# Semba Tohka Industries 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79期(2025/04/01－2026/03/31) (S100YKFH)
> Page: https://vizora.meequs.com/en/company/semba-tohka-industries
> Retrieved: 2026-09-30T20:31:32.266Z

## Company

Semba Tohka Industries, founded in 1947, is a company in Food Ingredients listed on TSE Standard. It has 491 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Semba Tohka Industries Co.,Ltd. |
| Ticker | 2916 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2916.T) |
| Listing | TSE Standard |
| Head office | 栃木県真岡市並木町2丁目1番地10 |
| Representative (per filing) | 代表取締役社長 小林 光夫 |
| Founded | Jul 1947 |
| Share capital | ¥1.5B |
| Employees (consolidated) | 491 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Corporate number | 6060001009351 |
| EDINET | E00494 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100YKFH, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.3 | 22 |
| Profitability | 39.6 | 24 |
| Cash conversion | 60.4 | 24 |
| Efficiency | 43.8 | 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)

- Semba Tohka Industries brought in ¥19.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +19.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥19423632000 → ¥557973000
- Net income → operating cash flow: ¥557973000 → ¥1227631000（difference ¥669658000）
- Main uses of operating cash flow: CapEx ¥420492000 / dividends ¥171094000 / buybacks —
- Change in cash: ¥296950000
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 | ¥19.4B |  |
| Operating income | ¥902.3M | Margin 4.6% |
| Net income | ¥554.9M | Margin 2.9% |
| Free cash flow | ¥807.1M |  |
| Employees (consolidated) | 491 |  |
| EPS | ¥47.28 |  |
| Book value per share | ¥1069.79 |  |
| Equity ratio | 59.5% |  |
| Shares outstanding | 11,400,000 |  |
| Treasury shares | 16,400 |  |
| Shareholders | 3,217 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 15.5% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | -0.7 pp | Food Ingredients |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, employees -3% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19533042000 | ¥19423632000 | -0.6% |
| Operating income | ¥1081964000 | ¥902253000 | -16.6% |
| Operating margin | 5.5% | 4.6% | -0.9 pp |
| Employees | 586 people | 491 people | -16.2% |
| Cash and equivalents | ¥3240298000 | ¥3313420000 | +2.3% |

### 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 | 19,424 | 100.0% | S100YKFH |
| Cost of revenue | 15,068 | 77.6% | S100YKFH |
| Gross profit | 4,355 | 22.4% | S100YKFH |
| SG&A | 3,453 | 17.8% | S100YKFH |
| Operating income | 902 | 4.6% | S100YKFH |
| Ordinary income | 867 | 4.5% | S100YKFH |
| Pretax income | 937 | 4.8% | S100YKFH |
| Income tax | 380 | 2.0% | S100YKFH |
| Net income | 558 | 2.9% | S100YKFH |
| Net income attributable to owners | 555 | 2.9% | S100YKFH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.4% → Operating margin 4.6% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +19.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.03×
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 | 18,701 | 19,424 | 723 | +3.9% |
| Gross profit | 4,157 | 4,355 | 198 | +4.8% |
| Operating income | 756 | 902 | 147 | +19.4% |
| Net income attributable to owners | 320 | 555 | 235 | +73.6% |
| Operating cash flow | 1,011 | 1,228 | 217 | +21.4% |
| Free cash flow | 505 | 807 | 302 | +59.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,743 | 1,057 | 5.1% | 579 | 1,669 | -1,471 | S100LTQ8 |
| FY ending Mar 2021 | 19,533 | 1,082 | 5.5% | 582 | 1,471 | -315 | S100OHM2 |
| FY ending Mar 2022 | 18,419 | 746 | 4.0% | 540 | 1,748 | 658 | S100R2RB |
| FY ending Mar 2023 | 18,621 | 270 | 1.4% | 233 | 823 | 395 | S100TV3D |
| FY ending Mar 2024 | 19,138 | 691 | 3.6% | 495 | 1,372 | 829 | S100W5KL |
| FY ending Mar 2025 | 18,701 | 756 | 4.0% | 320 | 1,011 | 505 | S100YKFH |
| FY ending Mar 2026 | 19,424 | 902 | 4.6% | 555 | 1,228 | 807 | S100YKFH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.6M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 606 | 594 | 599 | 505 | 491 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥5.9M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 40.0 years | 40.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 17.0 years | 16.0 years | 17.0 years | 17.0 years | 16.0 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +3.9%

## 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 | 1,228 | 6.3% | S100YKFH |
| Capital expenditure | 420 | 2.2% | S100YKFH |
| Free cash flow | 807 | 4.2% | 算出 |
| Investing cash flow | -424 | -2.2% | S100YKFH |
| Financing cash flow | -513 | -2.6% | S100YKFH |
| Dividends paid | 171 | 0.9% | S100YKFH |
| Change in cash | 297 | 1.5% | S100YKFH |
| Cash and equivalents | 3,313 | 17.1% | S100YKFH |

## 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 | 3,298 | 3,167 | 3,434 | 3,016 | 3,313 | S100TV3D, S100W5KL, S100YKFH |
| Total assets | 21,556 | 21,667 | 23,006 | 20,661 | 21,445 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Net assets | 11,302 | 11,572 | 12,717 | 11,858 | 12,767 | S100TV3D, S100W5KL, S100YKFH |
| Share capital | 1,501 | 1,501 | 1,501 | 1,501 | 1,501 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Property, plant and equipment | 7,724 | 7,301 | 7,114 | 5,070 | 4,764 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Intangible assets excluding goodwill | 763 | 736 | 730 | 551 | 450 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Investment securities | 1,641 | 1,980 | 3,002 | 2,790 | 3,507 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Current assets | 10,788 | 11,144 | 11,848 | 11,174 | 11,804 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Current liabilities | 7,413 | 7,613 | 7,819 | 6,682 | 6,658 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Trade payables | 2,291 | 2,461 | 2,341 | 2,074 | 2,132 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Short-term borrowings | 3,688 | 3,755 | 3,809 | 2,898 | 2,824 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Long-term borrowings | 1,092 | 755 | 572 | 573 | 350 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Total liabilities | 10,255 | 10,095 | 10,290 | 8,803 | 8,678 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Non-controlling interests | 860 | 752 | 819 | 14 | 13 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Equity attributable to owners of parent | 9,532 | 9,594 | 9,918 | 10,067 | 10,452 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Retained earnings | 6,833 | 6,895 | 7,220 | 7,369 | 7,753 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |
| Treasury stock | -5 | -5 | -5 | -5 | -5 | S100R2RB, S100TV3D, S100W5KL, S100YKFH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YKFH |
| Property, plant and equipment | 22% | S100YKFH |
| Intangibles and goodwill | 2% | S100YKFH |
| Investment securities | 16% | S100YKFH |
| Other assets | 44% | S100YKFH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YKFH |
| Other liabilities | 30% | S100YKFH |
| Equity | 60% | S100YKFH |
| Other liabilities | 0% | S100YKFH |

### 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 | 21,556 | 21,667 | 23,006 | 20,661 | 21,445 |
| Equity | 11,302 | 11,572 | 12,717 | 11,858 | 12,767 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,298 | 3,167 | 3,434 | 3,016 | 3,313 |

## 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) | 24.5% | S100YKFH |
| Fixed assets ÷ total assets | 22.2% | S100YKFH |
| Goodwill ÷ parent equity | — | —, S100YKFH |

### 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) | 15.5% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.1% |
| Cash vs. profit gap | 673 JPY mn (of net income 121.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.8% |
| Shareholder payments — dividends / FCF | 21.2% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 34.5% |

## 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 | 2.9% | 0.85× | 2.5% | 2.26× | 5.7% | S100R2RB |
| 2023 | 1.3% | 0.86× | 1.1% | 2.26× | 2.4% | S100TV3D |
| 2024 | 2.6% | 0.86× | 2.2% | 2.29× | 5.1% | S100W5KL |
| 2025 | 1.7% | 0.86× | 1.5% | 2.18× | 3.2% | S100YKFH |
| 2026 | 2.9% | 0.92× | 2.6% | 2.05× | 5.4% | S100YKFH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東洋水産株式会社 | Major shareholder | 17.6% | 2026-03-31 |
| UNITED FOODS INTERNATIONAL 株式会社 | Major shareholder | 12.2% | 2026-03-31 |
| ユタカフーズ株式会社 | Major shareholder | 8.8% | 2026-03-31 |
| 株式会社足利銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社榎本武平商店 | Major shareholder | 2.9% | 2026-03-31 |
| 一般社団法人魚住昭義会 | Major shareholder | 2.5% | 2026-03-31 |
| 仙波糖化工業従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 理研ビタミン株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 芳賀通運株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YKFH | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKFH,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W5KL | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5KL,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TV3D | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV3D,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R2RB | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2RB,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OHM2 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHM2,, |
| 訂正有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LTQ8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTQ8,, |

## 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).