# TOKYO ICHIBAN FOODS CO .,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/10/01－2025/09/30) (S100XCZ1)
> Page: https://vizora.meequs.com/en/company/tokyo-ichiban-foods-co
> Retrieved: 2026-09-30T19:57:40.320Z

## Company

Tokyo Ichiban Foods Co . is a company in Fisheries listed on TSE Standard. It has 241 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO ICHIBAN FOODS CO.,LTD. |
| Ticker | 3067 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3067.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区北大塚二丁目6番10号 (令和7年5月17日から本店所在地 東京都新宿区新宿五丁目6番1号 が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 坂本 大地 |
| Share capital | ¥530.5M |
| Employees (consolidated) | 241 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | September |
| Website | www.tokyo-ichiban-foods.co.jp (https://www.tokyo-ichiban-foods.co.jp/) |
| Corporate number | 4011101033768 |
| EDINET | E03485 |
| Industries (Vizora) | Fisheries, Real Estate Development & Leasing, Restaurants & Pubs |

> Profile source: annual securities report (S100XCZ1, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.1 | 56 |
| Profitability | 35.6 | 66 |
| Cash conversion | 4.5 | 55 |
| Efficiency | 50.8 | 66 |

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 90% of Tokyo Ichiban Foods Co .'s sales come from Restaurant business, with Outside sale business and Real Estate Rental Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.8% from the prior year, operating profit -14.2%.

## Company structure

- Segment revenue mix: Restaurant business 90.1%、Outside sale business 9.4%、Real Estate Rental Business 0.5%
- Revenue → net income: ¥7250870000 → ¥75878000
- Net income → operating cash flow: ¥75878000 → ¥132833000（difference ¥56955000）
- Main uses of operating cash flow: CapEx ¥589971000 / dividends — / buybacks —
- Change in cash: ¥-172906000
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 | ¥7.25B |  |
| Operating income | ¥195.4M | Margin 2.7% |
| Net income | ¥75.9M | Margin 1.0% |
| Free cash flow | -¥457.1M |  |
| Largest business | Restaurant business | of segment revenue 90.1% |
| Employees (consolidated) | 241 |  |
| EPS | ¥-8.82 |  |
| Book value per share | ¥108.44 |  |
| Equity ratio | 28.9% |  |
| Shares outstanding | 9,030,100 |  |
| Treasury shares | 106,400 |  |
| Shareholders | 5,464 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | -1.2 pp | Restaurants & Pubs |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3975098000 | ¥7250870000 | +82.4% |
| Operating income | ¥-521128000 | ¥195400000 | — |
| Operating margin | -13.1% | 2.7% | +15.8 pp |
| Employees | 333 people | 241 people | -27.6% |
| Cash and equivalents | ¥1263471000 | ¥747591000 | -40.8% |

### 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 |
| --- | ---: |
| 飲食事業 → 飲食事業 | 85.5% |
| 外販事業 → 外販事業 | 9.4% |
| 外販事業 → 事業再編・廃止 | 5.1% |
| 新設・再編 → 飲食事業 | 4.6% |
| 新設・再編 → 不動産賃貸事業 | 0.5% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Restaurant business | 5 years | +14.0% | ¥6534775000 | 3.6% | 2 |
| Outside sale business | 5 years | +3.5% | ¥683444000 | -8.0% | 2 |
| Real Estate Rental Business | — | — | ¥32651000 | 48.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,251 | 100.0% | S100XCZ1 |
| Cost of revenue | 2,640 | 36.4% | S100XCZ1 |
| Gross profit | 4,611 | 63.6% | S100XCZ1 |
| SG&A | 4,416 | 60.9% | S100XCZ1 |
| Operating income | 195 | 2.7% | S100XCZ1 |
| Ordinary income | 185 | 2.6% | S100XCZ1 |
| Pretax income | 152 | 2.1% | S100XCZ1 |
| Income tax | 76 | 1.0% | S100XCZ1 |
| Net income | 76 | 1.0% | S100XCZ1 |
| Net income attributable to owners | 76 | 1.0% | S100XCZ1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 61 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 63.6% → Operating margin 2.7% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.8%; Core profit growth: -14.2%
Operating leverage (core profit growth ÷ revenue growth): 5.03×
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 | 7,462 | 7,251 | -211 | -2.8% |
| Gross profit | 4,769 | 4,611 | -158 | -3.3% |
| Operating income | 228 | 195 | -32 | -14.2% |
| Net income attributable to owners | 39 | 76 | 37 | +93.0% |
| Operating cash flow | 10 | 133 | 123 | +1281.8% |
| Free cash flow | -261 | -457 | -196 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,620 | 177 | 3.8% | 100 | 43 | -500 | S100KG4I |
| FY ending Sep 2020 | 3,975 | -521 | -13.1% | -618 | -487 | -547 | S100N3OV |
| FY ending Sep 2021 | 4,519 | -1,108 | -24.5% | 17 | -330 | -439 | S100PVUR |
| FY ending Sep 2022 | 6,062 | -367 | -6.1% | 122 | 957 | 887 | S100SJUT |
| FY ending Sep 2023 | 7,257 | 139 | 1.9% | 109 | 19 | -134 | S100V0PH |
| FY ending Sep 2024 | 7,462 | 228 | 3.1% | 39 | 10 | -261 | S100XCZ1 |
| FY ending Sep 2025 | 7,251 | 195 | 2.7% | 76 | 133 | -457 | S100XCZ1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | ¥810.8K |
| Net income per employee (consolidated) | ¥314.8K |

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) | 313 | 299 | 269 | 266 | 241 |
| Average salary (parent company) | ¥3.8M | ¥3.5M | ¥3.7M | ¥3.9M | ¥4.4M |
| Average age (parent company) | 31.0 years | 32.0 years | 32.0 years | 32.0 years | 33.0 years |
| Average tenure (parent company) | 6.0 years | 7.0 years | 7.0 years | 7.0 years | 7.0 years |

Year over year: Employees (consolidated) -9.4% · Revenue (consolidated) -2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant business | 6,535 | 90.1% | 237 | 3.6% |
| Outside sale business | 683 | 9.4% | -55 | -8.0% |
| Real Estate Rental Business | 33 | 0.5% | 16 | 48.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Restaurant business | 90.1% | 93.8% | 3.7 | 3.6% |
| Outside sale business | 9.4% | — | — | -8.0% |
| Real Estate Rental Business | 0.5% | 6.2% | 5.8 | 48.1% |

Loss-making segment (excluded from profit shares): Outside sale business -55 JPY mn

Segment → industry: Outside sale business → Fisheries / Real Estate Rental Business → Real Estate Development & Leasing / Restaurant business → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 133 | 1.8% | S100XCZ1 |
| Capital expenditure | 590 | 8.1% | S100XCZ1 |
| Free cash flow | -457 | -6.3% | 算出 |
| Investing cash flow | -1,600 | -22.1% | S100XCZ1 |
| Financing cash flow | 1,285 | 17.7% | S100XCZ1 |
| Change in cash | -173 | -2.4% | S100XCZ1 |
| Cash and equivalents | 748 | 10.3% | S100XCZ1 |

## 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 | 995 | 1,766 | 1,416 | 920 | 748 | S100SJUT, S100V0PH, S100XCZ1 |
| Total assets | 4,248 | 4,418 | 4,583 | 4,271 | 5,606 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Net assets | 1,262 | 1,426 | 1,585 | 1,583 | 1,671 | S100SJUT, S100V0PH, S100XCZ1 |
| Share capital | 509 | 517 | 530 | 530 | 530 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Property, plant and equipment | 1,350 | 1,286 | 1,496 | 1,607 | 2,030 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Intangible assets excluding goodwill | 10 | 26 | 45 | 34 | 27 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Current assets | 2,236 | 2,453 | 2,345 | 1,963 | 2,886 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Current liabilities | 1,207 | 1,245 | 1,248 | 1,097 | 1,332 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Short-term borrowings | 400 | 200 | 100 | 100 | 250 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Long-term borrowings | 1,695 | 1,682 | 1,508 | 1,314 | 2,369 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Total liabilities | 2,986 | 2,992 | 2,998 | 2,689 | 3,935 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Equity attributable to owners of parent | 1,222 | 1,361 | 1,515 | 1,518 | 1,604 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Retained earnings | 333 | 455 | 564 | 603 | 679 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |
| Treasury stock | -30 | -30 | -18 | -54 | -46 | S100PVUR, S100SJUT, S100V0PH, S100XCZ1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XCZ1 |
| Property, plant and equipment | 36% | S100XCZ1 |
| Intangibles and goodwill | 1% | S100XCZ1 |
| Other assets | 50% | S100XCZ1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100XCZ1 |
| Equity | 30% | S100XCZ1 |
| Other liabilities | 0% | S100XCZ1 |

### 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 | 4,248 | 4,418 | 4,583 | 4,271 | 5,606 |
| Equity | 1,262 | 1,426 | 1,585 | 1,583 | 1,671 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 995 | 1,766 | 1,416 | 920 | 748 |

## 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) | 28.0% | S100XCZ1 |
| Fixed assets ÷ total assets | 36.2% | S100XCZ1 |
| Goodwill ÷ parent equity | — | —, S100XCZ1 |

### 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) | 13.3% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 68.0% |
| Cash vs. profit gap | 57 JPY mn (of net income 75.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 1204.7% |

## 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 | 0.4% | 1.06× | 0.4% | 3.48× | 1.4% | S100PVUR |
| 2022 | 2.0% | 1.40× | 2.8% | 3.35× | 9.4% | S100SJUT |
| 2023 | 1.5% | 1.61× | 2.4% | 3.13× | 7.6% | S100V0PH |
| 2024 | 0.5% | 1.69× | 0.9% | 2.92× | 2.6% | S100XCZ1 |
| 2025 | 1.0% | 1.47× | 1.5% | 3.16× | 4.9% | S100XCZ1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社なにわ | Major shareholder | 29.3% | 2025-09-30 |
| 坂本 大地 | Major shareholder | 10.8% | 2025-09-30 |
| 良川 忠必 | Major shareholder | 1.1% | 2025-09-30 |
| 東京一番フーズ従業員持株会 | Major shareholder | 0.8% | 2025-09-30 |
| 坂本 洋平 | Major shareholder | 0.8% | 2025-09-30 |
| 恵本 正志 | Major shareholder | 0.4% | 2025-09-30 |
| 井野 裕子 | Major shareholder | 0.3% | 2025-09-30 |
| 井上 和則 | Major shareholder | 0.3% | 2025-09-30 |
| 東京一番フーズ役員持株会 | Major shareholder | 0.2% | 2025-09-30 |
| 浦崎 旭 | Major shareholder | 0.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/10/01－2025/09/30) | S100XCZ1 | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCZ1,, |
| 有価証券報告書－第26期(2023/10/01－2024/09/30) | S100V0PH | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0PH,, |
| 有価証券報告書－第25期(2022/10/01－2023/09/30) | S100SJUT | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJUT,, |
| 有価証券報告書－第24期(令和3年10月1日－令和4年9月30日) | S100PVUR | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVUR,, |
| 有価証券報告書－第23期(令和2年10月1日－令和3年9月30日) | S100N3OV | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3OV,, |
| 有価証券報告書－第22期(令和1年10月1日－令和2年9月30日) | S100KG4I | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG4I,, |

## 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).