# YAMAYA CORPORATION: 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56期(2025/04/01－2026/03/31) (S100YIXT)
> Page: https://vizora.meequs.com/en/company/yamaya
> Retrieved: 2026-09-30T19:50:58.553Z

## Company

Yamaya, founded in 1970, is a company in Restaurants & Pubs listed on TSE Standard. It has 1,807 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAYA CORPORATION |
| Ticker | 9994 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9994.T) |
| Listing | TSE Standard |
| Head office | 宮城県仙台市宮城野区榴岡三丁目4番1号 |
| Representative (per filing) | 代表取締役会長 山内 英靖 |
| Founded | Nov 1970 |
| Share capital | ¥3.25B |
| Employees (consolidated) | 1,807 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.yamaya.jp (https://www.yamaya.jp/) |
| Corporate number | 5370001014536 |
| EDINET | E03227 |
| Industries (Vizora) | Restaurants & Pubs, Supermarkets |

> Profile source: annual securities report (S100YIXT, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.8 | 45 |
| Profitability | 37.8 | 49 |
| Cash conversion | 28.7 | 47 |
| Efficiency | 68.4 | 49 |

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 82% of Yamaya's sales come from Liquor Business, with Restaurant Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.7% from the prior year, operating profit -34.2%.

## Company structure

- Segment revenue mix: Liquor Business 81.5%、Restaurant Business 18.5%
- Revenue → net income: ¥159119000000 → ¥2552000000
- Net income → operating cash flow: ¥2552000000 → ¥4328000000（difference ¥1776000000）
- Main uses of operating cash flow: CapEx ¥2254000000 / dividends ¥693000000 / buybacks ¥0
- Change in cash: ¥-124000000
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 | ¥159.1B |  |
| Operating income | ¥3.57B | Margin 2.2% |
| Net income | ¥2.08B | Margin 1.3% |
| Free cash flow | ¥2.07B |  |
| Largest business | Liquor Business | of segment revenue 81.5% |
| Employees (consolidated) | 1,807 |  |
| EPS | ¥88.16 |  |
| Book value per share | ¥3379.67 |  |
| Equity ratio | 57.1% |  |
| Shares outstanding | 10,847,000 |  |
| Treasury shares | 6,400 |  |
| Shareholders | 14,071 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 19.2% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -0.6 pp | Supermarkets |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, parent-company salary changed +44% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥150003000000 | ¥159119000000 | +6.1% |
| Operating income | ¥-251000000 | ¥3572000000 | — |
| Operating margin | -0.2% | 2.2% | +2.4 pp |
| Employees | 1,934 people | 1,807 people | -6.6% |
| Cash and equivalents | ¥8664000000 | ¥12463000000 | +43.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 酒販事業 → 酒販事業 | 81.5% |
| 酒販事業 → 事業再編・廃止 | 8.0% |
| 外食事業 → 外食事業 | 10.5% |
| 新設・再編 → 外食事業 | 8.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 159,119 | 100.0% | S100YIXT |
| Cost of revenue | 113,235 | 71.2% | S100YIXT |
| Gross profit | 45,883 | 28.8% | S100YIXT |
| SG&A | 42,311 | 26.6% | S100YIXT |
| Operating income | 3,572 | 2.2% | S100YIXT |
| Ordinary income | 3,698 | 2.3% | S100YIXT |
| Pretax income | 3,342 | 2.1% | S100YIXT |
| Income tax | 789 | 0.5% | S100YIXT |
| Net income | 2,552 | 1.6% | S100YIXT |
| Net income attributable to owners | 2,077 | 1.3% | S100YIXT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 27 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 28.8% → Operating margin 2.2% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.7%; Core profit growth: -34.2%
Operating leverage (core profit growth ÷ revenue growth): 52.35×
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 | 160,164 | 159,119 | -1,045 | -0.7% |
| Gross profit | 46,842 | 45,883 | -959 | -2.0% |
| Operating income | 5,425 | 3,572 | -1,853 | -34.2% |
| Net income attributable to owners | 3,644 | 2,077 | -1,567 | -43.0% |
| Operating cash flow | 2,807 | 4,328 | 1,521 | +54.2% |
| Free cash flow | 1,044 | 2,074 | 1,030 | +98.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 168,168 | 4,163 | 2.5% | 205 | 677 | -523 | S100LPU2 |
| FY ending Mar 2021 | 150,003 | -251 | -0.2% | -7,979 | -500 | -1,615 | S100ODB0 |
| FY ending Mar 2022 | 143,420 | 643 | 0.4% | 4,401 | 4,441 | 3,387 | S100R141 |
| FY ending Mar 2023 | 152,764 | 2,837 | 1.9% | 1,930 | 3,087 | 1,869 | S100TNVS |
| FY ending Mar 2024 | 160,335 | 6,319 | 3.9% | 3,617 | 5,445 | 4,514 | S100VZ1X |
| FY ending Mar 2025 | 160,164 | 5,425 | 3.4% | 3,644 | 2,807 | 1,044 | S100YIXT |
| FY ending Mar 2026 | 159,119 | 3,572 | 2.2% | 2,077 | 4,328 | 2,074 | S100YIXT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,896 | 1,807 | 1,765 | 1,792 | 1,807 |
| Average salary (parent company) | ¥3.8M | ¥4M | ¥4.3M | ¥6.1M | ¥5.5M |
| Average age (parent company) | 33.9 years | 35.9 years | 37.0 years | 34.8 years | 35.2 years |
| Average tenure (parent company) | 10.0 years | 12.0 years | 13.0 years | 11.0 years | 12.0 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Liquor Business | 129,718 | 81.5% | 2,738 | 2.1% |
| Restaurant Business | 29,400 | 18.5% | 826 | 2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Liquor Business | 81.5% | 76.8% | -4.7 | 2.1% |
| Restaurant Business | 18.5% | 23.2% | 4.7 | 2.8% |

Segment → industry: Restaurant Business → Restaurants & Pubs / Liquor Business → Supermarkets

## 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 | 4,328 | 2.7% | S100YIXT |
| Capital expenditure | 2,254 | 1.4% | S100YIXT |
| Free cash flow | 2,074 | 1.3% | 算出 |
| Investing cash flow | -2,381 | -1.5% | S100YIXT |
| Financing cash flow | -2,072 | -1.3% | S100YIXT |
| Dividends paid | 693 | 0.4% | S100YIXT |
| Share buyback | 0 | 0.0% | S100YIXT |
| Change in cash | -124 | -0.1% | S100YIXT |
| Cash and equivalents | 12,463 | 7.8% | S100YIXT |

## 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 | 13,791 | 11,745 | 13,539 | 12,588 | 12,463 | S100TNVS, S100VZ1X, S100YIXT |
| Total assets | 60,977 | 59,275 | 62,418 | 66,942 | 64,981 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Net assets | 29,084 | 29,592 | 33,539 | 37,330 | 39,574 | S100TNVS, S100VZ1X, S100YIXT |
| Share capital | 3,247 | 3,247 | 3,247 | 3,247 | 3,247 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Property, plant and equipment | 10,916 | 10,706 | 10,608 | 11,068 | 11,979 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Intangible assets excluding goodwill | 2,252 | 2,046 | 1,538 | 1,378 | 1,312 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Goodwill | 2,158 | 1,975 | 1,464 | 1,314 | 1,164 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Investment securities | 792 | 807 | 930 | 910 | 1,381 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Current assets | 37,540 | 36,481 | 39,961 | 43,760 | 40,308 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Current liabilities | 24,762 | 22,957 | 22,261 | 22,522 | 19,560 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Short-term borrowings | 10,000 | 7,000 | 5,000 | 3,100 | 2,300 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Long-term borrowings | 3,057 | 2,786 | 2,514 | 2,968 | 1,507 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Total liabilities | 31,893 | 29,683 | 28,879 | 29,611 | 25,407 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Non-controlling interests | 1,626 | 743 | 1,331 | 2,074 | 2,465 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Equity attributable to owners of parent | 27,256 | 28,623 | 31,676 | 34,724 | 36,107 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Retained earnings | 18,202 | 19,569 | 22,622 | 25,670 | 27,054 | S100R141, S100TNVS, S100VZ1X, S100YIXT |
| Treasury stock | -8 | -8 | -9 | -9 | -9 | S100R141, S100TNVS, S100VZ1X, S100YIXT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YIXT |
| Property, plant and equipment | 18% | S100YIXT |
| Intangibles and goodwill | 4% | S100YIXT |
| Investment securities | 2% | S100YIXT |
| Other assets | 57% | S100YIXT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YIXT |
| Equity | 61% | S100YIXT |

### 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 | 60,977 | 59,275 | 62,418 | 66,942 | 64,981 |
| Equity | 29,084 | 29,592 | 33,539 | 37,330 | 39,574 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,791 | 11,745 | 13,539 | 12,588 | 12,463 |

## 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) | 7.5% | S100YIXT |
| Fixed assets ÷ total assets | 18.4% | S100YIXT |
| Goodwill ÷ parent equity | 3.2% | S100YIXT |

Goodwill over 4 years: 2,158 → 1,164 JPY; total investing cash flow: -6,702 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) | 19.2% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.2% |
| Cash vs. profit gap | 2,251 JPY mn (of net income 108.4%) |
| Shareholder returns / net income | 33.4% |
| Shareholder returns / FCF | 33.4% |
| Shareholder payments — dividends / net income | 33.4% |
| Shareholder payments — dividends / FCF | 33.4% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 55.0% |

## 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 | 3.1% | 2.35× | 7.2% | 2.24× | 16.1% | S100R141 |
| 2023 | 1.3% | 2.54× | 3.2% | 2.15× | 6.9% | S100TNVS |
| 2024 | 2.3% | 2.64× | 5.9% | 2.02× | 12.0% | S100VZ1X |
| 2025 | 2.3% | 2.48× | 5.6% | 1.95× | 11.0% | S100YIXT |
| 2026 | 1.3% | 2.41× | 3.1% | 1.86× | 5.9% | S100YIXT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山内コンサルタント株式会社 | Major shareholder | 22.8% | 2026-03-31 |
| 山内エンタープライズ株式会社 | Major shareholder | 20.0% | 2026-03-31 |
| イオン株式会社 | Major shareholder | 19.1% | 2026-03-31 |
| 山内浩晶 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社七十七銀行（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 |
| 山内英房 | Major shareholder | 1.8% | 2026-03-31 |
| 山内一枝 | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510660（常任代理人株式会社みずほ銀行） | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.7% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YIXT | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIXT,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100VZ1X | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ1X,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TNVS | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNVS,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R141 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R141,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100ODB0 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODB0,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LPU2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPU2,, |

## 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).