# YAMAZAKI BAKING CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/01/01－2025/12/31) (S100XQ5C)
> Page: https://vizora.meequs.com/en/company/yamazaki-baking
> Retrieved: 2026-09-30T21:35:10.628Z

## Company

Yamazaki Baking, founded in 1948, is a company in Processed Foods listed on TSE Prime. It has 33,545 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAZAKI BAKING CO., LTD. |
| Ticker | 2212 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2212.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区岩本町三丁目10番1号 |
| Representative (per filing) | 代表取締役社長 飯島延浩 |
| Founded | Jun 1948 |
| Share capital | ¥11B |
| Employees (consolidated) | 33,545 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.yamazakipan.co.jp (https://www.yamazakipan.co.jp/) |
| Corporate number | 4010001008806 |
| EDINET | E00375 |
| Industries (Vizora) | Processed Foods, Convenience Stores |

> Profile source: annual securities report (S100XQ5C, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.6 | 56 |
| Profitability | 57.5 | 60 |
| Cash conversion | 58.8 | 57 |
| Efficiency | 82.5 | 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)

- About 94% of Yamazaki Baking's sales come from Food business, with Retail business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +17.9%.

## Company structure

- Segment revenue mix: Food business 93.8%、Retail business 6.2%
- Revenue → net income: ¥1311430000000 → ¥43458000000
- Net income → operating cash flow: ¥43458000000 → ¥78870000000（difference ¥35412000000）
- Main uses of operating cash flow: CapEx ¥53294000000 / dividends ¥8922000000 / buybacks ¥3664000000
- Change in cash: ¥9484000000
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 | ¥1.31T |  |
| Operating income | ¥61.1B | Margin 4.7% |
| Net income | ¥40.9B | Margin 3.1% |
| Free cash flow | ¥25.6B |  |
| Largest business | Food business | of segment revenue 93.8% |
| Employees (consolidated) | 33,545 |  |
| EPS | ¥151.97 |  |
| Book value per share | ¥1742.61 |  |
| Equity ratio | 49.3% |  |
| Shares outstanding | 220,282,860 |  |
| Treasury shares | 22,728,100 |  |
| Shareholders | 17,040 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 11.9% |
| Vs. industry median margin | +0.6 pp | Processed Foods |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1014741000000 | ¥1311430000000 | +29.2% |
| Operating income | ¥17438000000 | ¥61141000000 | +250.6% |
| Operating margin | 1.7% | 4.7% | +2.9 pp |
| Employees | 29,243 people | 33,545 people | +14.7% |
| Cash and equivalents | ¥102842000000 | ¥155423000000 | +51.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 食品事業 → 食品事業 | 93.8% |
| 食品事業 → 事業再編・廃止 | 1.2% |
| 流通事業 → 流通事業 | 4.9% |
| 新設・再編 → 流通事業 | 1.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,311,430 | 100.0% | S100XQ5C |
| Cost of revenue | 883,025 | 67.3% | S100XQ5C |
| Gross profit | 428,404 | 32.7% | S100XQ5C |
| SG&A | 367,263 | 28.0% | S100XQ5C |
| Operating income | 61,141 | 4.7% | S100XQ5C |
| Ordinary income | 64,314 | 4.9% | S100XQ5C |
| Pretax income | 61,569 | 4.7% | S100XQ5C |
| Income tax | 18,111 | 1.4% | S100XQ5C |
| Net income | 43,458 | 3.3% | S100XQ5C |
| Net income attributable to owners | 40,893 | 3.1% | S100XQ5C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 28 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 32.7% → Operating margin 4.7% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +17.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.32×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,244,488 | 1,311,430 | 66,942 | +5.4% |
| Gross profit | 405,255 | 428,404 | 23,149 | +5.7% |
| Operating income | 51,873 | 61,141 | 9,268 | +17.9% |
| Net income attributable to owners | 36,015 | 40,893 | 4,878 | +13.5% |
| Operating cash flow | 73,974 | 78,870 | 4,896 | +6.6% |
| Free cash flow | 28,305 | 25,576 | -2,729 | -9.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,061,152 | 24,824 | 2.3% | 13,858 | 57,880 | 19,500 | S100L0QZ |
| FY ending Dec 2020 | 1,014,741 | 17,438 | 1.7% | 6,956 | 47,157 | 10,155 | S100NQEM |
| FY ending Dec 2021 | 1,052,972 | 18,359 | 1.7% | 10,378 | 57,071 | 18,372 | S100QFX1 |
| FY ending Dec 2022 | 1,077,009 | 22,032 | 2.0% | 12,368 | 52,773 | 12,205 | S100T3GA |
| FY ending Dec 2023 | 1,175,562 | 41,962 | 3.6% | 30,168 | 73,689 | 33,234 | S100VGD6 |
| FY ending Dec 2024 | 1,244,488 | 51,873 | 4.2% | 36,015 | 73,974 | 28,305 | S100XQ5C |
| FY ending Dec 2025 | 1,311,430 | 61,141 | 4.7% | 40,893 | 78,870 | 25,576 | S100XQ5C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 32,527 | 32,210 | 32,725 | 33,393 | 33,545 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.8M | ¥6M | ¥6.3M |
| Average age (parent company) | 38.3 years | 38.6 years | 39.0 years | 39.3 years | 39.6 years |
| Average tenure (parent company) | 15.1 years | 15.2 years | 15.3 years | 15.3 years | 15.3 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +5.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food business | 1,215,940 | 93.8% | 58,448 | 4.8% |
| Retail business | 79,790 | 6.2% | -884 | -1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food business | 93.8% | 100.0% | 6.2 | 4.8% |
| Retail business | 6.2% | — | — | -1.1% |

Loss-making segment (excluded from profit shares): Retail business -884 JPY mn

Segment → industry: Food business → Processed Foods / Retail business → Convenience Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 78,870 | 6.0% | S100XQ5C |
| Capital expenditure | 53,294 | 4.1% | S100XQ5C |
| Free cash flow | 25,576 | 2.0% | 算出 |
| Investing cash flow | -55,859 | -4.3% | S100XQ5C |
| Financing cash flow | -14,126 | -1.1% | S100XQ5C |
| Dividends paid | 8,922 | 0.7% | S100XQ5C |
| Share buyback | 3,664 | 0.3% | S100XQ5C |
| Change in cash | 9,484 | 0.7% | S100XQ5C |
| Cash and equivalents | 155,423 | 11.9% | S100XQ5C |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 133,495 | 119,559 | 129,582 | 145,939 | 155,423 | S100T3GA, S100VGD6, S100XQ5C |
| Total assets | 757,352 | 758,031 | 802,035 | 865,105 | 931,878 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Net assets | 382,217 | 407,897 | 446,132 | 460,486 | 510,828 | S100T3GA, S100VGD6, S100XQ5C |
| Share capital | 11,014 | 11,014 | 11,014 | 11,014 | 11,014 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Trade receivables | 114,588 | — | — | — | — | S100QFX1 |
| Property, plant and equipment | 328,527 | 332,385 | 347,586 | 358,597 | 371,564 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Intangible assets excluding goodwill | 22,258 | 23,365 | 21,417 | 19,197 | 18,112 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Goodwill | 10,764 | 10,518 | 9,052 | 7,168 | 5,723 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Investment securities | 65,219 | 65,876 | 80,580 | 76,726 | 85,913 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Current assets | 289,984 | 291,321 | 314,787 | 341,404 | 365,470 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Current liabilities | 235,286 | 237,341 | 257,877 | 269,953 | 274,156 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Trade payables | 76,414 | 83,496 | 89,239 | 91,424 | 94,426 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Short-term borrowings | 60,913 | 55,795 | 55,608 | 60,302 | 56,129 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Long-term borrowings | 29,172 | 22,779 | 16,690 | 32,373 | 39,303 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Total liabilities | 375,135 | 350,133 | 355,902 | 404,618 | 421,050 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Non-controlling interests | 39,643 | 44,158 | 45,994 | 48,336 | 50,947 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Equity attributable to owners of parent | 315,910 | 316,572 | 337,856 | 343,422 | 371,761 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Retained earnings | 310,080 | 317,816 | 343,395 | 374,629 | 406,573 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |
| Treasury stock | -14,817 | -21,891 | -26,185 | -51,852 | -55,517 | S100QFX1, S100T3GA, S100VGD6, S100XQ5C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XQ5C |
| Property, plant and equipment | 40% | S100XQ5C |
| Intangibles and goodwill | 2% | S100XQ5C |
| Investment securities | 9% | S100XQ5C |
| Other assets | 32% | S100XQ5C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100XQ5C |
| Other liabilities | 35% | S100XQ5C |
| Equity | 55% | S100XQ5C |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 757,352 | 758,031 | 802,035 | 865,105 | 931,878 |
| Equity | 382,217 | 407,897 | 446,132 | 460,486 | 510,828 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 133,495 | 119,559 | 129,582 | 145,939 | 155,423 |

## 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) | 28.3% | S100XQ5C |
| Fixed assets ÷ total assets | 39.9% | S100XQ5C |
| Goodwill ÷ parent equity | 1.5% | S100XQ5C |

Goodwill over 4 years: 10,764 → 5,723 JPY; total investing cash flow: -224,784 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) | 16.7% |
| Cash ÷ revenue | 11.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.0% |
| Cash vs. profit gap | 37,977 JPY mn (of net income 92.9%) |
| Shareholder returns / net income | 30.8% |
| Shareholder returns / FCF | 49.2% |
| Shareholder payments — dividends / net income | 21.8% |
| Shareholder payments — dividends / FCF | 34.9% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 70.8% |

## 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 | 1.0% | 1.39× | 1.4% | 2.40× | 3.3% | S100QFX1 |
| 2022 | 1.1% | 1.42× | 1.6% | 2.40× | 3.9% | S100T3GA |
| 2023 | 2.6% | 1.51× | 3.9% | 2.38× | 9.2% | S100VGD6 |
| 2024 | 2.9% | 1.49× | 4.3% | 2.45× | 10.6% | S100XQ5C |
| 2025 | 3.1% | 1.46× | 4.6% | 2.51× | 11.4% | S100XQ5C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 飯島興産株式会社 | Major shareholder | 9.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2025-12-31 |
| 公益財団法人飯島藤十郎記念食品科学振興財団 | Major shareholder | 6.3% | 2025-12-31 |
| 株式会社日清製粉グループ本社 | Major shareholder | 5.6% | 2025-12-31 |
| 三菱商事株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| 丸紅株式会社 | Major shareholder | 4.1% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥1.31T, up +5.4% from ¥1.24T a year earlier.
- Operating income reached ¥61.1B (+17.9%) and net income ¥40.9B (+13.5%), growing faster than sales.
- Operating cash flow rose to ¥78.9B (+6.6%), but free cash flow slipped to ¥25.6B (-9.6%).

### Drivers

- A new technique first used in Double Soft bread was applied to its flagship Royal Bread and to buns and cakes, and the quality push lifted sales
- Prices on some breads and sweets were raised at the start of the year, while campaigns like the spring bread festival helped keep volumes growing
- Subsidiaries did well too: Fujiya's Country Ma'am cookies grew strongly, and Sandelica sold more sandwiches and rice balls to convenience store chains

### Risks

- The company expects eggs, oils and packaging to stay expensive and labor costs to keep rising
- Rising prices are likely to keep shoppers careful and focused on cheaper items
- Its convenience stores and other retail outlets also face higher labor and other costs

Cited: Annual Securities Report (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); Annual Securities Report (経営方針、経営環境及び対処すべき課題等)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/01/01－2025/12/31) | S100XQ5C | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQ5C,, |
| 有価証券報告書－第77期(2024/01/01－2024/12/31) | S100VGD6 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGD6,, |
| 有価証券報告書－第76期(2023/01/01－2023/12/31) | S100T3GA | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3GA,, |
| 有価証券報告書－第75期(2022/01/01－2022/12/31) | S100QFX1 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFX1,, |
| 有価証券報告書－第74期(令和3年1月1日－令和3年12月31日) | S100NQEM | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQEM,, |
| 有価証券報告書－第73期(令和2年1月1日－令和2年12月31日) | S100L0QZ | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0QZ,, |

## 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).