# s foods inc.: 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60期(2025/03/01－2026/02/28) (S100Y5H5)
> Page: https://vizora.meequs.com/en/company/s-foods
> Retrieved: 2026-09-30T20:31:36.048Z

## Company

s foods, founded in 1967, is a company in Meat Processing listed on TSE Prime. It has 2,818 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | S Foods Inc. |
| Ticker | 2292 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2292.T) |
| Listing | TSE Prime |
| Head office | 兵庫県西宮市鳴尾浜1丁目22番13 |
| Representative (per filing) | 代表取締役社長 村上真之助 |
| Founded | May 1967 |
| Share capital | ¥4.3B |
| Employees (consolidated) | 2,818 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | February |
| Website | www.sfoods.co.jp (https://www.sfoods.co.jp/) |
| Corporate number | 6140001069164 |
| EDINET | E00342 |
| Industries (Vizora) | Meat Processing, Restaurants & Pubs |

> Profile source: annual securities report (S100Y5H5, filed 2026-05-21). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Profitability | 50 | 11 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 62.5 | 12 |
| Financial strength | 83.3 | 3 |

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 92% of s foods's sales come from Meat manufacturing and meat wholesale business, with Meat retailing business and Meat food service business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit +103.7%.

## Company structure

- Segment revenue mix: Meat manufacturing and meat wholesale business 92.4%、Meat retailing business 5.3%、Meat food service business 2.1%、Other 0.2%
- Revenue → net income: ¥472312000000 → ¥9763000000
- Net income → operating cash flow: ¥9763000000 → ¥8832000000（difference ¥-931000000）
- Main uses of operating cash flow: CapEx ¥10144000000 / dividends ¥3070000000 / buybacks —
- Change in cash: ¥-3794000000
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 | ¥472.3B |  |
| Operating income | ¥10.5B | Margin 2.2% |
| Net income | ¥9.24B | Margin 2.0% |
| Free cash flow | -¥1.31B |  |
| Largest business | Meat manufacturing and meat wholesale business | of segment revenue 92.4% |
| Employees (consolidated) | 2,818 |  |
| EPS | ¥262.62 |  |
| Book value per share | ¥2827.52 |  |
| Equity ratio | 52.5% |  |
| Shares outstanding | 32,267,000 |  |
| Treasury shares | 594,300 |  |
| Shareholders | 7,382 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 14.9% | Net cash -¥11.5B · Cash ÷ revenue 7.9% |
| Vs. industry median margin | 0 pp | Meat Processing |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥327479000000 | ¥472312000000 | +44.2% |
| Operating income | ¥12609000000 | ¥10476000000 | -16.9% |
| Operating margin | 3.9% | 2.2% | -1.6 pp |
| Employees | 2,449 people | 2,818 people | +15.1% |
| Cash and equivalents | ¥39829000000 | ¥37482000000 | -5.9% |

### 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 |
| --- | ---: |
| 食肉等の製造・卸売事業 → 食肉等の製造・卸売事業 | 90.6% |
| 食肉等の小売事業 → 食肉等の小売事業 | 5.3% |
| 食肉等の小売事業 → 事業再編・廃止 | 2.1% |
| 食肉等の外食事業 → 食肉等の外食事業 | 1.6% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 食肉等の製造・卸売事業 | 1.8% |
| 新設・再編 → 食肉等の外食事業 | 0.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Meat manufacturing and meat wholesale business | 5 years | +8.0% | ¥436641000000 | 2.3% | 2 |
| Meat retailing business | 5 years | +0.6% | ¥24851000000 | 4.8% | 2 |
| Meat food service business | 5 years | +14.0% | ¥9959000000 | 4.1% | 2 |
| Other | 5 years | -9.1% | ¥860000000 | 20.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 472,312 | 100.0% | S100Y5H5 |
| Cost of revenue | 418,672 | 88.6% | S100Y5H5 |
| Gross profit | 53,640 | 11.4% | S100Y5H5 |
| SG&A | 43,163 | 9.1% | S100Y5H5 |
| Operating income | 10,476 | 2.2% | S100Y5H5 |
| Ordinary income | 11,726 | 2.5% | S100Y5H5 |
| Pretax income | 15,158 | 3.2% | S100Y5H5 |
| Income tax | 5,394 | 1.1% | S100Y5H5 |
| Net income | 9,763 | 2.1% | S100Y5H5 |
| Net income attributable to owners | 9,236 | 2.0% | S100Y5H5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.4% → Operating margin 2.2% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.2%; Core profit growth: +103.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.60×
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 | 444,546 | 472,312 | 27,766 | +6.2% |
| Gross profit | 45,461 | 53,640 | 8,179 | +18.0% |
| Operating income | 5,143 | 10,476 | 5,333 | +103.7% |
| Net income attributable to owners | 2,667 | 9,236 | 6,569 | +246.3% |
| Operating cash flow | 7,375 | 8,832 | 1,457 | +19.8% |
| Free cash flow | -4,250 | -1,312 | 2,938 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 351,972 | 10,703 | 3.0% | 6,511 | 5,130 | -11,177 | S100LELJ |
| FY ending Feb 2021 | 327,479 | 12,609 | 3.9% | 9,965 | 16,507 | 10,938 | S100O4Q9 |
| FY ending Feb 2022 | 358,824 | 17,427 | 4.9% | 11,944 | 7,609 | 3,043 | S100QTOP |
| FY ending Feb 2023 | 399,208 | 14,571 | 3.6% | 10,570 | 13,707 | 2,315 | S100THPY |
| FY ending Feb 2024 | 425,011 | 12,673 | 3.0% | 9,073 | 8,952 | -3,947 | S100VTFA |
| FY ending Feb 2025 | 444,546 | 5,143 | 1.2% | 2,667 | 7,375 | -4,250 | S100Y5H5 |
| FY ending Feb 2026 | 472,312 | 10,476 | 2.2% | 9,236 | 8,832 | -1,312 | S100Y5H5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥167.6M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 2,476 | 2,415 | 2,467 | 2,735 | 2,818 |
| Average salary (parent company) | ¥5.1M | ¥4.9M | ¥5.3M | ¥5.7M | ¥5.7M |
| Average age (parent company) | 36.3 years | 36.2 years | 36.2 years | 36.6 years | 37.1 years |
| Average tenure (parent company) | 10.1 years | 10.1 years | 10.2 years | 10.6 years | 11.6 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Meat manufacturing and meat wholesale business | 436,641 | 92.4% | 9,889 | 2.3% |
| Meat retailing business | 24,851 | 5.3% | 1,190 | 4.8% |
| Meat food service business | 9,959 | 2.1% | 410 | 4.1% |
| Other | 860 | 0.2% | 180 | 20.9% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Meat manufacturing and meat wholesale business | 92.4% | 84.7% | -7.7 | 2.3% |
| Meat retailing business | 5.3% | 10.2% | 4.9 | 4.8% |
| Meat food service business | 2.1% | 3.5% | 1.4 | 4.1% |
| Other | 0.2% | 1.5% | 1.4 | 20.9% |

Segment → industry: Meat retailing business → Meat Processing / Meat manufacturing and meat wholesale business → Meat Processing / Meat food service business → Restaurants & Pubs

## 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 | 8,832 | 1.9% | S100Y5H5 |
| Capital expenditure | 10,144 | 2.1% | S100Y5H5 |
| Free cash flow | -1,312 | -0.3% | 算出 |
| Investing cash flow | -8,218 | -1.7% | S100Y5H5 |
| Financing cash flow | -4,242 | -0.9% | S100Y5H5 |
| Dividends paid | 3,070 | 0.6% | S100Y5H5 |
| Change in cash | -3,794 | -0.8% | S100Y5H5 |
| Cash and equivalents | 37,482 | 7.9% | S100Y5H5 |

## 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 | 41,321 | 46,601 | 49,597 | 41,276 | 37,482 | S100THPY, S100VTFA, S100Y5H5 |
| Total assets | 181,518 | 204,778 | 224,240 | 230,595 | 251,439 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Net assets | 106,157 | 117,306 | 126,576 | 129,864 | 140,672 | S100THPY, S100VTFA, S100Y5H5 |
| Share capital | 4,298 | 4,298 | 4,298 | 4,298 | 4,298 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Trade receivables | 32,149 | 35,212 | 40,216 | 40,695 | 50,673 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Property, plant and equipment | 52,163 | 59,084 | 66,369 | 80,549 | 86,677 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Intangible assets excluding goodwill | 739 | 586 | 559 | 1,476 | 1,193 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Goodwill | 257 | 197 | 253 | 465 | 338 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Investment securities | 13,887 | 13,920 | 16,611 | 14,433 | 19,370 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Current assets | 111,285 | 127,803 | 136,114 | 128,476 | 138,653 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Current liabilities | 41,714 | 55,572 | 54,881 | 56,589 | 62,983 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Trade payables | 22,475 | 26,964 | 25,803 | 26,525 | 30,005 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Short-term borrowings | 5,533 | 12,275 | 7,866 | 10,515 | 8,592 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Long-term borrowings | 28,779 | 26,971 | 35,516 | 37,569 | 40,354 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Bonds | 450 | 350 | 250 | 150 | 50 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Interest-bearing debt | 34,762 | 39,596 | 43,632 | 48,234 | 48,996 | 算出 |
| Total liabilities | 75,361 | 87,472 | 97,664 | 100,731 | 110,766 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Non-controlling interests | 6,900 | 7,213 | 7,792 | 8,092 | 8,580 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Equity attributable to owners of parent | 95,258 | 103,507 | 108,688 | 108,672 | 114,904 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Retained earnings | 72,631 | 80,861 | 85,994 | 85,940 | 92,106 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |
| Treasury stock | -410 | -407 | -397 | -390 | -373 | S100QTOP, S100THPY, S100VTFA, S100Y5H5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y5H5 |
| Receivables | 20% | S100Y5H5 |
| Property, plant and equipment | 34% | S100Y5H5 |
| Intangibles and goodwill | 1% | S100Y5H5 |
| Investment securities | 8% | S100Y5H5 |
| Other assets | 22% | S100Y5H5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100Y5H5 |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 13% | S100Y5H5 |
| Equity | 56% | S100Y5H5 |
| Other liabilities | 0% | S100Y5H5 |

### 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 | 181,518 | 204,778 | 224,240 | 230,595 | 251,439 |
| Equity | 106,157 | 117,306 | 126,576 | 129,864 | 140,672 |
| Interest-bearing debt | 34,762 | 39,596 | 43,632 | 48,234 | 48,996 |
| Cash | 41,321 | 46,601 | 49,597 | 41,276 | 37,482 |

## 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) | 18.4% | S100Y5H5 |
| Fixed assets ÷ total assets | 34.5% | S100Y5H5 |
| Goodwill ÷ parent equity | 0.3% | S100Y5H5 |

Goodwill over 4 years: 257 → 338 JPY; total investing cash flow: -58,319 JPY. This does not imply causation.

### 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) | 14.9% |
| Cash ÷ revenue | 7.9% |
| Net cash (cash − interest-bearing debt) | -¥11.5B |
| Net debt ÷ operating cash flow | 1.30× |
| Cash conversion (operating CF ÷ operating income) | 84.3% |
| Cash vs. profit gap | -404 JPY mn (of net income -4.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 93.0% |

## 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 | 3.3% | 1.98× | 6.6% | 1.91× | 12.5% | S100QTOP |
| 2023 | 2.6% | 2.07× | 5.5% | 1.94× | 10.6% | S100THPY |
| 2024 | 2.1% | 1.98× | 4.2% | 2.02× | 8.6% | S100VTFA |
| 2025 | 0.6% | 1.95× | 1.2% | 2.09× | 2.5% | S100Y5H5 |
| 2026 | 2.0% | 1.96× | 3.8% | 2.16× | 8.3% | S100Y5H5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 村上 真之助 | Major shareholder | 25.3% | 2026-02-28 |
| 丸紅株式会社 | Major shareholder | 15.3% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-02-28 |
| 有限会社ファイブエム | Major shareholder | 3.3% | 2026-02-28 |
| THE CHASE MANHATTAN BANK,N.A.LONDONSECS LENDING OMNIBUS ACCOUNT | Major shareholder | 2.8% | 2026-02-28 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.2% | 2026-02-28 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.0% | 2026-02-28 |
| 株式会社SMBC信託銀行（株式会社三井住友銀行退職給付信託口） | Major shareholder | 1.9% | 2026-02-28 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Sales rose +6.2% to ¥472.3B, but gross profit rose +18.0%: the company paid relatively less for the meat it sold.
- That lifted operating income +103.7%, from ¥5.14B to ¥10.5B.
- Net income climbed +246.3% to ¥9.24B, partly thanks to one-off gains from selling shares and property.
- Cash is still tight. Spending ¥10.1B on plants, including a new beef plant in the US, left free cash flow at -¥1.31B.

### Drivers

- Cost of goods grew more slowly than sales
- Leaner inventory and closing old facilities while feed and freight stayed expensive
- Bigger gains on sales of investment securities and fixed assets

### Risks

- Expensive live cattle in the US kept the Aurora Beef business under strain for a second year
- Japan's aging population is shrinking demand for meat, and a weak yen can push up import costs
- Outbreaks such as BSE, foot-and-mouth disease or bird flu, or new import curbs, can cut supply and move prices

Cited: Annual Securities Report, 60th term (Mar 2025 – Feb 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 60th term (Mar 2025 – Feb 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/03/01－2026/02/28) | S100Y5H5 | 2026-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5H5,, |
| 有価証券報告書－第59期(2024/03/01－2025/02/28) | S100VTFA | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTFA,, |
| 有価証券報告書－第58期(2023/03/01－2024/02/29) | S100THPY | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THPY,, |
| 有価証券報告書－第57期(2022/03/01－2023/02/28) | S100QTOP | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTOP,, |
| 訂正有価証券報告書－第56期(令和3年3月1日－令和4年2月28日) | S100O4Q9 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4Q9,, |
| 有価証券報告書－第55期(令和2年3月1日－令和3年2月28日) | S100LELJ | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LELJ,, |

## 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).