# YOSHINOYA HOLDINGS 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69期(2025/03/01－2026/02/28) (S100Y5NR)
> Page: https://vizora.meequs.com/en/company/yoshinoya-holdings
> Retrieved: 2026-09-30T23:21:06.183Z

## Company

Yoshinoya Holdings, founded in 1958, is a company in Fast Food & Quick Service listed on TSE Prime. It has 3,361 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YOSHINOYA HOLDINGS CO.,LTD. |
| Ticker | 9861 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9861.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町36番2号Daiwaリバーゲート18階 |
| Representative (per filing) | 代表取締役社長 成瀬哲也 |
| Founded | Dec 1958 |
| Share capital | ¥10.3B |
| Employees (consolidated) | 3,361 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | February |
| Website | www.yoshinoya-holdings.com (https://www.yoshinoya-holdings.com/) |
| Corporate number | 2011501016151 |
| EDINET | E03153 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100Y5NR, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 18 |
| Profitability | 29.5 | 22 |
| Cash conversion | 73.8 | 21 |
| Efficiency | 70.5 | 22 |

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 67% of Yoshinoya Holdings's sales come from Yoshinoya, with Hanamaru and Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +10.7%.

## Company structure

- Segment revenue mix: Yoshinoya 66.6%、Hanamaru 14.5%、Overseas 13.0%、Other 5.9%
- Revenue → net income: ¥225667000000 → ¥4743000000
- Net income → operating cash flow: ¥4743000000 → ¥14700000000（difference ¥9957000000）
- Main uses of operating cash flow: CapEx ¥10604000000 / dividends ¥1355000000 / buybacks ¥3000000
- Change in cash: ¥1218000000
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 | ¥225.7B |  |
| Operating income | ¥8.09B | Margin 3.6% |
| Net income | ¥4.67B | Margin 2.1% |
| Free cash flow | ¥4.1B |  |
| Largest business | Yoshinoya | of segment revenue 66.6% |
| Employees (consolidated) | 3,361 |  |
| EPS | ¥37.13 |  |
| Book value per share | ¥707.08 |  |
| Equity ratio | 54.5% |  |
| Shares outstanding | 65,129,558 |  |
| Treasury shares | 411,300 |  |
| Shareholders | 295,916 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 16.8% | Cash ÷ revenue 9.3% |
| Vs. industry median margin | -1.9 pp | Fast Food & Quick Service |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, one segment accounts for 60% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥170348000000 | ¥225667000000 | +32.5% |
| Operating income | ¥-5335000000 | ¥8089000000 | — |
| Operating margin | -3.1% | 3.6% | +6.7 pp |
| Employees | 4,043 people | 3,361 people | -16.9% |
| Cash and equivalents | ¥36796000000 | ¥20931000000 | -43.1% |

### 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 |
| --- | ---: |
| 吉野家 → 吉野家 | 61.4% |
| はなまる → はなまる | 11.5% |
| 海外 → 海外 | 11.5% |
| 京樽 → 事業再編・廃止 | 11.0% |
| その他 → その他 | 4.6% |
| 新設・再編 → 吉野家 | 5.1% |
| 新設・再編 → はなまる | 3.0% |
| 新設・再編 → 海外 | 1.5% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Yoshinoya | 5 years | +7.5% | ¥150190000000 | 5.1% | 2 |
| Hanamaru | 5 years | +10.8% | ¥32795000000 | 7.4% | 2 |
| Overseas | 5 years | +8.5% | ¥29323000000 | 6.7% | 2 |
| Other | 5 years | +11.5% | ¥13357000000 | 5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 225,667 | 100.0% | S100Y5NR |
| Cost of revenue | 85,687 | 38.0% | S100Y5NR |
| Gross profit | 139,980 | 62.0% | S100Y5NR |
| SG&A | 131,890 | 58.4% | S100Y5NR |
| Operating income | 8,089 | 3.6% | S100Y5NR |
| Ordinary income | 8,803 | 3.9% | S100Y5NR |
| Pretax income | 7,940 | 3.5% | S100Y5NR |
| Income tax | 3,197 | 1.4% | S100Y5NR |
| Net income | 4,743 | 2.1% | S100Y5NR |
| Net income attributable to owners | 4,665 | 2.1% | S100Y5NR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 58 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 62.0% → Operating margin 3.6% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +10.7%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.06×
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 | 204,983 | 225,667 | 20,684 | +10.1% |
| Gross profit | 131,150 | 139,980 | 8,830 | +6.7% |
| Operating income | 7,306 | 8,089 | 783 | +10.7% |
| Net income attributable to owners | 3,803 | 4,665 | 862 | +22.7% |
| Operating cash flow | 13,304 | 14,700 | 1,396 | +10.5% |
| Free cash flow | -343 | 4,096 | 4,439 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 216,201 | 3,926 | 1.8% | 713 | 14,038 | 5,233 | S100LF5L |
| FY ending Feb 2021 | 170,348 | -5,335 | -3.1% | -7,503 | 2,722 | -1,987 | S100O4LW |
| FY ending Feb 2022 | 153,601 | 2,365 | 1.5% | 8,116 | 23,442 | 20,171 | S100QTWV |
| FY ending Feb 2023 | 168,099 | 3,434 | 2.0% | 7,234 | 7,245 | 923 | S100TIEN |
| FY ending Feb 2024 | 187,472 | 7,973 | 4.3% | 5,604 | 20,071 | 10,372 | S100VT1A |
| FY ending Feb 2025 | 204,983 | 7,306 | 3.6% | 3,803 | 13,304 | -343 | S100Y5NR |
| FY ending Feb 2026 | 225,667 | 8,089 | 3.6% | 4,665 | 14,700 | 4,096 | S100Y5NR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.1M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 3,004 | 2,851 | 3,016 | 3,246 | 3,361 |
| Average salary (parent company) | ¥7.1M | ¥7.2M | ¥7.4M | ¥7.4M | ¥7.3M |
| Average age (parent company) | 49.6 years | 48.9 years | 48.2 years | 48.5 years | 47.9 years |
| Average tenure (parent company) | 15.4 years | 16.5 years | 19.8 years | 19.2 years | 18.4 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Yoshinoya | 150,190 | 66.6% | 7,623 | 5.1% |
| Hanamaru | 32,795 | 14.5% | 2,427 | 7.4% |
| Overseas | 29,323 | 13.0% | 1,957 | 6.7% |
| Other | 13,357 | 5.9% | 694 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Yoshinoya | 66.6% | 60.0% | -6.5 | 5.1% |
| Hanamaru | 14.5% | 19.1% | 4.6 | 7.4% |
| Overseas | 13.0% | 15.4% | 2.4 | 6.7% |
| Other | 5.9% | 5.5% | -0.5 | 5.2% |

Segment → industry: Overseas → Fast Food & Quick Service / Hanamaru → Fast Food & Quick Service / Yoshinoya → Fast Food & Quick Service

## 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 | 14,700 | 6.5% | S100Y5NR |
| Capital expenditure | 10,604 | 4.7% | S100Y5NR |
| Free cash flow | 4,096 | 1.8% | 算出 |
| Investing cash flow | -10,097 | -4.5% | S100Y5NR |
| Financing cash flow | -3,414 | -1.5% | S100Y5NR |
| Dividends paid | 1,355 | 0.6% | S100Y5NR |
| Share buyback | 3 | 0.0% | S100Y5NR |
| Change in cash | 1,218 | 0.5% | S100Y5NR |
| Cash and equivalents | 20,931 | 9.3% | S100Y5NR |

## 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 | 34,211 | 23,396 | 26,275 | 19,524 | 20,931 | S100TIEN, S100VT1A, S100Y5NR |
| Total assets | 112,214 | 108,230 | 112,936 | 119,113 | 124,824 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Net assets | 48,741 | 55,603 | 60,849 | 64,813 | 68,712 | S100TIEN, S100VT1A, S100Y5NR |
| Share capital | 10,265 | 10,265 | 10,265 | 10,265 | 10,265 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Trade receivables | 5,662 | 6,131 | 5,061 | 5,935 | 6,803 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Property, plant and equipment | 34,798 | 39,125 | 44,965 | 55,723 | 58,849 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Intangible assets excluding goodwill | 3,656 | 3,166 | 2,788 | 3,708 | 3,771 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Goodwill | 1,385 | 1,222 | 1,131 | 2,104 | 1,949 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Investment securities | 3,569 | 2,408 | 2,534 | 2,878 | 2,914 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Current assets | 49,731 | 43,663 | 43,751 | 38,301 | 41,871 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Current liabilities | 32,210 | 28,394 | 30,847 | 34,843 | 35,979 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Trade payables | 4,081 | 4,756 | 5,522 | 7,222 | 6,331 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Short-term borrowings | 2,233 | 1,650 | 1,655 | 4,050 | 7,050 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Long-term borrowings | 22,422 | 13,706 | 9,535 | 7,014 | 6,790 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Total liabilities | 63,473 | 52,626 | 52,086 | 54,299 | 56,112 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Non-controlling interests | 638 | 491 | 489 | 634 | 720 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Equity attributable to owners of parent | 50,211 | 56,630 | 61,351 | 63,902 | 67,628 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Retained earnings | 28,976 | 35,548 | 40,260 | 42,769 | 46,444 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |
| Treasury stock | -572 | -548 | -531 | -517 | -499 | S100QTWV, S100TIEN, S100VT1A, S100Y5NR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100Y5NR |
| Receivables | 5% | S100Y5NR |
| Property, plant and equipment | 47% | S100Y5NR |
| Intangibles and goodwill | 5% | S100Y5NR |
| Investment securities | 2% | S100Y5NR |
| Other assets | 24% | S100Y5NR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100Y5NR |
| Other liabilities | 40% | S100Y5NR |
| Equity | 55% | S100Y5NR |

### 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 | 112,214 | 108,230 | 112,936 | 119,113 | 124,824 |
| Equity | 48,741 | 55,603 | 60,849 | 64,813 | 68,712 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 34,211 | 23,396 | 26,275 | 19,524 | 20,931 |

## 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) | 26.1% | S100Y5NR |
| Fixed assets ÷ total assets | 47.1% | S100Y5NR |
| Goodwill ÷ parent equity | 2.9% | S100Y5NR |

Goodwill over 4 years: 1,385 → 1,949 JPY; total investing cash flow: -37,149 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) | 16.8% |
| Cash ÷ revenue | 9.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 181.7% |
| Cash vs. profit gap | 10,035 JPY mn (of net income 215.1%) |
| Shareholder returns / net income | 29.1% |
| Shareholder returns / FCF | 33.2% |
| Shareholder payments — dividends / net income | 29.0% |
| Shareholder payments — dividends / FCF | 33.1% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 68.7% |

## 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 | 5.3% | 1.37× | 7.2% | 2.23× | 16.2% | S100QTWV |
| 2023 | 4.3% | 1.53× | 6.6% | 2.06× | 13.5% | S100TIEN |
| 2024 | 3.0% | 1.70× | 5.1% | 1.87× | 9.5% | S100VT1A |
| 2025 | 1.9% | 1.77× | 3.3% | 1.85× | 6.1% | S100Y5NR |
| 2026 | 2.1% | 1.85× | 3.8% | 1.85× | 7.1% | S100Y5NR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 10.4% | 2026-02-28 |
| ㈱日本カストディ銀行 | Major shareholder | 1.9% | 2026-02-28 |
| 吉翔会 | Major shareholder | 1.3% | 2026-02-28 |
| 大和証券㈱ | Major shareholder | 1.0% | 2026-02-28 |
| 大樹生命保険㈱ | Major shareholder | 0.9% | 2026-02-28 |
| BCSL CLIENT RE BBPLC NYBR(常任代理人 バークレイズ証券㈱) | Major shareholder | 0.5% | 2026-02-28 |
| ハニューフーズ㈱ | Major shareholder | 0.5% | 2026-02-28 |
| iShares Core MSCI EAFE ETF(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.4% | 2026-02-28 |
| サントリー㈱ | Major shareholder | 0.4% | 2026-02-28 |
| BOFAS INC SEGREGATION ACCOUNT(常任代理人 BOFA証券㈱) | Major shareholder | 0.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/03/01－2026/02/28) | S100Y5NR | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5NR,, |
| 有価証券報告書－第68期(2024/03/01－2025/02/28) | S100VT1A | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT1A,, |
| 有価証券報告書－第67期(2023/03/01－2024/02/29) | S100TIEN | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIEN,, |
| 有価証券報告書－第66期(2022/03/01－2023/02/28) | S100QTWV | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTWV,, |
| 有価証券報告書－第65期(令和3年3月1日－令和4年2月28日) | S100O4LW | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4LW,, |
| 有価証券報告書－第64期(令和2年3月1日－令和3年2月28日) | S100LF5L | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF5L,, |

## 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).