# Shinwa-holdings 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20期(2025/04/01－2026/03/31) (S100YK6C)
> Page: https://vizora.meequs.com/en/company/shinwa-holdings
> Retrieved: 2026-09-30T20:38:05.373Z

## Company

Shinwa-holdings, founded in 2006, is a company in Processed Foods listed on Nagoya, Sapporo. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shinwa-holdings Co., Ltd. |
| Ticker | 7118 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7118.T) |
| Listing | Nagoya, Sapporo |
| Head office | 北海道札幌市西区二十四軒二条三丁目2番36号 |
| Representative (per filing) | 代表取締役社長 佐々木 稔之 |
| Founded | Aug 2006 |
| Share capital | ¥52.9M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | March |
| Website | shinwa-holdings.co.jp (https://shinwa-holdings.co.jp/) |
| Corporate number | 8430001032173 |
| EDINET | E38382 |
| Industries (Vizora) | Processed Foods, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YK6C, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.2 | 56 |
| Profitability | 37.1 | 66 |
| Cash conversion | 20.9 | 55 |
| Efficiency | 96.2 | 66 |

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)

- About 63% of Shinwa-holdings's sales come from Food and beverage business, with Prepared food sales business and Wholesale Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit -2.9%.

## Company structure

- Segment revenue mix: Food and beverage business 62.6%、Prepared food sales business 35.7%、Wholesale Business 1.7%
- Revenue → net income: ¥6699865000 → ¥136650000
- Net income → operating cash flow: ¥136650000 → ¥217138000（difference ¥80488000）
- Main uses of operating cash flow: CapEx ¥106087000 / dividends ¥55846000 / buybacks —
- Change in cash: ¥6956000
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 | ¥6.7B |  |
| Operating income | ¥200.9M | Margin 3.0% |
| Net income | ¥136.7M | Margin 2.0% |
| Free cash flow | ¥111.1M |  |
| Largest business | Food and beverage business | of segment revenue 62.6% |
| Employees (consolidated) | 137 |  |
| EPS | ¥96.39 |  |
| Diluted EPS | ¥94.99 |  |
| Book value per share | ¥572.59 |  |
| Equity ratio | 37.0% |  |
| Shares outstanding | 1,378,200 |  |
| Shareholders | 1,613 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 44.7% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | -0.9 pp | Restaurants & Pubs |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, cash is 45% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5871694000 | ¥6699865000 | +14.1% |
| Operating income | ¥188758000 | ¥200934000 | +6.5% |
| Operating margin | 3.2% | 3.0% | -0.2 pp |
| Employees | 112 people | 137 people | +22.3% |
| Cash and equivalents | ¥744844000 | ¥976712000 | +31.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 飲食事業 → 飲食事業 | 62.6% |
| 物販事業 → 物販事業 | 35.2% |
| 卸売事業 → 卸売事業 | 1.7% |
| 卸売事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 飲食事業 | 0.0% |
| 新設・再編 → 物販事業 | 0.5% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food and beverage business | 2 years | +6.8% | ¥4193570000 | 12.2% | 2 |
| Prepared food sales business | 2 years | +7.6% | ¥2391751000 | 8.7% | 2 |
| Wholesale Business | 2 years | -6.8% | ¥114543000 | 25.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,700 | 100.0% | S100YK6C |
| Cost of revenue | 2,543 | 37.9% | S100YK6C |
| Gross profit | 4,157 | 62.1% | S100YK6C |
| SG&A | 3,956 | 59.1% | S100YK6C |
| Operating income | 201 | 3.0% | S100YK6C |
| Ordinary income | 215 | 3.2% | S100YK6C |
| Pretax income | 205 | 3.1% | S100YK6C |
| Income tax | 68 | 1.0% | S100YK6C |
| Net income | 137 | 2.0% | S100YK6C |
| Net income attributable to owners | 137 | 2.0% | S100YK6C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 59 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 62.1% → Operating margin 3.0% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.1%; Core profit growth: -2.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.58×
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 | 6,377 | 6,700 | 323 | +5.1% |
| Gross profit | 3,944 | 4,157 | 213 | +5.4% |
| Operating income | 207 | 201 | -6 | -2.9% |
| Net income attributable to owners | 181 | 137 | -44 | -24.4% |
| Operating cash flow | 449 | 217 | -232 | -51.6% |
| Free cash flow | 354 | 111 | -243 | -68.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 5,872 | 189 | 3.2% | 140 | 226 | 163 | S100W6EY |
| FY ending Mar 2025 | 6,377 | 207 | 3.2% | 181 | 449 | 354 | S100YK6C |
| FY ending Mar 2026 | 6,700 | 201 | 3.0% | 137 | 217 | 111 | S100YK6C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.9M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥997.4K |

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) | 112 | 107 | 137 |
| Average salary (parent company) | — | ¥4.4M | ¥4.5M |
| Average age (parent company) | — | 40.3 years | 40.9 years |
| Average tenure (parent company) | — | 6.2 years | 5.8 years |

Year over year: Employees (consolidated) +28.0% · Revenue (consolidated) +5.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food and beverage business | 4,194 | 62.6% | 511 | 12.2% |
| Prepared food sales business | 2,392 | 35.7% | 209 | 8.7% |
| Wholesale Business | 115 | 1.7% | 29 | 25.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Food and beverage business | 62.6% | 68.3% | 5.7 | 12.2% |
| Prepared food sales business | 35.7% | 27.9% | -7.8 | 8.7% |
| Wholesale Business | 1.7% | 3.8% | 2.1 | 25.0% |

Segment → industry: Wholesale Business → Processed Foods / Food and beverage business → Restaurants & Pubs / Prepared food sales business → Takeout & Delivery Meals

## 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 | 217 | 3.2% | S100YK6C |
| Capital expenditure | 106 | 1.6% | S100YK6C |
| Free cash flow | 111 | 1.7% | 算出 |
| Investing cash flow | -129 | -1.9% | S100YK6C |
| Financing cash flow | -81 | -1.2% | S100YK6C |
| Dividends paid | 56 | 0.8% | S100YK6C |
| Change in cash | 7 | 0.1% | S100YK6C |
| Cash and equivalents | 977 | 14.6% | S100YK6C |

## 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 | 745 | 970 | 977 | S100YK6C |
| Total assets | 2,075 | 2,182 | 2,185 | S100W6EY, S100YK6C |
| Net assets | 511 | 726 | 809 | S100YK6C |
| Share capital | 13 | 52 | 53 | S100W6EY, S100YK6C |
| Property, plant and equipment | 427 | 415 | 419 | S100W6EY, S100YK6C |
| Investment securities | 0 | 0 | 0 | S100W6EY, S100YK6C |
| Current assets | 1,400 | 1,495 | 1,493 | S100W6EY, S100YK6C |
| Current liabilities | 906 | 902 | 827 | S100W6EY, S100YK6C |
| Short-term borrowings | 100 | 100 | 50 | S100W6EY, S100YK6C |
| Long-term borrowings | 554 | 458 | 459 | S100W6EY, S100YK6C |
| Total liabilities | 1,564 | 1,455 | 1,376 | S100W6EY, S100YK6C |
| Equity attributable to owners of parent | 511 | 726 | 809 | S100W6EY, S100YK6C |
| Retained earnings | 498 | 636 | 717 | S100W6EY, S100YK6C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YK6C |
| Property, plant and equipment | 19% | S100YK6C |
| Other assets | 36% | S100YK6C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YK6C |
| Equity | 37% | S100YK6C |
| Other liabilities | 0% | S100YK6C |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 2,075 | 2,182 | 2,185 |
| Equity | 511 | 726 | 809 |
| Interest-bearing debt | — | — | — |
| Cash | 745 | 970 | 977 |

## 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) | 6.2% | S100YK6C |
| Fixed assets ÷ total assets | 19.2% | S100YK6C |
| Goodwill ÷ parent equity | — | —, S100YK6C |

### 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 | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.1% |
| Cash vs. profit gap | 80 JPY mn (of net income 58.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.9% |
| Shareholder payments — dividends / FCF | 50.3% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 59.4% |

## 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 | 2.4% | 2.83× | 6.8% | 4.06× | 27.4% | S100W6EY |
| 2025 | 2.8% | 3.00× | 8.5% | 3.44× | 29.2% | S100YK6C |
| 2026 | 2.0% | 3.07× | 6.3% | 2.84× | 17.8% | S100YK6C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＴＴ | Major shareholder | 43.5% | 2026-03-31 |
| 佐々木 智範 | Major shareholder | 21.0% | 2026-03-31 |
| 佐々木 稔之 | Major shareholder | 21.0% | 2026-03-31 |
| 大野 誠 | Major shareholder | 0.5% | 2026-03-31 |
| 唐川 光広 | Major shareholder | 0.5% | 2026-03-31 |
| 北本 哲也 | Major shareholder | 0.3% | 2026-03-31 |
| 山田 義文 | Major shareholder | 0.2% | 2026-03-31 |
| 大山 達 | Major shareholder | 0.2% | 2026-03-31 |
| 織田 博 | Major shareholder | 0.1% | 2026-03-31 |
| 林 勝美 | Major shareholder | 0.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YK6C | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK6C,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W6EY | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6EY,, |

## 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).