# S.ISHIMITSU&CO.,LTD.: 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76期(2025/04/01－2026/03/31) (S100YEZP)
> Page: https://vizora.meequs.com/en/company/s-ishimitsu-and
> Retrieved: 2026-09-30T19:51:10.316Z

## Company

S.ishimitsu&, founded in 1951, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 476 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | S.ISHIMITSU & CO.,LTD. |
| Ticker | 2750 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2750.T) |
| Listing | TSE Standard |
| Head office | 神戸市灘区岩屋南町4番40号 |
| Representative (per filing) | 代表取締役社長 荒川正臣 |
| Founded | May 1951 |
| Share capital | ¥623.2M |
| Employees (consolidated) | 476 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.ishimitsu.co.jp (https://www.ishimitsu.co.jp/) |
| Corporate number | 9140001003021 |
| EDINET | E02952 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEZP, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.5 | 179 |
| Profitability | 63.5 | 185 |
| Cash conversion | 45 | 179 |
| Efficiency | 70.5 | 185 |

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)

- S.ishimitsu& brought in ¥76.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +17.8% from the prior year, operating profit +73.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥76527292000 → ¥1502887000
- Net income → operating cash flow: ¥1502887000 → ¥2457549000（difference ¥954662000）
- Main uses of operating cash flow: CapEx ¥302650000 / dividends ¥232481000 / buybacks —
- Change in cash: ¥1144176000
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 | ¥76.5B |  |
| Operating income | ¥2.71B | Margin 3.5% |
| Net income | ¥1.27B | Margin 1.7% |
| Free cash flow | ¥2.15B |  |
| Employees (consolidated) | 476 |  |
| EPS | ¥62.85 |  |
| Book value per share | ¥1039.87 |  |
| Equity ratio | 33.8% |  |
| Shares outstanding | 8,000,000 |  |
| Treasury shares | 226,600 |  |
| Shareholders | 5,062 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 13.1% | Cash ÷ revenue 6.8% |
| Vs. industry median margin | +0.7 pp | Specialty Trading & Wholesale |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 74%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40512200000 | ¥76527292000 | +88.9% |
| Operating income | ¥910813000 | ¥2707580000 | +197.3% |
| Operating margin | 2.2% | 3.5% | +1.3 pp |
| Employees | 412 people | 476 people | +15.5% |
| Cash and equivalents | ¥4718478000 | ¥5204158000 | +10.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,527 | 100.0% | S100YEZP |
| Cost of revenue | 66,523 | 86.9% | S100YEZP |
| Gross profit | 10,004 | 13.1% | S100YEZP |
| SG&A | 7,297 | 9.5% | S100YEZP |
| Operating income | 2,708 | 3.5% | S100YEZP |
| Ordinary income | 2,161 | 2.8% | S100YEZP |
| Pretax income | 2,352 | 3.1% | S100YEZP |
| Income tax | 849 | 1.1% | S100YEZP |
| Net income | 1,503 | 2.0% | S100YEZP |
| Net income attributable to owners | 1,268 | 1.7% | S100YEZP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 9 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.1% → Operating margin 3.5% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.8%; Core profit growth: +73.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.14×
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 | 64,954 | 76,527 | 11,573 | +17.8% |
| Gross profit | 8,453 | 10,004 | 1,551 | +18.3% |
| Operating income | 1,557 | 2,708 | 1,150 | +73.8% |
| Net income attributable to owners | 888 | 1,268 | 380 | +42.8% |
| Operating cash flow | -1,029 | 2,458 | 3,487 | — |
| Free cash flow | -2,175 | 2,155 | 4,330 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,179 | 369 | 1.0% | 99 | 255 | -467 | S100LUGF |
| FY ending Mar 2021 | 40,512 | 911 | 2.2% | 470 | 2,259 | 1,968 | S100OJX1 |
| FY ending Mar 2022 | 46,730 | 696 | 1.5% | 533 | -731 | -1,352 | S100R69C |
| FY ending Mar 2023 | 58,972 | 1,317 | 2.2% | 792 | -1,291 | -2,117 | S100TSPW |
| FY ending Mar 2024 | 62,025 | 1,655 | 2.7% | 1,050 | 3,811 | 3,399 | S100W1AI |
| FY ending Mar 2025 | 64,954 | 1,557 | 2.4% | 888 | -1,029 | -2,175 | S100YEZP |
| FY ending Mar 2026 | 76,527 | 2,708 | 3.5% | 1,268 | 2,458 | 2,155 | S100YEZP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥160.8M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 436 | 461 | 482 | 493 | 476 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.3M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 42.1 years | 42.3 years | 42.6 years | 42.8 years | 43.2 years |
| Average tenure (parent company) | 12.6 years | 12.8 years | 12.7 years | 12.6 years | 12.2 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +17.8%

## 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 | 2,458 | 3.2% | S100YEZP |
| Capital expenditure | 303 | 0.4% | S100YEZP |
| Free cash flow | 2,155 | 2.8% | 算出 |
| Investing cash flow | 175 | 0.2% | S100YEZP |
| Financing cash flow | -1,520 | -2.0% | S100YEZP |
| Dividends paid | 232 | 0.3% | S100YEZP |
| Change in cash | 1,144 | 1.5% | S100YEZP |
| Cash and equivalents | 5,204 | 6.8% | S100YEZP |

## 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 | 4,155 | 5,100 | 5,214 | 4,060 | 5,204 | S100TSPW, S100W1AI, S100YEZP |
| Total assets | 30,847 | 36,174 | 36,683 | 39,231 | 39,844 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Net assets | 12,754 | 13,307 | 13,239 | 13,901 | 15,277 | S100TSPW, S100W1AI, S100YEZP |
| Share capital | 623 | 623 | 623 | 623 | 623 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Trade receivables | 10,037 | 11,736 | 12,341 | 13,429 | 11,672 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Property, plant and equipment | 6,160 | 6,526 | 6,321 | 7,171 | 7,021 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Intangible assets excluding goodwill | 206 | 203 | 364 | 285 | 206 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Investment securities | 698 | 716 | 1,394 | 1,241 | 834 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Current assets | 23,254 | 28,202 | 28,131 | 29,997 | 31,197 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Current liabilities | 13,888 | 18,921 | 18,884 | 21,285 | 20,683 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Trade payables | 5,886 | 7,665 | 8,708 | 9,313 | 8,756 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Short-term borrowings | 4,120 | 7,512 | 5,824 | 7,527 | 6,730 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Long-term borrowings | 2,426 | 2,321 | 2,726 | 2,641 | 2,531 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Bonds | 204 | 148 | 92 | 36 | — | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Interest-bearing debt | 6,750 | 9,981 | 8,642 | 10,205 | — | 算出 |
| Total liabilities | 18,093 | 22,868 | 23,443 | 25,330 | 24,567 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Non-controlling interests | 2,692 | 2,786 | 1,616 | 1,669 | 1,813 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Equity attributable to owners of parent | 9,632 | 10,324 | 11,184 | 11,891 | 12,942 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Retained earnings | 8,214 | 8,899 | 9,763 | 10,453 | 11,488 | S100R69C, S100TSPW, S100W1AI, S100YEZP |
| Treasury stock | -108 | -102 | -94 | -89 | -84 | S100R69C, S100TSPW, S100W1AI, S100YEZP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YEZP |
| Receivables | 29% | S100YEZP |
| Property, plant and equipment | 18% | S100YEZP |
| Intangibles and goodwill | 1% | S100YEZP |
| Investment securities | 2% | S100YEZP |
| Other assets | 37% | S100YEZP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100YEZP |
| Other liabilities | 40% | S100YEZP |
| Equity | 38% | S100YEZP |

### 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 | 30,847 | 36,174 | 36,683 | 39,231 | 39,844 |
| Equity | 12,754 | 13,307 | 13,239 | 13,901 | 15,277 |
| Interest-bearing debt | 6,750 | 9,981 | 8,642 | 10,205 | — |
| Cash | 4,155 | 5,100 | 5,214 | 4,060 | 5,204 |

## 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) | 9.2% | S100YEZP |
| Fixed assets ÷ total assets | 17.6% | S100YEZP |
| Goodwill ÷ parent equity | — | —, S100YEZP |

### 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) | 13.1% |
| Cash ÷ revenue | 6.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.8% |
| Cash vs. profit gap | 1,190 JPY mn (of net income 93.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.3% |
| Shareholder payments — dividends / FCF | 10.8% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 7.1% |

## 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 | 1.1% | 1.51× | 1.7% | 3.20× | 5.5% | S100R69C |
| 2023 | 1.3% | 1.76× | 2.4% | 3.36× | 7.9% | S100TSPW |
| 2024 | 1.7% | 1.70× | 2.9% | 3.39× | 9.8% | S100W1AI |
| 2025 | 1.4% | 1.71× | 2.3% | 3.29× | 7.7% | S100YEZP |
| 2026 | 1.7% | 1.94× | 3.2% | 3.18× | 10.2% | S100YEZP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| マリンフード㈱ | Major shareholder | 5.6% | 2026-03-31 |
| 石光商事従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 石光輝男 | Major shareholder | 3.1% | 2026-03-31 |
| 駒澤孝江 | Major shareholder | 2.8% | 2026-03-31 |
| 日米珈琲㈱ | Major shareholder | 2.6% | 2026-03-31 |
| ㈱トーホー | Major shareholder | 2.6% | 2026-03-31 |
| ㈱みなと銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 丸紅㈱ | Major shareholder | 2.5% | 2026-03-31 |
| 石光輝信 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YEZP | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEZP,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W1AI | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1AI,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TSPW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSPW,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R69C | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R69C,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OJX1 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJX1,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LUGF | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUGF,, |

## 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).