# TOWA FOOD SERVICE CO.,LTD.: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/05/01－2026/04/30) (S100YSG1)
> Page: https://vizora.meequs.com/en/company/towa-food-service
> Retrieved: 2026-09-30T19:58:26.006Z

## Company

Towa Food Service, founded in 1981, is a company in Cafés listed on TSE Standard. It has 214 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOWA FOOD SERVICE CO.,LTD |
| Ticker | 3329 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3329.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋三丁目20番1号 |
| Representative (per filing) | 代表取締役社長CEO 岸野 誠人 |
| Founded | Jul 1981 |
| Share capital | ¥50M |
| Employees (consolidated) | 214 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | April |
| Website | www.towafood-net.co.jp (https://www.towafood-net.co.jp/) |
| Corporate number | 6010401083455 |
| EDINET | E03436 |
| Industries (Vizora) | Cafés |

> Profile source: annual securities report (S100YSG1, filed 2026-07-28). As of filing

## Five-axis industry profile

Primary industry: Cafés (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 4 |
| Profitability | 62.5 | 4 |
| Cash conversion | 37.5 | 4 |
| Efficiency | 62.5 | 4 |

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)

- Towa Food Service brought in ¥13.3B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit -7.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13314546000 → ¥751040000
- Net income → operating cash flow: ¥751040000 → ¥1041313000（difference ¥290273000）
- Main uses of operating cash flow: CapEx ¥536365000 / dividends ¥161411000 / buybacks —
- Change in cash: ¥-137564000
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 | ¥13.3B |  |
| Operating income | ¥983.8M | Margin 7.4% |
| Net income | ¥751M | Margin 5.6% |
| Free cash flow | ¥504.9M |  |
| Employees (consolidated) | 214 |  |
| EPS | ¥93.05 |  |
| Book value per share | ¥962.71 |  |
| Equity ratio | 79.2% |  |
| Shares outstanding | 8,186,400 |  |
| Treasury shares | 114,800 |  |
| Shareholders | 6,193 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | +0.5 pp | Cafés |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7029981000 | ¥13314546000 | +89.4% |
| Operating income | ¥-1134767000 | ¥983763000 | — |
| Operating margin | -16.1% | 7.4% | +23.5 pp |
| Employees | 234 people | 214 people | -8.5% |
| Cash and equivalents | ¥1575033000 | ¥1720858000 | +9.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,315 | 100.0% | S100YSG1 |
| Cost of revenue | 3,645 | 27.4% | S100YSG1 |
| Gross profit | 9,669 | 72.6% | S100YSG1 |
| SG&A | 8,686 | 65.2% | S100YSG1 |
| Operating income | 984 | 7.4% | S100YSG1 |
| Ordinary income | 1,133 | 8.5% | S100YSG1 |
| Pretax income | 1,105 | 8.3% | S100YSG1 |
| Income tax | 354 | 2.7% | S100YSG1 |
| Net income | 751 | 5.6% | S100YSG1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 65 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 72.6% → Operating margin 7.4% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.9%; Core profit growth: -7.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.90×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,813 | 13,315 | 502 | +3.9% |
| Gross profit | 9,367 | 9,669 | 302 | +3.2% |
| Operating income | 1,063 | 984 | -79 | -7.4% |
| Operating cash flow | 944 | 1,041 | 98 | +10.4% |
| Free cash flow | 477 | 505 | 28 | +5.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 10,230 | 113 | 1.1% | -23 | 437 | -114 | S100N2P3 |
| FY ending Apr 2021 | 7,030 | -1,135 | -16.1% | -61 | -70 | -163 | S100OS1X |
| FY ending Apr 2022 | 8,247 | -751 | -9.1% | 699 | 1,864 | 1,759 | S100RGCB |
| FY ending Apr 2023 | 10,847 | 615 | 5.7% | 426 | 646 | 232 | S100VTIW |
| FY ending Apr 2024 | 12,383 | 997 | 8.1% | 704 | 1,321 | 975 | S100WEOL |
| FY ending Apr 2025 | 12,813 | 1,063 | 8.3% | 721 | 944 | 477 | S100YSG1 |
| FY ending Apr 2026 | 13,315 | 984 | 7.4% | 751 | 1,041 | 505 | S100YSG1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.2M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.5M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 215 | 214 | 205 | 204 | 214 |
| Average salary (parent company) | ¥4.5M | ¥4.7M | ¥4.9M | ¥5M | ¥5.1M |
| Average age (parent company) | 37.2 years | 37.6 years | 38.4 years | 39.0 years | 38.9 years |
| Average tenure (parent company) | 11.2 years | 11.4 years | 12.2 years | 12.0 years | 11.3 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +3.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,041 | 7.8% | S100YSG1 |
| Capital expenditure | 536 | 4.0% | S100YSG1 |
| Free cash flow | 505 | 3.8% | 算出 |
| Investing cash flow | -1,013 | -7.6% | S100YSG1 |
| Financing cash flow | -166 | -1.2% | S100YSG1 |
| Dividends paid | 161 | 1.2% | S100YSG1 |
| Change in cash | -138 | -1.0% | S100YSG1 |
| Cash and equivalents | 1,721 | 12.9% | S100YSG1 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,899 | 1,621 | 1,817 | 1,858 | 1,721 | S100VTIW, S100WEOL, S100YSG1 |
| Total assets | 8,519 | 8,444 | 8,721 | 9,170 | 9,816 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Net assets | 5,676 | 6,016 | 6,617 | 7,172 | 7,771 | S100VTIW, S100WEOL, S100YSG1 |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Property, plant and equipment | 1,571 | 1,463 | 1,536 | 1,668 | 1,825 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Intangible assets excluding goodwill | 19 | 53 | 43 | 45 | 36 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Investment securities | 35 | 41 | 68 | 62 | 70 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Current assets | 4,660 | 4,700 | 4,892 | 5,272 | 5,757 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Current liabilities | 1,618 | 1,730 | 1,376 | 1,282 | 1,334 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Long-term borrowings | 600 | — | — | — | — | S100RGCB |
| Total liabilities | 2,844 | 2,427 | 2,104 | 1,998 | 2,045 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Equity attributable to owners of parent | 5,667 | 6,004 | 6,587 | 7,147 | 7,741 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Retained earnings | 4,411 | 4,748 | 5,332 | 5,891 | 6,481 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |
| Treasury stock | -101 | -101 | -101 | -101 | -99 | S100RGCB, S100VTIW, S100WEOL, S100YSG1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YSG1 |
| Property, plant and equipment | 19% | S100YSG1 |
| Intangibles and goodwill | 0% | S100YSG1 |
| Investment securities | 1% | S100YSG1 |
| Other assets | 63% | S100YSG1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YSG1 |
| Equity | 79% | S100YSG1 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,519 | 8,444 | 8,721 | 9,170 | 9,816 |
| Equity | 5,676 | 6,016 | 6,617 | 7,172 | 7,771 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,899 | 1,621 | 1,817 | 1,858 | 1,721 |

## 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) | 13.7% | S100YSG1 |
| Fixed assets ÷ total assets | 18.6% | S100YSG1 |
| Goodwill ÷ parent equity | — | —, S100YSG1 |

### 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) | 17.5% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.8% |
| Cash vs. profit gap | 290 JPY mn (of net income 38.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.5% |
| Shareholder payments — dividends / FCF | 32.0% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 97.3% |

## 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 | 8.5% | 0.97× | 8.2% | 1.50× | 12.3% | S100RGCB |
| 2023 | 3.9% | 1.28× | 5.0% | 1.45× | 7.3% | S100VTIW |
| 2024 | 5.7% | 1.44× | 8.2% | 1.36× | 11.2% | S100WEOL |
| 2025 | 5.6% | 1.43× | 8.1% | 1.30× | 10.5% | S100YSG1 |
| 2026 | 5.6% | 1.40× | 7.9% | 1.28× | 10.1% | S100YSG1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岸野 秀英 | Major shareholder | 19.6% | 2026-04-30 |
| 柏野 雄二 | Major shareholder | 18.3% | 2026-04-30 |
| 誠香インベストメント株式会社 | Major shareholder | 11.5% | 2026-04-30 |
| 岸野 誠人 | Major shareholder | 9.8% | 2026-04-30 |
| 安藤 香織 | Major shareholder | 6.4% | 2026-04-30 |
| 日清オイリオグループ株式会社 | Major shareholder | 0.8% | 2026-04-30 |
| サントリー株式会社 | Major shareholder | 0.8% | 2026-04-30 |
| 株式会社久世 | Major shareholder | 0.8% | 2026-04-30 |
| 森永乳業株式会社 | Major shareholder | 0.8% | 2026-04-30 |
| ＵＣＣジャパン株式会社 | Major shareholder | 0.8% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/05/01－2026/04/30) | S100YSG1 | 2026-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSG1,, |
| 有価証券報告書－第26期(2024/05/01－2025/04/30) | S100WEOL | 2025-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEOL,, |
| 訂正有価証券報告書－第25期(2023/05/01－2024/04/30) | S100VTIW | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTIW,, |
| 有価証券報告書－第24期(2022/05/01－2023/04/30) | S100RGCB | 2023-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGCB,, |
| 有価証券報告書－第23期(令和3年5月1日－令和4年4月30日) | S100OS1X | 2022-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OS1X,, |
| 訂正有価証券報告書－第22期(令和2年5月1日－令和3年4月30日) | S100N2P3 | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2P3,, |

## 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).