# WARABEYA NICHIYO HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/03/01－2026/02/28) (S100Y6N1)
> Page: https://vizora.meequs.com/en/company/warabeya-nichiyo-holdings
> Retrieved: 2026-09-30T17:59:32.335Z

## Company

Warabeya Nichiyo Holdings, founded in 1964, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,960 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WARABEYA NICHIYO HOLDINGS CO.,LTD. |
| Ticker | 2918 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2918.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区富久町13番19号 |
| Representative (per filing) | 代表取締役社長 辻英男 |
| Founded | Mar 1964 |
| Share capital | ¥8.05B |
| Employees (consolidated) | 1,960 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | February |
| Website | www.warabeya.co.jp (https://www.warabeya.co.jp/) |
| Corporate number | 9012701001077 |
| EDINET | E00496 |
| Industries (Vizora) | Specialty Trading & Wholesale, Takeout & Delivery Meals, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100Y6N1, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.3 | 15 |
| Profitability | 53.1 | 16 |
| Cash conversion | 89.3 | 14 |
| Efficiency | 59.4 | 16 |

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 90% of Warabeya Nichiyo Holdings's sales come from Food Products Business, with Logistics Business and Food Ingredients Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +64.8%.

## Company structure

- Segment revenue mix: Food Products Business 89.8%、Logistics Business 5.4%、Food Ingredients Business 4.8%
- Revenue → net income: ¥233833000000 → ¥5613000000
- Net income → operating cash flow: ¥5613000000 → ¥16960000000（difference ¥11347000000）
- Main uses of operating cash flow: CapEx ¥13929000000 / dividends ¥1848000000 / buybacks —
- Change in cash: ¥1928000000
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 | ¥233.8B |  |
| Operating income | ¥7.44B | Margin 3.2% |
| Net income | ¥5.34B | Margin 2.3% |
| Free cash flow | ¥3.03B |  |
| Largest business | Food Products Business | of segment revenue 89.8% |
| Employees (consolidated) | 1,960 |  |
| EPS | ¥184.07 |  |
| Book value per share | ¥2500.41 |  |
| Equity ratio | 45.1% |  |
| Shares outstanding | 17,625,660 |  |
| Treasury shares | 12,300 |  |
| Shareholders | 10,207 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 4.4% |
| Vs. industry median margin | 0 pp | Takeout & Delivery Meals |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, employees -3% while operating income rose 65%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥194309000000 | ¥233833000000 | +20.3% |
| Operating income | ¥3332000000 | ¥7441000000 | +123.3% |
| Operating margin | 1.7% | 3.2% | +1.5 pp |
| Employees | 2,180 people | 1,960 people | -10.1% |
| Cash and equivalents | ¥8946000000 | ¥10378000000 | +16.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 食品関連事業 → 食品関連事業 | 82.6% |
| 食材関連事業 → 食材関連事業 | 4.8% |
| 食材関連事業 → 事業再編・廃止 | 2.9% |
| 物流関連事業 → 物流関連事業 | 5.4% |
| 物流関連事業 → 事業再編・廃止 | 1.3% |
| 食品製造設備関連事業 → 事業再編・廃止 | 0.8% |
| 人材派遣関連事業 → 事業再編・廃止 | 2.2% |
| 新設・再編 → 食品関連事業 | 7.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food Products Business | 5 years | +5.5% | ¥209984000000 | 3.3% | 2 |
| Logistics Business | 5 years | -0.7% | ¥12651000000 | 7.4% | 2 |
| Food Ingredients Business | 5 years | -5.7% | ¥11197000000 | 4.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 233,833 | 100.0% | S100Y6N1 |
| Cost of revenue | 189,883 | 81.2% | S100Y6N1 |
| Gross profit | 43,950 | 18.8% | S100Y6N1 |
| SG&A | 36,509 | 15.6% | S100Y6N1 |
| Operating income | 7,441 | 3.2% | S100Y6N1 |
| Ordinary income | 7,414 | 3.2% | S100Y6N1 |
| Pretax income | 7,239 | 3.1% | S100Y6N1 |
| Income tax | 1,625 | 0.7% | S100Y6N1 |
| Net income | 5,613 | 2.4% | S100Y6N1 |
| Net income attributable to owners | 5,339 | 2.3% | S100Y6N1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 18.8% → Operating margin 3.2% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +64.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.68×
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 | 222,467 | 233,833 | 11,366 | +5.1% |
| Gross profit | 38,533 | 43,950 | 5,417 | +14.1% |
| Operating income | 4,515 | 7,441 | 2,926 | +64.8% |
| Net income attributable to owners | 2,679 | 5,339 | 2,660 | +99.3% |
| Operating cash flow | 12,478 | 16,960 | 4,482 | +35.9% |
| Free cash flow | -5,366 | 3,031 | 8,397 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 213,581 | 2,721 | 1.3% | 1,010 | 11,379 | 8,299 | S100LETJ |
| FY ending Feb 2021 | 194,309 | 3,332 | 1.7% | 682 | 8,338 | 2,885 | S100O4E5 |
| FY ending Feb 2022 | 192,326 | 4,441 | 2.3% | 3,264 | 8,106 | 4,282 | S100QTLM |
| FY ending Feb 2023 | 194,416 | 4,985 | 2.6% | 2,810 | 7,433 | 332 | S100V4T1 |
| FY ending Feb 2024 | 207,009 | 6,380 | 3.1% | 4,273 | 9,372 | -3,700 | S100VT19 |
| FY ending Feb 2025 | 222,467 | 4,515 | 2.0% | 2,679 | 12,478 | -5,366 | S100Y6N1 |
| FY ending Feb 2026 | 233,833 | 7,441 | 3.2% | 5,339 | 16,960 | 3,031 | S100Y6N1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥119.3M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 1,961 | 1,875 | 1,948 | 2,024 | 1,960 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.5M | ¥7M | ¥7.4M |
| Average age (parent company) | 43.7 years | 43.9 years | 42.7 years | 42.9 years | 43.2 years |
| Average tenure (parent company) | 7.7 years | 10.7 years | 10.3 years | 10.4 years | 10.9 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food Products Business | 209,984 | 89.8% | 7,000 | 3.3% |
| Food Ingredients Business | 11,197 | 4.8% | 483 | 4.3% |
| Logistics Business | 12,651 | 5.4% | 935 | 7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food Products Business | 89.8% | 83.2% | -6.6 | 3.3% |
| Food Ingredients Business | 4.8% | 5.7% | 0.9 | 4.3% |
| Logistics Business | 5.4% | 11.1% | 5.7 | 7.4% |

Segment → industry: Food Ingredients Business → Specialty Trading & Wholesale / Food Products Business → Takeout & Delivery Meals / Logistics Business → Trucking & Parcel Delivery

## 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 | 16,960 | 7.3% | S100Y6N1 |
| Capital expenditure | 13,929 | 6.0% | S100Y6N1 |
| Free cash flow | 3,031 | 1.3% | 算出 |
| Investing cash flow | -13,482 | -5.8% | S100Y6N1 |
| Financing cash flow | -1,864 | -0.8% | S100Y6N1 |
| Dividends paid | 1,848 | 0.8% | S100Y6N1 |
| Change in cash | 1,928 | 0.8% | S100Y6N1 |
| Cash and equivalents | 10,378 | 4.4% | S100Y6N1 |

## 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 | 9,671 | 11,189 | 8,122 | 8,450 | 10,378 | S100V4T1, S100VT19, S100Y6N1 |
| Total assets | 82,184 | 92,684 | 101,960 | 120,924 | 131,735 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Net assets | 47,901 | 51,529 | 54,309 | 59,124 | 62,131 | S100V4T1, S100VT19, S100Y6N1 |
| Share capital | 8,049 | 8,049 | 8,049 | 8,049 | 8,049 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Trade receivables | 15,427 | — | — | — | — | S100QTLM |
| Property, plant and equipment | 44,376 | 51,310 | 60,632 | 76,593 | 83,910 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Intangible assets excluding goodwill | 445 | 314 | 847 | 1,975 | 1,789 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Goodwill | 73 | — | — | — | — | S100QTLM |
| Investment securities | 670 | 707 | 1,150 | 1,136 | 1,173 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Current assets | 29,467 | 32,344 | 31,306 | 32,818 | 36,601 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Current liabilities | 21,539 | 22,079 | 22,126 | 25,647 | 31,678 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Trade payables | 9,251 | 8,486 | 8,730 | 9,637 | 10,489 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Long-term borrowings | 1,995 | 5,608 | 11,037 | 20,071 | 22,064 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Total liabilities | 34,283 | 41,154 | 47,650 | 61,799 | 69,604 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Non-controlling interests | 336 | 1,031 | 1,008 | 2,453 | 2,715 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Equity attributable to owners of parent | 47,068 | 48,998 | 51,333 | 52,433 | 55,523 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Retained earnings | 31,253 | 33,183 | 35,519 | 36,613 | 40,103 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |
| Treasury stock | -334 | -335 | -335 | -329 | -730 | S100QTLM, S100V4T1, S100VT19, S100Y6N1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y6N1 |
| Property, plant and equipment | 64% | S100Y6N1 |
| Intangibles and goodwill | 1% | S100Y6N1 |
| Investment securities | 1% | S100Y6N1 |
| Other assets | 26% | S100Y6N1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Y6N1 |
| Other liabilities | 45% | S100Y6N1 |
| Equity | 47% | S100Y6N1 |

### 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 | 82,184 | 92,684 | 101,960 | 120,924 | 131,735 |
| Equity | 47,901 | 51,529 | 54,309 | 59,124 | 62,131 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,671 | 11,189 | 8,122 | 8,450 | 10,378 |

## 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) | 35.9% | S100Y6N1 |
| Fixed assets ÷ total assets | 63.7% | S100Y6N1 |
| Goodwill ÷ parent equity | — | —, S100Y6N1 |

### 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) | 7.9% |
| Cash ÷ revenue | 4.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 227.9% |
| Cash vs. profit gap | 11,621 JPY mn (of net income 217.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.6% |
| Shareholder payments — dividends / FCF | 61.0% |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 79.5% |

## 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 | 1.7% | 2.34× | 4.0% | 1.75× | 6.9% | S100QTLM |
| 2023 | 1.4% | 2.22× | 3.2% | 1.82× | 5.9% | S100V4T1 |
| 2024 | 2.1% | 2.13× | 4.4% | 1.94× | 8.5% | S100VT19 |
| 2025 | 1.2% | 2.00× | 2.4% | 2.15× | 5.2% | S100Y6N1 |
| 2026 | 2.3% | 1.85× | 4.2% | 2.34× | 9.9% | S100Y6N1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社セブン－イレブン・ジャパン | Major shareholder | 12.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.7% | 2026-02-28 |
| 株式会社大友アセットマネジメント | Major shareholder | 7.7% | 2026-02-28 |
| ＬＥＡＤＩＮＧ ＧＵＩＤＥ ＨＯＮＧＫＯＮＧ ＬＩＭＩＴＥＤ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 7.4% | 2026-02-28 |
| 大友 啓行 | Major shareholder | 3.8% | 2026-02-28 |
| わらべや日洋ホールディングス共栄会 | Major shareholder | 3.3% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-02-28 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ １３４０８８ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-02-28 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＥＱ ＣＯ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.8% | 2026-02-28 |
| 窪田 みゆき | Major shareholder | 1.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/03/01－2026/02/28) | S100Y6N1 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6N1,, |
| 有価証券報告書－第61期(2024/03/01－2025/02/28) | S100VT19 | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT19,, |
| 訂正有価証券報告書－第60期(2023/03/01－2024/02/29) | S100V4T1 | 2025-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4T1,, |
| 有価証券報告書－第59期(2022/03/01－2023/02/28) | S100QTLM | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTLM,, |
| 有価証券報告書－第58期(令和3年3月1日－令和4年2月28日) | S100O4E5 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4E5,, |
| 有価証券報告書－第57期(令和2年3月1日－令和3年2月28日) | S100LETJ | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LETJ,, |

## 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).