# Yoshimura Food Holdings K.K.: 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18期(2025/03/01－2026/02/28) (S100Y77U)
> Page: https://vizora.meequs.com/en/company/yoshimura-food-holdings
> Retrieved: 2026-09-30T21:13:45.636Z

## Company

Yoshimura Food Holdings, founded in 2008, is a company in Processed Foods listed on TSE Prime. It has 985 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yoshimura Food Holdings K.K. |
| Ticker | 2884 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2884.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町二丁目2番2号 |
| Representative (per filing) | 代表取締役CEO 吉村 元久 |
| Founded | Mar 2008 |
| Share capital | ¥1.18B |
| Employees (consolidated) | 985 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | February |
| Website | www.y-food-h.com (https://www.y-food-h.com/) |
| Corporate number | 6010001128643 |
| EDINET | E32138 |
| Industries (Vizora) | Processed Foods, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y77U, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92 | 56 |
| Profitability | 35.8 | 60 |
| Cash conversion | 4.4 | 57 |
| Efficiency | 37.5 | 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 83% of Yoshimura Food Holdings's sales come from Manufacturing business, with Sales business and Other businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit -62.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥57.5B |  |
| Operating income | ¥1.57B | Margin 2.7% |
| Net income | ¥918.8M | Margin 1.6% |
| Free cash flow | -¥3.77B |  |
| Largest business | Manufacturing business | of segment revenue 82.9% |
| Employees (consolidated) | 985 |  |
| EPS | ¥1.08 |  |
| Book value per share | ¥167.08 |  |
| Equity ratio | 20.3% |  |
| Shares outstanding | 24,083,371 |  |
| Treasury shares | 208,800 |  |
| Shareholders | 5,740 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | -1.3 pp | Processed Foods |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29289427000 | ¥57484563000 | +96.3% |
| Operating income | ¥523930000 | ¥1568043000 | +199.3% |
| Operating margin | 1.8% | 2.7% | +0.9 pp |
| Employees | 752 people | 985 people | +31.0% |
| Cash and equivalents | ¥4544175000 | ¥8288749000 | +82.4% |

### 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 |
| --- | ---: |
| 製造事業 → 製造事業 | 74.1% |
| 販売事業 → 販売事業 | 16.6% |
| 販売事業 → 事業再編・廃止 | 9.3% |
| 新設・再編 → 製造事業 | 8.8% |
| 新設・再編 → その他事業 | 0.5% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Manufacturing business | 5 years | +17.0% | ¥47676016000 | 4.8% | 2 |
| Sales business | 5 years | +4.7% | ¥9532624000 | 1.3% | 2 |
| Other businesses | 3 years | -5.2% | ¥275923000 | -55.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,485 | 100.0% | S100Y77U |
| Cost of revenue | 46,188 | 80.3% | S100Y77U |
| Gross profit | 11,297 | 19.7% | S100Y77U |
| SG&A | 9,729 | 16.9% | S100Y77U |
| Operating income | 1,568 | 2.7% | S100Y77U |
| Ordinary income | 1,692 | 2.9% | S100Y77U |
| Pretax income | 2,492 | 4.3% | S100Y77U |
| Income tax | 1,200 | 2.1% | S100Y77U |
| Net income | 1,292 | 2.2% | S100Y77U |
| Net income attributable to owners | 919 | 1.6% | S100Y77U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 17 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.7% → Operating margin 2.7% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.1%; Core profit growth: -62.3%
Operating leverage (core profit growth ÷ revenue growth): 57.89×
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 | 58,110 | 57,485 | -626 | -1.1% |
| Gross profit | 13,300 | 11,297 | -2,003 | -15.1% |
| Operating income | 4,161 | 1,568 | -2,593 | -62.3% |
| Net income attributable to owners | 1,861 | 919 | -943 | -50.6% |
| Operating cash flow | 6,628 | -2,503 | -9,131 | -137.8% |
| Free cash flow | 5,606 | -3,768 | -9,374 | -167.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 29,876 | 808 | 2.7% | 177 | 603 | -53 | S100LFLL |
| FY ending Feb 2021 | 29,289 | 524 | 1.8% | 418 | 2,093 | 1,907 | S100O52Z |
| FY ending Feb 2022 | 29,284 | 655 | 2.2% | 500 | 1,320 | 809 | S100QUXB |
| FY ending Feb 2023 | 34,938 | 679 | 1.9% | 613 | 80 | -431 | S100TJK8 |
| FY ending Feb 2024 | 49,782 | 2,367 | 4.8% | 1,037 | 5,764 | 5,047 | S100VUWT |
| FY ending Feb 2025 | 58,110 | 4,161 | 7.2% | 1,861 | 6,628 | 5,606 | S100Y77U |
| FY ending Feb 2026 | 57,485 | 1,568 | 2.7% | 919 | -2,503 | -3,768 | S100Y77U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥932.8K |

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) | 695 | 789 | 880 | 913 | 985 |
| Average salary (parent company) | ¥7.7M | ¥7.9M | ¥8.2M | ¥8.4M | ¥9.1M |
| Average age (parent company) | 43.6 years | 44.1 years | 43.8 years | 44.8 years | 46.6 years |
| Average tenure (parent company) | 6.1 years | 5.2 years | 5.6 years | 5.6 years | 6.6 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) -1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing business | 47,676 | 82.9% | 2,290 | 4.8% |
| Sales business | 9,533 | 16.6% | 124 | 1.3% |
| Other businesses | 276 | 0.5% | -152 | -55.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Manufacturing business | 82.9% | 94.9% | 11.9 | 4.8% |
| Sales business | 16.6% | 5.1% | -11.5 | 1.3% |
| Other businesses | 0.5% | — | — | -55.2% |

Loss-making segment (excluded from profit shares): Other businesses -152 JPY mn

Segment → industry: Manufacturing business → Processed Foods / Sales business → Specialty Trading & Wholesale

## 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 | -2,503 | -4.4% | S100Y77U |
| Capital expenditure | 1,265 | 2.2% | S100Y77U |
| Free cash flow | -3,768 | -6.6% | 算出 |
| Investing cash flow | -2,038 | -3.5% | S100Y77U |
| Financing cash flow | 1,647 | 2.9% | S100Y77U |
| Change in cash | -2,751 | -4.8% | S100Y77U |
| Cash and equivalents | 8,289 | 14.4% | S100Y77U |

## 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 | 2,880 | 4,519 | 8,127 | 11,040 | 8,289 | S100TJK8, S100VUWT, S100Y77U |
| Total assets | 23,815 | 31,990 | 53,505 | 56,069 | 61,028 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Net assets | 8,315 | 9,850 | 13,171 | 16,534 | 19,253 | S100TJK8, S100VUWT, S100Y77U |
| Share capital | 1,108 | 1,114 | 1,125 | 1,158 | 1,177 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Trade receivables | 4,347 | — | — | — | — | S100QUXB |
| Property, plant and equipment | 5,672 | 6,917 | 10,843 | 11,218 | 11,397 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Intangible assets excluding goodwill | 4,232 | 5,258 | 11,987 | 10,197 | 10,016 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Goodwill | 3,933 | 4,558 | 8,015 | 6,580 | 6,262 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Investment securities | — | — | — | 424 | 675 | S100Y77U |
| Current assets | 12,546 | 18,381 | 28,338 | 32,449 | 36,938 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Current liabilities | 6,368 | 11,177 | 25,027 | 20,479 | 22,041 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Trade payables | 2,339 | 3,890 | 2,922 | 3,309 | 4,215 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Short-term borrowings | 738 | 1,570 | 8,796 | 7,983 | 8,250 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Long-term borrowings | 8,355 | 9,918 | 12,926 | 16,276 | 17,126 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Bonds | — | — | 200 | 200 | — | S100VUWT, S100Y77U |
| Interest-bearing debt | — | — | 21,922 | 24,459 | — | 算出 |
| Total liabilities | 15,501 | 22,140 | 40,334 | 39,535 | 41,775 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Non-controlling interests | 2,003 | 2,371 | 4,461 | 5,492 | 6,831 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Equity attributable to owners of parent | 6,182 | 6,817 | 7,709 | 9,635 | 10,591 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Retained earnings | 3,116 | 3,729 | 4,766 | 6,627 | 7,546 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |
| Treasury stock | -1 | -1 | -168 | -168 | -168 | S100QUXB, S100TJK8, S100VUWT, S100Y77U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Y77U |
| Property, plant and equipment | 19% | S100Y77U |
| Intangibles and goodwill | 27% | S100Y77U |
| Investment securities | 1% | S100Y77U |
| Other assets | 40% | S100Y77U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y77U |
| Other liabilities | 61% | S100Y77U |
| Equity | 32% | S100Y77U |
| Other liabilities | 0% | S100Y77U |

### 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 | 23,815 | 31,990 | 53,505 | 56,069 | 61,028 |
| Equity | 8,315 | 9,850 | 13,171 | 16,534 | 19,253 |
| Interest-bearing debt | — | — | 21,922 | 24,459 | — |
| Cash | 2,880 | 4,519 | 8,127 | 11,040 | 8,289 |

## 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) | 19.8% | S100Y77U |
| Fixed assets ÷ total assets | 18.7% | S100Y77U |
| Goodwill ÷ parent equity | 59.1% | S100Y77U |

Goodwill over 4 years: 3,933 → 6,262 JPY; total investing cash flow: -10,600 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) | 13.6% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -159.6% |
| Cash vs. profit gap | -3,422 JPY mn (of net income -372.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | — |

## 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 | 1.7% | 1.23× | 2.1% | 3.85× | 8.1% | S100QUXB |
| 2023 | 1.8% | 1.25× | 2.2% | 4.29× | 9.4% | S100TJK8 |
| 2024 | 2.1% | 1.16× | 2.4% | 5.89× | 14.3% | S100VUWT |
| 2025 | 3.2% | 1.06× | 3.4% | 6.32× | 21.5% | S100Y77U |
| 2026 | 1.6% | 0.98× | 1.6% | 5.79× | 9.1% | S100Y77U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉村 元久 | Major shareholder | 29.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.4% | 2026-02-28 |
| 株式会社ＭＹ | Major shareholder | 8.0% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.4% | 2026-02-28 |
| 国分グループ本社株式会社 | Major shareholder | 5.0% | 2026-02-28 |
| 山口 貴弘 | Major shareholder | 4.5% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.9% | 2026-02-28 |
| JP JPMSE LUX RE NOMURA INT PLC 1 EQ CO （常任代理人 三菱ＵＦＪ銀行） | Major shareholder | 1.6% | 2026-02-28 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE－AC） （常任代理人 三菱ＵＦＪ銀行） | Major shareholder | 1.6% | 2026-02-28 |
| MORGAN STANLEY & CO. LLC （常任代理人 モルガン・スタンレーＭＵＦＧ証券） | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/03/01－2026/02/28) | S100Y77U | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y77U,, |
| 有価証券報告書－第17期(2024/03/01－2025/02/28) | S100VUWT | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUWT,, |
| 有価証券報告書－第16期(2023/03/01－2024/02/29) | S100TJK8 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJK8,, |
| 有価証券報告書－第15期(2022/03/01－2023/02/28) | S100QUXB | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUXB,, |
| 有価証券報告書－第14期(令和3年3月1日－令和4年2月28日) | S100O52Z | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O52Z,, |
| 有価証券報告書－第13期(令和2年3月1日－令和3年2月28日) | S100LFLL | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFLL,, |

## 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).