# THE YONKYU 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52期(2025/04/01－2026/03/31) (S100YDUS)
> Page: https://vizora.meequs.com/en/company/yonkyu
> Retrieved: 2026-09-30T21:00:05.632Z

## Company

THE Yonkyu, founded in 1963, is a company in Fisheries listed on TSE Standard. It has 134 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE YONKYU CO.,LTD. |
| Ticker | 9955 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9955.T) |
| Listing | TSE Standard |
| Head office | 愛媛県宇和島市築地町2丁目318番地235 |
| Representative (per filing) | 代表取締役社長 笠岡 恒三 |
| Founded | Apr 1963 |
| Share capital | ¥2.79B |
| Employees (consolidated) | 134 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.yonkyu.co.jp (https://www.yonkyu.co.jp/) |
| Corporate number | 5500001015561 |
| EDINET | E02765 |
| Industries (Vizora) | Fisheries, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YDUS, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 68.2 | 11 |
| Cash conversion | 77.3 | 11 |
| Efficiency | 13.6 | 11 |

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 66% of THE Yonkyu's sales come from Sale business of the fresh fish, with Sale business of the bait charges feed and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit +20.9%.

## Company structure

- Segment revenue mix: Sale business of the fresh fish 66.0%、Sale business of the bait charges feed 34.0%、Other 0.0%
- Revenue → net income: ¥47676039000 → ¥3784745000
- Net income → operating cash flow: ¥3784745000 → ¥2660172000（difference ¥-1124573000）
- Main uses of operating cash flow: CapEx ¥329285000 / dividends ¥244954000 / buybacks ¥342000
- Change in cash: ¥5099678000
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 | ¥47.7B |  |
| Operating income | ¥1.87B | Margin 3.9% |
| Net income | ¥3.78B | Margin 7.9% |
| Free cash flow | ¥2.33B |  |
| Largest business | Sale business of the fresh fish | of segment revenue 66.0% |
| Employees (consolidated) | 134 |  |
| EPS | ¥290.9 |  |
| Book value per share | ¥2857.68 |  |
| Equity ratio | 73.8% |  |
| Shares outstanding | 12,290,000 |  |
| Treasury shares | 35,800 |  |
| Shareholders | 6,527 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 40.7% | Cash ÷ revenue 47.2% |
| Vs. industry median margin | +0.7 pp | Fisheries |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by -55 points
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36391435000 | ¥47676039000 | +31.0% |
| Operating income | ¥1943574000 | ¥1869459000 | -3.8% |
| Operating margin | 5.3% | 3.9% | -1.4 pp |
| Employees | 138 people | 134 people | -2.9% |
| Cash and equivalents | ¥14274376000 | ¥22517383000 | +57.7% |

### 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 |
| --- | ---: |
| 鮮魚の販売事業 → 鮮魚の販売事業 | 63.3% |
| 餌料・飼料の販売事業 → 餌料・飼料の販売事業 | 34.0% |
| 餌料・飼料の販売事業 → 事業再編・廃止 | 2.6% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 鮮魚の販売事業 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sale business of the fresh fish | 5 years | +6.4% | ¥31466834000 | 0.7% | 2 |
| Sale business of the bait charges feed | 5 years | +4.0% | ¥16205993000 | 10.5% | 2 |
| Other | 5 years | -32.4% | ¥3211000 | 43.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 47,676 | 100.0% | S100YDUS |
| Cost of revenue | 41,738 | 87.5% | S100YDUS |
| Gross profit | 5,938 | 12.5% | S100YDUS |
| SG&A | 4,069 | 8.5% | S100YDUS |
| Operating income | 1,869 | 3.9% | S100YDUS |
| Ordinary income | 2,195 | 4.6% | S100YDUS |
| Pretax income | 5,684 | 11.9% | S100YDUS |
| Income tax | 1,899 | 4.0% | S100YDUS |
| Net income | 3,785 | 7.9% | S100YDUS |
| Net income attributable to owners | 3,784 | 7.9% | S100YDUS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 12.5% → Operating margin 3.9% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.2%; Core profit growth: +20.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.36×
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 | 44,888 | 47,676 | 2,788 | +6.2% |
| Gross profit | 5,322 | 5,938 | 616 | +11.6% |
| Operating income | 1,546 | 1,869 | 323 | +20.9% |
| Net income attributable to owners | 1,415 | 3,784 | 2,369 | +167.4% |
| Operating cash flow | 2,229 | 2,660 | 431 | +19.3% |
| Free cash flow | 1,010 | 2,331 | 1,321 | +130.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,461 | 1,406 | 3.5% | 695 | 805 | 607 | S100LISP |
| FY ending Mar 2021 | 36,391 | 1,944 | 5.3% | 1,212 | 4,293 | 3,931 | S100OC76 |
| FY ending Mar 2022 | 35,213 | 2,589 | 7.4% | 1,998 | 2,031 | 550 | S100QZ3Z |
| FY ending Mar 2023 | 40,235 | 2,775 | 6.9% | 2,306 | 2,503 | 685 | S100TQWU |
| FY ending Mar 2024 | 45,131 | 1,945 | 4.3% | 1,635 | -61 | -1,683 | S100W22N |
| FY ending Mar 2025 | 44,888 | 1,546 | 3.4% | 1,415 | 2,229 | 1,010 | S100YDUS |
| FY ending Mar 2026 | 47,676 | 1,869 | 3.9% | 3,784 | 2,660 | 2,331 | S100YDUS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥355.8M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥28.2M |

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) | 136 | 132 | 126 | 135 | 134 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.5M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 41.8 years | 43.2 years | 43.3 years | 43.3 years | 42.9 years |
| Average tenure (parent company) | 9.6 years | 11.9 years | 12.1 years | 12.3 years | 12.7 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sale business of the fresh fish | 31,467 | 66.0% | 220 | 0.7% |
| Sale business of the bait charges feed | 16,206 | 34.0% | 1,694 | 10.5% |
| Other | 3 | 0.0% | 1 | 43.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sale business of the fresh fish | 66.0% | 11.5% | -54.5 | 0.7% |
| Sale business of the bait charges feed | 34.0% | 88.4% | 54.4 | 10.5% |
| Other | 0.0% | 0.1% | 0.1 | 43.9% |

Segment → industry: Sale business of the fresh fish → Fisheries / Sale business of the bait charges feed → Specialty Trading & Wholesale / Sale business of the fresh fish → Specialty Trading & Wholesale

## 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 | 2,660 | 5.6% | S100YDUS |
| Capital expenditure | 329 | 0.7% | S100YDUS |
| Free cash flow | 2,331 | 4.9% | 算出 |
| Investing cash flow | 3,260 | 6.8% | S100YDUS |
| Financing cash flow | -821 | -1.7% | S100YDUS |
| Dividends paid | 245 | 0.5% | S100YDUS |
| Share buyback | 0 | 0.0% | S100YDUS |
| Change in cash | 5,100 | 10.7% | S100YDUS |
| Cash and equivalents | 22,517 | 47.2% | S100YDUS |

## 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 | 15,317 | 15,555 | 16,736 | 17,418 | 22,517 | S100TQWU, S100W22N, S100YDUS |
| Total assets | 42,854 | 47,266 | 51,380 | 52,340 | 55,291 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Net assets | 31,636 | 34,908 | 37,127 | 38,858 | 40,781 | S100TQWU, S100W22N, S100YDUS |
| Share capital | 2,729 | 2,743 | 2,757 | 2,771 | 2,785 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Property, plant and equipment | 4,931 | 6,006 | 7,042 | 7,599 | 7,317 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Intangible assets excluding goodwill | 121 | 140 | 210 | 174 | 115 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Investment securities | 7,438 | 9,725 | 10,892 | 11,903 | 8,324 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Current assets | 29,964 | 30,996 | 32,801 | 32,171 | 38,945 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Current liabilities | 7,666 | 8,780 | 8,631 | 7,282 | 9,735 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Trade payables | 2,683 | 2,744 | 3,659 | 2,764 | 3,372 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Short-term borrowings | 3,773 | 4,745 | 3,557 | 3,375 | 3,375 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Long-term borrowings | 2,572 | 2,027 | 3,713 | 3,906 | 3,331 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Total liabilities | 11,218 | 12,358 | 14,253 | 13,482 | 14,511 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Non-controlling interests | 3 | 3 | 4 | 4 | 5 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Equity attributable to owners of parent | 29,916 | 32,005 | 33,423 | 34,621 | 38,188 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Retained earnings | 23,539 | 25,602 | 26,992 | 28,163 | 31,702 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |
| Treasury stock | -19 | -19 | -20 | -20 | -21 | S100QZ3Z, S100TQWU, S100W22N, S100YDUS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YDUS |
| Property, plant and equipment | 13% | S100YDUS |
| Intangibles and goodwill | 0% | S100YDUS |
| Investment securities | 15% | S100YDUS |
| Other assets | 31% | S100YDUS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YDUS |
| Other liabilities | 20% | S100YDUS |
| Equity | 74% | S100YDUS |
| Other liabilities | 0% | S100YDUS |

### 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 | 42,854 | 47,266 | 51,380 | 52,340 | 55,291 |
| Equity | 31,636 | 34,908 | 37,127 | 38,858 | 40,781 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,317 | 15,555 | 16,736 | 17,418 | 22,517 |

## 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) | 15.3% | S100YDUS |
| Fixed assets ÷ total assets | 13.2% | S100YDUS |
| Goodwill ÷ parent equity | — | —, S100YDUS |

### 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) | 40.7% |
| Cash ÷ revenue | 47.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 142.3% |
| Cash vs. profit gap | -1,124 JPY mn (of net income -29.7%) |
| Shareholder returns / net income | 6.5% |
| Shareholder returns / FCF | 10.5% |
| Shareholder payments — dividends / net income | 6.5% |
| Shareholder payments — dividends / FCF | 10.5% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 122.6% |

## 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 | 5.7% | 0.82× | 4.7% | 1.43× | 6.7% | S100QZ3Z |
| 2023 | 5.7% | 0.89× | 5.1% | 1.46× | 7.4% | S100TQWU |
| 2024 | 3.6% | 0.92× | 3.3% | 1.51× | 5.0% | S100W22N |
| 2025 | 3.2% | 0.87× | 2.7% | 1.52× | 4.2% | S100YDUS |
| 2026 | 7.9% | 0.89× | 7.0% | 1.48× | 10.4% | S100YDUS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社オフィスＦＲＭ | Major shareholder | 11.0% | 2026-03-31 |
| 笠岡 暁美 | Major shareholder | 7.5% | 2026-03-31 |
| 笠岡 伸一 | Major shareholder | 6.8% | 2026-03-31 |
| 竹内 裕美 | Major shareholder | 6.8% | 2026-03-31 |
| 有限会社シンセイ | Major shareholder | 5.9% | 2026-03-31 |
| 笠岡 恒三 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社伊予銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社愛媛銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社香川銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社築地魚市場 | Major shareholder | 3.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YDUS | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDUS,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W22N | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W22N,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TQWU | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQWU,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100QZ3Z | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ3Z,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OC76 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC76,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LISP | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LISP,, |

## 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).