# TORIDOLL Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/04/01－2026/03/31) (S100YDW4)
> Page: https://vizora.meequs.com/en/company/toridoll-holdings
> Retrieved: 2026-09-30T22:34:36.812Z

## Company

TORIDOLL Holdings, founded in 1995, is a company in Fast Food & Quick Service listed on TSE Prime. It has 7,775 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TORIDOLL Holdings Corporation |
| Ticker | 3397 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3397.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区道玄坂一丁目21番1号 |
| Representative (per filing) | 代表取締役社長 粟田貴也 |
| Founded | Oct 1995 |
| Share capital | ¥5.44B |
| Employees (consolidated) | 7,775 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.toridoll.com (https://www.toridoll.com/) |
| Corporate number | 8140001028201 |
| EDINET | E03468 |
| Industries (Vizora) | Fast Food & Quick Service, Cafés |

> Profile source: annual securities report (S100YDW4, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.9 | 18 |
| Profitability | 34.1 | 22 |
| Cash conversion | 88.1 | 21 |
| Efficiency | 2.3 | 22 |

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 49% of TORIDOLL Holdings's sales come from Marugame seimen segment, with Overseas segment and Others segment, Reportable segment making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +22.0%.

## Company structure

- Segment revenue mix: Marugame seimen segment 49.2%、Overseas segment 36.6%、Others segment, Reportable segment 14.2%
- Revenue → net income: ¥278715000000 → ¥2748000000
- Net income → operating cash flow: ¥2748000000 → ¥49238000000（difference ¥46490000000）
- Main uses of operating cash flow: CapEx ¥13831000000 / dividends ¥876000000 / buybacks —
- Change in cash: ¥-12383000000
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 | ¥278.7B |  |
| Operating income | ¥10.6B | Margin 3.8% |
| Net income | ¥2.31B | Margin 0.8% |
| Free cash flow | ¥35.4B |  |
| Largest business | Marugame seimen segment | of segment revenue 49.2% |
| Employees (consolidated) | 7,775 |  |
| EPS | ¥21.65 |  |
| Diluted EPS | ¥21.5 |  |
| Book value per share | ¥304.38 |  |
| Equity ratio | 29.9% | Derived from disclosed figures |
| Shares outstanding | 88,731,752 |  |
| Treasury shares | 814,100 |  |
| Shareholders | 176,031 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 25.1% |
| Vs. industry median margin | -1.7 pp | Fast Food & Quick Service |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 21.3× net income
- FY2026, one segment accounts for 70% of positive segment profit
- FY2026, employees -1% while operating income rose 22%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥134760000000 | ¥278715000000 | +106.8% |
| Operating income | ¥-7336000000 | ¥10578000000 | — |
| Operating margin | -5.4% | 3.8% | +9.2 pp |
| Employees | 4,475 people | 7,775 people | +73.7% |
| Cash and equivalents | ¥24969000000 | ¥69888000000 | +179.9% |

### 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 |
| --- | ---: |
| 丸亀製麺 → 丸亀製麺 | 49.2% |
| 丸亀製麺 → 事業再編・廃止 | 10.9% |
| 海外事業 → 海外事業 | 23.2% |
| その他 → 事業再編・廃止 | 16.7% |
| 新設・再編 → 国内その他 | 14.2% |
| 新設・再編 → 海外事業 | 13.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marugame seimen segment | 5 years | +11.1% | ¥137193000000 | 16.0% | 2 |
| Overseas segment | 5 years | +26.6% | ¥101895000000 | 5.2% | 2 |
| Others segment, Reportable segment | 3 years | +17.0% | ¥39626000000 | 10.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 278,715 | 100.0% | S100YDW4 |
| Cost of revenue | 68,097 | 24.4% | S100YDW4 |
| Gross profit | 210,617 | 75.6% | S100YDW4 |
| SG&A | 189,158 | 67.9% | S100YDW4 |
| Operating income | 10,578 | 3.8% | S100YDW4 |
| Pretax income | 8,089 | 2.9% | S100YDW4 |
| Income tax | 5,341 | 1.9% | S100YDW4 |
| Net income | 2,748 | 1.0% | S100YDW4 |
| Net income attributable to owners | 2,311 | 0.8% | S100YDW4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 68 |
| Other operating | 4 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 75.6% → Operating margin 3.8% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +22.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.61×
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 | 268,228 | 278,715 | 10,487 | +3.9% |
| Gross profit | 203,936 | 210,617 | 6,681 | +3.3% |
| Operating income | 8,674 | 10,578 | 1,904 | +22.0% |
| Net income attributable to owners | 1,874 | 2,311 | 437 | +23.3% |
| Operating cash flow | 37,670 | 49,238 | 11,568 | +30.7% |
| Free cash flow | 23,791 | 35,407 | 11,616 | +48.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 101,779 | — | — | 5,631 | 9,743 | — | S100LTIP |
| FY ending Mar 2018 | 116,504 | — | — | 4,665 | 9,862 | — | S100OK6L |
| FY ending Mar 2019 | 145,022 | — | — | 267 | 8,416 | — | S100R7CF |
| FY ending Mar 2020 | 156,478 | 4,367 | 2.8% | 1,956 | 29,593 | 17,869 | S100LTIP |
| FY ending Mar 2021 | 134,760 | -7,336 | -5.4% | -5,456 | 21,258 | 12,406 | S100OK6L |
| FY ending Mar 2022 | 153,355 | 14,243 | 9.3% | 8,979 | 35,118 | 28,151 | S100R7CF |
| FY ending Mar 2023 | 188,320 | 7,466 | 4.0% | 3,827 | 32,595 | 21,163 | S100TKT1 |
| FY ending Mar 2024 | 231,952 | 11,389 | 4.9% | 5,459 | 42,794 | 33,663 | S100VXRO |
| FY ending Mar 2025 | 268,228 | 8,674 | 3.2% | 1,874 | 37,670 | 23,791 | S100YDW4 |
| FY ending Mar 2026 | 278,715 | 10,578 | 3.8% | 2,311 | 49,238 | 35,407 | S100YDW4 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥297.2K |

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) | 4,928 | 5,795 | 7,790 | 7,830 | 7,775 |
| Average salary (parent company) | ¥7.2M | ¥7.4M | ¥7.7M | ¥8.1M | ¥8.3M |
| Average age (parent company) | 39.2 years | 39.9 years | 40.5 years | 41.5 years | 42.0 years |
| Average tenure (parent company) | 5.4 years | 6.3 years | 6.3 years | 6.3 years | 6.4 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +3.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marugame seimen segment | 137,193 | 49.2% | 21,955 | 16.0% |
| Others segment, Reportable segment | 39,626 | 14.2% | 4,152 | 10.5% |
| Overseas segment | 101,895 | 36.6% | 5,285 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marugame seimen segment | 49.2% | 69.9% | 20.7 | 16.0% |
| Others segment, Reportable segment | 14.2% | 13.2% | -1.0 | 10.5% |
| Overseas segment | 36.6% | 16.8% | -19.7 | 5.2% |

Segment → industry: Overseas segment → Fast Food & Quick Service / Others segment, Reportable segment → Fast Food & Quick Service / Marugame seimen segment → Fast Food & Quick Service / Others segment, Reportable segment → Cafés

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 49,238 | 17.7% | S100YDW4 |
| Capital expenditure | 13,831 | 5.0% | S100YDW4 |
| Free cash flow | 35,407 | 12.7% | 算出 |
| Investing cash flow | -15,659 | -5.6% | S100YDW4 |
| Financing cash flow | -48,132 | -17.3% | S100YDW4 |
| Dividends paid | 876 | 0.3% | S100YDW4 |
| Change in cash | -12,383 | -4.4% | S100YDW4 |
| Cash and equivalents | 69,888 | 25.1% | S100YDW4 |

## 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 | 53,463 | 67,456 | 70,627 | 82,271 | 69,888 | S100TKT1, S100VXRO, S100YDW4 |
| Total assets | 240,840 | 266,235 | 321,438 | 323,196 | 309,072 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Net assets | 69,978 | 78,158 | 90,135 | 96,535 | 92,356 | S100TKT1, S100VXRO, S100YDW4 |
| Share capital | 4,498 | 4,673 | 4,834 | 5,145 | 5,436 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Property, plant and equipment | 31,783 | 36,143 | 44,281 | 46,689 | 51,156 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Goodwill | 31,551 | 33,692 | 44,709 | 41,977 | 37,874 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Current assets | 61,087 | 77,801 | 85,960 | 97,638 | 86,455 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Total liabilities | 170,862 | 188,078 | 231,303 | 226,661 | 216,715 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Equity attributable to owners of parent | 62,024 | 69,566 | 80,600 | 87,243 | 92,411 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Retained earnings | 31,338 | 34,207 | 38,816 | 39,424 | 40,491 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |
| Treasury stock | -1,020 | -1,003 | -994 | -984 | -975 | S100R7CF, S100TKT1, S100VXRO, S100YDW4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YDW4 |
| Property, plant and equipment | 16% | S100YDW4 |
| Intangibles and goodwill | 12% | — |
| Other assets | 49% | S100YDW4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100YDW4 |
| Equity | 30% | S100YDW4 |
| Other liabilities | 0% | S100YDW4 |

### 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 | 240,840 | 266,235 | 321,438 | 323,196 | 309,072 |
| Equity | 69,978 | 78,158 | 90,135 | 96,535 | 92,356 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 53,463 | 67,456 | 70,627 | 82,271 | 69,888 |

## 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) | 18.4% | S100YDW4 |
| Fixed assets ÷ total assets | 16.6% | S100YDW4 |
| Goodwill ÷ parent equity | 41.0% | S100YDW4 |

Goodwill over 4 years: 31,551 → 37,874 JPY; total investing cash flow: -72,790 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) | 22.6% |
| Cash ÷ revenue | 25.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 465.5% |
| Cash vs. profit gap | 46,927 JPY mn (of net income 2030.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.9% |
| Shareholder payments — dividends / FCF | 2.5% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 31.8% |

## 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 | 5.9% | 0.64× | 3.7% | 3.88× | 14.5% | S100R7CF |
| 2023 | 2.0% | 0.74× | 1.5% | 3.85× | 5.8% | S100TKT1 |
| 2024 | 2.4% | 0.79× | 1.9% | 3.91× | 7.3% | S100VXRO |
| 2025 | 0.7% | 0.83× | 0.6% | 3.84× | 2.2% | S100YDW4 |
| 2026 | 0.8% | 0.88× | 0.7% | 3.52× | 2.6% | S100YDW4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 粟田 貴也 | Major shareholder | 31.4% | 2026-03-31 |
| 有限会社ティーアンドティー | Major shareholder | 12.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.5% | 2026-03-31 |
| 特定有価証券信託受託者 株式会社SMBC信託銀行 | Major shareholder | 4.3% | 2026-03-31 |
| アリアケジャパン株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) （常任代理人 株式会社三菱UFJ銀行決済事業部） | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YDW4 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDW4,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100VXRO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXRO,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TKT1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKT1,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100R7CF | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7CF,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OK6L | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK6L,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LTIP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTIP,, |

## 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).