# TENMAYA STORE CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/03/01－2026/02/28) (S100Y4A4)
> Page: https://vizora.meequs.com/en/company/tenmaya-store
> Retrieved: 2026-09-30T19:49:47.444Z

## Company

Tenmaya Store, founded in 1969, is a company in Takeout & Delivery Meals listed on TSE Standard. It has 501 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TENMAYA STORE CO., LTD. |
| Ticker | 9846 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9846.T) |
| Listing | TSE Standard |
| Head office | 岡山市北区岡町13番16号 |
| Representative (per filing) | 代表取締役社長 野口重明 |
| Founded | Apr 1969 |
| Share capital | ¥3.7B |
| Employees (consolidated) | 501 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | February |
| Website | www.tenmaya-store.co.jp (https://www.tenmaya-store.co.jp/) |
| Corporate number | 5260001004556 |
| EDINET | E03146 |
| Industries (Vizora) | Takeout & Delivery Meals, Supermarkets |

> Profile source: annual securities report (S100Y4A4, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.3 | 45 |
| Profitability | 68.4 | 49 |
| Cash conversion | 41.5 | 47 |
| Efficiency | 17.3 | 49 |

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 87% of Tenmaya Store's sales come from Retail, with Retail related making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit -4.3%.

## Company structure

- Segment revenue mix: Retail 86.8%、Retail related 13.2%
- Revenue → net income: ¥56016467000 → ¥1353679000
- Net income → operating cash flow: ¥1353679000 → ¥2951107000（difference ¥1597428000）
- Main uses of operating cash flow: CapEx ¥3058981000 / dividends ¥161699000 / buybacks —
- Change in cash: ¥9750000
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 | ¥56B |  |
| Operating income | ¥2.19B | Margin 3.9% |
| Net income | ¥1.35B | Margin 2.4% |
| Free cash flow | -¥107.9M |  |
| Largest business | Retail | of segment revenue 86.8% |
| Employees (consolidated) | 501 |  |
| EPS | ¥116.76 |  |
| Book value per share | ¥2277.25 |  |
| Equity ratio | 60.9% |  |
| Shares outstanding | 11,550,000 |  |
| Shareholders | 8,174 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 1.3% | Cash ÷ revenue 1.0% |
| Vs. industry median margin | +1.1 pp | Supermarkets |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥66385912000 | ¥56016467000 | -15.6% |
| Operating income | ¥2295677000 | ¥2185042000 | -4.8% |
| Operating margin | 3.5% | 3.9% | +0.4 pp |
| Employees | 514 people | 501 people | -2.5% |
| Cash and equivalents | ¥1041253000 | ¥581519000 | -44.2% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 小売事業 → 小売事業 | 86.8% |
| 小売事業 → 事業再編・廃止 | 5.4% |
| 小売周辺事業 → 小売周辺事業 | 7.8% |
| 新設・再編 → 小売周辺事業 | 5.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,016 | 100.0% | S100Y4A4 |
| Cost of revenue | 40,249 | 71.9% | S100Y4A4 |
| Gross profit | 15,767 | 28.1% | S100Y4A4 |
| SG&A | 16,806 | 30.0% | S100Y4A4 |
| Operating income | 2,185 | 3.9% | S100Y4A4 |
| Ordinary income | 2,271 | 4.1% | S100Y4A4 |
| Pretax income | 1,906 | 3.4% | S100Y4A4 |
| Income tax | 552 | 1.0% | S100Y4A4 |
| Net income | 1,354 | 2.4% | S100Y4A4 |
| Net income attributable to owners | 1,351 | 2.4% | S100Y4A4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 30 |
| Other operating | -6 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 28.1% → Operating margin 3.9% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.1%; Core profit growth: -4.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.94×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 55,408 | 56,016 | 609 | +1.1% |
| Gross profit | 15,730 | 15,767 | 37 | +0.2% |
| Operating income | 2,284 | 2,185 | -99 | -4.3% |
| Net income attributable to owners | 1,579 | 1,351 | -228 | -14.5% |
| Operating cash flow | 2,961 | 2,951 | -10 | -0.3% |
| Free cash flow | 1,865 | -108 | -1,973 | -105.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 68,117 | 1,904 | 2.8% | 1,304 | 3,219 | 1,421 | S100LDKY |
| FY ending Feb 2021 | 66,386 | 2,296 | 3.5% | 798 | 3,366 | 1,901 | S100O3KT |
| FY ending Feb 2022 | 64,039 | 2,148 | 3.4% | 1,055 | 4,159 | 2,316 | S100QTDP |
| FY ending Feb 2023 | 54,580 | 2,064 | 3.8% | 1,067 | 3,643 | 2,729 | S100THMN |
| FY ending Feb 2024 | 55,321 | 2,277 | 4.1% | 1,193 | 3,717 | 2,671 | S100VT2Q |
| FY ending Feb 2025 | 55,408 | 2,284 | 4.1% | 1,579 | 2,961 | 1,865 | S100Y4A4 |
| FY ending Feb 2026 | 56,016 | 2,185 | 3.9% | 1,351 | 2,951 | -108 | S100Y4A4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111.8M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 499 | 518 | 514 | 493 | 501 |
| Average salary (parent company) | ¥4.1M | ¥4.3M | ¥4.3M | ¥4.4M | ¥4.6M |
| Average age (parent company) | 40.8 years | 41.6 years | 41.6 years | 41.2 years | 41.5 years |
| Average tenure (parent company) | 16.7 years | 17.4 years | 17.3 years | 17.0 years | 17.2 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail | 51,403 | 86.8% | 1,894 | 3.7% |
| Retail related | 7,837 | 13.2% | 291 | 3.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail | 86.8% | 86.7% | -0.1 | 3.7% |
| Retail related | 13.2% | 13.3% | 0.1 | 3.7% |

Segment → industry: Retail related → Takeout & Delivery Meals / Retail → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,951 | 5.3% | S100Y4A4 |
| Capital expenditure | 3,059 | 5.5% | S100Y4A4 |
| Free cash flow | -108 | -0.2% | 算出 |
| Investing cash flow | -2,688 | -4.8% | S100Y4A4 |
| Financing cash flow | -253 | -0.5% | S100Y4A4 |
| Dividends paid | 162 | 0.3% | S100Y4A4 |
| Change in cash | 10 | 0.0% | S100Y4A4 |
| Cash and equivalents | 582 | 1.0% | S100Y4A4 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 554 | 822 | 708 | 572 | 582 | S100THMN, S100VT2Q, S100Y4A4 |
| Total assets | 43,256 | 43,772 | 42,752 | 42,050 | 45,506 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Net assets | 22,659 | 23,711 | 24,850 | 26,339 | 27,750 | S100THMN, S100VT2Q, S100Y4A4 |
| Share capital | 3,698 | 3,698 | 3,698 | 3,698 | 3,698 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Property, plant and equipment | 27,497 | 27,608 | 26,797 | 26,626 | 29,761 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Intangible assets excluding goodwill | 2,621 | 3,038 | 2,963 | 2,964 | 3,037 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Goodwill | 76 | 581 | 499 | 455 | 411 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Investment securities | 1,108 | 1,150 | 1,238 | 1,264 | 1,577 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Current assets | 5,394 | 5,766 | 5,783 | 5,621 | 5,831 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Current liabilities | 11,888 | 12,970 | 12,574 | 11,749 | 12,833 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Trade payables | 2,895 | 3,600 | 3,721 | 3,010 | 3,028 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Short-term borrowings | 2,100 | 3,000 | 2,200 | 2,700 | 2,500 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Long-term borrowings | 3,953 | 2,520 | 1,126 | 4 | 1,065 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Total liabilities | 20,597 | 20,061 | 17,902 | 15,711 | 17,756 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Non-controlling interests | 31 | 34 | 37 | 39 | 39 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Equity attributable to owners of parent | 22,723 | 23,735 | 24,804 | 26,245 | 27,440 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Retained earnings | 13,739 | 14,737 | 15,837 | 17,277 | 18,466 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |
| Treasury stock | -61 | -47 | -78 | -78 | -71 | S100QTDP, S100THMN, S100VT2Q, S100Y4A4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100Y4A4 |
| Property, plant and equipment | 65% | S100Y4A4 |
| Intangibles and goodwill | 8% | S100Y4A4 |
| Investment securities | 4% | S100Y4A4 |
| Other assets | 22% | S100Y4A4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y4A4 |
| Other liabilities | 32% | S100Y4A4 |
| Equity | 61% | S100Y4A4 |
| Other liabilities | 0% | S100Y4A4 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 43,256 | 43,772 | 42,752 | 42,050 | 45,506 |
| Equity | 22,659 | 23,711 | 24,850 | 26,339 | 27,750 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 554 | 822 | 708 | 572 | 582 |

## 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) | 53.1% | S100Y4A4 |
| Fixed assets ÷ total assets | 65.4% | S100Y4A4 |
| Goodwill ÷ parent equity | 1.5% | S100Y4A4 |

Goodwill over 4 years: 76 → 411 JPY; total investing cash flow: -6,981 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) | 1.3% |
| Cash ÷ revenue | 1.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.1% |
| Cash vs. profit gap | 1,600 JPY mn (of net income 118.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 91.1% |

## 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 | 1.6% | 1.48× | 2.4% | 1.90× | 4.6% | S100QTDP |
| 2023 | 2.0% | 1.25× | 2.5% | 1.87× | 4.6% | S100THMN |
| 2024 | 2.2% | 1.28× | 2.8% | 1.78× | 4.9% | S100VT2Q |
| 2025 | 2.8% | 1.31× | 3.7% | 1.66× | 6.2% | S100Y4A4 |
| 2026 | 2.4% | 1.28× | 3.1% | 1.63× | 5.0% | S100Y4A4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸田産業株式会社 | Major shareholder | 23.9% | 2026-02-28 |
| 株式会社イトーヨーカ堂 | Major shareholder | 20.0% | 2026-02-28 |
| 株式会社天満屋 | Major shareholder | 12.8% | 2026-02-28 |
| 天満屋ストア共栄会 | Major shareholder | 8.3% | 2026-02-28 |
| 株式会社中国銀行 | Major shareholder | 3.3% | 2026-02-28 |
| 天満屋ストア共和会 | Major shareholder | 3.1% | 2026-02-28 |
| 三菱食品株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 大和証券株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 株式会社百十四銀行 | Major shareholder | 1.0% | 2026-02-28 |
| 株式会社三井住友銀行 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/03/01－2026/02/28) | S100Y4A4 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4A4,, |
| 有価証券報告書－第56期(2024/03/01－2025/02/28) | S100VT2Q | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT2Q,, |
| 有価証券報告書－第55期(2023/03/01－2024/02/29) | S100THMN | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THMN,, |
| 有価証券報告書－第54期(2022/03/01－2023/02/28) | S100QTDP | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTDP,, |
| 有価証券報告書－第53期(令和3年3月1日－令和4年2月28日) | S100O3KT | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3KT,, |
| 有価証券報告書－第52期(令和2年3月1日－令和3年2月28日) | S100LDKY | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDKY,, |

## 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).