# TAIHEIYO KOUHATSU INCORPORATED: 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151期(2025/04/01－2026/03/31) (S100YL7T)
> Page: https://vizora.meequs.com/en/company/taiheiyo-kouhatsu
> Retrieved: 2026-09-30T18:29:11.754Z

## Company

Taiheiyo Kouhatsu, founded in 1920, is a company in Livestock, Feed & Fertilizer listed on TSE Standard. It has 668 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIHEIYO KOUHATSU INCORPORATED |
| Ticker | 8835 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8835.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区元浅草二丁目6番7号 |
| Representative (per filing) | 代表取締役社長 板垣 好紀 |
| Founded | Apr 1920 |
| Share capital | ¥4.24B |
| Employees (consolidated) | 668 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | March |
| Website | www.taiheiyo.net (https://www.taiheiyo.net/) |
| Corporate number | 8010501031238 |
| EDINET | E00034 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Real Estate Development & Leasing, General Contractors, Nursing Care, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YL7T, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.5 | 179 |
| Profitability | 33.8 | 185 |
| Cash conversion | 68.4 | 179 |
| Efficiency | 11.6 | 185 |
| Financial strength | 12.5 | 20 |

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 66% of Taiheiyo Kouhatsu's sales come from Wholesaling business, with Service and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -0.2%.

## Company structure

- Segment revenue mix: Wholesaling business 66.4%、Service 13.3%、Real estate 7.4%、Construction 7.2%、Fertilizer 5.7%
- Revenue → net income: ¥42802000000 → ¥338000000
- Net income → operating cash flow: ¥338000000 → ¥1110000000（difference ¥772000000）
- Main uses of operating cash flow: CapEx ¥846000000 / dividends ¥303000000 / buybacks ¥0
- Change in cash: ¥-131000000
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 | ¥42.8B |  |
| Operating income | ¥855M | Margin 2.0% |
| Net income | ¥343M | Margin 0.8% |
| Free cash flow | ¥264M |  |
| Largest business | Wholesaling business | of segment revenue 66.4% |
| Employees (consolidated) | 668 |  |
| EPS | ¥32.12 |  |
| Book value per share | ¥1497.81 |  |
| Equity ratio | 35.2% |  |
| Shares outstanding | 7,783,448 |  |
| Treasury shares | 4,100 |  |
| Shareholders | 7,103 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 10.6% | Net cash -¥11.6B · Cash ÷ revenue 11.3% |
| Vs. industry median margin | -0.9 pp | Specialty Trading & Wholesale |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, segment profit share differs by -41 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27825000000 | ¥42802000000 | +53.8% |
| Operating income | ¥750000000 | ¥855000000 | +14.0% |
| Operating margin | 2.7% | 2.0% | -0.7 pp |
| Employees | 706 people | 668 people | -5.4% |
| Cash and equivalents | ¥6000000000 | ¥4826000000 | -19.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 不動産 → 不動産 | 7.4% |
| 不動産 → 事業再編・廃止 | 3.1% |
| 商事 → 商事 | 47.7% |
| サービス → サービス | 13.3% |
| サービス → 事業再編・廃止 | 6.0% |
| 建設工事 → 建設工事 | 7.2% |
| 建設工事 → 事業再編・廃止 | 8.2% |
| 肥料 → 肥料 | 5.7% |
| 肥料 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 商事 | 18.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wholesaling business | 5 years | +16.4% | ¥28419000000 | 1.6% | 2 |
| Service | 5 years | +1.2% | ¥5684000000 | 7.8% | 2 |
| Real estate | 5 years | +1.7% | ¥3180000000 | 26.6% | 2 |
| Construction | 5 years | -6.4% | ¥3063000000 | 3.1% | 2 |
| Fertilizer | 5 years | +4.3% | ¥2455000000 | -5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,802 | 100.0% | S100YL7T |
| Cost of revenue | 38,290 | 89.5% | S100YL7T |
| Gross profit | 4,512 | 10.5% | S100YL7T |
| SG&A | 3,657 | 8.5% | S100YL7T |
| Operating income | 855 | 2.0% | S100YL7T |
| Ordinary income | 546 | 1.3% | S100YL7T |
| Pretax income | 617 | 1.4% | S100YL7T |
| Income tax | 278 | 0.6% | S100YL7T |
| Net income | 338 | 0.8% | S100YL7T |
| Net income attributable to owners | 343 | 0.8% | S100YL7T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 10.5% → Operating margin 2.0% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -0.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.14×
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 | 42,076 | 42,802 | 726 | +1.7% |
| Gross profit | 4,370 | 4,512 | 142 | +3.2% |
| Operating income | 857 | 855 | -2 | -0.2% |
| Net income attributable to owners | 382 | 343 | -39 | -10.2% |
| Operating cash flow | 906 | 1,110 | 204 | +22.5% |
| Free cash flow | -97 | 264 | 361 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,476 | 689 | 2.1% | 464 | 2,018 | 109 | S100LTFZ |
| FY ending Mar 2021 | 27,825 | 750 | 2.7% | 446 | 711 | -1,199 | S100OK0R |
| FY ending Mar 2022 | 32,855 | 631 | 1.9% | 367 | 398 | -1,873 | S100R7K1 |
| FY ending Mar 2023 | 51,016 | 1,405 | 2.8% | 694 | 2,332 | 1,684 | S100TU69 |
| FY ending Mar 2024 | 41,104 | 1,217 | 3.0% | 626 | 503 | -185 | S100W5SG |
| FY ending Mar 2025 | 42,076 | 857 | 2.0% | 382 | 906 | -97 | S100YL7T |
| FY ending Mar 2026 | 42,802 | 855 | 2.0% | 343 | 1,110 | 264 | S100YL7T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.1M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥513.5K |

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) | 689 | 670 | 672 | 676 | 668 |
| Average salary (parent company) | ¥3.6M | ¥3.7M | ¥3.7M | ¥3.7M | ¥4M |
| Average age (parent company) | 58.6 years | 59.1 years | 59.6 years | 60.3 years | 60.6 years |
| Average tenure (parent company) | 9.0 years | 8.9 years | 8.6 years | 8.8 years | 9.5 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 3,180 | 7.4% | 846 | 26.6% |
| Wholesaling business | 28,419 | 66.4% | 468 | 1.6% |
| Service | 5,684 | 13.3% | 442 | 7.8% |
| Construction | 3,063 | 7.2% | 95 | 3.1% |
| Fertilizer | 2,455 | 5.7% | -125 | -5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 7.4% | 45.7% | 38.3 | 26.6% |
| Wholesaling business | 66.4% | 25.3% | -41.1 | 1.6% |
| Service | 13.3% | 23.9% | 10.6 | 7.8% |
| Construction | 7.2% | 5.1% | -2.0 | 3.1% |
| Fertilizer | 5.7% | — | — | -5.1% |

Loss-making segment (excluded from profit shares): Fertilizer -125 JPY mn

Segment → industry: Fertilizer → Livestock, Feed & Fertilizer / Real estate → Real Estate Development & Leasing / Construction → General Contractors / Service → Nursing Care / Wholesaling business → Specialty Trading & Wholesale

## 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 | 1,110 | 2.6% | S100YL7T |
| Capital expenditure | 846 | 2.0% | S100YL7T |
| Free cash flow | 264 | 0.6% | 算出 |
| Investing cash flow | -650 | -1.5% | S100YL7T |
| Financing cash flow | -590 | -1.4% | S100YL7T |
| Dividends paid | 303 | 0.7% | S100YL7T |
| Share buyback | 0 | 0.0% | S100YL7T |
| Change in cash | -131 | -0.3% | S100YL7T |
| Cash and equivalents | 4,826 | 11.3% | S100YL7T |

## 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 | 5,420 | 5,585 | 4,843 | 4,957 | 4,826 | S100TU69, S100W5SG, S100YL7T |
| Total assets | 44,646 | 45,686 | 44,852 | 47,742 | 45,689 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Net assets | 15,140 | 15,790 | 16,214 | 16,095 | 16,499 | S100TU69, S100W5SG, S100YL7T |
| Share capital | 4,244 | 4,244 | 4,244 | 4,244 | 4,244 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Property, plant and equipment | 24,312 | 23,904 | 23,957 | 24,227 | 24,281 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Intangible assets excluding goodwill | 78 | 94 | 85 | 69 | 51 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Investment securities | 917 | 1,201 | 1,375 | 1,110 | 1,606 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Current assets | 16,457 | 17,700 | 16,669 | 19,451 | 16,851 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Current liabilities | 14,922 | 15,916 | 16,218 | 18,878 | 17,046 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Trade payables | 3,268 | 4,027 | 3,195 | 4,754 | 2,869 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Short-term borrowings | 9,003 | 8,779 | 9,724 | 10,247 | 10,689 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Long-term borrowings | 5,744 | 4,885 | 3,838 | 3,940 | 3,528 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Bonds | 1,971 | 2,147 | 2,142 | 2,162 | 2,180 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Interest-bearing debt | 16,718 | 15,811 | 15,704 | 16,349 | 16,397 | 算出 |
| Total liabilities | 29,505 | 29,895 | 28,638 | 31,647 | 29,190 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Non-controlling interests | 460 | 473 | 433 | 433 | 425 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Equity attributable to owners of parent | 13,437 | 13,873 | 14,206 | 14,285 | 14,325 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Retained earnings | 5,816 | 6,254 | 6,546 | 6,625 | 6,665 | S100R7K1, S100TU69, S100W5SG, S100YL7T |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100R7K1, S100TU69, S100W5SG, S100YL7T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YL7T |
| Property, plant and equipment | 53% | S100YL7T |
| Intangibles and goodwill | 0% | S100YL7T |
| Investment securities | 3% | S100YL7T |
| Other assets | 33% | S100YL7T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YL7T |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 22% | S100YL7T |
| Equity | 36% | S100YL7T |

### 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 | 44,646 | 45,686 | 44,852 | 47,742 | 45,689 |
| Equity | 15,140 | 15,790 | 16,214 | 16,095 | 16,499 |
| Interest-bearing debt | 16,718 | 15,811 | 15,704 | 16,349 | 16,397 |
| Cash | 5,420 | 5,585 | 4,843 | 4,957 | 4,826 |

## 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) | 56.7% | S100YL7T |
| Fixed assets ÷ total assets | 53.1% | S100YL7T |
| Goodwill ÷ parent equity | — | —, S100YL7T |

### 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) | 10.6% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | -¥11.6B |
| Net debt ÷ operating cash flow | 10.42× |
| Cash conversion (operating CF ÷ operating income) | 129.8% |
| Cash vs. profit gap | 767 JPY mn (of net income 223.6%) |
| Shareholder returns / net income | 88.3% |
| Shareholder returns / FCF | 114.8% |
| Shareholder payments — dividends / net income | 88.3% |
| Shareholder payments — dividends / FCF | 114.8% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 58.6% |

## 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 | 1.1% | 0.74× | 0.8% | 3.32× | 2.7% | S100R7K1 |
| 2023 | 1.4% | 1.13× | 1.5% | 3.31× | 5.1% | S100TU69 |
| 2024 | 1.5% | 0.91× | 1.4% | 3.22× | 4.5% | S100W5SG |
| 2025 | 0.9% | 0.91× | 0.8% | 3.25× | 2.7% | S100YL7T |
| 2026 | 0.8% | 0.92× | 0.7% | 3.27× | 2.4% | S100YL7T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平洋興発持株会 | Major shareholder | 5.3% | 2026-03-31 |
| クロダ株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 天塩倉庫株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 斉丸 千代 | Major shareholder | 2.2% | 2026-03-31 |
| 恩田 武 | Major shareholder | 1.4% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.3% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 金子 幸子 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第151期(2025/04/01－2026/03/31) | S100YL7T | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL7T,, |
| 有価証券報告書－第150期(2024/04/01－2025/03/31) | S100W5SG | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5SG,, |
| 有価証券報告書－第149期(2023/04/01－2024/03/31) | S100TU69 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU69,, |
| 有価証券報告書－第148期(2022/04/01－2023/03/31) | S100R7K1 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7K1,, |
| 有価証券報告書－第147期(令和3年4月1日－令和4年3月31日) | S100OK0R | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK0R,, |
| 有価証券報告書－第146期(令和2年4月1日－令和3年3月31日) | S100LTFZ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTFZ,, |

## 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).