# SATO FOODS INDUSTRIES CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/04/01－2026/03/31) (S100YGVL)
> Page: https://vizora.meequs.com/en/company/sato-foods-industries
> Retrieved: 2026-09-30T20:38:59.961Z

## Company

Sato Foods Industries, founded in 1954, is a company in Food Ingredients listed on TSE Standard. It has 168 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SATO FOODS INDUSTRIES CO., LTD. |
| Ticker | 2814 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2814.T) |
| Listing | TSE Standard |
| Head office | 愛知県小牧市堀の内四丁目154番地 |
| Representative (per filing) | 代表取締役社長 上田正博 |
| Founded | Oct 1954 |
| Share capital | ¥3.67B |
| Employees (consolidated) | 168 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.sato-foods.co.jp (https://www.sato-foods.co.jp/) |
| Corporate number | 5180001075845 |
| EDINET | E00484 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100YGVL, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.8 | 22 |
| Profitability | 81.3 | 24 |
| Cash conversion | 68.8 | 24 |
| Efficiency | 2.1 | 24 |

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)

- Sato Foods Industries brought in ¥6.83B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6832521000 → ¥736497000
- Net income → operating cash flow: ¥736497000 → ¥1099042000（difference ¥362545000）
- Main uses of operating cash flow: CapEx ¥333239000 / dividends ¥166544000 / buybacks ¥830259000
- Change in cash: ¥-1279413000
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 | ¥6.83B |  |
| Operating income | ¥758.7M | Margin 11.1% |
| Net income | ¥736.5M | Margin 10.8% |
| Free cash flow | ¥765.8M |  |
| Employees (consolidated) | 168 |  |
| EPS | ¥194.65 |  |
| Book value per share | ¥5630.79 |  |
| Equity ratio | 88.2% |  |
| Shares outstanding | 7,377,460 |  |
| Treasury shares | 3,498,600 |  |
| Shareholders | 1,440 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 36.9% | Cash ÷ revenue 123.6% |
| Vs. industry median margin | +5.8 pp | Food Ingredients |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.0× dividends
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6081691000 | ¥6832521000 | +12.3% |
| Operating income | ¥697848000 | ¥758659000 | +8.7% |
| Operating margin | 11.5% | 11.1% | -0.4 pp |
| Employees | 178 people | 168 people | -5.6% |
| Cash and equivalents | ¥8747349000 | ¥8443118000 | -3.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,833 | 100.0% | S100YGVL |
| Cost of revenue | 5,184 | 75.9% | S100YGVL |
| Gross profit | 1,649 | 24.1% | S100YGVL |
| SG&A | 890 | 13.0% | S100YGVL |
| Operating income | 759 | 11.1% | S100YGVL |
| Ordinary income | 908 | 13.3% | S100YGVL |
| Pretax income | 1,028 | 15.0% | S100YGVL |
| Income tax | 292 | 4.3% | S100YGVL |
| Net income | 736 | 10.8% | S100YGVL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 13 |
| Operating income | 11 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 24.1% → Operating margin 11.1% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +12.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.72×
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 | 6,361 | 6,833 | 472 | +7.4% |
| Gross profit | 1,633 | 1,649 | 15 | +0.9% |
| Operating income | 673 | 759 | 86 | +12.7% |
| Operating cash flow | 922 | 1,099 | 177 | +19.2% |
| Free cash flow | 663 | 766 | 103 | +15.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,889 | 979 | 14.2% | 1,856 | 1,473 | 1,210 | S100LULU |
| FY ending Mar 2021 | 6,082 | 698 | 11.5% | 293 | 1,290 | 1,126 | S100OP3B |
| FY ending Mar 2022 | 5,644 | 783 | 13.9% | 728 | 844 | 648 | S100R3IY |
| FY ending Mar 2023 | 5,882 | 618 | 10.5% | 385 | 553 | 205 | S100TT7V |
| FY ending Mar 2024 | 6,101 | 664 | 10.9% | 773 | 1,165 | 1,079 | S100Y1S3 |
| FY ending Mar 2025 | 6,361 | 673 | 10.6% | 596 | 922 | 663 | S100YGVL |
| FY ending Mar 2026 | 6,833 | 759 | 11.1% | 736 | 1,099 | 766 | S100YGVL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.7M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 175 | 170 | 164 | 168 | 168 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 37.5 years | 38.0 years | 38.4 years | 38.5 years | 39.0 years |
| Average tenure (parent company) | 16.1 years | 15.7 years | 16.9 years | 16.9 years | 16.3 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +7.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,099 | 16.1% | S100YGVL |
| Capital expenditure | 333 | 4.9% | S100YGVL |
| Free cash flow | 766 | 11.2% | 算出 |
| Investing cash flow | -1,382 | -20.2% | S100YGVL |
| Financing cash flow | -997 | -14.6% | S100YGVL |
| Dividends paid | 167 | 2.4% | S100YGVL |
| Share buyback | 830 | 12.2% | S100YGVL |
| Change in cash | -1,279 | -18.7% | S100YGVL |
| Cash and equivalents | 8,443 | 123.6% | S100YGVL |

## 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 | 9,183 | 9,006 | 9,863 | 9,723 | 8,443 | S100TT7V, S100Y1S3, S100YGVL |
| Total assets | 20,318 | 20,492 | 21,846 | 21,164 | 22,904 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Net assets | 18,740 | 19,041 | 19,744 | 19,294 | 20,203 | S100TT7V, S100Y1S3, S100YGVL |
| Share capital | 3,672 | 3,672 | 3,672 | 3,672 | 3,672 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Property, plant and equipment | 4,955 | 4,913 | 4,744 | 4,781 | 5,009 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Intangible assets excluding goodwill | 40 | 30 | 22 | 12 | 15 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Investment securities | 3,007 | 3,400 | 3,844 | 3,467 | 6,171 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Current assets | 11,894 | 11,768 | 12,930 | 12,592 | 11,366 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Current liabilities | 1,507 | 1,380 | 1,854 | 1,533 | 1,655 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Short-term borrowings | 670 | 670 | 670 | 670 | 670 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Total liabilities | 1,578 | 1,450 | 2,103 | 1,869 | 2,701 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Equity attributable to owners of parent | 17,982 | 17,962 | 18,302 | 18,305 | 18,050 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Retained earnings | 13,277 | 13,515 | 14,127 | 14,553 | 13,816 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |
| Treasury stock | -3,407 | -3,664 | -3,830 | -4,151 | -3,371 | S100R3IY, S100TT7V, S100Y1S3, S100YGVL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YGVL |
| Property, plant and equipment | 22% | S100YGVL |
| Intangibles and goodwill | 0% | S100YGVL |
| Investment securities | 27% | S100YGVL |
| Other assets | 14% | S100YGVL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100YGVL |
| Equity | 88% | S100YGVL |

### 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 | 20,318 | 20,492 | 21,846 | 21,164 | 22,904 |
| Equity | 18,740 | 19,041 | 19,744 | 19,294 | 20,203 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,183 | 9,006 | 9,863 | 9,723 | 8,443 |

## 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) | 73.3% | S100YGVL |
| Fixed assets ÷ total assets | 21.9% | S100YGVL |
| Goodwill ÷ parent equity | — | —, S100YGVL |

### 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) | 36.9% |
| Cash ÷ revenue | 123.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.9% |
| Cash vs. profit gap | 363 JPY mn (of net income 49.2%) |
| Shareholder returns / net income | 135.3% |
| Shareholder returns / FCF | 130.2% |
| Shareholder payments — dividends / net income | 22.6% |
| Shareholder payments — dividends / FCF | 21.7% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 125.7% |

## 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 | 12.9% | 0.28× | 3.6% | 1.13× | 4.0% | S100R3IY |
| 2023 | 6.5% | 0.29× | 1.9% | 1.14× | 2.1% | S100TT7V |
| 2024 | 12.7% | 0.29× | 3.7% | 1.17× | 4.3% | S100Y1S3 |
| 2025 | 9.4% | 0.30× | 2.8% | 1.17× | 3.3% | S100YGVL |
| 2026 | 10.8% | 0.31× | 3.3% | 1.21× | 4.1% | S100YGVL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 横浜冷凍株式会社 | Major shareholder | 16.4% | 2026-03-31 |
| ブルドックソース株式会社 | Major shareholder | 11.1% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 8.8% | 2026-03-31 |
| 湯原 善衛 | Major shareholder | 4.4% | 2026-03-31 |
| 湯原 幸子 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YGVL | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGVL,, |
| 訂正有価証券報告書－第71期(2024/04/01－2025/03/31) | S100Y1S3 | 2026-05-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1S3,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TT7V | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT7V,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R3IY | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3IY,, |
| 訂正有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OP3B | 2022-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OP3B,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LULU | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LULU,, |

## 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).