# Soiken Holdings Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/07/01－2026/06/30) (S100Z3JY)
> Page: https://vizora.meequs.com/en/company/soiken-holdings
> Retrieved: 2026-09-30T20:33:24.136Z

## Company

Soiken Holdings, founded in 1994, is a company in Food Ingredients listed on TSE Growth. It has 45 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Soiken Holdings Inc. |
| Ticker | 2385 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2385.T) |
| Listing | TSE Growth |
| Head office | 大阪府豊中市新千里東町一丁目4番2号 |
| Representative (per filing) | 代表取締役社長 角田 真佐夫 |
| Founded | Jul 1994 |
| Share capital | ¥1.84B |
| Employees (consolidated) | 45 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | June |
| Website | www.soiken.com (https://www.soiken.com/) |
| Corporate number | 4120901026508 |
| EDINET | E05367 |
| Industries (Vizora) | Food Ingredients, Processed Foods, Hospitals & Medical Services, CRO & Clinical Testing, Cosmetics |

> Profile source: annual securities report (S100Z3JY, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.9 | 56 |
| Profitability | 79.2 | 60 |
| Cash conversion | 69.3 | 57 |
| Efficiency | 9.2 | 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)

- About 44% of Soiken Holdings's sales come from Functional food retailing, with Functional cosmetic retailing and Health care support service making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -20.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Functional food retailing 43.6%、Functional cosmetic retailing 22.8%、Health care support service 20.3%、Functional material development 7.7%、Clinical evidence service 5.6%
- Revenue → net income: ¥3871358000 → ¥212328000
- Net income → operating cash flow: ¥212328000 → ¥415149000（difference ¥202821000）
- Main uses of operating cash flow: CapEx ¥38159000 / dividends ¥129975000 / buybacks —
- Change in cash: ¥394445000
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 | ¥3.87B |  |
| Operating income | ¥275.7M | Margin 7.1% |
| Net income | ¥212.3M | Margin 5.5% |
| Free cash flow | ¥377M |  |
| Largest business | Functional food retailing | of segment revenue 43.6% |
| Employees (consolidated) | 45 |  |
| EPS | ¥12.76 |  |
| Book value per share | ¥183.43 |  |
| Equity ratio | 89.2% |  |
| Shares outstanding | 26,158,200 |  |
| Shareholders | 14,441 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 78.1% | Cash ÷ revenue 138.3% |
| Vs. industry median margin | +3.1 pp | Processed Foods |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.4× its level five years ago
- FY2026, cash is 78% of total assets
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8942496000 | ¥3871358000 | -56.7% |
| Operating income | ¥916789000 | ¥275698000 | -69.9% |
| Operating margin | 10.3% | 7.1% | -3.1 pp |
| Employees | 104 people | 45 people | -56.7% |
| Cash and equivalents | ¥4255805000 | ¥5352796000 | +25.8% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 生体評価システム → 生体評価システム | 5.6% |
| 生体評価システム → 事業再編・廃止 | 0.4% |
| ヘルスケアサポート → ヘルスケアサポート | 5.0% |
| 化粧品 → 化粧品 | 22.8% |
| 化粧品 → 事業再編・廃止 | 26.5% |
| 健康補助食品 → 健康補助食品 | 30.7% |
| 機能性素材開発 → 機能性素材開発 | 7.7% |
| 機能性素材開発 → 事業再編・廃止 | 1.2% |
| 新設・再編 → ヘルスケアサポート | 15.3% |
| 新設・再編 → 健康補助食品 | 12.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Functional food retailing | 5 years | -9.3% | ¥1688186000 | 19.5% | 2 |
| Functional cosmetic retailing | 5 years | -27.5% | ¥882685000 | 5.5% | 2 |
| Health care support service | 5 years | +11.7% | ¥786731000 | 20.4% | 2 |
| Functional material development | 5 years | -17.9% | ¥296986000 | 11.1% | 2 |
| Clinical evidence service | 5 years | -16.7% | ¥215268000 | 7.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,871 | 100.0% | S100Z3JY |
| Cost of revenue | 2,005 | 51.8% | S100Z3JY |
| Gross profit | 1,866 | 48.2% | S100Z3JY |
| SG&A | 1,591 | 41.1% | S100Z3JY |
| Operating income | 276 | 7.1% | S100Z3JY |
| Ordinary income | 288 | 7.4% | S100Z3JY |
| Pretax income | 230 | 6.0% | S100Z3JY |
| Income tax | 18 | 0.5% | S100Z3JY |
| Net income | 212 | 5.5% | S100Z3JY |
| Net income attributable to owners | 212 | 5.5% | S100Z3JY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 41 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 48.2% → Operating margin 7.1% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,849 | 3,871 | -977 | -20.2% |
| Gross profit | 2,410 | 1,866 | -544 | -22.6% |
| Operating income | -138 | 276 | 413 | — |
| Net income attributable to owners | -211 | 212 | 423 | — |
| Operating cash flow | 558 | 415 | -143 | -25.6% |
| Free cash flow | 521 | 377 | -144 | -27.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 9,312 | 1,048 | 11.3% | 732 | 830 | 820 | S100MHFG |
| FY ending Jun 2021 | 8,942 | 917 | 10.3% | 562 | -107 | -132 | S100P8YZ |
| FY ending Jun 2022 | 9,348 | 1,209 | 12.9% | 810 | 2,136 | 2,091 | S100RWNQ |
| FY ending Jun 2023 | 8,080 | 726 | 9.0% | 452 | -102 | -141 | S100UFNY |
| FY ending Jun 2024 | 5,158 | -610 | -11.8% | -662 | -881 | -895 | S100WQAL |
| FY ending Jun 2025 | 4,849 | -138 | -2.8% | -211 | 558 | 521 | S100Z3JY |
| FY ending Jun 2026 | 3,871 | 276 | 7.1% | 212 | 415 | 377 | S100Z3JY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥86M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.7M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 100 | 98 | 90 | 81 | 45 |
| Average salary (parent company) | ¥7.1M | ¥6.9M | ¥7.2M | ¥8.2M | ¥8.9M |
| Average age (parent company) | 48.0 years | 49.0 years | 46.0 years | 46.0 years | 47.0 years |
| Average tenure (parent company) | 4.0 years | 3.0 years | 3.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) -44.4% · Revenue (consolidated) -20.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Clinical evidence service | 215 | 5.6% | 15 | 7.0% |
| Health care support service | 787 | 20.3% | 160 | 20.4% |
| Functional cosmetic retailing | 883 | 22.8% | 48 | 5.5% |
| Functional food retailing | 1,688 | 43.6% | 329 | 19.5% |
| Functional material development | 297 | 7.7% | 33 | 11.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Clinical evidence service | 5.6% | 2.6% | -3.0 | 7.0% |
| Health care support service | 20.3% | 27.4% | 7.1 | 20.4% |
| Functional cosmetic retailing | 22.8% | 8.3% | -14.5 | 5.5% |
| Functional food retailing | 43.6% | 56.2% | 12.5 | 19.5% |
| Functional material development | 7.7% | 5.6% | -2.1 | 11.1% |

Segment → industry: Functional material development → Food Ingredients / Functional food retailing → Processed Foods / Health care support service → Hospitals & Medical Services / Clinical evidence service → CRO & Clinical Testing / Functional cosmetic retailing → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 415 | 10.7% | S100Z3JY |
| Capital expenditure | 38 | 1.0% | S100Z3JY |
| Free cash flow | 377 | 9.7% | 算出 |
| Investing cash flow | 119 | 3.1% | S100Z3JY |
| Financing cash flow | -140 | -3.6% | S100Z3JY |
| Dividends paid | 130 | 3.4% | S100Z3JY |
| Change in cash | 394 | 10.2% | S100Z3JY |
| Cash and equivalents | 5,353 | 138.3% | S100Z3JY |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,017 | 5,946 | 4,790 | 4,958 | 5,353 | S100UFNY, S100WQAL, S100Z3JY |
| Total assets | 8,490 | 8,240 | 6,946 | 6,813 | 6,852 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Net assets | 6,847 | 7,172 | 6,249 | 6,038 | 6,109 | S100UFNY, S100WQAL, S100Z3JY |
| Share capital | 1,837 | 1,837 | 1,837 | 1,837 | 1,837 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Property, plant and equipment | 36 | 52 | 20 | 10 | 41 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Intangible assets excluding goodwill | 49 | 47 | 26 | 19 | 12 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Investment securities | 21 | 21 | 11 | 26 | 25 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Current assets | 8,197 | 7,969 | 6,765 | 6,597 | 6,664 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Current liabilities | 1,625 | 1,049 | 680 | 756 | 742 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Total liabilities | 1,642 | 1,068 | 697 | 775 | 742 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Non-controlling interests | 200 | 203 | 16 | 16 | — | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Equity attributable to owners of parent | 6,648 | 6,969 | 6,233 | 6,022 | 6,109 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Retained earnings | 2,911 | 3,232 | 2,439 | 2,229 | 2,310 | S100RWNQ, S100UFNY, S100WQAL, S100Z3JY |
| Treasury stock | — | — | 0 | 0 | 0 | S100WQAL, S100Z3JY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100Z3JY |
| Property, plant and equipment | 1% | S100Z3JY |
| Intangibles and goodwill | 0% | S100Z3JY |
| Investment securities | 0% | S100Z3JY |
| Other assets | 21% | S100Z3JY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100Z3JY |
| Equity | 89% | S100Z3JY |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,490 | 8,240 | 6,946 | 6,813 | 6,852 |
| Equity | 6,847 | 7,172 | 6,249 | 6,038 | 6,109 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,017 | 5,946 | 4,790 | 4,958 | 5,353 |

## 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) | 1.1% | S100Z3JY |
| Fixed assets ÷ total assets | 0.6% | S100Z3JY |
| Goodwill ÷ parent equity | — | —, S100Z3JY |

### 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) | 78.1% |
| Cash ÷ revenue | 138.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 150.6% |
| Cash vs. profit gap | 203 JPY mn (of net income 95.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 61.2% |
| Shareholder payments — dividends / FCF | 34.5% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 28.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.7% | 1.10× | 9.5% | 1.28× | 12.2% | S100RWNQ |
| 2023 | 5.6% | 0.97× | 5.4% | 1.23× | 6.6% | S100UFNY |
| 2024 | — | —× | -8.7% | —× | — | S100WQAL |
| 2025 | — | —× | -3.1% | —× | — | S100Z3JY |
| 2026 | 5.5% | 0.57× | 3.1% | 1.13× | 3.5% | S100Z3JY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GOLONG HOLDING CO.,LIMITED （常任代理人 三田証券株式会社） | Major shareholder | 17.7% | 2026-06-30 |
| 梶本 修身 | Major shareholder | 16.9% | 2026-06-30 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.5% | 2026-06-30 |
| 細川 陽介 | Major shareholder | 1.8% | 2026-06-30 |
| 天野 謙二郎 | Major shareholder | 1.4% | 2026-06-30 |
| 山下 敬弘 | Major shareholder | 1.2% | 2026-06-30 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブブローカーズ証券株式会社） | Major shareholder | 0.9% | 2026-06-30 |
| 市川 敏夫 | Major shareholder | 0.9% | 2026-06-30 |
| 株式会社UH6 | Major shareholder | 0.8% | 2026-06-30 |
| 林下 明弘 | Major shareholder | 0.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/07/01－2026/06/30) | S100Z3JY | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3JY,, |
| 有価証券報告書－第31期(2024/07/01－2025/06/30) | S100WQAL | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQAL,, |
| 有価証券報告書－第30期(2023/07/01－2024/06/30) | S100UFNY | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFNY,, |
| 有価証券報告書－第29期(2022/07/01－2023/06/30) | S100RWNQ | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWNQ,, |
| 有価証券報告書－第28期(令和3年7月1日－令和4年6月30日) | S100P8YZ | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8YZ,, |
| 有価証券報告書－第27期(令和2年7月1日－令和3年6月30日) | S100MHFG | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHFG,, |

## 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).