# YAMAZAWA CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/03/01－2026/02/28) (S100Y6JY)
> Page: https://vizora.meequs.com/en/company/yamazawa
> Retrieved: 2026-09-30T19:50:53.479Z

## Company

Yamazawa, founded in 1962, is a company in Drugstores & Pharmacies listed on TSE Standard. It has 1,107 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAZAWA CO.,LTD. |
| Ticker | 9993 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9993.T) |
| Listing | TSE Standard |
| Head office | 山形県山形市あこや町三丁目8番9号 |
| Representative (per filing) | 代表取締役社長 古山 利昭 |
| Founded | Oct 1962 |
| Share capital | ¥2.39B |
| Employees (consolidated) | 1,107 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Website | yamazawa.co.jp (https://yamazawa.co.jp/) |
| Corporate number | 9390001002171 |
| EDINET | E03228 |
| Industries (Vizora) | Drugstores & Pharmacies, Takeout & Delivery Meals, Supermarkets |

> Profile source: annual securities report (S100Y6JY, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.4 | 45 |
| Profitability | 17.3 | 49 |
| Cash conversion | 94.7 | 47 |
| Efficiency | 43.9 | 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 88% of Yamazawa's sales come from Supermarket business, with Drugstore business and Food manufacturing business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Supermarket business 87.6%、Drugstore business 12.4%、Food manufacturing business 0.0%
- Revenue → net income: ¥105405000000 → ¥1378000000
- Net income → operating cash flow: ¥1378000000 → ¥5950000000（difference ¥4572000000）
- Main uses of operating cash flow: CapEx ¥1067000000 / dividends ¥291000000 / buybacks ¥543000000
- Change in cash: ¥-382000000
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 | ¥105.4B |  |
| Operating income | ¥1.14B | Margin 1.1% |
| Net income | ¥1.38B | Margin 1.3% |
| Free cash flow | ¥4.88B |  |
| Largest business | Supermarket business | of segment revenue 87.6% |
| Employees (consolidated) | 1,107 |  |
| EPS | ¥145.26 |  |
| Diluted EPS | ¥145.17 |  |
| Book value per share | ¥2469.22 |  |
| Equity ratio | 51.5% |  |
| Shares outstanding | 10,960,825 |  |
| Treasury shares | 693,900 |  |
| Shareholders | 13,403 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 9.5% | Cash ÷ revenue 4.7% |
| Vs. industry median margin | -1.7 pp | Supermarkets |
| ROE | 5.3% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.3× net income
- FY2026, buybacks were 1.9× dividends
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥112938000000 | ¥105405000000 | -6.7% |
| Operating income | ¥2459000000 | ¥1140000000 | -53.6% |
| Operating margin | 2.2% | 1.1% | -1.1 pp |
| Employees | 1,239 people | 1,107 people | -10.7% |
| Cash and equivalents | ¥7280000000 | ¥4950000000 | -32.0% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| スーパーマーケット事業 → スーパーマーケット事業 | 87.6% |
| スーパーマーケット事業 → 事業再編・廃止 | 0.3% |
| ドラッグストア事業 → ドラッグストア事業 | 12.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ドラッグストア事業 | 0.3% |
| 新設・再編 → 食品製造事業 | 0.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Supermarket business | 5 years | -1.4% | ¥92333000000 | 1.6% | 2 |
| Drugstore business | 5 years | -0.9% | ¥13070000000 | -0.8% | 2 |
| Food manufacturing business | 2 years | -50.0% | ¥2000000 | -10250.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 105,405 | 100.0% | S100Y6JY |
| Cost of revenue | 75,771 | 71.9% | S100Y6JY |
| Gross profit | 29,634 | 28.1% | S100Y6JY |
| SG&A | 28,494 | 27.0% | S100Y6JY |
| Operating income | 1,140 | 1.1% | S100Y6JY |
| Ordinary income | 1,229 | 1.2% | S100Y6JY |
| Pretax income | 2,072 | 2.0% | S100Y6JY |
| Income tax | 694 | 0.7% | S100Y6JY |
| Net income | 1,378 | 1.3% | S100Y6JY |
| Net income attributable to owners | 1,378 | 1.3% | S100Y6JY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 27 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 28.1% → Operating margin 1.1% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 102,558 | 105,405 | 2,847 | +2.8% |
| Gross profit | 28,595 | 29,634 | 1,039 | +3.6% |
| Operating income | -821 | 1,140 | 1,961 | — |
| Net income attributable to owners | -2,617 | 1,378 | 3,995 | — |
| Operating cash flow | 3,317 | 5,950 | 2,633 | +79.4% |
| Free cash flow | 717 | 4,883 | 4,166 | +581.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 109,709 | 627 | 0.6% | -220 | 3,382 | 571 | S100LEFH |
| FY ending Feb 2021 | 112,938 | 2,459 | 2.2% | 878 | 5,688 | 1,410 | S100O4LL |
| FY ending Feb 2022 | 110,673 | 1,100 | 1.0% | 368 | 2,253 | -603 | S100QV45 |
| FY ending Feb 2023 | 99,457 | 710 | 0.7% | 205 | 1,931 | -4,242 | S100TICB |
| FY ending Feb 2024 | 101,891 | 625 | 0.6% | 451 | 1,628 | -1,863 | S100VUJT |
| FY ending Feb 2025 | 102,558 | -821 | -0.8% | -2,617 | 3,317 | 717 | S100Y6JY |
| FY ending Feb 2026 | 105,405 | 1,140 | 1.1% | 1,378 | 5,950 | 4,883 | S100Y6JY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95.2M |
| Operating income per employee (consolidated) | ¥1M |
| 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,289 | 1,283 | 1,288 | 1,268 | 1,107 |
| Average salary (parent company) | ¥4.9M | ¥4.8M | ¥4.9M | ¥5M | ¥5.3M |
| Average age (parent company) | 43.6 years | 43.4 years | 40.8 years | 41.7 years | 41.8 years |
| Average tenure (parent company) | 18.2 years | 18.2 years | 17.5 years | 17.0 years | 17.5 years |

Year over year: Employees (consolidated) -12.7% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket business | 92,333 | 87.6% | 1,437 | 1.6% |
| Drugstore business | 13,070 | 12.4% | -100 | -0.8% |
| Food manufacturing business | 2 | 0.0% | -205 | -10250.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Supermarket business | 87.6% | 100.0% | 12.4 | 1.6% |
| Drugstore business | 12.4% | — | — | -0.8% |
| Food manufacturing business | 0.0% | — | — | -10250.0% |

Loss-making segment (excluded from profit shares): Drugstore business -100 JPY mn

Loss-making segment (excluded from profit shares): Food manufacturing business -205 JPY mn

Segment → industry: Drugstore business → Drugstores & Pharmacies / Food manufacturing business → Takeout & Delivery Meals / Supermarket business → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,950 | 5.6% | S100Y6JY |
| Capital expenditure | 1,067 | 1.0% | S100Y6JY |
| Free cash flow | 4,883 | 4.6% | 算出 |
| Investing cash flow | 1,059 | 1.0% | S100Y6JY |
| Financing cash flow | -7,392 | -7.0% | S100Y6JY |
| Dividends paid | 291 | 0.3% | S100Y6JY |
| Share buyback | 543 | 0.5% | S100Y6JY |
| Change in cash | -382 | -0.4% | S100Y6JY |
| Cash and equivalents | 4,950 | 4.7% | S100Y6JY |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,721 | 4,927 | 5,613 | 5,333 | 4,950 | S100TICB, S100VUJT, S100Y6JY |
| Total assets | 49,373 | 54,259 | 58,186 | 55,577 | 51,958 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Net assets | 28,812 | 28,636 | 28,859 | 25,969 | 26,744 | S100TICB, S100VUJT, S100Y6JY |
| Share capital | 2,388 | 2,388 | 2,388 | 2,388 | 2,388 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Trade receivables | 741 | 751 | 788 | 813 | — | S100QV45, S100TICB, S100VUJT |
| Property, plant and equipment | 31,728 | 35,767 | 37,658 | 34,964 | 31,433 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Intangible assets excluding goodwill | 1,367 | 1,245 | 1,921 | 2,295 | 2,483 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Goodwill | 29 | 18 | 6 | — | — | S100QV45, S100TICB, S100VUJT |
| Investment securities | 357 | 382 | 424 | 437 | 603 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Current assets | 12,393 | 12,996 | 14,099 | 14,294 | 14,433 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Current liabilities | 16,327 | 20,924 | 20,386 | 21,076 | 17,196 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Trade payables | 6,914 | 6,741 | 6,766 | 6,951 | — | S100QV45, S100TICB, S100VUJT |
| Short-term borrowings | 3,000 | 7,400 | 8,000 | 8,100 | 2,200 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Long-term borrowings | 1,039 | 1,756 | 4,206 | 3,620 | 3,117 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Total liabilities | 20,561 | 25,622 | 29,326 | 29,608 | 25,213 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Equity attributable to owners of parent | 28,778 | 28,561 | 28,731 | 25,830 | 26,382 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Retained earnings | 24,247 | 24,207 | 24,368 | 21,459 | 22,546 | S100QV45, S100TICB, S100VUJT, S100Y6JY |
| Treasury stock | -67 | -246 | -235 | -227 | -761 | S100QV45, S100TICB, S100VUJT, S100Y6JY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y6JY |
| Property, plant and equipment | 60% | S100Y6JY |
| Intangibles and goodwill | 5% | S100Y6JY |
| Investment securities | 1% | S100Y6JY |
| Other assets | 24% | S100Y6JY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100Y6JY |
| Equity | 51% | S100Y6JY |
| Other liabilities | 0% | S100Y6JY |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 49,373 | 54,259 | 58,186 | 55,577 | 51,958 |
| Equity | 28,812 | 28,636 | 28,859 | 25,969 | 26,744 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,721 | 4,927 | 5,613 | 5,333 | 4,950 |

## 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) | 29.8% | S100Y6JY |
| Fixed assets ÷ total assets | 60.5% | S100Y6JY |
| Goodwill ÷ parent equity | — | —, S100Y6JY |

### 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) | 9.5% |
| Cash ÷ revenue | 4.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 521.9% |
| Cash vs. profit gap | 4,572 JPY mn (of net income 331.8%) |
| Shareholder returns / net income | 60.5% |
| Shareholder returns / FCF | 17.1% |
| Shareholder payments — dividends / net income | 21.1% |
| Shareholder payments — dividends / FCF | 6.0% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 17.8% |

## 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 | 0.3% | 2.24× | 0.7% | 1.72× | 1.3% | S100QV45 |
| 2023 | 0.2% | 1.92× | 0.4% | 1.81× | 0.7% | S100TICB |
| 2024 | 0.4% | 1.81× | 0.8% | 1.96× | 1.6% | S100VUJT |
| 2025 | — | —× | -4.6% | —× | — | S100Y6JY |
| 2026 | 1.3% | 1.96× | 2.6% | 2.06× | 5.3% | S100Y6JY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人ヤマザワ教育振興基金 | Major shareholder | 8.7% | 2026-02-28 |
| ヤマザワ産業株式会社 | Major shareholder | 8.1% | 2026-02-28 |
| ヤマザワ取引先持株会 | Major shareholder | 6.4% | 2026-02-28 |
| 株式会社山景 | Major shareholder | 6.0% | 2026-02-28 |
| 有限会社ヤマザワコーポレーション | Major shareholder | 5.2% | 2026-02-28 |
| 有限会社ヤマザワ興産 | Major shareholder | 4.8% | 2026-02-28 |
| 有限会社ヤマザワホーム | Major shareholder | 4.8% | 2026-02-28 |
| 株式会社ヤマザワ・エージェンシー | Major shareholder | 4.7% | 2026-02-28 |
| 株式会社山形銀行 | Major shareholder | 3.3% | 2026-02-28 |
| 山澤 廣 | Major shareholder | 2.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/03/01－2026/02/28) | S100Y6JY | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6JY,, |
| 有価証券報告書－第63期(2024/03/01－2025/02/28) | S100VUJT | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUJT,, |
| 有価証券報告書－第62期(2023/03/01－2024/02/29) | S100TICB | 2024-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TICB,, |
| 有価証券報告書－第61期(2022/03/01－2023/02/28) | S100QV45 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV45,, |
| 有価証券報告書－第60期(令和3年3月1日－令和4年2月28日) | S100O4LL | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4LL,, |
| 有価証券報告書－第59期(令和2年3月1日－令和3年2月28日) | S100LEFH | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEFH,, |

## 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).