# United Super Markets Holdings Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第11期(2025/03/01－2026/02/28) (S100Y6HP)
> Page: https://vizora.meequs.com/en/company/united-super-markets-holdings
> Retrieved: 2026-09-30T21:58:04.305Z

## Company

United Super Markets Holdings, founded in 2014, is a company in Supermarkets listed on TSE Standard. It has 9,349 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | United Super Markets Holdings Inc. |
| Ticker | 3222 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3222.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田駿河台二丁目9番地17 |
| Representative (per filing) | 代表取締役社長 井出 武美 |
| Founded | Oct 2014 |
| Share capital | ¥10B |
| Employees (consolidated) | 9,349 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | February |
| Website | www.usmh.co.jp (https://www.usmh.co.jp/) |
| Corporate number | 8010001166286 |
| EDINET | E31159 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y6HP, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.3 | 45 |
| Profitability | 5.1 | 49 |
| Cash conversion | 92.6 | 47 |
| Efficiency | 72.4 | 49 |

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)

- United Super Markets Holdings brought in ¥944.4B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +18.9% from the prior year, operating profit -15.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥944.4B |  |
| Operating income | ¥5.05B | Margin 0.5% |
| Net income | -¥3.19B | Margin -0.3% |
| Free cash flow | ¥2.3B |  |
| Employees (consolidated) | 9,349 |  |
| EPS | ¥16.14 |  |
| Diluted EPS | ¥16.12 |  |
| Book value per share | ¥884.22 |  |
| Equity ratio | 52.9% |  |
| Shares outstanding | 199,100,691 |  |
| Treasury shares | 3,516,000 |  |
| Shareholders | 158,504 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 8.5% | Cash ÷ revenue 3.4% |
| Vs. industry median margin | -2.3 pp | Supermarkets |
| ROA | -0.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥718904000000 | ¥944425000000 | +31.4% |
| Operating income | ¥19124000000 | ¥5050000000 | -73.6% |
| Operating margin | 2.7% | 0.5% | -2.1 pp |
| Employees | 7,313 people | 9,349 people | +27.8% |
| Cash and equivalents | ¥38118000000 | ¥32411000000 | -15.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 944,425 | 100.0% | S100Y6HP |
| Cost of revenue | 674,630 | 71.4% | S100Y6HP |
| Gross profit | 269,795 | 28.6% | S100Y6HP |
| SG&A | 284,080 | 30.1% | S100Y6HP |
| Operating income | 5,050 | 0.5% | S100Y6HP |
| Ordinary income | 4,911 | 0.5% | S100Y6HP |
| Pretax income | -381 | -0.0% | S100Y6HP |
| Income tax | 2,804 | 0.3% | S100Y6HP |
| Net income | -3,185 | -0.3% | S100Y6HP |
| Net income attributable to owners | -3,185 | -0.3% | S100Y6HP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 30 |
| Other operating | -2 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 28.6% → Operating margin 0.5% → Net margin -0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +18.9%; Core profit growth: -15.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.82×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 793,986 | 944,425 | 150,439 | +18.9% |
| Gross profit | 229,903 | 269,795 | 39,892 | +17.4% |
| Operating income | 5,978 | 5,050 | -928 | -15.5% |
| Net income attributable to owners | 810 | -3,185 | -3,995 | -493.2% |
| Operating cash flow | 14,485 | 25,603 | 11,118 | +76.8% |
| Free cash flow | -12,004 | 2,301 | 14,305 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 676,336 | 9,357 | 1.4% | 1,636 | 16,290 | -1,861 | S100LDAU |
| FY ending Feb 2021 | 718,904 | 19,124 | 2.7% | 8,845 | 29,919 | 12,913 | S100O2YD |
| FY ending Feb 2022 | 701,159 | 12,155 | 1.7% | 5,374 | 16,016 | -8,472 | S100QXFL |
| FY ending Feb 2023 | 691,981 | 6,384 | 0.9% | 1,336 | 15,210 | -5,321 | S100THP3 |
| FY ending Feb 2024 | 690,498 | 6,907 | 1.0% | 1,008 | 21,496 | -2,365 | S100VTFM |
| FY ending Feb 2025 | 793,986 | 5,978 | 0.8% | 810 | 14,485 | -12,004 | S100Y6HP |
| FY ending Feb 2026 | 944,425 | 5,050 | 0.5% | -3,185 | 25,603 | 2,301 | S100Y6HP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥101M |
| Operating income per employee (consolidated) | ¥540.2K |
| Net income per employee (consolidated) | -¥340.7K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,330 | 7,230 | 7,192 | 9,300 | 9,349 |
| Average salary (parent company) | ¥7M | ¥8M | ¥8M | ¥7M | ¥6M |
| Average age (parent company) | 48.1 years | 50.5 years | 46.0 years | 47.5 years | 46.3 years |
| Average tenure (parent company) | 2.5 years | 2.5 years | 3.0 years | 4.4 years | 1.6 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +18.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 25,603 | 2.7% | S100Y6HP |
| Capital expenditure | 23,302 | 2.5% | S100Y6HP |
| Free cash flow | 2,301 | 0.2% | 算出 |
| Investing cash flow | -16,632 | -1.8% | S100Y6HP |
| Financing cash flow | -12,294 | -1.3% | S100Y6HP |
| Dividends paid | 3,128 | 0.3% | S100Y6HP |
| Share buyback | 1 | 0.0% | S100Y6HP |
| Change in cash | -3,324 | -0.4% | S100Y6HP |
| Cash and equivalents | 32,411 | 3.4% | S100Y6HP |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 32,498 | 25,632 | 21,134 | 35,736 | 32,411 | S100THP3, S100VTFM, S100Y6HP |
| Total assets | 280,741 | 278,729 | 285,505 | 382,604 | 379,211 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Net assets | 152,238 | 150,022 | 150,250 | 203,328 | 200,671 | S100THP3, S100VTFM, S100Y6HP |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Trade receivables | 584 | — | — | — | — | S100O2YD |
| Inventories | 16,199 | 17,453 | 17,039 | 23,764 | 23,887 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Property, plant and equipment | 137,997 | 140,123 | 146,758 | 182,853 | 183,505 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Intangible assets excluding goodwill | 17,083 | 16,887 | 16,391 | 18,309 | 17,468 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Goodwill | 10,571 | 9,757 | 8,944 | 8,131 | 7,318 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Investment securities | 2,599 | 2,700 | 2,339 | 6,034 | 5,078 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Current assets | 78,645 | 74,663 | 74,709 | 119,635 | 113,416 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Current liabilities | 92,359 | 81,438 | 82,657 | 115,433 | 115,399 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Trade payables | 50,067 | 48,641 | 48,671 | 60,613 | 63,910 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Short-term borrowings | 4,000 | 4,500 | — | 3,000 | — | S100QXFL, S100THP3, S100Y6HP |
| Long-term borrowings | 22,275 | 33,675 | 39,125 | 40,277 | 39,619 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Bonds | — | — | — | 1,427 | 968 | S100Y6HP |
| Interest-bearing debt | — | — | — | 44,704 | — | 算出 |
| Total liabilities | 128,502 | 128,707 | 135,254 | 179,276 | 178,540 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Non-controlling interests | 553 | — | — | — | — | S100QXFL |
| Equity attributable to owners of parent | 150,985 | 150,021 | 149,029 | 198,325 | 192,088 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Retained earnings | 40,290 | 39,272 | 38,226 | 36,983 | 30,669 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |
| Treasury stock | -3,628 | -3,574 | -3,522 | -3,608 | -3,524 | S100QXFL, S100THP3, S100VTFM, S100Y6HP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100Y6HP |
| Inventories | 6% | S100Y6HP |
| Property, plant and equipment | 48% | S100Y6HP |
| Intangibles and goodwill | 7% | S100Y6HP |
| Investment securities | 1% | S100Y6HP |
| Other assets | 29% | S100Y6HP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100Y6HP |
| Other liabilities | 30% | S100Y6HP |
| Equity | 53% | S100Y6HP |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 280,741 | 278,729 | 285,505 | 382,604 | 379,211 |
| Equity | 152,238 | 150,022 | 150,250 | 203,328 | 200,671 |
| Interest-bearing debt | — | — | — | 44,704 | — |
| Cash | 32,498 | 25,632 | 21,134 | 35,736 | 32,411 |

## 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) | 19.4% | S100Y6HP |
| Fixed assets ÷ total assets | 48.4% | S100Y6HP |
| Goodwill ÷ parent equity | 3.8% | S100Y6HP |

Goodwill over 4 years: 10,571 → 7,318 JPY; total investing cash flow: -105,569 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) | 8.5% |
| Cash ÷ revenue | 3.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 507.0% |
| Cash vs. profit gap | 28,788 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 136.0% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 135.9% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 65.0% |

## 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 | 0.8% | 2.50× | 1.9% | 1.86× | 3.6% | S100QXFL |
| 2023 | 0.2% | 2.47× | 0.5% | 1.86× | 0.9% | S100THP3 |
| 2024 | 0.1% | 2.45× | 0.4% | 1.89× | 0.7% | S100VTFM |
| 2025 | 0.1% | 2.38× | 0.2% | 1.92× | 0.5% | S100Y6HP |
| 2026 | — | —× | -0.8% | —× | — | S100Y6HP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イオンマーケットインベストメント㈱ | Major shareholder | 34.3% | 2026-02-28 |
| イオン㈱ | Major shareholder | 18.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 4.3% | 2026-02-28 |
| Ｕ．Ｓ．Ｍ．Ｈグループ取引先持株会 | Major shareholder | 1.5% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-02-28 |
| 公益財団法人神林留学生奨学会 | Major shareholder | 1.2% | 2026-02-28 |
| 三菱食品㈱ | Major shareholder | 0.9% | 2026-02-28 |
| 国分グループ本社㈱ | Major shareholder | 0.9% | 2026-02-28 |
| ㈱日本アクセス | Major shareholder | 0.8% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ | Major shareholder | 0.7% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- In the FY ending Feb 2026, revenue grew +18.9% from ¥794B to ¥944.4B, and gross profit rose +17.4% to ¥269.8B.
- Even so, operating income slipped -15.5% from ¥5.98B to ¥5.05B.
- The bottom line swung from a ¥810M profit to a net loss of -¥3.19B.
- Cash was stronger: operating cash flow rose +76.8% to ¥25.6B, and free cash flow turned positive at ¥2.3B after -¥12B the year before.

### Drivers

- More shoppers visited existing stores, and the newly merged Inageya added to sales.
- Price cuts and heavier promotions, aimed at inflation-weary customers and rivals, lowered the gross margin.
- Higher labor, utility and logistics costs pushed SG&A up faster than gross profit, and one-off gains from last year's merger did not repeat.

### Risks

- Competition for store sites is intense, including from other types of retailers, and new rival stores in its core areas could hurt sales.
- Rising fuel costs would lift electricity and delivery bills, and supermarkets depend on power for refrigeration.
- A sudden change in the business environment could force impairment losses on stores.

Cited: Annual securities report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第11期(2025/03/01－2026/02/28) | S100Y6HP | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6HP,, |
| 有価証券報告書－第10期(2024/03/01－2025/02/28) | S100VTFM | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTFM,, |
| 有価証券報告書－第9期(2023/03/01－2024/02/29) | S100THP3 | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THP3,, |
| 訂正有価証券報告書－第8期(2022/03/01－2023/02/28) | S100QXFL | 2023-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXFL,, |
| 有価証券報告書－第7期(令和3年3月1日－令和4年2月28日) | S100O2YD | 2022-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2YD,, |
| 有価証券報告書－第6期(令和2年3月1日－令和3年2月28日) | S100LDAU | 2021-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDAU,, |

## 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).