# Shimadaya Corporation: 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71期(2025/04/01－2026/03/31) (S100YCRS)
> Page: https://vizora.meequs.com/en/company/shimadaya
> Retrieved: 2026-09-30T21:02:35.758Z

## Company

Shimadaya, founded in 1949, is a company in Processed Foods listed on TSE Standard. It has 832 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shimadaya Corporation |
| Ticker | 250A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/250A.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿西一丁目33番11号 |
| Representative (per filing) | 代表取締役 社長執行役員 岡田 賢二 |
| Founded | Mar 1949 |
| Share capital | ¥1B |
| Employees (consolidated) | 832 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.shimadaya.co.jp (https://www.shimadaya.co.jp/) |
| Corporate number | 3011001010678 |
| EDINET | E00467 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YCRS, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.2 | 56 |
| Profitability | 89.2 | 60 |
| Cash conversion | 37.7 | 57 |
| Efficiency | 87.5 | 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)

- Shimadaya brought in ¥41.1B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +11.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥41061218000 → ¥2596003000
- Net income → operating cash flow: ¥2596003000 → ¥4019473000（difference ¥1423470000）
- Main uses of operating cash flow: CapEx ¥2884933000 / dividends ¥881921000 / buybacks ¥1422051000
- Change in cash: ¥-1230567000
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 | ¥41.1B |  |
| Operating income | ¥3.77B | Margin 9.2% |
| Net income | ¥2.6B | Margin 6.3% |
| Free cash flow | ¥1.13B |  |
| Employees (consolidated) | 832 |  |
| EPS | ¥163.35 |  |
| Book value per share | ¥1142.35 |  |
| Equity ratio | 71.0% |  |
| Shares outstanding | 15,205,697 |  |
| Treasury shares | 900,600 |  |
| Shareholders | 14,903 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | +5.1 pp | Processed Foods |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends
- FY2026, employees -2% while operating income rose 12%

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38973985000 | ¥41061218000 | +5.4% |
| Operating income | ¥3353167000 | ¥3768033000 | +12.4% |
| Operating margin | 8.6% | 9.2% | +0.6 pp |
| Employees | 846 people | 832 people | -1.7% |
| Cash and equivalents | ¥3997356000 | ¥4349127000 | +8.8% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 | 41,061 | 100.0% | S100YCRS |
| Cost of revenue | 28,748 | 70.0% | S100YCRS |
| Gross profit | 12,314 | 30.0% | S100YCRS |
| SG&A | 8,546 | 20.8% | S100YCRS |
| Operating income | 3,768 | 9.2% | S100YCRS |
| Ordinary income | 3,874 | 9.4% | S100YCRS |
| Pretax income | 3,616 | 8.8% | S100YCRS |
| Income tax | 1,020 | 2.5% | S100YCRS |
| Net income | 2,596 | 6.3% | S100YCRS |
| Net income attributable to owners | 2,596 | 6.3% | S100YCRS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 30.0% → Operating margin 9.2% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +11.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.23×
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 | 39,625 | 41,061 | 1,436 | +3.6% |
| Gross profit | 11,590 | 12,314 | 724 | +6.2% |
| Operating income | 3,373 | 3,768 | 395 | +11.7% |
| Net income attributable to owners | 2,554 | 2,596 | 42 | +1.6% |
| Operating cash flow | 3,147 | 4,019 | 873 | +27.7% |
| Free cash flow | 1,681 | 1,135 | -546 | -32.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 38,974 | 3,353 | 8.6% | 2,525 | 4,650 | 3,106 | S100VYGV |
| FY ending Mar 2025 | 39,625 | 3,373 | 8.5% | 2,554 | 3,147 | 1,681 | S100YCRS |
| FY ending Mar 2026 | 41,061 | 3,768 | 9.2% | 2,596 | 4,019 | 1,135 | S100YCRS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.4M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 846 | 853 | 832 |
| Average salary (parent company) | — | ¥6.7M | ¥6.8M |
| Average age (parent company) | — | 42.0 years | 42.5 years |
| Average tenure (parent company) | — | 17.8 years | 17.9 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +3.6%

## 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 | 4,019 | 9.8% | S100YCRS |
| Capital expenditure | 2,885 | 7.0% | S100YCRS |
| Free cash flow | 1,135 | 2.8% | 算出 |
| Investing cash flow | -2,916 | -7.1% | S100YCRS |
| Financing cash flow | -2,334 | -5.7% | S100YCRS |
| Dividends paid | 882 | 2.1% | S100YCRS |
| Share buyback | 1,422 | 3.5% | S100YCRS |
| Change in cash | -1,231 | -3.0% | S100YCRS |
| Cash and equivalents | 4,349 | 10.6% | S100YCRS |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,997 | 5,580 | 4,349 | S100YCRS |
| Total assets | 23,889 | 24,825 | 26,005 | S100VYGV, S100YCRS |
| Net assets | 15,838 | 18,059 | 18,462 | S100YCRS |
| Share capital | 1,000 | 1,000 | 1,000 | S100VYGV, S100YCRS |
| Property, plant and equipment | 10,401 | 10,758 | 12,721 | S100VYGV, S100YCRS |
| Intangible assets excluding goodwill | 72 | 76 | 77 | S100VYGV, S100YCRS |
| Investment securities | 1,301 | 1,094 | 1,334 | S100VYGV, S100YCRS |
| Current assets | 11,270 | 12,241 | 11,161 | S100VYGV, S100YCRS |
| Current liabilities | 6,256 | 5,273 | 5,998 | S100VYGV, S100YCRS |
| Trade payables | 1,870 | 1,737 | 1,724 | S100VYGV, S100YCRS |
| Total liabilities | 8,052 | 6,766 | 7,542 | S100VYGV, S100YCRS |
| Equity attributable to owners of parent | 14,981 | 17,231 | 17,523 | S100VYGV, S100YCRS |
| Retained earnings | 13,110 | 15,360 | 17,074 | S100VYGV, S100YCRS |
| Treasury stock | — | -0 | -1,422 | S100YCRS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YCRS |
| Property, plant and equipment | 49% | S100YCRS |
| Intangibles and goodwill | 0% | S100YCRS |
| Investment securities | 5% | S100YCRS |
| Other assets | 29% | S100YCRS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YCRS |
| Other liabilities | 22% | S100YCRS |
| Equity | 71% | S100YCRS |
| Other liabilities | 0% | S100YCRS |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 23,889 | 24,825 | 26,005 |
| Equity | 15,838 | 18,059 | 18,462 |
| Interest-bearing debt | — | — | — |
| Cash | 3,997 | 5,580 | 4,349 |

## 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) | 31.0% | S100YCRS |
| Fixed assets ÷ total assets | 48.9% | S100YCRS |
| Goodwill ÷ parent equity | — | —, S100YCRS |

### 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) | 16.7% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.7% |
| Cash vs. profit gap | 1,423 JPY mn (of net income 54.8%) |
| Shareholder returns / net income | 88.8% |
| Shareholder returns / FCF | 203.1% |
| Shareholder payments — dividends / net income | 34.0% |
| Shareholder payments — dividends / FCF | 77.7% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 72.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 6.5% | 1.63× | 10.6% | 1.59× | 16.9% | S100VYGV |
| 2025 | 6.4% | 1.63× | 10.5% | 1.51× | 15.9% | S100YCRS |
| 2026 | 6.3% | 1.62× | 10.2% | 1.46× | 14.9% | S100YCRS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社メルコグループ | Major shareholder | 33.9% | 2026-03-31 |
| 牧 寛之 | Major shareholder | 13.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| 公益財団法人牧誠財団 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社ニップン | Major shareholder | 1.8% | 2026-03-31 |
| 日清製粉株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 0.8% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 0.7% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５００１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YCRS | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCRS,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100VYGV | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYGV,, |

## 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).