# YUTAKA FOODS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第86期(2025/04/01－2026/03/31) (S100YHEX)
> Page: https://vizora.meequs.com/en/company/yutaka-foods
> Retrieved: 2026-09-30T19:15:04.111Z

## Company

Yutaka Foods is a company in Processed Foods listed on TSE Standard. It has 271 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YUTAKA FOODS CORPORATION |
| Ticker | 2806 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2806.T) |
| Listing | TSE Standard |
| Head office | 愛知県知多郡武豊町字川脇34番地の1 |
| Representative (per filing) | 代表取締役社長 橋本淳 |
| Share capital | ¥1.16B |
| Employees (consolidated) | 271 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Corporate number | 7180001092285 |
| EDINET | E00465 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YHEX, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17 | 56 |
| Profitability | 12.5 | 60 |
| Cash conversion | 2.6 | 57 |
| Efficiency | 10.8 | 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 35% of Yutaka Foods's sales come from Particulate food, with Liquid seasoning food and Instant noodles making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -79.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥15B |  |
| Operating income | ¥143M | Margin 1.0% |
| Net income | ¥204M | Margin 1.4% |
| Free cash flow | -¥7.25B |  |
| Largest business | Particulate food | of segment revenue 34.9% |
| Employees (consolidated) | 271 |  |
| EPS | ¥29.41 |  |
| Book value per share | ¥3313.38 |  |
| Equity ratio | 86.3% |  |
| Shares outstanding | 8,832,311 |  |
| Treasury shares | 1,884,700 |  |
| Shareholders | 2,309 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 1.3% | Cash ÷ revenue 2.4% |
| Vs. industry median margin | -3.1 pp | Processed Foods |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, segment profit share differs by 31 points
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15347000000 | ¥14988000000 | -2.3% |
| Operating income | ¥1393000000 | ¥143000000 | -89.7% |
| Operating margin | 9.1% | 1.0% | -8.1 pp |
| Employees | 363 people | 271 people | -25.3% |
| Cash and equivalents | ¥8395000000 | ¥354000000 | -95.8% |

### 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 |
| --- | ---: |
| 液体 → 液体 | 15.1% |
| 液体調味食品 → 事業再編・廃止 | 17.4% |
| 粉体 → 粉体 | 16.9% |
| 粉粒体食品 → 事業再編・廃止 | 18.5% |
| チルド食品 → チルド食品 | 7.7% |
| 即席麺 → 即席麺 | 12.9% |
| 即席麺 → 事業再編・廃止 | 7.7% |
| その他 → その他 | 3.9% |
| 新設・再編 → 液体 | 18.5% |
| 新設・再編 → 粉体 | 18.0% |
| 新設・再編 → チルド食品 | 5.1% |
| 新設・再編 → その他 | 2.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Particulate food | 5 years | +5.3% | ¥5227000000 | 7.6% | 2 |
| Liquid seasoning food | 5 years | +6.9% | ¥5021000000 | 2.4% | 2 |
| Instant noodles | 5 years | -17.0% | ¥1936000000 | 3.3% | 2 |
| Chilled food | 5 years | +0.8% | ¥1918000000 | -23.8% | 2 |
| Other | 5 years | -1.2% | ¥884000000 | 1.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,988 | 100.0% | S100YHEX |
| Cost of revenue | 14,042 | 93.7% | S100YHEX |
| Gross profit | 945 | 6.3% | S100YHEX |
| SG&A | 802 | 5.4% | S100YHEX |
| Operating income | 143 | 1.0% | S100YHEX |
| Ordinary income | 291 | 1.9% | S100YHEX |
| Pretax income | 288 | 1.9% | S100YHEX |
| Income tax | 84 | 0.6% | S100YHEX |
| Net income | 204 | 1.4% | S100YHEX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 5 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 6.3% → Operating margin 1.0% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -79.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -21.43×
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 | 14,455 | 14,988 | 533 | +3.7% |
| Gross profit | 1,482 | 945 | -537 | -36.2% |
| Operating income | 681 | 143 | -538 | -79.0% |
| Operating cash flow | 1,408 | -238 | -1,646 | -116.9% |
| Free cash flow | -3,621 | -7,247 | -3,626 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,285 | 1,015 | 5.0% | 976 | 1,406 | 115 | S100LKYU |
| FY ending Mar 2021 | 15,347 | 1,393 | 9.1% | 990 | 2,025 | 1,818 | S100OBZY |
| FY ending Mar 2022 | 15,010 | 1,358 | 9.0% | 1,008 | 1,433 | 1,122 | S100R379 |
| FY ending Mar 2023 | 13,740 | 892 | 6.5% | 683 | 1,060 | 332 | S100TUYR |
| FY ending Mar 2024 | 13,804 | 586 | 4.2% | 459 | 914 | -2,804 | S100W5T7 |
| FY ending Mar 2025 | 14,455 | 681 | 4.7% | 553 | 1,408 | -3,621 | S100YHEX |
| FY ending Mar 2026 | 14,988 | 143 | 1.0% | 204 | -238 | -7,247 | S100YHEX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.3M |
| Operating income per employee (consolidated) | ¥527.7K |
| Net income per employee (consolidated) | ¥752.8K |

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) | 359 | 307 | 296 | 278 | 271 |
| Average salary (parent company) | ¥5.3M | ¥5.3M | ¥5.8M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 35.9 years | 37.6 years | 38.4 years | 39.1 years | 39.1 years |
| Average tenure (parent company) | 13.3 years | 14.8 years | 15.4 years | 16.5 years | 16.1 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Liquid seasoning food | 5,021 | 33.5% | 122 | 2.4% |
| Particulate food | 5,227 | 34.9% | 398 | 7.6% |
| Chilled food | 1,918 | 12.8% | -457 | -23.8% |
| Instant noodles | 1,936 | 12.9% | 64 | 3.3% |
| Other | 884 | 5.9% | 16 | 1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Liquid seasoning food | 33.5% | 20.3% | -13.2 | 2.4% |
| Particulate food | 34.9% | 66.3% | 31.5 | 7.6% |
| Chilled food | 12.8% | — | — | -23.8% |
| Instant noodles | 12.9% | 10.7% | -2.3 | 3.3% |
| Other | 5.9% | 2.7% | -3.2 | 1.8% |

Loss-making segment (excluded from profit shares): Chilled food -457 JPY mn

Segment → industry: Instant noodles → Processed Foods / Chilled food → Processed Foods / Particulate food → Processed Foods / Liquid seasoning food → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -238 | -1.6% | S100YHEX |
| Capital expenditure | 7,009 | 46.8% | S100YHEX |
| Free cash flow | -7,247 | -48.4% | 算出 |
| Investing cash flow | -1,658 | -11.1% | S100YHEX |
| Financing cash flow | -278 | -1.9% | S100YHEX |
| Dividends paid | 277 | 1.8% | S100YHEX |
| Change in cash | -2,175 | -14.5% | S100YHEX |
| Cash and equivalents | 354 | 2.4% | S100YHEX |

## 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 | 9,230 | 9,279 | 5,523 | 2,529 | 354 | S100TUYR, S100W5T7, S100YHEX |
| Total assets | 24,481 | 24,534 | 24,871 | 25,755 | 26,676 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Net assets | 21,185 | 21,652 | 22,157 | 22,504 | 23,019 | S100TUYR, S100W5T7, S100YHEX |
| Share capital | 1,160 | 1,160 | 1,160 | 1,160 | 1,160 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Property, plant and equipment | 4,663 | 4,886 | 7,837 | 12,644 | 18,272 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Intangible assets excluding goodwill | 12 | 67 | 54 | 40 | 227 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Investment securities | 1,525 | 1,605 | 2,018 | 2,136 | 2,967 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Current assets | 17,921 | 17,685 | 14,803 | 10,828 | 5,036 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Current liabilities | 2,333 | 1,912 | 1,738 | 2,264 | 2,419 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Total liabilities | 3,295 | 2,881 | 2,713 | 3,251 | 3,656 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Equity attributable to owners of parent | 20,767 | 21,173 | 21,354 | 21,629 | 21,555 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Retained earnings | 21,903 | 22,309 | 22,491 | 22,766 | 22,693 | S100R379, S100TUYR, S100W5T7, S100YHEX |
| Treasury stock | -3,457 | -3,457 | -3,457 | -3,458 | -3,458 | S100R379, S100TUYR, S100W5T7, S100YHEX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YHEX |
| Property, plant and equipment | 69% | S100YHEX |
| Intangibles and goodwill | 1% | S100YHEX |
| Investment securities | 11% | S100YHEX |
| Other assets | 18% | S100YHEX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YHEX |
| Equity | 86% | S100YHEX |
| Other liabilities | 0% | S100YHEX |

### 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 | 24,481 | 24,534 | 24,871 | 25,755 | 26,676 |
| Equity | 21,185 | 21,652 | 22,157 | 22,504 | 23,019 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,230 | 9,279 | 5,523 | 2,529 | 354 |

## 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) | 121.9% | S100YHEX |
| Fixed assets ÷ total assets | 68.5% | S100YHEX |
| Goodwill ÷ parent equity | — | —, S100YHEX |

### 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) | 1.3% |
| Cash ÷ revenue | 2.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -166.4% |
| Cash vs. profit gap | -442 JPY mn (of net income -216.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 135.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 46.8% |
| 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 | 6.7% | 0.61× | 4.1% | 1.18× | 4.9% | S100R379 |
| 2023 | 5.0% | 0.56× | 2.8% | 1.17× | 3.3% | S100TUYR |
| 2024 | 3.3% | 0.56× | 1.9% | 1.16× | 2.2% | S100W5T7 |
| 2025 | 3.8% | 0.57× | 2.2% | 1.18× | 2.6% | S100YHEX |
| 2026 | 1.4% | 0.57× | 0.8% | 1.21× | 0.9% | S100YHEX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東洋水産株式会社 | Major shareholder | 50.9% | 2026-03-31 |
| ＶＡＳＡＮＴＡ ＭＡＳＴＥＲ ＦＵＮＤ ＰＴＥ. ＬＴＤ.（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社榎本武平商店 | Major shareholder | 3.0% | 2026-03-31 |
| ユタカフーズ従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 焼津水産化学工業株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 知多信用金庫 | Major shareholder | 1.1% | 2026-03-31 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC/AIF CUSTOMER ACOOUNT(常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YHEX | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHEX,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W5T7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5T7,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TUYR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUYR,, |
| 訂正有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R379 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R379,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100OBZY | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBZY,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LKYU | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKYU,, |

## 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).