# St.Cousair 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44期(2025/04/01－2026/03/31) (S100YD6O)
> Page: https://vizora.meequs.com/en/company/st-cousair
> Retrieved: 2026-09-30T19:51:13.507Z

## Company

St.Cousair, founded in 1982, is a company in Processed Foods listed on TSE Growth. It has 307 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | St.Cousair CO.,LTD. |
| Ticker | 2937 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2937.T) |
| Listing | TSE Growth |
| Head office | 長野県上水内郡飯綱町大字芋川1260番地 |
| Representative (per filing) | 代表取締役社長 久世 良太 |
| Founded | Jun 1982 |
| Share capital | ¥1.14B |
| Employees (consolidated) | 307 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.stcousair.co.jp (https://www.stcousair.co.jp/) |
| Corporate number | 4100001004085 |
| EDINET | E38168 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YD6O, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.6 | 56 |
| Profitability | 47.5 | 60 |
| Cash conversion | 78.1 | 57 |
| Efficiency | 92.5 | 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)

- St.Cousair brought in ¥20.6B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit -5.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20600612000 → ¥618145000
- Net income → operating cash flow: ¥618145000 → ¥1532821000（difference ¥914676000）
- Main uses of operating cash flow: CapEx ¥573643000 / dividends ¥324245000 / buybacks —
- Change in cash: ¥375658000
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 | ¥20.6B |  |
| Operating income | ¥791.4M | Margin 3.8% |
| Net income | ¥618.2M | Margin 3.0% |
| Free cash flow | ¥959.2M |  |
| Employees (consolidated) | 307 |  |
| EPS | ¥68.46 |  |
| Diluted EPS | ¥67.74 |  |
| Book value per share | ¥554.33 |  |
| Equity ratio | 50.8% |  |
| Shares outstanding | 9,305,000 |  |
| Shareholders | 16,944 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | -0.2 pp | Processed Foods |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14165059000 | ¥20600612000 | +45.4% |
| Operating income | ¥1316454000 | ¥791440000 | -39.9% |
| Operating margin | 9.3% | 3.8% | -5.5 pp |
| Employees | 252 people | 307 people | +21.8% |
| Cash and equivalents | ¥1249371000 | ¥2311704000 | +85.0% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,601 | 100.0% | S100YD6O |
| Cost of revenue | 13,235 | 64.2% | S100YD6O |
| Gross profit | 7,365 | 35.8% | S100YD6O |
| SG&A | 6,574 | 31.9% | S100YD6O |
| Operating income | 791 | 3.8% | S100YD6O |
| Ordinary income | 861 | 4.2% | S100YD6O |
| Pretax income | 842 | 4.1% | S100YD6O |
| Income tax | 223 | 1.1% | S100YD6O |
| Net income | 618 | 3.0% | S100YD6O |
| Net income attributable to owners | 618 | 3.0% | S100YD6O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 32 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 35.8% → Operating margin 3.8% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.8%; Core profit growth: -5.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.92×
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 | 19,467 | 20,601 | 1,133 | +5.8% |
| Gross profit | 6,780 | 7,365 | 586 | +8.6% |
| Operating income | 836 | 791 | -45 | -5.3% |
| Net income attributable to owners | 350 | 618 | 268 | +76.4% |
| Operating cash flow | 247 | 1,533 | 1,285 | +519.5% |
| Free cash flow | 15 | 959 | 944 | +6235.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 14,165 | 1,316 | 9.3% | 939 | 984 | 709 | S100RET8 |
| FY ending Mar 2023 | 17,866 | 1,600 | 9.0% | 1,059 | 1,055 | 806 | S100TOQ2 |
| FY ending Mar 2024 | 19,163 | 1,289 | 6.7% | 818 | 682 | 357 | S100W0KY |
| FY ending Mar 2025 | 19,467 | 836 | 4.3% | 350 | 247 | 15 | S100YD6O |
| FY ending Mar 2026 | 20,601 | 791 | 3.8% | 618 | 1,533 | 959 | S100YD6O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.1M |
| Operating income per employee (consolidated) | ¥2.6M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 252 | 255 | 265 | 285 | 307 |
| Average salary (parent company) | — | ¥4.8M | ¥4.8M | ¥4.8M | ¥5M |
| Average age (parent company) | — | 37.6 years | 38.3 years | 38.3 years | 38.5 years |
| Average tenure (parent company) | — | 7.1 years | 8.0 years | 8.1 years | 8.2 years |

Year over year: Employees (consolidated) +7.7% · Revenue (consolidated) +5.8%

## 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 | 1,533 | 7.4% | S100YD6O |
| Capital expenditure | 574 | 2.8% | S100YD6O |
| Free cash flow | 959 | 4.7% | 算出 |
| Investing cash flow | -840 | -4.1% | S100YD6O |
| Financing cash flow | -326 | -1.6% | S100YD6O |
| Dividends paid | 324 | 1.6% | S100YD6O |
| Change in cash | 376 | 1.8% | S100YD6O |
| Cash and equivalents | 2,312 | 11.2% | S100YD6O |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,249 | 3,318 | 2,660 | 1,936 | 2,312 | S100TOQ2, S100W0KY, S100YD6O |
| Total assets | 6,464 | 9,174 | 9,423 | 9,245 | 10,212 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Net assets | 1,356 | 4,226 | 4,742 | 4,961 | 5,191 | S100TOQ2, S100W0KY, S100YD6O |
| Share capital | 126 | 1,127 | 1,134 | 1,135 | 1,137 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Property, plant and equipment | 1,556 | 1,570 | 1,751 | 1,751 | 2,138 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Intangible assets excluding goodwill | 140 | 135 | 547 | 851 | 1,154 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Goodwill | 109 | 102 | 168 | 168 | 478 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Investment securities | 184 | 172 | 129 | 55 | 36 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Current assets | 4,160 | 6,814 | 6,515 | 6,123 | 6,375 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Current liabilities | 3,545 | 3,643 | 3,339 | 2,724 | 3,151 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Trade payables | 1,194 | 1,329 | 1,281 | — | — | S100RET8, S100TOQ2 |
| Short-term borrowings | 772 | 663 | 460 | 400 | 400 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Long-term borrowings | 1,084 | 908 | 884 | 1,018 | 1,004 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Bonds | 100 | — | — | — | — | S100RET8 |
| Interest-bearing debt | 1,956 | — | — | — | — | 算出 |
| Total liabilities | 5,109 | 4,948 | 4,680 | 4,284 | 5,021 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Non-controlling interests | 3 | 3 | 3 | 3 | 3 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Equity attributable to owners of parent | 1,321 | 4,114 | 4,628 | 4,658 | 4,956 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Retained earnings | 903 | 1,695 | 2,195 | 2,223 | 2,517 | S100RET8, S100TOQ2, S100W0KY, S100YD6O |
| Treasury stock | — | — | — | -0 | -0 | S100YD6O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YD6O |
| Property, plant and equipment | 21% | S100YD6O |
| Intangibles and goodwill | 16% | S100YD6O |
| Investment securities | 0% | S100YD6O |
| Other assets | 40% | S100YD6O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YD6O |
| Equity | 51% | S100YD6O |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,464 | 9,174 | 9,423 | 9,245 | 10,212 |
| Equity | 1,356 | 4,226 | 4,742 | 4,961 | 5,191 |
| Interest-bearing debt | 1,956 | — | — | — | — |
| Cash | 1,249 | 3,318 | 2,660 | 1,936 | 2,312 |

## 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) | 10.4% | S100YD6O |
| Fixed assets ÷ total assets | 20.9% | S100YD6O |
| Goodwill ÷ parent equity | 9.7% | S100YD6O |

Goodwill over 4 years: 109 → 478 JPY; total investing cash flow: -3,128 JPY. This does not imply causation.

### 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) | 22.6% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.7% |
| Cash vs. profit gap | 915 JPY mn (of net income 147.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.4% |
| Shareholder payments — dividends / FCF | 33.8% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 54.8% |

## 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 | 6.6% | 2.19× | 14.5% | 4.89× | 71.1% | S100RET8 |
| 2023 | 5.9% | 2.28× | 13.5% | 2.88× | 39.0% | S100TOQ2 |
| 2024 | 4.3% | 2.06× | 8.8% | 2.13× | 18.7% | S100W0KY |
| 2025 | 1.8% | 2.09× | 3.8% | 2.01× | 7.5% | S100YD6O |
| 2026 | 3.0% | 2.12× | 6.4% | 2.02× | 12.9% | S100YD6O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｊｏｓｅｐｈ’ｓ Ａｒｒｏｗｓ Ｔｒｕｓｔ | Major shareholder | 14.4% | 2026-03-31 |
| 久世 良三 | Major shareholder | 13.0% | 2026-03-31 |
| 久世 良太 | Major shareholder | 9.1% | 2026-03-31 |
| ＡＢＲＡＨＡＭ’Ｓ ＷＡＹ ＦＯＵＮＤＡＴＩＯＮ， ＬＬＣ （常任代理人 SMBC日興証券株式会社） | Major shareholder | 9.0% | 2026-03-31 |
| 久世 まゆみ | Major shareholder | 5.6% | 2026-03-31 |
| ＫＵＺＥ ＧＬＯＢＡＬ ＦＡＭＩＬＹ ＯＦＦＩＣＥ， ＬＬＣ （常任代理人 SMBC日興証券株式会社） | Major shareholder | 4.0% | 2026-03-31 |
| ＫＵＺＥ ＦＡＭＩＬＹ ＯＦＦＩＣＥ，ＬＬＣ （常任代理人 SMBC日興証券株式会社） | Major shareholder | 4.0% | 2026-03-31 |
| サンクゼールパートナー持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.4% | 2026-03-31 |
| 丹野 武行 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YD6O | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD6O,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W0KY | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0KY,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TOQ2 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOQ2,, |
| 訂正有価証券報告書－第41期(2022/04/01－2023/03/31) | S100RET8 | 2023-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RET8,, |

## 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).