# YAMANAKA 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69期(2025/03/21－2026/03/20) (S100Y9HQ)
> Page: https://vizora.meequs.com/en/company/yamanaka
> Retrieved: 2026-09-30T19:51:11.658Z

## Company

Yamanaka, founded in 1957, is a company in Supermarkets listed on Nagoya. It has 780 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMANAKA CO.,LTD. |
| Ticker | 8190 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8190.T) |
| Listing | Nagoya |
| Head office | 名古屋市中村区岩塚町字西枝1番地の1 |
| Representative (per filing) | 代表取締役社長 中野義久 |
| Founded | Jul 1957 |
| Share capital | ¥4.22B |
| Employees (consolidated) | 780 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.super-yamanaka.co.jp (https://www.super-yamanaka.co.jp/) |
| Corporate number | 8180001018537 |
| EDINET | E03072 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100Y9HQ, filed 2026-06-09). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.6 | 45 |
| Profitability | 3.1 | 49 |
| Efficiency | 41.8 | 49 |
| Financial strength | 81.3 | 8 |

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)

- Yamanaka brought in ¥81B in revenue.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -1.6% from the prior year, operating profit -104.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥81B |  |
| Operating income | -¥27M | Margin -0.0% |
| Net income | ¥102M | Margin 0.1% |
| Free cash flow | -¥120M |  |
| Employees (consolidated) | 780 |  |
| EPS | ¥2.75 |  |
| Book value per share | ¥849.94 |  |
| Equity ratio | 42.6% |  |
| Shares outstanding | 20,425,218 |  |
| Treasury shares | 1,342,400 |  |
| Shareholders | 7,355 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 10.2% | Net cash -¥3.18B · Cash ÷ revenue 5.3% |
| Vs. industry median margin | -2.9 pp | Supermarkets |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 14.7× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥95024000000 | ¥80975000000 | -14.8% |
| Operating income | ¥2047000000 | ¥-27000000 | -101.3% |
| Operating margin | 2.2% | -0.0% | -2.2 pp |
| Employees | 910 people | 780 people | -14.3% |
| Cash and equivalents | ¥4531000000 | ¥4313000000 | -4.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 80,975 | 100.0% | S100Y9HQ |
| Cost of revenue | 57,367 | 70.8% | S100Y9HQ |
| Gross profit | 23,607 | 29.2% | S100Y9HQ |
| SG&A | 25,898 | 32.0% | S100Y9HQ |
| Operating income | -27 | -0.0% | S100Y9HQ |
| Ordinary income | 146 | 0.2% | S100Y9HQ |
| Pretax income | 365 | 0.5% | S100Y9HQ |
| Income tax | 263 | 0.3% | S100Y9HQ |
| Net income | 102 | 0.1% | S100Y9HQ |
| Net income attributable to owners | 102 | 0.1% | S100Y9HQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 32 |
| Other operating | -3 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 29.2% → Operating margin -0.0% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 82,267 | 80,975 | -1,292 | -1.6% |
| Gross profit | 24,007 | 23,607 | -400 | -1.7% |
| Operating income | 585 | -27 | -612 | -104.6% |
| Net income attributable to owners | 296 | 102 | -194 | -65.5% |
| Operating cash flow | 920 | 1,501 | 581 | +63.2% |
| Free cash flow | 22 | -120 | -142 | -645.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 92,102 | 694 | 0.8% | 353 | 1,713 | 141 | S100LJOM |
| FY ending Mar 2021 | 95,024 | 2,047 | 2.2% | 897 | 3,318 | -1,544 | S100O9AM |
| FY ending Mar 2022 | 91,660 | 1,072 | 1.2% | 721 | 1,384 | 101 | S100S1KV |
| FY ending Mar 2023 | 84,493 | 32 | 0.0% | -656 | 909 | -101 | S100TLCC |
| FY ending Mar 2024 | 83,868 | 804 | 1.0% | 471 | 2,884 | 1,625 | S100VWD9 |
| FY ending Mar 2025 | 82,267 | 585 | 0.7% | 296 | 920 | 22 | S100Y9HQ |
| FY ending Mar 2026 | 80,975 | -27 | -0.0% | 102 | 1,501 | -120 | S100Y9HQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥103.8M |
| Operating income per employee (consolidated) | -¥34.6K |
| Net income per employee (consolidated) | ¥130.8K |

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) | 866 | 840 | 841 | 820 | 780 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.3M | ¥5.3M | ¥5.1M |
| Average age (parent company) | 46.7 years | 46.6 years | 46.7 years | 46.3 years | 46.2 years |
| Average tenure (parent company) | 22.2 years | 22.6 years | 22.6 years | 22.2 years | 21.7 years |

Year over year: Employees (consolidated) -4.9% · Revenue (consolidated) -1.6%

## 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 | 1,501 | 1.9% | S100Y9HQ |
| Capital expenditure | 1,621 | 2.0% | S100Y9HQ |
| Free cash flow | -120 | -0.1% | 算出 |
| Investing cash flow | -991 | -1.2% | S100Y9HQ |
| Financing cash flow | -402 | -0.5% | S100Y9HQ |
| Dividends paid | 190 | 0.2% | S100Y9HQ |
| Share buyback | 0 | 0.0% | S100Y9HQ |
| Change in cash | 108 | 0.1% | S100Y9HQ |
| Cash and equivalents | 4,313 | 5.3% | S100Y9HQ |

## 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 | 3,424 | 3,387 | 3,694 | 4,205 | 4,313 | S100TLCC, S100VWD9, S100Y9HQ |
| Total assets | 40,370 | 39,565 | 40,759 | 41,827 | 42,401 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Net assets | 16,928 | 16,109 | 17,299 | 17,401 | 18,061 | S100TLCC, S100VWD9, S100Y9HQ |
| Share capital | 4,220 | 4,220 | 4,220 | 4,220 | 4,220 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Property, plant and equipment | 22,752 | 21,610 | 21,449 | 22,160 | 21,307 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Intangible assets excluding goodwill | 742 | 745 | 692 | 641 | 617 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Investment securities | 2,733 | 2,802 | 3,670 | 3,539 | 3,951 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Current assets | 8,641 | 9,048 | 8,964 | 9,603 | 9,904 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Current liabilities | 12,459 | 12,816 | 13,030 | 12,822 | 12,521 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Short-term borrowings | 200 | 200 | 200 | 200 | 200 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Long-term borrowings | 5,532 | 5,952 | 5,301 | 6,214 | 5,940 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Bonds | 2,435 | 1,735 | 1,745 | 1,438 | 1,356 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Interest-bearing debt | 8,167 | 7,887 | 7,246 | 7,852 | 7,496 | 算出 |
| Total liabilities | 23,441 | 23,456 | 23,459 | 24,425 | 24,339 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Equity attributable to owners of parent | 15,892 | 15,088 | 15,222 | 15,362 | 15,275 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Retained earnings | 7,092 | 6,220 | 6,537 | 6,643 | 6,554 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |
| Treasury stock | -1,958 | -1,891 | -2,074 | -2,039 | -2,037 | S100S1KV, S100TLCC, S100VWD9, S100Y9HQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y9HQ |
| Property, plant and equipment | 50% | S100Y9HQ |
| Intangibles and goodwill | 2% | S100Y9HQ |
| Investment securities | 9% | S100Y9HQ |
| Other assets | 29% | S100Y9HQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 40% | S100Y9HQ |
| Equity | 42% | S100Y9HQ |
| Other liabilities | 0% | S100Y9HQ |

### 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 | 40,370 | 39,565 | 40,759 | 41,827 | 42,401 |
| Equity | 16,928 | 16,109 | 17,299 | 17,401 | 18,061 |
| Interest-bearing debt | 8,167 | 7,887 | 7,246 | 7,852 | 7,496 |
| Cash | 3,424 | 3,387 | 3,694 | 4,205 | 4,313 |

## 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) | 26.3% | S100Y9HQ |
| Fixed assets ÷ total assets | 50.3% | S100Y9HQ |
| Goodwill ÷ parent equity | — | —, S100Y9HQ |

### 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) | 10.2% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | -¥3.18B |
| Net debt ÷ operating cash flow | 2.12× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,399 JPY mn (of net income 1371.6%) |
| Shareholder returns / net income | 186.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 186.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 66.0% |

## 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 | 0.8% | 2.27× | 1.8% | 2.54× | 4.5% | S100S1KV |
| 2023 | — | —× | -1.6% | —× | — | S100TLCC |
| 2024 | 0.6% | 2.09× | 1.2% | 2.65× | 3.1% | S100VWD9 |
| 2025 | 0.4% | 1.99× | 0.7% | 2.70× | 1.9% | S100Y9HQ |
| 2026 | 0.1% | 1.92× | 0.2% | 2.75× | 0.7% | S100Y9HQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヤマナカ共栄会 | Major shareholder | 14.4% | 2026-03-20 |
| 株式会社なかの | Major shareholder | 11.1% | 2026-03-20 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.7% | 2026-03-20 |
| セコム損害保険株式会社 | Major shareholder | 3.1% | 2026-03-20 |
| 株式会社みずほ銀行 | Major shareholder | 3.1% | 2026-03-20 |
| 野村證券株式会社 | Major shareholder | 3.1% | 2026-03-20 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.7% | 2026-03-20 |
| 株式会社名古屋銀行 | Major shareholder | 2.4% | 2026-03-20 |
| ダイナパック株式会社 | Major shareholder | 2.0% | 2026-03-20 |
| 株式会社ビッグヴァン | Major shareholder | 1.9% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/03/21－2026/03/20) | S100Y9HQ | 2026-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9HQ,, |
| 有価証券報告書－第68期(2024/03/21－2025/03/20) | S100VWD9 | 2025-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWD9,, |
| 有価証券報告書－第67期(2023/03/21－2024/03/20) | S100TLCC | 2024-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLCC,, |
| 訂正有価証券報告書－第66期(2022/03/21－2023/03/20) | S100S1KV | 2023-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S1KV,, |
| 有価証券報告書－第65期(令和3年3月21日－令和4年3月20日) | S100O9AM | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9AM,, |
| 有価証券報告書－第64期(令和2年3月21日－令和3年3月20日) | S100LJOM | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJOM,, |

## 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).