# YAMAE GROUP HOLDINGS 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5期(2025/04/01－2026/03/31) (S100YE2O)
> Page: https://vizora.meequs.com/en/company/yamae-group-holdings
> Retrieved: 2026-09-30T19:15:09.753Z

## Company

Yamae Group Holdings is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 6,414 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAE GROUP HOLDINGS CO.,LTD. |
| Ticker | 7130 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7130.T) |
| Listing | TSE Prime |
| Head office | 福岡市博多区博多駅東2丁目13番34号 |
| Representative (per filing) | 代表取締役社長 大森礼仁 |
| Share capital | ¥9.28B |
| Employees (consolidated) | 6,414 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.yamaegroup-hd.co.jp (https://www.yamaegroup-hd.co.jp/) |
| Corporate number | 9290001094921 |
| EDINET | E36756 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YE2O, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 179 |
| Profitability | 27.3 | 185 |
| Cash conversion | 69.6 | 179 |
| Efficiency | 88.4 | 185 |

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 77% of Yamae Group Holdings's sales come from Grocery related, with Powder sugar and feed and livestock related and Housing and real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +14.6%.

## Company structure

- Segment revenue mix: Grocery related 77.3%、Powder sugar and feed and livestock related 11.7%、Housing and real estate related 9.1%、Other 1.8%
- Revenue → net income: ¥1085219000000 → ¥12150000000
- Net income → operating cash flow: ¥12150000000 → ¥24150000000（difference ¥12000000000）
- Main uses of operating cash flow: CapEx ¥23436000000 / dividends ¥1942000000 / buybacks —
- Change in cash: ¥6455000000
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 | ¥1.09T |  |
| Operating income | ¥18.1B | Margin 1.7% |
| Net income | ¥11.1B | Margin 1.0% |
| Free cash flow | ¥714M |  |
| Largest business | Grocery related | of segment revenue 77.3% |
| Employees (consolidated) | 6,414 |  |
| EPS | ¥95.2 |  |
| Book value per share | ¥2325.53 |  |
| Equity ratio | 23.7% |  |
| Shares outstanding | 27,766,000 |  |
| Treasury shares | 600 |  |
| Shareholders | 9,130 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 4.6% |
| Vs. industry median margin | -1.2 pp | Specialty Trading & Wholesale |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, revenue is 2.2× its level five years ago
- FY2026, one segment accounts for 63% of positive segment profit

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥503635000000 | ¥1085219000000 | +115.5% |
| Operating income | ¥6878000000 | ¥18080000000 | +162.9% |
| Operating margin | 1.4% | 1.7% | +0.3 pp |
| Employees | 3,845 people | 6,414 people | +66.8% |
| Cash and equivalents | ¥15477000000 | ¥49991000000 | +223.0% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 食品関連事業 → 食品関連事業 | 68.5% |
| 糖粉・飼料畜産関連事業 → 糖粉・飼料畜産関連事業 | 11.7% |
| 糖粉・飼料畜産関連事業 → 事業再編・廃止 | 3.3% |
| 住宅・不動産関連事業 → 住宅・不動産関連事業 | 9.1% |
| 住宅・不動産関連事業 → 事業再編・廃止 | 4.1% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 食品関連事業 | 8.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Grocery related | 4 years | +24.9% | ¥839047000000 | 1.5% | 2 |
| Powder sugar and feed and livestock related | 4 years | +13.9% | ¥126985000000 | 3.3% | 2 |
| Housing and real estate related | 4 years | +10.4% | ¥99296000000 | 2.3% | 2 |
| Other | 4 years | +4.9% | ¥19890000000 | 5.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,085,219 | 100.0% | S100YE2O |
| Cost of revenue | 949,715 | 87.5% | S100YE2O |
| Gross profit | 135,504 | 12.5% | S100YE2O |
| SG&A | 117,423 | 10.8% | S100YE2O |
| Operating income | 18,080 | 1.7% | S100YE2O |
| Ordinary income | 18,669 | 1.7% | S100YE2O |
| Pretax income | 23,750 | 2.2% | S100YE2O |
| Income tax | 11,600 | 1.1% | S100YE2O |
| Net income | 12,150 | 1.1% | S100YE2O |
| Net income attributable to owners | 11,082 | 1.0% | S100YE2O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 11 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 12.5% → Operating margin 1.7% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +14.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.87×
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 | 1,006,914 | 1,085,219 | 78,305 | +7.8% |
| Gross profit | 125,737 | 135,504 | 9,767 | +7.8% |
| Operating income | 15,781 | 18,080 | 2,299 | +14.6% |
| Net income attributable to owners | 8,540 | 11,082 | 2,542 | +29.8% |
| Operating cash flow | 25,932 | 24,150 | -1,782 | -6.9% |
| Free cash flow | 782 | 714 | -68 | -8.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 503,635 | 6,878 | 1.4% | 6,721 | 8,317 | 2,494 | S100R2UA |
| FY ending Mar 2023 | 587,982 | 11,575 | 2.0% | 7,868 | 13,750 | 2,211 | S100TPLB |
| FY ending Mar 2024 | 712,717 | 13,919 | 2.0% | 8,456 | 23,936 | 7,280 | S100W0LS |
| FY ending Mar 2025 | 1,006,914 | 15,781 | 1.6% | 8,540 | 25,932 | 782 | S100YE2O |
| FY ending Mar 2026 | 1,085,219 | 18,080 | 1.7% | 11,082 | 24,150 | 714 | S100YE2O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥169.2M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 3,845 | 4,676 | 6,001 | 5,997 | 6,414 |
| Average salary (parent company) | ¥6.1M | ¥6.5M | ¥6.6M | ¥6.8M | ¥7M |
| Average age (parent company) | 42.1 years | 43.8 years | 42.5 years | 42.1 years | 39.3 years |
| Average tenure (parent company) | 0.5 years | 1.4 years | 0.9 years | 1.7 years | 2.7 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) +7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Grocery related | 839,047 | 77.3% | 12,927 | 1.5% |
| Powder sugar and feed and livestock related | 126,985 | 11.7% | 4,134 | 3.3% |
| Housing and real estate related | 99,296 | 9.1% | 2,299 | 2.3% |
| Other | 19,890 | 1.8% | 1,127 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Grocery related | 77.3% | 63.1% | -14.2 | 1.5% |
| Powder sugar and feed and livestock related | 11.7% | 20.2% | 8.5 | 3.3% |
| Housing and real estate related | 9.1% | 11.2% | 2.1 | 2.3% |
| Other | 1.8% | 5.5% | 3.7 | 5.7% |

Segment → industry: Housing and real estate related → Specialty Trading & Wholesale / Powder sugar and feed and livestock related → Specialty Trading & Wholesale / Grocery related → Specialty Trading & Wholesale

## 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 | 24,150 | 2.2% | S100YE2O |
| Capital expenditure | 23,436 | 2.2% | S100YE2O |
| Free cash flow | 714 | 0.1% | 算出 |
| Investing cash flow | -12,267 | -1.1% | S100YE2O |
| Financing cash flow | -5,369 | -0.5% | S100YE2O |
| Dividends paid | 1,942 | 0.2% | S100YE2O |
| Change in cash | 6,455 | 0.6% | S100YE2O |
| Cash and equivalents | 49,991 | 4.6% | S100YE2O |

## 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 | 15,477 | 19,738 | 44,969 | 43,535 | 49,991 | S100TPLB, S100W0LS, S100YE2O |
| Total assets | 180,890 | 225,766 | 407,641 | 399,360 | 454,068 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Net assets | 60,535 | 66,946 | 94,289 | 91,654 | 118,200 | S100TPLB, S100W0LS, S100YE2O |
| Share capital | 2,974 | 2,974 | 9,175 | 9,224 | 9,275 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Property, plant and equipment | 54,101 | 67,488 | 98,493 | 116,526 | 125,640 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Intangible assets excluding goodwill | 15,459 | 23,304 | 45,368 | 42,866 | 39,247 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Goodwill | 14,700 | 21,275 | 41,557 | 37,123 | 33,359 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Investment securities | 10,508 | 11,629 | 24,448 | 20,238 | 25,098 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Current assets | 92,831 | 113,296 | 224,866 | 206,280 | 248,004 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Current liabilities | 97,279 | 119,341 | 220,164 | 208,593 | 239,660 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Trade payables | 61,073 | 70,072 | 134,864 | 125,146 | 140,581 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Short-term borrowings | 2,210 | 11,599 | 20,474 | 22,534 | 23,273 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Long-term borrowings | 10,658 | 25,240 | 71,194 | 74,544 | 69,139 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Total liabilities | 120,354 | 158,820 | 313,351 | 307,705 | 335,867 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Non-controlling interests | 2,511 | 2,519 | 3,829 | 2,493 | 10,401 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Equity attributable to owners of parent | 54,395 | 60,623 | 80,698 | 82,063 | 97,097 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Retained earnings | 50,235 | 57,106 | 64,378 | 71,258 | 80,400 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |
| Treasury stock | 0 | 0 | 0 | -1 | -1 | S100R2UA, S100TPLB, S100W0LS, S100YE2O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YE2O |
| Property, plant and equipment | 28% | S100YE2O |
| Intangibles and goodwill | 16% | S100YE2O |
| Investment securities | 5% | S100YE2O |
| Other assets | 40% | S100YE2O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 31% | S100YE2O |
| Other liabilities | 43% | S100YE2O |
| Equity | 26% | S100YE2O |
| Other liabilities | 0% | S100YE2O |

### 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 | 180,890 | 225,766 | 407,641 | 399,360 | 454,068 |
| Equity | 60,535 | 66,946 | 94,289 | 91,654 | 118,200 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,477 | 19,738 | 44,969 | 43,535 | 49,991 |

## 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) | 11.6% | S100YE2O |
| Fixed assets ÷ total assets | 27.7% | S100YE2O |
| Goodwill ÷ parent equity | 34.4% | S100YE2O |

Goodwill over 4 years: 14,700 → 33,359 JPY; total investing cash flow: -89,279 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) | 11.0% |
| Cash ÷ revenue | 4.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.6% |
| Cash vs. profit gap | 13,068 JPY mn (of net income 117.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.5% |
| Shareholder payments — dividends / FCF | 272.0% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 50.8% |

## 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 | 1.3% | 2.78× | 3.7% | 3.33× | 12.4% | S100R2UA |
| 2023 | 1.3% | 2.89× | 3.9% | 3.54× | 13.7% | S100TPLB |
| 2024 | 1.2% | 2.25× | 2.7% | 4.48× | 12.0% | S100W0LS |
| 2025 | 0.8% | 2.50× | 2.1% | 4.96× | 10.5% | S100YE2O |
| 2026 | 1.0% | 2.54× | 2.6% | 4.76× | 12.4% | S100YE2O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.7% | 2026-03-31 |
| ヤマエグループ社員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| ヤマエ第一食栄会 | Major shareholder | 4.5% | 2026-03-31 |
| 南英福祉会 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| ヤマエ第二食栄会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| ヤマエ第三住栄会 | Major shareholder | 2.1% | 2026-03-31 |
| みずほ信託銀行株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.0% | 2026-03-31 |

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

- Revenue grew 7.8%, from ¥1.01T to ¥1.09T in the FY ending Mar 2026.
- Profits rose faster: operating income climbed 14.6% to ¥18.1B, and net income rose 29.8% from ¥8.54B to ¥11.1B.
- Cash flow went the other way. Operating cash flow slipped 6.9% to ¥24.1B, and free cash flow was only ¥714M.

### Drivers

- Strong tourist and restaurant demand lifted sales of food and of ingredients such as sugar and flour
- Labor and shipping costs went up, but cost cutting and sharing resources across group companies protected profit
- A build-up of inventory held back operating cash flow

### Risks

- Higher home prices and mortgage rates are cooling buyer interest; the housing and real estate segment saw lower profit
- Price inflation is making shoppers more careful, and competition among food wholesalers is getting tougher
- Rising energy, utility and logistics costs, plus labor shortages, continue to weigh on profit

Cited: Annual Securities Report, 5th fiscal period (Apr 2025 – Mar 2026) (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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YE2O | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE2O,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100W0LS | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0LS,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TPLB | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPLB,, |
| 有価証券報告書－第2期(2022/04/01－2023/03/31) | S100R2UA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2UA,, |
| 訂正有価証券報告書－第1期(令和3年4月1日－令和4年3月31日) | S100PD5I | 2022-10-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PD5I,, |

## 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).