# T.HASEGAWA CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2024/10/01－2025/09/30) (S100XAHE)
> Page: https://vizora.meequs.com/en/company/t-hasegawa
> Retrieved: 2026-09-30T21:55:32.814Z

## Company

T.hasegawa, founded in 1903, is a company in Food Ingredients listed on TSE Prime. It has 1,942 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | T.HASEGAWA CO.,LTD. |
| Ticker | 4958 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4958.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋本町四丁目4番14号 |
| Representative (per filing) | 代表取締役社長 長谷川 研治 |
| Founded | May 1903 |
| Share capital | ¥5.36B |
| Employees (consolidated) | 1,942 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | September |
| Website | www.t-hasegawa.co.jp (https://www.t-hasegawa.co.jp/) |
| Corporate number | 2010001063068 |
| EDINET | E01034 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100XAHE, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.5 | 22 |
| Profitability | 85.4 | 24 |
| Cash conversion | 56.3 | 24 |
| Efficiency | 6.3 | 24 |

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 54% of T.hasegawa's sales come from JAPAN, with ASIA and USA making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit -9.1%.

## Company structure

- Segment revenue mix: JAPAN 54.1%、ASIA 24.3%、USA 21.6%
- Revenue → net income: ¥73495000000 → ¥6921000000
- Net income → operating cash flow: ¥6921000000 → ¥11247000000（difference ¥4326000000）
- Main uses of operating cash flow: CapEx ¥4632000000 / dividends ¥3113000000 / buybacks ¥2238000000
- Change in cash: ¥-684000000
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 | ¥73.5B |  |
| Operating income | ¥8.52B | Margin 11.6% |
| Net income | ¥6.92B | Margin 9.4% |
| Free cash flow | ¥6.62B |  |
| Largest business | JAPAN | of segment revenue 54.1% |
| Employees (consolidated) | 1,942 |  |
| EPS | ¥207.02 |  |
| Diluted EPS | ¥205.96 |  |
| Book value per share | ¥2442.94 |  |
| Equity ratio | 83.5% |  |
| Shares outstanding | 42,708,154 |  |
| Treasury shares | 2,258,800 |  |
| Shareholders | 13,598 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 21.2% | Cash ÷ revenue 42.5% |
| Vs. industry median margin | +6.3 pp | Food Ingredients |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 32 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50192000000 | ¥73495000000 | +46.4% |
| Operating income | ¥5356000000 | ¥8515000000 | +59.0% |
| Operating margin | 10.7% | 11.6% | +0.9 pp |
| Employees | 1,708 people | 1,942 people | +13.7% |
| Cash and equivalents | ¥25360000000 | ¥31267000000 | +23.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 54.1% |
| 日本 → 事業再編・廃止 | 17.9% |
| アジア → アジア | 15.8% |
| 米国 → 米国 | 12.2% |
| 新設・再編 → アジア | 8.5% |
| 新設・再編 → 米国 | 9.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JAPAN | 5 years | +1.9% | ¥39783000000 | 9.5% | 2 |
| ASIA | 5 years | +17.6% | ¥17826000000 | 27.4% | 2 |
| USA | 5 years | +20.9% | ¥15885000000 | -1.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 73,495 | 100.0% | S100XAHE |
| Cost of revenue | 43,147 | 58.7% | S100XAHE |
| Gross profit | 30,347 | 41.3% | S100XAHE |
| SG&A | 21,832 | 29.7% | S100XAHE |
| Operating income | 8,515 | 11.6% | S100XAHE |
| Ordinary income | 9,288 | 12.6% | S100XAHE |
| Pretax income | 9,794 | 13.3% | S100XAHE |
| Income tax | 2,873 | 3.9% | S100XAHE |
| Net income | 6,921 | 9.4% | S100XAHE |
| Net income attributable to owners | 6,921 | 9.4% | S100XAHE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 30 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 41.3% → Operating margin 11.6% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.6%; Core profit growth: -9.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 71,645 | 73,495 | 1,850 | +2.6% |
| Gross profit | 29,643 | 30,347 | 704 | +2.4% |
| Operating income | 9,371 | 8,515 | -856 | -9.1% |
| Net income attributable to owners | 7,201 | 6,921 | -280 | -3.9% |
| Operating cash flow | 13,947 | 11,247 | -2,700 | -19.4% |
| Free cash flow | 9,991 | 6,615 | -3,376 | -33.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 50,493 | 4,678 | 9.3% | 4,121 | 9,230 | 7,084 | S100KG0I |
| FY ending Sep 2020 | 50,192 | 5,356 | 10.7% | 5,090 | 6,387 | 3,129 | S100N4B4 |
| FY ending Sep 2021 | 55,755 | 6,859 | 12.3% | 6,763 | 9,980 | 7,242 | S100PUV1 |
| FY ending Sep 2022 | 62,398 | 8,051 | 12.9% | 8,007 | 8,001 | 3,876 | S100SIRV |
| FY ending Sep 2023 | 64,874 | 7,507 | 11.6% | 6,671 | 8,012 | 4,504 | S100UZBG |
| FY ending Sep 2024 | 71,645 | 9,371 | 13.1% | 7,201 | 13,947 | 9,991 | S100XAHE |
| FY ending Sep 2025 | 73,495 | 8,515 | 11.6% | 6,921 | 11,247 | 6,615 | S100XAHE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.8M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,762 | 1,843 | 1,847 | 1,909 | 1,942 |
| Average salary (parent company) | ¥7.1M | ¥7.2M | ¥7.3M | ¥7.4M | ¥7.6M |
| Average age (parent company) | 43.6 years | 43.9 years | 44.4 years | 44.6 years | 44.4 years |
| Average tenure (parent company) | 17.3 years | 17.3 years | 17.7 years | 17.8 years | 17.4 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 39,783 | 54.1% | 3,789 | 9.5% |
| ASIA | 17,826 | 24.3% | 4,892 | 27.4% |
| USA | 15,885 | 21.6% | -286 | -1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 54.1% | 43.6% | -10.5 | 9.5% |
| ASIA | 24.3% | 56.4% | 32.1 | 27.4% |
| USA | 21.6% | — | — | -1.8% |

Loss-making segment (excluded from profit shares): USA -286 JPY mn

Segment → industry: USA → Food Ingredients / ASIA → Food Ingredients / JAPAN → Food Ingredients

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,247 | 15.3% | S100XAHE |
| Capital expenditure | 4,632 | 6.3% | S100XAHE |
| Free cash flow | 6,615 | 9.0% | 算出 |
| Investing cash flow | -6,914 | -9.4% | S100XAHE |
| Financing cash flow | -5,489 | -7.5% | S100XAHE |
| Dividends paid | 3,113 | 4.2% | S100XAHE |
| Share buyback | 2,238 | 3.0% | S100XAHE |
| Change in cash | -684 | -0.9% | S100XAHE |
| Cash and equivalents | 31,267 | 42.5% | S100XAHE |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 18,863 | 27,425 | 29,957 | 31,952 | 31,267 | S100SIRV, S100UZBG, S100XAHE |
| Total assets | 120,945 | 133,553 | 139,125 | 144,504 | 147,151 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Net assets | 98,301 | 111,017 | 116,319 | 119,681 | 123,324 | S100SIRV, S100UZBG, S100XAHE |
| Share capital | 5,364 | 5,364 | 5,364 | 5,364 | 5,364 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Trade receivables | 17,063 | — | — | — | — | S100PUV1 |
| Property, plant and equipment | 30,094 | 33,752 | 35,314 | 36,367 | 36,994 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Intangible assets excluding goodwill | 16,713 | 20,194 | 19,624 | 22,723 | 23,517 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Goodwill | 6,043 | 6,815 | 6,060 | 8,150 | 7,306 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Investment securities | 17,930 | 12,589 | 12,414 | 11,997 | 10,743 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Current assets | 55,242 | 65,989 | 70,665 | 72,241 | 74,997 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Current liabilities | 11,604 | 13,331 | 12,129 | 14,771 | 14,611 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Trade payables | 5,000 | 6,211 | — | — | — | S100PUV1 |
| Total liabilities | 22,644 | 22,536 | 22,806 | 24,822 | 23,826 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Equity attributable to owners of parent | 86,147 | 92,220 | 96,341 | 100,991 | 102,585 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Retained earnings | 76,107 | 81,898 | 86,019 | 90,670 | 94,475 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |
| Treasury stock | -2,630 | -2,555 | -2,556 | -2,556 | -4,774 | S100PUV1, S100SIRV, S100UZBG, S100XAHE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XAHE |
| Property, plant and equipment | 25% | S100XAHE |
| Intangibles and goodwill | 21% | S100XAHE |
| Investment securities | 7% | S100XAHE |
| Other assets | 26% | S100XAHE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100XAHE |
| Equity | 84% | S100XAHE |
| Other liabilities | 0% | S100XAHE |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 120,945 | 133,553 | 139,125 | 144,504 | 147,151 |
| Equity | 98,301 | 111,017 | 116,319 | 119,681 | 123,324 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,863 | 27,425 | 29,957 | 31,952 | 31,267 |

## 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) | 50.3% | S100XAHE |
| Fixed assets ÷ total assets | 25.1% | S100XAHE |
| Goodwill ÷ parent equity | 7.1% | S100XAHE |

Goodwill over 4 years: 6,043 → 7,306 JPY; total investing cash flow: -32,314 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) | 21.2% |
| Cash ÷ revenue | 42.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.1% |
| Cash vs. profit gap | 4,326 JPY mn (of net income 62.5%) |
| Shareholder returns / net income | 77.3% |
| Shareholder returns / FCF | 80.9% |
| Shareholder payments — dividends / net income | 45.0% |
| Shareholder payments — dividends / FCF | 47.1% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 61.5% |

## 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 | 12.1% | 0.46× | 5.6% | 1.40× | 7.9% | S100PUV1 |
| 2022 | 12.8% | 0.49× | 6.3% | 1.43× | 9.0% | S100SIRV |
| 2023 | 10.3% | 0.48× | 4.9% | 1.45× | 7.1% | S100UZBG |
| 2024 | 10.1% | 0.51× | 5.1% | 1.44× | 7.3% | S100XAHE |
| 2025 | 9.4% | 0.50× | 4.7% | 1.43× | 6.8% | S100XAHE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社長谷川藤太郎商店 | Major shareholder | 16.4% | 2025-09-30 |
| ジェーピー モルガン チェース バンク 380055 （常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 12.2% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.1% | 2025-09-30 |
| ジェーピー モルガン チェース バンク 385632 （常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 6.0% | 2025-09-30 |
| 公益財団法人長谷川留学生奨学財団 | Major shareholder | 4.9% | 2025-09-30 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT （常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2025-09-30 |
| CEPLUX - THE INDEPENDENT UCITS PLATFORM 2 （常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2025-09-30 |
| ステート ストリート バンク アンド トラスト カンパニー 505001 （常任代理人：株式会社みずほ銀行決済営業部) | Major shareholder | 2.6% | 2025-09-30 |
| 長谷川香料従業員持株会 | Major shareholder | 2.5% | 2025-09-30 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2024/10/01－2025/09/30) | S100XAHE | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAHE,, |
| 有価証券報告書－第63期(2023/10/01－2024/09/30) | S100UZBG | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZBG,, |
| 有価証券報告書－第62期(2022/10/01－2023/09/30) | S100SIRV | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIRV,, |
| 有価証券報告書－第61期(令和3年10月1日－令和4年9月30日) | S100PUV1 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUV1,, |
| 有価証券報告書－第60期(令和2年10月1日－令和3年9月30日) | S100N4B4 | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4B4,, |
| 有価証券報告書－第59期(令和1年10月1日－令和2年9月30日) | S100KG0I | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG0I,, |

## 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).