# SHOKUBUN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/04/01－2026/03/31) (S100YJTJ)
> Page: https://vizora.meequs.com/en/company/shokubun
> Retrieved: 2026-09-30T19:50:46.888Z

## Company

Shokubun, founded in 1977, is a company in Takeout & Delivery Meals listed on TSE Standard. It has 349 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOKUBUN CO., LTD. |
| Ticker | 9969 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9969.T) |
| Listing | TSE Standard |
| Head office | 名古屋市守山区向台三丁目1807番地 |
| Representative (per filing) | 代表取締役社長 三枝俊幸 |
| Founded | Dec 1977 |
| Share capital | ¥100M |
| Employees (consolidated) | 349 |
| Average salary (parent only) | ¥3.7M |
| Fiscal year end | March |
| Website | shokubun.co.jp (https://shokubun.co.jp/) |
| Corporate number | 5180001000563 |
| EDINET | E03213 |
| Industries (Vizora) | Takeout & Delivery Meals |

> Profile source: annual securities report (S100YJTJ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 15.6 | 16 |
| Cash conversion | 3.6 | 14 |
| Efficiency | 34.4 | 16 |

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)

- Shokubun brought in ¥6.01B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -0.9% from the prior year, operating profit +70.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.01B |  |
| Operating income | ¥28.6M | Margin 0.5% |
| Net income | -¥32.5M | Margin -0.5% |
| Free cash flow | -¥111.8M |  |
| Employees (consolidated) | 349 |  |
| EPS | ¥-2.11 |  |
| Book value per share | ¥152.7 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 17,691,669 |  |
| Treasury shares | 2,353,900 |  |
| Shareholders | 5,751 |  |
| Average salary (parent only) | ¥3.7M | Filing company only |
| Cash ratio | 10.8% | Cash ÷ revenue 7.9% |
| Vs. industry median margin | -2.7 pp | Takeout & Delivery Meals |
| ROA | -0.7% | Derived from disclosed figures |

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6875566000 | ¥6008331000 | — |
| Operating income | ¥254857000 | ¥28647000 | — |
| Operating margin | 3.7% | 0.5% | -3.2 pp |
| Employees | 422 people | 349 people | — |
| Cash and equivalents | ¥2064757000 | ¥473814000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,008 | 100.0% | S100YJTJ |
| Cost of revenue | 3,699 | 61.6% | S100YJTJ |
| Gross profit | 2,309 | 38.4% | S100YJTJ |
| SG&A | 2,281 | 38.0% | S100YJTJ |
| Operating income | 29 | 0.5% | S100YJTJ |
| Ordinary income | 17 | 0.3% | S100YJTJ |
| Pretax income | -15 | -0.3% | S100YJTJ |
| Income tax | 17 | 0.3% | S100YJTJ |
| Net income | -32 | -0.5% | S100YJTJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 38 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 38.4% → Operating margin 0.5% → Net margin -0.5%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,061 | 6,008 | -52 | -0.9% |
| Gross profit | 2,257 | 2,309 | 52 | +2.3% |
| Operating income | 17 | 29 | 12 | +70.3% |
| Operating cash flow | 13 | -27 | -41 | -301.9% |
| Free cash flow | -3 | -112 | -109 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,655 | 167 | 2.5% | 90 | 160 | -65 | S100LQM7 |
| FY ending Mar 2021 | 6,839 | 230 | 3.4% | 194 | 388 | 335 | S100OJL4 |
| FY ending Mar 2022 | 6,876 | 255 | 3.7% | 222 | 174 | 132 | S100R6DE |
| FY ending Mar 2023 | 7,017 | 204 | 2.9% | 268 | 84 | 15 | S100TWON |
| FY ending Mar 2024 | 6,393 | 52 | 0.8% | -16 | 219 | 153 | S100W7SS |
| FY ending Mar 2025 | 6,057 | 18 | 0.3% | -70 | 13 | — | S100YJTJ |
| FY ending Mar 2025 | 6,061 | 17 | 0.3% | -70 | 13 | -3 | S100W7SS |
| FY ending Mar 2026 | 6,008 | 29 | 0.5% | -32 | -27 | -112 | S100YJTJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.2M |
| Operating income per employee (consolidated) | ¥82.1K |
| Net income per employee (consolidated) | -¥93K |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 423 | 374 | 326 | 326 | 349 |
| Average salary (parent company) | ¥3.2M | ¥3.2M | — | ¥3.4M | ¥3.7M |
| Average age (parent company) | 48.1 years | 48.0 years | — | 49.1 years | 50.5 years |
| Average tenure (parent company) | 10.5 years | 11.3 years | — | 12.4 years | 13.1 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -27 | -0.5% | S100YJTJ |
| Capital expenditure | 85 | 1.4% | S100YJTJ |
| Free cash flow | -112 | -1.9% | 算出 |
| Investing cash flow | -82 | -1.4% | S100YJTJ |
| Financing cash flow | -805 | -13.4% | S100YJTJ |
| Dividends paid | 39 | 0.6% | S100YJTJ |
| Share buyback | 0 | 0.0% | S100YJTJ |
| Change in cash | -915 | -15.2% | S100YJTJ |
| Cash and equivalents | 474 | 7.9% | S100YJTJ |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,858 | 1,687 | 1,333 | 1,391 | 474 | S100W7SS, S100YJTJ |
| Total assets | 5,710 | 5,535 | 5,193 | 5,210 | 4,398 | S100TWON, S100W7SS, S100YJTJ |
| Net assets | 2,630 | 2,598 | 2,413 | 2,431 | 2,342 | S100W7SS, S100YJTJ |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100TWON, S100W7SS, S100YJTJ |
| Property, plant and equipment | 2,968 | 2,935 | 2,905 | 2,905 | 2,763 | S100TWON, S100W7SS, S100YJTJ |
| Intangible assets excluding goodwill | 55 | 50 | 42 | 42 | 103 | S100TWON, S100W7SS, S100YJTJ |
| Investment securities | 8 | 8 | 8 | 8 | 8 | S100TWON, S100W7SS, S100YJTJ |
| Current assets | 2,266 | 2,018 | 1,711 | 1,765 | 1,042 | S100TWON, S100W7SS, S100YJTJ |
| Current liabilities | 2,493 | 1,844 | 1,826 | 1,819 | 1,691 | S100TWON, S100W7SS, S100YJTJ |
| Short-term borrowings | 1,000 | 1,000 | 1,000 | 1,000 | 500 | S100TWON, S100W7SS, S100YJTJ |
| Long-term borrowings | 178 | 666 | 520 | 520 | 27 | S100TWON, S100W7SS, S100YJTJ |
| Total liabilities | 3,080 | 2,937 | 2,780 | 2,779 | 2,055 | S100TWON, S100W7SS, S100YJTJ |
| Equity attributable to owners of parent | 2,621 | 2,529 | 2,413 | 2,420 | 2,342 | S100TWON, S100W7SS, S100YJTJ |
| Retained earnings | 425 | 332 | 216 | 224 | 146 | S100TWON, S100W7SS, S100YJTJ |
| Treasury stock | -1,134 | -1,134 | -1,134 | -1,134 | -1,134 | S100TWON, S100W7SS, S100YJTJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YJTJ |
| Property, plant and equipment | 63% | S100YJTJ |
| Intangibles and goodwill | 2% | S100YJTJ |
| Investment securities | 0% | S100YJTJ |
| Other assets | 24% | S100YJTJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YJTJ |
| Equity | 53% | S100YJTJ |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,710 | 5,535 | 5,193 | 5,210 | 4,398 |
| Equity | 2,630 | 2,598 | 2,413 | 2,431 | 2,342 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,858 | 1,687 | 1,333 | 1,391 | 474 |

## 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) | 46.0% | S100YJTJ |
| Fixed assets ÷ total assets | 62.8% | S100YJTJ |
| Goodwill ÷ parent equity | — | —, S100YJTJ |

### 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) | 10.8% |
| Cash ÷ revenue | 7.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -95.1% |
| Cash vs. profit gap | 5 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 3.8% | 1.23× | 4.7% | 2.18× | 10.2% | S100TWON |
| 2024 | — | —× | -0.3% | —× | — | S100W7SS |
| 2025 | — | —× | -1.3% | —× | — | S100YJTJ |
| 2025 | — | —× | -1.3% | —× | — | S100W7SS |
| 2026 | — | —× | -0.7% | —× | — | S100YJTJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社神明ホールディングス | Major shareholder | 50.4% | 2026-03-31 |
| ショクブン取引先持株会 | Major shareholder | 7.7% | 2026-03-31 |
| 愛知スズキ販売株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 株式会社トーカン | Major shareholder | 0.4% | 2026-03-31 |
| 丸進青果株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| 佐伯 高史 | Major shareholder | 0.3% | 2026-03-31 |
| テーブルマーク株式会社 | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社松屋栄食品本舗 | Major shareholder | 0.3% | 2026-03-31 |
| 中川 伴子 | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社マルツネ | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YJTJ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJTJ,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W7SS | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7SS,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TWON | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWON,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100R6DE | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6DE,, |
| 有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100OJL4 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJL4,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LQM7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQM7,, |

## 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).