| 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 was ¥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 ¥178.9B (YoY +¥32.3B +22.0%). The operating margin improved to 4.3% from 3.6% a year earlier (+0.7pt), resulting in a strong revenue and profit performance. Expansion of overseas operations and the establishment of price pass-through contributed, with the Marine Products Business recording a substantial recovery in operating income of +111.1% YoY. Gross margin improved to 16.3% (prior year 15.7%), and SG&A ratio decreased to 12.0% (prior year 12.1%), indicating qualitative improvement in the earnings structure.
[Revenue] Revenue totaled ¥9312.6B (+5.1%). Key growth drivers were the penetration of price revisions and expansion in overseas markets. By segment, the Food Business grew as the core segment with Revenue of ¥5041.9B (+6.8%), accounting for a 54.1% share of sales and driving growth. The Marine Products Business was steady at ¥3953.5B (+3.8%), and the Fine Business also expanded to ¥174.3B (+6.9%). The Logistics Business saw a marginal increase to ¥308.3B (+1.7%). By region, Japan was ¥5321.9B (prior year ¥5160.2B), North America ¥1805.7B (prior year ¥1668.8B), and Europe ¥1816.7B (prior year ¥1667.5B), with all three major regions achieving revenue growth. Sales to major customer SCI expanded to ¥1231.8B (prior year ¥1038.3B), reflecting strengthened distribution channels. Gross profit was ¥1521.9B, and the gross margin of 16.3% improved by +0.6pt YoY, supported by normalization of raw material prices and price pass-through.
[Profitability] Operating Income was ¥404.3B (+27.2%), driven by gross margin improvement and cost control. SG&A was ¥1117.6B (+4.0%), contained below the revenue growth rate, reducing the SG&A ratio to 12.0% (prior year 12.1%). Personnel expenses increased (salaries and allowances ¥297.5B, advertising ¥51.3B, bonuses ¥29.5B) but were absorbed by economies of scale. By segment, the Marine Products Business recorded Operating Income of ¥177.7B (+111.1%) versus ¥84.2B a year earlier, reflecting marked profitability improvement in aquaculture and processing. The Food Business delivered ¥296.3B (+3.2%) in Operating Income, maintaining stable earnings; the Fine Business had Operating Income of ¥8.4B (-5.8%), a slight decline; the Logistics Business fell to ¥24.1B (-15.1%) due to cost increases. Non-operating income and expenses netted +¥27.6B, with equity-method investment income of ¥33.4B contributing, while interest expense of ¥33.3B was a burden. Extraordinary items were net -¥0.1B, nearly neutral, as gains on sales of investment securities ¥16.9B offset impairment losses ¥12.3B. Profit before income taxes was ¥431.8B; after corporate taxes and other of ¥136.1B at an effective tax rate of 31.5%, and deduction of non-controlling interests ¥20.5B, Net Income attributable to owners of the parent was ¥178.9B, achieving revenue and profit growth.
The Marine Products Business recorded Revenue of ¥3953.5B (+3.8%) and Operating Income of ¥177.7B (+111.1%), with the margin improving significantly to 4.5%. Profitability recovered across fishing, aquaculture, and processing, resulting in a doubling from ¥84.2B the prior year. The Food Business had Revenue of ¥5041.9B (+6.8%) and Operating Income of ¥296.3B (+3.2%), maintaining a margin of 5.9%, supported by stable earnings in processed and chilled businesses. As the core segment with a 54.1% sales composition, it underpinned consolidated performance. The Fine Business showed Revenue ¥174.3B (+6.9%) and Operating Income ¥8.4B (-5.8%) giving a margin of 4.8%; while sales of pharmaceutical raw materials and functional ingredients expanded, investment burdens pressured profits. The Logistics Business posted Revenue ¥308.3B (+1.7%) and Operating Income ¥24.1B (-15.1%), lowering the margin to 7.8% as cold storage, distribution, and customs businesses were impacted by rising costs, decreasing from ¥28.4B prior. Other segments recorded Revenue ¥172.4B (-12.0%) and Operating Income ¥5.0B (-46.1%), with a margin of 2.9%, underperforming.
[Profitability] Operating margin was 4.3%, up 0.7pt from 3.6% a year earlier, supported by a rise in gross margin to 16.3% (prior year 15.7%) and a decline in SG&A ratio to 12.0% (prior year 12.1%). ROE was 5.8%, composed of a net profit margin of 1.9%, total asset turnover of 1.24x, and financial leverage of 2.42x. Operating Cash Flow (OCF) margin was 5.7%, and EBITDA margin was 7.2% (Operating Income + Depreciation ¥265.4B). [Cash Quality] Operating Cash Flow was ¥532.4B, 2.98x consolidated Net Income (¥178.9B); OCF/EBITDA was 0.79x. Working capital outflows included inventories up ¥98.0B and trade receivables up ¥32.1B, partially offset by trade payables up ¥31.9B. Days Inventory Outstanding (DIO) remained high at 105 days. [Investment Efficiency] Capital expenditures were ¥430.8B, 1.62x depreciation, and intangible asset additions were ¥12.8B, indicating continued active investment. Acquisitions of subsidiary shares amounted to ¥190.5B (M&A), goodwill stood at ¥40.5B (1.3% of net assets), at a healthy level. [Financial Soundness] Equity Ratio was 41.4% (prior year 43.6%), current ratio was 136.1%, total interest-bearing debt was ¥2489.4B, and Debt/EBITDA was 3.72x. Interest coverage was 12.14x (operating income basis), indicating good interest-bearing capacity, but liquidity buffer is thin with cash ¥202.2B against short-term borrowings of ¥1280.0B.
Operating Cash Flow was ¥532.4B (YoY +31.9%), demonstrating strong cash generation at 2.98x Net Income ¥178.9B. Subtotal (before working capital changes) was ¥615.7B and included depreciation ¥265.4B, goodwill amortization ¥6.2B, impairment losses ¥12.4B, and equity-method investment profit adjustments -¥33.4B. Working capital changes saw inventory increases ¥98.0B and trade receivables increases ¥32.1B as cash outflows, partially offset by trade payables increase ¥31.9B. After corporate taxes paid ¥79.2B, interest and dividends received ¥23.3B, and interest paid ¥31.5B, Operating Cash Flow totaled ¥532.4B. Investing Cash Flow was -¥614.0B, with capital expenditure ¥430.8B, intangible asset acquisitions ¥12.8B, and subsidiary share acquisitions ¥190.5B as major outflows. Proceeds included fixed asset sales ¥13.0B and sales of investment securities ¥23.2B, but aggressive investment resulted in a large net outflow. Free Cash Flow was -¥81.6B, as growth investment exceeded internal cash generation. Financing Cash Flow was +¥131.3B, with funds raised via long-term borrowings ¥408.3B, bond issuance ¥100.0B, and CP issuance ¥50.0B, while repaying long-term borrowings ¥251.9B, paying dividends ¥92.3B, and acquiring treasury stock ¥60.7B. Cash and cash equivalents increased to ¥242.5B at year-end from ¥186.9B at the beginning of the period, including foreign exchange effects of ¥5.7B.
The difference between Ordinary Income ¥431.9B and Operating Income ¥404.3B (¥27.6B) was largely due to equity-method investment income of ¥33.4B and can be considered structural non-operating income. Financial income included interest received ¥5.8B and dividend income ¥9.4B, while interest paid ¥33.3B resulted in net financial expense of approximately ¥18.1B. Foreign exchange gain of ¥0.8B was recorded as non-operating income and foreign exchange loss ¥0.3B as non-operating expense, with a small net positive FX impact. Extraordinary items included one-time gains such as gains on sale of investment securities ¥16.9B and gains on sale of fixed assets ¥4.3B, and one-time losses such as impairment losses ¥12.3B and disaster losses ¥1.8B, largely offsetting each other and preserving a high degree of recurring earnings. Comprehensive income was ¥406.0B, exceeding Net Income of ¥178.9B by ¥227.1B, with other comprehensive income items including translation adjustments ¥60.4B, valuation differences on available-for-sale securities ¥32.5B, OCI attributable to equity-method affiliates ¥20.0B, adjustments related to retirement benefits ¥7.6B, and deferred hedge gains/losses -¥10.2B as hedge adjustments. Operating Cash Flow being 2.98x Net Income indicates strong cash generation and good accrual quality, but the increase in working capital left OCF/EBITDA at 0.79x.
The FY2027 full-year forecast is Revenue ¥9800.0B (+5.2%), Operating Income ¥425.0B (+5.1%), Ordinary Income ¥430.0B (-0.4%), and Net Income attributable to owners of the parent ¥290.0B (EPS ¥95.62). Revenue and Operating Income are planned to grow in the mid-single-digits, assuming continuation of the current trend of earnings improvement. The slight decrease forecast in Ordinary Income reflects conservative assumptions on equity-method investment income and FX impacts. Current progress rates are Revenue 95.0%, Operating Income 95.1%, and Ordinary Income 100.4%, indicating an almost steady pace toward the full-year forecast. Full-year dividend forecast is ¥16.0, with a payout ratio of 16.7%, set at a conservative level. The forecast assumes continued price pass-through and efficiency gains; fluctuations in raw material prices, FX, and logistics costs are key risk factors.
Annual dividend was ¥32.0 (interim ¥14.0, year-end ¥18.0), with a payout ratio of 34.3%. The prior year dividend was ¥12.0, representing a substantial effective increase. Total dividends amounted to ¥92.4B, allocating 51.6% of Net Income attributable to owners of the parent ¥178.9B to shareholder returns. Treasury stock repurchases totaled ¥60.7B, bringing total shareholder returns to ¥153.1B and a Total Return Ratio of 85.6%, a high level. FY2027 dividend forecast is ¥16.0, planned to be half of the current ¥32.0, with the payout ratio expected to decline to 16.7%. The FY2027 full-year forecast of ¥16.0 appears inconsistent with the year-end dividend of ¥18.0, suggesting either a change in dividend policy versus the prior year or conservatism in the forecast. With cash on hand ¥202.2B and Operating Cash Flow ¥532.4B, the dividend ¥92.4B is sustainable, but with FCF at -¥81.6B, the level of total returns including buybacks depends on external financing.
Risk of persistently high inventory levels: Inventories are ¥1128.3B (YoY +¥102.7B +10.0%), with DIO at 105 days remaining high. Working capital increase ¥98.0B has pressured Operating Cash Flow, and there is risk of inventory write-downs or product deterioration. Improvement in DIO will be key to cash generation and total asset efficiency next fiscal year.
High dependence on short-term debt and liquidity risk: Short-term borrowings of ¥1280.0B versus cash ¥202.2B leave a thin liquidity buffer, with a cash/short-term debt ratio of 0.16x indicating vulnerability. The current ratio of 136.1% is neutral, but the short-term debt ratio including CP ¥50.0B is 51.4%, reflecting high refinancing dependence. Long-term borrowings increased to ¥1209.3B and have lengthened, but maturity mismatch correction is necessary.
Raw material/FX volatility and rising logistics cost risk: Although gross margin improved to 16.3%, sensitivity to marine resource prices and FX remains high. The Logistics Business saw Operating Income decline by -15.1% YoY, as transport and labor cost increases pressured earnings. If sustained price pass-through and cost efficiencies are not achieved, margins may deteriorate.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Operating Margin | 4.3% | 14.6% (7.2%–39.4%) | -10.3pt |
| Net Profit Margin | 1.9% | 11.9% (7.2%–35.4%) | -10.0pt |
Profitability is significantly below the industry median, reflecting the low-margin nature of the business.
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 is 5.0pt below the industry median, indicating a relatively slower growth pace within the sector.
※Source: Company compilation
Structural trend of profitability improvement: Operating margin improved to 4.3% from 3.6% a year earlier (+0.7pt), with gross margin 16.3% (+0.6pt) and SG&A ratio 12.0% (-0.1pt), indicating qualitative improvement. The Marine Products Business’s Operating Income recovered sharply by +111.1% YoY, improving the segment mix and lifting consolidated margins. FY2027 targets mid-single-digit profit growth, and the sustainability of profitability improvement is expected.
Need for working capital management and liquidity improvement: DIO of 105 days and inventory increase ¥98.0B have pressured Operating Cash Flow, leaving OCF/EBITDA at 0.79x. With short-term borrowings ¥1280.0B and cash ¥202.2B, the liquidity buffer is thin; inventory optimization and longer-term funding are key to improving financial stability next fiscal year. With FCF at -¥81.6B, a Total Return Ratio of 85.6% depends on external financing, highlighting the need to reassess investment allocation.
Progress and discipline in M&A and intangible investment: Acquisitions of subsidiary shares ¥190.5B and intangible asset additions ¥12.8B indicate active growth investment. Goodwill ¥40.5B (1.3% of net assets) remains at a healthy level, limiting impairment risk. Capital expenditure ¥430.8B is high at 1.62x depreciation but is expected to bolster medium-term supply capacity and processing efficiency. If investment payback progresses and inventory turns normalize to restore FCF profitability, the sustainability of shareholder returns will improve.
This report is an earnings analysis document automatically generated by AI based on XBRL financial statement data. It does not constitute a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by the Company from publicly disclosed financial results. Investment decisions are your responsibility; please consult professionals as necessary before making any investment decisions.