# Yamami Company: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2024/07/01－2025/06/30) (S100WQUM)
> Page: https://vizora.meequs.com/en/company/yamami
> Retrieved: 2026-09-30T20:24:33.786Z

## Company

Yamami Company, founded in 1975, is a company in Processed Foods listed on TSE Standard. It has 256 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yamami Company |
| Ticker | 2820 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2820.T) |
| Listing | TSE Standard |
| Head office | 広島県三原市沼田西町小原字袖掛73番地5 |
| Representative (per filing) | 代表取締役社長 山名 徹 |
| Founded | Jan 1975 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 256 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | June |
| Website | www.yamami.co.jp (https://www.yamami.co.jp/) |
| Corporate number | 4240001040001 |
| EDINET | E32364 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100WQUM, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.4 | 56 |
| Profitability | 85.8 | 60 |
| Cash conversion | 74.6 | 57 |
| Efficiency | 62.5 | 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)

- Yamami Company brought in ¥21.1B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit -16.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21064618000 → ¥1502590000
- Net income → operating cash flow: ¥1502590000 → ¥2787919000（difference ¥1285329000）
- Main uses of operating cash flow: CapEx ¥2667946000 / dividends ¥577882000 / buybacks ¥240000
- Change in cash: ¥15541000
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 | ¥21.1B |  |
| Operating income | ¥1.73B | Margin 8.2% |
| Net income | ¥1.5B | Margin 7.1% |
| Free cash flow | ¥120M |  |
| Employees (consolidated) | 256 |  |
| EPS | ¥215.67 |  |
| Book value per share | ¥1497.37 |  |
| Equity ratio | 65.3% |  |
| Shares outstanding | 6,967,500 |  |
| Treasury shares | 300 |  |
| Shareholders | 1,544 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 5.4% | Cash ÷ revenue 4.1% |
| Vs. industry median margin | +4.2 pp | Processed Foods |
| ROE | 15.1% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12644927000 | ¥21064618000 | +66.6% |
| Operating income | ¥362776000 | ¥1727778000 | +376.3% |
| Operating margin | 2.9% | 8.2% | +5.3 pp |
| Employees | 245 people | 256 people | +4.5% |
| Cash and equivalents | ¥204340000 | ¥856524000 | +319.2% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jun 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,065 | 100.0% | S100WQUM |
| Cost of revenue | 16,742 | 79.5% | 算出 |
| Gross profit | 4,323 | 20.5% | S100WQUM |
| SG&A | 2,595 | 12.3% | S100WQUM |
| Operating income | 1,728 | 8.2% | S100WQUM |
| Ordinary income | 1,728 | 8.2% | S100WQUM |
| Pretax income | 2,172 | 10.3% | S100WQUM |
| Income tax | 670 | 3.2% | S100WQUM |
| Net income | 1,503 | 7.1% | S100WQUM |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 12 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.5% → Operating margin 8.2% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.9%; Core profit growth: -16.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.56×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,001 | 21,065 | 2,064 | +10.9% |
| Gross profit | 4,452 | 4,323 | -130 | -2.9% |
| Operating income | 2,079 | 1,728 | -351 | -16.9% |
| Operating cash flow | 2,851 | 2,788 | -63 | -2.2% |
| Free cash flow | 1,169 | 120 | -1,049 | -89.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 10,882 | 942 | 8.7% | 684 | 1,675 | -3,115 | S100JR4S |
| FY ending Jun 2020 | 12,645 | 363 | 2.9% | 814 | 1,375 | -2,048 | S100MIKO |
| FY ending Jun 2021 | 13,619 | 733 | 5.4% | 511 | 2,595 | 1,930 | S100P9HZ |
| FY ending Jun 2022 | 13,812 | 903 | 6.5% | 607 | 2,185 | 1,284 | S100RXW3 |
| FY ending Jun 2023 | 16,179 | 1,040 | 6.4% | 803 | 2,156 | 1,065 | S100UFPU |
| FY ending Jun 2024 | 19,001 | 2,079 | 10.9% | 1,476 | 2,851 | 1,169 | S100WQUM |
| FY ending Jun 2025 | 21,065 | 1,728 | 8.2% | 1,503 | 2,788 | 120 | S100WQUM |

## People and productivity（FY ending Jun 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.3M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥5.9M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 274 | 265 | 241 | 267 | 256 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥4.6M | ¥4.5M | ¥4.8M |
| Average age (parent company) | 33.9 years | 33.9 years | 36.9 years | 37.9 years | 38.5 years |
| Average tenure (parent company) | 4.5 years | 5.2 years | 4.7 years | 4.6 years | 5.1 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) +10.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,788 | 13.2% | S100WQUM |
| Capital expenditure | 2,668 | 12.7% | S100WQUM |
| Free cash flow | 120 | 0.6% | 算出 |
| Investing cash flow | -2,223 | -10.6% | S100WQUM |
| Financing cash flow | -549 | -2.6% | S100WQUM |
| Dividends paid | 578 | 2.7% | S100WQUM |
| Share buyback | 0 | 0.0% | S100WQUM |
| Change in cash | 16 | 0.1% | S100WQUM |
| Cash and equivalents | 857 | 4.1% | S100WQUM |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 249 | 161 | 404 | 841 | 857 | S100RXW3, S100UFPU, S100WQUM |
| Total assets | 13,642 | 13,414 | 13,814 | 15,518 | 15,981 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Net assets | 7,253 | 7,685 | 8,290 | 9,509 | 10,432 | S100RXW3, S100UFPU, S100WQUM |
| Share capital | 1,246 | 1,246 | 1,246 | 1,246 | 1,246 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Property, plant and equipment | 11,422 | 11,199 | 10,938 | 11,599 | 12,177 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Intangible assets excluding goodwill | 11 | 8 | 5 | 3 | 55 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Investment securities | 10 | 11 | 11 | 13 | 13 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Current assets | 2,148 | 2,148 | 2,808 | 3,851 | 3,679 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Current liabilities | 3,285 | 2,817 | 3,151 | 4,124 | 3,947 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Short-term borrowings | 600 | 200 | — | — | 500 | S100P9HZ, S100RXW3, S100WQUM |
| Long-term borrowings | 2,972 | 2,357 | 1,854 | 1,414 | 1,024 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Total liabilities | 6,389 | 5,729 | 5,525 | 6,009 | 5,548 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Equity attributable to owners of parent | 7,243 | 7,675 | 8,290 | 9,508 | 10,432 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Retained earnings | 4,779 | 5,211 | 5,826 | 7,044 | 7,969 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |
| Treasury stock | -0 | -0 | -0 | -1 | -1 | S100P9HZ, S100RXW3, S100UFPU, S100WQUM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100WQUM |
| Property, plant and equipment | 76% | S100WQUM |
| Intangibles and goodwill | 0% | S100WQUM |
| Investment securities | 0% | S100WQUM |
| Other assets | 18% | S100WQUM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100WQUM |
| Equity | 65% | S100WQUM |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,642 | 13,414 | 13,814 | 15,518 | 15,981 |
| Equity | 7,253 | 7,685 | 8,290 | 9,509 | 10,432 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 249 | 161 | 404 | 841 | 857 |

## 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) | 57.8% | S100WQUM |
| Fixed assets ÷ total assets | 76.2% | S100WQUM |
| Goodwill ÷ parent equity | — | —, S100WQUM |

### 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) | 5.4% |
| Cash ÷ revenue | 4.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 161.4% |
| Cash vs. profit gap | 1,285 JPY mn (of net income 85.5%) |
| Shareholder returns / net income | 38.5% |
| Shareholder returns / FCF | 481.9% |
| Shareholder payments — dividends / net income | 38.5% |
| Shareholder payments — dividends / FCF | 481.7% |
| CapEx intensity (capex ÷ revenue) | 12.7% |
| Investing CF relative to operating CF | 79.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.8% | 1.00× | 3.7% | 1.88× | 7.1% | S100P9HZ |
| 2022 | 4.4% | 1.02× | 4.5% | 1.81× | 8.1% | S100RXW3 |
| 2023 | 5.0% | 1.19× | 5.9% | 1.71× | 10.1% | S100UFPU |
| 2024 | 7.8% | 1.30× | 10.1% | 1.65× | 16.6% | S100WQUM |
| 2025 | 7.1% | 1.34× | 9.5% | 1.58× | 15.1% | S100WQUM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| やまみホールディングス株式会社 | Major shareholder | 34.5% | 2025-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 14.0% | 2025-06-30 |
| 山名 徹 | Major shareholder | 12.2% | 2025-06-30 |
| CEPLUX-THE INDEPENDENT UCITS PLATFORM 2 | Major shareholder | 5.7% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.2% | 2025-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 5.1% | 2025-06-30 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS | Major shareholder | 2.8% | 2025-06-30 |
| 山名 清 | Major shareholder | 1.3% | 2025-06-30 |
| CACEIS BANK, LUXEMBOURG BRANCH / UCITS - FULL TAX | Major shareholder | 1.2% | 2025-06-30 |
| 栢原 伸也 | Major shareholder | 0.9% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2024/07/01－2025/06/30) | S100WQUM | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQUM,, |
| 有価証券報告書－第50期(2023/07/01－2024/06/30) | S100UFPU | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFPU,, |
| 有価証券報告書－第49期(2022/07/01－2023/06/30) | S100RXW3 | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXW3,, |
| 有価証券報告書－第48期(令和3年7月1日－令和4年6月30日) | S100P9HZ | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9HZ,, |
| 有価証券報告書－第47期(令和2年7月1日－令和3年6月30日) | S100MIKO | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIKO,, |
| 有価証券報告書－第46期(令和1年7月1日－令和2年6月30日) | S100JR4S | 2020-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JR4S,, |

## 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).