# WATAMI  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40期(2025/04/01－2026/03/31) (S100YMJJ)
> Page: https://vizora.meequs.com/en/company/watami
> Retrieved: 2026-09-30T18:28:22.514Z

## Company

Watami, founded in 1984, is a company in Electric Power & Gas listed on TSE Prime. It has 1,624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WATAMI CO.,LTD. |
| Ticker | 7522 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7522.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区羽田一丁目1番3号 |
| Representative (per filing) | 代表取締役会長兼社長CEO 渡邉 美樹 |
| Founded | Apr 1984 |
| Share capital | ¥4.91B |
| Employees (consolidated) | 1,624 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.watami.co.jp (https://www.watami.co.jp/) |
| Corporate number | 4010801012908 |
| EDINET | E03275 |
| Industries (Vizora) | Electric Power & Gas, Agriculture & Seeds, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YMJJ, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.3 | 15 |
| Profitability | 90.6 | 16 |
| Cash conversion | 75 | 14 |
| Efficiency | 21.9 | 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 44% of Watami's sales come from Food Catering Business for Elderly People, with Restaurant business and overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +5.9%.

## Company structure

- Segment revenue mix: Food Catering Business for Elderly People 44.0%、Restaurant business 40.4%、overseas business 12.3%、Environment business 2.2%、Agriculture 0.8%
- Revenue → net income: ¥93268000000 → ¥4104000000
- Net income → operating cash flow: ¥4104000000 → ¥7567000000（difference ¥3463000000）
- Main uses of operating cash flow: CapEx ¥3202000000 / dividends ¥902000000 / buybacks ¥0
- Change in cash: ¥757000000
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 | ¥93.3B |  |
| Operating income | ¥4.84B | Margin 5.2% |
| Net income | ¥4.11B | Margin 4.4% |
| Free cash flow | ¥4.37B |  |
| Largest business | Food Catering Business for Elderly People | of segment revenue 44.0% |
| Employees (consolidated) | 1,624 |  |
| EPS | ¥89.19 |  |
| Book value per share | ¥323.52 |  |
| Equity ratio | 40.4% |  |
| Shares outstanding | 42,684,880 |  |
| Treasury shares | 2,580,400 |  |
| Shareholders | 52,383 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 19.7% | Cash ÷ revenue 15.8% |
| Vs. industry median margin | +2 pp | Takeout & Delivery Meals |
| ROE | 18.8% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, parent-company salary changed +33% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥60852000000 | ¥93268000000 | +53.3% |
| Operating income | ¥-9689000000 | ¥4837000000 | — |
| Operating margin | -15.9% | 5.2% | +21.1 pp |
| Employees | 1,902 people | 1,624 people | -14.6% |
| Cash and equivalents | ¥14880000000 | ¥14704000000 | -1.2% |

### 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 |
| --- | ---: |
| 国内外食 → 国内外食 | 28.1% |
| 宅食 → 宅食 | 44.0% |
| 宅食 → 事業再編・廃止 | 16.3% |
| 海外外食 → 事業再編・廃止 | 7.0% |
| 環境 → 環境 | 2.2% |
| 環境 → 事業再編・廃止 | 1.6% |
| 農業 → 農業 | 0.8% |
| 農業 → 事業再編・廃止 | 0.0% |
| その他 → その他 | 0.1% |
| 新設・再編 → 国内外食 | 12.3% |
| 新設・再編 → 海外 | 12.3% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 12 (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 Catering Business for Elderly People | 5 years | +2.3% | ¥41014000000 | 10.5% | 2 |
| Restaurant business | 5 years | +17.1% | ¥37668000000 | 6.0% | 2 |
| overseas business | 3 years | +29.4% | ¥11503000000 | 0.5% | 2 |
| Environment business | 5 years | -2.3% | ¥2014000000 | 15.0% | 2 |
| Agriculture | 5 years | +8.4% | ¥748000000 | -1.9% | 2 |
| Other | 5 years | +38.2% | ¥318000000 | -3.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,268 | 100.0% | S100YMJJ |
| Cost of revenue | 41,278 | 44.3% | S100YMJJ |
| Gross profit | 51,989 | 55.7% | S100YMJJ |
| SG&A | 47,152 | 50.6% | S100YMJJ |
| Operating income | 4,837 | 5.2% | S100YMJJ |
| Ordinary income | 6,435 | 6.9% | S100YMJJ |
| Pretax income | 5,100 | 5.5% | S100YMJJ |
| Income tax | 995 | 1.1% | S100YMJJ |
| Net income | 4,104 | 4.4% | S100YMJJ |
| Net income attributable to owners | 4,107 | 4.4% | S100YMJJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 51 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 55.7% → Operating margin 5.2% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +5.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.15×
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 | 88,713 | 93,268 | 4,555 | +5.1% |
| Gross profit | 50,237 | 51,989 | 1,752 | +3.5% |
| Operating income | 4,568 | 4,837 | 269 | +5.9% |
| Net income attributable to owners | 3,522 | 4,107 | 585 | +16.6% |
| Operating cash flow | 6,889 | 7,567 | 678 | +9.8% |
| Free cash flow | 5,404 | 4,365 | -1,039 | -19.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 90,928 | 92 | 0.1% | -2,945 | 534 | -3,701 | S100LT2E |
| FY ending Mar 2021 | 60,852 | -9,689 | -15.9% | -11,561 | -4,320 | -7,183 | S100OG3Y |
| FY ending Mar 2022 | 64,362 | -3,577 | -5.6% | -1,844 | 1,019 | -1,178 | S100R4CE |
| FY ending Mar 2023 | 77,922 | 1,474 | 1.9% | 1,674 | 6,678 | 4,559 | S100TQOH |
| FY ending Mar 2024 | 82,302 | 3,753 | 4.6% | 4,190 | 4,739 | 2,549 | S100W9GC |
| FY ending Mar 2025 | 88,713 | 4,568 | 5.1% | 3,522 | 6,889 | 5,404 | S100YMJJ |
| FY ending Mar 2026 | 93,268 | 4,837 | 5.2% | 4,107 | 7,567 | 4,365 | S100YMJJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.4M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 1,728 | 1,633 | 1,621 | 1,614 | 1,624 |
| Average salary (parent company) | ¥4.2M | ¥4.9M | ¥5.2M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 43.1 years | 43.7 years | 43.8 years | 44.2 years | 44.5 years |
| Average tenure (parent company) | 7.8 years | 10.6 years | 10.9 years | 11.6 years | 11.7 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant business | 37,668 | 40.4% | 2,263 | 6.0% |
| Food Catering Business for Elderly People | 41,014 | 44.0% | 4,311 | 10.5% |
| overseas business | 11,503 | 12.3% | 56 | 0.5% |
| Environment business | 2,014 | 2.2% | 303 | 15.0% |
| Agriculture | 748 | 0.8% | -14 | -1.9% |
| Other | 318 | 0.3% | -10 | -3.1% |

### 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 business | 40.4% | 32.6% | -7.7 | 6.0% |
| Food Catering Business for Elderly People | 44.0% | 62.2% | 18.2 | 10.5% |
| overseas business | 12.3% | 0.8% | -11.5 | 0.5% |
| Environment business | 2.2% | 4.4% | 2.2 | 15.0% |
| Agriculture | 0.8% | — | — | -1.9% |
| Other | 0.3% | — | — | -3.1% |

Loss-making segment (excluded from profit shares): Agriculture -14 JPY mn

Loss-making segment (excluded from profit shares): Other -10 JPY mn

Segment → industry: Environment business → Electric Power & Gas / Agriculture → Agriculture & Seeds / overseas business → Restaurants & Pubs / Restaurant business → Restaurants & Pubs / Food Catering Business for Elderly People → Takeout & Delivery Meals

## 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 | 7,567 | 8.1% | S100YMJJ |
| Capital expenditure | 3,202 | 3.4% | S100YMJJ |
| Free cash flow | 4,365 | 4.7% | 算出 |
| Investing cash flow | -4,923 | -5.3% | S100YMJJ |
| Financing cash flow | -1,899 | -2.0% | S100YMJJ |
| Dividends paid | 902 | 1.0% | S100YMJJ |
| Share buyback | 0 | 0.0% | S100YMJJ |
| Change in cash | 757 | 0.8% | S100YMJJ |
| Cash and equivalents | 14,704 | 15.8% | S100YMJJ |

## 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 | 10,971 | 11,627 | 13,469 | 13,946 | 14,704 | S100TQOH, S100W9GC, S100YMJJ |
| Total assets | 52,223 | 57,050 | 64,228 | 71,491 | 74,556 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Net assets | 14,633 | 17,807 | 22,166 | 27,134 | 30,493 | S100TQOH, S100W9GC, S100YMJJ |
| Share capital | 4,910 | 4,910 | 4,910 | 4,910 | 4,910 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Property, plant and equipment | 7,371 | 6,313 | 7,001 | 6,161 | 6,813 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Intangible assets excluding goodwill | 1,427 | 1,171 | 1,809 | 2,107 | 1,231 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Goodwill | — | — | 346 | 681 | 295 | S100W9GC, S100YMJJ |
| Investment securities | 159 | 2,527 | 1,040 | 686 | 4,409 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Current assets | 37,660 | 41,995 | 48,686 | 56,408 | 56,183 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Current liabilities | 14,837 | 17,589 | 17,709 | 18,964 | 18,651 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Trade payables | 2,901 | 3,237 | 3,411 | 3,554 | 3,651 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Short-term borrowings | 5,592 | 5,726 | 5,598 | 6,560 | 6,720 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Long-term borrowings | 17,010 | 17,227 | 19,511 | 21,000 | 21,289 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Bonds | 150 | 50 | — | — | — | S100R4CE, S100TQOH |
| Interest-bearing debt | 22,752 | 23,003 | — | — | — | 算出 |
| Total liabilities | 37,589 | 39,243 | 42,061 | 44,357 | 44,062 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Non-controlling interests | 158 | 131 | 281 | 338 | 337 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Equity attributable to owners of parent | 13,798 | 14,601 | 17,544 | 20,186 | 23,456 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Retained earnings | -5,264 | -3,589 | 601 | 3,242 | 6,468 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |
| Treasury stock | -3,289 | -3,738 | -3,600 | -3,600 | -3,540 | S100R4CE, S100TQOH, S100W9GC, S100YMJJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YMJJ |
| Property, plant and equipment | 9% | S100YMJJ |
| Intangibles and goodwill | 2% | S100YMJJ |
| Investment securities | 6% | S100YMJJ |
| Other assets | 63% | S100YMJJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YMJJ |
| Other liabilities | 54% | S100YMJJ |
| Equity | 41% | S100YMJJ |
| Other liabilities | 0% | S100YMJJ |

### 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 | 52,223 | 57,050 | 64,228 | 71,491 | 74,556 |
| Equity | 14,633 | 17,807 | 22,166 | 27,134 | 30,493 |
| Interest-bearing debt | 22,752 | 23,003 | — | — | — |
| Cash | 10,971 | 11,627 | 13,469 | 13,946 | 14,704 |

## 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) | 7.3% | S100YMJJ |
| Fixed assets ÷ total assets | 9.1% | S100YMJJ |
| Goodwill ÷ parent equity | 1.3% | S100YMJJ |

### 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) | 19.7% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.4% |
| Cash vs. profit gap | 3,460 JPY mn (of net income 84.2%) |
| Shareholder returns / net income | 22.0% |
| Shareholder returns / FCF | 20.7% |
| Shareholder payments — dividends / net income | 22.0% |
| Shareholder payments — dividends / FCF | 20.7% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 65.1% |

## 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 | — | —× | -3.5% | —× | — | S100R4CE |
| 2023 | 2.1% | 1.43× | 3.1% | 3.85× | 11.8% | S100TQOH |
| 2024 | 5.1% | 1.36× | 6.9% | 3.77× | 26.1% | S100W9GC |
| 2025 | 4.0% | 1.31× | 5.2% | 3.60× | 18.7% | S100YMJJ |
| 2026 | 4.4% | 1.28× | 5.6% | 3.35× | 18.8% | S100YMJJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社乾為天 | Major shareholder | 24.3% | 2026-03-31 |
| サントリー株式会社 | Major shareholder | 13.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 1.6% | 2026-03-31 |
| ワタミ従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 極洋商事株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YMJJ | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMJJ,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W9GC | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9GC,, |
| 有価証券報告書－第38期(2023/04/01－2024/03/31) | S100TQOH | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQOH,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100R4CE | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4CE,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OG3Y | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG3Y,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LT2E | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT2E,, |

## 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).