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

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2025/05/01－2026/04/30) (S100YR44)
> Page: https://vizora.meequs.com/en/company/sato-foods
> Retrieved: 2026-09-30T22:34:55.665Z

## Company

Sato Foods, founded in 1961, is a company in Processed Foods listed on TSE Standard. It has 717 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SATO FOODS CO., LTD. |
| Ticker | 2923 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2923.T) |
| Listing | TSE Standard |
| Head office | 新潟県新潟市東区宝町13番5号 |
| Representative (per filing) | 代表取締役社長 佐藤元 |
| Founded | Apr 1961 |
| Share capital | ¥543.8M |
| Employees (consolidated) | 717 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | April |
| Website | www.satosyokuhin.co.jp (https://www.satosyokuhin.co.jp/) |
| Corporate number | 8110001002068 |
| EDINET | E00510 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YR44, filed 2026-07-21). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.5 | 56 |
| Profitability | 74.2 | 60 |
| Cash conversion | 16.7 | 57 |
| Efficiency | 35.8 | 60 |

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 brought in ¥51.8B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +23.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥51775084000 → ¥2800711000
- Net income → operating cash flow: ¥2800711000 → ¥2129866000（difference ¥-670845000）
- Main uses of operating cash flow: CapEx ¥6776806000 / dividends ¥353035000 / buybacks ¥207000
- Change in cash: ¥-1008744000
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 | ¥51.8B |  |
| Operating income | ¥3.34B | Margin 6.4% |
| Net income | ¥2.8B | Margin 5.4% |
| Free cash flow | -¥4.65B |  |
| Employees (consolidated) | 717 |  |
| EPS | ¥488.22 |  |
| Book value per share | ¥4673.45 |  |
| Equity ratio | 42.9% |  |
| Shares outstanding | 5,075,500 |  |
| Treasury shares | 31,800 |  |
| Shareholders | 1,971 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 7.5% |
| Vs. industry median margin | +2.4 pp | Processed Foods |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46944649000 | ¥51775084000 | +10.3% |
| Operating income | ¥1933356000 | ¥3336623000 | +72.6% |
| Operating margin | 4.1% | 6.4% | +2.3 pp |
| Employees | 615 people | 717 people | +16.6% |
| Cash and equivalents | ¥359587000 | ¥3859137000 | +973.2% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,775 | 100.0% | S100YR44 |
| Cost of revenue | 38,205 | 73.8% | S100YR44 |
| Gross profit | 13,570 | 26.2% | S100YR44 |
| SG&A | 10,234 | 19.8% | S100YR44 |
| Operating income | 3,337 | 6.4% | S100YR44 |
| Ordinary income | 3,590 | 6.9% | S100YR44 |
| Pretax income | 4,045 | 7.8% | S100YR44 |
| Income tax | 1,245 | 2.4% | S100YR44 |
| Net income | 2,801 | 5.4% | S100YR44 |
| Net income attributable to owners | 2,801 | 5.4% | S100YR44 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 20 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.2% → Operating margin 6.4% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +23.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,479 | 51,775 | 5,296 | +11.4% |
| Gross profit | 11,497 | 13,570 | 2,073 | +18.0% |
| Operating income | 2,697 | 3,337 | 639 | +23.7% |
| Net income attributable to owners | 1,949 | 2,801 | 851 | +43.7% |
| Operating cash flow | 4,916 | 2,130 | -2,786 | -56.7% |
| Free cash flow | -253 | -4,647 | -4,394 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 44,888 | 953 | 2.1% | 689 | 2,329 | -1,873 | S100M0R3 |
| FY ending Apr 2021 | 46,945 | 1,933 | 4.1% | 1,490 | 4,855 | 2,756 | S100OQYF |
| FY ending Apr 2022 | 39,051 | 2,697 | 6.9% | 1,939 | 1,600 | -397 | S100RFXQ |
| FY ending Apr 2023 | 39,667 | 2,251 | 5.7% | 1,842 | 3,040 | 396 | S100U2ZG |
| FY ending Apr 2024 | 42,581 | 2,657 | 6.2% | 2,296 | 2,156 | -1,927 | S100WEVJ |
| FY ending Apr 2025 | 46,479 | 2,697 | 5.8% | 1,949 | 4,916 | -253 | S100YR44 |
| FY ending Apr 2026 | 51,775 | 3,337 | 6.4% | 2,801 | 2,130 | -4,647 | S100YR44 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.2M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 597 | 605 | 631 | 663 | 717 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥6.3M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 38.1 years | 39.6 years | 38.1 years | 40.7 years | 40.4 years |
| Average tenure (parent company) | 14.1 years | 13.7 years | 14.1 years | 13.5 years | 13.0 years |

Year over year: Employees (consolidated) +8.1% · Revenue (consolidated) +11.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,130 | 4.1% | S100YR44 |
| Capital expenditure | 6,777 | 13.1% | S100YR44 |
| Free cash flow | -4,647 | -9.0% | 算出 |
| Investing cash flow | -4,483 | -8.7% | S100YR44 |
| Financing cash flow | 1,344 | 2.6% | S100YR44 |
| Dividends paid | 353 | 0.7% | S100YR44 |
| Share buyback | 0 | 0.0% | S100YR44 |
| Change in cash | -1,009 | -1.9% | S100YR44 |
| Cash and equivalents | 3,859 | 7.5% | S100YR44 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,666 | 3,477 | 2,665 | 4,868 | 3,859 | S100U2ZG, S100WEVJ, S100YR44 |
| Total assets | 36,345 | 39,272 | 43,738 | 48,840 | 57,951 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Net assets | 16,475 | 18,261 | 20,586 | 22,476 | 24,860 | S100U2ZG, S100WEVJ, S100YR44 |
| Share capital | 544 | 544 | 544 | 544 | 544 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Property, plant and equipment | 14,922 | 14,989 | 17,423 | 18,822 | 23,148 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Intangible assets excluding goodwill | 893 | 753 | 578 | 815 | 1,219 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Investment securities | 1,306 | 1,774 | 2,305 | 2,375 | 2,336 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Current assets | 16,195 | 18,774 | 20,468 | 23,889 | 28,083 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Current liabilities | 12,171 | 9,343 | 10,531 | 12,142 | 17,843 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Short-term borrowings | 3,100 | — | — | — | — | S100RFXQ |
| Long-term borrowings | 6,463 | 10,664 | 11,569 | 13,452 | 14,443 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Total liabilities | 19,870 | 21,011 | 23,151 | 26,364 | 33,091 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Equity attributable to owners of parent | 16,029 | 17,618 | 19,636 | 21,282 | 23,730 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Retained earnings | 15,016 | 16,606 | 18,624 | 20,271 | 22,719 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |
| Treasury stock | -38 | -38 | -38 | -39 | -39 | S100RFXQ, S100U2ZG, S100WEVJ, S100YR44 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YR44 |
| Property, plant and equipment | 40% | S100YR44 |
| Intangibles and goodwill | 2% | S100YR44 |
| Investment securities | 4% | S100YR44 |
| Other assets | 47% | S100YR44 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YR44 |
| Equity | 43% | S100YR44 |
| Other liabilities | 0% | S100YR44 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 36,345 | 39,272 | 43,738 | 48,840 | 57,951 |
| Equity | 16,475 | 18,261 | 20,586 | 22,476 | 24,860 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,666 | 3,477 | 2,665 | 4,868 | 3,859 |

## 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) | 44.7% | S100YR44 |
| Fixed assets ÷ total assets | 39.9% | S100YR44 |
| Goodwill ÷ parent equity | — | —, S100YR44 |

### 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) | 6.7% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.8% |
| Cash vs. profit gap | -671 JPY mn (of net income -24.0%) |
| Shareholder returns / net income | 12.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.1% |
| Investing CF relative to operating CF | 210.5% |

## 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 | 5.0% | 1.07× | 5.3% | 2.27× | 12.1% | S100RFXQ |
| 2023 | 4.6% | 1.05× | 4.9% | 2.25× | 10.9% | S100U2ZG |
| 2024 | 5.4% | 1.03× | 5.5% | 2.23× | 12.3% | S100WEVJ |
| 2025 | 4.2% | 1.00× | 4.2% | 2.26× | 9.5% | S100YR44 |
| 2026 | 5.4% | 0.97× | 5.2% | 2.37× | 12.4% | S100YR44 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 住吉食品有限会社 | Major shareholder | 35.6% | 2026-04-30 |
| 全国農業協同組合連合会 | Major shareholder | 4.9% | 2026-04-30 |
| 東洋製罐グループホールディングス株式会社 | Major shareholder | 4.8% | 2026-04-30 |
| 株式会社榎本武平商店 | Major shareholder | 4.6% | 2026-04-30 |
| サトウ食品取引先持株会 | Major shareholder | 4.5% | 2026-04-30 |
| 株式会社第四北越銀行 | Major shareholder | 3.7% | 2026-04-30 |
| 一正蒲鉾株式会社 | Major shareholder | 3.2% | 2026-04-30 |
| サトウ食品社員持株会 | Major shareholder | 2.7% | 2026-04-30 |
| 株式会社藤井商店 | Major shareholder | 1.2% | 2026-04-30 |
| 藤屋段ボール株式会社 | Major shareholder | 0.7% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/05/01－2026/04/30) | S100YR44 | 2026-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YR44,, |
| 有価証券報告書－第65期(2024/05/01－2025/04/30) | S100WEVJ | 2025-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEVJ,, |
| 有価証券報告書－第64期(2023/05/01－2024/04/30) | S100U2ZG | 2024-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2ZG,, |
| 有価証券報告書－第63期(2022/05/01－2023/04/30) | S100RFXQ | 2023-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RFXQ,, |
| 有価証券報告書－第62期(令和3年5月1日－令和4年4月30日) | S100OQYF | 2022-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OQYF,, |
| 有価証券報告書－第61期(令和2年5月1日－令和3年4月30日) | S100M0R3 | 2021-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0R3,, |

## 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).