# Starzen Company Limited: 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87期(2025/04/01－2026/03/31) (S100YIM9)
> Page: https://vizora.meequs.com/en/company/starzen
> Retrieved: 2026-09-30T21:33:41.804Z

## Company

Starzen, founded in 1948, is a company in Meat Processing listed on TSE Prime. It has 2,807 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Starzen Company Limited |
| Ticker | 8043 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8043.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目5番7号 |
| Representative (per filing) | 代表取締役社長 横田和彦 |
| Founded | Jun 1948 |
| Share capital | ¥11.7B |
| Employees (consolidated) | 2,807 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.starzen.co.jp (https://www.starzen.co.jp/) |
| Corporate number | 9010401015760 |
| EDINET | E02574 |
| Industries (Vizora) | Meat Processing |

> Profile source: annual securities report (S100YIM9, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 11 |
| Profitability | 40.9 | 11 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 95.8 | 12 |

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)

- Starzen brought in ¥448.2B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -3.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥448213000000 → ¥8339000000
- Net income → operating cash flow: ¥8339000000 → ¥2946000000（difference ¥-5393000000）
- Main uses of operating cash flow: CapEx ¥7999000000 / dividends ¥2136000000 / buybacks ¥1898000000
- Change in cash: ¥1950000000
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 | ¥448.2B |  |
| Operating income | ¥8.76B | Margin 2.0% |
| Net income | ¥8.34B | Margin 1.9% |
| Free cash flow | -¥5.05B |  |
| Employees (consolidated) | 2,807 |  |
| EPS | ¥102.78 |  |
| Book value per share | ¥1167.8 |  |
| Equity ratio | 47.4% |  |
| Shares outstanding | 58,567,000 |  |
| Treasury shares | 1,421,900 |  |
| Shareholders | 22,695 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 4.0% |
| Vs. industry median margin | -0.3 pp | Meat Processing |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥349242000000 | ¥448213000000 | +28.3% |
| Operating income | ¥6686000000 | ¥8762000000 | +31.0% |
| Operating margin | 1.9% | 2.0% | 0 pp |
| Employees | 2,674 people | 2,807 people | +5.0% |
| Cash and equivalents | ¥14530000000 | ¥18032000000 | +24.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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 | 448,213 | 100.0% | S100YIM9 |
| Cost of revenue | 404,051 | 90.1% | S100YIM9 |
| Gross profit | 44,162 | 9.9% | S100YIM9 |
| SG&A | 35,400 | 7.9% | S100YIM9 |
| Operating income | 8,762 | 2.0% | S100YIM9 |
| Ordinary income | 11,027 | 2.5% | S100YIM9 |
| Pretax income | 11,560 | 2.6% | S100YIM9 |
| Income tax | 3,220 | 0.7% | S100YIM9 |
| Net income | 8,339 | 1.9% | S100YIM9 |
| Net income attributable to owners | 8,338 | 1.9% | S100YIM9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.9% → Operating margin 2.0% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -3.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.13×
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 | 436,112 | 448,213 | 12,101 | +2.8% |
| Gross profit | 41,882 | 44,162 | 2,280 | +5.4% |
| Operating income | 9,046 | 8,762 | -284 | -3.1% |
| Net income attributable to owners | 12,197 | 8,338 | -3,859 | -31.6% |
| Operating cash flow | -2,264 | 2,946 | 5,210 | — |
| Free cash flow | -10,852 | -5,053 | 5,799 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 351,356 | 4,229 | 1.2% | 1,743 | 1,459 | -1,561 | S100LSW2 |
| FY ending Mar 2021 | 349,242 | 6,686 | 1.9% | 6,921 | 11,084 | 7,653 | S100OM8Q |
| FY ending Mar 2022 | 381,432 | 6,905 | 1.8% | 5,984 | 1,420 | -1,610 | S100R8OS |
| FY ending Mar 2023 | 425,173 | 8,162 | 1.9% | 7,483 | 7,214 | 3,934 | S100TVDV |
| FY ending Mar 2024 | 410,534 | 8,978 | 2.2% | 7,512 | 12,776 | 6,702 | S100W6HO |
| FY ending Mar 2025 | 436,112 | 9,046 | 2.1% | 12,197 | -2,264 | -10,852 | S100YIM9 |
| FY ending Mar 2026 | 448,213 | 8,762 | 2.0% | 8,338 | 2,946 | -5,053 | S100YIM9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥159.7M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥3M |

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) | 2,756 | 2,729 | 2,723 | 2,783 | 2,807 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥6.6M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 39.0 years | 39.4 years | 39.8 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 12.5 years | 12.7 years | 13.0 years | 12.3 years | 12.2 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +2.8%

## 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 | 2,946 | 0.7% | S100YIM9 |
| Capital expenditure | 7,999 | 1.8% | S100YIM9 |
| Free cash flow | -5,053 | -1.1% | 算出 |
| Investing cash flow | -14,692 | -3.3% | S100YIM9 |
| Financing cash flow | 13,393 | 3.0% | S100YIM9 |
| Dividends paid | 2,136 | 0.5% | S100YIM9 |
| Share buyback | 1,898 | 0.4% | S100YIM9 |
| Change in cash | 1,950 | 0.4% | S100YIM9 |
| Cash and equivalents | 18,032 | 4.0% | S100YIM9 |

## 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 | 10,952 | 10,876 | 16,823 | 16,081 | 18,032 | S100TVDV, S100W6HO, S100YIM9 |
| Total assets | 142,428 | 146,520 | 161,180 | 171,916 | 202,134 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Net assets | 64,001 | 70,175 | 78,001 | 88,747 | 95,733 | S100TVDV, S100W6HO, S100YIM9 |
| Share capital | 11,658 | 11,658 | 11,658 | 11,658 | 11,658 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Property, plant and equipment | 28,845 | 28,914 | 30,907 | 33,195 | 42,238 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Intangible assets excluding goodwill | 1,952 | 2,671 | 3,539 | 4,095 | 6,753 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Goodwill | — | — | — | — | 2,318 | S100YIM9 |
| Investment securities | 15,940 | 17,850 | 20,022 | 21,597 | 24,709 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Current assets | 93,572 | 95,482 | 105,236 | 111,416 | 125,440 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Current liabilities | 55,119 | 49,456 | 54,412 | 50,268 | 68,220 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Short-term borrowings | 10,847 | 8,739 | 5,823 | 7,204 | 13,049 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Long-term borrowings | 13,643 | 17,257 | 18,507 | 20,691 | 29,135 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Bonds | 5,000 | 5,000 | 5,000 | 5,000 | — | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Interest-bearing debt | 29,490 | 30,996 | 29,330 | 32,895 | — | 算出 |
| Total liabilities | 78,426 | 76,344 | 83,179 | 83,168 | 106,400 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Non-controlling interests | -177 | -233 | 2 | 3 | 4 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Equity attributable to owners of parent | 62,163 | 68,429 | 74,339 | 85,104 | 89,804 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Retained earnings | 38,101 | 44,319 | 50,369 | 61,012 | 67,208 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |
| Treasury stock | -105 | -52 | -190 | -100 | -1,605 | S100R8OS, S100TVDV, S100W6HO, S100YIM9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YIM9 |
| Property, plant and equipment | 21% | S100YIM9 |
| Intangibles and goodwill | 5% | S100YIM9 |
| Investment securities | 12% | S100YIM9 |
| Other assets | 53% | S100YIM9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YIM9 |
| Equity | 47% | S100YIM9 |
| Other liabilities | 0% | S100YIM9 |

### 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 | 142,428 | 146,520 | 161,180 | 171,916 | 202,134 |
| Equity | 64,001 | 70,175 | 78,001 | 88,747 | 95,733 |
| Interest-bearing debt | 29,490 | 30,996 | 29,330 | 32,895 | — |
| Cash | 10,952 | 10,876 | 16,823 | 16,081 | 18,032 |

## 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) | 9.4% | S100YIM9 |
| Fixed assets ÷ total assets | 20.9% | S100YIM9 |
| Goodwill ÷ parent equity | 2.6% | S100YIM9 |

### 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) | 8.9% |
| Cash ÷ revenue | 4.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 33.6% |
| Cash vs. profit gap | -5,392 JPY mn (of net income -64.7%) |
| Shareholder returns / net income | 48.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 498.7% |

## 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 | 1.6% | 2.68× | 4.2% | 2.29× | 9.6% | S100R8OS |
| 2023 | 1.8% | 2.94× | 5.2% | 2.21× | 11.5% | S100TVDV |
| 2024 | 1.8% | 2.67× | 4.9% | 2.16× | 10.5% | S100W6HO |
| 2025 | 2.8% | 2.62× | 7.3% | 2.09× | 15.3% | S100YIM9 |
| 2026 | 1.9% | 2.40× | 4.5% | 2.14× | 9.5% | S100YIM9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井物産㈱ | Major shareholder | 16.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(その他信託口) | Major shareholder | 5.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(投資信託口) | Major shareholder | 3.4% | 2026-03-31 |
| スターゼン社員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| ㈱鶉橋興産 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 1.7% | 2026-03-31 |
| ㈱十文字チキンカンパニー | Major shareholder | 1.6% | 2026-03-31 |
| 横浜冷凍㈱ | Major shareholder | 1.6% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 1.6% | 2026-03-31 |
| 大樹生命保険㈱ | Major shareholder | 1.6% | 2026-03-31 |
| ㈱二葉 | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥448.2B, up +2.8%.
- Gross profit rose +5.4% to ¥44.2B, but higher SG&A left operating income down -3.1% at ¥8.76B.
- Net income fell -31.6% to ¥8.34B, mainly because the prior year's gains on selling fixed assets did not recur.
- Operating cash flow turned positive at ¥2.95B after -¥2.26B the year before, yet capital spending and acquisitions kept free cash flow negative at -¥5.05B.

### Drivers

- Processed foods grew on strong hamburg steak sales, lifting both sales and gross profit
- Imported meat cost more due to high overseas prices and a weak yen, but tighter inventory and price increases raised its gross profit
- Personnel, IT and freight costs pushed up SG&A and weighed on operating income

### Risks

- Bad weather or livestock disease could cut supply, and meat prices can swing sharply
- Import or movement bans tied to animal disease, or tariff safeguards, could limit sourcing
- A food safety problem could lead to recalls, lost trust and lower sales

Cited: Annual Securities Report (87th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (87th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YIM9 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIM9,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W6HO | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6HO,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TVDV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVDV,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R8OS | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8OS,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OM8Q | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM8Q,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LSW2 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSW2,, |

## 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).