FEED ONE CO.,LTD.
2060・Prime Market・Foods
Business
Feed One Co., Ltd. is a comprehensive feed manufacturer listed on the Prime Market of the Tokyo Stock Exchange, established in 2014 through the business integration of Kyodo Shiryo and Nippon Formula Feed. Centered on its livestock feed business (formula feed manufacturing and sales, and pig and hen egg production and sales), the company also operates a fisheries feed business (formula feed manufacturing and sales, and purchase and sale of marine products) and a food business (purchase, processing, and sale of meat and eggs). It has multiple manufacturing sites and sales subsidiaries domestically, and is expanding overseas through equity-method affiliates in Vietnam and India. Its main customers are livestock and fisheries producers, and consolidated net sales for FY2026 (ending March 2026) were ¥290,675 million.
Business Model
The company procures raw materials (corn, fish meal, etc.) from overseas and manufactures and sells compound feed at multiple domestic plants, generating the majority of its revenue from this business. It manages profitability by utilizing a price revision system for feed that is linked to raw material market prices. In addition, consolidated subsidiaries handle the production, processing, and sale of pigs, eggs, and meat, pursuing a vertically integrated model that seeks synergies across both feed sales and livestock product sales.
Company Strengths
The company operates multiple domestic manufacturing sites including Tomakomai, Hachinohe, Kashima, and Kitakyushu, along with over six sales subsidiaries, and secures raw material procurement routes from Mitsui & Co. In FY2026 (ending March 2026), the company implemented absorption-type mergers of multiple subsidiaries to streamline its manufacturing and sales structure. Purchasing power for raw materials leveraging scale merit serves as a differentiating factor against competitors.
ISO/IEC17025-certified quality control is conducted at research sites in Fukushima, Iwaki, Kashima, and Ehime. R&D expenses for FY2026 (ending March 2026) totaled ¥954 million. The fishmeal-free feed "Sustena ZERO" has become the top-selling solid feed product for red sea bream, among other achievements, as the company commercializes research results into products that address customer challenges, thereby achieving differentiation.
In FY2026 (ending March 2026), EBITDA reached ¥12,779 million (exceeding the planned figure of over ¥10,800 million), ROE was 11.0% (exceeding the planned target of 8% or higher), and ROIC was 7.7% (exceeding the planned target of 6% or higher), surpassing plan across all key indicators. Through thorough profitability management and timely price revisions, operating profit increased 27.6% year on year even as net sales declined.
ENVALITH's Perspective
Performance Trend
Revenue fluctuates in line with raw material prices, having peaked in FY2023 (ending March 2023) at ¥307,911 million before declining for two consecutive periods. In FY2026 (ending March 2026), revenue continued to decline to ¥290,675 million (down 1.8% year on year); however, softening corn prices as an external factor lowered raw material costs, and thorough profitability management combined with price revisions drove operating profit to ¥8,091 million (up 27.6% year on year), surpassing the FY2024 (ending March 2024) level of ¥7,748 million and approaching a record high. EBITDA reached ¥12,779 million (up 20.6% year on year), and ROIC improved to 7.7% (from 6.1% in the prior period), reflecting an improvement in capital efficiency as well. For FY2027 (ending March 2027), the company forecasts revenue of ¥317,000 million (up 9.1%) and operating profit of ¥8,500 million (up 5.1%), anticipating both revenue and profit growth.
Growth Strategy
Toward the final year of the Medium-Term Management Plan 2026, the Company is enhancing its underlying earning power through capital investment on an unprecedented scale.
Expenditure on acquisition of tangible and intangible fixed assets in FY2026 (ending March 2026) expanded approximately 3.4-fold year on year to ¥12,315 million. Construction in progress has accumulated to ¥8,004 million, reflecting ongoing expansion of production facilities at livestock feed and aquaculture feed plants. The benefits of capital investment are expected to contribute substantially toward FY2027 (ending March 2027), the final year of the Medium-Term Management Plan.
Four companies—Tomakomai Feed, Tohoku Feed, Tokai Feedone Sales, and Hachinohe Feedone Sales—were removed from the scope of consolidation (through absorption-type mergers, etc.), achieving greater manufacturing efficiency and cost reduction. The advancement of group management aims to reduce administrative costs and accelerate decision-making.
The Company has introduced EBITDA and ROIC as management indicators, promoting management with awareness of cost of capital. In FY2026 (ending March 2026), EBITDA was ¥12,779 million (up 20.6% year on year) and ROIC was 7.7% (up 1.6 percentage points year on year), showing continued improvement.
In the meat segment, revenue structure reform progressed, resulting in increased profit. In the egg segment, the new Magic Pearl (Majikku Pāru) plant began operations, but increased depreciation expenses led to a decline in profit in FY2026 (ending March 2026). As the benefits of the new plant's operation take full effect, the Company aims to stabilize profitability across the entire food business.
Investment in equity-method affiliates expanded to ¥3,993 million (up from ¥3,462 million in the previous period). Equity-method investment profit improved substantially to ¥339 million (up from ¥129 million in the previous period). The Company aims to strengthen its overseas business foundation through expanded manufacturing facilities and sales growth in Vietnam and India.
Last updated: July 19, 2026