# TAIYO BUSSAN KAISHA,LTD.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第85期(2024/10/01－2025/09/30) (S100XD30)
> Page: https://vizora.meequs.com/en/company/taiyo-bussan-kaisha
> Retrieved: 2026-09-30T19:55:14.134Z

## Company

Taiyo Bussan Kaisha, founded in 1936, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 31 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIYO BUSSAN KAISHA,LTD. |
| Ticker | 9941 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9941.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区市谷砂土原町三丁目5番地 |
| Representative (per filing) | 代表取締役社長 松島 伸介 |
| Founded | Oct 1936 |
| Share capital | ¥257.8M |
| Employees (consolidated) | 31 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | September |
| Website | www.taiyo-bussan.co.jp (https://www.taiyo-bussan.co.jp/) |
| Corporate number | 5010001049188 |
| EDINET | E02762 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XD30, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.4 | 179 |
| Profitability | 17.6 | 185 |
| Cash conversion | 1.4 | 179 |
| Efficiency | 85.7 | 185 |

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 45% of Taiyo Bussan Kaisha's sales come from Food Products Department, with New Business Department and agricultural product making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit -7.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19.7B |  |
| Operating income | ¥247.4M | Margin 1.3% |
| Net income | ¥148.7M | Margin 0.8% |
| Free cash flow | -¥563.3M |  |
| Largest business | Food Products Department | of segment revenue 44.8% |
| Employees (consolidated) | 31 |  |
| EPS | ¥76.93 |  |
| Diluted EPS | ¥73.58 |  |
| Book value per share | ¥504.55 |  |
| Equity ratio | 11.6% |  |
| Shares outstanding | 1,934,000 |  |
| Treasury shares | 800 |  |
| Shareholders | 2,148 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 3.2% | Cash ÷ revenue 1.4% |
| Vs. industry median margin | -1.6 pp | Specialty Trading & Wholesale |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14800928000 | ¥19662137000 | +32.8% |
| Operating income | ¥-267951000 | ¥247366000 | — |
| Operating margin | -1.8% | 1.3% | +3.1 pp |
| Employees | 30 people | 31 people | +3.3% |
| Cash and equivalents | ¥1470162000 | ¥265969000 | -81.9% |

### 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 |
| --- | ---: |
| 食料部 → 事業再編・廃止 | 58.6% |
| 中国開拓部 → 中国開拓部 | 21.4% |
| 生活産業部 → 生活産業部 | 10.6% |
| 生活産業部 → 事業再編・廃止 | 9.4% |
| 新設・再編 → 食料部 | 44.8% |
| 新設・再編 → 農産部 | 14.1% |
| 新設・再編 → 中国開拓部 | 9.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food Products Department | 4 years | -2.4% | ¥8810162000 | 2.5% | 2 |
| New Business Department | 5 years | +13.6% | ¥5994681000 | 2.1% | 2 |
| agricultural product | — | — | ¥2774060000 | 1.7% | 2 |
| Living Materials Department | 5 years | -6.8% | ¥2083233000 | 1.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,662 | 100.0% | S100XD30 |
| Cost of revenue | 18,901 | 96.1% | 算出 |
| Gross profit | 761 | 3.9% | S100XD30 |
| SG&A | 514 | 2.6% | S100XD30 |
| Operating income | 247 | 1.3% | S100XD30 |
| Ordinary income | 174 | 0.9% | S100XD30 |
| Pretax income | 174 | 0.9% | S100XD30 |
| Income tax | 25 | 0.1% | S100XD30 |
| Net income | 149 | 0.8% | S100XD30 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 96 |
| SG&A | 3 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 3.9% → Operating margin 1.3% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.8%; Core profit growth: -7.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.48×
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 | 18,758 | 19,662 | 904 | +4.8% |
| Gross profit | 743 | 761 | 18 | +2.4% |
| Operating income | 266 | 247 | -19 | -7.1% |
| Operating cash flow | 51 | -560 | -612 | -1188.6% |
| Free cash flow | 35 | -563 | -598 | -1731.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 19,519 | 32 | 0.2% | -43 | 636 | 629 | S100KGG7 |
| FY ending Sep 2020 | 14,801 | -268 | -1.8% | -391 | -547 | -561 | S100N5KL |
| FY ending Sep 2021 | 16,424 | 224 | 1.4% | 113 | 648 | 632 | S100RRK4 |
| FY ending Sep 2022 | 21,046 | 235 | 1.1% | 133 | -1,677 | -1,677 | S100SJXO |
| FY ending Sep 2023 | 20,024 | 167 | 0.8% | 116 | 603 | 602 | S100V0YZ |
| FY ending Sep 2024 | 18,758 | 266 | 1.4% | 163 | 51 | 35 | S100XD30 |
| FY ending Sep 2025 | 19,662 | 247 | 1.3% | 149 | -560 | -563 | S100XD30 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥634.3M |
| Operating income per employee (consolidated) | ¥8M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 28 | 29 | 30 | 31 | 31 |
| Average salary (parent company) | ¥5.6M | ¥5.4M | ¥5.2M | ¥5.1M | ¥5.1M |
| Average age (parent company) | 45.0 years | 43.0 years | 43.0 years | 45.0 years | 45.0 years |
| Average tenure (parent company) | 16.0 years | 13.0 years | 11.0 years | 11.0 years | 12.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food Products Department | 8,810 | 44.8% | 221 | 2.5% |
| agricultural product | 2,774 | 14.1% | 47 | 1.7% |
| New Business Department | 5,995 | 30.5% | 125 | 2.1% |
| Living Materials Department | 2,083 | 10.6% | 26 | 1.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food Products Department | 44.8% | 52.8% | 7.9 | 2.5% |
| agricultural product | 14.1% | 11.3% | -2.8 | 1.7% |
| New Business Department | 30.5% | 29.7% | -0.7 | 2.1% |
| Living Materials Department | 10.6% | 6.2% | -4.4 | 1.3% |

Segment → industry: Living Materials Department → Specialty Trading & Wholesale / New Business Department → Specialty Trading & Wholesale / agricultural product → Specialty Trading & Wholesale / Food Products Department → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -560 | -2.8% | S100XD30 |
| Capital expenditure | 3 | 0.0% | S100XD30 |
| Free cash flow | -563 | -2.9% | 算出 |
| Investing cash flow | -6 | -0.0% | S100XD30 |
| Financing cash flow | 485 | 2.5% | S100XD30 |
| Share buyback | 0 | 0.0% | S100XD30 |
| Change in cash | -81 | -0.4% | S100XD30 |
| Cash and equivalents | 266 | 1.4% | S100XD30 |

## 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 | 1,882 | 320 | 673 | 347 | 266 | S100SJXO, S100V0YZ, S100XD30 |
| Total assets | 7,588 | 8,236 | 7,669 | 7,991 | 8,364 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Net assets | 104 | 565 | 688 | 803 | 993 | S100SJXO, S100V0YZ, S100XD30 |
| Share capital | 1,415 | 258 | 258 | 258 | 258 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Property, plant and equipment | 264 | 229 | 222 | 217 | 211 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Intangible assets excluding goodwill | 3 | 3 | 3 | 18 | 18 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Current assets | 7,043 | 7,706 | 7,071 | 7,382 | 7,760 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Current liabilities | 7,309 | 7,524 | 6,837 | 7,045 | 7,234 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Short-term borrowings | 6,136 | 5,950 | 5,772 | 5,415 | 5,908 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Total liabilities | 7,484 | 7,671 | 6,981 | 7,188 | 7,371 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Equity attributable to owners of parent | 96 | 545 | 662 | 824 | 973 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Retained earnings | -2,694 | 130 | 247 | 410 | 558 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100RRK4, S100SJXO, S100V0YZ, S100XD30 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XD30 |
| Property, plant and equipment | 3% | S100XD30 |
| Intangibles and goodwill | 0% | S100XD30 |
| Other assets | 94% | S100XD30 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 88% | S100XD30 |
| Equity | 12% | S100XD30 |

### 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 | 7,588 | 8,236 | 7,669 | 7,991 | 8,364 |
| Equity | 104 | 565 | 688 | 803 | 993 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,882 | 320 | 673 | 347 | 266 |

## 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) | 1.1% | S100XD30 |
| Fixed assets ÷ total assets | 2.5% | S100XD30 |
| Goodwill ÷ parent equity | — | —, S100XD30 |

### 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) | 3.2% |
| Cash ÷ revenue | 1.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -226.4% |
| Cash vs. profit gap | -709 JPY mn (of net income -476.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | — |

## 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 | 0.7% | 2.16× | 1.5% | 78.66× | 117.5% | S100RRK4 |
| 2022 | 0.6% | 2.66× | 1.7% | 24.67× | 41.5% | S100SJXO |
| 2023 | 0.6% | 2.52× | 1.5% | 13.18× | 19.3% | S100V0YZ |
| 2024 | 0.9% | 2.40× | 2.1% | 10.54× | 21.9% | S100XD30 |
| 2025 | 0.8% | 2.40× | 1.8% | 9.10× | 16.6% | S100XD30 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ORCHID PLUS PTE.LTD. （常任代理人 福和 明子） | Major shareholder | 9.8% | 2025-09-30 |
| 株式会社エビス商事 | Major shareholder | 7.0% | 2025-09-30 |
| 桑畑 夏美 | Major shareholder | 5.8% | 2025-09-30 |
| 桑畑 幸奈 | Major shareholder | 3.5% | 2025-09-30 |
| 株式会社MC | Major shareholder | 3.4% | 2025-09-30 |
| 柏原 滋 | Major shareholder | 2.6% | 2025-09-30 |
| 桑畑 直樹 | Major shareholder | 2.4% | 2025-09-30 |
| 星野 紀子 | Major shareholder | 2.2% | 2025-09-30 |
| 太洋不動産株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| 湯浅商事株式会社 | Major shareholder | 1.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2024/10/01－2025/09/30) | S100XD30 | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD30,, |
| 有価証券報告書－第84期(2023/10/01－2024/09/30) | S100V0YZ | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0YZ,, |
| 有価証券報告書－第83期(2022/10/01－2023/09/30) | S100SJXO | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJXO,, |
| 訂正有価証券報告書－第82期(2021/10/01－2022/09/30) | S100RRK4 | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRK4,, |
| 有価証券報告書－第81期(令和2年10月1日－令和3年9月30日) | S100N5KL | 2022-01-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5KL,, |
| 有価証券報告書－第80期(令和1年10月1日－令和2年9月30日) | S100KGG7 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGG7,, |

## 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).