# UKAI CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/04/01－2026/03/31) (S100YL71)
> Page: https://vizora.meequs.com/en/company/ukai
> Retrieved: 2026-09-30T20:18:10.483Z

## Company

Ukai, founded in 1982, is a company in Processed Foods listed on TSE Standard. It has 589 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UKAI CO.,LTD. |
| Ticker | 7621 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7621.T) |
| Listing | TSE Standard |
| Head office | 東京都八王子市南浅川町3426番地 |
| Representative (per filing) | 代表取締役社長 紺野 俊也 |
| Founded | Aug 1982 |
| Share capital | ¥100M |
| Employees (consolidated) | 589 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.ukai.co.jp (https://www.ukai.co.jp/) |
| Corporate number | 6010101000462 |
| EDINET | E03324 |
| Industries (Vizora) | Processed Foods, Theme Parks & Leisure Facilities, Restaurants & Pubs |

> Profile source: annual securities report (S100YL71, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33 | 56 |
| Profitability | 73.5 | 66 |
| Cash conversion | 8.2 | 55 |
| Efficiency | 29.5 | 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 81% of Ukai's sales come from Restaurant division, with Product sales division and Culture division making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit +15.2%.

## Company structure

- Segment revenue mix: Restaurant division 81.2%、Product sales division 14.7%、Culture division 4.1%
- Revenue → net income: ¥13570037000 → ¥295495000
- Net income → operating cash flow: ¥295495000 → ¥617131000（difference ¥321636000）
- Main uses of operating cash flow: CapEx ¥934071000 / dividends ¥84062000 / buybacks —
- Change in cash: ¥-2337528000
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 | ¥13.6B |  |
| Operating income | ¥831.5M | Margin 6.1% |
| Net income | ¥295.5M | Margin 2.2% |
| Free cash flow | -¥316.9M |  |
| Largest business | Restaurant division | of segment revenue 81.2% |
| Employees (consolidated) | 589 |  |
| EPS | ¥52.64 |  |
| Diluted EPS | ¥52.63 |  |
| Book value per share | ¥893.1 |  |
| Equity ratio | 47.9% |  |
| Shares outstanding | 5,616,940 |  |
| Treasury shares | 1,400 |  |
| Shareholders | 4,716 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 29.4% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | +2.2 pp | Restaurants & Pubs |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, employees -10% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8575073000 | ¥13570037000 | +58.2% |
| Operating income | ¥-1199709000 | ¥831485000 | — |
| Operating margin | -14.0% | 6.1% | +20.1 pp |
| Employees | 712 people | 589 people | -17.3% |
| Cash and equivalents | ¥413575000 | ¥3076397000 | +643.9% |

### 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 |
| --- | ---: |
| 事業本部 → 事業再編・廃止 | 92.4% |
| 文化事業 → 事業再編・廃止 | 7.6% |
| 新設・再編 → レストラン事業部 | 81.2% |
| 新設・再編 → 物販事業部 | 14.7% |
| 新設・再編 → 文化事業部 | 4.1% |

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 division | 4 years | +10.5% | ¥11022729000 | 14.9% | 2 |
| Product sales division | 4 years | +4.6% | ¥1994804000 | 11.1% | 2 |
| Culture division | 4 years | -7.2% | ¥552503000 | 2.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,570 | 100.0% | S100YL71 |
| Cost of revenue | 5,674 | 41.8% | S100YL71 |
| Gross profit | 7,896 | 58.2% | S100YL71 |
| SG&A | 7,065 | 52.1% | S100YL71 |
| Operating income | 831 | 6.1% | S100YL71 |
| Ordinary income | 846 | 6.2% | S100YL71 |
| Pretax income | 573 | 4.2% | S100YL71 |
| Income tax | 277 | 2.0% | S100YL71 |
| Net income | 295 | 2.2% | S100YL71 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 52 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 58.2% → Operating margin 6.1% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.8%; Core profit growth: +15.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 19.10×
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 | 13,463 | 13,570 | 107 | +0.8% |
| Gross profit | 7,646 | 7,896 | 250 | +3.3% |
| Operating income | 722 | 831 | 110 | +15.2% |
| Operating cash flow | 1,236 | 617 | -619 | -50.1% |
| Free cash flow | 1,092 | -317 | -1,408 | -129.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,289 | -261 | -2.0% | -496 | 9 | -240 | S100LTCK |
| FY ending Mar 2021 | 8,575 | -1,200 | -14.0% | -1,677 | -909 | -1,201 | S100OGXN |
| FY ending Mar 2022 | 9,815 | -1,083 | -11.0% | -869 | 159 | 99 | S100RI13 |
| FY ending Mar 2023 | 12,652 | 764 | 6.0% | 918 | 1,472 | 1,341 | S100TY9T |
| FY ending Mar 2024 | 13,326 | 890 | 6.7% | 870 | 1,174 | 974 | S100W8ZB |
| FY ending Mar 2025 | 13,463 | 722 | 5.4% | 137 | 1,236 | 1,092 | S100YL71 |
| FY ending Mar 2026 | 13,570 | 831 | 6.1% | 295 | 617 | -317 | S100YL71 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥501.7K |

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) | 668 | 639 | 638 | 658 | 589 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥5M | ¥4.9M | ¥5M |
| Average age (parent company) | 35.9 years | 36.3 years | 37.0 years | 37.2 years | 38.8 years |
| Average tenure (parent company) | 7.4 years | 7.9 years | 8.1 years | 8.1 years | 8.6 years |

Year over year: Employees (consolidated) -10.5% · Revenue (consolidated) +0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant division | 11,023 | 81.2% | 1,642 | 14.9% |
| Product sales division | 1,995 | 14.7% | 221 | 11.1% |
| Culture division | 553 | 4.1% | 15 | 2.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Restaurant division | 81.2% | 87.4% | 6.2 | 14.9% |
| Product sales division | 14.7% | 11.8% | -2.9 | 11.1% |
| Culture division | 4.1% | 0.8% | -3.3 | 2.7% |

Segment → industry: Product sales division → Processed Foods / Culture division → Theme Parks & Leisure Facilities / Restaurant division → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 617 | 4.5% | S100YL71 |
| Capital expenditure | 934 | 6.9% | S100YL71 |
| Free cash flow | -317 | -2.3% | 算出 |
| Investing cash flow | -2,285 | -16.8% | S100YL71 |
| Financing cash flow | -670 | -4.9% | S100YL71 |
| Dividends paid | 84 | 0.6% | S100YL71 |
| Change in cash | -2,338 | -17.2% | S100YL71 |
| Cash and equivalents | 3,076 | 22.7% | S100YL71 |

## 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 | 1,866 | 2,289 | 1,817 | 5,414 | 3,076 | S100TY9T, S100W8ZB, S100YL71 |
| Total assets | 10,981 | 11,256 | 10,760 | 10,901 | 10,473 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Net assets | 2,985 | 3,900 | 4,700 | 4,769 | 5,016 | S100TY9T, S100W8ZB, S100YL71 |
| Share capital | 1,808 | 100 | 100 | 100 | 100 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Property, plant and equipment | 6,059 | 5,794 | 5,600 | 2,305 | 2,780 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Intangible assets excluding goodwill | 89 | 65 | 65 | 39 | 50 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Investment securities | 88 | 83 | 114 | 136 | 169 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Current assets | 3,193 | 3,658 | 3,290 | 6,876 | 5,929 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Current liabilities | 5,836 | 5,468 | 2,959 | 3,049 | 2,845 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Short-term borrowings | 4,050 | 3,495 | 1,000 | 750 | 600 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Long-term borrowings | 877 | 577 | 1,735 | 1,493 | 1,286 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Total liabilities | 7,997 | 7,356 | 6,061 | 6,132 | 5,457 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Equity attributable to owners of parent | 2,969 | 3,887 | 4,673 | 4,734 | 4,965 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Retained earnings | -1,483 | 918 | 1,704 | 1,746 | 1,957 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100RI13, S100TY9T, S100W8ZB, S100YL71 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YL71 |
| Property, plant and equipment | 27% | S100YL71 |
| Intangibles and goodwill | 0% | S100YL71 |
| Investment securities | 2% | S100YL71 |
| Other assets | 42% | S100YL71 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YL71 |
| Equity | 48% | S100YL71 |

### 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 | 10,981 | 11,256 | 10,760 | 10,901 | 10,473 |
| Equity | 2,985 | 3,900 | 4,700 | 4,769 | 5,016 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,866 | 2,289 | 1,817 | 5,414 | 3,076 |

## 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) | 20.5% | S100YL71 |
| Fixed assets ÷ total assets | 26.5% | S100YL71 |
| Goodwill ÷ parent equity | — | —, S100YL71 |

### 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) | 29.4% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.2% |
| Cash vs. profit gap | 322 JPY mn (of net income 108.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 370.2% |

## 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 | — | —× | -7.9% | —× | — | S100RI13 |
| 2023 | 7.3% | 1.14× | 8.3% | 3.24× | 26.8% | S100TY9T |
| 2024 | 6.5% | 1.21× | 7.9% | 2.57× | 20.3% | S100W8ZB |
| 2025 | 1.0% | 1.24× | 1.3% | 2.30× | 2.9% | S100YL71 |
| 2026 | 2.2% | 1.27× | 2.8% | 2.20× | 6.1% | S100YL71 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人鵜飼家持株会 | Major shareholder | 24.3% | 2026-03-31 |
| 京王電鉄株式会社 | Major shareholder | 13.7% | 2026-03-31 |
| キッコーマン株式会社 | Major shareholder | 8.9% | 2026-03-31 |
| 株式会社青山財産ネットワークス | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社群馬銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 多摩信用金庫 | Major shareholder | 1.3% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 0.7% | 2026-03-31 |
| エノテカ株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YL71 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL71,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W8ZB | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8ZB,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TY9T | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY9T,, |
| 訂正有価証券報告書－第41期(2022/04/01－2023/03/31) | S100RI13 | 2023-08-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RI13,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OGXN | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGXN,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LTCK | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTCK,, |

## 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).