TOYO SUISAN KAISHA, LTD.
2875・Prime Market・Foods
Business
Toyo Suisan Kaisha, founded in 1953, is a comprehensive food manufacturer that operates seven segments—including marine food products, instant noodles, chilled foods, processed foods, and cold-storage business—centered on its "Maruchan" brand. Domestically, the company manufactures and sells instant noodles, chilled noodles, frozen foods, and packaged rice, among other products, while overseas, the Americas instant noodle business (Maruchan, Inc.), centered on the United States and Mexico, serves as the group's largest source of revenue. Including 23 consolidated subsidiaries and 1 equity-method affiliate, the group's overall net sales reached ¥536,636 million (FY2026, ending March 2026), supported by a broad distribution network with Mitsui & Co. and Walmart Inc. as major sales channels.
Business Model
The company operates a vertically integrated model from in-house manufacturing to sales, generating revenue through wholesale distribution via Mitsui & Co. domestically and direct sales to mass merchandisers such as Walmart overseas. The overseas instant noodle business accounts for approximately 46% of net sales and approximately 73% of segment profit, forming a highly profitable structure, with margins maintained and improved through price revisions and new product launches. Domestically, mutual complementarity among multiple segments and in-house logistics infrastructure through the refrigeration business are enhancing cost efficiency.
Company Strengths
The overseas instant noodle business, centered on Maruchan, Inc., achieved net sales of ¥248,153 million, segment profit of ¥63,607 million, and a profit margin of 25.6% in FY2026 (ending March 2026). The company maintained sales volume while implementing price revisions in both the U.S. and Mexico, achieving a significant profit increase of 14.6% year-on-year. Over 50 years of local production and sales track record since its establishment in 1972 form a barrier to entry.
Long-standing brands such as "Akai Kitsune Udon," "Midori no Tanuki Tenba Soba," "Maruchan Seimen," and "Maruchan Yakisoba" generate stable demand across the domestic instant noodle, chilled food, and processed food segments. In FY2026 (ending March 2026), "Maruchan Yakisoba" was established as a regular product, demonstrating continuous utilization and expansion of brand assets.
Operating cash flow in FY2026 (ending March 2026) was ¥85,161 million, with a plan to generate ¥250,000 million in operating cash flow over the three-year medium-term management plan period. The company has a financial base that allows it to fund over ¥130,000 million in capital expenditures and shareholder returns targeting a total payout ratio of 70% on a debt-free basis, with net assets reaching ¥543,927 million.
ENVALITH's Perspective
Performance Trend
Revenue rose for four consecutive periods, from ¥361,495 million in FY2022 to ¥435,786 million in FY2023, ¥489,013 million in FY2024, ¥512,277 million in FY2025 (after the accounting policy change), and ¥536,636 million in FY2026 (ending March 2026). Operating profit also expanded roughly 2.9-fold, from ¥29,737 million in FY2022 to ¥85,799 million in FY2026, with the operating margin improving to 16.0% (from 14.9% in the prior period). The main drivers were price revisions in the overseas instant noodle business and increased sales volume. On the other hand, the company forecasts a decline in operating profit to ¥82,000 million (down 4.4% year on year) for FY2027 (ending March 2027), as cost increases associated with the shift to an aggressive investment phase are expected to temporarily constrain profit growth.
Growth Strategy
Pursuing the medium-term management plan aiming for net sales of ¥600,000 million and operating profit of ¥82,000 million in FY2028 (ending March 2028)
Production capacity was strengthened through active capital investment in the U.S. and Mexico (¥25,579 million in FY2026 (ending March 2026)). Following price revisions, the company continued to launch new products and marketing activities that capture consumer demand for value-oriented options, achieving net sales for the Americas of ¥248,153 million (up 6.1% year on year). The company will continue efforts to expand market share in the Americas.
In addition to maintaining strong performance across the Japanese-style Cup Noodle Series, including "Akai Kitsune Udon" and "Midori no Tanuki Tenba Soba," the company boosted sales volume by making "Maruchan Yakisoba" a permanent core product (March 2025). In frozen foods, the effects of price revisions implemented in April and June 2025 contributed to results, with the Chilled & Frozen Food Business achieving net sales of ¥61,543 million (up 2.9% year on year).
Amid expanding opportunities for the use of packaged rice against a backdrop of soaring rice prices and demand for time-saving products, the company carried out two rounds of price revisions in June 2025 and February 2026. Net sales increased 5.5% year on year, but the segment fell into a loss of ¥441 million due to higher raw material costs and depreciation expenses. The next challenge is to recover profitability through the payback of investment in expanding the freeze-dried products factory and the full penetration of price revision effects.
In FY2026 (ending March 2026), the company carried out share buybacks totaling ¥23,502 million (treasury shares outstanding at fiscal year-end: 13,538,678 shares). At the Board of Directors meeting on May 15, 2026, an additional buyback was resolved with an upper limit of 3,000,000 shares and ¥27,500 million. The annual dividend was set at ¥220 per share (up ¥20 year on year), maintaining a dividend payout ratio of 30.8% while continuing steady shareholder returns.
Last updated: July 19, 2026