# TAKIZAWA HAM 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76期(2025/04/01－2026/03/31) (S100YGEP)
> Page: https://vizora.meequs.com/en/company/takizawa-ham
> Retrieved: 2026-09-30T22:47:29.630Z

## Company

Takizawa HAM, founded in 1948, is a company in Meat Processing listed on TSE Standard. It has 303 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKIZAWA HAM CO.,LTD. |
| Ticker | 2293 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2293.T) |
| Listing | TSE Standard |
| Head office | 栃木県栃木市泉川町556番地 |
| Representative (per filing) | 代表取締役社長 瀧澤太郎 |
| Founded | Oct 1948 |
| Share capital | ¥1.08B |
| Employees (consolidated) | 303 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.takizawaham.co.jp (https://www.takizawaham.co.jp/) |
| Corporate number | 4060001017356 |
| EDINET | E00343 |
| Industries (Vizora) | Meat Processing |

> Profile source: annual securities report (S100YGEP, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Meat Processing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 13.6 | 11 |
| Efficiency | 87.5 | 12 |

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)

- Takizawa HAM brought in ¥26.6B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -5.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥26.6B |  |
| Operating income | -¥383.1M | Margin -1.4% |
| Net income | -¥230.4M | Margin -0.9% |
| Free cash flow | ¥341.6M |  |
| Employees (consolidated) | 303 |  |
| EPS | ¥-112.2 |  |
| Book value per share | ¥1567.71 |  |
| Equity ratio | 27.7% |  |
| Shares outstanding | 2,102,000 |  |
| Treasury shares | 48,400 |  |
| Shareholders | 3,137 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 6.2% |
| Vs. industry median margin | -3.7 pp | Meat Processing |
| ROA | -1.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30404074000 | ¥26565217000 | -12.6% |
| Operating income | ¥59409000 | ¥-383066000 | -744.8% |
| Operating margin | 0.2% | -1.4% | -1.6 pp |
| Employees | 368 people | 303 people | -17.7% |
| Cash and equivalents | ¥1734907000 | ¥1640540000 | -5.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,565 | 100.0% | S100YGEP |
| Cost of revenue | 23,040 | 86.7% | S100YGEP |
| Gross profit | 3,525 | 13.3% | S100YGEP |
| SG&A | 3,908 | 14.7% | S100YGEP |
| Operating income | -383 | -1.4% | S100YGEP |
| Ordinary income | -361 | -1.4% | S100YGEP |
| Pretax income | -213 | -0.8% | S100YGEP |
| Income tax | 17 | 0.1% | S100YGEP |
| Net income | -230 | -0.9% | S100YGEP |
| Net income attributable to owners | -230 | -0.9% | S100YGEP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 15 |
| Operating income | -2 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 13.3% → Operating margin -1.4% → Net margin -0.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,089 | 26,565 | -1,524 | -5.4% |
| Gross profit | 3,741 | 3,525 | -216 | -5.8% |
| Operating income | -432 | -383 | 49 | — |
| Net income attributable to owners | -495 | -230 | 265 | — |
| Operating cash flow | 3 | 475 | 472 | +14991.5% |
| Free cash flow | -388 | 342 | 730 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,580 | -87 | -0.3% | -146 | 448 | 261 | S100LPFO |
| FY ending Mar 2021 | 30,404 | 59 | 0.2% | 55 | 616 | 374 | S100OD0L |
| FY ending Mar 2022 | 29,477 | 107 | 0.4% | 175 | 963 | 743 | S100R1QD |
| FY ending Mar 2023 | 29,458 | -217 | -0.7% | -191 | 282 | 154 | S100TRJM |
| FY ending Mar 2024 | 28,211 | 144 | 0.5% | 124 | 797 | 532 | S100W2QQ |
| FY ending Mar 2025 | 28,089 | -432 | -1.5% | -495 | 3 | -388 | S100YGEP |
| FY ending Mar 2026 | 26,565 | -383 | -1.4% | -230 | 475 | 342 | S100YGEP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.7M |
| Operating income per employee (consolidated) | -¥1.3M |
| Net income per employee (consolidated) | -¥760.4K |

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) | 344 | 332 | 321 | 319 | 303 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥4.9M | ¥5.1M | ¥4.9M |
| Average age (parent company) | 39.4 years | 38.0 years | 40.0 years | 40.8 years | 41.6 years |
| Average tenure (parent company) | 12.6 years | 12.5 years | 13.4 years | 13.3 years | 13.5 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) -5.4%

## 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 | 475 | 1.8% | S100YGEP |
| Capital expenditure | 133 | 0.5% | S100YGEP |
| Free cash flow | 342 | 1.3% | 算出 |
| Investing cash flow | 295 | 1.1% | S100YGEP |
| Financing cash flow | -211 | -0.8% | S100YGEP |
| Dividends paid | 0 | 0.0% | S100YGEP |
| Change in cash | 559 | 2.1% | S100YGEP |
| Cash and equivalents | 1,641 | 6.2% | S100YGEP |

## 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 | 2,138 | 1,702 | 1,766 | 1,082 | 1,641 | S100TRJM, S100W2QQ, S100YGEP |
| Total assets | 13,484 | 12,775 | 13,601 | 12,467 | 12,065 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Net assets | 3,836 | 3,658 | 4,011 | 3,481 | 3,338 | S100TRJM, S100W2QQ, S100YGEP |
| Share capital | 1,081 | 1,081 | 1,081 | 1,081 | 1,081 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Property, plant and equipment | 4,938 | 4,485 | 4,264 | 4,118 | 3,819 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Intangible assets excluding goodwill | 72 | 97 | 231 | 267 | 242 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Investment securities | 1,483 | 1,457 | 1,689 | 1,728 | 1,553 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Current assets | 6,741 | 6,457 | 7,060 | 5,940 | 5,973 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Current liabilities | 6,795 | 6,604 | 7,281 | 6,620 | 6,760 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Short-term borrowings | 2,300 | 2,400 | 2,405 | 2,605 | 2,805 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Long-term borrowings | 1,206 | 991 | 870 | 908 | 780 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Bonds | 200 | 200 | 200 | 200 | — | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Interest-bearing debt | 3,706 | 3,591 | 3,475 | 3,713 | — | 算出 |
| Total liabilities | 9,648 | 9,117 | 9,590 | 8,986 | 8,727 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Equity attributable to owners of parent | 3,424 | 3,191 | 3,315 | 2,779 | 2,548 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Retained earnings | 1,664 | 1,431 | 1,555 | 1,019 | 789 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |
| Treasury stock | -5 | -5 | -5 | -5 | -5 | S100R1QD, S100TRJM, S100W2QQ, S100YGEP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGEP |
| Property, plant and equipment | 32% | S100YGEP |
| Intangibles and goodwill | 2% | S100YGEP |
| Investment securities | 13% | S100YGEP |
| Other assets | 40% | S100YGEP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100YGEP |
| Equity | 28% | S100YGEP |
| Other liabilities | 0% | S100YGEP |

### 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 | 13,484 | 12,775 | 13,601 | 12,467 | 12,065 |
| Equity | 3,836 | 3,658 | 4,011 | 3,481 | 3,338 |
| Interest-bearing debt | 3,706 | 3,591 | 3,475 | 3,713 | — |
| Cash | 2,138 | 1,702 | 1,766 | 1,082 | 1,641 |

## 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) | 14.4% | S100YGEP |
| Fixed assets ÷ total assets | 31.7% | S100YGEP |
| Goodwill ÷ parent equity | — | —, S100YGEP |

### 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) | 13.6% |
| Cash ÷ revenue | 6.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 705 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 62.2% |

## 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 | 0.6% | 2.19× | 1.3% | 3.94× | 5.1% | S100R1QD |
| 2023 | — | —× | -1.5% | —× | — | S100TRJM |
| 2024 | 0.4% | 2.14× | 0.9% | 4.05× | 3.8% | S100W2QQ |
| 2025 | — | —× | -3.8% | —× | — | S100YGEP |
| 2026 | — | —× | -1.9% | —× | — | S100YGEP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社滝沢興産 | Major shareholder | 22.4% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 15.3% | 2026-03-31 |
| 滝沢ハム取引先持株会 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社足利銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 瀧澤太郎 | Major shareholder | 2.9% | 2026-03-31 |
| 瀧澤悦子 | Major shareholder | 2.4% | 2026-03-31 |
| 上野さり | Major shareholder | 2.2% | 2026-03-31 |
| 吉田潤子 | Major shareholder | 2.1% | 2026-03-31 |
| 岩井由紀子 | Major shareholder | 2.1% | 2026-03-31 |
| 田中悦子 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YGEP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGEP,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W2QQ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2QQ,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TRJM | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRJM,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R1QD | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1QD,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OD0L | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD0L,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LPFO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPFO,, |

## 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).