# SHOEI FOODS CORPORATION: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2024/11/01－2025/10/31) (S100XHU7)
> Page: https://vizora.meequs.com/en/company/shoei-foods
> Retrieved: 2026-09-30T22:28:57.166Z

## Company

Shoei Foods, founded in 1947, is a company in Food Ingredients listed on TSE Prime. It has 1,483 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOEI FOODS CORPORATION |
| Ticker | 8079 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8079.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区秋葉原5番7号 |
| Representative (per filing) | 代表取締役社長 本多秀光 |
| Founded | Nov 1947 |
| Share capital | ¥3.38B |
| Employees (consolidated) | 1,483 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | October |
| Website | www.shoeifoods.co.jp (https://www.shoeifoods.co.jp/) |
| Corporate number | 5010001139914 |
| EDINET | E02681 |
| Industries (Vizora) | Food Ingredients, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XHU7, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.5 | 22 |
| Profitability | 31.3 | 24 |
| Cash conversion | 2.1 | 24 |
| Efficiency | 89.6 | 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)

- About 87% of Shoei Foods's sales come from Japan, with China and USA making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +8.4% from the prior year, operating profit +2.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥124.9B |  |
| Operating income | ¥4.94B | Margin 4.0% |
| Net income | ¥3.04B | Margin 2.4% |
| Free cash flow | -¥2.45B |  |
| Largest business | Japan | of segment revenue 86.8% |
| Employees (consolidated) | 1,483 |  |
| EPS | ¥118.89 |  |
| Book value per share | ¥1874.75 |  |
| Equity ratio | 56.7% |  |
| Shares outstanding | 17,100,000 |  |
| Treasury shares | 526,600 |  |
| Shareholders | 31,754 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 9.2% |
| Vs. industry median margin | -1.4 pp | Food Ingredients |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.2× dividends
- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, employees -3% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥100572710000 | ¥124897835000 | +24.2% |
| Operating income | ¥4197479000 | ¥4942908000 | +17.8% |
| Operating margin | 4.2% | 4.0% | -0.2 pp |
| Employees | 1,412 people | 1,483 people | +5.0% |
| Cash and equivalents | ¥9426858000 | ¥11505001000 | +22.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 86.8% |
| 日本 → 事業再編・廃止 | 3.9% |
| 米国 → 米国 | 4.9% |
| 中国 → 中国 | 4.5% |
| 新設・再編 → 米国 | 0.4% |
| 新設・再編 → 中国 | 3.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.5% | ¥108381300000 | 4.2% | 2 |
| China | 5 years | +17.2% | ¥9969446000 | 3.2% | 2 |
| USA | 5 years | +5.9% | ¥6547088000 | 7.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 124,898 | 100.0% | S100XHU7 |
| Cost of revenue | 105,249 | 84.3% | S100XHU7 |
| Gross profit | 19,649 | 15.7% | S100XHU7 |
| SG&A | 14,706 | 11.8% | S100XHU7 |
| Operating income | 4,943 | 4.0% | S100XHU7 |
| Ordinary income | 4,992 | 4.0% | S100XHU7 |
| Pretax income | 4,521 | 3.6% | S100XHU7 |
| Income tax | 1,391 | 1.1% | S100XHU7 |
| Net income | 3,130 | 2.5% | S100XHU7 |
| Net income attributable to owners | 3,036 | 2.4% | S100XHU7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.7% → Operating margin 4.0% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.4%; Core profit growth: +2.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.24×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 115,209 | 124,898 | 9,689 | +8.4% |
| Gross profit | 18,618 | 19,649 | 1,031 | +5.5% |
| Operating income | 4,845 | 4,943 | 98 | +2.0% |
| Net income attributable to owners | 3,170 | 3,036 | -134 | -4.2% |
| Operating cash flow | 3,086 | -610 | -3,696 | -119.8% |
| Free cash flow | 497 | -2,451 | -2,948 | -593.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 105,801 | 4,087 | 3.9% | 2,652 | 7,171 | 3,526 | S100KL6N |
| FY ending Oct 2020 | 100,573 | 4,197 | 4.2% | 2,798 | 5,795 | 176 | S100NACS |
| FY ending Oct 2021 | 99,631 | 4,182 | 4.2% | 2,789 | 6,307 | 2,254 | S100Q0U5 |
| FY ending Oct 2022 | 103,188 | 3,749 | 3.6% | 2,788 | 834 | -1,080 | S100SOQ1 |
| FY ending Oct 2023 | 109,594 | 4,035 | 3.7% | 2,809 | 6,328 | 4,342 | S100V5UM |
| FY ending Oct 2024 | 115,209 | 4,845 | 4.2% | 3,170 | 3,086 | 497 | S100XHU7 |
| FY ending Oct 2025 | 124,898 | 4,943 | 4.0% | 3,036 | -610 | -2,451 | S100XHU7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.2M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,410 | 1,436 | 1,516 | 1,535 | 1,483 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥6.4M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 38.1 years | 38.5 years | 39.4 years | 39.4 years | 39.9 years |
| Average tenure (parent company) | 12.8 years | 12.9 years | 13.1 years | 13.6 years | 13.1 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +8.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 108,381 | 86.8% | 4,602 | 4.2% |
| USA | 6,547 | 5.2% | 470 | 7.2% |
| China | 9,969 | 8.0% | 321 | 3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 86.8% | 85.3% | -1.5 | 4.2% |
| USA | 5.2% | 8.7% | 3.5 | 7.2% |
| China | 8.0% | 6.0% | -2.0 | 3.2% |

Segment → industry: China → Food Ingredients / USA → Food Ingredients / Japan → Food Ingredients / Japan → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -610 | -0.5% | S100XHU7 |
| Capital expenditure | 1,840 | 1.5% | S100XHU7 |
| Free cash flow | -2,451 | -2.0% | 算出 |
| Investing cash flow | -1,857 | -1.5% | S100XHU7 |
| Financing cash flow | 2,618 | 2.1% | S100XHU7 |
| Dividends paid | 927 | 0.7% | S100XHU7 |
| Share buyback | 1,123 | 0.9% | S100XHU7 |
| Change in cash | 310 | 0.2% | S100XHU7 |
| Cash and equivalents | 11,505 | 9.2% | S100XHU7 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,859 | 7,867 | 12,949 | 11,195 | 11,505 | S100SOQ1, S100V5UM, S100XHU7 |
| Total assets | 78,470 | 82,852 | 87,452 | 89,906 | 96,587 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Net assets | 44,352 | 49,159 | 52,036 | 54,169 | 55,931 | S100SOQ1, S100V5UM, S100XHU7 |
| Share capital | 3,380 | 3,380 | 3,380 | 3,380 | 3,380 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Trade receivables | 19,573 | 20,285 | 21,124 | 21,823 | 23,754 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Property, plant and equipment | 25,216 | 24,902 | 24,119 | 23,438 | 22,793 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Intangible assets excluding goodwill | 268 | 279 | 292 | 631 | 491 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Investment securities | 3,726 | 3,569 | 4,250 | 4,489 | 4,693 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Current assets | 47,019 | 51,599 | 56,254 | 59,148 | 65,764 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Current liabilities | 24,250 | 27,091 | 27,191 | 25,790 | 33,771 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Trade payables | 10,467 | 10,579 | 9,906 | 11,660 | 10,745 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Short-term borrowings | 9,282 | 8,804 | 9,677 | 8,830 | 14,033 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Long-term borrowings | 8,290 | 5,038 | 6,657 | 8,287 | 5,449 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Total liabilities | 34,118 | 33,693 | 35,417 | 35,737 | 40,656 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Non-controlling interests | 836 | 886 | 928 | 1,000 | 1,103 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Equity attributable to owners of parent | 40,863 | 42,866 | 44,890 | 47,259 | 48,269 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Retained earnings | 35,361 | 37,341 | 39,342 | 41,687 | 43,796 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |
| Treasury stock | -929 | -911 | -891 | -874 | -1,976 | S100Q0U5, S100SOQ1, S100V5UM, S100XHU7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XHU7 |
| Receivables | 25% | S100XHU7 |
| Property, plant and equipment | 24% | S100XHU7 |
| Intangibles and goodwill | 0% | S100XHU7 |
| Investment securities | 5% | S100XHU7 |
| Other assets | 34% | S100XHU7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100XHU7 |
| Other liabilities | 31% | S100XHU7 |
| Equity | 58% | S100XHU7 |
| Other liabilities | 0% | S100XHU7 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 78,470 | 82,852 | 87,452 | 89,906 | 96,587 |
| Equity | 44,352 | 49,159 | 52,036 | 54,169 | 55,931 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,859 | 7,867 | 12,949 | 11,195 | 11,505 |

## 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) | 18.2% | S100XHU7 |
| Fixed assets ÷ total assets | 23.6% | S100XHU7 |
| Goodwill ÷ parent equity | — | —, S100XHU7 |

### 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) | 11.9% |
| Cash ÷ revenue | 9.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -12.3% |
| Cash vs. profit gap | -3,646 JPY mn (of net income -120.1%) |
| Shareholder returns / net income | 67.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | — |

## 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 | 2.8% | 1.27× | 3.6% | 1.92× | 6.8% | S100Q0U5 |
| 2022 | 2.7% | 1.28× | 3.5% | 1.93× | 6.7% | S100SOQ1 |
| 2023 | 2.6% | 1.29× | 3.3% | 1.94× | 6.4% | S100V5UM |
| 2024 | 2.8% | 1.30× | 3.6% | 1.92× | 6.9% | S100XHU7 |
| 2025 | 2.4% | 1.34× | 3.3% | 1.95× | 6.4% | S100XHU7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 正栄プラザ株式会社 | Major shareholder | 9.7% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.1% | 2025-10-31 |
| 本多興産株式会社 | Major shareholder | 5.0% | 2025-10-31 |
| 正栄食品取引先持株会 | Major shareholder | 4.4% | 2025-10-31 |
| 本 多 秀 光 | Major shareholder | 3.7% | 2025-10-31 |
| 株式会社みずほ銀行(常任代理人株式会社日本カストディ銀行) | Major shareholder | 3.2% | 2025-10-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.7% | 2025-10-31 |
| 株式会社明治 | Major shareholder | 2.5% | 2025-10-31 |
| 本 多 市 郎 | Major shareholder | 2.4% | 2025-10-31 |
| 第一生命保険株式会社 | Major shareholder | 1.7% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2024/11/01－2025/10/31) | S100XHU7 | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHU7,, |
| 有価証券報告書－第77期(2023/11/01－2024/10/31) | S100V5UM | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5UM,, |
| 有価証券報告書－第76期(2022/11/01－2023/10/31) | S100SOQ1 | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOQ1,, |
| 有価証券報告書－第75期(2021/11/01－2022/10/31) | S100Q0U5 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0U5,, |
| 有価証券報告書－第74期(令和2年11月1日－令和3年10月31日) | S100NACS | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NACS,, |
| 有価証券報告書－第73期(令和1年11月1日－令和2年10月31日) | S100KL6N | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL6N,, |

## 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).