| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue / Net Sales | ¥9312.6B | ¥8861.3B | +5.1% |
| Operating Income / Operating Profit | ¥404.3B | ¥317.8B | +27.2% |
| Ordinary Income | ¥431.9B | ¥353.0B | +22.3% |
| Net Income / Net Profit | ¥178.9B | ¥146.6B | +22.0% |
| ROE | 5.8% | 5.1% | - |
For the fiscal year ended March 2026, Revenue / Net Sales were ¥9312.6B (YoY +¥451.4B +5.1%), Operating Income was ¥404.3B (YoY +¥86.5B +27.2%), Ordinary Income was ¥431.9B (YoY +¥78.9B +22.3%), and Net Income attributable to owners of the parent was ¥275.2B (YoY +¥21.4B +8.4%). Revenue growth of 5% was maintained through steady performance in both the Marine Products and Food businesses, while Operating Income expanded 27%, well exceeding the revenue growth rate, indicating clear operating leverage. Operating margin improved to 4.3% from 3.6% a year earlier (+0.7pt), supported by price revisions, product mix improvement, and cost efficiencies. At the ordinary stage, equity-method investment income of ¥33.4B (previous year ¥45.7B) contributed, but higher financial expenses moderated the growth to +22.3%. Net Income growth slowed to +8.4% due to tax burdens and non-recurring items, representing a larger drop from Ordinary Income than the prior year. Total assets increased to ¥7,495.1B (prior year ¥6,348.8B, +18.1%) reflecting aggressive investment and working capital expansion, and Net Assets strengthened to ¥3,099.4B (prior year ¥2,859.4B, +8.4%).
Revenue: The Marine Products business recorded ¥3,801.5B (YoY +4.2%) with volume increases in aquaculture and expanded sales in processing and trading. The Food business achieved ¥5,009.9B (YoY +6.2%) driven by price revisions in chilled processed products and improved product mix. The Fine business posted ¥169.8B (YoY +7.2%) supported by steady demand for pharmaceutical ingredients and functional materials. The Logistics business was ¥166.2B (YoY +0.5%), a slight increase as cold storage and distribution utilization remained flat. Other businesses were ¥165.3B (YoY -11.3%) declining due to a lull in ship-related projects. By region, Japan was ¥5,321.9B (+3.1%), North America ¥1,805.7B (+8.2%), Europe ¥1,816.7B (+9.0%), and Other ¥368.4B (+1.0%), with overseas markets driving overall growth. Sales to major customer SCI were ¥1,231.8B (prior year ¥1,038.3B, +18.6%), notably expanding in the Food business.
Profitability: Operating Income of ¥404.3B was up ¥86.5B (＋27.2%) year-on-year, substantially outpacing revenue growth of +5.1%. By segment, Marine Products Operating Income was ¥177.7B (prior year ¥84.2B, +111.0%) doubling due to gross margin improvement and operational efficiency; Food was ¥296.3B (prior year ¥287.1B, +3.2%) with slight profit increase from higher sales and stable raw material costs; Fine was ¥8.4B (prior year ¥8.9B, -5.6%) slightly down due to higher raw material costs; Logistics was ¥24.1B (prior year ¥28.4B, -15.1%) down due to slower volumes and higher labor costs. Corporate expenses were ¥107.4B (prior year ¥101.4B), partially higher SG&A but absorbed by revenue growth. Ordinary Income of ¥431.9B (+22.3%) benefited from equity-method investment income of ¥33.4B, while increases in financial expenses and the drop in equity-method income from ¥45.7B in the prior year restrained the growth rate. Special items included impairment losses of ¥12.4B (prior year ¥4.8B) for write-downs of fixed assets at certain Marine Products locations. Profit before income taxes was ¥419.5B, and after taxes and non-controlling interests, Net Income attributable to owners of the parent was ¥275.2B (+8.4%). Net income margin remained modest at 3.0% versus 2.9% prior year (+0.1pt), leaving room to address profit compression beyond the ordinary stage. In summary, operating-level profitability improved substantially with revenue and profit growth, but final profit growth was limited by taxes and non-recurring items.
Marine Products: Operating Income ¥177.7B (prior year ¥84.2B, +111.0%) with significant margin gains. Improvements in catch/yield for fisheries and aquaculture and higher fish prices boosted gross profit, while efficiency in processing and trading reduced costs. Food: Operating Income ¥296.3B (prior year ¥287.1B, +3.2%) slight increase supported by price revisions in chilled products; promotional and logistics cost increases constrained margin improvement. Fine: Operating Income ¥8.4B (prior year ¥8.9B, -5.6%) decreased slightly as higher raw material and manufacturing costs compressed profits despite steady demand for functional ingredients such as EPA/DHA. Logistics: Operating Income ¥24.1B (prior year ¥28.4B, -15.1%) fell due to weaker cargo movements and higher labor and fuel costs, despite stable cold storage utilization. Other: Operating Income ¥5.0B (prior year ¥9.3B, -46.2%) declined as ship repair and construction projects entered an off-cycle, reducing orders and revenue.
Profitability: Operating margin improved to 4.3% from 3.6% (+0.7pt), driven by price revisions, product mix improvement, and operational efficiency. Net margin up slightly to 3.0% (prior year 2.9%), with compression from taxes and non-recurring items post-ordinary stage. ROE is 5.8% (data-based ROE 9.5% calculated from NetIncomeToShareholdersEquityRatio 0.095; consolidated ROE reported separately at 5.8%), indicating room to improve capital efficiency. Equity-method investment income was ¥33.4B, accounting for 7.7% of Ordinary Income, supporting non-consolidated areas though down from ¥45.7B prior year, suggesting some investee earnings weakening. Cash Quality: Operating Cash Flow (OCF) was ¥532.4B, 1.93x Net Income of ¥275.2B, indicating good cash conversion. Accrual ratio is (¥532.4B-¥275.2B)/¥7,495.1B = 3.4%, a low level consistent with conservative revenue recognition. Investment Efficiency: Total asset turnover is ¥9,312.6B ÷ ¥7,495.1B = 1.24x, slightly down as total assets (+18.1%) grew faster than sales (+5.1%). Increase in property, plant and equipment and intangible assets was ¥442.8B, reflecting continued aggressive investment; focus will shift to recovery of these capital investments and M&A. Financial Soundness: Equity Ratio is 41.4% (prior year 43.6%) slightly lower but within a healthy range. With total assets ¥7,495.1B and Net Assets ¥3,099.4B, financial leverage rose to 2.42x from 2.22x, indicating use of external funding for investment expansion. Cash and cash equivalents were ¥242.5B (prior year ¥186.9B, +29.8%), maintaining short-term liquidity.
Operating Cash Flow was ¥532.4B (prior year ¥403.8B, +31.9%), a substantial increase, yielding a cash conversion ratio of 1.93x relative to Net Income ¥275.2B. Including depreciation and amortization of ¥265.4B, efficient working capital management and improved profitability supported OCF expansion. Investing Cash Flow was -¥614.0B (prior year -¥303.9B), expanding significantly and including ¥442.8B in acquisitions of tangible and intangible assets and apparent expenditures related to business combinations. Free Cash Flow was ¥532.4B - ¥614.0B = -¥81.6B, negative due to aggressive growth investments. Financing Cash Flow was ¥131.3B (prior year -¥114.5B), with external funding bridging the Free Cash Flow deficit and dividend payments. Dividend payments were ¥87.2B (same as prior year) and were sustained. Cash and cash equivalents at period-end were ¥242.5B, indicating liquidity was maintained by bridging mid-period funding needs with external financing. Going forward, smoothing Investing Cash Flow and sustainably expanding OCF to return Free Cash Flow to positive territory will be key to sustainability.
Operating Income of ¥404.3B versus Ordinary Income of ¥431.9B indicates non-operating income added ¥27.6B. The main component was equity-method investment income of ¥33.4B, so affiliated company contributions continue to underpin the ordinary stage, though the decline from ¥45.7B suggests some investees slowed. Increased financial expenses also pressured non-operating profit, likely reflecting higher interest-bearing debt and a rising interest rate environment. Special items included impairment losses of ¥12.4B for write-downs of fixed assets at Marine Products sites, which temporarily reduced Net Income. The drop from Ordinary Income ¥431.9B to Profit before income taxes ¥419.5B was mainly due to these special losses; the prior year benefitted from a negative goodwill gain of ¥1.5B as special income. After taxes and non-controlling interests, Net Income attributable to owners of the parent was ¥275.2B. With OCF 1.93x Net Income, accruals are small and earnings quality is good. However, the sizeable attenuation from Ordinary Income to Net Income underscores the need to manage taxes and non-recurring costs to stabilize final profit.
Full-year forecast: Revenue ¥9,800.0B (YoY +5.2%), Operating Income ¥425.0B (YoY +5.1%), Ordinary Income ¥430.0B (YoY -0.4%), Net Income attributable to owners of the parent ¥290.0B (EPS forecast ¥95.62, dividend forecast ¥16.00). Against the results, Revenue of ¥9,312.6B is at 95.0% progress, and Operating Income ¥404.3B is at 95.1%, indicating performance roughly on plan. Ordinary Income of ¥431.9B already exceeds the forecast ¥430.0B, reflecting stronger-than-expected non-operating contributions, but the full-year forecast remains conservative, likely factoring in deceleration of equity-method investment income and higher financial expenses in H2. Net Income progress is 94.9% with actual ¥275.2B. Dividend guidance lists ¥16.00 per share (annualized ¥32.00 per share expected to be maintained), though the notation may represent a quarterly basis; annual total dividend of ¥32.00 per share is anticipated to continue. Full-year Operating Margin is 425.0 ÷ 9,800.0 = 4.3%, assuming margin maintenance. Revenue growth of +5.2% assumes continuation of recent trends, and Operating Income growth +5.1% represents a modest profit expansion linked to sales growth. The flat Ordinary Income forecast reflects uncertainty in non-operating conditions.
The dividend comprised ¥14.00 interim and ¥18.00 year-end, totaling ¥32.00 per share. Based on issued shares of 312,430 thousand and treasury stock of 9,158 thousand, the number of shares at period-end is 303,272 thousand and total dividends approximate ¥97.0B. Dividend payout ratio against Net Income attributable to owners of the parent ¥275.2B is 34.3%, an appropriate level with sufficient profit coverage. Prior year total dividends were ¥87.2B with the same payout ratio of 34.3%, reflecting a consistent dividend policy. No share buyback information was disclosed, so Total Return Ratio equals the payout ratio at 34.3%. With Free Cash Flow negative at -¥81.6B, dividend payments of ¥87.2B were covered by OCF, but Free Cash Flow required external financing. In the medium term, smoothing investment cash outflows and sustained OCF growth could enable a return to positive Free Cash Flow and continued dividend stability. Dividend forecast ¥16.00 (if assumed annualized to ¥32.00) suggests maintenance of current levels and a continued shareholder return stance.
Raw material price volatility: In the Marine Products and Food businesses, fluctuations in fish prices, feed, packaging, and energy directly impact gross margins. The Marine Products Operating Income rise of +111.0% YoY was aided by stable raw material costs and higher fish prices; reversal in commodity markets could rapidly erode profitability. Operating margin of 4.3% is below industry averages, limiting resilience to delayed price pass-through or intensified competition.
Foreign exchange risk: Revenue composition is Japan 57.1%, North America 19.4%, Europe 19.5%, Other 4.0%, with overseas ratio approximately 43%. Yen depreciation can improve export margins but raise import costs for raw materials and feed; net effects depend on business mix. Details of FX hedging policy are not disclosed, and rapid currency swings could affect Ordinary Income via non-operating items.
Investment recovery risk: Investing Cash Flow was -¥614.0B vs. -¥303.9B prior year, doubling, with ¥442.8B in acquisitions of tangible and intangible assets and ongoing M&A. Free Cash Flow was negative ¥81.6B, indicating an investment-first phase. While ROIC disclosures are limited, investments appear aimed at expanding aquaculture and processing capacity. Delays in investment payback or failure to achieve expected returns could stall ROE improvement and raise financial leverage. The impairment loss of ¥12.4B suggests some recoverability concerns; stronger project selection and monitoring are critical.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Operating Margin | 4.3% | 14.6% (7.2%–39.4%) | -10.3pt |
| Net Margin | 1.9% | 11.9% (7.2%–35.4%) | -10.0pt |
Both operating and net margins are well below industry medians, placing profitability in the lower tier within the sector.
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue Growth Rate (YoY) | 5.1% | 10.1% (7.3%–12.1%) | -5.0pt |
Revenue growth trails the industry median by 5.0pt, indicating growth momentum around mid-to-lower range in the sector.
※ Source: Company compilation
Operating leverage and margin improvement: Operating Income growth of +27.2% versus revenue growth +5.1% confirms clear operating leverage. Operating margin improved to 4.3% (+0.7pt) aided by price pass-through, product mix, and cost efficiencies. OCF at 1.93x Net Income and an accrual ratio of 3.4% indicate high earnings quality and conservative revenue recognition. The next objective is establishing Operating Margin in the 5% range through fixed-cost efficiency and structural cost reductions in manufacturing and logistics. With industry median Operating Margin at 14.6%, there is significant room for margin improvement; sustaining the improvement trend is a key focus.
Investment-led phase and path to Free Cash Flow positivity: Investing Cash Flow was -¥614.0B, double prior year, including ¥442.8B for tangible and intangible asset additions. Free Cash Flow was negative ¥81.6B; dividends of ¥87.2B were covered by OCF, but investment funding relied on external financing. Total assets grew +18.1% YoY, Equity Ratio fell to 41.4%, and financial leverage increased to 2.42x. The impairment loss of ¥12.4B signals some recovery concerns. Smoothing investment pace and sustaining OCF growth to return Free Cash Flow to positive will be central to long-term sustainability.
Profit compression from Ordinary Income to Net Income and equity-method investment trends: Ordinary Income ¥431.9B (+22.3%) versus Net Income ¥275.2B (+8.4%) shows final profit growth was constrained by taxes and non-recurring items. Equity-method investment income of ¥33.4B represents 7.7% of Ordinary Income but fell from ¥45.7B, suggesting weaker investee performance. Full-year forecast keeps Ordinary Income at ¥430.0B, reflecting uncertainty in non-operating conditions. Given the high elasticity of Net Income relative to Ordinary Income, managing taxes, non-recurring costs, and rigorous selection of equity-method investees will improve final profit stability and predictability.
This report was automatically generated by AI analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by the Company based on public financial statements. Investment decisions are your responsibility; consult a professional advisor as appropriate before acting.