# STI Foods Holdings,Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第9期(2025/01/01－2025/12/31) (S100XVLJ)
> Page: https://vizora.meequs.com/en/company/sti-foods-holdings
> Retrieved: 2026-09-30T19:58:27.999Z

## Company

STI Foods Holdings, founded in 1988, is a company in Fisheries listed on TSE Standard. It has 413 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STI Foods Holdings,Inc. |
| Ticker | 2932 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2932.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南青山一丁目15番14号 |
| Representative (per filing) | 代表取締役会長兼社長CEO 十見 裕 |
| Founded | Dec 1988 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 413 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.stifoods-hd.com (https://www.stifoods-hd.com/) |
| Corporate number | 8010401135262 |
| EDINET | E35947 |
| Industries (Vizora) | Fisheries, Takeout & Delivery Meals |

> Profile source: annual securities report (S100XVLJ, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 11 |
| Profitability | 86.4 | 11 |
| Cash conversion | 50 | 11 |
| Efficiency | 95.5 | 11 |
| Financial strength | 90 | 5 |

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 94% of STI Foods Holdings's sales come from Food manufacturing and sales business, with retail business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit -11.7%.

## Company structure

- Segment revenue mix: Food manufacturing and sales business 93.6%、retail business 6.4%
- Revenue → net income: ¥38605000000 → ¥2488000000
- Net income → operating cash flow: ¥2488000000 → ¥2019000000（difference ¥-469000000）
- Main uses of operating cash flow: CapEx ¥569000000 / dividends ¥829000000 / buybacks —
- Change in cash: ¥-718000000
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 | ¥38.6B |  |
| Operating income | ¥2.56B | Margin 6.6% |
| Net income | ¥2.49B | Margin 6.4% |
| Free cash flow | ¥1.45B |  |
| Largest business | Food manufacturing and sales business | of segment revenue 93.6% |
| Employees (consolidated) | 413 |  |
| EPS | ¥106.76 |  |
| Diluted EPS | ¥103.94 |  |
| Book value per share | ¥412.17 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 17,778,900 |  |
| Treasury shares | 500 |  |
| Shareholders | 13,551 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 15.8% | Net cash ¥1.1B · Cash ÷ revenue 9.0% |
| Vs. industry median margin | +3.4 pp | Fisheries |
| ROE | 27.2% | Derived from disclosed figures |
| ROA | 12.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23062021000 | ¥38605000000 | +67.4% |
| Operating income | ¥1323846000 | ¥2562000000 | +93.5% |
| Operating margin | 5.7% | 6.6% | +0.9 pp |
| Employees | 274 people | 413 people | +50.7% |
| Cash and equivalents | ¥2548584000 | ¥3457000000 | +35.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 食品製造販売事業 | 93.6% |
| 新設・再編 → リテール事業 | 6.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,605 | 100.0% | S100XVLJ |
| Cost of revenue | 28,157 | 72.9% | S100XVLJ |
| Gross profit | 10,447 | 27.1% | S100XVLJ |
| SG&A | 7,885 | 20.4% | S100XVLJ |
| Operating income | 2,562 | 6.6% | S100XVLJ |
| Ordinary income | 2,601 | 6.7% | S100XVLJ |
| Pretax income | 3,200 | 8.3% | S100XVLJ |
| Income tax | 712 | 1.8% | S100XVLJ |
| Net income | 2,488 | 6.4% | S100XVLJ |
| Net income attributable to owners | 2,488 | 6.4% | S100XVLJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 20 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 27.1% → Operating margin 6.6% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.5%; Core profit growth: -11.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.37×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,580 | 38,605 | 3,025 | +8.5% |
| Gross profit | 9,953 | 10,447 | 494 | +5.0% |
| Operating income | 2,901 | 2,562 | -339 | -11.7% |
| Net income attributable to owners | 1,685 | 2,488 | 803 | +47.7% |
| Operating cash flow | 3,231 | 2,019 | -1,212 | -37.5% |
| Free cash flow | -256 | 1,450 | 1,706 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 20,645 | 531 | 2.6% | 456 | 623 | 400 | S100L1SR |
| FY ending Dec 2020 | 23,062 | 1,324 | 5.7% | 833 | 1,130 | 938 | S100NQQY |
| FY ending Dec 2021 | 26,265 | 1,723 | 6.6% | 1,111 | 1,491 | 969 | S100QFU0 |
| FY ending Dec 2022 | 27,568 | 1,488 | 5.4% | 1,006 | 859 | 249 | S100T54K |
| FY ending Dec 2023 | 31,784 | 2,306 | 7.3% | 1,563 | 3,066 | 2,684 | S100VGXQ |
| FY ending Dec 2024 | 35,580 | 2,901 | 8.2% | 1,685 | 3,231 | -256 | S100XVLJ |
| FY ending Dec 2025 | 38,605 | 2,562 | 6.6% | 2,488 | 2,019 | 1,450 | S100XVLJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93.5M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 285 | 283 | 269 | 276 | 413 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥7.1M | ¥7.1M | ¥6.9M |
| Average age (parent company) | 41.9 years | 42.9 years | 42.4 years | 41.6 years | 41.2 years |
| Average tenure (parent company) | 3.5 years | 4.0 years | 4.4 years | 4.9 years | 5.4 years |

Year over year: Employees (consolidated) +49.6% · Revenue (consolidated) +8.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food manufacturing and sales business | 36,124 | 93.6% | 3,080 | 8.5% |
| retail business | 2,481 | 6.4% | 66 | 2.7% |

### 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 |
| --- | ---: |
| Food manufacturing and sales business | 93.6% |
| retail business | 6.4% |

Segment → industry: Food manufacturing and sales business → Fisheries / retail business → Takeout & Delivery Meals / Food manufacturing and sales business → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,019 | 5.2% | S100XVLJ |
| Capital expenditure | 569 | 1.5% | S100XVLJ |
| Free cash flow | 1,450 | 3.8% | 算出 |
| Investing cash flow | -1,592 | -4.1% | S100XVLJ |
| Financing cash flow | -1,138 | -2.9% | S100XVLJ |
| Dividends paid | 829 | 2.1% | S100XVLJ |
| Change in cash | -718 | -1.9% | S100XVLJ |
| Cash and equivalents | 3,457 | 9.0% | S100XVLJ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,243 | 2,637 | 3,996 | 4,176 | 3,457 | S100T54K, S100VGXQ, S100XVLJ |
| Total assets | 12,778 | 13,806 | 15,102 | 19,284 | 21,850 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Net assets | 5,441 | 6,202 | 7,446 | 8,385 | 10,046 | S100T54K, S100VGXQ, S100XVLJ |
| Share capital | 1,021 | 1,048 | 1,048 | 1,048 | 1,048 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Trade receivables | 2,935 | 3,395 | 3,350 | 3,804 | 4,072 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Property, plant and equipment | 3,834 | 4,035 | 4,224 | 7,651 | 9,693 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Intangible assets excluding goodwill | 443 | 360 | 261 | 236 | 161 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Goodwill | 74 | 32 | — | — | — | S100QFU0, S100T54K |
| Investment securities | 26 | 31 | 78 | 118 | 189 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Current assets | 8,206 | 9,140 | 10,295 | 11,064 | 10,559 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Current liabilities | 5,559 | 5,978 | 6,161 | 7,560 | 7,086 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Short-term borrowings | — | — | — | — | 170 | S100XVLJ |
| Long-term borrowings | 505 | 502 | 306 | 922 | 1,532 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Bonds | — | — | — | 790 | 650 | S100XVLJ |
| Interest-bearing debt | — | — | — | — | 2,352 | 算出 |
| Total liabilities | 7,337 | 7,604 | 7,656 | 10,899 | 11,804 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Equity attributable to owners of parent | 5,427 | 6,172 | 7,409 | 8,323 | 9,982 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Retained earnings | 3,486 | 4,176 | 5,413 | 6,327 | 7,986 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |
| Treasury stock | -0 | -0 | -1 | 0 | 0 | S100QFU0, S100T54K, S100VGXQ, S100XVLJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XVLJ |
| Receivables | 19% | S100XVLJ |
| Property, plant and equipment | 44% | S100XVLJ |
| Intangibles and goodwill | 1% | S100XVLJ |
| Investment securities | 1% | S100XVLJ |
| Other assets | 19% | S100XVLJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 43% | S100XVLJ |
| Equity | 46% | S100XVLJ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,778 | 13,806 | 15,102 | 19,284 | 21,850 |
| Equity | 5,441 | 6,202 | 7,446 | 8,385 | 10,046 |
| Interest-bearing debt | — | — | — | — | 2,352 |
| Cash | 3,243 | 2,637 | 3,996 | 4,176 | 3,457 |

## 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) | 25.1% | S100XVLJ |
| Fixed assets ÷ total assets | 44.4% | S100XVLJ |
| Goodwill ÷ parent equity | — | —, S100XVLJ |

### 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) | 15.8% |
| Cash ÷ revenue | 9.0% |
| Net cash (cash − interest-bearing debt) | ¥1.1B |
| Net debt ÷ operating cash flow | -0.55× |
| Cash conversion (operating CF ÷ operating income) | 78.8% |
| Cash vs. profit gap | -469 JPY mn (of net income -18.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | 57.2% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 78.9% |

## 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 | 4.2% | 2.06× | 8.7% | 2.35× | 20.5% | S100QFU0 |
| 2022 | 3.6% | 2.07× | 7.6% | 2.29× | 17.3% | S100T54K |
| 2023 | 4.9% | 2.20× | 10.8% | 2.13× | 23.0% | S100VGXQ |
| 2024 | 4.7% | 2.07× | 9.8% | 2.19× | 21.4% | S100XVLJ |
| 2025 | 6.4% | 1.88× | 12.1% | 2.25× | 27.2% | S100XVLJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱十見 | Major shareholder | 33.9% | 2025-12-31 |
| 十見 裕 | Major shareholder | 12.2% | 2025-12-31 |
| ㈱極洋 | Major shareholder | 8.4% | 2025-12-31 |
| ㈱セブン-イレブン・ジャパン | Major shareholder | 8.4% | 2025-12-31 |
| ㈱キャメル珈琲 | Major shareholder | 1.7% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券㈱） | Major shareholder | 0.8% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2025-12-31 |
| ECM MF （常任代理人立花証券㈱） | Major shareholder | 0.6% | 2025-12-31 |
| BANQUE PICTET AND CIE SA RP ACTIONS MARCHES DEVE LOPPES SMALL AND MID CAP （常任代理人㈱三菱UFJ銀行） | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第9期(2025/01/01－2025/12/31) | S100XVLJ | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVLJ,, |
| 有価証券報告書－第8期(2024/01/01－2024/12/31) | S100VGXQ | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGXQ,, |
| 有価証券報告書－第7期(2023/01/01－2023/12/31) | S100T54K | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T54K,, |
| 有価証券報告書－第6期(2022/01/01－2022/12/31) | S100QFU0 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFU0,, |
| 有価証券報告書－第5期(令和3年1月1日－令和3年12月31日) | S100NQQY | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQQY,, |
| 有価証券報告書－第4期(令和2年1月1日－令和2年12月31日) | S100L1SR | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1SR,, |

## 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).