# Wakou Shokuhin Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2025/04/01－2026/03/31) (S100YGOO)
> Page: https://vizora.meequs.com/en/company/wakou-shokuhin
> Retrieved: 2026-09-30T20:32:19.338Z

## Company

Wakou Shokuhin, founded in 1964, is a company in Processed Foods listed on TSE Standard. It has 310 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wakou Shokuhin Co.,Ltd. |
| Ticker | 2813 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2813.T) |
| Listing | TSE Standard |
| Head office | 北海道小樽市銭函3丁目504番地1 |
| Representative (per filing) | 代表取締役社長CEO 加世田 十七七 |
| Founded | Mar 1964 |
| Share capital | ¥1.41B |
| Employees (consolidated) | 310 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.wakoushokuhin.co.jp (https://www.wakoushokuhin.co.jp/) |
| Corporate number | 9430001050661 |
| EDINET | E00478 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YGOO, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.2 | 56 |
| Profitability | 87.5 | 60 |
| Cash conversion | 30.7 | 57 |
| Efficiency | 50.8 | 60 |

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 74% of Wakou Shokuhin's sales come from Japan, with Usa making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit -1.6%.

## Company structure

- Segment revenue mix: Japan 74.2%、Usa 25.8%
- Revenue → net income: ¥17343258000 → ¥1153026000
- Net income → operating cash flow: ¥1153026000 → ¥1473002000（difference ¥319976000）
- Main uses of operating cash flow: CapEx ¥1419258000 / dividends ¥241756000 / buybacks ¥287000
- Change in cash: ¥-470342000
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 | ¥17.3B |  |
| Operating income | ¥1.57B | Margin 9.0% |
| Net income | ¥1.15B | Margin 6.6% |
| Free cash flow | ¥53.7M |  |
| Largest business | Japan | of segment revenue 74.2% |
| Employees (consolidated) | 310 |  |
| EPS | ¥335.85 |  |
| Book value per share | ¥2440.52 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 2,847,957 |  |
| Treasury shares | 352,800 |  |
| Shareholders | 2,536 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 18.3% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | +5 pp | Processed Foods |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, segment profit share differs by -39 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9975427000 | ¥17343258000 | +73.9% |
| Operating income | ¥-244179000 | ¥1566395000 | — |
| Operating margin | -2.4% | 9.0% | +11.5 pp |
| Employees | 262 people | 310 people | +18.3% |
| Cash and equivalents | ¥1051017000 | ¥3028867000 | +188.2% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 91.7% |
| 米国 → 事業再編・廃止 | 8.3% |
| 新設・再編 → 日本 | 74.2% |
| 新設・再編 → 米国 | 25.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,343 | 100.0% | S100YGOO |
| Cost of revenue | 12,302 | 70.9% | S100YGOO |
| Gross profit | 5,041 | 29.1% | S100YGOO |
| SG&A | 3,475 | 20.0% | S100YGOO |
| Operating income | 1,566 | 9.0% | S100YGOO |
| Ordinary income | 1,598 | 9.2% | S100YGOO |
| Pretax income | 1,592 | 9.2% | S100YGOO |
| Income tax | 439 | 2.5% | S100YGOO |
| Net income | 1,153 | 6.6% | S100YGOO |
| Net income attributable to owners | 1,153 | 6.6% | S100YGOO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 29.1% → Operating margin 9.0% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.7%; Core profit growth: -1.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.24×
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 | 16,249 | 17,343 | 1,094 | +6.7% |
| Gross profit | 4,728 | 5,041 | 313 | +6.6% |
| Operating income | 1,592 | 1,566 | -25 | -1.6% |
| Net income attributable to owners | 1,208 | 1,153 | -55 | -4.6% |
| Operating cash flow | 1,513 | 1,473 | -40 | -2.7% |
| Free cash flow | 900 | 54 | -846 | -94.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,082 | 235 | 2.1% | -253 | 250 | -839 | S100LQB2 |
| FY ending Mar 2021 | 9,975 | -244 | -2.4% | -238 | 319 | -135 | S100OMDT |
| FY ending Mar 2022 | 11,491 | 461 | 4.0% | 461 | 571 | 268 | S100R4YH |
| FY ending Mar 2023 | 13,502 | 973 | 7.2% | 1,251 | 1,350 | 1,090 | S100TUTJ |
| FY ending Mar 2024 | 15,416 | 1,489 | 9.7% | 1,090 | 1,594 | 1,037 | S100W7AG |
| FY ending Mar 2025 | 16,249 | 1,592 | 9.8% | 1,208 | 1,513 | 900 | S100YGOO |
| FY ending Mar 2026 | 17,343 | 1,566 | 9.0% | 1,153 | 1,473 | 54 | S100YGOO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.9M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 267 | 264 | 279 | 298 | 310 |
| Average salary (parent company) | ¥5.1M | ¥4.7M | ¥4.8M | ¥4.9M | ¥5.4M |
| Average age (parent company) | 38.0 years | 41.3 years | 38.4 years | 41.2 years | 39.2 years |
| Average tenure (parent company) | 10.0 years | 9.2 years | 9.7 years | 10.9 years | 10.8 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 12,865 | 74.2% | 563 | 4.4% |
| Usa | 4,479 | 25.8% | 1,052 | 23.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 74.2% | 34.9% | -39.3 | 4.4% |
| Usa | 25.8% | 65.1% | 39.3 | 23.5% |

Segment → industry: Usa → Processed Foods / Japan → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,473 | 8.5% | S100YGOO |
| Capital expenditure | 1,419 | 8.2% | S100YGOO |
| Free cash flow | 54 | 0.3% | 算出 |
| Investing cash flow | -1,494 | -8.6% | S100YGOO |
| Financing cash flow | -557 | -3.2% | S100YGOO |
| Dividends paid | 242 | 1.4% | S100YGOO |
| Share buyback | 0 | 0.0% | S100YGOO |
| Change in cash | -470 | -2.7% | S100YGOO |
| Cash and equivalents | 3,029 | 17.5% | S100YGOO |

## 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 | 1,265 | 1,782 | 2,948 | 3,499 | 3,029 | S100TUTJ, S100W7AG, S100YGOO |
| Total assets | 8,856 | 10,109 | 13,566 | 14,565 | 16,507 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Net assets | 4,145 | 5,605 | 7,607 | 8,554 | 10,316 | S100TUTJ, S100W7AG, S100YGOO |
| Share capital | 1,414 | 1,414 | 1,414 | 1,414 | 1,414 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Trade receivables | 1,777 | 1,921 | 2,273 | 2,153 | 2,336 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Property, plant and equipment | 3,780 | 3,752 | 5,032 | 5,188 | 6,138 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Intangible assets excluding goodwill | 192 | 132 | 94 | 45 | 150 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Investment securities | 147 | 207 | 833 | 807 | 1,531 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Current assets | 4,466 | 5,496 | 7,151 | 7,860 | 7,887 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Current liabilities | 3,290 | 3,476 | 4,105 | 4,002 | 4,162 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Short-term borrowings | 1,100 | 1,000 | 1,500 | 1,500 | 1,500 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Long-term borrowings | 1,158 | 762 | 424 | 669 | 433 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Total liabilities | 4,711 | 4,503 | 5,959 | 6,011 | 6,191 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Equity attributable to owners of parent | 3,914 | 5,140 | 6,192 | 7,252 | 8,173 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Retained earnings | 1,345 | 2,555 | 3,591 | 4,635 | 5,547 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |
| Treasury stock | -225 | -217 | -213 | -212 | -210 | S100R4YH, S100TUTJ, S100W7AG, S100YGOO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YGOO |
| Receivables | 14% | S100YGOO |
| Property, plant and equipment | 37% | S100YGOO |
| Intangibles and goodwill | 1% | S100YGOO |
| Investment securities | 9% | S100YGOO |
| Other assets | 20% | S100YGOO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YGOO |
| Equity | 62% | S100YGOO |

### 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 | 8,856 | 10,109 | 13,566 | 14,565 | 16,507 |
| Equity | 4,145 | 5,605 | 7,607 | 8,554 | 10,316 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,265 | 1,782 | 2,948 | 3,499 | 3,029 |

## 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) | 35.4% | S100YGOO |
| Fixed assets ÷ total assets | 37.2% | S100YGOO |
| Goodwill ÷ parent equity | — | —, S100YGOO |

### 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) | 18.3% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.0% |
| Cash vs. profit gap | 320 JPY mn (of net income 27.8%) |
| Shareholder returns / net income | 21.0% |
| Shareholder returns / FCF | 450.4% |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 449.8% |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 101.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.0% | 1.30× | 5.2% | 2.26× | 11.8% | S100R4YH |
| 2023 | 9.3% | 1.42× | 13.2% | 2.09× | 27.6% | S100TUTJ |
| 2024 | 7.1% | 1.30× | 9.2% | 2.09× | 19.2% | S100W7AG |
| 2025 | 7.4% | 1.16× | 8.6% | 2.09× | 18.0% | S100YGOO |
| 2026 | 6.6% | 1.12× | 7.4% | 2.01× | 14.9% | S100YGOO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社和山商店 | Major shareholder | 24.9% | 2026-03-31 |
| 日清オイリオグループ株式会社 | Major shareholder | 19.2% | 2026-03-31 |
| 野村信託銀行株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 和山 明弘 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社北海道銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 加世田 十七七 | Major shareholder | 1.0% | 2026-03-31 |
| 船山 益宏 | Major shareholder | 1.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YGOO | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGOO,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W7AG | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7AG,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TUTJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUTJ,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R4YH | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4YH,, |
| 訂正有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OMDT | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMDT,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LQB2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQB2,, |

## 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).