| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥311.2B | ¥303.9B | +2.4% |
| 営業利益 | ¥17.1B | ¥21.9B | -21.9% |
| 経常利益 | ¥18.4B | ¥22.8B | -19.5% |
| 純利益 | ¥16.4B | ¥9.2B | +78.7% |
| ROE | 17.9% | 10.5% | - |
The fiscal year ending February 2026 closed with Revenue ¥311.2B (YoY +¥7.3B +2.4%), Operating Income ¥17.1B (YoY -¥4.8B -21.9%), Ordinary Income ¥18.4B (YoY -¥4.5B -19.5%), and net income attributable to owners of the parent ¥10.8B (YoY -¥4.0B -26.9%), representing top-line growth with profit decline. Revenue growth was sustained moderately, but a decline in gross margin (70.9% → 69.9% -1.0pt) and an increase in SG&A ratio (63.7% → 64.4% +0.7pt) compressed the Operating Margin from 7.2% to 5.5% (-1.7pt). The recognition of special losses of ¥2.2B (including impairment of ¥1.9B) reduced net income YoY by -26.9%, resulting in EPS ¥47.60 (prior year ¥65.15 -26.9%).
【売上高】 Revenue amounted to ¥311.2B, an increase of ¥7.3B (+2.4% YoY). As a single-segment Foodservice Business, steady dine-out demand and maintenance of existing store utilization supported the revenue increase. Although the revenue mix breakdown was not disclosed, the post-COVID recovery in visitor numbers and stabilization of average spend per visit are inferred drivers of the increase. Gross profit was ¥217.6B (gross margin 69.9%), up ¥2.2B YoY, but gross margin fell by -1.0pt from 70.9% the prior year. Rising costs such as raw materials and utilities pressured the gross margin.
【損益】 SG&A amounted to ¥200.5B, up ¥6.9B (+3.6% YoY), and the SG&A ratio rose from 63.7% to 64.4% (+0.7pt). Increases in fixed costs including personnel, utilities, and rent were the main drivers, and SG&A growth (+3.6%) outpaced revenue growth (+2.4%), so operating leverage did not work. Operating Income was ¥17.1B (YoY -¥4.8B -21.9%), Operating Margin 5.5% (prior year 7.2% -1.7pt), reflecting a significant deterioration in profitability. Non-operating activities produced net income of ¥1.3B (non-operating income ¥1.9B, expenses ¥0.6B), modestly supporting core profit, resulting in Ordinary Income ¥18.4B (YoY -¥4.5B -19.5%). Extraordinary items totaled -¥2.0B (extraordinary gains ¥0.1B, extraordinary losses ¥2.2B), with an impairment of ¥1.9B weighing on final profit. Profit before tax was ¥16.2B, from which income taxes of ¥5.3B (effective tax rate 32.6%) were deducted, yielding Net Income ¥10.8B (YoY -¥4.0B -26.9%). In conclusion, the company experienced revenue growth but profit decline, with cost inflation and impairments the main causes of margin contraction.
【収益性】Operating Margin 5.5% (prior year 7.2% -1.7pt), Net Margin 3.5% (prior year 4.9% -1.4pt), ROE 17.9% (prior year 18.0% -0.1pt), ROA 12.1% (prior year 16.7% -4.6pt) — profitability deteriorated overall. A decline in gross margin to 69.9% (prior year 70.9% -1.0pt) and a rise in SG&A ratio to 64.4% (prior year 63.7% +0.7pt) compressed margins at the operating level, and the recognition of special losses further depressed net margin. ROE remains at a high level, primarily supported by an improvement in Total Asset Turnover to 2.30x (prior year 2.18x), which offset the deterioration in net margin. 【キャッシュ品質】Operating Cash Flow (OCF) was ¥13.8B, 1.27x of Net Income ¥10.8B, indicating good cash realization, but OCF/EBITDA (Operating Income + Depreciation) was 0.60x (EBITDA equivalent ¥23.1B) showing low conversion efficiency. Tax payments of -¥7.8B and changes in working capital were the main causes. Free Cash Flow (FCF) was ¥3.8B, below dividend payments of ¥6.1B, with FCF dividend coverage 0.62x, indicating dividends are not fully covered by internal funds. 【投資効率】Total Asset Turnover 2.30x, Capex/Depreciation 1.31x (Capex ¥7.9B, Depreciation ¥6.0B), indicating continued reinvestment through store refurbishments and new openings. Goodwill ¥2.3B / Equity ¥91.8B = 2.5%, minor, limiting M&A-related balance sheet risk. 【財務健全性】Equity Ratio 67.9% (prior year 62.5% +5.4pt), Current Ratio 190.6%, liquidity on hand ¥43.1B / Short-term interest-bearing debt ¥7.6B = 5.7x, indicating very strong financial position. Debt/EBITDA 0.31x, Interest Coverage 644x (Operating Income + Interest Income / Interest Expense) show very high debt tolerance. Long-term borrowings ¥0.2B and short-term borrowings ¥7.0B mean 97% of debt is short-term, but it can be fully covered by available cash.
OCF was ¥13.8B, down ¥6.8B (-32.9% YoY), but 1.27x of Net Income ¥10.8B, indicating good cash conversion. OCF subtotal (before working capital changes) was ¥21.6B, from which corporate tax payments -¥7.8B, small working capital movements (Inventory -¥0.2B, Accounts Receivable -¥1.1B, Accounts Payable +¥0.2B), and other changes resulted in ¥13.8B. Investing Cash Flow was -¥10.0B, mainly Capex -¥7.9B. With Depreciation ¥6.0B, Capex/Depreciation was 1.31x, indicating continued reinvestment allocated to store refurbishments and maintenance. Intangible asset acquisitions were -¥0.1B and other investing activities -¥1.0B; no material M&A or large acquisitions were observed. Free Cash Flow was ¥3.8B (OCF + Investing CF), down ¥10.1B (-72.7% YoY). Financing Cash Flow was -¥13.5B, mainly net repayment of short-term borrowings -¥7.0B, repayment of long-term borrowings -¥0.3B, and dividend payments -¥6.1B. Cash and cash equivalents decreased from ¥52.8B at the beginning of the period to ¥43.1B at the end (-¥9.7B). While liquidity remains ample, the structure in which FCF is below dividends warrants attention regarding sustainability of cash allocation.
Earnings quality is generally sound. Non-operating activities produced net income of ¥1.3B (non-operating income ¥1.9B, expenses ¥0.6B), accounting for 0.6% of Revenue, indicating low dependence and a business model centered on core operations. The breakdown of non-operating income includes equity-method investment gains ¥0.1B and other ¥0.6B, within ordinary ranges. Extraordinary items totaled -¥2.0B, with an impairment of ¥1.9B recorded as a temporary factor, reducing profit before tax from Ordinary Income ¥18.4B to profit before tax ¥16.2B by -¥2.2B. Comprehensive income was ¥10.6B, nearly consistent with Net Income ¥10.8B, and the adjustment related to retirement benefits of -¥0.3B was minor. The accrual ratio ((Net Income - OCF) / Total Assets) is -2.1%, low, indicating no advance recognition of accounting profits and solid cash backing of profits. While OCF exceeds Net Income, tax payments and working capital movements led to an OCF/EBITDA of 0.60x and low conversion efficiency, creating some cash volatility.
Dividends are interim ¥14 and year-end ¥14, total ¥28, with total payout ¥6.1B. Payout Ratio is 39.9% (on Net Income ¥10.8B), maintaining an appropriate level. With BPS ¥402.66, a dividend of ¥28 corresponds to Dividend on Equity 7.0%. With FCF ¥3.8B versus dividends ¥6.1B, FCF dividend coverage is 0.62x and insufficient, the shortfall being funded from cash on hand. Cash and deposits ¥43.1B and ample liquidity support dividends, but if Capex continues to exceed depreciation, monitoring of the sustainability of cash allocation is necessary. No share buybacks were disclosed; shareholder returns consist solely of dividends. Note that due to the planned delisting on June 29, 2026, dividend forecasts for FY2027 are undisclosed, and the continuity of dividend policy as an independent listed company is subject to change.
Cost Inflation Risk: Gross margin declined from 70.9% to 69.9% (-1.0pt), with increases in raw material and utility costs pressuring profitability. SG&A ratio also rose from 63.7% to 64.4% (+0.7pt), and increases in fixed costs such as personnel and rent have hindered operating leverage. With revenue growth +2.4% versus SG&A growth +3.6%, the company’s ability to absorb cost increases is weak. Depending on macro wage and energy price trends, further margin pressure is possible.
Store Portfolio Risk: An impairment of ¥1.9B was recorded as an extraordinary loss, suggesting deteriorating profitability at underperforming stores. Goodwill ¥2.3B and intangible assets ¥2.7B are minor, but depending on future same-store sales and customer traffic trends, additional impairments could occur. With the merger scheduled for June 2026, one-off costs or additional impairments associated with store portfolio restructuring could increase earnings volatility in subsequent periods.
Cash Allocation Risk: FCF ¥3.8B is below dividends ¥6.1B, with FCF dividend coverage 0.62x, indicating dividends are not covered by internal funds. OCF/EBITDA 0.60x and low conversion efficiency, combined with tax payments and working capital variability, suppress cash generation. With Capex at 1.31x Depreciation and continued reinvestment, persistent draws on cash on hand could constrain flexibility for dividends and growth investments.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 5.5% | 4.6% (1.7%–8.2%) | +0.9pt |
| 純利益率 | 5.3% | 3.3% (0.9%–5.8%) | +1.9pt |
Profitability exceeds the industry median, with Operating Margin and Net Margin ranking in the upper tier.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 2.4% | 4.3% (2.2%–13.0%) | -1.9pt |
Revenue growth rate is slightly below the industry median, placing growth pace at a mid-tier level among peers.
※Source: Company aggregation
Margin compression is evident in a revenue-up, profit-down scenario. Operating Margin fell from 7.2% to 5.5% (-1.7pt); amid headwinds of -1.0pt gross margin and +0.7pt SG&A ratio, cost inflation and rising fixed costs pressured margins. The impairment of ¥1.9B led to a -26.9% decline in Net Income, making profitability recovery the top priority. Short-term focuses include improving gross margin through price adjustments, menu optimization, and reviewing operating hours, and containing SG&A growth.
Financial soundness is very strong: Equity Ratio 67.9%, liquidity on hand ¥43.1B / short-term liabilities ¥7.6B = 5.7x, Debt/EBITDA 0.31x indicate high debt tolerance. However, FCF ¥3.8B below dividends ¥6.1B and OCF/EBITDA 0.60x low conversion efficiency are structural issues. With continued reinvestment (Capex/Depreciation 1.31x), optimization of taxes and working capital to improve OCF is essential to secure sustainability of dividends and growth investments. Integration effects from the June 2026 merger/delisting (procurement and back-office efficiencies) will be key to mid-term cost optimization and profitability recovery.
This report was automatically generated by AI analyzing XBRL financial statement disclosures. It is not a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by our firm based on public financial statements. Investment decisions are your responsibility; please consult professionals as needed.