# SAKIGAKE Holdings 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23期(2025/01/01－2025/12/31) (S100XTBZ)
> Page: https://vizora.meequs.com/en/company/sakigake-holdings
> Retrieved: 2026-09-30T21:47:08.029Z

## Company

SAKIGAKE Holdings, founded in 2003, is a company in Fast Food & Quick Service listed on TSE Standard. It has 439 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kairikiya Co.,Ltd. |
| Ticker | 5891 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5891.T) |
| Listing | TSE Standard |
| Head office | 京都市中京区烏丸通錦小路上る手洗水町670番地 |
| Representative (per filing) | 代表取締役社長 藤田 宗 |
| Founded | Feb 2003 |
| Share capital | ¥925.2M |
| Employees (consolidated) | 439 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | corp.kairikiya.co.jp (https://corp.kairikiya.co.jp/) |
| Corporate number | 4130001026309 |
| EDINET | E39133 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100XTBZ, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 47.7 | 22 |
| Cash conversion | 2.4 | 21 |
| Efficiency | 38.6 | 22 |

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)

- SAKIGAKE Holdings brought in ¥14.7B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +20.0% from the prior year, operating profit -11.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14721631000 → ¥297445000
- Net income → operating cash flow: ¥297445000 → ¥496939000（difference ¥199494000）
- Main uses of operating cash flow: CapEx ¥668463000 / dividends ¥101251000 / buybacks —
- Change in cash: ¥-232726000
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 | ¥14.7B |  |
| Operating income | ¥764.9M | Margin 5.2% |
| Net income | ¥297.4M | Margin 2.0% |
| Free cash flow | -¥171.5M |  |
| Employees (consolidated) | 439 |  |
| EPS | ¥87.08 |  |
| Diluted EPS | ¥85.95 |  |
| Book value per share | ¥945.37 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 5,658,200 |  |
| Shareholders | 8,599 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 35.7% | Cash ÷ revenue 23.5% |
| Vs. industry median margin | -0.3 pp | Fast Food & Quick Service |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 36% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8815645000 | ¥14721631000 | — |
| Operating income | ¥380974000 | ¥764871000 | — |
| Operating margin | 4.3% | 5.2% | +0.9 pp |
| Employees | 300 people | 439 people | — |
| Cash and equivalents | ¥2081124000 | ¥3452275000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,722 | 100.0% | S100XTBZ |
| Cost of revenue | 4,394 | 29.8% | S100XTBZ |
| Gross profit | 10,327 | 70.2% | S100XTBZ |
| SG&A | 9,562 | 65.0% | S100XTBZ |
| Operating income | 765 | 5.2% | S100XTBZ |
| Ordinary income | 789 | 5.4% | S100XTBZ |
| Pretax income | 632 | 4.3% | S100XTBZ |
| Income tax | 335 | 2.3% | S100XTBZ |
| Net income | 297 | 2.0% | S100XTBZ |
| Net income attributable to owners | 297 | 2.0% | S100XTBZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 65 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 70.2% → Operating margin 5.2% → Net margin 2.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,273 | 14,722 | 2,449 | +20.0% |
| Gross profit | 8,739 | 10,327 | 1,588 | +18.2% |
| Operating income | 860 | 765 | -95 | -11.1% |
| Operating cash flow | 943 | 497 | -446 | -47.3% |
| Free cash flow | 447 | -172 | -618 | -138.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 8,816 | 381 | 4.3% | 314 | 1,048 | 746 | S100T68H |
| FY ending Dec 2023 | 10,584 | 679 | 6.4% | 390 | 622 | 239 | S100VJCY |
| FY ending Dec 2024 | 12,273 | 860 | 7.0% | 536 | 943 | 447 | S100VJCY |
| FY ending Dec 2025 | 14,722 | 765 | 5.2% | 297 | 497 | -172 | S100XTBZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.5M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥677.6K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 300 | 287 | 326 | 439 |
| Average salary (parent company) | — | ¥4.8M | ¥5.6M | ¥5.2M |
| Average age (parent company) | — | 36.8 years | 36.5 years | 36.1 years |
| Average tenure (parent company) | — | 4.5 years | 4.1 years | 3.9 years |

## 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 | 497 | 3.4% | S100XTBZ |
| Capital expenditure | 668 | 4.5% | S100XTBZ |
| Free cash flow | -172 | -1.2% | 算出 |
| Investing cash flow | -1,238 | -8.4% | S100XTBZ |
| Financing cash flow | 505 | 3.4% | S100XTBZ |
| Dividends paid | 101 | 0.7% | S100XTBZ |
| Change in cash | -233 | -1.6% | S100XTBZ |
| Cash and equivalents | 3,452 | 23.5% | S100XTBZ |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,081 | 3,585 | 3,470 | 3,452 | S100VJCY, S100XTBZ |
| Total assets | 5,551 | 7,473 | 8,045 | 9,683 | S100T68H, S100VJCY, S100XTBZ |
| Net assets | 2,464 | 4,400 | 4,942 | 5,164 | S100VJCY, S100XTBZ |
| Share capital | 100 | 873 | 917 | 925 | S100T68H, S100VJCY, S100XTBZ |
| Property, plant and equipment | 1,841 | 2,127 | 2,445 | 2,863 | S100T68H, S100VJCY, S100XTBZ |
| Intangible assets excluding goodwill | 67 | 64 | 66 | 927 | S100T68H, S100VJCY, S100XTBZ |
| Goodwill | — | — | — | 864 | S100XTBZ |
| Current assets | 2,625 | 4,287 | 4,269 | 4,570 | S100T68H, S100VJCY, S100XTBZ |
| Current liabilities | 1,809 | 2,039 | 2,235 | 2,592 | S100T68H, S100VJCY, S100XTBZ |
| Short-term borrowings | — | — | 30 | — | S100VJCY |
| Long-term borrowings | 897 | 616 | 377 | 1,321 | S100T68H, S100VJCY, S100XTBZ |
| Total liabilities | 3,087 | 3,073 | 3,104 | 4,519 | S100T68H, S100VJCY, S100XTBZ |
| Equity attributable to owners of parent | 2,464 | 4,400 | 4,942 | 5,152 | S100T68H, S100VJCY, S100XTBZ |
| Retained earnings | 2,110 | 2,500 | 2,953 | 3,147 | S100T68H, S100VJCY, S100XTBZ |
| Treasury stock | — | — | -0 | -0 | S100VJCY, S100XTBZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XTBZ |
| Property, plant and equipment | 30% | S100XTBZ |
| Intangibles and goodwill | 18% | S100XTBZ |
| Other assets | 16% | S100XTBZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100XTBZ |
| Equity | 53% | S100XTBZ |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 5,551 | 7,473 | 8,045 | 9,683 |
| Equity | 2,464 | 4,400 | 4,942 | 5,164 |
| Interest-bearing debt | — | — | — | — |
| Cash | 2,081 | 3,585 | 3,470 | 3,452 |

## 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) | 19.4% | S100XTBZ |
| Fixed assets ÷ total assets | 29.6% | S100XTBZ |
| Goodwill ÷ parent equity | 16.8% | S100XTBZ |

### 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) | 35.7% |
| Cash ÷ revenue | 23.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.0% |
| Cash vs. profit gap | 199 JPY mn (of net income 67.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 249.1% |

## 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 | 3.6% | 1.59× | 5.7% | 2.25× | 12.8% | S100T68H |
| 2023 | 3.7% | 1.63× | 6.0% | 1.90× | 11.4% | S100VJCY |
| 2024 | 4.4% | 1.58× | 6.9% | 1.66× | 11.5% | S100VJCY |
| 2025 | 2.0% | 1.52× | 3.1% | 1.88× | 5.8% | S100XTBZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マルフジコーポレーション | Major shareholder | 48.5% | 2025-12-31 |
| 藤田 宗 | Major shareholder | 14.3% | 2025-12-31 |
| みずほ信託銀行株式会社（信託口） | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-12-31 |
| 岩田屋フード株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2025-12-31 |
| 魁力屋従業員持株会 | Major shareholder | 0.8% | 2025-12-31 |
| 丸本 純平 | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社大垣書店 | Major shareholder | 0.4% | 2025-12-31 |
| 大和商工株式会社 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/01/01－2025/12/31) | S100XTBZ | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTBZ,, |
| 有価証券報告書－第22期(2024/01/01－2024/12/31) | S100VJCY | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJCY,, |
| 有価証券報告書－第21期(2023/01/01－2023/12/31) | S100T68H | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T68H,, |

## 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).