# Nishimatsuya Chain vs Pigeon

> Unit: JPY millions (ratios in %)
> Periods: Nishimatsuya Chain = FY ending Feb 2026, consolidated, J-GAAP / Pigeon = FY ending Dec 2025, consolidated, J-GAAP
> Retrieved: 2026-09-30T22:10:24.693Z

| Metric | Nishimatsuya Chain | Pigeon |
| --- | ---: | ---: |
| Revenue | 193,365 | 109,170 |
| Operating income | 9,941 | 13,158 |
| Net income | 6,847 | 8,570 |
| COGS ratio | 66.5% | 49.8% |
| Operating margin | 5.1% | 12.1% |
| Net margin | 3.5% | 7.9% |
| FCF margin | 4.2% | 9.1% |
| Period | FY ending Feb 2026 | FY ending Dec 2025 |
| Source | S100Y3CW | S100XS40 |

## Company details

- https://vizora.meequs.com/en/company/nishimatsuya-chain/md
- https://vizora.meequs.com/en/company/pigeon/md

## 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).