# Takachiho Co.,Ltd: 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80期(2025/04/01－2026/03/31) (S100YJCQ)
> Page: https://vizora.meequs.com/en/company/takachiho
> Retrieved: 2026-09-30T21:03:10.230Z

## Company

Takachiho, founded in 1949, is a company in Processed Foods listed on TSE Standard. It has 218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Takachiho Co.,Ltd. |
| Ticker | 8225 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8225.T) |
| Listing | TSE Standard |
| Head office | 長野県長野市大豆島5888番地 |
| Representative (per filing) | 代表取締役社長 久保田 一臣 |
| Founded | Feb 1949 |
| Share capital | ¥1B |
| Employees (consolidated) | 218 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | kk-takachiho.jp (https://kk-takachiho.jp/) |
| Corporate number | 9100001001862 |
| EDINET | E02787 |
| Industries (Vizora) | Processed Foods, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Outdoor & Sporting Goods Stores, Specialty Trading & Wholesale, Restaurants & Pubs |

> Profile source: annual securities report (S100YJCQ, 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 | 95.8 | 179 |
| Profitability | 77.6 | 185 |
| Cash conversion | 65.6 | 179 |
| Efficiency | 82.4 | 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 82% of Takachiho's sales come from Souvenir wholesale business, with Souvenir retail business and Public bath business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.5% from the prior year, operating profit +11.0%.

## Company structure

- Segment revenue mix: Souvenir wholesale business 82.5%、Souvenir retail business 7.0%、Public bath business 3.4%、Souvenir production business 2.8%、Outdoor article retail business 2.3%
- Revenue → net income: ¥9691188000 → ¥328269000
- Net income → operating cash flow: ¥328269000 → ¥605838000（difference ¥277569000）
- Main uses of operating cash flow: CapEx ¥116167000 / dividends ¥34453000 / buybacks ¥674000
- Change in cash: ¥204034000
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 | ¥9.69B |  |
| Operating income | ¥485.2M | Margin 5.0% |
| Net income | ¥328.3M | Margin 3.4% |
| Free cash flow | ¥489.7M |  |
| Largest business | Souvenir wholesale business | of segment revenue 82.5% |
| Employees (consolidated) | 218 |  |
| EPS | ¥475.11 |  |
| Book value per share | ¥3729.64 |  |
| Equity ratio | 57.9% |  |
| Shares outstanding | 727,000 |  |
| Treasury shares | 28,100 |  |
| Shareholders | 984 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 25.4% | Cash ÷ revenue 11.7% |
| Vs. industry median margin | +2.1 pp | Specialty Trading & Wholesale |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, parent-company salary changed +47% over five years
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4654920000 | ¥9691188000 | +108.2% |
| Operating income | ¥-697357000 | ¥485210000 | — |
| Operating margin | -15.0% | 5.0% | +20 pp |
| Employees | 247 people | 218 people | -11.7% |
| Cash and equivalents | ¥733290000 | ¥1133686000 | +54.6% |

### 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 |
| --- | ---: |
| みやげ卸売事業 → みやげ卸売事業 | 57.1% |
| みやげ小売事業 → みやげ小売事業 | 7.0% |
| みやげ小売事業 → 事業再編・廃止 | 3.2% |
| みやげ製造事業 → みやげ製造事業 | 1.6% |
| 温浴施設事業 → 温浴施設事業 | 3.4% |
| 温浴施設事業 → 事業再編・廃止 | 0.8% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.5% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.8% |
| アウトドア用品事業 → アウトドア用品事業 | 2.3% |
| アウトドア用品事業 → 事業再編・廃止 | 12.7% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 7.5% |
| 飲食事業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → みやげ卸売事業 | 25.4% |
| 新設・再編 → みやげ製造事業 | 1.1% |

Segment revenue source references: 15 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Souvenir wholesale business | 5 years | +24.6% | ¥7994171000 | 8.4% | 2 |
| Souvenir retail business | 5 years | +7.5% | ¥683042000 | 8.4% | 2 |
| Public bath business | 5 years | +11.0% | ¥331527000 | 13.4% | 2 |
| Souvenir production business | 5 years | +28.3% | ¥266696000 | 22.5% | 2 |
| Outdoor article retail business | 5 years | -20.4% | ¥222554000 | -4.1% | 2 |
| Real estate lease business | 5 years | +6.1% | ¥147649000 | 34.0% | 2 |
| Other | 5 years | -34.3% | ¥45548000 | -1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,691 | 100.0% | S100YJCQ |
| Cost of revenue | 6,931 | 71.5% | S100YJCQ |
| Gross profit | 2,760 | 28.5% | S100YJCQ |
| SG&A | 2,275 | 23.5% | S100YJCQ |
| Operating income | 485 | 5.0% | S100YJCQ |
| Ordinary income | 490 | 5.1% | S100YJCQ |
| Pretax income | 472 | 4.9% | S100YJCQ |
| Income tax | 144 | 1.5% | S100YJCQ |
| Net income | 328 | 3.4% | S100YJCQ |
| Net income attributable to owners | 328 | 3.4% | S100YJCQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 23 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.5% → Operating margin 5.0% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.5%; Core profit growth: +11.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.81×
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 | 8,537 | 9,691 | 1,154 | +13.5% |
| Gross profit | 2,390 | 2,760 | 370 | +15.5% |
| Operating income | 437 | 485 | 48 | +11.0% |
| Net income attributable to owners | 309 | 328 | 20 | +6.4% |
| Operating cash flow | 377 | 606 | 229 | +60.8% |
| Free cash flow | 287 | 490 | 203 | +70.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,092 | 52 | 0.6% | 48 | 361 | 149 | S100LV3K |
| FY ending Mar 2021 | 4,655 | -697 | -15.0% | -940 | -210 | -373 | S100OLMB |
| FY ending Mar 2022 | 5,247 | -217 | -4.1% | -154 | -11 | -31 | S100R6JB |
| FY ending Mar 2023 | 7,334 | 329 | 4.5% | 460 | 392 | 353 | S100TWLD |
| FY ending Mar 2024 | 8,016 | 439 | 5.5% | 423 | 333 | 280 | S100W53E |
| FY ending Mar 2025 | 8,537 | 437 | 5.1% | 309 | 377 | 287 | S100YJCQ |
| FY ending Mar 2026 | 9,691 | 485 | 5.0% | 328 | 606 | 490 | S100YJCQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.5M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 227 | 207 | 198 | 212 | 218 |
| Average salary (parent company) | ¥3.4M | ¥4M | ¥4.6M | ¥4.7M | ¥5M |
| Average age (parent company) | 45.6 years | 46.9 years | 46.8 years | 46.4 years | 45.8 years |
| Average tenure (parent company) | 15.4 years | 15.4 years | 15.9 years | 15.3 years | 14.9 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +13.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Souvenir wholesale business | 7,994 | 82.5% | 672 | 8.4% |
| Souvenir retail business | 683 | 7.0% | 57 | 8.4% |
| Souvenir production business | 267 | 2.8% | 60 | 22.5% |
| Public bath business | 332 | 3.4% | 44 | 13.4% |
| Real estate lease business | 148 | 1.5% | 50 | 34.0% |
| Outdoor article retail business | 223 | 2.3% | -9 | -4.1% |
| Other | 46 | 0.5% | -0 | -1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Souvenir wholesale business | 82.5% | 76.1% | -6.4 | 8.4% |
| Souvenir retail business | 7.0% | 6.5% | -0.6 | 8.4% |
| Souvenir production business | 2.8% | 6.8% | 4.0 | 22.5% |
| Public bath business | 3.4% | 5.0% | 1.6 | 13.4% |
| Real estate lease business | 1.5% | 5.7% | 4.1 | 34.0% |
| Outdoor article retail business | 2.3% | — | — | -4.1% |
| Other | 0.5% | — | — | -1.0% |

Loss-making segment (excluded from profit shares): Outdoor article retail business -9 JPY mn

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: Souvenir production business → Processed Foods / Public bath business → Theme Parks & Leisure Facilities / Real estate lease business → Real Estate Development & Leasing / Outdoor article retail business → Outdoor & Sporting Goods Stores / Souvenir retail business → Specialty Trading & Wholesale / Souvenir wholesale business → Specialty Trading & Wholesale / Other → Restaurants & Pubs

## 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 | 606 | 6.3% | S100YJCQ |
| Capital expenditure | 116 | 1.2% | S100YJCQ |
| Free cash flow | 490 | 5.1% | 算出 |
| Investing cash flow | -109 | -1.1% | S100YJCQ |
| Financing cash flow | -293 | -3.0% | S100YJCQ |
| Dividends paid | 34 | 0.4% | S100YJCQ |
| Share buyback | 1 | 0.0% | S100YJCQ |
| Change in cash | 204 | 2.1% | S100YJCQ |
| Cash and equivalents | 1,134 | 11.7% | S100YJCQ |

## 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 | 734 | 903 | 835 | 930 | 1,134 | S100TWLD, S100W53E, S100YJCQ |
| Total assets | 3,649 | 4,167 | 4,263 | 4,289 | 4,455 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Net assets | 910 | 1,374 | 1,820 | 2,254 | 2,580 | S100TWLD, S100W53E, S100YJCQ |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Property, plant and equipment | 1,634 | 1,586 | 1,549 | 1,522 | 1,578 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Intangible assets excluding goodwill | 121 | 112 | 170 | 147 | 141 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Investment securities | 34 | 49 | 55 | 54 | 81 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Current assets | 1,616 | 2,027 | 2,038 | 2,191 | 2,368 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Current liabilities | 1,513 | 1,157 | 1,151 | 1,013 | 1,113 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Trade payables | 263 | 405 | 395 | 421 | 457 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Short-term borrowings | 500 | — | — | — | — | S100R6JB |
| Long-term borrowings | 895 | 1,313 | 977 | 717 | 460 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Total liabilities | 2,739 | 2,793 | 2,443 | 2,035 | 1,876 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Equity attributable to owners of parent | 910 | 1,370 | 1,806 | 2,239 | 2,547 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Retained earnings | -613 | -153 | 271 | 553 | 847 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |
| Treasury stock | -179 | -179 | -166 | -62 | -56 | S100R6JB, S100TWLD, S100W53E, S100YJCQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YJCQ |
| Property, plant and equipment | 35% | S100YJCQ |
| Intangibles and goodwill | 3% | S100YJCQ |
| Investment securities | 2% | S100YJCQ |
| Other assets | 34% | S100YJCQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YJCQ |
| Other liabilities | 32% | S100YJCQ |
| Equity | 58% | S100YJCQ |

### 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 | 3,649 | 4,167 | 4,263 | 4,289 | 4,455 |
| Equity | 910 | 1,374 | 1,820 | 2,254 | 2,580 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 734 | 903 | 835 | 930 | 1,134 |

## 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) | 16.3% | S100YJCQ |
| Fixed assets ÷ total assets | 35.4% | S100YJCQ |
| Goodwill ÷ parent equity | — | —, S100YJCQ |

### 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) | 25.4% |
| Cash ÷ revenue | 11.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.9% |
| Cash vs. profit gap | 278 JPY mn (of net income 84.6%) |
| Shareholder returns / net income | 10.7% |
| Shareholder returns / FCF | 7.2% |
| Shareholder payments — dividends / net income | 10.5% |
| Shareholder payments — dividends / FCF | 7.0% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 18.0% |

## 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 | — | —× | -4.2% | —× | — | S100R6JB |
| 2023 | 6.3% | 1.88× | 11.8% | 3.43× | 40.4% | S100TWLD |
| 2024 | 5.3% | 1.90× | 10.0% | 2.65× | 26.7% | S100W53E |
| 2025 | 3.6% | 2.00× | 7.2% | 2.11× | 15.3% | S100YJCQ |
| 2026 | 3.4% | 2.22× | 7.5% | 1.83× | 13.7% | S100YJCQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 投資事業有限責任組合ＪＡＩＣスペシャルティファンド | Major shareholder | 8.6% | 2026-03-31 |
| 久保田 一臣 | Major shareholder | 6.8% | 2026-03-31 |
| ガバナンス・パートナーズ投資事業有限責任組合 | Major shareholder | 5.9% | 2026-03-31 |
| 投資事業有限責任組合ＪＡＩＣパートナーズファンド | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 上野投資株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 宮尾 聡 | Major shareholder | 3.8% | 2026-03-31 |
| 久保田 優子 | Major shareholder | 3.5% | 2026-03-31 |
| 長野信用金庫 | Major shareholder | 3.4% | 2026-03-31 |
| 所 正純 | Major shareholder | 3.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YJCQ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJCQ,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W53E | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W53E,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TWLD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWLD,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R6JB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6JB,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OLMB | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLMB,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LV3K | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV3K,, |

## 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).