company

Royal Holdings, founded in 1956, is a company in Processed Foods listed on TSE Prime. It has 2,383 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ROYAL HOLDINGS Co., Ltd. |
| Ticker | 8179 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8179.T) |
| Listing | TSE Prime |
| Head office | 福岡市博多区那珂三丁目28番5号 (上記は登記上の本店所在地であり、実質的な本社業務は下記「最寄りの連絡場所」において行っております。) |
| Representative (per filing) | 代表取締役社長 阿部 正孝 |
| Founded | May 1956 |
| Share capital | ¥17.8B |
| Employees (consolidated) | 2,383 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.royal-holdings.co.jp (https://www.royal-holdings.co.jp/) |
| Corporate number | 2290001017525 |
| EDINET | E04783 |
| Industries (Vizora) | Processed Foods, Hotels & Inns, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100XX3T, filed 2026-04-06). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.3 | 56 |
| Profitability | 56.8 | 66 |
| Cash conversion | 77.3 | 55 |
| Efficiency | 25 | 66 |

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 40% of Royal Holdings's sales come from Restaurant Business, with Contract Food Business and Hotel Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +4.3%.

## Company structure

- Segment revenue mix: Restaurant Business 39.9%、Contract Food Business 32.0%、Hotel Business 24.9%、Food Business 3.0%、Other 0.2%
- Revenue → net income: ¥165495000000 → ¥5818000000
- Net income → operating cash flow: ¥5818000000 → ¥15778000000（difference ¥9960000000）
- Main uses of operating cash flow: CapEx ¥10170000000 / dividends ¥1591000000 / buybacks —
- Change in cash: ¥-122000000
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 | ¥165.5B |  |
| Operating income | ¥7.68B | Margin 4.6% |
| Net income | ¥5.66B | Margin 3.4% |
| Free cash flow | ¥5.61B |  |
| Largest business | Restaurant Business | of segment revenue 39.9% |
| Employees (consolidated) | 2,383 |  |
| EPS | ¥0.36 |  |
| Book value per share | ¥460.74 |  |
| Equity ratio | 39.2% |  |
| Shares outstanding | 49,861,862 |  |
| Treasury shares | 119,100 |  |
| Shareholders | 29,538 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 11.8% |
| Vs. industry median margin | +0.7 pp | Restaurants & Pubs |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, revenue is 2.1× its level five years ago
- FY2025, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80349000000 | ¥165495000000 | +106.0% |
| Operating income | ¥-19269000000 | ¥7685000000 | — |
| Operating margin | -24.0% | 4.6% | +28.6 pp |
| Employees | 2,680 people | 2,383 people | -11.1% |
| Cash and equivalents | ¥13890000000 | ¥19566000000 | +40.9% |

### 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 |
| --- | ---: |
| 外食事業 → 外食事業 | 39.9% |
| 外食事業 → 事業再編・廃止 | 13.0% |
| コントラクト事業 → コントラクト事業 | 21.4% |
| 機内食事業 → 事業再編・廃止 | 2.7% |
| ホテル事業 → ホテル事業 | 16.1% |
| 食品事業 → 食品事業 | 3.0% |
| 食品事業 → 事業再編・廃止 | 1.1% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 2.7% |
| 新設・再編 → コントラクト事業 | 10.6% |
| 新設・再編 → ホテル事業 | 8.9% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Restaurant Business | 5 years | +7.6% | ¥65951000000 | 3.5% | 2 |
| Contract Food Business | 5 years | +23.4% | ¥52915000000 | 5.0% | 2 |
| Hotel Business | 5 years | +24.3% | ¥41266000000 | 16.6% | 2 |
| Food Business | 5 years | +7.1% | ¥5045000000 | 9.0% | 2 |
| Other | 5 years | -33.8% | ¥316000000 | 307.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 165,495 | 100.0% | S100XX3T |
| Cost of revenue | 47,864 | 28.9% | S100XX3T |
| Gross profit | 117,630 | 71.1% | S100XX3T |
| SG&A | 109,944 | 66.4% | S100XX3T |
| Operating income | 7,685 | 4.6% | S100XX3T |
| Ordinary income | 7,917 | 4.8% | S100XX3T |
| Pretax income | 5,676 | 3.4% | S100XX3T |
| Income tax | -142 | -0.1% | S100XX3T |
| Net income | 5,818 | 3.5% | S100XX3T |
| Net income attributable to owners | 5,660 | 3.4% | S100XX3T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 66 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 71.1% → Operating margin 4.6% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +4.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.49×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 152,150 | 165,495 | 13,345 | +8.8% |
| Gross profit | 106,585 | 117,630 | 11,045 | +10.4% |
| Operating income | 7,366 | 7,685 | 319 | +4.3% |
| Net income attributable to owners | 5,926 | 5,660 | -266 | -4.5% |
| Operating cash flow | 10,364 | 15,778 | 5,414 | +52.2% |
| Free cash flow | 2,483 | 5,608 | 3,125 | +125.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 136,546 | 4,648 | 3.4% | 1,923 | 9,849 | 4,490 | S100L2EP |
| FY ending Dec 2020 | 80,349 | -19,269 | -24.0% | -27,532 | -7,234 | -10,137 | S100NQN7 |
| FY ending Dec 2021 | 79,873 | -7,366 | -9.2% | -2,873 | -1,886 | -3,911 | S100QGC3 |
| FY ending Dec 2022 | 104,015 | 2,192 | 2.1% | 2,754 | 7,389 | 5,379 | S100T4IR |
| FY ending Dec 2023 | 138,940 | 6,074 | 4.4% | 4,035 | 12,536 | 7,122 | S100VH56 |
| FY ending Dec 2024 | 152,150 | 7,366 | 4.8% | 5,926 | 10,364 | 2,483 | S100XX3T |
| FY ending Dec 2025 | 165,495 | 7,685 | 4.6% | 5,660 | 15,778 | 5,608 | S100XX3T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.4M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 1,894 | 1,875 | 1,855 | 2,056 | 2,383 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥7.2M | ¥7.6M | ¥7.6M |
| Average age (parent company) | 46.6 years | 48.1 years | 46.2 years | 47.1 years | 46.9 years |
| Average tenure (parent company) | 5.3 years | 6.4 years | 7.6 years | 5.6 years | 5.6 years |

Year over year: Employees (consolidated) +15.9% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant Business | 65,951 | 39.9% | 2,337 | 3.5% |
| Contract Food Business | 52,915 | 32.0% | 2,656 | 5.0% |
| Hotel Business | 41,266 | 24.9% | 6,849 | 16.6% |
| Food Business | 5,045 | 3.0% | 452 | 9.0% |
| Other | 316 | 0.2% | 973 | 307.9% |

### 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 |
| --- | ---: |
| Restaurant Business | 39.9% |
| Contract Food Business | 32.0% |
| Hotel Business | 24.9% |
| Food Business | 3.0% |
| Other | 0.2% |

Segment → industry: Food Business → Processed Foods / Hotel Business → Hotels & Inns / Contract Food Business → Restaurants & Pubs / Restaurant Business → Restaurants & Pubs / Contract Food Business → Takeout & Delivery Meals

## 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 | 15,778 | 9.5% | S100XX3T |
| Capital expenditure | 10,170 | 6.1% | S100XX3T |
| Free cash flow | 5,608 | 3.4% | 算出 |
| Investing cash flow | -16,664 | -10.1% | S100XX3T |
| Financing cash flow | 774 | 0.5% | S100XX3T |
| Dividends paid | 1,591 | 1.0% | S100XX3T |
| Change in cash | -122 | -0.1% | S100XX3T |
| Cash and equivalents | 19,566 | 11.8% | S100XX3T |

## 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 | 23,120 | 25,660 | 26,406 | 19,361 | 19,566 | S100T4IR, S100VH56, S100XX3T |
| Total assets | 109,767 | 123,570 | 125,869 | 127,738 | 139,763 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Net assets | 33,999 | 44,808 | 47,821 | 50,474 | 55,481 | S100T4IR, S100VH56, S100XX3T |
| Share capital | 13,676 | 17,830 | 17,830 | 17,830 | 17,830 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Inventories | 2,202 | 2,867 | 2,989 | 2,922 | 3,427 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Property, plant and equipment | 48,205 | 46,716 | 46,512 | 49,955 | 52,365 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Intangible assets excluding goodwill | 511 | 17,538 | 17,161 | 16,833 | 22,293 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Goodwill | — | 5,191 | 5,205 | 4,931 | 8,769 | S100T4IR, S100VH56, S100XX3T |
| Investment securities | 12,918 | 5,478 | 6,214 | 8,817 | 10,329 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Current assets | 34,142 | 38,950 | 40,493 | 36,154 | 36,974 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Current liabilities | 24,020 | 30,507 | 28,382 | 30,099 | 32,370 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Short-term borrowings | 6,640 | 8,532 | — | — | — | S100QGC3, S100T4IR |
| Long-term borrowings | 15,780 | 10,875 | 14,900 | 12,850 | 17,975 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Total liabilities | 75,767 | 78,762 | 78,048 | 77,263 | 84,281 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Non-controlling interests | — | 515 | — | 225 | 756 | S100T4IR, S100XX3T |
| Equity attributable to owners of parent | 32,985 | 43,036 | 46,173 | 47,782 | 51,864 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Retained earnings | -5,244 | -584 | 2,698 | 7,366 | 11,392 | S100QGC3, S100T4IR, S100VH56, S100XX3T |
| Treasury stock | -3,695 | -976 | -1,122 | -1,084 | -1,052 | S100QGC3, S100T4IR, S100VH56, S100XX3T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XX3T |
| Inventories | 2% | S100XX3T |
| Property, plant and equipment | 38% | S100XX3T |
| Intangibles and goodwill | 22% | S100XX3T |
| Investment securities | 7% | S100XX3T |
| Other assets | 17% | S100XX3T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100XX3T |
| Equity | 40% | S100XX3T |
| Other liabilities | 0% | S100XX3T |

### 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 | 109,767 | 123,570 | 125,869 | 127,738 | 139,763 |
| Equity | 33,999 | 44,808 | 47,821 | 50,474 | 55,481 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,120 | 25,660 | 26,406 | 19,361 | 19,566 |

## 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) | 31.6% | S100XX3T |
| Fixed assets ÷ total assets | 37.5% | S100XX3T |
| Goodwill ÷ parent equity | 16.9% | S100XX3T |

### 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) | 14.0% |
| Cash ÷ revenue | 11.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 205.3% |
| Cash vs. profit gap | 10,118 JPY mn (of net income 178.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | 28.4% |
| CapEx intensity (capex ÷ revenue) | 6.1% |
| Investing CF relative to operating CF | 105.6% |

## 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 | — | —× | -2.6% | —× | — | S100QGC3 |
| 2022 | 2.6% | 0.89× | 2.4% | 3.07× | 7.2% | S100T4IR |
| 2023 | 2.9% | 1.11× | 3.2% | 2.80× | 9.0% | S100VH56 |
| 2024 | 3.9% | 1.20× | 4.7% | 2.70× | 12.6% | S100XX3T |
| 2025 | 3.4% | 1.24× | 4.2% | 2.68× | 11.4% | S100XX3T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 双日株式会社 | Major shareholder | 20.0% | 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 | 7.2% | 2025-12-31 |
| 公益財団法人江頭ホスピタリティ 事業振興財団 | Major shareholder | 4.9% | 2025-12-31 |
| キルロイ興産株式会社 | Major shareholder | 3.3% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社ダスキン | Major shareholder | 1.4% | 2025-12-31 |
| ハニューフーズ株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社三越伊勢丹 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社福岡銀行 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第77期(2025/01/01－2025/12/31) | S100XX3T | 2026-04-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XX3T,, |
| 有価証券報告書－第76期(2024/01/01－2024/12/31) | S100VH56 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH56,, |
| 有価証券報告書－第75期(2023/01/01－2023/12/31) | S100T4IR | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4IR,, |
| 有価証券報告書－第74期(2022/01/01－2022/12/31) | S100QGC3 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGC3,, |
| 有価証券報告書－第73期(令和3年1月1日－令和3年12月31日) | S100NQN7 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQN7,, |
| 有価証券報告書－第72期(令和2年1月1日－令和2年12月31日) | S100L2EP | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2EP,, |

## 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).