TAKIZAWA HAM CO.,LTD.
2293・Standard Market・Foods
Business
Takizawa Ham Co., Ltd. was founded in 1950 and is headquartered in Tochigi City, Tochigi Prefecture, as a manufacturer of meat and processed meat products. The business consists of three segments: Processed Meat Products (Ham, Sausage, etc.), Prepared Foods and Other Processed Products (Retort Foods, Prepared Foods, etc.), and Meat (Procurement, Processing, and Sale), while its consolidated subsidiary World Food Service Co., Ltd. operates restaurants (coffee shops). In FY2026 (ending March 2026), net sales totaled ¥26,565 million, with the Meat segment accounting for 41.8%, the Processed Meat Products segment for 38.4%, and the Prepared Foods and Other Processed Products segment for 19.4%. The company is listed on the Standard Market of the Tokyo Stock Exchange. It is also engaged in private-label product development through a business alliance with Prima Meat Packers, Ltd.
Business Model
The company combines manufacturing at its own factories (Izumigawa Plant, Nishikata Plant, etc.) with external meat procurement, engaging in a wide range of businesses from high-value-added processed products such as ham and sausage to the procurement and sale of meat. The cost of sales ratio is high at 86.7%, making manufacturing cost management a key factor influencing profitability. In addition to sales channels for retailers such as supermarkets, the company is expanding into convenience stores, mail order, and commercial use (prepared meals and food service).
Company Strengths
In 1976, the company achieved Japan's first gold medal at the International Meat and Ham Olympics held in the Netherlands. It has inherited techniques passed down directly from meister craftsmen and continues to commercialize proprietary technologies. Its accumulation of differentiated manufacturing techniques, such as producing Italian-style prosciutto utilizing former Oya stone quarry sites, is a key strength.
The company has built an integrated in-house production system centered on the Izumigawa Plant and Nishikata Plant in Tochigi City, covering the Processed Meat Products, Prepared Foods, and Meat segments. Capital expenditure for FY2026 (ending March 2026) was ¥357 million, continuing the replacement and refurbishment of machinery and equipment. A quality control system utilizing FSSC and ISO activities has also been established.
Based on a business alliance with Prima Meat Packers, the company develops private-label products for retail and food service channels. The alliance has helped expand its product lineup and complement its sales channels, and the company is also working to expand into convenience store and mail-order channels.
ENVALITH's Perspective
Performance Trend
Sales for FY2026 (ending March 2026) came to ¥26,565 million (down 5.4% year on year), marking the fifth consecutive year of declining revenue. The two core segments both fell: Processed Meat Products (Ham, Sausage, etc.) declined 7.0% year on year to ¥10,210 million, and Meat (Procurement, Processing, and Sale of Domestic and Imported Beef and Pork) declined 6.4% year on year to ¥11,105 million. External factors—prolonged yen depreciation keeping imported raw material costs elevated, rising energy costs, and weakening personal consumption amid price increases—pushed down sales volumes. On the other hand, operating loss improved by ¥49 million to ¥383 million from ¥432 million in the prior period, and net loss narrowed significantly to ¥230 million from ¥495 million in the prior period. The main driver of the narrower net loss was a large contribution from extraordinary income, including a gain of ¥199 million on the sale of investment securities, meaning the improvement in the core business was limited.
Growth Strategy
Aiming to return to profitability in FY2027 (ending March 2027) through six initiatives: product development, cost structure reform, and procurement diversification
Promoting the creation of products that continue to be chosen by consumers amid ongoing consumer thrift-consciousness. Aims to enhance brand value and market competitiveness through the development of safe and reliable new products offering value and strengthened sales promotion. In the Prepared Foods and Other Processed Products (Retort Foods, Prepared Foods for Convenience Stores, etc.) segment, the introduction of new products achieved a 0.2% year-on-year increase in FY2026 (ending March 2026).
Promoting sustainable cost reduction and productivity improvement through quality stabilization utilizing FSSC and ISO activities, efficiency gains from consolidating production lines and narrowing down the product lineup, and reviewing production processes. In FY2026 (ending March 2026), selling, general and administrative expenses were ¥3,908 million, a reduction of ¥265 million from the previous fiscal year (¥4,173 million).
In response to instability in the procurement environment caused by geopolitical risk and exchange rate fluctuations, the company is promoting flexible procurement strategies, including changes in country of origin and specifications, and diversifying procurement sources to spread risk. A decline in imported pork handling has been a factor in the decrease in revenue in the Meat (Procurement, Processing, and Sale of Domestic and Imported Beef and Pork) segment, making it a challenge to improve the effectiveness of procurement source diversification.
Amid the ongoing labor shortage, the company is working to promote workstyle reforms, labor-saving and automation at production sites, human resource development through enhanced education and training, and workplace environment improvements aimed at raising employee satisfaction, thereby strengthening the human resource base that supports sustainable growth. Rising labor costs continue to be a factor pushing up costs.
In FY2026 (ending March 2026), the company recorded proceeds from the sale of investment securities of ¥437 million, improving the balance of cash and cash equivalents at fiscal year-end to ¥1,640 million (up 51.7% year on year). This served as a financial measure to offset losses in the core business, but with the holding balance having decreased to ¥1,553 million, the scope for continued use is limited.
Following no dividend payments in FY2025 (ended March 2025) and FY2026 (ended March 2026), the company forecasts a resumption of dividends in FY2027 (ending March 2027) with a year-end dividend of ¥20 (annual dividend of ¥20). A dividend payout ratio of 51.3% is expected. This resumption of shareholder returns is premised on the forecast of a return to profitability, making the achievement of the earnings forecast a precondition.
Last updated: July 19, 2026