# SHINOZAKIYA,INC.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2024/10/01－2025/09/30) (S100XAAS)
> Page: https://vizora.meequs.com/en/company/shinozakiya
> Retrieved: 2026-09-30T19:13:01.192Z

## Company

Shinozakiya, founded in 1987, is a company in Processed Foods listed on TSE Standard. It has 20 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINOZAKIYA,INC. |
| Ticker | 2926 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2926.T) |
| Listing | TSE Standard |
| Head office | 埼玉県春日部市赤沼870番地1 (同所は登記上の本店所在地で、実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 関根 雅之 |
| Founded | Jan 1987 |
| Share capital | ¥1B |
| Employees (consolidated) | 20 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | September |
| Website | www.shinozakiya.com (https://www.shinozakiya.com/) |
| Corporate number | 5030001051126 |
| EDINET | E00515 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100XAAS, filed 2025-12-15). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.9 | 56 |
| Profitability | 22.5 | 60 |
| Cash conversion | 57 | 57 |
| Efficiency | 97.5 | 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)

- Shinozakiya brought in ¥2.94B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.5% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Retail business 100.0%
- Revenue → net income: ¥2940221000 → ¥38040000
- Net income → operating cash flow: ¥38040000 → ¥75640000（difference ¥37600000）
- Main uses of operating cash flow: CapEx ¥22534000 / dividends — / buybacks ¥1000
- Change in cash: ¥91132000
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 | ¥2.94B |  |
| Operating income | ¥59.1M | Margin 2.0% |
| Net income | ¥38M | Margin 1.3% |
| Free cash flow | ¥53.1M |  |
| Largest business | Retail business | of segment revenue 100.0% |
| Employees (consolidated) | 20 |  |
| EPS | ¥2.69 |  |
| Book value per share | ¥74.07 |  |
| Equity ratio | 76.8% |  |
| Shares outstanding | 14,157,780 |  |
| Shareholders | 5,637 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 44.7% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | -2 pp | Processed Foods |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2881698000 | ¥2940221000 | +2.0% |
| Operating income | ¥35954000 | ¥59089000 | +64.3% |
| Operating margin | 1.2% | 2.0% | +0.8 pp |
| Employees | 16 people | 20 people | +25.0% |
| Cash and equivalents | ¥533817000 | ¥609657000 | +14.2% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 小売事業 → 小売事業 | 100.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,940 | 100.0% | S100XAAS |
| Cost of revenue | 2,045 | 69.5% | S100XAAS |
| Gross profit | 896 | 30.5% | S100XAAS |
| SG&A | 836 | 28.4% | S100XAAS |
| Operating income | 59 | 2.0% | S100XAAS |
| Ordinary income | 64 | 2.2% | S100XAAS |
| Pretax income | 51 | 1.7% | S100XAAS |
| Income tax | 13 | 0.4% | S100XAAS |
| Net income | 38 | 1.3% | S100XAAS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 28 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 30.5% → Operating margin 2.0% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,786 | 2,940 | 154 | +5.5% |
| Gross profit | 789 | 896 | 106 | +13.5% |
| Operating income | -9 | 59 | 68 | — |
| Operating cash flow | -118 | 76 | 194 | — |
| Free cash flow | -128 | 53 | 182 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,136 | 53 | 1.7% | 34 | -61 | -85 | S100KF8F |
| FY ending Sep 2020 | 2,882 | 36 | 1.2% | 17 | 45 | 41 | S100N45K |
| FY ending Sep 2021 | 3,023 | 37 | 1.2% | 13 | 49 | 32 | S100PU4V |
| FY ending Sep 2022 | 2,791 | -61 | -2.2% | -94 | -80 | -85 | S100SI3F |
| FY ending Sep 2023 | 2,680 | -77 | -2.9% | -23 | 48 | 44 | S100UYYA |
| FY ending Sep 2024 | 2,786 | -9 | -0.3% | -28 | -118 | -128 | S100XAAS |
| FY ending Sep 2025 | 2,940 | 59 | 2.0% | 38 | 76 | 53 | S100XAAS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥147M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 19 | 16 | 16 | 21 | 20 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.5M | ¥4.6M |
| Average age (parent company) | 39.5 years | 40.6 years | 41.4 years | 42.8 years | 43.0 years |
| Average tenure (parent company) | 10.4 years | 11.7 years | 12.5 years | 10.4 years | 10.8 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) +5.5%

## Segments（FY ending Sep 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail business | 2,611 | 100.0% | 196 | 7.5% |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 76 | 2.6% | S100XAAS |
| Capital expenditure | 23 | 0.8% | S100XAAS |
| Free cash flow | 53 | 1.8% | 算出 |
| Investing cash flow | 15 | 0.5% | S100XAAS |
| Financing cash flow | -0 | -0.0% | S100XAAS |
| Share buyback | 0 | 0.0% | S100XAAS |
| Change in cash | 91 | 3.1% | S100XAAS |
| Cash and equivalents | 610 | 20.7% | S100XAAS |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 549 | 466 | 626 | 519 | 610 | S100SI3F, S100UYYA, S100XAAS |
| Total assets | 1,492 | 1,353 | 1,441 | 1,285 | 1,365 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Net assets | 1,156 | 1,062 | 1,039 | 1,011 | 1,049 | S100SI3F, S100UYYA, S100XAAS |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Property, plant and equipment | 647 | 620 | 227 | 221 | 232 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Intangible assets excluding goodwill | 2 | 4 | 4 | 3 | 2 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Current assets | 697 | 610 | 795 | 683 | 790 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Current liabilities | 297 | 272 | 399 | 272 | 311 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Long-term borrowings | 37 | 17 | — | — | — | S100PU4V, S100SI3F |
| Total liabilities | 336 | 291 | 402 | 274 | 316 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Equity attributable to owners of parent | 1,156 | 1,062 | 1,039 | 1,011 | 1,049 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Retained earnings | 77 | -18 | -41 | -69 | -72 | S100PU4V, S100SI3F, S100UYYA, S100XAAS |
| Treasury stock | -41 | -41 | -41 | -41 | — | S100PU4V, S100SI3F, S100UYYA, S100XAAS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XAAS |
| Property, plant and equipment | 17% | S100XAAS |
| Intangibles and goodwill | 0% | S100XAAS |
| Other assets | 38% | S100XAAS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XAAS |
| Equity | 77% | S100XAAS |
| Other liabilities | 0% | S100XAAS |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,492 | 1,353 | 1,441 | 1,285 | 1,365 |
| Equity | 1,156 | 1,062 | 1,039 | 1,011 | 1,049 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 549 | 466 | 626 | 519 | 610 |

## 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) | 7.9% | S100XAAS |
| Fixed assets ÷ total assets | 17.0% | S100XAAS |
| Goodwill ÷ parent equity | — | —, S100XAAS |

### 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) | 44.7% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.0% |
| Cash vs. profit gap | 38 JPY mn (of net income 98.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 20.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.4% | 2.03× | 0.9% | 1.29× | 1.1% | S100PU4V |
| 2022 | — | —× | -6.6% | —× | — | S100SI3F |
| 2023 | — | —× | -1.6% | —× | — | S100UYYA |
| 2024 | — | —× | -2.1% | —× | — | S100XAAS |
| 2025 | 1.3% | 2.22× | 2.9% | 1.29× | 3.7% | S100XAAS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 樽見 茂 | Major shareholder | 21.4% | 2025-09-30 |
| 篠崎屋取引先持株会 | Major shareholder | 3.5% | 2025-09-30 |
| 株式会社鈴木物産 | Major shareholder | 2.6% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.5% | 2025-09-30 |
| 川瀬 英司 | Major shareholder | 2.5% | 2025-09-30 |
| 株式会社ハギワラ | Major shareholder | 2.5% | 2025-09-30 |
| 篠崎屋役員持株会 | Major shareholder | 2.3% | 2025-09-30 |
| 樽見 登美子 | Major shareholder | 2.0% | 2025-09-30 |
| 滝澤 武朗 | Major shareholder | 1.7% | 2025-09-30 |
| BARCLAYS CAPITAL SECURITIES LIMITED（常任代理人バークレイズ証券株式会社） | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/10/01－2025/09/30) | S100XAAS | 2025-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAAS,, |
| 有価証券報告書－第38期(2023/10/01－2024/09/30) | S100UYYA | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYYA,, |
| 有価証券報告書－第37期(2022/10/01－2023/09/30) | S100SI3F | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI3F,, |
| 有価証券報告書－第36期(令和3年10月1日－令和4年9月30日) | S100PU4V | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU4V,, |
| 有価証券報告書－第35期(令和2年10月1日－令和3年9月30日) | S100N45K | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N45K,, |
| 有価証券報告書－第34期(令和1年10月1日－令和2年9月30日) | S100KF8F | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF8F,, |

## 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).