# S&B FOODS INC.: 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113期(2025/04/01－2026/03/31) (S100YGTZ)
> Page: https://vizora.meequs.com/en/company/s-and-b-foods
> Retrieved: 2026-09-30T23:20:33.730Z

## Company

S&B Foods, founded in 1960, is a company in Processed Foods listed on TSE Standard. It has 2,082 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | S&B FOODS INC. |
| Ticker | 2805 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2805.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋兜町18番6号 |
| Representative (per filing) | 代表取締役社長 池村 和也 |
| Founded | Mar 1960 |
| Share capital | ¥1.74B |
| Employees (consolidated) | 2,082 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.sbfoods.co.jp (https://www.sbfoods.co.jp/) |
| Corporate number | 6010001034750 |
| EDINET | E00452 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YGTZ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.4 | 56 |
| Profitability | 84.2 | 60 |
| Cash conversion | 27.2 | 57 |
| Efficiency | 27.5 | 60 |
| Financial strength | 87.5 | 4 |

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 89% of S&B Foods's sales come from Domestic business, with Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit +9.3%.

## Company structure

- Segment revenue mix: Domestic business 89.4%、Overseas business 10.6%
- Revenue → net income: ¥129022000000 → ¥8409000000
- Net income → operating cash flow: ¥8409000000 → ¥9331000000（difference ¥922000000）
- Main uses of operating cash flow: CapEx ¥2895000000 / dividends ¥1099000000 / buybacks —
- Change in cash: ¥6103000000
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 | ¥129B |  |
| Operating income | ¥10.3B | Margin 8.0% |
| Net income | ¥8.41B | Margin 6.5% |
| Free cash flow | ¥6.44B |  |
| Largest business | Domestic business | of segment revenue 89.4% |
| Employees (consolidated) | 2,082 |  |
| EPS | ¥284.31 |  |
| Book value per share | ¥3391.55 |  |
| Equity ratio | 60.2% |  |
| Shares outstanding | 27,244,000 |  |
| Treasury shares | 3,068,600 |  |
| Shareholders | 13,842 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 17.6% | Net cash ¥4.67B · Cash ÷ revenue 21.3% |
| Vs. industry median margin | +4 pp | Processed Foods |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, segment profit share differs by 27 points
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥114255000000 | ¥129022000000 | +12.9% |
| Operating income | ¥9448000000 | ¥10318000000 | +9.2% |
| Operating margin | 8.3% | 8.0% | -0.3 pp |
| Employees | 2,084 people | 2,082 people | -0.1% |
| Cash and equivalents | ¥25563000000 | ¥27480000000 | +7.5% |

### 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 |
| --- | ---: |
| 食料品事業 → 事業再編・廃止 | 88.4% |
| 調理済食品 → 事業再編・廃止 | 11.6% |
| 新設・再編 → 国内事業 | 89.4% |
| 新設・再編 → 海外事業 | 10.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 129,022 | 100.0% | S100YGTZ |
| Cost of revenue | 92,889 | 72.0% | S100YGTZ |
| Gross profit | 36,132 | 28.0% | S100YGTZ |
| SG&A | 25,814 | 20.0% | S100YGTZ |
| Operating income | 10,318 | 8.0% | S100YGTZ |
| Ordinary income | 10,726 | 8.3% | S100YGTZ |
| Pretax income | 11,509 | 8.9% | S100YGTZ |
| Income tax | 3,099 | 2.4% | S100YGTZ |
| Net income | 8,409 | 6.5% | S100YGTZ |
| Net income attributable to owners | 8,409 | 6.5% | S100YGTZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 20 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.0% → Operating margin 8.0% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.5%; Core profit growth: +9.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.08×
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 | 123,520 | 129,022 | 5,502 | +4.5% |
| Gross profit | 33,798 | 36,132 | 2,334 | +6.9% |
| Operating income | 9,442 | 10,318 | 876 | +9.3% |
| Net income attributable to owners | 7,565 | 8,409 | 844 | +11.2% |
| Operating cash flow | 8,499 | 9,331 | 832 | +9.8% |
| Free cash flow | 5,321 | 6,436 | 1,115 | +21.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 112,578 | 7,239 | 6.4% | 5,485 | 12,158 | 405 | S100LJZO |
| FY ending Mar 2021 | 114,255 | 9,448 | 8.3% | 6,652 | 11,313 | 4,415 | S100OGHV |
| FY ending Mar 2022 | 118,046 | 8,617 | 7.3% | 6,225 | 8,170 | 2,868 | S100QYWU |
| FY ending Mar 2023 | 120,651 | 5,399 | 4.5% | 4,080 | 641 | -4,454 | S100TVTR |
| FY ending Mar 2024 | 126,443 | 7,778 | 6.2% | 6,717 | 4,618 | 2,542 | S100W8HQ |
| FY ending Mar 2025 | 123,520 | 9,442 | 7.6% | 7,565 | 8,499 | 5,321 | S100YGTZ |
| FY ending Mar 2026 | 129,022 | 10,318 | 8.0% | 8,409 | 9,331 | 6,436 | S100YGTZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥4M |

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) | 2,122 | 2,152 | 2,138 | 2,058 | 2,082 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥6.4M | ¥6.8M | ¥7M |
| Average age (parent company) | 41.1 years | 41.1 years | 41.2 years | 41.2 years | 41.4 years |
| Average tenure (parent company) | 13.9 years | 13.8 years | 13.8 years | 13.7 years | 13.8 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 115,395 | 89.4% | 6,447 | 5.6% |
| Overseas business | 13,626 | 10.6% | 3,870 | 28.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 89.4% | 62.5% | -26.9 | 5.6% |
| Overseas business | 10.6% | 37.5% | 26.9 | 28.4% |

Segment → industry: Overseas business → Processed Foods / Domestic business → Processed Foods

## 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 | 9,331 | 7.2% | S100YGTZ |
| Capital expenditure | 2,895 | 2.2% | S100YGTZ |
| Free cash flow | 6,436 | 5.0% | 算出 |
| Investing cash flow | -5,288 | -4.1% | S100YGTZ |
| Financing cash flow | 1,642 | 1.3% | S100YGTZ |
| Dividends paid | 1,099 | 0.9% | S100YGTZ |
| Change in cash | 6,103 | 4.7% | S100YGTZ |
| Cash and equivalents | 27,480 | 21.3% | S100YGTZ |

## 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 | 25,213 | 20,755 | 22,050 | 19,440 | 27,480 | S100TVTR, S100W8HQ, S100YGTZ |
| Total assets | 128,984 | 130,462 | 140,231 | 137,093 | 156,545 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Net assets | 59,903 | 62,925 | 72,692 | 80,267 | 94,250 | S100TVTR, S100W8HQ, S100YGTZ |
| Share capital | 1,744 | 1,744 | 1,744 | 1,744 | 1,744 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Property, plant and equipment | 40,168 | 40,297 | 35,344 | 34,986 | 34,900 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Intangible assets excluding goodwill | 725 | 544 | 601 | 694 | 570 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Investment securities | 9,436 | 10,100 | 15,050 | 15,585 | 20,660 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Current assets | 73,265 | 75,303 | 85,076 | 81,619 | 95,396 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Current liabilities | 46,527 | 47,363 | 48,756 | 36,918 | 38,430 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Trade payables | 12,859 | 14,164 | 14,186 | 13,608 | 11,159 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Short-term borrowings | 18,434 | 19,000 | 16,548 | 8,170 | 8,788 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Long-term borrowings | 14,647 | 12,046 | 10,034 | 9,739 | 12,023 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Bonds | — | — | 1,000 | 2,000 | 2,000 | S100W8HQ, S100YGTZ |
| Interest-bearing debt | — | — | 27,582 | 19,909 | 22,811 | 算出 |
| Total liabilities | 69,081 | 67,536 | 67,538 | 56,825 | 62,294 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Equity attributable to owners of parent | 56,288 | 58,735 | 64,751 | 71,504 | 81,372 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Retained earnings | 52,140 | 55,615 | 61,631 | 68,386 | 76,347 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |
| Treasury stock | -2,933 | -3,960 | -3,961 | -3,963 | -3,954 | S100QYWU, S100TVTR, S100W8HQ, S100YGTZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YGTZ |
| Property, plant and equipment | 22% | S100YGTZ |
| Intangibles and goodwill | 0% | S100YGTZ |
| Investment securities | 13% | S100YGTZ |
| Other assets | 47% | S100YGTZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YGTZ |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 18% | S100YGTZ |
| Equity | 60% | S100YGTZ |
| Other liabilities | 0% | S100YGTZ |

### 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 | 128,984 | 130,462 | 140,231 | 137,093 | 156,545 |
| Equity | 59,903 | 62,925 | 72,692 | 80,267 | 94,250 |
| Interest-bearing debt | — | — | 27,582 | 19,909 | 22,811 |
| Cash | 25,213 | 20,755 | 22,050 | 19,440 | 27,480 |

## 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% | S100YGTZ |
| Fixed assets ÷ total assets | 22.3% | S100YGTZ |
| Goodwill ÷ parent equity | — | —, S100YGTZ |

### 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) | 17.6% |
| Cash ÷ revenue | 21.3% |
| Net cash (cash − interest-bearing debt) | ¥4.67B |
| Net debt ÷ operating cash flow | -0.50× |
| Cash conversion (operating CF ÷ operating income) | 90.4% |
| Cash vs. profit gap | 922 JPY mn (of net income 11.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.1% |
| Shareholder payments — dividends / FCF | 17.1% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 56.7% |

## 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 | 5.3% | 0.92× | 4.8% | 2.29× | 11.1% | S100QYWU |
| 2023 | 3.4% | 0.93× | 3.1% | 2.26× | 7.1% | S100TVTR |
| 2024 | 5.3% | 0.93× | 5.0% | 2.19× | 10.9% | S100W8HQ |
| 2025 | 6.1% | 0.89× | 5.5% | 2.04× | 11.1% | S100YGTZ |
| 2026 | 6.5% | 0.88× | 5.7% | 1.92× | 11.0% | S100YGTZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山崎兄弟会 | Major shareholder | 9.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社きらぼし銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| セコム損害保険株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 大日本印刷株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 公益財団法人山崎香辛料振興財団 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YGTZ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGTZ,, |
| 有価証券報告書－第112期(2024/04/01－2025/03/31) | S100W8HQ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8HQ,, |
| 有価証券報告書－第111期(2023/04/01－2024/03/31) | S100TVTR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVTR,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100QYWU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYWU,, |
| 有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100OGHV | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGHV,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LJZO | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJZO,, |

## 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).