# UNICAFE INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/01/01－2025/12/31) (S100XTDG)
> Page: https://vizora.meequs.com/en/company/unicafe
> Retrieved: 2026-09-30T20:30:38.934Z

## Company

Unicafe, founded in 1972, is a company in Beverages & Dairy listed on TSE Standard. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNICAFE INC. |
| Ticker | 2597 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2597.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂八丁目5番26号 |
| Representative (per filing) | 代表取締役社長 塩澤 博紀 |
| Founded | Nov 1972 |
| Share capital | ¥2.52B |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | December |
| Website | unicafe.com (https://unicafe.com/) |
| Corporate number | 9010401030413 |
| EDINET | E00505 |
| Industries (Vizora) | Beverages & Dairy |

> Profile source: annual securities report (S100XTDG, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.1 | 17 |
| Profitability | 52.5 | 20 |
| Cash conversion | 82.5 | 20 |
| Efficiency | 47.5 | 20 |

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)

- Unicafe brought in ¥16.1B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +24.1% from the prior year, operating profit +31.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16056227000 → ¥674337000
- Net income → operating cash flow: ¥674337000 → ¥1432588000（difference ¥758251000）
- Main uses of operating cash flow: CapEx ¥322148000 / dividends ¥107042000 / buybacks ¥207000
- Change in cash: ¥309217000
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 | ¥16.1B |  |
| Operating income | ¥710.3M | Margin 4.4% |
| Net income | ¥674.3M | Margin 4.2% |
| Free cash flow | ¥1.11B |  |
| Employees (consolidated) | 199 |  |
| EPS | ¥32.11 |  |
| Book value per share | ¥479.3 |  |
| Equity ratio | 45.8% |  |
| Shares outstanding | 13,869,200 |  |
| Treasury shares | 486,100 |  |
| Shareholders | 38,452 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 25.0% | Cash ÷ revenue 24.1% |
| Vs. industry median margin | 0 pp | Beverages & Dairy |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, employees -1% while operating income rose 32%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14609726000 | ¥16056227000 | +9.9% |
| Operating income | ¥-315421000 | ¥710340000 | — |
| Operating margin | -2.2% | 4.4% | +6.6 pp |
| Employees | 250 people | 199 people | -20.4% |
| Cash and equivalents | ¥4227654000 | ¥3871500000 | -8.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,056 | 100.0% | S100XTDG |
| Cost of revenue | 13,094 | 81.5% | S100XTDG |
| Gross profit | 2,963 | 18.5% | S100XTDG |
| SG&A | 2,252 | 14.0% | S100XTDG |
| Operating income | 710 | 4.4% | S100XTDG |
| Ordinary income | 713 | 4.4% | S100XTDG |
| Pretax income | 712 | 4.4% | S100XTDG |
| Income tax | 37 | 0.2% | S100XTDG |
| Net income | 674 | 4.2% | S100XTDG |
| Net income attributable to owners | 674 | 4.2% | S100XTDG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.5% → Operating margin 4.4% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.1%; Core profit growth: +31.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.32×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,936 | 16,056 | 3,120 | +24.1% |
| Gross profit | 2,837 | 2,963 | 125 | +4.4% |
| Operating income | 538 | 710 | 172 | +31.9% |
| Net income attributable to owners | 458 | 674 | 217 | +47.3% |
| Operating cash flow | 740 | 1,433 | 692 | +93.5% |
| Free cash flow | 383 | 1,110 | 728 | +190.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 19,043 | 86 | 0.5% | -130 | 771 | 279 | S100L0PY |
| FY ending Dec 2020 | 14,610 | -315 | -2.2% | -2,085 | 372 | -96 | S100NQ6M |
| FY ending Dec 2021 | 15,219 | 14 | 0.1% | 294 | 467 | -734 | S100QG1V |
| FY ending Dec 2022 | 10,714 | -67 | -0.6% | -191 | 437 | -63 | S100T5A8 |
| FY ending Dec 2023 | 12,358 | 385 | 3.1% | 443 | 1,410 | 803 | S100WDVV |
| FY ending Dec 2024 | 12,936 | 538 | 4.2% | 458 | 740 | 383 | S100XTDG |
| FY ending Dec 2025 | 16,056 | 710 | 4.4% | 674 | 1,433 | 1,110 | S100XTDG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.7M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 202 | 218 | 213 | 200 | 199 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | ¥4.2M | ¥4.6M | ¥4.7M |
| Average age (parent company) | 35.3 years | 33.8 years | 33.9 years | 35.3 years | 35.6 years |
| Average tenure (parent company) | 9.3 years | 10.1 years | 10.2 years | 10.8 years | 11.0 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +24.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,433 | 8.9% | S100XTDG |
| Capital expenditure | 322 | 2.0% | S100XTDG |
| Free cash flow | 1,110 | 6.9% | 算出 |
| Investing cash flow | -322 | -2.0% | S100XTDG |
| Financing cash flow | -801 | -5.0% | S100XTDG |
| Dividends paid | 107 | 0.7% | S100XTDG |
| Share buyback | 0 | 0.0% | S100XTDG |
| Change in cash | 309 | 1.9% | S100XTDG |
| Cash and equivalents | 3,872 | 24.1% | S100XTDG |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,798 | 3,857 | 4,007 | 3,562 | 3,872 | S100T5A8, S100WDVV, S100XTDG |
| Total assets | 14,704 | 13,915 | 13,920 | 14,169 | 15,508 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Net assets | 6,099 | 5,818 | 6,162 | 6,521 | 7,099 | S100T5A8, S100WDVV, S100XTDG |
| Share capital | 2,510 | 2,514 | 2,518 | 2,521 | 2,521 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Trade receivables | 2,832 | — | — | — | — | S100QG1V |
| Property, plant and equipment | 5,472 | 5,285 | 5,411 | 5,333 | 5,249 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Intangible assets excluding goodwill | 69 | 47 | 26 | 12 | 13 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Investment securities | 79 | 82 | 81 | 87 | 99 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Current assets | 8,832 | 8,267 | 8,271 | 8,616 | 9,950 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Current liabilities | 5,026 | 5,234 | 5,680 | 6,314 | 7,455 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Trade payables | 3,245 | 3,940 | 4,357 | 4,909 | 6,278 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Short-term borrowings | 725 | 725 | 725 | 694 | 350 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Long-term borrowings | 3,281 | 2,556 | 1,831 | 1,138 | 788 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Total liabilities | 8,606 | 8,097 | 7,758 | 7,649 | 8,408 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Equity attributable to owners of parent | 6,108 | 5,818 | 6,162 | 6,518 | 7,087 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Retained earnings | 405 | 106 | 548 | 899 | 1,467 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |
| Treasury stock | -500 | -492 | -483 | -478 | -475 | S100QG1V, S100T5A8, S100WDVV, S100XTDG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XTDG |
| Property, plant and equipment | 34% | S100XTDG |
| Intangibles and goodwill | 0% | S100XTDG |
| Investment securities | 1% | S100XTDG |
| Other assets | 40% | S100XTDG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 40% | S100XTDG |
| Other liabilities | 14% | S100XTDG |
| Equity | 46% | S100XTDG |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,704 | 13,915 | 13,920 | 14,169 | 15,508 |
| Equity | 6,099 | 5,818 | 6,162 | 6,521 | 7,099 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,798 | 3,857 | 4,007 | 3,562 | 3,872 |

## 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) | 32.7% | S100XTDG |
| Fixed assets ÷ total assets | 33.9% | S100XTDG |
| Goodwill ÷ parent equity | — | —, S100XTDG |

### 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) | 25.0% |
| Cash ÷ revenue | 24.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 201.7% |
| Cash vs. profit gap | 758 JPY mn (of net income 112.4%) |
| Shareholder returns / net income | 15.9% |
| Shareholder returns / FCF | 9.7% |
| Shareholder payments — dividends / net income | 15.9% |
| Shareholder payments — dividends / FCF | 9.6% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 22.5% |

## 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 | 1.9% | 1.03× | 2.0% | 2.41× | 4.8% | S100QG1V |
| 2022 | — | —× | -1.3% | —× | — | S100T5A8 |
| 2023 | 3.6% | 0.89× | 3.2% | 2.32× | 7.4% | S100WDVV |
| 2024 | 3.5% | 0.92× | 3.3% | 2.22× | 7.2% | S100XTDG |
| 2025 | 4.2% | 1.08× | 4.5% | 2.18× | 9.9% | S100XTDG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| UCCジャパン株式会社 | Major shareholder | 52.4% | 2025-12-31 |
| 三菱商事株式会社 | Major shareholder | 9.8% | 2025-12-31 |
| 美鈴コーヒー株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| 上島豪太 | Major shareholder | 0.2% | 2025-12-31 |
| 佐藤産業株式会社 | Major shareholder | 0.2% | 2025-12-31 |
| タイヨー株式会社 | Major shareholder | 0.2% | 2025-12-31 |
| ユニカフェ従業員持株会 | Major shareholder | 0.1% | 2025-12-31 |
| 日本グラニュレーター株式会社 | Major shareholder | 0.1% | 2025-12-31 |
| 株式会社トミヤコーヒー | Major shareholder | 0.1% | 2025-12-31 |
| 株式会社日新工営 | Major shareholder | 0.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/01/01－2025/12/31) | S100XTDG | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTDG,, |
| 訂正有価証券報告書－第53期(2024/01/01－2024/12/31) | S100WDVV | 2025-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDVV,, |
| 有価証券報告書－第52期(2023/01/01－2023/12/31) | S100T5A8 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5A8,, |
| 有価証券報告書－第51期(2022/01/01－2022/12/31) | S100QG1V | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG1V,, |
| 有価証券報告書－第50期(令和3年1月1日－令和3年12月31日) | S100NQ6M | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ6M,, |
| 有価証券報告書－第49期(令和2年1月1日－令和2年12月31日) | S100L0PY | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0PY,, |

## 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).